COLONIAL INTERNATIONAL FUND FOR GROWTH, VARIABLE SERIES
               COLONIAL U.S. GROWTH & INCOME FUND, VARIABLE SERIES
                       LIBERTY VALUE FUND, VARIABLE SERIES
                STEIN ROE GLOBAL UTILITIES FUND, VARIABLE SERIES
                 COLONIAL STRATEGIC INCOME FUND, VARIABLE SERIES
                       NEWPORT TIGER FUND, VARIABLE SERIES
              COLONIAL HIGH YIELD SECURITIES FUND, VARIABLE SERIES
                 COLONIAL SMALL CAP VALUE FUND, VARIABLE SERIES
                  LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
            CRABBE HUSON REAL ESTATE INVESTMENT FUND, VARIABLE SERIES
              COLONIAL INTERNATIONAL HORIZONS FUND, VARIABLE SERIES
                  COLONIAL GLOBAL EQUITY FUND, VARIABLE SERIES
                   LIBERTY S&P 500 INDEX FUND, VARIABLE SERIES
                   LIBERTY SELECT VALUE FUND, VARIABLE SERIES

                   Supplement to Prospectus dated May 1, 2002

1. On April 1,  2003,  Liberty  Advisory  Services  Corp.,  Stein  Roe & Farnham
Incorporated,   Colonial  Management   Associates,   Inc.  and  Newport  Pacific
Management,  Inc.  ("NPMI"),  merged into  Columbia  Management  Advisers,  Inc.
("Columbia"),  a  registered  investment  adviser.  Each  of  the  four  merging
companies was a registered investment adviser and advised or sub-advised various
funds in the  Liberty  and  Stein Roe  families  of  funds.  Columbia,  a direct
subsidiary of Columbia  Management Group, Inc. ("CMG"), is the surviving company
in these mergers and is now the  investment  adviser to each of the funds listed
above.

In addition,  immediately prior to the mergers described above and also on April
1, 2003,  Newport Fund  Management,  Inc., a subsidiary of NPMI and a registered
investment  adviser that  sub-advised the Newport Tiger Fund,  Variable  Series,
merged into NPMI.  As a result of NPMI's merger into  Columbia,  Columbia is now
the adviser to that fund.

The  mergers  will not  change  the way the funds are  managed,  the  investment
personnel  assigned  to  manage  the  funds  or the  fees  paid by the  funds to
Columbia.

2. Effective April 7, 2003,  Colonial  International  Fund for Growth,  Variable
Series will change its name to Columbia  International Fund, Variable Series and
Colonial  U.S.  Growth & Income  Fund,  Variable  Series will change its name to
Liberty Growth & Income Fund, Variable Series.




                                                                   April 1, 2003