LIBERTY VARIABLE INVESTMENT TRUST
                  Columbia International Fund, Variable Series
                  Liberty Growth & Income Fund, Variable Series
                 Colonial Strategic Income Fund, Variable Series
                       Newport Tiger Fund, Variable Series
                 Colonial Small Cap Value Fund, Variable Series
                  Liberty All-Star Equity Fund, Variable Series
                Columbia Real Estate Equity Fund, Variable Series
                   Liberty S&P 500 Index Fund, Variable Series
                   Liberty Select Value Fund, Variable Series
                    Columbia High Yield Fund, Variable Series
                      Liberty Equity Fund, Variable Series

                           SUPPLEMENT TO PROSPECTUSES
                  (REPLACING SUPPLEMENT DATED JANUARY 15, 2004)

The Funds listed above are referred to each as a "Fund" and collectively as the
"Funds" and the Trust listed above is referred to as "Trust."

LEGAL PROCEEDINGS. Columbia Management Advisors, Inc. ("CMA"), the Funds'
advisor, and Columbia Funds Distributor, Inc. ("CFDI"), the distributor of the
Funds' shares, and certain of their affiliates (collectively, "Columbia") have
received information requests and subpoenas from various regulatory authorities,
including the Securities and Exchange Commission ("SEC") and the New York
Attorney General, in connection with their investigations of late trading and
market timing in mutual funds. Columbia has informed the Funds that it has not
uncovered any instances where CMA or CFDI were knowingly involved in late
trading of mutual fund shares. Columbia has identified a limited number of
investors who had informal arrangements for trading fund shares between 1998 and
2003. A majority of the transactions in connection with these arrangements
occurred in one international fund and two domestic funds. The majority of the
trading under these arrangements was made by three entities. A substantial
majority of the trading had ended by October 2002. None of these arrangements
exists today. Information relating to those trading arrangements has been
supplied to the New York Attorney General and to the SEC and other regulatory
authorities. To the extent that any Fund whose shares were involved in those
trading activities was harmed by them, Columbia has undertaken to reimburse the
Fund.

On February 24, 2004, the SEC filed a civil complaint in the United States
District Court for the District of Massachusetts against CMA and CFDI, alleging
that they have violated certain provisions of the federal securities laws. Also
on February 24, 2004, the New York Attorney General filed a civil complaint in
New York Supreme Court, County of New York against CMA and CFDI alleging that
CMA and CFDI violated certain New York anti-fraud statutes. Both complaints are
based on arrangements between 1998 and 2003 with nine investors for the trading
of mutual fund shares. In their respective complaints, the New York Attorney
General and the SEC are seeking disgorgement of profits, restitution, monetary
penalties and permanent injunctions, including, in the case of the SEC, a
permanent injunction from serving or acting as investment advisor or distributor
of any registered fund.

CMA and CFDI are engaged in discussions with the SEC staff in an effort to reach
a satisfactory resolution of these matters. As a result of these matters or any
adverse publicity or other developments resulting from them, there may be
increased redemptions or reduced sales of Fund shares, which could increase
transactions costs or operating expenses, or other consequences for the Funds.

                                                             February 26, 2004