0001193125-24-162124.txt : 20240617 0001193125-24-162124.hdr.sgml : 20240617 20240617094202 ACCESSION NUMBER: 0001193125-24-162124 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 14 FILED AS OF DATE: 20240617 DATE AS OF CHANGE: 20240617 EFFECTIVENESS DATE: 20240617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WANGER ADVISORS TRUST CENTRAL INDEX KEY: 0000929521 ORGANIZATION NAME: IRS NUMBER: 362692100 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-83548 FILM NUMBER: 241047145 BUSINESS ADDRESS: STREET 1: 71 S. WACKER DRIVE, SUITE 2500 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126349200 MAIL ADDRESS: STREET 1: 71 S. WACKER DRIVE, SUITE 2500 CITY: CHICAGO STATE: IL ZIP: 60606 0000929521 S000008982 Wanger International C000024404 Wanger International WSCAX 497 1 d849665d497.htm WAGNER ADVISORS TRUST Wagner Advisors Trust

Supplement dated June 17, 2024
to the Prospectus and Summary Prospectus of the following Fund:
Fund
Prospectus and Summary Prospectus Dated
Wanger Advisors Trust
 
 Wanger International
May 1, 2024
Effective on or about September 3, 2024 (the Effective Date), the Fund's principal investment strategies, the Fund's primary and secondary benchmarks, and the advisory fee schedule will change. Accordingly, on the Effective Date, the Fund's Prospectus and Summary Prospectus will be revised as described below.
The first two paragraphs under the heading "Principal Investment Strategies" in the Summary Prospectus and in the "Summary of the Fund" and "More Information About the Fund" sections of the Prospectus will be superseded and replaced with the following:
Under normal circumstances, the Fund invests at least 65% of its net assets in foreign companies in developed markets (for example, Japan, France and the United Kingdom). The Fund also may invest up to 20% of its net assets in companies in emerging markets (for example, China, India and Brazil).
Under normal circumstances, the Fund invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations generally in the range of market capitalizations in the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark (the Index), at the time of purchase (between $1.8 million and $29.9 billion as of April 30, 2024). The market capitalization range and composition of companies in the Index are subject to change. As such, the size of the companies in which the Fund invests may change. The Fund determines a company’s market capitalization at the time of investment. As long as a majority of its net assets are invested in companies within the market capitalization range of the Index, the Fund may continue to hold and make new investments in a security even if the company’s market capitalization grows beyond the market capitalization of the largest company within the range of the Index or falls below the market capitalization of the smallest company within the Index. The Investment Manager from time to time emphasizes one or more sectors in selecting the Fund’s investments, including the industrials and information technology sectors.
The rest of each section will remain unchanged.
The first paragraph under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with those of the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark, and those of the MSCI EAFE Index (Net), the Fund's secondary benchmark. The MSCI EAFE SMID Cap Growth Index (Net) captures mid- and small-cap securities exhibiting overall growth style characteristics across 21 developed market countries around the world, excluding the U.S. and Canada. The MSCI EAFE Index (Net) is an equity index that captures large- and mid-cap representation across 21 developed market countries around the world, excluding the U.S. and Canada. As of April 30, 2024, the MSCI EAFE Index (Net) had 766 constituents and covered approximately 85% of the free float-adjusted market capitalization in each country.
Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices). The Fund changed its primary and secondary benchmarks in connection with Board-approved changes to its principal investment strategies that became effective September 3, 2024. The Investment Manager believes that the New Indices provide more appropriate comparisons than the Former Indices for investors measuring the Fund's relative performance. Information on the Former Indices will be shown for a one-year transition period.
The Fund’s performance prior to September 3, 2024 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would have been different.
The "Average Annual Total Returns" table under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
SUP7062-0002_(06/24)

Average Annual Total Returns (for periods ended December 31, 2023)
 
Share Class
Inception Date
1 Year
5 Years
10 Years
Returns before taxes
05/03/1995
16.95%
6.45%
3.50%
MSCI EAFE SMID Cap Growth Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
14.26%
6.26%
4.42%
MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes
but reflects no deductions for fees, expenses or other taxes)
 
