FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN

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1 FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN PROGRAM DESCRIPTION FINANCIAL ADVISOR PROGRAM, NOVEMBER 2014 The Future Scholar 529 Plan Individuals with questions concerning the Future Scholar 529 Plan (the Program ), including questions regarding the procedure for opening an account or how to request an account application or other account forms, should contact their financial professional, call the Program Manager at or visit the Program s website at columbiathreadneedle.com/us. Questions or requests for information also may be addressed in writing to: Future Scholar 529 College Savings Plan P.O. Box 8036 Boston, MA Supplemented as of December 2015

2 Supplement dated December 2015 to Future Scholar 529 College Savings Plan Financial Advisor Program Program Description dated November 2014 This Supplement updates information contained in the Financial Advisor Program Description dated November 2014 (the Program Description ) of Future Scholar 529 College Savings Plan (the Program ). You may obtain an additional copy of the Program Description, free of charge, through the Internet at or by calling Unless otherwise indicated, defined terms used herein have the same meaning as those in the Program Description. You should read this Supplement in conjunction with the Program Description and retain it for future reference. * * * * * Effective October 14, 2015, the Program Description is revised as follows: In THE FUTURE SCHOLAR PORTFOLIOS : The following table replaces the table on page 27 under Target Allocations of Target Allocation Portfolios : Columbia Portfolio 1 P age Aggressive Growth 529 Growth 529 Moderate Growth 529 Age of Designated Beneficiary Moderate 529 Moderately Conservative 529 Conservative 529 Risk Track Aggressive Moderate Conservative Underlying Mutual Funds Large Cap Value Equities 8.0% 7.5% 4.0% 4.0% 1.0%.5% 0% Columbia Disciplined Value Fund * 8.0% 7.5% 4.0% 4.0% 1.0%.5% 0% Large Cap Core Equities 32.0% 31.0% 25.0% 21.0% 16.0% 11.5% 0% Columbia Contrarian Core Fund 17.5% 17.0% 14.2% 12.5% 10.0% 7.5% 0% Columbia Large Cap Index Fund 14.5% 14.0% 10.8% 8.5% 6.0% 4.0% 0% Large Cap Growth Equities 8.0% 7.5% 4.0% 4.0% 1.0% 1.0% 0% Columbia Select Large Cap Growth Fund 4.5% 4.5% 3.0% 2.0% 0% 0% 0% ishares Russell 1000 Growth Index 3.5% 3.0% 1.0% 2.0% 1.0% 1.0% 0% Mid Cap Equities 13.8% 11.7% 9.8% 7.9% 3.5% 1.8% 0% Columbia Mid Cap Index Fund 13.8% 11.7% 9.8% 7.9% 3.5% 1.8% 0% Small Cap Equities 8.0% 6.0% 5.0% 4.0% 3.0% 0% 0% Columbia Small Cap Index Fund 8.0% 6.0% 5.0% 4.0% 3.0% 0% 0% International Equities 20.2% 16.0% 12.0% 8.9% 5.3% 0% 0% Columbia Pacific/Asia Fund 3.5% 2.5% 2.0% 1.6%.9% 0% 0% Columbia European Equity Fund 6.0% 4.8% 3.2% 2.4% 1.0% 0% 0% ishares MSCI EAFE ETF 10.7% 8.7% 6.8% 4.9% 3.4% 0% 0% Total Equities 90.0% 79.7% 59.8% 49.8% 29.7% 14.8% 0% Other Columbia Convertible Securities Fund 0.5% 2.80% 3.0% 0% 0% 0% 0% Fixed Income 8.0% 16.0% 35.4% 45.2% 51.3% 43.3% 47.5% Columbia Intermediate Bond Fund 4.5% 8.5% 8.9% 10.2% 9.8% 10.3% 15.0% Columbia Corporate Income Fund 0% 3.0% 7.0% 10.0% 15.0% 11.0% 9.0% Columbia Income Opportunities Fund 2.0% 3.0% 4.0% 3.5% 3.0% 0% 0% Columbia U.S. Government Mortgage Fund 0% 0% 6.0% 10.0% 10.0% 12.0% 6.0% Columbia Short Term Bond Fund 0% 0% 0% 2.0% 3.0% 3.0% 5.0% Columbia Emerging Markets Bond Fund 1.5% 1.5% 1.5% 1.5% 1.5% 0% 0% Columbia U.S. Treasury Index Fund 0% 0% 7.0% 7.0% 8.0% 6.0% 12.0% ishares Barclays TIPS Bond Fund 0% 0% 1.0% 1.0% 1.0% 1.0%.50% Cash & Cash Equivalents 1.5% 1.5% 1.8% 5.0% 19.0% 41.9% 52.5% CMG Ultra Short Term Bond Fund 1.5% 1.5% 1.8% 5.0% 19.0% 37.5% 42.0% Columbia Money Market Fund 0% 0% 0% 0% 0% 4.4% 10.5% Equities 90.0% 79.7% 59.8% 49.8% 29.7% 14.8% 0% Other.5% 2.8% 3.0% 0% 0% 0% 0% Fixed Income and Cash 8.0% 17.5% 37.2% 50.2% 70.3% 85.2% 100% Formerly known as Columbia Large Value Quantitative Fund College 529

