LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
                              One Financial Center

                        Boston, Massachusetts 02111-2621

                         INFORMATION STATEMENT REGARDING

                          CHANGE OF A PORTFOLIO MANAGER

             WE              ARE  NOT  ASKING  YOU  FOR  A  PROXY  AND  YOU  ARE
                             REQUESTED NOT TO SEND US A PROXY.

Background

         Liberty  All-Star  Equity Fund,  Variable Series (the "Fund") is one of
the  seventeen  funds of Liberty  Variable  Investment  Trust (the "Trust") that
serve as funding  vehicles  for variable  annuity  contracts  and variable  life
insurance  products  offered by  separate  accounts  of Keyport  Life  Insurance
Company,  Independence Life and Annuity Company,  Liberty Life Assurance Company
of Boston and Sage Life Assurance Company. The principal underwriter of the Fund
is Liberty Funds Distributor,  Inc. ("LFD") and the administrator of the Fund is
Colonial Management Associates, Inc. ("CMA"). Both LFD and CMA are affiliates of
Liberty Advisory Services Corp. ("LASC"), the Fund's investment advisor.

         The Fund is a "multi-managed"  fund that allocates its portfolio assets
among a number of independent  investment management  organizations  ("Portfolio
Managers") -- currently five in number -- recommended by the Fund's sub-advisor,
Liberty  Asset  Management  Company  ("LAMCO"),  600  Atlantic  Avenue,  Boston,
Massachusetts 02210-2214.  Each Portfolio Manager employs a different investment
style.  From time to time LAMCO rebalances the Fund's portfolio assets among the
Portfolio  Managers in order to maintain an  approximately  equal  allocation of
portfolio assets among them throughout all market cycles.

         LAMCO continuously monitors and evaluates the Fund's portfolio managers
 on a quantitative and qualitative basis.  The evaluation process focuses on
the firm's philosophy, investment process, people and performance. It was
concluded that after evaluation based on the aforementioned criteria that LAMCO
deemed it necessary to replace J.P. Morgan Investment Management Inc.
("J.P. Morgan") with Mastrapasqua & Associates, Inc. ("Mastrapasqua")effective
November 1, 2000.

         Under  an  exemptive  order  issued  by  the  Securities  and  Exchange
Commission  on May 5,  1998,  the Fund may  enter  into a  portfolio  management
agreement with a new Portfolio  Manager  without a vote of  shareholders  of the
Fund,  provided  that holders of variable  annuity  contracts  of variable  life
insurance  products  funded  in whole  or in part  with  shares  of the Fund are
furnished  information  about  the  new  Portfolio  Manager  and  its  portfolio
management  agreement  within  90 days of the  effective  date of the  Portfolio
Manager change. This Information Statement is being furnished in connection with
the replacement of J.P.  Morgan by  Mastrapasqua  as a Portfolio  Manager of the
Fund, as recommended by LAMCO and approved by the Board of Trustees of the Trust
on October 25, 2000.

Information about Mastrapasqua

         Mastrapasqua,   located  814  Church  Street,   Suite  600,  Nashville,
Tennessee  37203,  is  an  independently   owned  firm.   Established  in  1993,
Mastrapasqua is an investment advisor to individuals,  foundations,  endowments,
retirement plans, mutual funds, and other institutions.

  Ownership of Mastrapasqua  lies 100% with its employees.  Frank  Mastrapasqua,
Ph.D., Chairman and Chief Executive Officer, Thomas A. Trantum,  President,  and
Mauro  Mastrapasqua,  First Vice President,  are deemed to be control persons of
Mastrapasqua  by virtue of the  aggregate  ownership by them of more than 25% of
the  outstanding  voting  stock  of  Mastrapasqua.  As of  September  30,  2000,
Mastrapasqua had $2.5 billion in assets under management.