18.24%
4.02%
8.16%
MSCI ACWI ex USA Small Cap Growth Index (Net) (reflects reinvested dividends
net of withholding taxes but reflects no deductions for fees, expenses or other
taxes)
 
14.11%
7.71%
4.95%
MSCI ACWI ex USA Small Cap Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
15.66%
7.89%
4.88%
The rest of the section will remain unchanged.
The information under the heading “Primary Service Provider Contracts – The Investment Manager” in the “More Information About the Fund" section of the Prospectus will be revised to add the following:
In June 2024, the Board approved a reduction in the advisory fee rates payable to the Investment Manager by the Fund. The new advisory fee, which is effective September 3, 2024, is equal to a percentage of the Fund’s average daily net assets equal to 1.10% on the first $100 million, 0.94% from $100 million to $250 million, 0.90% from $250 million to $500 million, 0.74% from $500 million to $1 billion, and 0.72% for $1 billion and over.
The rest of the section will remain unchanged.
Shareholders should retain this Supplement for future reference.
2
SUP7062-0002_(06/24)

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Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
Supplement dated June 17, 2024
to the Prospectus and Summary Prospectus of the following Fund:
Fund
Prospectus and Summary Prospectus Dated
Wanger Advisors Trust
 
 Wanger International
May 1, 2024
Effective on or about September 3, 2024 (the Effective Date), the Fund's principal investment strategies, the Fund's primary and secondary benchmarks, and the advisory fee schedule will change. Accordingly, on the Effective Date, the Fund's Prospectus and Summary Prospectus will be revised as described below.
The first two paragraphs under the heading "Principal Investment Strategies" in the Summary Prospectus and in the "Summary of the Fund" and "More Information About the Fund" sections of the Prospectus will be superseded and replaced with the following:
Under normal circumstances, the Fund invests at least 65% of its net assets in foreign companies in developed markets (for example, Japan, France and the United Kingdom). The Fund also may invest up to 20% of its net assets in companies in emerging markets (for example, China, India and Brazil).
Under normal circumstances, the Fund invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations generally in the range of market capitalizations in the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark (the Index), at the time of purchase (between $1.8 million and $29.9 billion as of April 30, 2024). The market capitalization range and composition of companies in the Index are subject to change. As such, the size of the companies in which the Fund invests may change. The Fund determines a company’s market capitalization at the time of investment. As long as a majority of its net assets are invested in companies within the market capitalization range of the Index, the Fund may continue to hold and make new investments in a security even if the company’s market capitalization grows beyond the market capitalization of the largest company within the range of the Index or falls below the market capitalization of the smallest company within the Index. The Investment Manager from time to time emphasizes one or more sectors in selecting the Fund’s investments, including the industrials and information technology sectors.
The rest of each section will remain unchanged.
The first paragraph under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with those of the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark, and those of the MSCI EAFE Index (Net), the Fund's secondary benchmark. The MSCI EAFE SMID Cap Growth Index (Net) captures mid- and small-cap securities exhibiting overall growth style characteristics across 21 developed market countries around the world, excluding the U.S. and Canada. The MSCI EAFE Index (Net) is an equity index that captures large- and mid-cap representation across 21 developed market countries around the world, excluding the U.S. and Canada. As of April 30, 2024, the MSCI EAFE Index (Net) had 766 constituents and covered approximately 85% of the free float-adjusted market capitalization in each country.
Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices). The Fund changed its primary and secondary benchmarks in connection with Board-approved changes to its principal investment strategies that became effective September 3, 2024. The Investment Manager believes that the New Indices provide more appropriate comparisons than the Former Indices for investors measuring the Fund's relative performance. Information on the Former Indices will be shown for a one-year transition period.
The Fund’s performance prior to September 3, 2024 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would have been different.
The "Average Annual Total Returns" table under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
Average Annual Total Returns (for periods ended December 31, 2023)
 
Share Class
Inception Date
1 Year
5 Years
10 Years
Returns before taxes
05/03/1995
16.95%
6.45%
3.50%
MSCI EAFE SMID Cap Growth Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
14.26%
6.26%
4.42%
MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes
but reflects no deductions for fees, expenses or other taxes)
 
