LIBERTY VARIABLE INVESTMENT TRUST, DEFS14A, 1998-09-23

LIBERTY VARIABLE INVESTMENT TRUST
DEFS14A, 1998-09-23

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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of
1934
(Amendment No. __)

Filed by Registrant [X]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12

Liberty Variable Investment Trust
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(Name of Registrant as Specified In Its Charter)

Kevin M. Carome
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(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check appropriate box):

[X] No fee required.

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

(1) Title of each class of securities to which transaction applies:

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(2) Aggregate number of securities to which transaction applies:

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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined).

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(4) Proposed maximum aggregate value of transaction:

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(5) Total fee paid:

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[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

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(2) Form, Schedule or Registration Statement No.:

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(4) Date Filed:

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<PAGE>

IMPORTANT INFORMATION FOR CONTRACT AND POLICY HOLDERS
OF ALL LIBERTY VARIABLE INVESTMENT TRUST SUBACCOUNTS

This document contains your Proxy Statement and is accompanied by a voting
instruction card(s). A voting instruction card (which we refer to in the Proxy
Statement as a "proxy card" or "proxy") is, in essence, a ballot. When you
complete your voting instruction card, it tells your insurance company how to
vote on your behalf on important issues relating to the portion of your account
that is allocated to your Fund(s). If you complete and sign the voting
instruction card, it will be voted exactly as you instruct. If you simply sign
your voting instruction card, it will be voted in the same proportion as shares
for which instructions have been received.

Notice of Special Meeting of Shareholders--October 30, 1998

LIBERTY VARIABLE INVESTMENT TRUST

Colonial Growth and Income Fund, Variable Series
Stein Roe Global Utilities Fund, Variable Series
Colonial International Fund for Growth, Variable Series
Colonial U.S. Stock Fund, Variable Series
Colonial Strategic Income Fund, Variable Series
Newport Tiger Fund, Variable Series
Liberty All-Star Equity Fund, Variable Series
Colonial Small Cap Value Fund, Variable Series
Colonial High Yield Securities Fund, Variable Series
(each a "Fund" and, collectively, the "Funds")

A special meeting of the shareholders of the above-named Funds, each a
separate series of Liberty Variable Investment Trust, will be held on October
30, 1998, at 10:30 a.m., Boston time, at the offices of the Trust, 600 Atlantic
Avenue, 24th floor, Boston, Massachusetts 02210, for the following purposes:

1. To elect a Board of Trustees of Liberty Variable Investment Trust; and

2.A. To approve changes to various fundamental investment policies of the
Newport Tiger Fund. (For Shareholders of Newport Tiger Fund only); and

2.B. To approve a change to a fundamental investment policy with respect to
investments in illiquid assets and/or the reclassification of such
fundamental investment policy as a non-fundamental policy. (For
Shareholders of Stein Roe Global Utilities Fund, Colonial Growth and
Income Fund and Colonial High Yield Securities Fund only); and

2.C. To approve the elimination of a fundamental investment policy with
respect to investments in other investment companies. (For Shareholders
of International Fund for Growth only); and

2.D. To eliminate a provision of a fundamental investment policy limiting
the purchase of the voting shares of an issuer. (For Shareholders of
Stein Roe Global Utilities Fund only); and

3. To act on such other business as may properly come before the meeting.

Shareholders of record at the close of business on August 31, 1998 are
entitled to notice of and to vote at the meeting and at any adjournments
thereof.
By order of the Board of Trustees,

Kevin M. Carome
Secretary
September 25, 1998

YOUR VOTE IS IMPORTANT, REGARDLESS OF THE NUMBER OF SHARES YOU OWN. PLEASE
VOTE, SIGN AND RETURN YOUR PROXY CARD IN THE ENCLOSED POSTAGE-PAID ENVELOPE
IMMEDIATELY.

<PAGE>

PROXY STATEMENT FOR A SPECIAL MEETING OF SHAREHOLDERS OF LIBERTY VARIABLE
INVESTMENT TRUST
TO BE HELD ON OCTOBER 30, 1998

The Trustees of Liberty Variable Investment Trust ("LVIT" or the "Trust")
have asked that you vote to elect an expanded Board of Trustees of the Trust.
In addition, the Trustees have asked that Shareholders of certain Funds vote to
approve changes in certain fundamental investment policies of those Funds. The
enclosed proxy, which was first mailed on or about September 21, 1998, is
solicited by and on behalf of LVIT. The vote will be formally taken at a
special meeting of Shareholders on October 30, 1998.

Shareholders of record of each Fund of LVIT at the close of business on
August 31, 1998, are entitled to one vote for each share held. As of the record
date, the following number of shares of beneficial interest outstanding
(without par value) were as follows:

<TABLE>
<CAPTION>
No. of Shares
Fund Outstanding
- ------------------------------------------------------------------ ------------------
<S> <C>
Colonial Growth and Income Fund, Variable Series ................ 7,987,347.336
Stein Roe Global Utilities Fund, Variable Series ................ 4,783,294.286
Colonial International Fund for Growth, Variable Series ......... 3,354,129.392
Colonial U.S. Stock Fund, Variable Series ....................... 7,636,943.020
Colonial Strategic Income Fund, Variable Series ................. 8,377,055.239
Newport Tiger Fund, Variable Series ............................. 4,736,255.078
Liberty All-Star Equity Fund, Variable Series ................... 3,144,518.138
Colonial Small Cap Value Fund, Variable Series .................. 200,694.417
Colonial High Yield Securities Fund, Variable Series ............ 521,943.111
</TABLE>

All shares were owned of record by sub-accounts of separate accounts
("Separate Accounts") of life insurance companies (the "Participating Insurance
Companies") established to fund benefits under variable annuity contracts and
variable life insurance policies issued by the Participating Insurance
Companies. The Participating Insurance Companies are Keyport Life Insurance
Company ("Keyport"), Independence Life & Annuity Company (a wholly owned
subsidiary of Keyport), Keyport Benefit Life Insurance Company (also a wholly
owned subsidiary of Keyport), Liberty Life Assurance Company of Boston (an
affiliate of Liberty Mutual Insurance Company ["Liberty Mutual"]), and, with
respect to (i) Newport Tiger Fund, each of COVA Financial Services Life
Insurance Company and Security Benefit Life Insurance Company ("Security
Benefit") and (ii) U.S. Stock Fund and High Yield Fund, Security Benefit.
Keyport is an indirect wholly owned subsidiary of Liberty Financial Companies,
Inc. ("Liberty Financial"). Liberty Financial is an indirect majority owned
subsidiary of Liberty Mutual.

The Participating Insurance Companies are mailing copies of this proxy
material to the holders of these contracts and policies who, by completing and
signing the accompanying proxy cards, will instruct the Separate Accounts how
they wish the shares of the Funds to be voted. The Separate Accounts will vote
shares of the Funds as instructed on the proxy cards by their contract or
policy holders. If no instructions are specified on a proxy returned by a
contract or policy holder, the Separate Accounts will vote the shares of the
Fund represented thereby in favor of the election of each person nominated as a
Trustee and (if applicable) in favor of each proposed change to the Fund's
fundamental investment policies. The Separate Accounts intend to vote shares
for which no proxies are returned in the same proportions as the shares for
which instructions are received. In addition, Keyport, which owns shares of
certain Funds in its general account, intends to vote such shares in the same
proportion as the shares held in its Separate Accounts for which instructions
are received.