3 Effective December 1, 2015, the Program Description is revised as follows: The Maximum Contribution Limit has been increased from $370,000 to $400,000. All references to the $370,000 Maximum Contribution Limit are hereby revised to refer to a $400,000 Maximum Contribution Limit. The second paragraph of the section entitled CHOOSING PRICING ALTERNATIVES Pricing Alternative A Initial Sales Charge Waivers on page 32 is revised in its entirety to read as follows The initial sales charge for Pricing Alternative A may be waived for rollovers from other qualified tuition programs if: (i) the assets are directly rolled over from another qualified tuition program or a Coverdell Education Savings Account, or indirectly rolled over from the Washington GET prepaid tuition program ( GET ) by December 31, 2016; (ii) the assets (excluding GET) were in a share class sold by financial advisors; and (iii) you are purchasing Shares through a broker-dealer that has elected to make the sales charge waiver available to one or more categories of clients (an NAV Rollover ). CMID may pay your broker-dealer a fee from its own resources of up to 0.50% of the amount of your NAV Rollover. In SUMMARY OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS OF THE CURRENT UNDERLYING FUNDS Domestic Equity Funds the summary of Columbia Large Value Quantitative Fund on page 42 of the Program Description is deleted in its entirety and replaced with the following: Columbia Large Value Quantitative Fund Investment Objective and Principal Investment Strategies This Underlying Fund seeks to provide shareholders with long-term capital growth. Only shareholders can change the Fund s investment objective. Because any investment involves risk, there is no assurance the Fund s objective will be achieved. Under normal market conditions, at least 80% of the Fund s net assets (including the amount of any borrowings for investment purposes) are invested in equity securities of companies with market capitalizations greater than $5 billion at the time of purchase or that are within the market capitalization range of companies in the Russell 1000 Value Index (the Index) at the time of purchase. These equity securities generally include common stocks. The market capitalization range and composition of the companies in the Index are subject to change. The Fund may from time to time emphasize one or more economic sectors in selecting its investments, including the financial services sector. The Fund may invest in derivatives, such as futures contracts, including equity index futures, for cash equitization purposes. In pursuit of the Fund s objective, the portfolio managers employ a process that applies fundamental investment concepts in a systematic framework seeking to identify and exploit mispriced stocks. The Fund benefits from collaboration between quantitative and fundamental research to create sector and industry-specific multi-factor stock selection models, which are utilized by the portfolio managers when constructing a diversified portfolio. Principal Risks of Investing The Fund is subject to Active Management Risk, Derivatives Risk, Derivatives Risk/Futures Contracts Risk, Issuer Risk, Market Risk, Quantitative Model Risk, Sector Risk and Value Securities Risk. Effective December 21, 2015, the Program Description is revised as follows: 2 P age All references to Columbia Large Value Quantitative Fund are hereby deleted and replaced with Columbia Disciplined Value Fund

4 Supplement dated November 20, 2015 to Future Scholar 529 College Savings Plan Financial Advisor Program Program Description dated November 2014 And Performance, Fee and Expense Information Supplemental Booklet dated November 2014 This Supplement updates information contained in the Financial Advisor Program Description dated November 2014 (the Program Description ) including the Performance, Fee and Expense Information Supplemental Booklet dated November 2014 (the Supplemental Booklet ) of the Future Scholar 529 College Savings Plan (the Program ). You may obtain an additional copy of the Program Description, including the Supplement Booklet, free of charge, through the Internet at or by calling Unless otherwise indicated, defined terms used herein have the same meaning as those in the Program Description. You should read this Supplement in conjunction with the Program Description, including the Supplemental Booklet, and retain it for future reference. * * * * * The Columbia Marsico Growth 529 Portfolio (the Portfolio ) and The Columbia Marsico Growth Fund, which is the single Underlying Fund in which the Portfolio invests (the Single Underlying Fund ), are each changing their names because, effective November 20, 2015, Marsico Capital Management, LLC no longer serves as the investment subadviser to the Single Underlying Fund and Columbia Management Investment Advisers, LLC assumes day-to-day management of the Single Underlying Fund s portfolio. Effective November 20, 2015, the Program Description, including the Supplemental Booklet, is revised as follows: All references to Columbia Marsico Growth 529 Portfolio are hereby deleted and replaced with Columbia Large Cap Growth 529 Portfolio. All references to Columbia Marsico Growth Fund are hereby deleted and replaced with Columbia Large Cap Growth Fund V. In SUMMARY OF INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS OF THE CURRENT UNDERLYING FUNDS Domestic Equity Funds the summary of Columbia Marsico Growth Fund on page 44 of the Program Description is deleted in its entirety and replaced with the following: Columbia Large Cap Growth Fund V In connection with the changes described in this Supplement, management of this Underlying Fund has discussed with the Underlying Fund s Board of Trustees a proposal to merge the Underlying Fund into another Columbia Fund managed by the Investment Manager in a substantially similar manner as the Underlying Fund will be managed following the effective date. Assuming required approvals from the Board of Trustees and shareholders are obtained, the merger is currently expected to occur in the second quarter of Investment Objective and Principal Investment Strategies This Underlying Fund s investment objective is to seek long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any

