LIBERTY ALL-STAR EQUITY FUND, VARIABLE SERIES
                              One Financial Center
                           Boston, Massachusetts 02111

                         INFORMATION STATEMENT REGARDING
                           CHANGE OF PORTFOLIO MANAGER

             WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED
                             NOT TO SEND US A PROXY.

Background

         Liberty  All-Star  Equity Fund,  Variable Series (the "Fund") is one of
the twelve funds of Liberty  Variable  Investment Trust (the "Trust") that serve
as funding vehicles for variable  annuity  contracts and variable life insurance
products  offered by  separate  accounts  of  Keyport  Life  Insurance  Company,
Independence Life and Annuity Company,  Liberty Life Assurance Company of Boston
and other participating  insurance companies.  The principal  underwriter of the
Fund is Liberty Funds  Distributor,  Inc.  ("LFD") and the  administrator of the
Fund is  Colonial  Management  Associates,  Inc.  ("CMA").  Both LFD and CMA are
affiliates of Liberty Advisory  Services Corp.  ("LASC"),  the Fund's investment
advisor.

         The Fund is a "multi-managed"  fund that allocates its portfolio assets
among a number of independent  investment management  organizations  ("Portfolio
Managers") -- currently five in number -- recommended by the Fund's sub-advisor,
Liberty  Asset  Management  Company  ("LAMCO"),  600  Atlantic  Avenue,  Boston,
Massachusetts  02210.  Each  Portfolio  Manager  employs a different  investment
style.  From time to time LAMCO rebalances the Fund's portfolio assets among the
Portfolio  Managers in order to maintain an  approximately  equal  allocation of
portfolio assets among them throughout all market cycles.

         LAMCO continuously monitors and evaluates the Fund's portfolio managers
on a quantitative and qualitative  basis. The evaluation  process focuses on the
firm's philosophy,  investment process, people and performance. It was concluded
that after evaluation based on the aforementioned  criteria that LAMCO deemed it
necessary to replace  Wilke/Thompson  Capital  Management,  Inc.  with TCW Funds
Management, Inc. effective November 1, 1999.

         Under  an  exemptive  order  issued  by  the  Securities  and  Exchange
Commission  on May 5,  1998,  the Fund may  enter  into a  portfolio  management
agreement with a new Portfolio  Manager  without a vote of  shareholders  of the
Fund,  provided  that holders of variable  annuity  contracts  of variable  life
insurance  products  funded  in whole  or in part  with  shares  of the Fund are
furnished  information  about  the  new  Portfolio  Manager  and  its  portfolio
management  agreement  within  90 days of the  effective  date of the  Portfolio
Manager change. This Information Statement is being furnished in connection with
the  replacement  of  Wilke/Thompson  Capital  Management,  Inc.  by  TCW  Funds
Management, Inc. as a Portfolio Manager of the Fund, as recommended by LAMCO and
approved by the Board of Trustees of the Trust on October 27, 1999.






Information about TCW Funds Management, Inc.

         TCW Funds  Management,  Inc.  ("TCW"),  located  at 865 South  Figueroa
Street, Los Angeles,  California 90017, is a wholly-owned  subsidiary of The TCW
Group, Inc. ("TCW Group").  Established in 1971, TCW Group's direct and indirect
subsidiaries,  including TCW, provide a variety of trust,  investment management
and investment advisory services.  Ownership of the TCW Group lies approximately
95% with its employees and 5% with its directors. Robert A. Day, who is Chairman
of the Board of Directors of TCW Group,  may be deemed to be a control person of
TCW by virtue of the aggregate  ownership by Mr. Day and his family of more than
25% of the outstanding  voting stock of the TCW Group. As of September 30, 1999,
TCW had over $55 billion in assets under management.

The following are the directors and principal executive officer of TCW:



Name and Address                 Position with TCW        Principal Occupation
                                                       
Alvin Robert Albe, Jr.           Director, President      Director, President and CEO of TCW and TCW
865 South Figueroa St.           and Chief Executive      Investment Management Company ("TIMCO"); Director of
Los Angeles, CA 90017            Officer                  TCW Asia Limited; Director and Executive Vice
                                                          President - Finance & Administration of TCW
                                                          Advisors, Inc. ("TCWA"), TCW London International,
                                                          Limited, TCW Asset Management Company ("TAMCO") and
                                                          Trust Company of the West ("TCofW"); Executive Vice
                                                          President - Finance & Administration of The TCW
                                                          Group, Inc. ("TCW Group")

