COLUMBIA DIVIDEND INCOME FUND

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COLUMBIA DIVIDEND INCOME FUND FOR SUSTAINABLE INCOME, FOCUS ON FREE CASH FLOW Share Class Symbol A Advisor C Institutional Institutional 2 Institutional 3 R LBSAX CVIRX LBSCX GSFTX CDDRX CDDYX CDIRX

1 COLUMBIA DIVIDEND INCOME FUND FOR SUSTAINABLE INCOME, FOCUS ON FREE CASH FLOW Share Class Symbol A Advisor C Institutional Institutional 2 Institutional 3 R LBSAX CVIRX LBSCX GSFTX CDDRX CDDYX CDIRX Why investors should own dividend-paying companies Over 40% of the returns in the S&P 500 Index can be attributed to dividend income In addition to providing a stream of income to investors, dividend-paying stocks may help to buffer market volatility and are an important part of total return. In fact, income return has always been positive, despite periods such as the 1930s and 2000s when the S&P 500 Index returns were negative. Average annualized return (%) S&P 500 INDEX RETURNS BY DIVIDEND AND CAPITAL APPRECIATION s 1950s 1960s 1970s 1980s 1990s 2000s s S&P 500 dividends 10.5 S&P 500 capital appreciation Source: Ned Davis Research as of 12/31/16. Data is updated annually. * 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. Past performance is not a guarantee of future results. INSIGHT INTO OUTCOMES Just because a company has paid dividends in the past doesn t mean it will be able to increase or even maintain the dividend in the future. Our approach to dividend investing focuses on companies that can generate consistent free cash flow* and may help to deliver consistent income.

2 GENERATE INCOME Columbia Dividend Income Fund snapshot What if you could invest in a product built to generate returns not just in the best of times, but over time? Columbia Dividend Income Fund prioritizes quality and sustainability, targeting strong, healthy companies with growing free cash flow that have historically sustained and increased dividends.* The goal is stronger risk-adjusted returns and sustainable income for you over the long term. THE GROWTH OF A $10,000 INVESTMENT 01/01/04 09/30/17 Overall Morningstar Rating TM as of 09/30/17 CLASS A CLASS INST out of 1,108 funds CATEGORY: LARGE VALUE Ratings Rankings CLASS A CLASS INST OUT OF 3-year 1,108 5-year year year ,269 3-year ,108 5-year year ,000 30,000 25,000 ($) 20,000 15,000 10,000 5, Columbia Dividend Income Fund Class A NAV Russell 1000 Index Source: Columbia Management Investment Advisers, LLC The team began managing the fund and updated strategies during the fourth quarter It is not possible to invest directly in an index. Illustration is based on a hypothetical $10,000 investment in Class A shares, not including sales charges. * Dividend payments are not guaranteed. Share Class A Advisor C Institutional Institutional 2 Institutional 3 R Symbol LBSAX CVIRX LBSCX GSFTX CDDRX CDDYX CDIRX PORTFOLIO MANAGEMENT Scott Davis Portfolio Manager 37 years of experience Michael S. Barclay, CFA Portfolio Manager 26 years of experience AVERAGE ANNUAL TOTAL RETURN (%, as of 09/30/17) Peter C. Santoro, CFA Portfolio Manager 21 years of experience Inception date YTD (cum.) 1-year 3-year 5-year 10-year Since inception Class Inst 03/04/ Class A (NAV) 11/25/ Class A (POP) 11/25/ Russell 1000 Index Morningstar Large Value Category Gross expense ratio: 0.98% for Class A 0.73% for Class Inst. Net expense ratio: 0.98% for Class A 0.73% for Class Inst. 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. Institutional Class 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 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. For more information please visit: com/us/investment-products/mutual-funds/appended-performance. Net asset value (NAV) returns do not include sales charges or contingent deferred sales charges (CDSC). If they were included, returns would be lower. Public offering price (POP) returns are calculated with the effect of the maximum initial sales charge of 5.75%. 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. The fund s expense ratio is from the most recent prospectus. The Russell 1000 Index tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization. It is unmanaged and unavailable for investment.

3 1 IDENTIFIES FREE CASH FLOW AS A SOURCE OF DIVIDENDS The Columbia Dividend Income team analyzes a company s free cash flow to find 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. 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 12/31/16 7,000 6,000 Investor benefit Concentrating on a company s free cash flow improves the investment team s ability to identify and forecast a company s future potential dividend actions whether the dividend will be cut, maintained or increased. 5,000 4,000 ($) 3,000 2,000 1, YEAR n Dividend growers and initiators Gain per year = 9.9% $100 grows to $6,973 Annualized standard deviation = 15.81% n S&P 500 Geometric Equal-Weighted Total Return Index Gain per year = 7.5% $100 grows to $2,614 Annualized standard deviation = 17.49% n Non-dividend-paying stocks Gain per year = 2.4% $100 grows to $289 Annualized standard deviation = 24.72% Source: Ned Davis Research. Data is updated annually. 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 A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. Past performance does not guarantee future results. It is not possible to invest directly in an index.