5 borrowings for investment purposes) in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies have market capitalizations in the range of companies in the Russell 1000 Growth Index (the Index) at the time of purchase (between $908 million and $688.4 billion as of October 31, 2015). The market capitalization range and composition of the companies in the Index are subject to change. As such, the size of the companies in which the Fund invests may change. As long as an investment continues to meet the Fund s other investment criteria, the Fund may choose to continue to hold a stock even if the company s market capitalization grows beyond the market capitalization of the largest company within the Index or falls below the market capitalization of the smallest company within the Index. The Fund invests primarily in common stocks of companies that the investment manager believes have the potential for long-term, aboveaverage earnings growth. The Fund may from time to time emphasize one or more economic sectors in selecting its investments, including the consumer discretionary, health care, and information technology and technology-related sectors. The Fund may invest up to 20% of its total assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company reflecting ownership of underlying securities issued by foreign companies. A combination of fundamental and quantitative analysis with risk management is used in identifying investment opportunities and constructing the Fund s portfolio. In selecting investments, Columbia Management Investment Advisers, LLC (the Investment Manager) considers, among other factors: overall economic and market conditions; and the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation. The Investment Manager may sell a security when the security s price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons. The Fund s investment policy with respect to 80% of its net assets may be changed by the Fund s Board of Trustees without shareholder approval as long as shareholders are given 60 days advance written notice of the change. Principal Risks of Investing The Fund is subject to active management risk, convertible securities risk, depositary receipts risk, foreign securities risk, growth securities risk, issuer risk, market risk and sector risk. In MORE INFORMATION ABOUT PORTFOLIO PERFORMANCE, FEES AND EXPENSES Portfolio Performance the reference to S&P 500 Index as the applicable benchmark index for Columbia Large Cap Growth Fund V on page 5 of the Supplemental Booklet is hereby deleted and replaced with Russell 1000 Growth Index

6 Supplement dated June 12, 2015 to Future Scholar 529 College Savings Plan Financial Advisor Program Program Description dated November 2014 This Supplement updates information contained in the Financial Advisor Program Description dated November 2014 (the Program Description ) of Future Scholar 529 College Savings Plan (the Program ). You may obtain an additional copy of the Program Description, free of charge, through the Internet at or by calling Unless otherwise indicated, defined terms used herein have the same meaning as those in the Program Description. You should read this Supplement in conjunction with the Program Description and retain it for future reference. * * * * * Effective June 12, 2015, the Program Description is revised as follows: The second paragraph in the Section entitled PROGRAM FEES, EXPENSES AND SALES CHARGES Choosing Pricing Alternatives Pricing Alternative A- Initial Sales Charge Waivers on page 32 is deleted in its entirety and replaced with the following: The initial sales charge for Pricing Alternative A may be waived for rollovers from other qualified tuition programs if: (i) the assets are directly rolled over from another qualified tuition program or a Coverdell Education Savings Account; and (ii) you are purchasing Shares through a broker-dealer that has elected to make the sales charge waiver available to one or more categories of clients (an NAV Rollover ). CMID may pay your brokerdealer a fee from its own resources of up to 0.50% of the amount of your NAV Rollover on all Portfolios except the Columbia Legacy Capital Preservation 529 Portfolio and the Columbia Bank Deposit 529 Portfolio. Changes to the Allocation Portfolios. Columbia Intermediate Bond Fund has been added as an Underlying Fund in the Allocation Portfolios and the weightings of the Underlying Funds in the Allocation Portfolios have been adjusted. o In THE FUTURE SCHOLAR PORTFOLIOS : The following table replaces the table on page 23 under Target Allocation Portfolios : Portfolio Equities Other Fixed Income / Cash Columbia Aggressive Growth 529 Portfolio 93.00% 0.50% 6.50% Columbia Growth 529 Portfolio 82.75% 2.75% 14.50% Columbia Moderate Growth 529 Portfolio 62.50% 3.00% 34.50% Columbia Moderate 529 Portfolio 51.75% 0% 48.25% Columbia Moderately Conservative 529 Portfolio 31.50% 0% 68.50% Columbia Conservative 529 Portfolio 16.00% 0% 84.00% Columbia College 529 Portfolio 0% 0% % o In THE FUTURE SCHOLAR PORTFOLIOS : The following table replaces the table on page 27 under Target Allocations of Target Allocation Portfolios : Columbia Portfolio Aggressive Growth 529 Growth 529 Moderate Growth 529 Age of Designated Beneficiary Moderate 529 Moderately Conservative 529 Conservative 529 Risk Track Aggressive Moderate Conservative Underlying Mutual Funds Large Cap Value Equities 8.0% 7.5% 4.0% 4.0% 1.0%.5% 0% Columbia Large Value Quantitative Fund 8.0% 7.5% 4.0% 4.0% 1.0%.5% 0% College 529

