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Disclosures

Performance

Performance for different share classes varies based on differences in sales charges and fees associated with each class. Not all Funds offer every class of shares.

Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would be lower.

Class A: Public offering price (POP) returns are calculated with the effect of the maximum initial sales charge.

Class B: Class B shares are closed to new investors. Returns W/CDSC are calculated with the effect of a contingent deferred sales charge (CDSC).

Class C: Returns W/CDSC are calculated with the effect of a CDSC.

Class T: POP returns are calculated with the effect of the maximum initial sales charge.

Class R, R4, R5, Y and Z: Shares are sold only at NAV. Only eligible investors may purchase these shares. See the prospectus for eligibility requirements and other important information.

Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and have not been adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.

Net expense ratio: Net expenses are after expense waiver/reimbursement. The investment manager and certain of its affiliates have contractually (for at least the current fiscal year) agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year.

†† For Columbia Adaptive Alternatives Fund, effective March 4, 2015, the investment manager and certain of its affiliates have contractually agreed (for at least twelve months after the date of the fund prospectus), in addition to an existing arrangement, to waive certain fees and/or to reimburse certain expenses of the fund. The capped expense ratio consists of the gross expense ratio, as reflected in the fund's prospectus adjusted to reflect any fee waiver/expense reimbursement and excluding dividends and interest expense on securities sold short at the fund and underlying fund levels.

*Inception date shown is the share class inception date. The since inception returns shown are since fund inception. Returns shown for periods prior to the fund's share class inception date include the returns of the oldest share class of the fund, adjusted to reflect higher class-related operating expenses, as applicable. In addition, the returns shown include the returns of any predecessor to the fund. Click here for more information.

**Portfolio characteristics are subject to change periodically and may not be representative of current characteristics.

Morningstar Rating

The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. For share classes that do not have a 3-, 5-, or 10-year actual performance history, the fund's independent Morningstar Rating metric is then compared against the retail mutual fund universe breakpoints to determine its hypothetical rating. Past performance does not guarantee future results.

Extended performance is the process of lengthening the available data for a younger investment based on a related older share class or former investment structure. Morningstar provides extended performance for rankings for eligible open-end mutual funds when the share class does not have a 3-, 5-, or 10-year actual performance history. Some of the rankings shown on this website are for newer share classes and are calculated using extended performance. Please note, some of the Morningstar proprietary calculations, including the Morningstar RatingTM, are not customarily calculated based on adjusted historical returns. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. For each retail mutual fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Ratings are for the classes shown only; other classes may have different performance characteristics and may have different ratings.

Morningstar Percentile Rankings are based on the average annual total returns of the funds in the category for the periods stated and do not include any sales charges or redemption fees, but do not include 12b-1 fees and the reinvestment of dividends and capital gains distributions. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Rankings for each share class will vary due to different expenses. Had sales charges or redemption fees been included, total returns would be lower.

Morningstar Style Box

The Morningstar Style BoxTM is based on the Fund's portfolio holdings as of period end. The vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar. The Morningstar style box data is updated on the 10th business day after every month end.

© 2015 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Definitions

Alpha measures the relationship between the Fund's performance and its beta over a three-year period. Alpha greater than 0.0 means an investment has performed better than the compared index given its level of risk. It can be viewed as a measure of the value added by the Fund manager.

Average effective duration provides a measure of the fund's interest-rate sensitivity.

Beta measures a fund's risk relative to its benchmark The index is equivalent to 1.0. A fund with a beta greater than 1.0 has been more volatile than the index while a fund with a beta less than 1.0 has been less volatile.

Price-to-Book Ratio is a stock's price divided by its book value, and may help determine if the stock is valued fairly.

Price-to-Earnings Ratio is a stock's price divided by after-tax earnings over a trailing 12-month period, which serves as an indicator of value based on earnings.

R-Squared ranges from 0.00 to 100 and measures how closely the Fund's performance matches (or doesn't match) the performance of its benchmark index.

30-day SEC Yield: The SEC yield should be regarded as an estimate of the fund's rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund's actual income distribution rate or the income paid to a shareholder's account. The yield shown reflects fee waivers in effect, if any. In the absence of such waivers, yields would be reduced. The fund may own treasury inflation protected securities (TIPS) or other inflation indexed securities. If so, the yield will reflect an inflation adjustment that is attributable to these securities. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown.

Unsubsidized 30-day SEC Yield: The unsubsidized yield shown is the SEC yield adjusted to reflect the gross expense ratio applicable to the class of shares shown and without regard to the contractual reimbursements and fee waivers required of the fund's investment manager and affiliates.

The 30-day yields may appear to be the same due to rounding.

The Columbia Inflation Protection Securities Fund and certain other funds own treasury inflation protected securities (TIPS) or other inflation indexed securities. For a fund that owns TIPS or other inflation indexed securities, the SEC Yield, when shown, will reflect an inflation adjustment that is attributable to these types of securities. This adjustment as well as the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown. Absent the inflation adjustment, the yield shown may be materially different and may vary significantly from month to month, especially for a fund such as Columbia Inflation Protection Securities Fund which invests substantially in TIPS and other inflation indexed securities. In periods when the SEC yield is exceptionally high due to a rise in the inflation rate, it is important to bear in mind that the adjustment in the yield from the inflation rate may not be repeated.

Sharpe Ratio divides a fund's return in excess of the 90-day Treasury bill by the investment's standard deviation to measure risk-adjusted performance.

Standard Deviation is a statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution.

