COLUMBIA FUNDS SERIES TRUST
                      COLUMBIA INTERMEDIATE CORE BOND FUND
                                  (THE "FUND")

                          SUPPLEMENT DATED MAY 5, 2006
                     TO PROSPECTUSES DATED NOVEMBER 1, 2005

      Effective immediately, the prospectuses for all share classes of the Fund
are hereby supplemented as follows:

      1.    By changing the description of the Fund's principal investment
            strategies to reflect the following:

                  The Master Portfolio may participate in mortgage dollar rolls
                  up to the amount of allowable investments in mortgage-backed
                  securities and limited to the Master Portfolio's current
                  position in mortgage-backed securities. The Master Portfolio
                  may roll all, a portion or none of the Master Portfolio's
                  current position in mortgage-backed securities.

                  The Master Portfolio may also invest up to 20% of its assets
                  in asset-backed securities.

      2.    By adding the following bullet points to the description of the
            Fund's principal investment risks:

                  -     MORTGAGE DOLLAR ROLLS - Mortgage dollar rolls are
                        transactions in which the Master Portfolio sells
                        mortgage-backed securities to a dealer and
                        simultaneously agrees to purchase similar securities in
                        the future at a predetermined price. These transactions
                        simulate an investment in mortgage-backed securities and
                        have the potential to enhance the Master Portfolio's
                        returns and reduce its administrative burdens, compared
                        with holding mortgage-backed securities directly.
                        Mortgage dollar rolls involve the risks that the market
                        value of the securities the Master Portfolio is
                        obligated to repurchase may decline below the repurchase
                        price, or that the other party may default on its
                        obligations. These transactions may increase the Master
                        Portfolio's portfolio turnover rate.

                  -     ASSET-BACKED SECURITIES RISK - Payment of interest and
                        repayment of principal may be impacted by the cash flows
                        generated by the assets backing these securities. The
                        value of the Master Portfolio's asset-backed securities
                        may also be affected by changes in interest rates, the
                        availability of information concerning the interests in
                        and structure of the pools of purchase contracts,
                        financing leases or sales agreements that are
                        represented by these securities, the creditworthiness of
                        the servicing agent for the pool, the originator of the
                        loans or receivables, or the entities that provide any
                        supporting letters of credit, surety bonds, or other
                        credit enhancements.

INT-47/110548-0506