Definitive Materials Filed by Investment Companies. (497)


Prospectus Supplement — November 1, 2012 to the Prospectuses, as supplemented, of the following fund:

Fund		Prospectuses Dated
Columbia Minnesota Tax Exempt Fund		Oct. 28, 2011

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 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 Z
Management fees		0.40	%		0.40	%		0.40	%		0.40	%

Distribution and/or service (12b-1) fees		0.25	%		1.00	%		1.00	%		0.00	%

Other expenses		0.20	%		0.20	%		0.20	%		0.20	%

Total annual fund operating expenses		0.85	%		1.60	%		1.60	%		0.60	%

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

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. 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)	$	558	$	734	$	926	$	1,482

Class B (if shares are redeemed)	$	663	$	806	$	1,074	$	1,707

Class B (if shares are not redeemed)	$	163	$	506	$	874	$	1,707

Class C (if shares are redeemed)	$	263	$	506	$	874	$	1,909

Class C (if shares are not redeemed)	$	163	$	506	$	874	$	1,909

Class Z (whether or not shares are redeemed)	$	61	$	193	$	337	$	758

The section entitled “More about Annual Fund Operating Expenses” is hereby replaced with the following:

More about Annual Fund Operating Expenses and Past Performance

The following information is presented in addition to, and should be read in conjunction with, the information that appears in the Summary of the Fund.

Calculation of Annual Fund Operating Expenses. Annual fund operating expenses shown in the “Fees and Expenses of the Fund” section of this prospectus are generally based on expenses incurred during the Fund’s most recently completed fiscal year and are expressed as a percentage (expense ratio) of the Fund’s average net assets during that fiscal year. The expense ratios are not adjusted to reflect the Fund’s average net assets as of a different period or a different point in time, as the Fund’s asset levels will fluctuate. In general, the Fund’s expense ratios will increase as its net assets decrease, such that the Fund’s actual expense ratios may be higher than the expense ratios presented in the Annual Fund Operating Expenses table.

S-6328-12 A (11/12)

The commitment by the Investment Manager and/or its affiliates to waive fees and/or cap (reimburse) expenses is expected to provide a limit to the impact of any increase in the Fund’s operating expense ratios that would otherwise result because of a decrease in the Fund’s assets in the current fiscal year. The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses as described below) through November 30, 2013, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees (the Board), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 0.85% for Class A, 1.60% for Class B, 1.60% for Class C and 0.60% for Class Z.

Under the agreement, the following fees and expenses are excluded from the Fund’s operating expenses when calculating the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investment in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds (ETFs)), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Effect of fee waivers and/or expense reimbursements on Past Performance. The Fund’s returns shown in the “Past Performance” section of this prospectus reflect the effect of any fee waivers and/or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Without such fee waivers and/or expense reimbursements, the Fund’s returns would have been lower.

Fund Management and Compensation

The fourth paragraph under the section entitled “Fund Management and Compensation” is hereby replaced with the following:

The Fund pays Columbia Management a fee for managing its assets. Under the Investment Management Services Agreement (IMS Agreement), the annualized fee for the most recent fiscal period from September 1, 2011 to July 31, 2012 was 0.40% of the Fund’s average daily net assets. During the most recent fiscal period, the Fund’s fiscal year end changed from August 31 to July 31. The fee for the prior fiscal year ended August 31, 2011 was 0.40% of the Fund’s average daily net assets. Under the IMS Agreement, the Fund also pays taxes, brokerage commissions, and nonadvisory expenses. A discussion regarding the basis for the Board approving the renewal of the IMS Agreement is available in the Fund’s annual report to shareholders for the period ended July 31, 2012.

S-6328-12 A (11/12)

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