Turnover Rate (fiscal year end%) measures the percentage of holdings that has been "turned over" or replaced, in the past year.

Average Coupon is a calculation of the total interest cost for a bond issue expressed as a percentage. The average coupon is equal to the total interest payments of an issue divided by bond year dollars.

Duration to Worst is the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.

It is not possible to invest directly in an index. For index descriptions, click here.

Performance

Returns shown do not reflect any fees, expenses or sales charges imposed by your Contract or Qualified Plan, or imposed on Accounts that may own shares directly. Inclusion of these charges would reduce total returns for all periods shown.

Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and have not been adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.

Net expense ratio: Net expenses are after expense waiver/reimbursement. The investment manager and certain of its affiliates have contractually (for at least the current fiscal year) and/or voluntarily agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year. Voluntary waivers/reimbursement arrangements, if any, may be discontinued at any time.

*Inception date shown is the share class inception date. The since inception returns shown are since fund inception. Returns shown for periods prior to the fund’s share class inception date include the returns of the oldest share class of the fund, adjusted to reflect higher class-related operating expenses, as applicable. In addition, the returns shown include the returns of any predecessor to the fund. Click here for more information.

It is not possible to invest directly in an index. For index descriptions, click here.

The Columbia Variable Portfolios and Wanger Funds (the "Variable Funds") are available only through variable annuity contracts and variable life insurance policies issued by participating insurance companies or certain eligible retirement plans. The Variable Funds are not offered to the public. Not all Variable Funds and classes are available in all contracts, policies or plans. Please contact your financial advisor or insurance representative for more information.

Columbia Management Investment Advisers, LLC serves as the investment adviser to the Columbia Variable Portfolios. Columbia Wanger Asset Management, LLC serves as the investment adviser to the Wanger Funds. The variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA.

Performance

Please consider the investment objectives, risks, charges and expenses carefully before investing. Contact your financial advisor or visit columbiathreadneedle.com/us for a Program Description, which contains this and other important information about the Future Scholar College Savings Plan. Read it carefully before investing. You should also consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.

Expense ratios are as of the plan's most recent Program Brochure & Tuition Savings Agreement. Performance may reflect waivers or reimbursements of fund expenses by the adviser or its affiliates. Absent these waivers, or reimbursement arrangements, performance results may be lower. The net and gross expense ratios shown are updated on the first day of each month.

Total returns assume the reinvestment of all underlying fund distributions at NAV. Portfolio unit value (PUV) returns do not include sales charges or contingent deferred sales charges (CDSCs). If they were included, returns would have been lower.

Pricing Alternative A: Public offering price (POP) returns are calculated with the effect of the maximum initial sales charge of 3.50% for Class A units, except for the following: The Conservative 529, FA Strategic Income 529, Columbia Income Opportunities 529, Columbia Intermediate Bond 529, JPMorgan Core Bond 529, iShares TIPS Bond ETF 529, Templeton Global Bond 529 and Columbia U.S. Government Mortgage 529 Portfolios have a maximum initial sales charge of 2.75%; the College 529 and Short Term Bond 529 Portfolios have a maximum initial sales charge of 1.00%. The Legacy Capital Preservation and Columbia Bank Deposit Portfolios have no sales charges for Pricing Alternative A, but the Legacy Capital Preservation Portfolio has a contingent deferred sales charge (CDSC) for Pricing Alternative C.

Pricing Alternative B: Public offering price (POP) returns are calculated with the effect of the applicable CDSC for the holding period after an initial purchase as follows: through the first year, 5%; second year, 4%; third year, 3%; fourth year, 3%; fifth year, 2%; sixth year, 1% and thereafter, 0%. These shares convert to Pricing Alternative A units in the eighth year after purchase. Effective December 1, 2010, Class B of each portfolio was closed to both new accounts and additional contributions to existing accounts.

Pricing Alternative C: Public offering price (POP) returns are calculated with the effect of a 1% CDSC for the first year after purchase except for the Conservative 529 and College 529 Portfolios as well as the single-fund fixed-income portfolios and the Legacy Capital Preservation 529 Portfolio, which have a 0.75% CDSC.

Pricing Alternative E: Units are sold only at portfolio unit value (PUV). Only eligible investors may purchase these units. See the program description for eligibility requirements and other important information.

Pricing Alternative Z: Units are sold only at portfolio unit value (PUV). Only eligible investors may purchase these units. See the program description for eligibility requirements and other important information.

Contributions initially invested directly into the Columbia Bank Deposit 529 Portfolio are not subject to the imposition of an initial or deferred sales charge under any Pricing Alternative.

It is not possible to invest directly in an index. For index descriptions, click here.

Columbia Management Investment Distributors, Inc., member FINRA, is the distributor and underwriter for the Future Scholar 529 College Savings Plan Financial Advisor Program. The Office of State Treasurer of South Carolina (the State Treasurer) administers the Program, and has selected Columbia Management Investment Distributors, Inc. (Columbia Management) as Program Manager. Columbia Management and its affiliates are responsible for providing certain administrative, recordkeeping and investment services, and for the marketing of the Program. Columbia Management is not affiliated with the State Treasurer.

Investments made in the Future Scholar 529 College Savings Plan:

Not FDIC insured. No bank, state or federal guarantee. May lose value.

The Advisor Plan is sold exclusively through financial advisors, while the Direct Plan is sold directly by the Program. Participation in the Direct Plan is limited to a select group of investors, as described in the Program Description. The Direct Plan offers a more limited selection of investment choices than the Advisor Plan, and the fees and expenses are lower. Please refer to the Program Description for more information.