18.24%
4.02%
8.16%
MSCI ACWI ex USA Small Cap Growth Index (Net) (reflects reinvested dividends
net of withholding taxes but reflects no deductions for fees, expenses or other
taxes)
 
14.11%
7.71%
4.95%
MSCI ACWI ex USA Small Cap Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
15.66%
7.89%
4.88%
The rest of the section will remain unchanged.
Wanger International  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
Supplement dated June 17, 2024
to the Prospectus and Summary Prospectus of the following Fund:
Fund
Prospectus and Summary Prospectus Dated
Wanger Advisors Trust
 
 Wanger International
May 1, 2024
Effective on or about September 3, 2024 (the Effective Date), the Fund's principal investment strategies, the Fund's primary and secondary benchmarks, and the advisory fee schedule will change. Accordingly, on the Effective Date, the Fund's Prospectus and Summary Prospectus will be revised as described below.
The first two paragraphs under the heading "Principal Investment Strategies" in the Summary Prospectus and in the "Summary of the Fund" and "More Information About the Fund" sections of the Prospectus will be superseded and replaced with the following:
Under normal circumstances, the Fund invests at least 65% of its net assets in foreign companies in developed markets (for example, Japan, France and the United Kingdom). The Fund also may invest up to 20% of its net assets in companies in emerging markets (for example, China, India and Brazil).
Under normal circumstances, the Fund invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations generally in the range of market capitalizations in the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark (the Index), at the time of purchase (between $1.8 million and $29.9 billion as of April 30, 2024). The market capitalization range and composition of companies in the Index are subject to change. As such, the size of the companies in which the Fund invests may change. The Fund determines a company’s market capitalization at the time of investment. As long as a majority of its net assets are invested in companies within the market capitalization range of the Index, the Fund may continue to hold and make new investments in a security even if the company’s market capitalization grows beyond the market capitalization of the largest company within the range of the Index or falls below the market capitalization of the smallest company within the Index. The Investment Manager from time to time emphasizes one or more sectors in selecting the Fund’s investments, including the industrials and information technology sectors.
The rest of each section will remain unchanged.
The first paragraph under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with those of the MSCI EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark, and those of the MSCI EAFE Index (Net), the Fund's secondary benchmark. The MSCI EAFE SMID Cap Growth Index (Net) captures mid- and small-cap securities exhibiting overall growth style characteristics across 21 developed market countries around the world, excluding the U.S. and Canada. The MSCI EAFE Index (Net) is an equity index that captures large- and mid-cap representation across 21 developed market countries around the world, excluding the U.S. and Canada. As of April 30, 2024, the MSCI EAFE Index (Net) had 766 constituents and covered approximately 85% of the free float-adjusted market capitalization in each country.
Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices). The Fund changed its primary and secondary benchmarks in connection with Board-approved changes to its principal investment strategies that became effective September 3, 2024. The Investment Manager believes that the New Indices provide more appropriate comparisons than the Former Indices for investors measuring the Fund's relative performance. Information on the Former Indices will be shown for a one-year transition period.
The Fund’s performance prior to September 3, 2024 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would have been different.
The "Average Annual Total Returns" table under the heading "Performance Information" in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with the following:
Average Annual Total Returns (for periods ended December 31, 2023)
 
Share Class
Inception Date
1 Year
5 Years
10 Years
Returns before taxes
05/03/1995
16.95%
6.45%
3.50%
MSCI EAFE SMID Cap Growth Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
14.26%
6.26%
4.42%
MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes
but reflects no deductions for fees, expenses or other taxes)
 
18.24%
4.02%
8.16%
MSCI ACWI ex USA Small Cap Growth Index (Net) (reflects reinvested dividends
net of withholding taxes but reflects no deductions for fees, expenses or other
taxes)
 
14.11%
7.71%
4.95%
MSCI ACWI ex USA Small Cap Index (Net) (reflects reinvested dividends net of
withholding taxes but reflects no deductions for fees, expenses or other taxes)
 
