COLUMBIA HIGH YIELD FUND, VARIABLE SERIES
                                  (THE "FUND")

                SUPPLEMENT TO THE PROSPECTUSES DATED MAY 1, 2004

     The Board of Trustees of the Fund has approved a proposal to reorganize the
Fund into Nations High Yield Bond Portfolio (the "Acquiring Fund"), subject to
approval by the Board of the Acquiring Fund and shareholders of the Fund. If the
Board of the Acquiring Fund and shareholders of the Fund approve the proposal
relating to the reorganization of the Fund, all of the assets of the Fund will
be transferred to the Acquiring Fund and shareholders of the Fund will receive
shares of the Acquiring Fund in exchange for their shares. Shareholders of the
Fund will vote on the proposal relating to the reorganization of their Fund at a
special meeting of shareholders to be held at a date to be determined in the
future. If approved at the special meeting, the reorganization is proposed to
take place within a reasonable time thereafter.

     The foregoing is not an offer to sell, nor a solicitation of an offer to
buy, shares of the Acquiring Fund, nor is it a solicitation of any proxy. For
more information regarding the Acquiring Fund, or to receive a free copy of a
prospectus/proxy statement relating to a proposed reorganization (and containing
important information about fees, expenses and risk considerations) once a
registration statement relating to the proposed reorganizations has been filed
with the Securities and Exchange Commission and become effective, please call
1-800-345-6611 or visit the Fund's website at www.columbiafunds.com. The
prospectus/proxy statement will also be available for free on the Securities and
Exchange Commission's website (http://www.sec.gov). Please read the
prospectus/information statement carefully before making any investment
decisions.

                                                               February 16, 2005