Agreement and Plan of Reorganization (2006)Full Document 

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                      AGREEMENT AND PLAN OF REORGANIZATION

     THIS AGREEMENT AND PLAN OF REORGANIZATION dated as of May 1, 2006, is by
and among Liberty Variable Investment Trust (the "Acquired Trust"), on behalf of
each series thereof identified in Schedule A hereto as an Acquired Fund (each an
"Acquired Fund"); Columbia Funds Variable Insurance Trust, formerly named
SteinRoe Variable Investment Trust (the "Acquiring Trust"), on behalf of each
series thereof identified in Schedule A hereto as the corresponding Acquiring
Fund (each an "Acquiring Fund"); and Columbia Management Advisors, LLC (the
"Adviser").

     This Agreement shall be treated as if each reorganization between an
Acquired Fund and its corresponding Acquiring Fund contemplated hereby had been
the subject of a separate agreement.

     This Agreement is intended to be and is adopted as a plan of reorganization
and liquidation within the meaning of Sections 361(a) and Section 368(a) of the
United States Internal Revenue Code of 1986, as amended (the "Code"), and any
successor provision. The reorganization will consist of the transfer of all of
the assets of each Acquired Fund attributable to each class of its shares in
exchange for shares of the same class of shares of the corresponding Acquiring
Fund (the "Acquisition Shares"), and the assumption by each Acquiring Fund of
the liabilities of the corresponding Acquired Fund and the distribution of the
Acquisition Shares to the relevant shareholders of each such Acquired Fund in
liquidation of such Acquired Fund, all upon the terms and conditions set forth
in this Agreement.

     In consideration of the premises and of the covenants and agreements
hereinafter set forth, the parties hereto covenant and agree as follows:

1.   TRANSFER OF ASSETS OF EACH ACQUIRED FUND IN EXCHANGE FOR ASSUMPTION OF
     LIABILITIES AND ACQUISITION SHARES AND LIQUIDATION OF SUCH ACQUIRED FUND.

     1.1. Subject to the terms and conditions herein set forth and on the basis
          of the representations and warranties contained herein,

          (a)  Each Acquired Fund will transfer and deliver to the corresponding
               Acquiring Fund, and each such Acquiring Fund will acquire, all
               the assets of the corresponding Acquired Fund as set forth in
               paragraph 1.2;

          (b)  Each Acquiring Fund will assume all of the corresponding Acquired
               Fund's liabilities and obligations of any kind whatsoever,
               whether absolute, accrued, contingent or otherwise, in existence
               on the Closing Date (as defined in paragraph 1.2 hereof) (the
               "Obligations"); and

          (c)  Each Acquiring Fund will issue and deliver to the corresponding
               Acquired Fund in exchange for the net assets attributable to each
               class of its shares a number of Acquisition Shares of such class
               equal to the number of shares of such class of the corresponding
               Acquired Fund outstanding immediately prior to the consummation
               of the transactions contemplated hereby. Such transactions shall
               take place at the closing provided for in paragraph 3.1 (the
               "Closing").

     1.2. The assets of each Acquired Fund to be acquired by the corresponding
          Acquiring Fund shall consist of all cash, securities, dividends and
          interest receivable, receivables for shares sold and all other assets
          which are owned by the Acquired Fund on the closing date provided in
          paragraph 3.1 (the "Closing Date") and any deferred expenses, other
          than unamortized organizational expenses, shown as an asset on the
          books of the Acquired Fund on the Closing Date. Each Acquiring Fund
          agrees that all rights to indemnification and all limitations of
          liability existing in favor of the corresponding Acquired Fund's
          current and former Trustees and officers, acting in their capacities
          as such, under the corresponding Acquired Fund's organizational
          documents as in effect as of the



          date of this Agreement shall survive the reorganization as obligations
          of the Acquiring Fund and shall continue in full force and effect,
          without any amendment thereto, and shall constitute rights which may
          be asserted against the Acquiring Fund, its successors or assigns.

     1.3. As provided in paragraph 3.4, on the Closing Date, or as soon
          thereafter as is conveniently practicable (the "Liquidation Date"),
          each Acquired Fund will liquidate and distribute pro rata to its
          shareholders of record of each class of shares, determined as of the
          close of business on the Valuation Date (as defined in paragraph 2.1),
          the Acquisition Shares of the relevant class received by the
          corresponding Acquired Fund pursuant to paragraph 1.1. Such
          liquidation and distribution will be accomplished by the transfer of
          the Acquisition Shares then credited to the account of each Acquired
          Fund on the books of the corresponding Acquiring Fund to open accounts
          on the share records of the corresponding Acquiring Fund in the names

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