15.66%
7.89%
4.88%
The rest of the section will remain unchanged.
Performance Table Heading rr_PerformanceTableHeading  Average Annual Total Returns (for periods ended December 31, 2023)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices).
Wanger International | Wanger International  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.95%
5 Years rr_AverageAnnualReturnYear05 6.45%
10 Years rr_AverageAnnualReturnYear10 3.50%
Share Class Inception Date rr_AverageAnnualReturnInceptionDate May 03, 1995
Wanger International | MSCI EAFE SMID Cap Growth Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.26%
5 Years rr_AverageAnnualReturnYear05 6.26%
10 Years rr_AverageAnnualReturnYear10 4.42%
Wanger International | MSCI EAFE Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.24%
5 Years rr_AverageAnnualReturnYear05 4.02%
10 Years rr_AverageAnnualReturnYear10 8.16%
Wanger International | MSCI ACWI ex USA Small Cap Growth Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.11%
5 Years rr_AverageAnnualReturnYear05 7.71%
10 Years rr_AverageAnnualReturnYear10 4.95%
Wanger International | MSCI ACWI ex USA Small Cap Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or other taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.66%
5 Years rr_AverageAnnualReturnYear05 7.89%
10 Years rr_AverageAnnualReturnYear10 4.88%
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A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). 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(B) If the Fund is a Money Market Fund that is a government Money Market Fund, as defined in \u00a7 270.2a\u20137(a)(16), or a retail Money Market Fund, as defined in \u00a7 270.2a\u20137(a)(25), and that is subject to the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii) of this chapter (or is not subject to the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii) of this chapter pursuant to \u00a7 270.2a\u20137(c)(2)(iii) of this chapter, but has chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii)), include the following statement: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. (C) If the Fund is a Money Market Fund that is a government Money Market Fund, as defined in \u00a7 270.2a\u20137(a)(16), that is not subject to the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii) of this chapter pursuant to \u00a7 270.2a\u20137(c)(2)(iii) of this chapter, and that has not chosen to rely on the ability to impose liquidity fees and suspend redemptions consistent with the requirements of \u00a7\u00a7 270.2a\u20137(c)(2)(i) and/or (ii), include the following statement: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Instruction. If an affiliated person, promoter, or principal underwriter of the Fund, or an affiliated person of such a person, has contractually committed to provide financial support to the Fund, and the term of the agreement will extend for at least one year following the effective date of the Fund's registration statement, the statement specified in Item 4(b)(1)(ii)(A), Item 4(b)(1)(ii)(B), or Item 4(b)(1)(ii)(C) may omit the last sentence (\"The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.\"). 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A0#% M @ 0$W16)>2N8O!$P "#$! !0 ( !$E8 '=A="TR,#(T B,#8Q-U]P&UL4$L%!@ % 4 00$ 5J $! end XML 17 d849665d497_htm.xml IDEA: XBRL DOCUMENT 0000929521 2024-05-01 2024-05-01 0000929521 wat:S000008982Member 2024-05-01 2024-05-01 0000929521 wat:S000008982Member wat:C000024404Member 2024-05-01 2024-05-01 0000929521 wat:S000008982Member wat:MSCIACWIExUSASmallCapGrowthIndexNetMember 2024-05-01 2024-05-01 0000929521 wat:S000008982Member wat:MSCIACWIExUSASmallCapIndexNetMember 2024-05-01 2024-05-01 0000929521 wat:S000008982Member wat:MSCIEAFEIndexNetMember 2024-05-01 2024-05-01 0000929521 wat:S000008982Member wat:MSCIEAFESMIDCapGrowthIndexNetMember 2024-05-01 2024-05-01 iso4217:USD pure false 2024-06-17 2023-12-31 497 0000929521 N-1A <div style="line-height: 9.30pt; text-align: center;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Supplement dated June 17, 2024</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: center;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">to the Prospectus and Summary Prospectus of the following Fund:</span><span style="color: #003c78; float: left; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 14pt;"> <td style="background-color: rgb(0, 60, 120); border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 340.02pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="background-color: rgb(0, 60, 120); border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 175.98pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; margin-top: 1pt; text-align: center; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold;">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 340.02pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">Wanger Advisors Trust</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 175.98pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -84.99pt;"> </span></div> </div> </td> </tr> <tr style="height: 11pt;"> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 340.02pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> Wanger International</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 175.98pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">May 1, 2024</span></div> </div> </td> </tr> </table> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">E</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">ffective on or about September 3, 2024 (the Effective Date), the Fund's principal investment strategies, the Fund's </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">primary and secondary benchmarks, and the advisory fee schedule will change. Accordingly, on the Effective Date, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the Fund's Prospectus and Summary Prospectus will be revised as described below.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; line-height: 9.30pt;"> </span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The first two paragraphs under the heading "Principal Investment Strategies" in the Summary Prospectus and in the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">"Summary of the Fund" and "More Information About the Fund" sections of the Prospectus will be superseded and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">replaced with the following:</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 65% of its net assets in foreign companies in developed </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">markets (for example, Japan, France and the United Kingdom). The Fund also may invest up to 20% of its net assets </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in companies in emerging markets (for example, China, India and Brazil).