7 Columbia Portfolio Aggressive Growth 529 Growth 529 Moderate Growth 529 Moderate 529 Moderately Conservative 529 Conservative 529 Columbia Dividend Income Fund 0% 0% 0% 0% 0% 0% 0% Columbia Dividend Opportunity Fund 0% 0% 0% 0% 0% 0% 0% Large Cap Core Equities 32.0% 31.0% 25.0% 21.0% 16.0% 12.0% 0% Columbia Contrarian Core Fund 17.5% 17.0% 14.0% 12.0% 10.0% 8.0% 0% Columbia Large Cap Index Fund 14.5% 14.0% 11.0% 9.0% 6.0% 4.0% 0% Large Cap Growth Equities 8.0% 7.5% 4.0% 4.0% 1.0%.5% 0% Columbia Select Large Cap Growth Fund 4.5% 4.5% 3.0% 2.0% 0% 0% 0% ishares Russell 1000 Growth Index 3.5% 3.0% 1.0% 2.0% 1.0%.5% 0% Mid Cap Equities 14.0% 12.0% 10.0% 8.0% 4.0% 2.0% 0% Columbia Mid Cap Growth Fund 0% 0% 0% 0% 0% 0% 0% ishares Russell Midcap Value Index Fund 0% 0% 0% 0% 0% 0% 0% Columbia Mid Cap Index Fund 14.0% 12.0% 10.0% 8.0% 4.0% 2.0% 0% Small Cap Equities 8.0% 6.0% 5.0% 4.0% 3.0% 0% 0% Columbia Small Cap Index Fund 8.0% 6.0% 5.0% 4.0% 3.0% 0% 0% Columbia Small Cap Core 0% 0% 0% 0% 0% 0% 0% International Equities 23.0% 18.75% 14.5% 10.75% 6.50% 1.0% 0% Columbia Pacific/Asia Fund 4.31% 3.45% 2.60% 1.95% 1.10% 0% 0% Columbia European Equity Fund 6.45% 5.18% 3.90% 2.92% 1.65% 0% 0% ishares MSCI EAFE ETF 6.12% 5.06% 4.0% 2.94% 1.87% 0.5% 0% ishares MSCI EAFE Hedged ETF 6.12% 5.06% 4.0% 2.94% 1.88% 0.5% 0% Columbia Acorn International Fund 0% 0% 0% 0% 0% 0% 0% ishares MSCI Emerging Markets Index Fund 0% 0% 0% 0% 0% 0% 0% Total Equities 93.0% 82.75% 62.5% 51.75% 31.50% 16.0% 0% Other Columbia Convertible Securities Fund 0.5% 2.75% 3.0% 0% 0% 0% 0% Fixed Income 6.5% 14.5% 34.5% 44.75% 50.5% 45.0% 50.0% Columbia Intermediate Bond Fund 2.5% 7.0% 8.0% 9.75% 9.0% 10.0% 15.0% Columbia Corporate Income Fund 0% 3.0% 7.0% 10.0% 15.0% 12.0% 9.0% Columbia Income Opportunities Fund 2.0% 3.0% 4.0% 3.5% 3.0% 0% 0% Columbia U.S. Government Mortgage Fund 0% 0% 6.0% 10.0% 10.0% 12.0% 6.0% Columbia Limited Duration Credit Fund 0% 0% 0% 0% 0% 0% 0% Columbia Short Term Bond Fund 0% 0% 0% 2.0% 3.0% 3.0% 5.0% Columbia Emerging Markets Bond Fund 2.0% 1.5% 1.5% 1.5% 1.5% 0% 0% Columbia U.S. Treasury Index Fund 0% 0% 6.0% 7.0% 8.0% 7.0% 14.0% ishares Barclays TIPS Bond Fund 0% 0% 2.0% 1.0% 1.0% 1.0% 1.0% Cash & Cash Equivalents 0% 0% 0% 3.5% 18.0% 39.0% 50.0% CMG Ultra Short Term Bond Fund 0% 0% 0% 3.5% 18.0% 35.0% 40.0% Columbia Money Market Fund 0% 0% 0% 0% 0% 4.0% 10.0% Equities 93.0% 82.75% 62.5% 51.75% 31.5% 16.0% 0% Other.5% 2.75% 3.0% 0% 0% 0% 0% Fixed Income and Cash 6.5% 14.5% 34.5% 48.25% 68.5% 84.0% 100% College CT-FSA/ C (06/15) CMRT1917

