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COLONIAL HIGH YIELD SECURITIES FUND, VARIABLE SERIES Supplement to Prospectuses dated May 1, 1999 and June 1, 1999 Effective May 28, 1999, Scott B. Richards will co-manage the Fund. Mr. Richards is a Senior Vice President of Colonial Management Associates, Inc. (Colonial) and prior to joining Colonial he was employed with State Street Research & Management Company as a Vice President and a Portfolio Manager since 1994. June 18, 1999
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