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WANGER U.S. SMALL CAP
WANGER INTERNATIONAL SMALL CAP
WANGER TWENTY
WANGER FOREIGN FORTY
Supplement dated January 4, 2000
to Prospectus dated May 1, 1999 of Wanger Advisors Trust
As of December 31, 1999, Mr. Roger Edgley is the Co-portfolio manager, with
Marcel Houtzager, of Wanger Foreign Forty. He has also been named a Co-
portfolio manager of Acorn Foreign Forty, effective December 31, 1999. Mr.
Edgley joined Wanger Asset Management ("WAM") as an analyst in 1994, and was
named Managing Director and Director of Research of WAM in 1998. Before joining
WAM, Mr. Edgley was an analyst at Crosby Securities.
