<PAGE>
WANGER U.S. SMALL CAP
Supplement dated November 17, 2000
to Prospectus dated September 29, 2000 of Wanger U.S. Small Cap
The second sentence under the heading "Principal Investment Strategy" on
page 4 is deleted and replaced by the following sentence: "Wanger U.S. Small
Cap generally invests in stocks of companies with market capitalizations of less
than $2 billion at the time of purchase. As long as a stock continues to meet
the Fund's other investment criteria, the Fund may choose to hold the stock even
if it grows beyond an arbitrary capitalization limit."
<PAGE>
WANGER INTERNATIONAL SMALL CAP
Supplement dated November 17, 2000
to Prospectus dated September 29, 2000 of Wanger International Small Cap
The first sentence under the heading "Principal Investment Strategy" on
page 4 is deleted and replaced by the following sentence: "Wanger International
Small Cap invests primarily in stocks of companies based outside the U.S. with
market capitalizations of less than $2 billion at the time of purchase. As long
as a stock continues to meet the Fund's other investment criteria, the Fund may
choose to hold the stock even if it grows beyond an arbitrary capitalization
limit."
<PAGE>
WANGER FOREIGN FORTY
Supplement dated November 17, 2000
to Prospectus dated September 29, 2000 of Wanger Foreign Forty
The first sentence under the heading "Principal Investment Strategy" on
page 4 is deleted and replaced by the following sentence: "Wanger Foreign Forty
invests primarily in the stocks of medium- to larger-size companies with market
capitalizations of $5 to $15 billion at the time of purchase."
The third sentence under the heading "Principal Investment Strategy" on
page 4 is deleted and replaced by the following sentence: "Wanger Foreign Forty
is a non-diversified Fund that takes advantage of its advisor's research and
stock-picking capabilities to invest in a limited number of foreign companies
(between 40-60) in developed markets (for example, Japan, Canada, and United
Kingdom), offering the potential to provide above-average growth over time."