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests a majority of its net assets in the common stock of small- and mid-sized</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> companies with market capitalizations generally in the range of market capitalizations in the MSCI EAFE SMID </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Cap Growth Index (Net), the Fund's primary benchmark (the Index), at the time of purchase (between $1.8 million and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">$29.9 billion as of April 30, 2024).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The market capitalization range and composition of companies in the Index are </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">As such, the size of the companies in which the Fund invests may change. The Fund determines a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">company’s market capitalization at the time of investment. As long as a majority of its net assets are invested in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies within the market capitalization range of the Index, the Fund may continue to hold and make new </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investments in a security even if the company’s market capitalization grows beyond the market capitalization of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">largest company within the range of the Index or falls below the market capitalization of the smallest company within </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Index.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Investment Manager from time to time emphasizes one or more sectors in selecting the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investments, including the industrials and information technology sectors.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The rest of each section will remain unchanged.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The first paragraph under the heading "Performance Information" in the Summary Prospectus and in the "Summary of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the Fund" section of the Prospectus will be </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">superseded and replaced with the following</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">:</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">year shown. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The table below the bar chart compares the Fund’s returns for the periods shown with those of the MSCI </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark, and those of the MSCI EAFE Index (Net), the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Fund's secondary benchmark. The MSCI EAFE SMID Cap Growth Index (Net) captures mid- and small-cap securities </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">exhibiting overall growth style characteristics across 21 developed market countries around the world, excluding the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">U.S. and Canada. The MSCI EAFE Index (Net) is an equity index that captures large- and mid-cap representation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">across 21 developed market countries around the world, excluding the U.S. and Canada. As of April 30, 2024, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the MSCI EAFE Index (Net) had 766 constituents and covered approximately 85% of the free float-adjusted market </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">capitalization in each country.</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices). The Fund changed its primary and secondary benchmarks in connection with Board-approved changes to its principal investment strategies that became effective September 3, 2024. The Investment Manager </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">believes that the New Indices provide more appropriate comparisons than the Former Indices for investors measuring </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund's relative performance. Information on the Former Indices will be shown for a one-year transition period.</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund’s performance prior to September 3, 2024 reflects returns achieved pursuant to different principal </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">have been different.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">T</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">he "Average Annual Total Returns" table under the heading "Performance Information" in the Summary Prospectus </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the following:</span></div> <div style="margin-left: 0.78%;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold; line-height: 9.30pt;"> </span><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold;">Average Annual Total Returns (for periods ended December 31, 2023)</span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 22pt;"> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 303.2pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 70.77pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">Share Class</span></div> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">Inception Date</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">1 Year</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">5 Years</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">10 Years</span></div> </div> </td> </tr> <tr style="height: 14.5pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">Returns before taxes</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">05/03/1995</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">16.95%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">6.45%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">3.50%</span></div> </div> </td> </tr> <tr style="height: 23pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI EAFE SMID Cap Growth Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">withholding taxes but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">14.26%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">6.26%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.42%</span></div> </div> </td> </tr> <tr style="height: 23pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI EAFE Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of withholding taxes </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">18.24%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.02%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">8.16%</span></div> </div> </td> </tr> <tr style="height: 32pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI ACWI ex USA Small Cap Growth Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">net of withholding taxes but reflects no deductions for fees, expenses or other </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">14.11%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">7.71%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.95%</span></div> </div> </td> </tr> <tr style="height: 19.5pt;"> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI ACWI ex USA Small Cap Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">withholding taxes but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">15.66%</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">7.89%</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.88%</span></div> </div> </td> </tr> </table> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The rest of the section will remain unchanged.