Further information concerning the Funds is contained in LVIT's annual and
semiannual reports. If you would like to have copies of the reports sent to you
free of charge, please write to Keyport Financial Services Corp. at 125 High
Street, Boston, Massachusetts 02110 or call toll-free at 800-367-3653, or call
your financial advisor.
<PAGE>

1. ELECTION OF TRUSTEES
Background
Liberty Advisory Services Corp. ("LASC") is investment adviser to the nine
Funds of LVIT. LASC has delegated investment management and advisory services
for each Fund to a sub-adviser. The sub-advisers are Colonial Management
Associates, Inc. ("Colonial"), Stein Roe & Farnham Incorporated ("Stein Roe"),
Newport Fund Management, Inc. ("Newport") and Liberty Asset Management Company
("LAMCO"). Stein Roe also is the investment adviser to the five Funds of
SteinRoe Variable Investment Trust ("SRVIT"). LASC, Colonial, Stein Roe,
Newport and LAMCO are all wholly owned subsidiaries of Liberty Financial.
Liberty Financial and its affiliates created the LVIT Funds and the SRVIT Funds
to be offered as investment options underlying variable annuity contracts and
variable life insurance policies. These include contracts and policies issued
by insurance companies that are subsidiaries or affiliates of Liberty
Financial. They also include contracts and policies issued by insurance
companies that are not affiliated with Liberty Financial.

Except as noted below, each of the LVIT and SRVIT Funds has an investment
objective and investment program that is similar to that of another registered
investment company managed by the same entity (i.e., Colonial, Stein Roe,
Newport or LAMCO) and sold to the public outside of variable insurance products
(a "public fund"). Those LVIT and SRVIT Funds typically have the same portfolio
managers as their corresponding public funds and are managed in a similar
manner. However, differences such as the timing of cash inflows and outflows
and the varying tax treatment of variable insurance products and public funds
can produce different portfolio investments, which in turn will produce
different portfolio holdings and investment results. (The LVIT Colonial Growth
and Income Fund and Colonial International Fund for Growth do not correspond to
any Colonial public funds. Similarly, the SRVIT Mortgage Securities Fund does
not correspond to any Stein Roe public fund.)

The Board of Trustees that supervises the Stein Roe family of mutual funds
(the "Stein Roe Funds Board") supervises the public funds that correspond to
the SRVIT Funds. Similarly, the Board of Trustees that supervises the Colonial
family of mutual funds (the "Colonial Funds Board") supervises the public funds
that correspond to the LVIT Funds (with the exception of Liberty All-Star
Equity Fund, a closed-end fund listed on the New York Stock Exchange, that
corresponds to Liberty All-Star Equity Fund, Variable Series, which has a
separate Board that includes some, but not all, of the members of the Colonial
Funds Board). Currently, the same four individuals (Richard R. Christensen,
John A. Bacon Jr., Salvatore Macera and Dr. Thomas E. Stitzel) serve as
Trustees of both LVIT and SRVIT. None of these four individuals is currently a
member of either the Colonial or Stein Roe Funds Boards.

The Board of Trustees of each of LVIT and SRVIT, with the concurrence and
support of the Colonial Funds Board and the Stein Roe Funds Board, as well as
the support of Liberty Financial and its affiliates, propose to consolidate the
governance of the LVIT and SRVIT Funds with the Colonial and Stein Roe Funds in
the following manner:

o Mr. Christensen (who plans to retire during 1999) and Mr. Bacon would resign
as Trustees of LVIT. Their resignations would become effective upon the
effectiveness of the election of 11 additional Trustees of LVIT, as
described below.

o The nine individuals who are currently the Trustees of the Colonial Funds and
two other individuals who have been nominated for election as Colonial Funds
Trustees would be elected as Trustees of LVIT, joining Mr. Macera and Dr.
Stitzel, who will stay on the LVIT Board. This Proposal 1 provides for the
election of these 11 individuals as Trustees of LVIT. The formal proposal,
and information on each of these Trustee nominees, appears below. The
election of these eleven individuals would become effective on December 17,
1998 (the date of the next scheduled regular meeting of the Colonial Funds
Board following the date of the LVIT special Shareholders meeting).

2
<PAGE>

o Mr. Macera and Dr. Stitzel would become Trustees of the Colonial Funds. On
June 18, 1998, the Colonial Funds Board nominated each of Mr. Macera and Dr.
Stitzel for these positions, subject to the approval of the Shareholders of
the Colonial Funds at a meeting called for October 30, 1998.

o Mr. Christensen, Mr. Macera and Dr. Stitzel would resign as Trustees of
SRVIT. Their resignations would become effective upon the election of
additional trustees of SRVIT, as described below.

o Six individuals who are the Trustees of the Stein Roe Funds and one
additional person who is the President of Stein Roe's Mutual Funds Division
would be elected as Trustees of SRVIT, joining Mr. Bacon who will stay on
the SRVIT Board. The election of these seven individuals would become
effective on November 3, 1998 (the date of the next scheduled regular
meeting of the Stein Roe Funds Board following the date of the SRVIT special
Shareholders meeting, which also will be held on October 30, 1998).

o On July 28, 1998, the Stein Roe Funds Board elected Mr. Bacon as a Trustee of
the Stein Roe Funds. Mr. Bacon's election will become effective on November
3, 1998.

Upon the effectiveness of all these transactions, the membership of the
LVIT Board would be identical to the membership of the Colonial Funds Board,
and the membership of the SRVIT Board (with the exception of such one
additional person) would be identical to the membership of the Stein Roe Funds
Board.

The Trustees of LVIT have discussed these matters extensively. The
Trustees, as well as Liberty Financial and its affiliates, believe this
consolidation of the governance of LVIT and the Colonial Funds is in the best
interests of the LVIT Funds and their Shareholders. Following these
transactions, one group of individuals will be responsible for supervising both
the LVIT Funds and the corresponding public funds. This arrangement should
promote efficiencies in the governance and administration of both the LVIT
Funds and those corresponding funds. For example, consolidation of the LVIT and
Colonial Funds Boards will eliminate the need for several of the portfolio
managers to make separate presentations to separate Boards, reducing the time
portfolio managers spend on such administrative matters.