8 Supplement dated March 6, 2015 to Columbia Management Future Scholar 529 College Savings Plan Financial Advisor Program Program Description dated November 2014 This Supplement updates information contained in the Financial Advisor Program Description dated November 2014 (the Program Description ) of the Columbia Management Future Scholar 529 College Savings Plan (the Program ). You may obtain an additional copy of the Program Description, free of charge, through the Internet at or by calling Unless otherwise indicated, defined terms used herein have the same meaning as those in the Program Description. You should read this Supplement in conjunction with the Program Description and retain it for future reference. * * * * * Effective March 6, 2015, the Program Description is revised as follows: Changes to Investment Limitations. Section 529 of the Internal Revenue Code of 1986 has been amended to permit an Account Owner to direct the investment of any contributions to the Program (or any earnings thereon) no more than 2 times in any calendar year for taxable years beginning after December 31, Accordingly: o All references in the Program Description to a once-per-year limitation on Investment Exchanges are hereby revised to refer to a twice-per year limitation. o The second paragraph of the section entitled INTRODUCTION Opening a New Account on page 8 is deleted in its entirety and replaced with the following: Contributions to an Account opened by an Account Owner will be invested in one or more Portfolios. Portfolios will be invested as described under THE FUTURE SCHOLAR PORTFOLIOS. Account Owners are limited in their ability to direct the investments of the Portfolios. See PARTICIPATION AND ACCOUNTS Changing Investment Portfolios within the Program. o The first paragraph of the section entitled PARTICIPATION AND ACCOUNTS Changing Investment Portfolios within the Program on page 13 is deleted in its entirety and replaced with the following: Account Owners may move assets already held in an Account to a different mix of Portfolios (an Investment Exchange ) no more than two times per calendar year without changing the Designated Beneficiary. An Account Owner may also make an Investment Exchange at any time he or she changes the Designated Beneficiary, whether or not the Account Owner has previously directed an Investment Exchange within the calendar year. The Investment Exchanges described in the immediately preceding two sentences will not be subject to federal or state income tax or to the additional federal tax of 10% on earnings. For purposes of the twice-per-calendar year limitation, accounts in all Section 529 Programs sponsored by the State of South Carolina, such as the Program, with the same Account Owner and the same Designated Beneficiary are treated as a single Account. Accordingly, if an Account Owner decides to reallocate the assets in an Account, any desired reallocations to all Accounts in all such Section 529 Programs sponsored by the State of South Carolina with the same Designated Beneficiary will be subject to the same twice per-calendar year limitation. Any such Investment Exchange for the same Designated Beneficiary must be done directly between the programs, without a distribution of money from the initial program to the Account Owner or any other person.

9 o The first paragraph of the section entitled PROGRAM AND PORTFOLIO RISKS AND OTHER CONSIDERATIONS Risks of Participation in the Program on page 80 is deleted in its entirety and replaced with the following: Accounts are subject to certain risks associated with participation in the Program. In addition, certain Portfolios are subject to different or greater risks than are other Portfolios. Account Owners should consider such risks in light of the possibility that the risks may arise at any time during the life of an Account, that their ability to direct the investment of Contributions to an Account is limited, and that withdrawals may be subject to penalties. o In PARTICIPATION AGREEMENT in APPENDIX A, clause 4(a) of Section A on page 119 is deleted in its entirety and replaced with the following: (a) (i) I recognize that I have a limited ability to, directly or indirectly, direct the investment of any contributions to the Program (or any earnings thereon) no more than two times in any calendar year, as permitted by Section 529 of the Code and regulations or guidance issued thereunder; and (ii) I understand that although I own interests in a Portfolio, I do not have a direct beneficial interest in the mutual funds or other instruments held by that Portfolio, and therefore I do not have the rights of a shareholder or owner of such investments. The second paragraph in the Section entitled PROGRAM FEES, EXPENSES AND SALES CHARGES Choosing Pricing Alternatives Pricing Alternative A- Initial Sales Charge Waivers on page 32 is deleted in its entirety and replaced with the following: The initial sales charge for Pricing Alternative A may be waived for rollovers from other qualified tuition programs if: (i) the assets are directly rolled over from another qualified tuition program or a Coverdell Education Savings Account; and (ii) you are purchasing Shares through a broker-dealer that has elected to make the sales charge waiver available to one or more categories of clients (an NAV Rollover ). CMID may pay your broker-dealer a fee from its own resources of up to 0.50% of the amount of your NAV Rollover. Changes to the Allocation Portfolios. ishares MSCI EAFE ETF, ishares Currency Hedged MSCI EAFE ETF and ishares Currency Hedged MSCI Emerging Markets ETF have been added as Underlying Funds in the Allocation Portfolios and the weightings of the Underlying Funds in the Allocation Portfolios have been adjusted. o In THE FUTURE SCHOLAR PORTFOLIOS : The following table replaces the table on page 23 under Target Allocation Portfolios : Portfolio Equities Other Fixed Income / Cash Columbia Aggressive Growth 529 Portfolio 93.00% 0.50% 6.50% Columbia Growth 529 Portfolio 82.75% 2.75% 14.50% Columbia Moderate Growth 529 Portfolio 62.50% 3.00% 34.50% Columbia Moderate 529 Portfolio 51.75% 0% 48.25% Columbia Moderately Conservative 529 Portfolio 31.50% 0% 68.50% Columbia Conservative 529 Portfolio 16.00% 0% 84.00% Columbia College 529 Portfolio 0% 0% %

