497 1 b63514a1e497.txt COLUMBIA FUNDS SERIES TRUST . . . COLUMBIA FUNDS SERIES TRUST
Corporate Bond Portfolio Columbia Marsico Growth Fund Mortgage- and Asset-Backed Portfolio Columbia Marsico International Opportunities Fund Columbia Asset Allocation Fund II Columbia Maryland Intermediate Municipal Bond Fund Columbia California Intermediate Municipal Bond Fund Columbia Masters Global Equity Portfolio Columbia Convertible Securities Fund Columbia Masters Heritage Portfolio Columbia Georgia Intermediate Municipal Bond Fund Columbia Masters International Equity Portfolio Columbia Global Value Fund Columbia Mid Cap Index Fund Columbia High Income Fund Columbia Mid Cap Value Fund Columbia International Value Fund Columbia Multi-Advisor International Equity Fund Columbia LifeGoal Balanced Growth Portfolio Columbia North Carolina Intermediate Municipal Bond Fund Columbia LifeGoal Growth Portfolio Columbia Short Term Bond Fund Columbia LifeGoal Income and Growth Portfolio Columbia Short Term Municipal Bond Fund Columbia LifeGoal Income Portfolio Columbia Small Cap Growth Fund II Columbia Large Cap Core Fund Columbia Small Cap Index Fund Columbia Large Cap Enhanced Core Fund Columbia Small Cap Value Fund II Columbia Large Cap Index Fund Columbia South Carolina Intermediate Municipal Bond Fund Columbia Large Cap Value Fund Columbia Total Return Bond Fund Columbia Marsico 21st Century Fund Columbia Virginia Intermediate Municipal Bond Fund Columbia Marsico Focused Equities Fund
(THE "FUNDS") SUPPLEMENT DATED DECEMBER 22, 2006 TO THE STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 1, 2006 Effective immediately, the statement of additional information for all share classes of Funds is hereby supplemented by replacing the section entitled "Compensation" under the heading "Portfolio Managers" with the following: COMPENSATION As of the Funds' most recent fiscal year end, the portfolio managers received all of their compensation from the Adviser and its parent company, Columbia Management Group, in the form of salary, bonus, stock options restricted stock, and notional investments through an incentive plan, the value of which is measured by reference to the performance of the Columbia Funds in which the account is invested. A portfolio manager's bonus is variable and is generally based on (1) an evaluation of the manager's investment performance and (2) the results of a peer and/or management review of such individual, which takes into account skills and attributes such as team participation, investment process, communication and professionalism. In evaluating investment performance, the Adviser generally considers the one-, three- and five year performance of mutual funds and other accounts under the portfolio manager's oversight relative to the benchmarks and peer groups noted below, emphasizing each manager's three- and five-year performance. The Adviser may also consider a portfolio manager's performance in managing client assets in sectors and industries assigned to the manager as part of his or her investment team responsibilities, where applicable. For portfolio managers who also have group management responsibilities, another factor in their evaluation is an assessment of the group's overall investment performance. INT-50/115952-1206