The following are the directors and principal executive officers of Mastrapasqua
                                                                            





Name and Address                      Position with Mastrapasqua          Principal Occupation

Frank Mastrapasqua                    Chairman and Chief Executive        Chairman and Chief Executive Officer
814 Church Street                     Officer                             of Mastrapasqua
Suite 600
Nashville, TN  37203

Thomas A. Trantum                     President                           President of Mastrapasqua
814 Church Street
Suite 600
Nashville, TN  37203

Mauro Mastrapasqua                    First Vice President                First Vice President of Mastrapasqua
814 Church Street
Suite 600
Nashville, TN  37203


         Mr. Frank Mastrapasqua, Chairman and CEO, and Mr. Thomas A. Trantum,
President, co-manage that portion of the Fund's portfolio assigned to
Mastrapasqua.  Both Messrs. Frank Mastrapasqua and Trantum have been employed
at Mastrapasqua since the firm was established in 1993.

Mastrapasqua's  investment  style is designed to identify growth stocks that can
be purchased at value prices.

On November 1, 2000,  the  Trustees  and Officers of the Trust owned none of the
outstanding shares of Mastrapasqua.

         The portfolio  management  agreement dated November 1, 2000,  among the
Fund, LAMCO and Mastrapasqua is substantially identical to the Fund's agreements
with its other Portfolio Managers.  Under the portfolio  management  agreements,
including  Mastrapasqua's,  each Portfolio Manager has discretionary  investment
authority with respect to the portion of the Fund's  portfolio  assets allocated
to it by LAMCO, subject to the Fund's investment objective and policies,  to the
supervision  and control of the Trustees of the Trust,  and to any  instructions
from LAMCO. The Portfolio  Managers are required to use their best  professional
judgment in making  timely  investment  decisions  for the Fund.  The  Portfolio
Managers, however, will not be liable for actions taken or omitted in good faith
and believed to be within the authority conferred by their portfolio  management
agreements and without willful misfeasance, bad faith or gross negligence.

         The Fund pays Liberty Advisory Services Corp., the manager of the Trust
("LASC"), 125 High Street,  Boston,  Massachusetts 02110, a management fee at an
annual  rate of 0.80% of the  average  daily net assets of the Fund,  from which
LASC pays LAMCO a sub-advisory  fee of 0.60% per annum of such average daily net
assets.  LAMCO in turn  pays  each  Portfolio  Manager  of the  Fund,  including
Mastrapasqua, a fee, accrued daily and paid monthly, at the annual rate of 0.30%
of the average daily net assets of that portion of the Fund's  portfolio  assets
assigned to that Portfolio Manager. No fees or payments were made by the Fund to
Mastrapasqua or an affiliate of Mastrapasqua during the Fund's fiscal year ended
December 31, 1999.

Other Funds Managed by Mastrapasqua

         In addition to the management  services provided by Mastrapasqua to the
Fund,  Mastrapasqua  also  provides  management  services  to  other  investment
companies. Information with respect to the assets of and management fees payable
to Mastrapasqua by those funds having investment  objectives similar to those of
the Fund is set forth below:

                                                                                          

Fund                                                Total Net Assets at               Annual Management Fee
                                                     September 30, 2000                     as a % of
                                                       (in millions)                 Average Daily Net Assets

Touchstone Funds                                            $193                              0.515%
Evaluation Associates, Inc.                                 $11                               0.385%
Mastrapasqua Growth Value Fund                              $20                               1.00%




Portfolio Transactions and Brokerage

         Each of the Fund's  Portfolio  Managers,  including  Mastrapasqua,  has
discretion  to select  brokers  and  dealers to execute  portfolio  transactions
initiated  by the  Portfolio  Manager  for the  portion of the Fund's  portfolio
assets allocated to it, and to select the markets in which such transactions are
to be executed.  The portfolio  management  agreements with the Fund provide, in
substance,  that in executing  portfolio  transactions and selecting  brokers or
dealers,  the  primary  responsibility  of the  Portfolio  Manager is to seek to
obtain best net price and execution for the Fund.

         The  Portfolio  Managers  are  authorized  to  cause  the Fund to pay a
commission to a broker or dealer who provides  research products and services to
the Portfolio  Manager for executing a portfolio  transaction which is in excess
of the amount of  commission  another  broker or dealer  would have  charged for
effecting that transaction. The Portfolio Managers must determine in good faith,
however,  that such  commission  was  reasonable in relation to the value of the
research products and services provided them, viewed in terms of that particular
transaction  or in terms of all the  client  accounts  including  the Fund) over
which the Portfolio Manager exercises investment discretion. It is possible that
certain of the  services  received  by a  Portfolio  Manager  attributable  to a
particular  transaction  will  primarily  benefit one or more other accounts for
which investment discretion is exercised by the Portfolio Manager.