10 o In THE FUTURE SCHOLAR PORTFOLIOS : The following table replaces the table on page 27 under Target Allocations of Target Allocation Portfolios : Columbia Portfolio Aggressive Growth 529 Growth 529 Moderate Growth 529 Moderate 529 Moderately Conservative 529 Conservative 529 College 529 Age of Designated Beneficiary Risk Track Aggressive Moderate Conservative Underlying Mutual Funds Large Cap Value Equities 8.00% 7.50% 4.00% 4.00% 1.00% 0.50% 0.00% Columbia Large Value Quantitative Fund 8.00% 7.50% 4.00% 4.00% 1.00% 0.50% 0.00% Columbia Dividend Income Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Columbia Dividend Opportunity Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Large Cap Core Equities 33.50% 32.50% 26.50% 22.00% 17.00% 13.00% 0.00% Columbia Contrarian Core Fund 17.50% 17.00% 14.00% 12.00% 10.00% 8.00% 0.00% Columbia Large Cap Index Fund 16.00% 15.50% 12.50% 10.00% 7.00% 5.00% 0.00% Large Cap Growth Equities 8.00% 7.50% 4.00% 4.00% 1.00% 0.50% 0.00% Columbia Select Large Cap Growth Fund 4.50% 4.50% 3.00% 2.00% 0.00% 0.00% 0.00% ishares Russell 1000 Growth Index 3.50% 3.00% 1.00% 2.00% 1.00% 0.50% 0.00% Mid Cap Equities 14.00% 12.00% 10.00% 8.00% 4.00% 2.00% 0.00% Columbia Mid Cap Index Fund 14.00% 12.00% 10.00% 8.00% 4.00% 2.00% 0.00% Columbia Mid Cap Growth Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ishares Russell Midcap Value Index Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Small Cap Equities 8.00% 6.00% 5.00% 4.00% 3.00% 0.00% 0.00% Columbia Small Cap Index Fund 8.00% 6.00% 5.00% 4.00% 3.00% 0.00% 0.00% Columbia Small Cap Core 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% International Equities 21.50% 17.25% 13.00% 9.75% 5.50% 0.00% 0.00% Columbia Pacific/Asia Fund 4.30% 3.45% 2.60% 1.95% 1.10% 0.00% 0.00% Columbia European Equity Fund 6.44% 5.18% 3.90% 2.92% 1.64% 0.00% 0.00% ishares MSCI EAFE ETF 5.38% 4.31% 3.25% 2.44% 1.38% 0.00% 0.00% ishares Currency Hedged MSCI EAFE ETF 5.38% 4.31% 3.25% 2.44% 1.38% 0.00% 0.00% ishares MSCI Emerging Markets Index 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ishares Currency Hedged MSCI Emerging Markets ETF 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Equities 93.00% 82.75% 62.50% 51.75% 31.50% 16.00% 0.00% Other Columbia Convertible Securities Fund 0.50% 2.75% 3.00% 0.00% 0.00% 0.00% 0.00% Fixed Income 6.50% 14.50% 34.50% 44.75% 50.50% 44.50% 50.00% Columbia Corporate Income Fund 1.00% 3.00% 9.00% 9.50% 12.00% 10.00% 8.00% Columbia Income Opportunities Fund 2.00% 3.00% 4.00% 3.50% 3.00% 0.00% 0.00% Columbia U.S. Government Mortgage Fund 0.00% 4.00% 12.00% 12.50% 10.00% 12.00% 12.00% Columbia Limited Duration Credit Fund 0.00% 0.00% 0.00% 1.00% 0.00% 0.00% 0.00% Columbia Short Term Bond Fund 0.00% 0.00% 0.50% 9.25% 11.50% 10.00% 6.00% Columbia Emerging Markets Bond Fund 2.00% 2.00% 2.00% 1.50% 1.50% 0.00% 0.00% Columbia U.S. Treasury Index Fund 1.50% 2.50% 7.00% 7.00% 12.00% 12.00% 23.50% ishares Barclays TIPS Bond Fund 0.00% 0.00% 0.00% 0.50% 0.50% 0.50% 0.50% Cash & Cash Equivalents 0.00% 0.00% 0.00% 3.50% 18.00% 39.50% 50.00% CMG Ultra Short Term Bond Fund 0.00% 0.00% 0.00% 3.50% 18.00% 35.00% 40.00% Columbia Money Market Fund 0.00% 0.00% 0.00% 0.00% 0.00% 4.50% 10.00% Equities 93.00% 82.75% 62.50% 51.75% 31.50% 16.00% 0.00% Other 0.50% 2.75% 3.00% 0.00% 0.00% 0.00% 0.00% Fixed Income and Cash 6.50% 14.50% 34.50% 48.25% 68.50% 84.00% %