The Board of Trustees of LVIT has nominated 13 individuals for election as
Trustees. The nominees are as follows:

<TABLE>
<CAPTION>
Year of Election
Nominee Name and Age Principal Occupation (1) and Directorships as Trustee
- ---------------------- --------------------------------------------------------------------- -----------------
<S> <C> <C>
Robert J. Birnbaum Retired (formerly Special Counsel, Dechert Price & Rhoads (law)
(70) from September, 1988 to December, 1993). Director or Trustee:
Colonial Funds, Liberty All-Star Equity Fund, Liberty All-Star
Growth Fund, Inc., The Emerging Germany Fund. --

Tom Bleasdale Retired (formerly Chairman of the Board and Chief Executive
(68) Officer, Shore Bank & Trust Company (banking) from 1992 to
1993). Director or Trustee: Colonial Funds, Empire Company
Limited. --

John Carberry* Senior Vice President of Liberty Financial Companies, Inc. 1998-
(50) present (prior thereto Managing Director, Salomon Brothers Inc.).
Trustee of Liberty All-Star Equity Fund and Liberty All-Star Growth
Fund, Inc. Nominee for election as a Trustee of the Colonial Funds. --

Lora S. Collins Attorney (formerly Attorney, Kramer, Levin, Naftalis & Frankel
(62) (law) prior to November, 1996). Trustee: Colonial Funds. --
</TABLE>

3
<PAGE>

<TABLE>
<CAPTION>
Year of Election
Nominee Name & Age Principal Occupation (1) and Directorships as Trustee
- --------------------- ---------------------------------------------------------------------- -----------------
<S> <C> <C>
James E. Grinnell Private Investor. Director or Trustee: Colonial Funds, Liberty All-
(68) Star Equity Fund, Liberty All-Star Growth Fund, Inc. --

Richard W. Lowry Private Investor. Director or Trustee: Colonial Funds, Liberty All-
(62) Star Equity Fund, Liberty All-Star Growth Fund, Inc. --

William E. Mayer* Partner, Development Capital, LLC (investments); formerly Dean
(57) of the College of Business and Management, University of
Maryland (higher education) from October, 1992 to November,
1996. Director or Trustee: Colonial Funds, Liberty All-Star Equity
Fund, Hambrecht & Quist Incorporated, Chart House Enterprises,
Johns Manville. --

Salvatore Macera Private investor (formerly Executive Vice President of Itek Corp.
(67) and President of Itek Optical & Electronic Industries, Inc.). Trustee
of LVIT and SRVIT. Nominee for election as a Trustee of the
Colonial Funds. 1993

James L. Moody, Jr. Retired (formerly Chairman of the Board from May, 1994 to May
(66) 1997, Chief Executive Officer and Director from May, 1973 to May,
1992, Hannaford Bros. Co. (food distributor)). Director or Trustee:
Colonial Funds, Penobscot Shoe Co., Staples, Inc., UNUM
Corporation, IDEXX Laboratories, Inc., Empire Company Limited. --

John J. Neuhauser Dean of the School of Management, Boston College (higher
(55) education). Director or Trustee: Colonial Funds, Liberty All-Star
Equity Fund, Liberty All-Star Growth Fund, Inc., Hyde Athletic
Industries, Inc. --

Thomas E. Stitzel Professor of Finance, College of Business, Boise State University;
(62) Business consultant and author. Trustee of LVIT and SRVIT.
Nominee for election as a Trustee of the Colonial Funds. 1993

Robert L. Sullivan Retired Partner, KPMG Peat Marwick LLP (management
(70) consulting) (formerly self-employed Management Consultant).
Trustee: Colonial Funds. --

Anne-Lee Verville Consultant (formerly General Manager, Global Education Industry
(51) from 1994 to 1997, and President, Applications Solutions Division
from 1991 to 1994, IBM Corporation). Nominee for election as a
Trustee of the Colonial Funds. --
</TABLE>

- ------------
* Mr. Carberry will be an "interested person," as defined in the Investment
Company Act of 1940 (the "1940 Act"), because of his affiliation with
Liberty Financial.

** Mr. Mayer will be an "interested person," as defined in the 1940 Act,
because of his affiliation with Hambrecht & Quist Incorporated (a
registered broker-dealer).

4
<PAGE>

The Board of Trustees of LVIT currently has an audit committee consisting
of Dr. Stitzel and Messrs. Bacon and Macera. The Audit Committee makes
recommendations regarding the selection of auditors, reviews with the auditors
the reports issued by them and the financial statements, confers with the
auditors regarding the results of the annual audit and the adequacy of
accounting procedures and controls, and considers related matters. The Audit
Committee met once during 1997, with each member present.

During 1997, the Board met five times. Each incumbent Trustee attended all
meetings of the Board during the period.

Trustees who are "interested persons" of LVIT or Liberty Financial receive
no compensation from LVIT. As compensation for their services, Trustees who are
not "interested persons" are paid the following fees: (i) a $5,000 annual
retainer, (ii) a $1,500 meeting fee for each meeting of the Board attended in
person, and (iii) a $500 meeting fee for each telephone meeting of the Board.
The Trustees do not receive any pension or retirement benefits from LVIT. The
following table shows aggregate compensation received by each incumbent Trustee
during the fiscal year ended December 31, 1997.

<TABLE>
<CAPTION>
Aggregate 1997 Total Compensation from LVIT
Compensation from and Affiliated Investment
Name of Nominee LVIT Companies in 1997*
- ------------------------------- ------------------- -----------------------------
<S> <C> <C>
Richard R. Christensen -- --
John A. Bacon Jr. $12,500 $33,500
Salvatore Macera 12,500 33,500
Thomas E. Stitzel 12,500 33,500
</TABLE>

- ------------
* Includes Trustee fees paid by LVIT and by SRVIT.

The following table sets forth the compensation paid during 1997 to the
following nine nominees in their capacity as Trustees of the Colonial Funds. At
December 31, 1997, the Colonial Funds consisted of 39 open-end and 5 closed-end
management investment company portfolios.

<TABLE>
<CAPTION>
Total Compensation From the Colonial
Funds Paid to the Nominee for the
Nominee Calendar Year Ended December 31, 1997
- ---------------------------- --------------------------------------
<S> <C>
Robert J. Birnbaum $ 93,949
Tom Bleasdale 106,432(1)
Lora S. Collins 93,949
James E. Grinnell 94,698(2)
Richard W. Lowry 94,968
William E. Mayer 89,949
James L. Moody, Jr. 98,447(3)
John J. Neuhauser 94,989
Robert L. Sullivan 99,945
</TABLE>

- ------------
(1) Includes $57,454 payable in later years as deferred compensation.
(2) Includes $4,797 payable in later years as deferred compensation.
(3) Total compensation of $98,447 for 1997 will be payable in later years as
deferred compensation.

5
<PAGE>

If shareholders elect an expanded Board of Trustees, it is expected that
the Trust's arrangement for compensating its Trustees will be integrated with
the current trustee compensation arrangements for the Colonial Funds. However,
even if the Board is expanded, during 1999 the Trust will not be charged
aggregate Trustee fees that exceed the amount paid to the current LVIT Trustees
in 1997 ($37,500).

As of the record date, Richard R. Christensen owned beneficially 69,933
shares of Newport Tiger Fund and 11,233 shares of Liberty All-Star Equity Fund.
No other Trustee or officer of LVIT owned beneficially any shares of a LVIT
Fund as of that date.

REQUIRED VOTE ON PROPOSAL 1.

Election of Trustees requires the affirmative vote of a plurality of the
shares of the Trust voting.

The Board of Trustees recommends that Shareholders of each Fund vote FOR
the election of each nominee as Trustee.

