Ben Andrews Named to Succeed John Park as Lead Portfolio Manager on Columbia Acorn Select and Wanger Twenty.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 11, 2004

Columbia Wanger Asset Management, an affiliate of Columbia Management Group, today announced the appointment of Ben Andrews to co-portfolio manager of the Columbia Acorn Select and Wanger Twenty funds. This appointment is effective immediately. Mr. Andrews will co-manage the funds with lead manager John Park through Mr. Park's April 30, 2004 departure date and then serve as lead manager of each fund.

Mr. Andrews, 38, has been part of the Columbia Wanger investment team since 1998, most recently as a senior technology analyst. His analytical experience includes covering a broad range of industries and special situations. Columbia Wanger believes Mr. Andrews's performance as a Columbia Wanger analyst has been impressive. He has outperformed his benchmark over each of the last four years.

Prior to joining Columbia Wanger, Mr. Andrews was a senior analyst at Rothschild Investment Corporation. He has an MBA degree from Loyola University and a BSEE from the University of Florida.

"Ben has made huge contributions to the Columbia Acorn Family of Funds. His analytical skills are excellent and many of his stock picks have greatly contributed to our funds' solid track records," said Chuck McQuaid, chief investment officer of Columbia Wanger Asset Management. "One of the greatest strengths of our organization is our investment team. We are not dependent on any one individual effort. With help from the 11-person domestic stock team, we are confident that Ben will serve the funds' shareholders well, remaining dedicated to the goal of continuing to deliver highly competitive results."

"I look forward to managing Columbia Acorn Select and Wanger Twenty and working hard on behalf of the shareholders with individuals that I consider to be among the best investors in the industry," said Ben Andrews. "Our goal is to maintain or better the funds' strong track records, with no change to our long-standing investment philosophy."

To address long-range planning for Columbia Acorn Select and Wanger Twenty, the funds' boards also approved raising the maximum range of stocks in the portfolios from 25 to 40. This change does not impact the funds' philosophy or process or their concentrated focus. Mr. Andrews has no current plans to substantially increase the number of stocks owned in the funds. This measure was adopted by the boards to provide the funds with some flexibility should market opportunities arise in the future that make it attractive to own a limited number of smaller positions. The Wanger Advisors Trust Board also approved renaming Wanger Twenty to Wanger Select since "select" is more commonly used to denote a fund with a focused investment strategy. It also mirrors the name of Columbia Acorn Select. These changes are effective May 1, 2004.

Mr. Park, 36, announced plans to resign effective April 30 to assume a senior partnership position with a private equity firm.

"We are sorry to see John leave but respect the opportunity he has been presented. John is a tremendous investment talent and he is leaving in good standing. We thank him for his many contributions to the Columbia Wanger organization," said McQuaid.

"I have spent my entire investment career at Columbia Wanger Asset Management and over the past 11 years I have seen the investment management team strengthened considerably," said John Park. "Our team approach, long a hallmark of the Acorn way, will ensure a smooth transition. I am very grateful for the many years of tutelage under Ralph Wanger and Chuck McQuaid, and extend my appreciation and respect to the entire Columbia Management organization."

Columbia Management Group, of which Columbia Wanger Asset Management is an affiliate, has about $160 billion in investment assets under management, ranking it among the world's largest asset management organizations. This includes approximately $40 billion in long-term mutual fund assets under management, ranking Columbia Management Group among the top 25 U.S. mutual fund managers. Columbia Management's investment portfolio is diversified by asset classes, with approximately 40 percent in equity, 40 percent in fixed income and 20 percent in money markets.

FleetBoston Financial (NYSE:FBF), of which Columbia Management is the asset management arm, is the seventh-largest financial holding company in the United States. A $200 billion diversified financial services company, it offers a comprehensive array of innovative financial solutions to 20 million customers. Pending shareholder approval, Fleet is expected to merge with Bank of America Corporation (NYSE:BAC) in the second quarter of 2004.

Please consider the investment objectives, risks, charges and expenses of Columbia Acorn Select and Wanger Twenty funds carefully before investing. Contact 800-922-6769 or your financial advisor for a Columbia Acorn Select prospectus and 800-4-WANGER for a Wanger Twenty prospectus which contains this and other important information about the funds. Read it carefully before you invest. Columbia Funds Distributor, Inc.

An investment in Columbia Acorn Select and Wanger Twenty may present certain risks, including stock market fluctuations that occur in response to economic and business developments. Columbia Acorn Select and Wanger Twenty are non-diversified funds. The performance of each holding will have a greater impact on the funds' total return, and may make the funds' returns more volatile than those of a more diversified fund. Mid-cap stocks tend to be more volatile and may be less liquid than the stocks of larger companies. Small companies may have a shorter history of operations than larger companies and may have a less diversified product line, making them more susceptible to market pressure.

Wanger Advisors Funds are sold only to certain life insurance companies in connection with certain variable annuity contracts, variable annuity life policies, and eligible qualified retirement plans.