11 o In SUMMARY OF INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES OF THE CURRENT UNDERLYING FUNDS International Equity Funds : The following text is added at the end of page 61: ishares MSCI EAFE ETF Investment Objective and Principal Investment Strategies This Underlying Fund seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. The Fund seeks to track the investment results of the MSCI EAFE Index (the Underlying Index ), which has been developed by MSCI Inc. ( MSCI ) as an equity benchmark for international stock performance. The Underlying Index includes stocks from Europe, Australasia and the Far East and, as of June 30, 2014, consisted of the following 21 developed market country indexes or regions: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index may include large-, mid- or small-capitalization companies, and components primarily include consumer discretionary, financials and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. BlackRock Fund Advisors ( BFA ) uses a passive or indexing approach to try to achieve the Fund s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. The Fund may lend securities representing up to one-third of the value of the Fund s total assets (including the value of the collateral received). The Underlying Index is sponsored by an organization (the Index Provider ) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund s Index Provider is MSCI

12 The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. BFA is the investment adviser to the Fund. Shares of the Fund are listed for trading on NYSE Arca, Inc. ( NYSE Arca ). The market price for a share of the Fund may be different from the Fund s most recent NAV. ETFs are funds that trade like other publicly traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents a partial ownership in an underlying portfolio of securities intended to track a market index. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at NAV solely by Authorized Participants (as defined in the Creations and Redemptions section of this Prospectus). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The Fund invests in a particular segment of the securities markets and seeks to track the performance of a securities index that generally is not representative of the market as a whole. The Fund is designed to be used as part of broader asset allocation strategies. Accordingly, an investment in the Fund should not constitute a complete investment program. An index is a theoretical financial calculation while the Fund is an actual investment portfolio. The performance of the Fund and the Underlying Index may vary due to transaction costs, non-u.s. currency valuations, asset valuations, corporate actions (such as mergers and spin-offs), timing variances and differences between the Fund s portfolio and the Underlying Index resulting from legal restrictions (such as diversification requirements) that apply to the Fund but not to the Underlying Index or to the use of representative sampling. Tracking error is the divergence of the performance (return) of the Fund s portfolio from that of the Underlying Index. BFA expects that, over time, the Fund s tracking error will not exceed 5%. Because the Fund uses a representative sampling indexing strategy, it can be expected to have a larger tracking error than if it used a replication indexing strategy. Replication is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, BFA or any of its affiliates. The Fund s investment objective and the Underlying Index may be changed without shareholder approval. Principal Risks of Investing The Fund is subject to Asian Economic Risk, Asset Class Risk, Concentration Risk, Consumer Discretionary Sector Risk, Currency Risk, Custody Risk, quity Securities Risk, European Economic Risk, Financials Sector Risk, Geographic Risk, Index-Related Risk, Industrial Sectors Risk, Issuer Risk, Management Risk, Market Risk, Market Trading Risk, Non-U.S. Securities Risk, Passive Investment Risk, Privatization Risk, Reliance on Trading Partners Risk, Risk of Investing in Developed Countries, Risk of Investing in Japan, Risk of Investing in the United Kingdom, Securities Lending Risk, Security Risk, Tracking Error Risk, U.S. Economic Risk and Valuation Risk

13 ishares Currency Hedged MSCI EAFE ETF Investment Objective and Principal Investment Strategies This Underlying Fund seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar. The Fund seeks to track the investment results of the MSCI EAFE 100% Hedged to USD Index (the Underlying Index ), which has been developed by MSCI Inc. ( MSCI ) as an equity benchmark for its international stock performance with the currency risk of the securities included in the Underlying Index hedged against the U.S. dollar on a monthly basis. The Underlying Index includes stocks from Europe, Australasia and the Far East and, as of June 30, 2014, consisted of the following 21 developed market countries or regions: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index may include large-, mid- or small capitalization companies, and components primarily include consumer discretionary, financials and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. Currently, the Fund achieves its investment objective by investing a substantial portion of its assets in one Underlying Fund, the ishares MSCI EAFE ETF. BlackRock Fund Advisors ( BFA ) uses a passive or indexing approach to try to achieve the Fund s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund and the Underlying Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund or the Underlying Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 80% of its assets in securities of the Underlying Index (including indirect investments through the Underlying Fund) and in depositary receipts representing securities of the Underlying Index, including foreign currency forward contracts designed to hedge against non-u.s. currency fluctuations. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Underlying Index applies a one month forward rate to the total value of the non-u.s. dollar denominated securities included in the Underlying Index to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the component currencies are weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the component currencies are rising relative to the U.S. dollar