4 2 TARGETS HIGH-QUALITY DIVIDEND-PAYING COMPANIES The fund managers look for high-quality companies with sound business models and strong balance sheets both of which are critical to providing downside protection, especially in times of uncertainty. Their target companies are leaders within their respective industries and have a history of generating sustainable profitability. DIVIDENDS MAY PROVIDE A CUSHION AGAINST LOSSES Financially strong companies are more likely to generate higher total returns and experience lower volatility than the overall market. 30,000 25,000 20,000 Value at market bottom, Jan 2004 Feb 2009 Dividend Income Fund: $9,177 (-8%) Large Growth category: $7,251 (-27%) Large Value category: $7,196 (-28%) S&P 500 Index: $7,323 (-27%) $28,970 $26,364 $22,797 $22,711 Investor benefit Historically, the fund s dividend-paying stocks have held up better than non-dividendpaying stocks and may provide investors a cushion against losses in challenging markets. ($) 15,000 10,000 5, * Columbia Dividend Income Fund Class A Morningstar Large Growth Morningstar Large Value S&P 500 Index Sources: Columbia Management Investment Advisers, LLC and Zephyr StyleADVISOR as of 12/31/16. For illustrative purposes only. Illustration is based on a hypothetical $10,000 investment in Class A shares, including sales charges. All results shown assume reinvestment of dividends and capital gains. * In the fourth quarter of 2003, the fund changed its investment objective and strategy to invest primarily in dividend-paying equities represents the first full year of calendar returns under the strategy. Past performance does not guarantee future results. It is not possible to invest directly in an index.

5 3 SEEKS DISCIPLINED COMPANIES TO DELIVER DIVIDENDS Not only do dividend stocks generate income for investors, they also have the potential to grow that income. The investment team looks for companies that are good stewards of capital companies that boast strong balance sheets, are leading business franchises and use their free cash flow to: Reinvest in the business Pay down debt Consistently pay or even increase dividends to shareholders Offer share buybacks Companies that demonstrate these traits often have a history of delivering dividend income. Investor benefit These types of companies have historically outperformed the market and demonstrated an ability to sustain and grow dividends for investors. INCREASE DIVIDENDS OVER TIME AND GENERATE CAPITAL APPRECIATION Columbia Dividend Income Fund Class A has been a strong total return solution, largely increasing the share price NAV and nearly doubling income distribution per share. $20 $0.30 $0.33 $19.10 $15 $0.20 $10 $ $ $0.10 $5 $0 Share price (NAV) $0.00 Dividend distribution Source: Columbia Management Investment Advisers, LLC as of 12/31/16. Data is updated annually for calendar years 01/01/04 12/31/16. Past performance does not guarantee future results. It is not possible to invest directly in an index.

6 Columbia Threadneedle Investments is a leading global asset manager that provides a broad range of investment strategies for individual and institutional clients. With 450 investment professionals across 19 countries, we manage $473* billion across asset classes. Our global investment team debates and challenges their best ideas to make better decisions, leading to better outcomes for you and your clients. To find out more, call 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 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, On November 1, 2017, Class Z, R4, R5 and Y shares were renamed to Institutional, Advisor, Institutional 2 and Institutional 3, respectively. Institutional Class 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 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. Morningstar Percentile Rankings are based on the average annual total returns of the funds in the category for the periods stated. They do not include sales charges or redemption fees but do include operating expenses and the reinvestment of dividends and capital gains distributions. The highest (most favorable) percentile rank is 1 and the lowest (least favorable) percentile rank is 100. Share class rankings vary due to different expenses. If sales charges or redemption fees were included, total returns would be lower. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM used to rank the fund against other funds in the same category. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly excess performance, without any adjustments for loads (frontend, deferred, or redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. 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 the indicated share classes; other classes may have different performance characteristics.. * In U.S. dollars as of June 30, Source: Ameriprise Q2 Earnings Release. Contact us for more current data. 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 Columbia Management Investment Advisers, LLC. All rights reserved. Share Class A Advisor C Institutional Institutional 2 Institutional 3 R Symbol LBSAX CVIRX LBSCX GSFTX CDDRX CDDYX CDIRX CT-MK/ K (10/17) 946T/

COLUMBIA DIVIDEND INCOME FUND

SUMMARY PROSPECTUS October 1, 2017 COLUMBIA DIVIDEND INCOME FUND CLASS Class A Shares Class C Shares Class R Shares Class R4 Shares Class R5 Shares Class T Shares* Class V Shares** Class Y Shares Class