KEYPORT VARIABLE INVESTMENT TRUST
SUPPLEMENT DATED NOVEMBER 2, 1995
TO
PROSPECTUS DATED MAY 1, 1995
(Supplanting Supplement dated October 16, 1995)
Reference is made to "THE TRUST -- Application For Exemptive Order Permitting
Certain Fund Substitutions" on page 3 of the Prospectus. The substitutions of
fund shares described therein became effective as of the close of business on
October 13, 1995 in accordance with an exemptive order granted by the Securities
and Exchange Commission. As a result, C-K U.S. Gov't Fund has ceased to exist as
a separate Fund.
* * *
Reference is made to "TRUST MANAGEMENT ORGANIZATIONS -- KASC'S Sub-Advisers:
Colonial Management Associates, Inc. (Colonial) and Newport Fund Management,
Inc. (Newport) -- Colonial" on pages 11-12 of the Prospectus. Elizabeth
Palmer no longer is a co-manager of the C-K Growth and Income Fund. Dan Rie
continues to manage the Fund. In addition, James P. Haynie now serves with
John E. Lennon as co-manager of the C-K Utilities Fund. Mr. Haynie has
managed various other Colonial equity funds since 1993. Prior to joining
Colonial in 1993, Mr. Haynie was a Vice President at Massachusetts Financial
Services Company and a Portfolio Manager at Trinity Investment Management.
* * *
Effective on or about January 1, 1996, Colonial is terminating the Sub-Advisory
Agreement among the Trust, KASC, Colonial and Gartmore pertaining to the C-K
International Fund For Growth. Following such termination, Colonial will provide
the Fund with investment management services under the current Sub-Advisory
Agreement among the Trust, KASC and Colonial. The portfolio managers for the
Fund will be Bruno Bertocci and David Harris, each of whom will be jointly
employed by Colonial and Stein Roe & Farnham Incorporated ("Stein Roe"), an
affiliate of Colonial and KASC and a wholly owned subsidiary of LFC. Messrs.
Bertocci and Harris also will be the portfolio managers for the Colonial
International Fund For Growth and various investment company and non-investment
company clients of Stein Roe. Prior to joining Stein Roe in May 1995, each of
Messrs. Bertocci and Harris was employed by Rockefeller & Co. Inc. -- Mr.
Bertocci as a Managing Director and Mr. Harris as a Portfolio Manager.
After such termination, Colonial will utilize the trading facilities of Stein
Roe to place all orders on behalf of the C-K International Fund For Growth for
the purchase and sale of portfolio securities, futures contracts and foreign
currencies. See "OTHER CONSIDERATIONS -- Portfolio Transactions" in the
Statement of Additional Information, as supplemented as of the date hereof.
Client Service Hotline
800-367-3653 (press 3)
Distributed by:
Keyport Financial Services Corp.
125 High Street
Boston, Massachusetts 02110
RasicotM/KVIT95/SAI/SAISUPP.001
<PAGE>
KEYPORT VARIABLE INVESTMENT TRUST
SUPPLEMENT DATED NOVEMBER 2, 1995
TO
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1995
Effective on or about January 1, 1996, Colonial is terminating the Sub-Advisory
Agreement among the Trust, KASC, Colonial and Gartmore pertaining to the C-K
International Fund For Growth. Following such termination, Colonial will provide
the Fund with investment management services under the current Sub-Advisory
Agreement among the Trust, KASC and Colonial. The portfolio managers for the
Fund will be Bruno Bertocci and David Harris, each of whom will be jointly
employed by Colonial and Stein Roe & Farnham Incorporated ("Stein Roe"), an
affiliate of Colonial and KASC and a wholly owned subsidiary of LFC. Messrs.
Bertocci and Harris also will be the portfolio managers for the Colonial
International Fund For Growth and various investment company and non-investment
company clients of Stein Roe.
Reference is made to "OTHER CONSIDERATIONS -- Portfolio Transactions" beginning
on page S-24 of the Statement of Additional Information. After termination of
the Gartmore Sub-Advisory Agreement Colonial will utilize the trading facilities
of Stein Roe to place all orders on behalf of the C-K International Fund For
Growth for the purchase and sale of portfolio securities, futures contracts and
foreign currencies. The C-K International Fund For Growth and the other accounts
advised by Messrs. Bertocci and Harris sometimes invest in the same securities
and sometimes enter into similar transactions utilizing futures contracts and
foreign currencies. In certain cases, purchases and sales on behalf of the Fund
and such other accounts will be bunched and executed on an aggregate basis. In
such cases, each participating account (including the Fund) will receive the
average price at which the trade is executed. Where less than the desired
aggregate amount is able to be purchased or sold, the actual amount purchased or
sold will be allocated among the participating accounts (including the Fund) in
proportion to the amounts desired to be purchased or sold by each. Although in
some cases these practices could have a detrimental effect on the price or
volume of the securities, futures or currencies as far as the Fund is concerned,
Colonial believes that in most cases these practices should produce better
executions. It is the opinion of Colonial that the advantages of these practices
outweigh the disadvantages, if any, which might result from them.
Portfolio transactions on behalf of the Fund may be executed by broker-dealers
who provide research services to Colonial and Stein Roe which are used in the
investment management of the Fund or other accounts over which Colonial or
Colonial and Stein Roe exercise investment discretion. Such transactions will be
effected in accordance with the policies described under
<PAGE>
"OTHER CONSIDERATIONS -- Portfolio Transactions." No portfolio transaction on
behalf of the Fund will be directed to a broker-dealer in consideration of the
broker-dealer's provision of research services to Colonial or to Colonial and
Stein Roe unless a determination is made that such research assists Colonial in
its investment management of the Fund or other accounts over which Colonial
exercises investment discretion.
Client Service Hotline
800-367-3653 (press 3)
Distributed by:
Keyport Financial Services Corp.
125 High Street
Boston, Massachusetts 02110
