LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES

        SUPPLEMENT TO PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
                                 DATED MAY 1, 2003
                 (REPLACES SUPPLEMENT DATED SEPTEMBER 30, 2003)

Effective  October  13,  2003,  Liberty  Funds  Distributor,  Inc.  (the  Fund's
distributor)  and Liberty  Funds  Services,  Inc.  (the Fund's  transfer  agent)
changed  their names to Columbia  Funds  Distributor,  Inc. and  Columbia  Funds
Services, Inc., respectively.

The Fund's Prospectuses are amended as follows:

Effective October 15, 2003, Pzena Investment Management, LLC ("Pzena") succeeded
Oppenheimer  Capital as a portfolio  manager for Liberty  All-Star  Equity Fund,
Variable  Series (the  "Fund").  Rich S. Pzena,  President  and Chief  Executive
Officer,  John P.  Goetz,  Managing  Principal,  Research  and A. Rama  Krishna,
Managing  Principal,  Large Cap are responsible for the management of the Fund's
assets assigned to Pzena.

Pursuant to the portfolio management agreement, the Fund's sub-advisor,  Liberty
Asset  Management  Company,  pays Pzena a fee at an annual  rate of 0.30% of the
average  daily net assets of that  portion of the Fund's  portfolio  assigned to
Pzena.

In addition to Pzena,  the Fund's other  portfolio  managers are Boston Partners
Asset Management, L.P., Schneider Capital Management Corporation, TCW Investment
Management Company and Mastrapasqua Asset Management, Inc.

The Fund's Statement of Additional Information is amended as follows:

Effective October 15, 2003, Oppenheimer Capital was replaced by Pzena Investment
Management,  LLC ("Pzena") as one of the Portfolio  Managers of Liberty All-Star
Equity Fund, Variable Series.

Pzena is located at 120 West 45th Street,  34th Floor, New York, New York 10036.
Established  in  1995,  Pzena  is  an  investment  advisor  to  high  net  worth
individuals,  pension  plans,  foundations,  endowments,  mutual funds and other
institutional  accounts. As of September 30, 2003 the majority of Pzena is owned
by the firm's five managing  principals:  Richard S. Pzena  (President and CEO),
John P. Goetz (Managing Principal,  Research),  Bill Lipsey (Managing Principal,
Marketing and Client  Services),  Amy Jones (Managing  Principal  Operations and
Administration) and Rama Krishna (Managing  Principal,  Large Cap). In addition,
five additional  employees owned interests in the firm as of September 30, 2003.
Mr. Pzena has  ownership  interests  in excess of 25% and is therefore  deemed a
control  person of Pzena.  As of September  30, 2003,  Pzena had $4.4 billion in
assets under management.


                                                           October 31, 2003