LIBERTY VARIABLE INVESTMENT TRUST
LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
SUPPLEMENT TO THE PROSPECTUSES
DATED MAY 1, 1999 AND JUNE 1, 1999
The Prospectuses for the Liberty All-Star Equity Fund, Variable Series (the
"Fund"), are amended as follows:
Effective November 1, 1999, Wilke/Thompson Capital Management, Inc. will be
replaced by TCW Funds Management, Inc. ("TCW") to provide portfolio management
services. Mr. Glen E. Bickerstaff, Managing Director, U.S. Equities, will be
responsible for the management of the Fund's assets assigned to TCW. Prior to
joining TCW in 1998, Mr. Bickerstaff was a portfolio manager at Transamerica
Investment Services.
Pursuant to the portfolio management agreement, Liberty Asset Management
Company, the Fund's sub-advisor, pays TCW a fee at the annual rate of 0.30% of
the average daily net assets of that portion of the Fund's portfolio assigned to
TCW.
In addition to TCW, the Fund's current portfolio managers are Boston Partners
Asset Management, L.P., J.P. Morgan Investment Management Inc., Oppenheimer
Capital and Westwood Management Corp.
November 1, 1999
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LIBERTY VARIABLE INVESTMENT TRUST
LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1999, REVISED JUNE 1, 1999
The Statement of Additional Information for the Liberty All-Star Equity Fund,
Variable Series (the "Fund"), is amended as follows:
Effective November 1, 1999, Wilke/Thompson Capital Management, Inc. will be
replaced by TCW Funds Management, Inc. ("TCW") to serve as one of the Fund's
Portfolio Managers.
TCW is located at 865 South Figueroa Street, Los Angeles, CA 90017. TCW is a
wholly-owned subsidiary of The TCW Group, Inc. ("TCW Group"). Established in
1971, TCW Group's direct and indirect subsidiaries, including TCW, provide a
variety of trust, investment management and investment advisory services.
Ownership of the TCW Group lies approximately 95% with its employees and 5% with
its directors. Robert A. Day, who is Chairman of the Board of Directors of TCW
Group, may be deemed to be a control person of TCW by virtue of the aggregate
ownership by Mr. Day and his family of more than 25% of the outstanding voting
stock of the TCW Group. As of September 30, 1999, TCW had over $55 billion in
assets under management.
Pursuant to the portfolio management agreement, Liberty Asset Management
Company, the Fund's sub-advisor, pays TCW a fee at the annual rate of 0.30% of
the average daily net assets of that portion of the Fund's portfolio assigned to
TCW.
In addition to TCW, the Fund's current portfolio managers are Boston Partners
Asset Management, L.P., J.P. Morgan Investment Management Inc., Oppenheimer
Capital and Westwood Management Corp.
November 1, 1999
