-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L5YL0b1l7ngoQzfceg+QnO4QCuyeMAfp5Bst2x/5Mzc9GZcbYRQL13DH8bqgf5jX 8ndwDnYxOa0O+OcY7KdgOA== 0000021847-04-000132.txt : 20040331 0000021847-04-000132.hdr.sgml : 20040331 20040331143255 ACCESSION NUMBER: 0000021847-04-000132 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040331 EFFECTIVENESS DATE: 20040331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY VARIABLE INVESTMENT TRUST CENTRAL INDEX KEY: 0000898445 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-59216 FILM NUMBER: 04705407 BUSINESS ADDRESS: STREET 1: FEDERAL RESERVE PLZ STREET 2: 600 ATLANTIC AVE CITY: BOSTON STATE: MA ZIP: 02210-2214 BUSINESS PHONE: 6177226000 MAIL ADDRESS: STREET 1: 600 ATLANTIC AVENUE CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: KEYPORT VARIABLE INVESTMENT TRUST DATE OF NAME CHANGE: 19980521 497 1 lvit.txt LVIT TRUSTEES 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 Liberty High Yield Fund, Variable Series Liberty Equity Fund, Variable Series The Funds listed above are referred to collectively as the "Funds." SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2003 (Replacing Supplements dated November 4, 2003 and March 19, 2004) The Funds' Statement of Additional Information is amended as follows: 1. Effective June 18, 2003, Salvatore Macera retired as a Trustee from the Board of Trustees/Managers. 2. At the June, 2003 Board of Trustees meeting the Trustees approved the following changes to the compensation for the Trustees: The Trustees serve as trustees of all open-end funds managed by Columbia Management Advisors, Inc. for which each Trustee will receive an annual retainer of $45,000 and attendance fees of $9,500 for each regular and special joint board meeting and $1,000 for each special telephonic joint board meeting. The Chairman of the Board receives an annual retainer of $40,000. All committee chairs, except the Audit Committee chair, receive an annual retainer of $5,000 and Committee chairs receive $1,500 for each special committee meeting attended on a day other than a regular joint board meeting day. The Audit Committee chair receives an annual retainer of $10,000 and receives $2,000 for each Audit Committee meeting. Committee members receive $1,500 for each special committee meeting attended on a day other than a regular joint board meeting day. Two-thirds of the Trustee fees are allocated among the Funds based on each Fund's relative net assets and one-third of the fees is divided equally among the Funds. 3. Each of the committees listed under the section Trustees and Trustees' Fees have had a change in the committee members. The following changes were effective October 8, 2003: Audit Committee Ms. Verville and Messrs. Hacker, Stitzel and Woolworth are members of the Audit Committee of the Board of Trustees of the Funds. Prior to October 8, 2003, Ms. Verville and Messrs. Hacker, Nelson and Neuhauser were members of the Audit Committee of the Board of Trustees of the Funds. Governance Committee Messrs. Lowry, Mayer, Simpson and Theobald are members of the Governance Committee of the Board of Trustees of the Funds. Prior to October 8, 2003, Ms. Verville and Messrs. Hacker, Lowry, Mayer and Theobald were members of the Governance Committee of the Board of Trustees of the Funds. Advisory Fees & Expenses Committee Ms. Kelly and Messrs. Mayer, Nelson and Neuhauser are members of the Advisory Fees and Expenses Committee of the Board of Trustees of the Funds. Prior to October 8, 2003, Ms. Kelly and Messrs. Mayer, Neuhauser, Stitzel and Theobald were members of the Advisory Fees and Expenses Committee of the Board of Trustees of the Funds. 4. The paragraph Trading Oversight Committee under the section Trustees and Trustees' Fees is replaced with the following: Investment Oversight Committees Beginning in 2004, each Trustee of the Funds also began serving on an Investment Oversight Committee ("IOC"). Each IOC is responsible for monitoring, on an ongoing basis, a select group of funds in the Fund Complex and gives particular consideration to such matters as the Funds' adherence to their investment mandates, historical performance, changes in investment processes and personnel, and proposed changes to investment objectives. Investment personnel who manage the Funds attend IOC meetings from time to time to assist each IOC in its review of the Funds. Each IOC meets four times a year. The following are members of the respective IOCs and the general categories of funds in the Fund Complex which they review: IOC #1: Messrs. Lowry, Mayer and Neuhauser are responsible for reviewing funds in the following asset categories: Large Growth Diversified, Large Growth Concentrated, Small Growth, Outside Managed (i.e., sub-advised), Municipal and Bank Loan. IOC #2: Mr. Hacker and Ms. Verville are responsible for reviewing funds in the following asset categories: Large Blend, Small Blend, Foreign Stock, Fixed Income - Multi Sector, Fixed Income - Core and Young Investor. IOC#3: Messrs. Theobald and Stitzel and Ms. Kelly are responsible for reviewing funds in the following asset categories: Large Value, Mid Cap Value, Small Value, Asset Allocation, High Yield and Money Market. IOC#4: Messrs. Nelson, Simpson and Woolworth are responsible for reviewing funds in the following asset categories: Large/Multi-Cap Blend, Mid Cap Growth, Small Growth, Asset Allocation, Specialty Equity and Taxable Fixed Income. 5. On October 7, 2003 the Board of Trustees/Managers of the Trust elected Patrick J. Simpson and Richard L. Woolworth as new trustees of the Trust. 6. The following table sets forth the compensation paid to Messrs. Simpson and Woolworth in their capacities as Trustees of the Columbia Board:
Total Compensation from the Columbia Funds Complex Paid to the Trustee Trustees for the Calendar Year Ended December 31, 2003 ------- ------------------------------------------------------ Patrick J. Simpson $64,234 Richard L. Woolworth 64,234 7. As of December 31, 2003, Messrs. Simpson and Woolworth did not own any shares of the Funds. Under the heading Share Ownership under the section Trustees and Trustees' Fees the column "Aggregate Dollar Range of Equity Securities Owned in All Funds Overseen by Trustee in Columbia Funds Complex" is revised as follows: The following table shows the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2003 (i) in each Fund and (ii) in the funds in the Fund Complex:
Aggregate Dollar Range of Equity Securities Owned in All Funds Overseen by Trustee in Name of Trustee Fund Complex Disinterested Trustees Patrick J. Simpson $50,001-$100,000 Richard L. Woolworth Over $100,000
8. The section describing the Trustees and Officers under the section Trustees and Officers under the caption More Facts About the Trust is revised in its entirety as follows: Trustees and Officers The Trustees and officers serve terms of indefinite duration. The names, addresses and ages of the Trustees and officers of the Funds in the Fund Complex, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of portfolios overseen by each Trustee and other directorships they hold are shown below.
Number of Portfolios in Fund Name, Address Position Year First Complex and Age with Elected or Principal Occupation(s) During Overseen Other ------- ----- ------------------------------- ----- Funds Appointed Past Five Years by Trustee Directorships ----- --------------- ---------- ------------- to Office(1) Held -------- ---- Disinterested Trustees Douglas A. Hacker Trustee 1996 Executive Vice President - 119 Orbitz, Inc. (Age 48) Strategy of United Airlines (on-line travel P.O. Box 66100 (airline) since December, 2002 company) Chicago, IL 60666 (formerly President of UAL Loyalty Services (airline) from September, 2001 to December, 2002; Executive Vice President and Chief Financial Officer of United Airlines from March, 1993 to September, 2001). Janet Langford Kelly Trustee 1996 Private Investor since March 2004 119 None (Age 45) (formerly Chief Administrative 9534 W. Gull Lake Officer and Senior Vice Drive President, Kmart Holding Richland, MI Corporation (consumer goods) from 49083-8530 September, 2003 to March, 2004; Executive Vice President-Corporate Development and Administration, General Counsel and Secretary, Kellogg Company (food manufacturer), from September, 1999 to August, 2003; Senior Vice President, Secretary and General Counsel, Sara Lee Corporation (branded, packaged, consumer-products manufacturer) from January, 1995 to September, 1999). Richard W. Lowry Trustee 1995 Private Investor since August, 121(3) None (Age 67) 1987 (formerly Chairman and Chief 10701 Charleston Executive Officer, U.S. Plywood Drive Corporation (building products Vero Beach, FL 32963 manufacturer)).
Number of Portfolios in Fund Name, Address Position Year First Complex and Age with Elected or Principal Occupation(s) During Overseen Other ------- ----- ------------------------------- ----- Funds Appointed Past Five Years by Trustee Directorships ----- --------------- ---------- ------------- to Office(1) Held ---------- ---- Charles R. Nelson Trustee 1981 Professor of Economics, 119 None (Age 61) University of Washington, since Department of January, 1976; Ford and Louisa Economics Van Voorhis Professor of University of Political Economy, University of Washington Washington, since September, Seattle, WA 98195 1993; Director, Institute for Economic Research, University of Washington, since September, 2001; Adjunct Professor of Statistics, University of Washington, since September, 1980; Associate Editor, Journal of Money Credit and Banking, since September, 1993; consultant on econometric and statistical matters. John J. Neuhauser Trustee 1985 Academic Vice President and Dean 122(3,4) Saucony, Inc. (Age 60) of Faculties since August, 1999, (athletic 84 College Road Boston College (formerly Dean, footwear); Chestnut Hill, MA Boston College School of SkillSoft Corp. 02467-3838 Management from September, 1977 (E-Learning) to September, 1999). Patrick J. Simpson Trustee 2000 Partner, Perkins Coie L.L.P. (law 119 None (Age 58) firm). 1211 S.W. 5th Avenue Suite 1500 Portland, OR 97204 Thomas E. Stitzel Trustee 1998 Business Consultant since 1999 119 None (Age 67) (formerly Professor of Finance 2208 Tawny Woods from 1975 to 1999, College of Place Business, Boise State Boise, ID 83706 University); Chartered Financial Analyst.
