COLUMBIA FUNDS SERIES TRUST
                    COLUMBIA SHORT TERM MUNICIPAL BOND FUND
                                  (THE "FUND")

                       SUPPLEMENT DATED FEBRUARY 17, 2006
                     TO PROSPECTUSES DATED NOVEMBER 1, 2005


     At a Board meeting held on February 14, 2006, the Board of Trustees of
Columbia Funds Series Trust approved changes to the benchmark indices used for
the Fund. Those changes are to become effective on March 1, 2006. In connection
with the approvals, the prospectuses for all share classes of the Fund are
hereby supplemented as follows:


     1.   By deleting the last two sentences under the heading AVERAGE ANNUAL
          TOTAL RETURN AS OF DECEMBER 31, 2004, and inserting the following in
          their place:

               The table also shows the returns for each period for the Merrill
               Lynch 1-3 Year Municipal Index, an unmanaged index that tracks
               the performance of investment grade U.S. tax exempt bonds with
               remaining terms to final maturities of at least one year and less
               than three years. Prior to March 1, 2006, the Fund compared its
               performance to the Lehman Brothers 3-Year Municipal Bond Index, a
               broad-based, unmanaged index of investment grade bonds with
               maturities of greater than two years but less than four years.
               The Fund changed the indices which it compares its performance to
               because the Merrill Lynch 1-3 Year Municipal Index's
               characteristics are more closely aligned with the management of
               the Fund. The indices are not available for investment and do not
               reflect fees, brokerage commissions, taxes or other expenses of
               investing.


     2.   By deleting the last two rows of the table under the heading AVERAGE
          ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2004, and inserting the
          following in their place:




                                                              
      MERRILL LYNCH 1-3 YEAR MUNICIPAL INDEX   1.27%    3.98%    4.34%    4.12%
      LEHMAN BROTHERS 3-YEAR MUNICIPAL INDEX   1.78%    4.78%    4.97%    4.58%



     3.   By adding the following to the TERMS USED IN THIS PROSPECTUS:

               MERRILL LYNCH 1-3 YEAR MUNICIPAL INDEX - an unmanaged index that
               tracks the performance of investment grade U.S. tax exempt bonds
               with remaining terms to final maturities of at least one year and
               less than three years. It is not available for investment and
               does not reflect fees, brokerage commissions or other expenses of
               investing.


INT-47/106462-0206