Thomas Ernest Larkin, Jr.        Director and Chairman    Director and Chairman of the Board of TCW; Director
865 South Figueroa St.           of the Board             and Vice Chairman of TCWA, TAMCO and TIMCO; Director
Los Angeles, CA 90017                                     of TCW Americas Development, Inc.; Director and
                                                          President of TCofW; Director, Executive Vice
                                                          President and Group Managing Director of TCW Group

Marc Irwin Stern                 Director and Chairman    Chairman of the Board of TCW, London and Americas,
865 South Figueroa St.           of the Board             Inc.; Managing Director of TCW/Latin America
Los Angeles, CA 90017                                     Partners, LLC; Director of TCW/Crescent Mezzanine,
                                                          LLC; Director and Vice Chairman of TCWA and TIMCO;
                                                          Investment Committee Member of Special Credits;
                                                          Chairman of the Board and Investment Committee
                                                          Member of Asia; Director, Vice Chairman and
                                                          President of TAMCO; Director; Executive Vice
                                                          President and Group Managing Director of TCW Group


         Mr. Glen E. Bickerstaff, Managing Director, U.S. Equities, manages that
portion of the Fund's portfolio assigned to TCW.  Prior to joining TCW in 1998,
Mr. Bickerstaff was a portfolio manager at  Transamerica Investment Services.

         TCW uses a  "bottom-up"  approach by investing  in primarily  large-cap
companies that have distinct business model advantages and incorporates  secular
growth trends.

         On November 1, 1999,  the Trustees and Officers of the Trust owned less
than 1% of the outstanding shares of TCW, its parent or any subsidiaries.

         The portfolio  management  agreement  dated  November 1, 1999 among the
Fund, LAMCO and TCW is substantially identical to the Fund's agreements with its
other Portfolio Managers.  Under the portfolio management agreements,  including
TCW's,  each  Portfolio  Manager has  discretionary  investment  authority  with
respect to the portion of the Fund's  portfolio assets allocated to it by LAMCO,
subject to the Fund's investment objective and policies,  to the supervision and
control of the Trustees of the Trust,  and to any  instructions  from LAMCO. The
Portfolio  Managers  are  required  to use their best  professional  judgment in
making  timely  investment  decisions  for the  Fund.  The  Portfolio  Managers,
however,  will not be liable  for  actions  taken or  omitted  in good faith and
believed to be within the  authority  conferred  by their  portfolio  management
agreements and without willful misfeasance, bad faith or gross negligence.

         The Fund pays Liberty Advisory Services Corp., the manager of the Trust
("LASC"), 125 High Street,  Boston,  Massachusetts 02110, a management fee at an
annual  rate of 0.80% of the  average  daily net assets of the Fund,  from which
LASC pays LAMCO a sub-advisory  fee of 0.60% per annum of such average daily net
assets.  LAMCO in turn pays each Portfolio Manager of the Fund, including TCW, a
fee, accrued daily and paid monthly,  at the annual rate of 0.30% of the average
daily net assets of that portion of the Fund's portfolio assets assigned to that
Portfolio  Manager.  No fees or payments have been made by the Fund to TCW or an
affiliate of TCW during the Fund's fiscal year ended December 31, 1998.

Other Funds Managed by TCW

         In addition to the management services provided by TCW to the Fund, TCW
also provides  management  services to other investment  companies.  Information
with respect to the assets of and management  fees payable to TCW by those funds
having investment objectives similar to those of the Fund is set forth below:



Fund                                                            Total Net Assets at        Annual Management Fee
                                                                 November 15, 1999               as a % of
                                                                   (in millions)          Average Daily Net Assets
                                                                                             
Enterprise Group of Funds, Inc. Equity Fund                            $18.9                       0.40%(1)
Enterprise Accumulation Trust Equity Portfolio                         $545                        0.40%(2)
SEI Institutional Investments Trust: Large Cap Fund                    $2,648                      0.20%
SEI Institutional Managed Trust: Large Cap                             $3,123                      0.20%
Growth Fund
TCW Galileo Select Equities Fund                                       $328.9                      0.75%
The Vantagepoint Funds Growth Fund                                     $2,666                      0.70%(3)








(1)       Under the fund's management agreement,  the fund pays TCW a fee at the
          annual rate of 0.40% of the first $100  million of the  average  daily
          net assets of the fund and 0.30% in excess of $100 million.
(2)       Under the fund's management agreement,  the fund pays TCW a fee at the
          annual rate of 0.40% of the first $1 billion of the average  daily net
          assets of the fund and 0.30% in excess of $1 billion.
(3)       Under the fund's management agreement,  the fund pays TCW a fee at the
          annual rate of 0.70% of the first $25 million of the average daily net
          assets of the fund, 0.50% of the next $25 million of the average daily
          net assets of the fund,  0.45% of the next $50  million of the average
          daily net  assets of the fund,  0.40% of the next $400  million of the
          average  daily  net  assets  of the fund and  0.35% in  excess of $400
          million.

