FOCUSING ON THE CASH FLOW COLUMBIA DIVIDEND INCOME FUND Class A LBSAX Class C LBSCX Class R CDIRX Class R4 CVIRX Class R5 CDDRX Class Z GSFTX

FOCUSING ON THE CASH FLOW COLUMBIA DIVIDEND INCOME FUND Class A LBSAX Class C LBSCX Class R CDIRX Class R4 CVIRX Class R5 CDDRX Class Z GSFTX

GENERATE AN APPROPRIATE STREAM OF INCOME Stop chasing yield and start focusing on quality income for tomorrow choose investments with the potential to increase dividends over time and deliver reliable income to help you secure a stable future. Invest in quality, live confidently Quality. Sustainability. Consistency. Do these words come to mind when you imagine your ideal life? After decades of diversified investing, do you envision yourself finally sitting back and enjoying the rewards? The harsh reality is that 24% of today s workers are not at all confident that they will have enough money to live comfortably throughout their retirement years. 1 To achieve your long-term financial goals, even in a challenging market environment like the one we face today, consider investments that reflect the same qualities that define your best life. Quality. Sustainability. Consistency. Look forward the future is what counts Focusing on companies built to generate returns not just in the best of times, but over time, Columbia Dividend Income Fund prioritizes quality and sustainability in an effort to deliver consistent dividend income to its investors. By targeting strong, healthy companies with high cash flow, the fund strives to provide dividend growth and reliable returns. The management team is forward-looking, basing investment decisions on what lies ahead not what happened yesterday. While competitors are busy chasing yield, the Columbia Dividend Income Fund team is busy discovering investment opportunities to grow and protect your wealth over the long term. 1 2015 EBRI Retirement Confidence Survey. Employee Benefit Research Institute (ERBI).

TARGETING A SWEET SPOT IN DIVIDENDS TO GROW YOUR WEALTH Columbia Dividend Income Fund invests in what the managers believe to be attractively valued companies with strong and growing free cash flow. 2 The goal is to increase dividends and provide consistent yields and capital appreciation producing potentially stronger riskadjusted performance and sustainable income for you over time. The following attributes empower the fund to achieve these objectives: Scott L. Davis Senior Portfolio Manager Investment experience since 1980 Free cash flow as the source of dividend increases. Dividend-paying stocks have historically posted strong results with lower volatility than the broader equity market. History also shows that companies with higher levels of free cash flow and quality earnings offer the potential for dividend growth and superior relative returns even more than the highest yielding stocks on the market. Tenured team with a differentiated valuation approach. Averaging more than 25 years of investment experience, the team s well-established process focuses on dividend growth opportunities. Using free cash flow analytics (such as free cash flow yield 3 ) rather than traditional value metrics (like price-to-earnings ratio 4 ) empowers the team to better identify companies that can sustain dividend distributions and support dividend growth. Michael S. Barclay, CFA Senior Portfolio Manager Investment experience since 1991 Downside protection benefits. In general, the income produced by dividend-paying stocks intrinsically provides a degree of downside protection when the market trends lower. Because of the fund s focus on financially strong companies, the high-quality dividend-paying stocks in which it invests may be less susceptible to market downturns. The fund s investment approach may help to mitigate risk to your portfolio despite uncertainty in the market. Peter C. Santoro, CFA Senior Portfolio Manager Investment experience since 1996 Past performance is not a guarantee of future results. 2 Free cash flow is the amount of cash generated after capital expenditures, which can be used to reinvest in the business, reduce debt, acquire other businesses or pay and increase dividends. 3 Free cash flow yield (FCF/price): A measure of the market s expectations of a company s future financial health, calculating the price of a stock divided by its cash flow per share. 4 Price-earnings ratio (P/E): The price of a share of stock divided by its reported earnings for a 12-month period. It is an indicator of how much investors are willing to pay for an opportunity to share in a firm s future earnings potential. This brochure is updated annually and must be accompanied by the most recent fund story or fund fact sheet. There is no guarantee that investment objectives will be achieved or that any particular investment will be profitable.