Number of Portfolios in Fund Name, Address Position Year First Complex and Age with Elected or Principal Occupation(s) During Overseen Other ------- ----- ------------------------------- ----- Funds Appointed Past Five Years by Trustee Directorships ----- --------------- ---------- ------------- to Office(1) Held ---------- ---- Thomas C. Theobald Trustee 1996 Managing Director, William Blair 119 Anixter (Age 66) and Capital Partners (private equity International 227 West Monroe Chairman investing) since September, 1994. (network support Street, of the equipment Suite 3500 Board distributor), Chicago, IL 60606 Jones Lang LaSalle (real estate management services) and MONY Group (life insurance) Anne-Lee Verville Trustee 1998 Author and speaker on educational 1204 Chairman of the (Age 58) systems needs (formerly General Board of 359 Stickney Hill Manager, Global Education Directors, Road Industry, IBM Corporation Enesco Group, Hopkinton, NH 03229 (computer and technology) from Inc. (designer, 1994 to 1997). importer and distributor of giftware and collectibles) Richard L. Woolworth Trustee 1991 Retired since December 2003 119 NW Natural (Age 62) (formerly Chairman and Chief (natural gas 100 S.W. Market Executive Officer, The Regence service provider) Street #1500 Group (regional health insurer); Portland, OR 97207 Chairman and Chief Executive Officer, BlueCross BlueShield of Oregon; Certified Public Accountant, Arthur Young & Company) Interested Trustees William E. Mayer(2) Trustee 1994 Managing Partner, Park Avenue 121(3) Lee Enterprises (Age 63) Equity Partners (private equity) (print media), 399 Park Avenue since February, 1999 (formerly WR Hambrecht + Suite 3204 Founding Partner, Development Co. (financial New York, NY 10022 Capital LLC from November 1996 to service February, 1999). provider) and First Health (healthcare) (1) In October 2003, the trustees of the Liberty Funds and Stein Roe Funds (both as defined in Part 1 of this SAI) were elected to the boards of the Columbia Funds; simultaneous with that election, Patrick J. Simpson and Richard L. Woolworth, who had been directors/trustees of the Columbia Funds were appointed to serve as trustees of the Liberty Funds and Stein Roe Funds. The date shown is the earliest date on which a trustee/director was elected or appointed to the board of a Fund in the Fund Complex. (2) Mr. Mayer is an "interested person" (as defined in the Investment Company Act of 1940 ("1940 Act")) by reason of his affiliation with WR Hambrecht + Co. (3) Messrs. Lowry, Neuhauser and Mayer also serve as directors/trustees of the All-Star Funds (as defined in Part 1 of this SAI). (4) Mr. Neuhauser and Ms. Verville also serve as disinterested directors of Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the Advisor.
Year First Name, Address Position Elected or and Age with Funds Appointed Principal Occupation(s) During Past Five Years ------- ---------- ---------------------------------------------- to Office ------ Officers J. Kevin President 2000 President of the Columbia Funds, Liberty Funds and Stein Roe Connaughton (Age and Treasurer Funds since March, 2004; Chief Financial Officer of the Columbia 39) Funds since January, 2003; Treasurer of the Columbia Funds since One Financial October, 2003 and of the Liberty Funds, Stein Roe Funds and Center All-Star Funds since December, 2000; Vice President of the Boston, MA 02111 Advisor since April, 2003 (formerly Controller of the Liberty Funds and All-Star Funds from February, 1998 to October, 2000); Treasurer of the Galaxy Funds since September, 2002; Treasurer, Columbia Management Multi-Strategy Hedge Fund, LLC since December, 2002 (formerly Vice President of Colonial from February, 1998 to October, 2000 and Senior Tax Manager, Coopers & Lybrand, LLP from April, 1996 to January, 1998). Vicki L. Benjamin Chief 2001 Controller of the Columbia Funds since July, 2003 and of the (Age 42) Accounting Liberty Funds, Stein Roe Funds and All-Star Funds since May, One Financial Officer and 2002; Chief Accounting Officer of the Columbia Funds since July, Center Controller 2003 and Liberty Funds, Stein Roe Funds and All-Star Funds since Boston, MA 02111 June, 2001; Controller and Chief Accounting Officer of the Galaxy Funds since September, 2002 (formerly Vice President, Corporate Audit, State Street Bank and Trust Company from May, 1998 to April, 2001; Audit Manager from July, 1994 to June, 1997; Senior Audit Manager from July, 1997 to May, 1998, Coopers & Lybrand, LLP). David A. Rozenson Secretary 2003 Secretary of the Columbia Funds, Liberty Funds, (Age 49) Stein Roe Funds and All-Star Funds since December, 2003; Senior One Financial Center Counsel, Fleet Boston Financial Corporation since January, 1996; Boston, MA 02111 Associate Center General Counsel, Columbia Management Group since November, 2002.
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