497 1 namesupp.txt ADCONSOLPMCHANGE SUPPLEMENT 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