6
<PAGE>

PROPOSAL 2
TO AMEND, RECLASSIFY OR ELIMINATE CERTAIN FUNDAMENTAL
INVESTMENT RESTRICTIONS OF FUNDS IN THE TRUST

Proposal 2 pertains only to Newport Tiger Fund, Stein Roe Global Utilities
Fund, Colonial Growth and Income Fund, Colonial High Yield Securities Fund and
Colonial International Fund for Growth.

The Trust has adopted certain fundamental investment policies governing
how each Fund's investments are managed. These policies are set forth in the
Trust's statement of additional information and may be changed only with
Shareholder approval. Policies not specifically designated as being fundamental
are considered to be "non-fundamental" and may be changed by the Trustees
without Shareholder approval.

The fundamental investment policies of each Fund in the Trust generally
parallel those of a similar public fund (as that term is defined in Proposal 1
above) having the same investment objective that existed at the time the Trust
created the Fund. The Trustees initially considered it appropriate for each new
Fund in the Trust to adopt investment policies similar to those of the
corresponding public fund so both funds could be managed more efficiently and
consistently. However, certain of these fundamental investment policies may
reflect earlier regulatory, business or industry conditions, practices or
requirements which, for a variety of reasons, led to restrictions on managing a
Fund's investments. With the passage of time, the development of new investment
practices, and changes in regulatory standards, the Trustees and the Trust's
adviser (LASC) and the applicable sub-advisers (Newport, Stein Roe and
Colonial) consider some of the fundamental investment policies carried over
from the public funds unnecessary or unwarranted. In addition, several
fundamental investment policies applying to the public funds (although not
directly to the Trust) had been imposed by certain state securities regulators.
The enactment of the federal National Securities Markets Improvement Act of
1996 preempted the states from imposing such policies. Other fundamental
investment policies reflect federal regulatory requirements which remain in
effect, but which are not required to be stated as fundamental policies.

Accordingly, the Trustees have approved revisions to certain fundamental
investment policies of various Funds, intending to simplify, modernize and make
more uniform policies the 1940 Act requires be fundamental, to reclassify
certain fundamental policies as non-fundamental and to eliminate those
fundamental policies that are not legally required, and to conform the
investment policies of Funds in the Trust more closely to those of the
corresponding public funds still in existence.

The Trustees believe generally that by minimizing the number of
fundamental policies that can be changed only by shareholder vote, the Board of
Trustees in the future will have greater flexibility to modify a Fund's
non-fundamental investment policies, as appropriate, in response to changing
markets and in light of new investment opportunities and strategies. The Trust
will then be able to avoid the costs and delays associated with a shareholder
meeting when making changes to the non-fundamental investment policies that, at
a future time, the Board of Trustees considers desirable. Although the proposed
changes in fundamental policies will allow the affected Funds greater
investment flexibility to respond to future investment opportunities, neither
the Trustees nor LASC, Newport or Colonial anticipate that the changes,
individually or in the aggregate, will result at this time in a material change
in the level of investment risk associated with an investment in a Fund.

PROPOSAL 2.A
TO AMEND CERTAIN FUNDAMENTAL INVESTMENT POLICIES
(NEWPORT TIGER FUND ONLY):

The Colonial Funds Board has recently approved various changes to the
fundamental investment policies of the public fund on which the LVIT Newport
Tiger Fund is modeled. Shareholders of that Fund will consider whether to
approve these changes at a meeting also called for October 30, 1998. The
Trustees of LVIT have

7
<PAGE>

determined that it is in the best interests of shareholders of the LVIT Newport
Tiger Fund to approve similar changes, where necessary, to the Fund's
corresponding fundamental investment policies.

The text of each proposed change to the LVIT Newport Tiger Fund's
fundamental policies is set forth below.

Change No. 1

The 1940 Act requires the Fund to have a policy with respect to the
concentration of its assets in particular industries, with the Fund being
generally prohibited from reserving freedom of action with respect to its
ability to so concentrate its investments. "Concentration" is deemed by the
Staff of the Securities and Exchange Commission ("SEC") to mean investment of
25% or more of the Fund's assets in the securities of issuers in a particular
industry. The 1940 Act also requires the Fund to have a policy limiting its
investments in the securities of a particular issuer. The Trustees have
recommended amending and restating the Fund's current fundamental investment
policies limiting industry and issuer investments into a new, single policy.
This new policy would continue the specific reference to the 25% industry
limitation, further provide that there shall be no limitation on the purchase
of obligations issued or guaranteed by the U.S. Government or any of its
agencies or instrumentalities, and eliminate a restriction limiting the
percentage of voting securities of an issuer which the Fund may hold.

Current text

The two current policies are as follows:

[The Fund may not] with respect to 75% of total assets, purchase any
security (other than obligations of the U.S. Government and cash items
including receivables) if as a result more than 5% of its total assets
would then be invested in the securities of a single issuer or purchase the
voting securities of such an issuer if, as a result of such purchase, the
Fund would own more than 10% of the outstanding voting shares of such
issuer; and

[The Fund may not] concentrate more than 25% of its total assets in any one
industry.

Proposed text

[The Fund may not] concentrate more than 25% of the Fund's total assets in
any industry (other than obligations issued or guaranteed as to principal
and interest by the Government of the United States or any agency or
instrumentality thereof) or with respect to 75% of the Fund's assets,
purchase the securities of any issuer if, as a result of such purchase,
more than 5% of the Fund's total assets would be invested in the securities
of such issuer.

Change No. 2

The Fund currently has a fundamental investment policy prohibiting it from
investing in commodities or commodity contracts, except when it purchases or
sells "currency forward contracts." The Trustees propose to amend the current
fundamental investment policy to permit the use of futures contracts, subject
to certain limitations.

Current text

[The Fund may not] buy or sell commodities or commodity contracts (other
than currency forward contracts).

8
<PAGE>

Proposed text

[The Fund may not] purchase and sell futures contracts and related options
if the total initial margin and premiums exceed 5% of its total assets.

Change No. 3

The Fund has a fundamental investment policy with respect to investments
in real estate. The Trustees propose to amend and restate the current
fundamental investment policy to permit the holdings of real estate up to 5% of
total assets as the result of owning portfolio securities.

Current text

[The Fund may not] purchase or sell real estate, provided that securities
of companies which deal in real estate or interests therein will not be
deemed to be investments in real estate.

Proposed text

[The Fund may not] own real estate unless such real estate is acquired as
the result of owning securities and does not constitute more than 5% of
total assets.

PROPOSAL 2.B
TO AMEND AND/OR RECLASSIFY AS NON-FUNDAMENTAL
A FUNDAMENTAL INVESTMENT POLICY REGARDING THE PURCHASE OF ILLIQUID SECURITIES
(STEIN ROE GLOBAL UTILITIES FUND, COLONIAL GROWTH & INCOME AND
COLONIAL HIGH YIELD SECURITIES FUNDS ONLY)

The Trustees recommend that shareholders of Stein Roe Global Utilities
Fund, Colonial Growth and Income and Colonial High Yield Securities Funds
approve amending a fundamental investment policy of those Funds limiting
investments in illiquid assets and/or reclassifying that fundamental investment
policy as a non-fundamental policy.