</span></div> <div style="line-height: 9.30pt; text-align: center;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Supplement dated June 17, 2024</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: center;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">to the Prospectus and Summary Prospectus of the following Fund:</span><span style="color: #003c78; float: left; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 14pt;"> <td style="background-color: rgb(0, 60, 120); border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 340.02pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; margin-top: 1pt; text-align: left; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="background-color: rgb(0, 60, 120); border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 175.98pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; margin-top: 1pt; text-align: center; white-space: nowrap;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold;">Prospectus and Summary Prospectus Dated</span></div> </div> </td> </tr> <tr style="height: 15pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 340.02pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">Wanger Advisors Trust</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 3pt; padding-top: 3pt; vertical-align: Bottom; width: 175.98pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -84.99pt;"> </span></div> </div> </td> </tr> <tr style="height: 11pt;"> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 340.02pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> Wanger International</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 175.98pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">May 1, 2024</span></div> </div> </td> </tr> </table> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">E</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">ffective on or about September 3, 2024 (the Effective Date), the Fund's principal investment strategies, the Fund's </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">primary and secondary benchmarks, and the advisory fee schedule will change. Accordingly, on the Effective Date, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the Fund's Prospectus and Summary Prospectus will be revised as described below.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; line-height: 9.30pt;"> </span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The first two paragraphs under the heading "Principal Investment Strategies" in the Summary Prospectus and in the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">"Summary of the Fund" and "More Information About the Fund" sections of the Prospectus will be superseded and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">replaced with the following:</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests at least 65% of its net assets in foreign companies in developed </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">markets (for example, Japan, France and the United Kingdom). The Fund also may invest up to 20% of its net assets </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in companies in emerging markets (for example, China, India and Brazil).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Under normal circumstances, the Fund invests a majority of its net assets in the common stock of small- and mid-sized</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> companies with market capitalizations generally in the range of market capitalizations in the MSCI EAFE SMID </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Cap Growth Index (Net), the Fund's primary benchmark (the Index), at the time of purchase (between $1.8 million and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">$29.9 billion as of April 30, 2024).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The market capitalization range and composition of companies in the Index are </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">subject to change.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">As such, the size of the companies in which the Fund invests may change. The Fund determines a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">company’s market capitalization at the time of investment. As long as a majority of its net assets are invested in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies within the market capitalization range of the Index, the Fund may continue to hold and make new </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investments in a security even if the company’s market capitalization grows beyond the market capitalization of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">largest company within the range of the Index or falls below the market capitalization of the smallest company within </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Index.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 9.30pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Investment Manager from time to time emphasizes one or more sectors in selecting the Fund’s </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investments, including the industrials and information technology sectors.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The rest of each section will remain unchanged.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The first paragraph under the heading "Performance Information" in the Summary Prospectus and in the "Summary of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the Fund" section of the Prospectus will be </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">superseded and replaced with the following</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">:</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">year shown. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The table below the bar chart compares the Fund’s returns for the periods shown with those of the MSCI </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">EAFE SMID Cap Growth Index (Net), the Fund's primary benchmark, and those of the MSCI EAFE Index (Net), the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Fund's secondary benchmark. The MSCI EAFE SMID Cap Growth Index (Net) captures mid- and small-cap securities </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">exhibiting overall growth style characteristics across 21 developed market countries around the world, excluding the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">U.S. and Canada. The MSCI EAFE Index (Net) is an equity index that captures large- and mid-cap representation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">across 21 developed market countries around the world, excluding the U.S. and Canada. As of April 30, 2024, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the MSCI EAFE Index (Net) had 766 constituents and covered approximately 85% of the free float-adjusted market </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">capitalization in each country.