Portfolio Transactions and Brokerage

         Each of the Fund's Portfolio Managers, including TCW, has discretion to
select brokers and dealers to execute  portfolio  transactions  initiated by the
Portfolio  Manager for the portion of the Fund's  portfolio  assets allocated to
it, and to select the markets in which such transactions are to be executed. The
portfolio  management  agreements with the Fund provide,  in substance,  that in
executing portfolio  transactions and selecting brokers or dealers,  the primary
responsibility  of the Portfolio Manager is to seek to obtain best net price and
execution for the Fund.

         The  Portfolio  Managers  are  authorized  to  cause  the Fund to pay a
commission to a broker or dealer who provides  research products and services to
the Portfolio  Manager for executing a portfolio  transaction which is in excess
of the amount of  commission  another  broker or dealer  would have  charged for
effecting that transaction. The Portfolio Managers must determine in good faith,
however,  that such  commission  was  reasonable in relation to the value of the
research products and services provided them, viewed in terms of that particular
transaction  or in terms of all the client  accounts  (including  the Fund) over
which the Portfolio Manager exercises investment discretion. It is possible that
certain of the  services  received  by a  Portfolio  Manager  attributable  to a
particular  transaction  will  primarily  benefit one or more other accounts for
which investment discretion is exercised by the Portfolio Manager.

         The portfolio management agreements with the Fund's Portfolio Managers,
including  TCW,  provide that LAMCO has the right to request  that  transactions
giving rise to brokerage commissions,  in amounts to be agreed upon from time to
time between LAMCO and the Portfolio Manager, be executed by brokers and dealers
(to be agreed upon from time to time between  LAMCO and the  Portfolio  Manager)
which  provide  research  products and services to LAMCO or to the Fund or other
accounts managed by LAMCO  (collectively  with the Fund, "LAMCO  Clients").  The
commissions  paid on such  transactions  may exceed  the  amount of  commissions
another  broker would have charged for effecting  those  transactions.  Research
products  and  services  made  available  to LAMCO  through  brokers and dealers
executing transactions for LAMCO Clients involving brokerage commissions include
performance and other  qualitative and quantitative  data relating to investment
managers in general and the Portfolio  Managers in particular;  data relating to
the historic performance of categories of securities  associated with particular
investment styles;  mutual fund portfolio and performance data; data relating to
portfolio manager changes by pension plan fiduciaries;  quotation equipment; and
related  computer  hardware and  software.  All of these  research  products and
services are used by LAMCO in connection  with its  selection and  monitoring of
portfolio  managers  (including the Portfolio  Managers) for LAMCO Clients,  the
assembly  of  a  mix  of  investment  styles  appropriate  to  LAMCO's  Clients'
investment objectives, and the determination of overall portfolio strategies.






         LAMCO  from  time  to  time  reaches  understandings  with  each of the
Portfolio  Managers  as to the  amount  of  the  Fund's  portfolio  transactions
initiated  by such  Portfolio  Manager  that are to be  directed  to brokers and
dealers which provide research products and services to LAMCO. These amounts may
differ among the Portfolio  Managers  based on the nature of the markets for the
types of the securities managed by them and other factors.

         These  research  products and services are used by LAMCO in  connection
with its  management of LAMCO Clients'  portfolios,  regardless of the source of
the brokerage commissions. In instances where LAMCO receives from broker-dealers
products  or  services  which  are  used  both  for  research  purposes  and for
administrative or other non-research  purposes,  LAMCO makes a good faith effort
to determine the relative  proportions of such products or services which may be
considered as investment  research,  based primarily on anticipated  usage,  and
pays for the costs attributable to the non-research usage in cash.

         Further information concerning the Fund is contained in its most recent
annual and  semi-annual  reports to  shareholders,  which are obtainable free of
charge by writing Liberty Funds Distributor,  Inc., the Fund's  distributor,  at
One Financial Center, Boston, Massachusetts 02111 or by calling 1-800-426-3750.

Dated:   December 10, 1999