The fundamental investment policy of the Colonial High Yield Securities
Fund presently limits investments in illiquid assets to 10% of the Fund's
assets. That limit reflects former language of the 1940 Act and positions once
taken by the Staff of the SEC and various state securities regulators. The 1940
Act no longer requires that a policy regarding illiquid securities be
fundamental, and the SEC Staff has modified its policy by increasing the amount
an open-end fund could hold from 10% to 15% of net assets.

A similar fundamental investment policy of each of Stein Roe Global
Utilities Fund and Colonial Growth and Income Fund permits each such Fund to
invest up to 15% of its assets in illiquid assets.

The Trustees recommend shareholders approve increasing the percentage of
assets the Colonial High Yield Securities Fund may invest in illiquid assets
from 10% to 15% and reclassifying the investment policy for each of these three
Funds as a non-fundamental policy.

PROPOSAL 2.C
TO ELIMINATE A FUNDAMENTAL INVESTMENT POLICY
LIMITING INVESTMENTS IN OPEN-END INVESTMENT COMPANIES
(COLONIAL INTERNATIONAL FUND FOR GROWTH ONLY)

A fundamental investment policy of the Colonial International Fund for
Growth provides that the Fund will not "purchase any security issued by another
investment company if immediately after such purchase the Fund would own in the
aggregate (i) more than 3% of the total outstanding voting securities of such
investment company; (ii) securities issued by such other investment company
having an aggregate value in excess

9
<PAGE>

of 5% of the fund's total assets; and (iii) securities issued by other
investment companies having an aggregate value in excess of 10% of the Fund's
total assets."

This restriction, which does not apply to any other Fund in the Trust, was
created to track a policy of the original corresponding Colonial public fund
(since merged out of existence) to comply with a now-obsolete state securities
law requirement. The Trustees recommend that shareholders approve eliminating
the restriction entirely.

PROPOSAL 2.D
TO ELIMINATE A PROVISION OF A FUNDAMENTAL INVESTMENT POLICY
LIMITING THE PURCHASE OF VOTING SHARES OF AN ISSUER
(STEIN ROE GLOBAL UTILITIES FUND ONLY)

A fundamental investment policy of Stein Roe Global Utilities Fund
provides that the Fund may not, with respect to 75% of total assets, "purchase
any security (other than obligations of the U.S. Government and cash items
including receivables) if as a result more than 5% of its total assets would
then be invested in securities of a single issuer or purchase the voting
securities of an issuer if, as a result of such purchase, the Fund would own
more than 10% of the outstanding voting shares of such issuer" (emphasis
added). The italicized provision limiting the purchase of voting shares of an
issuer was created to comply with certain state law requirements no longer
imposed on public funds. The Trustees recommend that Shareholders approve
eliminating the provision.

REQUIRED VOTE FOR PROPOSALS 2.A, 2.B, 2.C and 2.D

Approval of each proposal requires the affirmative vote of a "majority of
the outstanding voting securities" (as defined in the 1940 Act) of the affected
Fund, which means the affirmative vote of the lesser of (1) more than 50% of
the outstanding shares of that Fund or (2) 67% or more of the shares of the
Fund present at the Meeting if more than 50% of the outstanding shares of that
Fund are represented at the Meeting in person or by proxy.

The Board of Trustees recommends that Shareholders of the affected Funds
vote FOR each Proposal.

3. OTHER BUSINESS

The Trustees do not know of any other business to be brought before the
meeting. However, if any other matters properly come before the meeting, it is
their intention that proxies that do not contain specific restrictions to the
contrary will be voted on such matters in accordance with the judgment of the
proxy holders.

FURTHER INFORMATION ABOUT VOTING

Voting requirements. All Funds in LVIT vote together on matters that
affect the Trust as a whole, such as the election of Trustees. Each share is
entitled to one vote on any matter that comes before the meeting. Shareholders
of individual Funds will vote separately on matters affecting only their Fund.

Quorum. Thirty percent of the shares of each Fund entitled to vote,
present in person or represented by proxy, constitutes a quorum for the
transaction of business by the Fund's shareholders at the meeting.

Solicitation of proxies. In addition to soliciting proxies by mail, the
Trustees and employees of Liberty Financial or its affiliates may solicit
proxies in person or by telephone but will not be additionally compensated
therefor. Persons holding shares as nominees will upon request be reimbursed
for their reasonable

10
<PAGE>

expenses in soliciting instructions from their principals. The expenses of the
meeting or any adjournment thereof and of any proxy solicitation will be borne
by the Funds.

Revocation of proxies. Any contract or policy holder may revoke his or her
proxy at any time before the shares represented thereby are voted by a written
revocation received by the Secretary of LVIT or by properly executing a
later-dated proxy.

Date for receipt of shareholders' proposals for subsequent meetings of
shareholders. LVIT's Agreement and Declaration of Trust does not provide for
annual meetings of shareholders, and LVIT currently does not intend to hold
such a meeting in 1999. Shareholder proposals for inclusion in the proxy
statement for any subsequent meeting must be received by LVIT within a
reasonable period of time prior to any such meeting. Shareholders wishing to
submit the name of a candidate for consideration as a nominee for Trustee
should submit their recommendations to the Secretary of LVIT.

Adjournment. If sufficient votes in favor of the election of each proposal
are not received by the time scheduled for the meeting, proxy holders may
propose adjournments of the meeting for a period or periods of not more than 60
days in the aggregate to permit further solicitation of proxies. Any
adjournment will require the affirmative vote of a majority of the votes cast
on the question in person or by proxy at the session of the meeting to be
adjourned. The proxy holders will vote in favor of such adjournment those
proxies that they are entitled to vote in favor of the election of at least one
nominee for trustee or at least one other proposal (if applicable). They will
vote against any such adjournment those proxies required to be voted against
all nominees and all other applicable proposals.

FURTHER INFORMATION ABOUT LVIT, LASC AND THE SUB-ADVISERS

LASC manages the assets of each Fund pursuant to a management agreement
with the Trust (the "Management Agreement"). Pursuant to the Management
Agreement, LASC provides the Fund with overall advisory and administrative
services, as well as general office facilities. The directors of LASC are John
W. Rosensteel (principal executive officer), James J. Klopper, and Paul H.
LeFevre. Mr. Rosensteel is also a director of Keyport Financial Services Corp.
("KFSC"), principal underwriter for shares of the Trust with respect to sales
of shares to Participating Life Insurance Companies that are affiliated with
Liberty Financial. The business address of LASC, KFSC and their directors is
125 High Street, Boston, Massachusetts 02110.

LASC is an indirect wholly owned subsidiary of Liberty Financial. Liberty
Financial is an integrated asset accumulation and management organization.
Liberty Financial is a majority owned subsidiary of LFC Holdings, Inc. ("LFC
Holdings"). LFC Holdings is a wholly owned subsidiary of Liberty Mutual Equity
Corporation ("Liberty Equity"). Liberty Equity is a wholly owned subsidiary of
Liberty Mutual. Liberty Mutual is a mutual insurance company, principally in
the property/casualty insurance field. The address of Liberty Financial is
Federal Reserve Plaza, 600 Atlantic Avenue, Boston, Massachusetts 02210; and
the address of LFC Holdings, Liberty Equity and Liberty Mutual is 175 Berkeley
Street, Boston, Massachusetts 02117.

