COLUMBIA FUNDS SERIES TRUST

                           Columbia Municipal Reserves
                                  (the "Fund")

    Supplement dated December 5, 2008 to the Prospectus dated January 1, 2008

                                 Class Z Shares


1. The first paragraph in the section of the prospectus entitled "Buying,
Selling and Exchanging Shares - Share Price Determination" is hereby replaced in
its entirety with the following:

         The price you pay or receive when you buy, sell or exchange shares is
         the Fund's next determined net asset value (or NAV) per share for a
         given share class. Columbia Funds calculates the net asset value per
         share for Class Z shares of the Fund at the following times each
         business day (unless the Fund closes early):

              |X| 12:00 noon Eastern time.


2. The bullet in the section of the prospectus entitled "Buying, Selling and
Exchanging Shares - Transaction Rules and Policies - Order Processing" is hereby
replaced in its entirety with the following:

              |X| If your order for Columbia Municipal Reserves is received by
                  12:00 noon Eastern time, you will receive the net asset value
                  per share next determined after your order is received (and in
                  the case of purchases you'll receive that day's dividends).









        Shareholders should retain this Supplement for future reference.








INT-47/157300-1208