FOCUS ON HIGH-QUALITY COMPANIES, NOT YIELD Columbia Dividend Income Fund seeks to invest in high-quality, attractively valued companies with growing free cash flow. Our priority is to help provide you with income through greater return potential while protecting you against downside risk by: Concentrating on free cash flow. The fund focuses on free cash flow yield, rather than traditional valuation methods, to identify attractively valued securities and forecast a company s potential dividend actions. The team believes cash flow analysis is a more reliable indicator of a company s true profitability from business activities. Focusing on quality. The fund managers look for stocks of high-quality companies with strong, defensible business models and strong balance sheets both of which are critical to providing downside protection, especially in times of stress. Their target companies have high barriers to entry within their respective industries and a history of long-term, sustainable profitability and cash flow from operations. Seeking stewards of capital. These companies often have a history of above-average dividend growth, which in the team s view is a sign of strong capital discipline. Companies with capital discipline are more likely to thrive long term and generate strong, riskadjusted performance over time. Sustainable dividend growers lead in performance Stocks of companies with growing free cash flow and rising dividends have historically provided solid returns with lower volatility. Monthly data 01/31/72 12/31/15 $ 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Dividend growers and initiators Gain per year = 9.8% ($100 grows to $6,136) Annualized standard deviation = 15.91% S&P 500 Geometic Equal-Weighted Total Return Index Gain per year = 7.4% ($100 grows to $2,334) Annualized standard deviation = 17.60% Non-dividend-paying stocks Gain per year = 2.5% ($100 grows to $290) Annualized standard deviation = 24.90% 0 1972 1975 1980 1985 1990 1995 2000 2005 2010 2015 Source: Ned Davis Research as of 12/31/15. Data is updated annually. Past performance does not guarantee future results. It is not possible to invest directly in an index. The S&P 500 Equal Weight Index (S&P 500 EWI): The index is the equal-weight version of the widely regarded S&P 500. It has the same constituents as the capitalization weighted S&P 500 Index, but each company in the S&P 500 EWI is allocated a fixed weight. Geometric average: Also called the time-weighted rate of return, is a measure of the compounded rate of growth of the initial market value during the evaluation period, assuming that all cash distributions are reinvested in the portfolio. Standard deviation (R squared): A statistical measure of volatility. It indicates the risk associated with a return series. Standard deviation also measures a fund s performance correlated to a standard index. By definition, the market beta and R squared are 1.00. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.

SATISFYING YOUR INCOME NEEDS WITH STABILITY AND CONSISTENCY By investing in cash-rich companies with strong free cash flow and the ability to pay dividends, Columbia Dividend Income Fund may provide you with these potential benefits: Sustainable and growing income. Dividend stocks not only generate income for investors, they also have the potential to grow that income. A combination of historically low dividend payout ratios and high corporate cash levels suggests financially strong companies trading at attractive valuations are in a solid position to increase their dividends over time. To improve your chance at long-term success, those are the companies the fund targets. Dividends to counteract volatility. Dividends play an important role in the health of an equity portfolio. Historically, dividend-paying stocks in the fund have held up better than non-dividend-paying stocks and may provide a cushion against losses in challenging markets. Such financially strong companies are likely to generate higher total returns and experience lower volatility than the overall market. The goal is for you to capture returns not just in up markets, but in all markets. Increase dividends over time and generate capital appreciation Over the last decade, Columbia Dividend Income Fund Class A has been a strong total return solution, nearly doubling the share price NAV and more than doubling its income distribution per share. $20 $15 $10 $17.58 2015 $0.50 $0.40 $0.30 $0.47 2015 Long-term wealth accumulation. Since chasing higher yield can often hinder performance rather than enhance it, the seasoned investment team focuses on dividend growth, rather than yield alone. Understanding the direction of cash flow helps the fund managers identify companies that not only sustain but can increase future dividends. This approach positions the portfolio to help you build wealth during both the accumulation and distribution stages of your life, putting you one step closer to living your best life. $5 $0 $10.34 2004 Share price (NAV) $0.20 $0.10 $0.17 2004 $0.00 Dividend distribution Source: Columbia Management Investment Advisers, LLC as of 12/31/15. Data is updated annually for calendar years 01/01/04 12/31/15.* Average annual total returns, Class A (%) as of 03/31/16 1-year 3-year 5-year 10-year Since inception 5 Without sales charge 4.07 10.31 10.97 7.68 7.14 With 5.75% maximum sales charge -1.89 8.15 9.67 7.05 6.79 Gross expense ratio: 1.02% Net expense ratio: 1.02% 5 Inception 11/25/02 * On 10/27/03, the fund changed its investment objective and strategy to invest primarily in dividend-paying equities. Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiathreadneedle.com/us for performance data current to the most recent month end. Expense ratios are generally based on the fund s most recently completed fiscal year and are not adjusted for current asset levels or other changes. In general, expense ratios increase as net assets decrease. See the fund s prospectus for additional details.