         The portfolio management agreements with the Fund's Portfolio Managers,
including  Mastrapasqua,  provide  that  LAMCO  has the  right to  request  that
transactions giving rise to brokerage commissions,  in amounts to be agreed upon
from time to time  between  LAMCO and the  Portfolio  Manager,  be  executed  by
brokers and dealers (to be agreed upon from time to time  between  LAMCO and the
Portfolio  Manager) which provide research  products and services to LAMCO or to
the Fund or other accounts managed by LAMCO  (collectively with the Fund, "LAMCO
Clients").  The commissions  paid on such  transactions may exceed the amount of
commissions  another broker would have charged for effecting those transactions.
Research  products and services  made  available  to LAMCO  through  brokers and
dealers executing transactions for LAMCO Clients involving brokerage commissions
include  performance  and other  qualitative and  quantitative  data relating to
investment  managers in general and the Portfolio  Managers in particular;  data
relating to the historic performance of categories of securities associated with
particular  investment styles;  mutual fund portfolio and performance data; data
relating to portfolio  manager  changes by pension plan  fiduciaries;  quotation
equipment;  and related  computer  hardware and software.  All of these research
products and services are used by LAMCO in  connection  with its  selection  and
monitoring of portfolio  managers  (including the Portfolio  Managers) for LAMCO
Clients,  the  assembly of a mix of  investment  styles  appropriate  to LAMCO's
Clients'  investment  objectives,  and the  determination  of overall  portfolio
strategies.

         LAMCO  from  time  to  time  reaches  understandings  with  each of the
Portfolio  Managers  as to the  amount  of  the  Fund's  portfolio  transactions
initiated  by such  Portfolio  Manager  that are to be  directed  to brokers and
dealers which provide research products and services to LAMCO. These amounts may
differ among the Portfolio  Managers  based on the nature of the markets for the
types of the securities managed by them and other factors.

         These  research  products and services are used by LAMCO in  connection
with its  management of LAMCO Clients'  portfolios,  regardless of the source of
the brokerage commissions. In instances where LAMCO receives from broker-dealers
products  or  services  which  are  used  both  for  research  purposes  and for
administrative or other non-research  purposes,  LAMCO makes a good faith effort
to determine the relative  proportions of such products or services which may be
considered as investment  research,  based primarily on anticipated  usage,  and
pays for the costs attributable to the non-research usage in cash.

         Further information concerning the Fund is contained in its most recent
annual and  semi-annual  reports to  shareholders,  which are obtainable free of
charge by writing LFD the Fund's distributor,  at One Financial Center,  Boston,
Massachusetts 02111-2621 or by calling 1-800-426-3750.

                            Dated: December 11, 2000

December 11, 2000


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549


RE:      Liberty Variable Investment Trust

         Liberty All-Star Equity Fund, Variable Series (the "Fund")
         File Nos. 811-7556 and 33-59216

Ladies and Gentlemen:

Transmitted  herewith for filing on behalf of the Fund, I enclose an information
statement  pursuant to Rule 14c under the  Securities  Exchange  Act of 1934 and
pursuant to the Fund's exemptive order under the Investment  Company Act of 1940
dated May 5, 1998, (Rel. No.23170). The information statement is to be furnished
to  shareholders  of the Fund to inform them of a change to one of the portfolio
managers of the Fund. This change was effective November 1, 2000.

The Fund will  commence  mailing the  definitive  information  statement  to its
shareholders on or about December 18, 2000.

Please direct any comments on this filing to the undersigned at (617)-772-3081.

Very truly yours,

LIBERTY VARIABLE INVESTMENT TRUST



Suzan M. Barron
Assistant Secretary

cc:  Blue Sky
     J. DiMaria (PWC)
     K. Ouellette (Ropes)