The Management Agreement permits LASC from time to time to engage one or
more sub-advisers to assist in the performance of its services. Under the
sub-advisory agreements, a sub-adviser manages the assets of a Fund in
accordance with its investment objective and investment program, policies and
restrictions under the supervision of LASC and the Board of Trustees. As noted
above, pursuant to such authority, LASC has engaged each of Colonial, Stein
Roe, Newport and LAMCO as sub-advisers. Each such entity is an indirect wholly
owned subsidiary of Liberty Financial.

Colonial, LASC and the Trust have entered into sub-advisory agreements for
the Colonial Growth and Income Fund, the Colonial U.S. Stock Fund, the Colonial
International Fund for Growth, the Colonial Strategic

11
<PAGE>

Income Fund, the Colonial High Yield Securities Fund, and the Colonial Small
Cap Value Fund. The directors of Colonial are Stephen E. Gibson (principal
executive officer), Nancy L. Conlin, and Davey S. Scoon. Ms. Conlin and Messrs.
Gibson and Scoon are also directors of Liberty Funds Distributor, Inc. ("LFD"),
a wholly owned subsidiary of Colonial that is the principal underwriter for
shares of the Trust with respect to sales of shares to Participating Insurance
Companies other than those that are affiliated with Liberty Financial. The
business address of Colonial, LFD and their directors is One Financial Center,
Boston, Massachusetts 02111.

Stein Roe, LASC and the Trust have entered into a sub-advisory agreement
for the Stein Roe Global Utilities Fund. The directors of Stein Roe are Hans P.
Ziegler (principal executive officer), Kenneth R. Leibler, C. Allen Merritt,
Jr. and Thomas W. Butch. Mr. Leibler is President and Chief Executive Officer
of Liberty Financial. Mr. Merritt is Chief Operating Officer of Liberty
Financial. Mr. Butch is President of Stein Roe's Mutual Funds division. The
business address of Stein Roe and its directors (other than Messrs. Leibler and
Merritt) is One South Wacker Drive, Chicago, IL 60606; the address of Messrs.
Leibler and Merritt is 600 Atlantic Avenue, Boston, MA 02110.

LASC, Newport and the Trust have entered into a sub-advisory agreement
with respect to the Newport Tiger Fund. The directors of Newport are John M.
Mussey (principal executive officer), Kenneth R. Leibler, and Lindsay Cook. Mr.
Cook is Executive Vice President of Liberty Financial. The address of Newport
and Mr. Mussey is 580 California Street, San Francisco, California 94104; the
address of Mr. Cook is 600 Atlantic Avenue, Boston, MA 02110.

LASC, LAMCO and the Trust have entered into a management and sub-advisory
agreement with respect to Liberty All-Star Equity Fund. The directors of LAMCO
are Richard R. Christensen, Kenneth R. Leibler, Lindsay Cook and C. Allen
Merritt, Jr. Mr. Christensen, Chairman of the Board of Trustees, is the
Chairman of LAMCO. The address of LAMCO and Mr. Christensen is 600 Atlantic
Avenue, Boston, MA 02110.

The principal occupation of each director and the principal executive
officer of each of LASC, Colonial, Stein Roe, Newport and LAMCO is as a
director and/or officer of, respectively, LASC, Colonial, Stein Roe, Newport
and LAMCO and/or various of their respective affiliates.

Officers of LVIT. The following persons are officers of LVIT:

<TABLE>
<CAPTION>
Name Position Held with LVIT Position Held with LASC or its Affiliates
- ---------------------------------- ------------------------- ----------------------------------------------
<S> <C> <C>
Richard R. Christensen ........... President and Chairman of LAMCO
Trustee

Ophelia Barsketis ................ Vice President Senior Vice President, Stein Roe

John A. Benning .................. Assistant Secretary Senior Vice President and General Counsel,
Liberty Financial

Christopher C. Carabell .......... Vice President Vice President, LAMCO

Kevin M. Carome .................. Secretary Associate General Counsel and Vice President,
Liberty Financial; General Counsel, Stein Roe

Nancy L. Conlin .................. Vice President Director, Senior Vice President and General
Counsel of Colonial

J. Kevin Connaughton ............. Controller Vice President of Colonial

Carl C. Ericson .................. Vice President Senior Vice President and Manager of the
Taxable Fixed Income Group, Colonial

Andrea Feingold .................. Vice President Vice President of Colonial
</TABLE>

12
<PAGE>

<TABLE>
<CAPTION>
Name Position Held with LVIT Position Held with LASC or its Affiliates
- ------------------------------------ ------------------------- --------------------------------------------
<S> <C> <C>
David Harris ....................... Vice President Senior Vice President, Stein Roe; Vice
President, Colonial

James P. Haynie .................... Vice President Vice President of Colonial

Timothy J. Jacoby .................. Treasurer Senior Vice President and Chief Financial
Officer of Colonial

Deborah A. Jansen .................. Vice President Vice President and Senior Research Analyst,
Stein Roe

Gordon Johnson ..................... Vice President Vice President of Colonial

John E. Lennon ..................... Vice President Vice President of Colonial

John M. Mussey ..................... Vice President President, Newport

William R. Parmentier, Jr. ......... Vice President President, LAMCO

John W. Reading .................... Assistant Secretary Vice President and Counsel, Colonial

Mark Stoeckle ...................... Vice President Vice President of Colonial

Thomas R. Tuttle ................... Vice President Senior Vice President, Newport
</TABLE>

Independent Auditors. PricewaterhouseCoopers LLP is LVIT's independent
auditors. No representative of the accounting firm is expected to be present at
the shareholder meeting.

Shareholdings. As of the record date, to the knowledge of the Funds, there
were no holders of record of variable annuity contracts or variable life
insurance policies who beneficially had the right to vote 5% or more of the
outstanding shares of the Fund, as determined in accordance with Rule 13d-3
under the Securities Exchange Act of 1934. Each Participating Insurance Company
disclaims beneficial ownership of the shares of the Funds held of record by the
sub-accounts of its separate accounts. As of the record date, Keyport owned in
its general account 1,271,368 shares of U.S. Stock Fund, 104,712 shares of
Liberty All-Star Equity Fund, 500,000 shares of Colonial High Yield Securities
Fund and 200,000 shares of Colonial Small Cap Value Fund.

Reports, proxy statements and other information have been filed with the
SEC and may be inspected and copied at the SEC's public reference room, 450
Fifth Street, N.W., Washington, D.C. 20549. Copies of such material can also be
obtained from the Public Reference Branch, Office of Consumer Affairs and
Information Services, Securities and Exchange Commission, Washington, D.C.
20549, at prescribed rates.

SHAREHOLDERS ARE URGED TO VOTE, SIGN, AND MAIL THEIR PROXIES IMMEDIATELY.

