Colonial Small Cap Value Fund, Variable Series
Supplement to Prospectuses dated
May 1, 2000 and June 1, 2000
Effective August 1, 2000, James P. Haynie and Michael Rega no longer co-managed
the Fund and Daniel Cantor and Jeffrey Kinzel began co-managing the Fund.
The following is added under the sub-caption, Colonial, under the section
Investment Sub-Advisors and Portfolio Managers:
Daniel K. Cantor, a senior vice president of Colonial Management Associates,
Inc. (Colonial), has been co-manager of the Fund since August, 2000. Mr. Cantor
has been affiliated with and has managed various other funds for Stein Roe &
Farnham Incorporated (Stein Roe), an affiliate of Colonial, since 1985.
Jeffrey Kinzel, a senior vice president of Colonial, has co-managed the Fund
since August, 2000. Mr. Kinzel has been affiliated with and has managed various
other funds for Stein Roe since 1991.
August 2, 2000
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Colonial U.S. Growth & Income Fund, Variable series
Supplement to Prospectuses dated
May 1, 2000 and June 1, 2000
Effective August 1, 2000, Mark Stoeckle no longer managed the Fund and Harvey
Hirschhorn and Scott Schermerhorn began co-managing the Fund.
The following paragraph describing Mr. Hirschhorn's information is added and the
paragraph describing Mr. Schermerhorn's information is revised under the
sub-caption, Colonial, under the section Investment Sub-Advisors and Portfolio
Managers:
Harvey B. Hirschhorn, a senior vice president of Colonial Management Associates,
Inc. (Colonial), has co-managed the Fund since August, 2000. Mr. Hirschhorn has
been affiliated with and has managed various other funds for Stein Roe & Farnham
Incorporated, an affiliate of Colonial, since 1973.
Scott Schermerhorn, a senior vice president of Colonial, has co-managed the Fund
since August, 2000. Mr. Schermerhorn has managed various other funds for
Colonial since October, 1998. From May, 1996 to October, 1998, Mr. Schermerhorn
was the head of the value team at Federated Investors where he managed the
American Leader Fund, Federated Stock Trust and Federated Stock and Bond Fund as
well as other institutional accounts. Prior to 1996, Mr. Schermerhorn was a
member of the growth and income team at J&W Seligman.
August 2, 2000
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Liberty Select Value Fund,
Variable Series
Supplement to Prospectus dated June 1, 2000
Effective August 1, 2000, James P. Haynie and Michael Rega no longer co-managed
the Fund and Daniel Cantor and Jeffrey Kinzel began co-managing the Fund.
The following paragraphs are added under the sub-caption, Colonial, under the
section Investment Sub-Advisors and Portfolio Managers:
Daniel K. Cantor, a senior vice president of Colonial Management Associates,
Inc. (Colonial) and has been co-manager of the Fund since August, 2000. He
joined Stein Roe & Farnham Incorporated (Stein Roe), an affiliate of Colonial,
in 1985 as an equity analyst and served as an advisor to Stein Roe Private
Capital Management from 1992 to 1995.
Jeffrey Kinzel, a senior vice president of Colonial, has co-managed the Fund
since August, 2000. He joined Stein Roe, an affiliate of Colonial, in 1991 and
has served as a senior equity analyst and core portfolio team member in addition
to his portfolio management responsibilities.
August 2, 2000