About Columbia Threadneedle Investments Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world. With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.*** Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams investment processes. More importantly, it results in better informed investment decisions for our clients. To find out more, call 800.426.3750 or visit columbiathreadneedle.com/us Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus or a summary prospectus, which contains this and other important information about the funds, visit columbiathreadneedle. com/us. Read the prospectus carefully before investing. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Dividend payments are not guaranteed and the amount, if any, can vary over time. A rise in interest rates may result in a price decline of fixed-income instruments held by the fund, negatively impacting its performance and NAV. Falling rates may result in the fund investing in lower yielding debt instruments, lowering the fund s income and yield. These risks may be heightened for longer maturity and duration securities. The fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the fund more vulnerable to unfavorable developments in the sector. The fund returns shown include the performance of Galaxy Strategic Equity Fund, a series of The Galaxy Fund and the predecessor to the fund, for periods prior to November 25, 2002. Class Z shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not all necessarily available through all firms, and the share class ratings may vary. Contact us for details. * In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data. ** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC. *** Source: Investment Association as of September 2015 for Threadneedle. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804 2016 Columbia Management Investment Advisers, LLC. All rights reserved. Class A LBSAX Class C LBSCX Class R CDIRX Class R4 CVIRX Class R5 CDDRX Class Z GSFTX CT-MK/247220 F (04/16) 236H/1469739

FOCUSING ON THE CASH FLOW COLUMBIA DIVIDEND INCOME FUND Class A LBSAX Class C LBSCX Class R CDIRX Class R4 CVIRX Class R5 CDDRX Class Z GSFTX Q1 MARCH 31, 2016 Columbia Dividend Income Fund invests in high-quality companies with growing free cash flow that have historically sustained and increased dividends. The fund is managed by a tenured team that has experience throughout varying market cycles. The fund s investment approach and strategy positions the portfolio to help build wealth during both the accumulation and distribution stages of an investor s lifetime. Free cash flow as the source of dividend increases Dividend-paying stocks have historically posted strong results with lower volatility than the broader equity market. History also shows that companies with higher levels of free cash flow 1 and quality earnings offer the potential for dividend growth and superior relative returns - even more than the highest yielding stocks on the market. Tenured team with a differentiated valuation approach Averaging more than 25 years of investment experience, the team s well-established process focuses on identifying companies that can sustain dividend distributions and support dividend growth. Downside protection benefits In general, the income produced by dividend-paying stocks intrinsically provides a degree of downside protection when the market trends lower. Because of the fund s focus on financially strong companies, the high-quality dividend-paying stocks in which it invests may be less susceptible to market downturns. Seeking downside protection over time High-quality companies with growing free cash flow have the potential to yield strong returns. Based on a hypothetical $10,000 investment in the fund on January 1, 2004, an investor could have received $25,605, which would have translated into cumulative excess returns versus the broader equity market of 14.2% for the period through December 31, 2015. Growth of $10,000 investment ($) 30 25 20 15 10 5 12/03 12/04 12/05 12/06 12/07 Columbia Dividend Income Fund Class A NAV 12/08 12/09 12/10 Russell 1000 Index 30 25 20 15 10 5 0 12/11 12/12 12/13 12/14 12/15 Cumulative excess return vs. Russell 1000 Index Cumulative excess return vs. Russell 1000 Index (%) Source: Columbia Management as of 12/31/2015. The team began managing the fund and updated strategies during the fourth quarter 2003. Past performance does not guarantee future results. It is not possible to invest in an index. Investment risks Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Dividend payments are not guaranteed and the amount, if any, can vary over time. A rise in interest rates may result in a price decline of fixed-income instruments held by the fund, negatively impacting its performance and NAV. Falling rates may result in the fund investing in lower yielding debt instruments, lowering the fund s income and yield. These risks may be heightened for longer maturity and duration securities. The fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the fund more vulnerable to unfavorable developments in the sector. 1 Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. It is not possible to directly invest in an index. Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Not all products and share classes are available through all firms. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary prospectus, which contains this and other important information about the funds, visit www.columbiathreadneedle.com/us. Read the prospectus carefully before investing.