By Order of the Board of Trustees,

Kevin M. Carome
Secretary
September 25, 1998

13
<PAGE>

BY SIGNING AND DATING THIS CARD, YOU AUTHORIZE THE PROXIES TO VOTE EACH
PROPOSAL AS MARKED, OR, IF NOT MARKED, TO VOTE "FOR" EACH PROPOSAL AND TO USE
THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY COME BEFORE THE SPECIAL
MEETING. IF YOU DO NOT INTEND PERSONALLY TO ATTEND THE SPECIAL MEETING, PLEASE
COMPLETE AND MAIL THIS CARD AT ONCE IN THE ENCLOSED ENVELOPE.

LIBERTY VARIABLE INVESTMENT TRUST
STEIN ROE GLOBAL UTILITIES FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS OF EACH FUND NAMED ABOVE
TO BE HELD ON OCTOBER 30, 1998

THE UNDERSIGNED HEREBY APPOINTS RICHARD R. CHRISTENSEN, JOHN A. BENNING, KEVIN
M. CAROME, BERNARD R. BECKERLEGGE, JAMES L. KLOPPER AND ELIZABETH B. LOVE, AND
EACH OF THEM, PROXIES OF THE UNDERSIGNED, WITH POWER OF SUBSTITUTION, TO VOTE
AT THE SPECIAL MEETING OF SHAREHOLDERS OF EACH OF THE ABOVE FUNDS TO BE HELD AT
10:30 A.M. ON OCTOBER 30, 1998, AT 600 ATLANTIC AVENUE, BOSTON, MASSACHUSETTS,
AND AT ANY ADJOURNMENTS THEREOF, AS FOLLOWS:

1. For election as Trustees, the nominees are:

<TABLE>
<S> <C> <C>
Robert J. Birnbaum, Tom Bleasdale, John Carberry, FOR ALL WITHHOLD ALL
Lora S. Collins, James E. Grinnell, Richard W. Lowry, (except as marked to the contrary)
William E. Mayer, Salvatore Macera, James L. Moody,
Jr., John J. Neuhauser, Thomas E. Stitzel, [ ] [ ]
Robert L. Sullivan, Anne-Lee Verville
</TABLE>

2.B. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY REGARDING THE
PURCHASE OF ILLIQUID ASSETS OF THE FUND AS A NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

- --------------------------------------------------------------------------------
2.D. TO APPROVE ELIMINATING A PROVISION OF A FUNDAMENTAL POLICY LIMITING THE
PURCHASE OF THE VOTING SHARES OF AN ISSUER.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- -------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

PLEASE SIGN NAME OR NAMES EXACTLY AS PRINTED ABOVE TO AUTHORIZE THE VOTING OF
YOUR SHARES AS INDICATED ABOVE. WHERE SHARES ARE REGISTERED WITH JOINT OWNERS,
ALL JOINT OWNERS SHOULD SIGN. PERSONS SIGNING AS EXECUTORS, ADMINISTRATORS,
TRUSTEES, ETC. SHOULD SO INDICATE. CORPORATE PROXIES SHOULD BE SIGNED BY AN
AUTHORIZED OFFICER.

<PAGE>

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
STEIN ROE GLOBAL UTILITIES FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

The undersigned, being a Participant under a variable annuity contract or
variable life insurance policy issued by Keyport Life Insurance Company,
Independence Life & Annuity Company, Keyport Benefit Life Insurance Company,
Liberty Life Assurance Company of Boston, COVA Financial Services Life
Insurance Company, or Security Benefit Life Insurance Company (the "Insurance
Company"), hereby instructs the Insurance Company to cause the shares of the
above-referenced fund allocable to Participant's account identified below to
vote in the manner specified on the reverse side with respect to the matter
described in the accompanying proxy statement.

THE INSURANCE COMPANY WILL FOLLOW VOTING INSTRUCTIONS ONLY IF THEY ARE RECEIVED
AT LEAST ONE DAY PRIOR TO THE DATE OF THE MEETING. IF NO INSTRUCTIONS ARE
SPECIFIED, THE INSURANCE COMPANY WILL VOTE THE SHARES IN FAVOR OF THE ELECTION
OF TRUSTEES.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)
<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
STEIN ROE GLOBAL UTILITIES FUND, VARIABLE SERIES

1. For election as Trustees, the nominees are:

<TABLE>
<S> <C> <C>
Robert J. Birnbaum, Tom Bleasdale, FOR ALL WITHHOLD ALL
John Carberry, Lora S. Collins, (except as marked to the contrary)
James E. Grinnell, Richard W. Lowry,
William E. Mayer, Salvatore Macera, [ ] [ ]
James L. Moody, Jr., John J. Neuhauser,
Thomas E. Stitzel, Robert L. Sullivan,
Anne-Lee Verville
</TABLE>

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2.B. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY REGARDING THE
PURCHASE OF ILLIQUID ASSETS AS A NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

- --------------------------------------------------------------------------------
2.D. TO APPROVE ELIMINATING A PROVISION OF A FUNDAMENTAL INVESTMENT POLICY
LIMITING THE PURCHASE OF THE VOTING SHARES OF AN ISSUER.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL U.S. STOCK FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS OF EACH FUND NAMED ABOVE
TO BE HELD ON OCTOBER 30, 1998

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL U.S. STOCK FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)
<PAGE>

[REVERSE SIDE]
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL U.S. STOCK FUND, VARIABLE SERIES

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL STRATEGIC INCOME FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES FOR
A MEETING OF SHAREHOLDERS OF EACH FUND NAMED ABOVE
TO BE HELD ON OCTOBER 30, 1998

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL STRATEGIC INCOME FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL STRATEGIC INCOME FUND, VARIABLE SERIES

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS OF EACH FUND NAMED ABOVE
TO BE HELD ON OCTOBER 30, 1998

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)
<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL SMALL CAP VALUE FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS OF EACH FUND NAMED ABOVE
TO BE HELD ON OCTOBER 30, 1998

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL SMALL CAP VALUE FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL SMALL CAP VALUE FUND, VARIABLE SERIES

For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL GROWTH AND INCOME FUND, VARIABLE SERIES
PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 30, 1998

THE UNDERSIGNED HEREBY APPOINTS RICHARD R. CHRISTENSEN, JOHN A. BENNING, KEVIN
M. CAROME, BERNARD R. BECKERLEGGE, JAMES L. KLOPPER AND ELIZABETH B. LOVE, AND
EACH OF THEM, PROXIES OF THE UNDERSIGNED, WITH POWER OF SUBSTITUTION, TO VOTE
AT THE SPECIAL MEETING OF SHAREHOLDERS OF COLONIAL GROWTH AND INCOME FUND,
VARIABLE SERIES (THE "FUND") TO BE HELD AT 10:30 A.M. ON OCTOBER 30, 1998, AT
600 ATLANTIC AVENUE, BOSTON, MASSACHUSETTS, AND AT ANY ADJOURNMENTS THEREOF, AS
FOLLOWS:

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

<PAGE>

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL GROWTH & INCOME FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS FOR VOTING SHARES OF LIBERTY
VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

