Prospectus Supplement — Aug. 14, 2012 to the Prospectuses, as supplemented, of the following fund:
Fund	Prospectuses Dated
Columbia U.S. Government Mortgage Fund	Aug. 1, 2011 and June 18, 2012

The following changes are hereby made to the prospectuses of the Fund:

FEES AND EXPENSES OF THE FUND

The fee and expense table in the section entitled “Fees and Expenses of the Fund” is hereby replaced with the following:

Shareholder Fees (fees paid directly from your investment)
	Class A			Class B			Class C			Class I, R4, W, Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)		4.75	%		None			None			None
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of offering price at the time of purchase, or current net asset value, whichever is less)		1	%		5	%		1	%		None

Annual Fund Operating Expenses(a) (expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class B			Class C			Class I			Class R4			Class W			Class Z
Management fees		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		1.00	%		0.00	%		0.00	%		0.25	%		0.00	%
Other expenses(b)		0.27	%		0.27	%		0.27	%		0.10	%		0.40	%		0.27	%		0.27	%
Total annual fund operating expenses		0.95	%		1.70	%		1.70	%		0.53	%		0.83	%		0.95	%		0.70	%
Less: Fee waiver/expense reimbursement(c)		(0.09	%)		(0.09	%)		(0.09	%)		(0.03	%)		(0.03	%)		(0.09	%)		(0.09	%)
Total annual fund operating expenses after fee waiver/expense reimbursement(c)		0.86	%		1.61	%		1.61	%		0.50	%		0.80	%		0.86	%		0.61	%

^(a)  Expense ratios have been adjusted to reflect current fees.

^(b)  Other expenses for Class W shares are based on estimated amounts for the current fiscal year.

^(c)  Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until September 30, 2013, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses will not, subject to applicable exclusions, exceed the annual rates of 0.86% for Class A, 1.61% for Class B, 1.61% for Class C, 0.50% for Class I, 0.80% for Class R4, 0.86% for Class W and 0.61% for Class Z.

The Example in the section entitled “Fees and Expenses of the Fund” is hereby replaced with the following:

Example

The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem your shares at the end of those periods (unless otherwise noted). The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes contractual commitments to waive fees and reimburse expenses expiring as indicated in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year		3 years		5 years		10 years
Class A (whether or not shares are redeemed)	$	559	$	755	$	968	$	1,582
Class B (if shares are redeemed)	$	664	$	827	$	1,116	$	1,806
Class B (if shares are not redeemed)	$	164	$	527	$	916	$	1,806
Class C (if shares are redeemed)	$	264	$	527	$	916	$	2,006
Class C (if shares are not redeemed)	$	164	$	527	$	916	$	2,006
Class I (whether or not shares are redeemed)	$	51	$	167	$	294	$	665
Class R4 (whether or not shares are redeemed)	$	82	$	262	$	458	$	1,027
Class W (whether or not shares are redeemed)	$	88	$	294	$	518	$	1,163
Class Z (whether or not shares are redeemed)	$	62	$	215	$	381	$	866