Colonial Global Equity Fund, Variable Series
Colonial International Fund for Growth, Variable Series
Colonial International Horizons Fund, Variable Series
Stein Roe Global Utilities Fund, Variable Series
Supplement to May 1, 1999 and June 1, 1999
Prospectuses and Statement of Additional Information
The Funds' prospectuses and Statement of Additional Information are amended as
follows:
Shareholder Meeting to Consider Management Agreement. The Board of Trustees of
Liberty Variable Investment Trust has called a meeting of the Funds'
shareholders for June 1, 2000 to vote on a proposed management agreement with
Newport Fund Management, Inc. (Newport), an affiliate of Colonial Management
Associates, Inc. (Colonial), the investment advisor to the Colonial Global
Equity Fund, Variable Series, the Colonial International Fund for Growth,
Variable Series and the Colonial International Horizons Fund, Variable Series,
and Stein Roe & Farnham Incorporated (Stein Roe), the investment advisor to the
Stein Roe Global Utilities Fund, Variable Series. Stein Roe is an affiliate of
Colonial. At a February 17, 2000 meeting, the Funds' Board of Trustees voted in
favor of the proposed management agreements. Accordingly, if the Funds'
shareholders approve the proposed management agreements, Newport will replace
Colonial and Stein Roe as the Funds' investment advisor and will provide
investment management services to each Fund, for the same investment management
fee and on substantially the same terms and conditions as each Fund's existing
management agreement with Colonial or Stein Roe. Newport is a wholly owned
subsidiary of Liberty Financial Companies, Inc. (LFC), and is located at 580
California Street, Suite 1960, San Francisco, CA 94104. Newport is registered as
an investment advisor under the Investment Advisers Act of 1940 and specializes
in international investing. As of February 29, 2000, Newport managed over $2.6
billion in assets.
Portfolio Managers. Effective March 15, 2000, Ophelia Barsketis and Deborah A.
Jansen will replace Nicholas Ghajar as co-managers of the Colonial Global Equity
Fund, Variable Series. Also, Charles R. Roberts, Michael Ellis, and Deborah Snee
will replace Nicholas Ghajar as co-managers of the Colonial International
Horizons Fund, Variable Series and Colonial International Fund for Growth,
Variable Series. Effective March 15, 2000, each of the co-managers will become a
joint employee of Newport, Colonial and Stein Roe.
Both Colonial and Stein Roe are indirect wholly owned subsidiaries of LFC.
Ms. Barsketis will be a Managing Director of Newport. She also is a Senior Vice
President of both Colonial and Stein Roe. Ms. Barsketis joined Stein Roe in 1983
and progressed through a variety of equity analyst positions before assuming her
current responsibilities as co-manager of the Stein Roe Global Utilities Fund,
Variable Series in November, 1997 and the Colonial Global Utilities Fund in
September, 1993.
Ms. Jansen will be a Senior Vice President of Newport. She holds the same
position with both Colonial and Stein Roe. Ms. Jansen joined Stein Roe in 1987
and served as an associate economist and senior economist before assuming her
current responsibilities as co-manager of the Stein Roe Global Utilities Fund,
Variable Series in November, 1997 and the Colonial Global Utilities Fund in
April, 1996. Ms. Jansen left Stein Roe in January, 1995 and returned to her
position as Vice President in March, 1996. For a period of time before returning
to Stein Roe in March, 1996, Ms. Jansen was a Senior Equity Research Analyst for
BancOne Investment Advisers Corporation.
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Mr. Roberts is a Managing Director of Newport. Mr. Roberts is also a Managing
Director of Newport Pacific Management, Inc. (Newport Pacific), Newport's
immediate parent. Mr. Roberts will be a Senior Vice President with both
Colonial and Stein Roe. Mr. Roberts has been employed with Newport and Newport
Pacific since November, 1998 where he has managed other funds or accounts on
behalf of Newport and Newport Pacific. Prior to joining Newport and Newport
Pacific, he managed the European component of institutional international
equity accounts at Progress Investment Management (Progress) since 1997.
Prior to joining Progress in 1997, he managed the European component of
institutional international equity accounts and was a member of the investment
policy committee at Sit/Kim International since prior to 1994.
Mr. Ellis is a Senior Vice President of both Newport and Newport Pacific. Mr.
Ellis will hold the same position with Colonial and Stein Roe. Prior to
joining Newport and Newport Pacific in December, 1996, he was a Vice President
at Matthews International Capital Management since September, 1991.
Ms. Snee is a Vice President and Europe analyst at Newport. She also will be
an analyst at Colonial and Stein Roe. Prior to working at Newport, Ms. Snee
spent five years at Sit/Kim as an emerging markets analyst.
Investment Advisor. Effective March 15, 2000, Colonial and Stein Roe will use
Newport's trading facilities when buying or selling foreign securities for the
Fund's portfolio. Newport will execute all trades under its own procedures.
This Supplement is dated March 15, 2000.
ANN-36/833A-0300