The undersigned, being a Participant under a variable annuity contract or
variable life insurance policy issued by Keyport Life Insurance Company,
Independence Life & Annuity Company, Keyport Benefit Life Insurance Company,
Liberty Life Assurance Company of Boston, COVA Financial Services Life
Insurance Company, or Security Benefit Life Insurance Company (the "Insurance
Company"), hereby instructs the Insurance Company to cause the shares of the
above-referenced fund (the "Fund") allocable to Participant's account
identified below to vote in the manner specified on the reverse side with
respect to the matter described in the accompanying proxy statement.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL GROWTH AND INCOME FUND, VARIABLE SERIES

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL HIGH YIELD SECURITIES FUND, VARIABLE SERIES
PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 30, 1998

THE UNDERSIGNED HEREBY APPOINTS RICHARD R. CHRISTENSEN, JOHN A. BENNING, KEVIN
M. CAROME, BERNARD R. BECKERLEGGE, JAMES L. KLOPPER AND ELIZABETH B. LOVE, AND
EACH OF THEM, PROXIES OF THE UNDERSIGNED, WITH POWER OF SUBSTITUTION, TO VOTE
AT THE SPECIAL MEETING OF SHAREHOLDERS OF COLONIAL HIGH YIELD SECURITIES FUND,
VARIABLE SERIES (THE "FUND") TO BE HELD AT 10:30 A.M. ON OCTOBER 30, 1998, AT
600 ATLANTIC AVENUE, BOSTON, MASSACHUSETTS, AND AT ANY ADJOURNMENTS THEREOF, AS
FOLLOWS:

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL HIGH YIELD SECURITIES FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

The undersigned, being a Participant under a variable annuity contract or
variable life insurance policy issued by Keyport Life Insurance Company,
Independence Life & Annuity Company, Keyport Benefit Life Insurance Company,
Liberty Life Assurance Company of Boston, COVA Financial Services Life
Insurance Company, or Security Benefit Life Insurance Company (the "Insurance
Company"), hereby instructs the Insurance Company to cause the shares of the
above-referenced fund (the "Fund") allocable to Participant's account
identified below to vote in the manner specified on the reverse side with
respect to the matter described in the accompanying proxy statement.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL HIGH YIELD SECURITIES FUND, VARIABLE SERIES

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN
<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL INTERNATIONAL FUND FOR GROWTH, VARIABLE SERIES
PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 30, 1998

THE UNDERSIGNED HEREBY APPOINTS RICHARD R. CHRISTENSEN, JOHN A. BENNING, KEVIN
M. CAROME, BERNARD R. BECKERLEGGE, JAMES L. KLOPPER AND ELIZABETH B. LOVE, AND
EACH OF THEM, PROXIES OF THE UNDERSIGNED, WITH POWER OF SUBSTITUTION, TO VOTE
AT THE SPECIAL MEETING OF SHAREHOLDERS OF COLONIAL INTERNATIONAL FUND FOR
GROWTH, VARIABLE SERIES (THE "FUND") TO BE HELD AT 10:30 A.M. ON OCTOBER 30,
1998, AT 600 ATLANTIC AVENUE, BOSTON, MASSACHUSETTS, AND AT ANY ADJOURNMENTS
THEREOF, AS FOLLOWS:

1. For election as Trustees, the nominees are:

2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL INTERNATIONAL FUND FOR GROWTH, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

The undersigned, being a Participant under a variable annuity contract or
variable life insurance policy issued by Keyport Life Insurance Company,
Independence Life & Annuity Company, Keyport Benefit Life Insurance Company,
Liberty Life Assurance Company of Boston, COVA Financial Services Life
Insurance Company, or Security Benefit Life Insurance Company (the "Insurance
Company"), hereby instructs the Insurance Company to cause the shares of the
above-referenced fund (the "Fund") allocable to Participant's account
identified below to vote in the manner specified on the reverse side with
respect to the matter described in the accompanying proxy statement.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
COLONIAL INTERNATIONAL FUND FOR GROWTH, VARIABLE SERIES

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN
<PAGE>

LIBERTY VARIABLE INVESTMENT TRUST
NEWPORT TIGER FUND, VARIABLE SERIES

PROXY SOLICITED BY THE BOARD OF TRUSTEES
FOR A MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 30, 1998

THE UNDERSIGNED HEREBY APPOINTS RICHARD R. CHRISTENSEN, JOHN A. BENNING, KEVIN
M. CAROME, BERNARD R. BECKERLEGGE, JAMES L. KLOPPER AND ELIZABETH B. LOVE, AND
EACH OF THEM, PROXIES OF THE UNDERSIGNED, WITH POWER OF SUBSTITUTION, TO VOTE
AT THE SPECIAL MEETING OF SHAREHOLDERS OF NEWPORT TIGER FUND, VARIABLE SERIES
(THE "FUND") TO BE HELD AT 10:30 A.M. ON OCTOBER 30, 1998, AT 600 ATLANTIC
AVENUE, BOSTON, MASSACHUSETTS, AND AT ANY ADJOURNMENTS THEREOF, AS FOLLOWS:

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

- ----------------------------- ----------------------------- --------------
SIGNATURE SIGNATURE (JOINT OWNERS) DATE

VOTING INSTRUCTIONS
LIBERTY VARIABLE INVESTMENT TRUST
NEWPORT TIGER FUND, VARIABLE SERIES

INSTRUCTIONS OF VARIABLE CONTRACT PARTICIPANTS
FOR VOTING SHARES OF LIBERTY VARIABLE INVESTMENT TRUST.

The ballot for which voting instructions are being requested is solicited by
the Board of Trustees of Liberty Variable Investment Trust.

The undersigned, being a Participant under a variable annuity contract or
variable life insurance policy issued by Keyport Life Insurance Company,
Independence Life & Annuity Company, Keyport Benefit Life Insurance Company,
Liberty Life Assurance Company of Boston, COVA Financial Services Life
Insurance Company, or Security Benefit Life Insurance Company (the "Insurance
Company"), hereby instructs the Insurance Company to cause the shares of the
above-referenced fund (the "Fund") allocable to Participant's account
identified below to vote in the manner specified on the reverse side with
respect to the matter described in the accompanying proxy statement.

PLEASE MARK, SIGN, DATE AND RETURN
THE VOTING INSTRUCTIONS CARD PROMPTLY
USING THE ENCLOSED ENVELOPE.

Please date and sign exactly as name
appears hereon. Executors,
administrators, trustees, etc. should
so indicate when signing.

DATE: __________________________________

________________________________________
(Signature of contract owner/participant)

________________________________________
(Signature of joint owner/participant)

<PAGE>

[REVERSE SIDE]

LIBERTY VARIABLE INVESTMENT TRUST
NEWPORT TIGER FUND, VARIABLE SERIES

1. For election as Trustees, the nominees are:

TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE(S), WRITE NAME(S) ON
THE LINE BELOW:

- --------------------------------------------------------------------------------
2. TO APPROVE RECLASSIFYING A FUNDAMENTAL INVESTMENT POLICY OF THE FUND AS A
NON-FUNDAMENTAL POLICY.

[ ] FOR [ ] AGAINST [ ] ABSTAIN