14 In order to replicate the hedging component of the Underlying Index, the Fund intends to enter into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. A foreign currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed upon exchange rate. The Fund s exposure to foreign currency forward contracts is based on the aggregate exposure of the Fund to the component currencies. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund s exposure to the component currencies. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations between the component currencies and the U.S. dollar. The Fund may use non-deliverable forward contracts ( NDFs ) to execute its hedging transactions. A nondeliverable foreign currency forward contract is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies, a net cash settlement will be made by one party to the other. The Fund may lend securities representing up to one-third of the value of the Fund s total assets (including the value of the collateral received). The Underlying Index is sponsored by an organization (the Index Provider ) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund s Index Provider is MSCI. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. BFA is the investment adviser to the Fund. Shares of the Fund are listed for trading on NYSE Arca, Inc. ( NYSE Arca ). The market price for a share of the Fund may be different from the Fund s most recent NAV. ETFs are funds that trade like other publicly traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents a partial ownership in an underlying portfolio of securities intended to track a market index. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at NAV solely by Authorized Participants (as defined in the Creations and Redemptions section of this Prospectus). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The Fund invests in a particular segment of the securities markets and seeks to track the performance of a securities index that generally is not representative of the market as a whole. The Fund is designed to be used as part of broader asset allocation strategies. Accordingly, an investment in the Fund should not constitute a complete investment program. An index is a theoretical financial calculation while the Fund is an actual investment portfolio. The performance of the Fund and the Underlying Index may vary due to transaction costs, non-u.s. currency valuations, asset valuations, corporate actions (such as mergers and spin-offs), timing variances and differences between the Fund s portfolio and the Underlying Index resulting from legal restrictions (such as diversification requirements) that apply to the Fund but not to the Underlying Index or to the use of representative sampling. Tracking error is the divergence of the performance (return) of the Fund s portfolio from that of the Underlying Index. BFA expects that, over time, the Fund s tracking error will not exceed 5%. Because the

15 Fund uses a representative sampling indexing strategy, it can be expected to have a larger tracking error than if it used a replication indexing strategy. Replication is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, BFA or any of its affiliates. The Fund s investment objective and the Underlying Index may be changed without shareholder approval. Principal Risks of Investing The Fund is subject to Asian Economic Risk, Asset Class Risk, Concentration Risk, Consumer Discretionary Sector Risk, Currency Hedging Risk, Currency Risk, Derivatives Risk, Equity Securities Risk, European Economic Risk, Financials Sector Risk, Geographic Risk, Industrial Sectors Risk, Index-Related Risk, Investment in Underlying Funds Risk, Issuer Risk, Management Risk, Market Risk, Market Trading Risk, Mid-Capitalization Companies Risk, Non-Diversification Risk, Non-U.S. Securities Risk, Passive Investment Risk, Privatization Risk, Reliance on Trading Partners Risk, Risk of Investing in Developed Countries, Risk of Investing in Japan, Risk of Investing in the United Kingdom, Securities Lending Risk, Security Risk, Tax Risk, Tracking Error Risk and Valuation Risk ishares Currency Hedged MSCI Emerging Markets ETF Investment Objective and Principal Investment Strategies This Underlying Fund seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar. The Fund seeks to track the investment results of the MSCI Emerging Markets 100% Hedged to USD Index (the Underlying Index ), which has been developed by MSCI Inc. ( MSCI ) as an equity benchmark for global emerging markets stock performance with the currency risk of the securities included in the Underlying Index hedged against the U.S. dollar on a monthly basis. As of June 30, 2014, the Underlying Index consisted of securities from the following 23 emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The Underlying Index may include large- or mid-capitalization companies, and components primarily include energy, financials and information technology companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. Currently, the Fund achieves its investment objective by investing a substantial portion of its assets in one Underlying Fund, the ishares MSCI Emerging Markets ETF. BlackRock Fund Advisors ( BFA ) uses a passive or indexing approach to try to achieve the Fund s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund and the Underlying Fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market

16 capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund or the Underlying Fund may or may not hold all of the securities in its Underlying Index. The Fund generally invests at least 80% of its assets in securities of the Underlying Index (including indirect investments through the Underlying Fund) and in depositary receipts representing securities of the Underlying Index, including foreign currency forward contracts (both deliverable and nondeliverable) designed to hedge against non-u.s. currency fluctuations. The notional exposure to currency forward contracts will be a short position that hedges the currency risk of the equity portfolio. The Fund will seek to provide effective total investment exposure equal to 100% of the return of the equity portfolio (other than currency effects) and approximately 0% of the currency risk of the equity portfolio (except for the currency exposure resulting from being over/under-hedged due to intra-month market movements). The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. The Underlying Index applies a methodology that sells forward the total value of the non-u.s. dollar denominated securities included in the Underlying Index at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the component currencies are weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the component currencies are rising relative to the U.S. dollar. In order to replicate the hedging component of the Underlying Index, the Fund intends to enter into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. A foreign currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed upon exchange rate. The Fund s exposure to foreign currency forward contracts is based on the aggregate exposure of the Fund to the component currencies. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund s exposure to the component currencies. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations between the component currencies and the U.S. dollar. The Fund may use non-deliverable forward contracts ( NDFs ) to execute its hedging transactions. A non deliverable foreign currency forward contract is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies, a net cash settlement will be made by one party to the other. The Fund may lend securities representing up to one-third of the value of the Fund s total assets (including the value of the collateral received). The Underlying Index is calculated by an organization (the Index Provider ) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund s Index Provider is MSCI. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry

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