Exhibit 21
LIBERTY FINANCIAL COMPANIES, INC.
SUBSIDIARIES OF THE COMPANY
Jurisdiction of
Incorporation or
Subsidiary Immediate Parent Organization
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The Colonial Group, Inc. ("CGI")* The Company Massachusetts
Liberty Newport Holdings, Limited ("LNHL") The Company Delaware
Liberty Financial Services, Inc. ("LFS")* The Company Massachusetts
Independent Holdings, Inc. ("IHI") The Company Massachusetts
SteinRoe Services, Inc. ("SSI")* The Company Massachusetts
Liberty Real Estate Group, Inc. The Company Delaware
The PAMCO Group, Inc. The Company Delaware
Stein Roe & Farnham Incorporated ("Stein Roe")* SSI Delaware
Keyport Life Insurance Company ("Keyport")* SSI Rhode Island
SteinRoe Futures, Inc. Stein Roe Illinois
Keyport Financial Services Corp. Keyport Massachusetts
Liberty Advisory Services Corp. Keyport Massachusetts
American Benefit Life Insurance Company+ Keyport New York
Independence Life & Annuity Company* Keyport Rhode Island
Colonial Advisory Services, Inc. CGI Massachusetts
Colonial Management Associates, Inc. ("CMA")* CGI Massachusetts
Colonial Investors Service Center, Inc.* CGI Massachusetts
Liberty Financial Investments, Inc.* CMA Massachusetts
AlphaTrade, Inc. CMA Massachusetts
Newport Pacific Management, Inc. ("NPMI")* LNHL California
Newport Fund Management, Inc.* NPMI Virginia
Liberty Asset Management Company
("LAMCO") LFS Delaware
Liberty Investment Services, Inc. ("LIS") LFS Massachusetts
Copley Venture Capital, Inc. LFS Massachusetts
Liberty International Advisors, S.A. LAMCO Luxembourg
Liberty Financial Advisors, Inc. LIS Delaware
Liberty Securities Corporation* LIS Delaware
LSC Insurance Agency of Arizona, Inc. LIS Arizona
LSC Insurance Agency of Maine, Inc. LIS Maine
LSC Insurance Agency of New Mexico, Inc. LIS New Mexico
LSC Insurance Agency of Nevada, Inc. LIS Nevada
Financial Centre Insurance Agency, Inc. LIS Massachusetts
Liberty Financial International, S.A. LIS Luxembourg
Amigo Insurance Agency, Inc. LIS New Mexico
Independent Financial Marketing Group, Inc. ("IFMG")* IHI New York
Jurisdiction of
Incorporation or
Subsidiary Immediate Parent Organization
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Independent Financial Securities, Inc. IFMG New York
IFS Agencies, Inc. IFMG New York
IFS Agencies of Alabama, Inc. IFMG Alabama
IFS Agencies of New Mexico, Inc. IFMG New Mexico
IFMG Agencies of Maine, Inc. IFMG Maine
IFS Insurance Agencies of Ohio, Inc. IFMG Ohio
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* Significant Subsidiaries, as defined in SEC Regulation S-X.
+ To be renamed "Keyport Benefit Life Insurance Company" on or about April 1,
1998.