</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices). The Fund changed its primary and secondary benchmarks in connection with Board-approved changes to its principal investment strategies that became effective September 3, 2024. The Investment Manager </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">believes that the New Indices provide more appropriate comparisons than the Former Indices for investors measuring </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund's relative performance. Information on the Former Indices will be shown for a one-year transition period.</span></div> <div style="line-height: 9.30pt; margin-top: 4pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund’s performance prior to September 3, 2024 reflects returns achieved pursuant to different principal </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investment strategies. If the Fund's current strategies had been in place for the prior periods, results shown would </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">have been different.</span></div> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">T</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">he "Average Annual Total Returns" table under the heading "Performance Information" in the Summary Prospectus </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">and in the "Summary of the Fund" section of the Prospectus will be superseded and replaced with </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">the following:</span></div> <div style="margin-left: 0.78%;"><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold; line-height: 9.30pt;"> </span><span style="color: #ffffff; font-family: arial; font-size: 7.44pt; font-weight: bold;">Average Annual Total Returns (for periods ended December 31, 2023)</span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 516pt;"> <tr style="height: 22pt;"> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 303.2pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 70.77pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">Share Class</span></div> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">Inception Date</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">1 Year</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">5 Years</span></div> </div> </td> <td style="border-bottom: 2pt solid rgb(255, 255, 255); padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold;">10 Years</span></div> </div> </td> </tr> <tr style="height: 14.5pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">Returns before taxes</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">05/03/1995</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">16.95%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">6.45%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 3pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">3.50%</span></div> </div> </td> </tr> <tr style="height: 23pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI EAFE SMID Cap Growth Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">withholding taxes but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">14.26%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">6.26%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.42%</span></div> </div> </td> </tr> <tr style="height: 23pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI EAFE Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of withholding taxes </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">18.24%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.02%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">8.16%</span></div> </div> </td> </tr> <tr style="height: 32pt;"> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI ACWI ex USA Small Cap Growth Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">net of withholding taxes but reflects no deductions for fees, expenses or other </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">14.11%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">7.71%</span></div> </div> </td> <td style="background-color: #d9e5f1; border-bottom: 2pt solid #FFFFFF; padding-bottom: 2.75pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 9.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.95%</span></div> </div> </td> </tr> <tr style="height: 19.5pt;"> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 303.2pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; font-weight: bold; margin-left: 0.0pt;">MSCI ACWI ex USA Small Cap Index (Net)</span><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;"> (reflects reinvested dividends net of </span></div> <div style="margin-left: 6pt; margin-right: 9pt; text-align: left; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.0pt;">withholding taxes but reflects no deductions for fees, expenses or other taxes)</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 70.77pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: -35.39pt;"> </span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 45.19pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt;">15.66%</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 44.52pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 9pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">7.89%</span></div> </div> </td> <td style="background-color: #d9e5f1; padding-bottom: 2pt; padding-top: 2.75pt; vertical-align: Bottom; width: 52.32pt;"> <div style="line-height: 8.37pt; text-align: left;"> <div style="margin-left: 9pt; margin-right: 12pt; text-align: center; white-space: nowrap;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; margin-left: 0.00pt;">4.88%</span></div> </div> </td> </tr> </table> <div style="line-height: 9.30pt; margin-top: 10pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">The rest of the section will remain unchanged.</span></div> 2024-06-17 Wanger Advisors Trust 2024-05-01 Effective September 3, 2024, the Fund compares its performance to that of the MSCI EAFE SMID Cap Growth Index (Net) and the MSCI EAFE Index (Net) (the New Indices). Prior to this date, the Fund compared its performance to that of the MSCI ACWI ex USA Small Cap Growth Index (Net) and the MSCI ACWI ex USA Small Cap Index (Net) (the Former Indices).  Average Annual Total Returns (for periods ended December 31, 2023) 1995-05-03 0.1695 0.0645 0.0350 0.1426 0.0626 0.0442 0.1824 0.0402 0.0816 0.1411 0.0771 0.0495 0.1566 0.0789 0.0488