COLUMBIA DIVIDEND INCOME FUND Looking for sustainable dividends over time By focusing on the top two quintiles of free cash flow, we can analyze this data to value companies and forecast their potential dividend actions. Relative performance of free cash flow and dividend yield (%) Average Annual Total Returns, Class A (%) 2 YTD (cum.) 1- year 3- year 5- year Portfolio Management 10- year Since inception Without sales charge 3.25 4.07 10.31 10.97 7.68 7.14 With 5.75% maximum sales charge -2.67-1.89 8.15 9.67 7.05 6.79 Overall Morningstar Rating TM Ratings Free cash flow yield quintile Class A Class Z out of 1,207 funds Category: Large Value Percentile Rankings Class A Class Z Out of 3-year 1,207 5-year 1,051 10-year 764 1-year^ 6 6 3-year 14 12 5-year 10 7 10-year 5 3 Dividend yield quintile Highest quintile Second Third Fourth Lowest quintile No dividend Best quintile 3.5 5.8 3.8 3.4 2.3 4.4 Second 1.8 2.9 1.3 1.0 1.5 3.2 Third 0.2 1.0-0.5-1.1-1.6-0.3 Fourth -0.5-2.2-1.7-1.4-2.4-2.9 Worst quintile -1.0-3.0-2.4-1.3-0.8-3.6 Source: Empirical Research Partners, one-year holding periods 1964 Jan. 2016 ^ Out of 1,390 total funds. Scott L. Davis 36 years of industry experience Michael S. Barclay, CFA 25 years of industry experience Peter C. Santoro, CFA 20 years of industry experience Standard Deviation (% risk) Time Period Fund Russell 1000 04/13-03/16 3-year 10.5 11.4 04/11-03/16 5-year 10.8 12.4 04/09-03/16 7-year 11.6 13.8 04/06-03/16 10-year 13.2 15.6 Top Sectors (% of investments) Fund Russell 1000 Financials 19.8 16.5 Information Technology 14.2 20.2 Consumer Staples 13.3 9.6 Industrials 12.7 10.7 Health Care 11.6 13.7 Top Holdings (% of net assets) Fund Microsoft 4.3 Johnson & Johnson 3.3 Exxon Mobil Corporation 3.2 JPMorgan Chase & Co 2.6 Home Depot 2.6 Apple 2.6 Verizon Communications Inc 2.6 Philip Morris International 2.6 Merck & Co 2.5 Comcast Corp-Class A 2.4 Yield Class A 30-day SEC yield 1.65 Expense Ratio Gross Net Class A 1.02 1.02 Inception Date Date Fund 03/04/98 Class A 11/25/02 All data shown is as of 03/31/16, unless otherwise noted. Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit www.columbiathreadneedle.com/us for performance data current to the most recent month end. Class Z shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not all necessarily available through all firms, and the share class ratings may vary. Contact us for details. The fund s expense ratio is from the most recent prospectus. The fund returns shown include the performance of Galaxy Strategic Equity Fund, a series of The Galaxy Fund and the predecessor to the fund, for periods prior to November 25, 2002. 2 The returns shown for periods prior to the share class inception date (including returns since inception, which are since fund inception) include the returns of the fund s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information. Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings include cash but exclude short-term holdings, if applicable. 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. 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. 2016 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. For each fund with at least a three-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 Rating is for Class A shares without sales charges only; other classes may have different performance characteristics and may have different ratings. The Overall Morningstar Rating for a fund is derived from a weighted average for the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804. T: 800.426.3750 2016 Columbia Management Investment Advisers, LLC. All rights reserved. columbiathreadneedle.com/us blog.columbiathreadneedleus.com FSS33033 P Q116 1306816