LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
Supplement to Statement of Additional Information
Dated May 1, 2000, Revised June 1, 2000
The Fund's Statement of Additional Information is amended as follows:
The third paragraph on page seven under the section "INVESTMENT MANAGEMENT AND
OTHER SERVICES - General" is changed in its entirety as follows:
Oppenheimer Capital. Oppenheimer Capital, an investment advisor since 1969,
located at 1345 Avenue of the Americas, New York, New York 10105, is a Delaware
partnership and an indirect wholly-owned subsidiary of Allianz A.G. Oppenheimer
Capital's principal executive officer is Kenneth M. Poovey. As of March 31,
2000, Oppenheimer Capital managed over $45 billion in assets.
June 27, 2000
