COLUMBIA DIVIDENDINCOME FUNDFOR SUSTAINABLE INCOME, FOCUS ON FREE CASH FLOWShare classSymbolAAdvisorCInstitutionalInstitutional 2Institutional 3RLBSAXCVIRXLBSCXGSFTXCDDRXCDDYXCDIRX17 YEARS CONSISTENCY IN PROCESS (2004-2021)Why investors should consider owning dividend-paying companiesMore than 40% of the returns in the S&P 500 Index can be attributed to dividend incomeIn addition to providing a stream of income to investors, dividend-paying stocks may help to buffer market volatility and are an important partof total return. In fact, income return has always been positive, despite periods such as the 1930s and 2000s when the S&P 500 Indexreturns were negative.S&P 500 INDEX RETURNS BY DIVIDEND AND CAPITAL APPRECIATIONS&P 500 dividendsAverage annualized return (%)2013.612.61515.311.2103.055.66.00-5-10INSIGHT INTO OUTCOMESS&P 500 capital 1980s1990s2000sSource: Ned Davis Research as of 12/31/20. 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. The Standard and Poor’s (S&P) 500 Index is an unmanaged index that tracks the performance of 500 widely held, large-capitalizationU.S. stocks.Past performance is not a guarantee of future results.Just because a companyhas paid dividends in thepast doesn’t mean it will beable to increase — or evenmaintain — the dividendin the future.Our approach to dividendinvesting focuses oncompanies that cangenerate consistent freecash flow* and may help todeliver consistent income.

1IDENTIFIES FREE CASH FLOWAS A SOURCE OF DIVIDENDSThe Columbia Dividend Income team analyzes a company’s free cash flow to findattractively valued securities and forecast a company’s potential dividend actions.The team believes cash flow analysis is a more reliable indicator of a company’strue profitability from business activities.Investor benefitConcentrating ona company’s free cashflow improves theinvestment team’s abilityto identify and forecasta company’s futurepotential dividend actions— whether the dividendwill be cut, maintainedor increased.SUSTAINABLE DIVIDEND GROWERS LEAD IN PERFORMANCEStocks of companies with growing free cash flow and rising dividends have historically provided solidreturns with lower volatility.Monthly data 01/31/72–12/31/2015,3607,6803,8401,920960( EARn Dividend growers and initiators Gain per year 10.4% 100 grows to 11,346Annualized standarddeviation 16.09%n S &P 500 Geometric Equal-WeightedTotal Return Index Gain per year 7.9% 100 grows to 3,764Annualized standarddeviation 17.75%n N on-dividend-paying stocksGain per year 4.6% 100 grows to 844Annualized standarddeviation 22.20%Source: Ned Davis Research for the period 01/31/72–12/31/20. Data is updated annually.The Dividend growers and initiators and Non-dividend-paying stocks categories are subsets of U.S. stocks within the S&P 500 Index, as defined by Ned Davis Research. The S&P 500Geometric 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&P500 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, it is a measure of the compounded rate ofgrowth 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 measureof 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 betaand R squared are 1.00. 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.

2TARGETS HIGH-QUALITYDIVIDEND-PAYING COMPANIESThe fund managers look for high-quality companies with sound business models and strongbalance sheets — both of which are critical to providing downside risk mitigation, especiallyin times of uncertainty. Their target companies are leaders within their respective industriesand have a history of generating sustainable profitability.DIVIDENDS MAY PROVIDE A CUSHION AGAINST LOSSESFinancially strong companies are more likely to generate higher total returns and experiencelower volatility than the overall market.Investor benefitHistorically, the fund’sdividend-paying stockshave held up betterthan non-dividendpaying stocks and mayprovide investors acushion against lossesin challenging markets.nC olumbia Dividend Income Fund Class Inst. n S &P 500 IndexnM orningstar Large GrowthnM orningstar Large Value550( , thousands)500450400350Value at market bottom, Jan 2004–Feb 2009Dividend Income: 9,292 (-7%)Large Growth Category: 7,251 (-27%)Large Value Category: 7,196 (-28%)S&P 500 Index: 7,323 (-27%) 519,890 515,680 507,630 345,6903002502001501005002004* 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sources: Columbia Management Investment Advisers, LLC and Zephyr StyleADVISOR as of 03/31/21. For illustrative purposes only. Illustration is based on a hypothetical 100,000 investment in Institutional Class shares. 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. 2004 represents the first full year of calendar returnsunder the strategy. 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 sothat 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 for performance data current to the most recent month end. It is not possible to invest directly in an index.

3SEEKS DISCIPLINED COMPANIESTO DELIVER DIVIDENDSNot only do dividend stocks generate income for investors, they also have the potentialto grow that income. The investment team looks for companies that are good stewardsof capital — companies that boast strong balance sheets, are leading businessfranchises and use their free cash flow to: Reinvest in the businessPay down debtConsistently pay or even increase dividends to shareholdersOffer share buybacksInvestor benefitThese types ofcompanies havehistorically outperformedthe market anddemonstrated an abilityto sustain and growdividends for investors.Companies that demonstrate these traits often have a history of deliveringdividend income.INCREASE DIVIDENDS OVER TIME AND GENERATE CAPITAL APPRECIATIONColumbia Dividend Income Fund Institutional Class has been a strong total return solution, largely increasingthe share price NAV and more than doubling income distribution per share.300.525( )( )2015105 0.4520200.4 24.4520200.30.2 11.66200400.1 0.1920040.0Class Institutional – Share price (NAV)Class Institutional – Dividend distributionSource: Columbia Management Investment Advisers, LLC as of 12/31/20. Data is updated annually for calendar years 01/01/04—12/31/20.Past performance does not guarantee future results. It is not possible to invest directly in an index.

Overall Morningstar Rating TMGENERATE INCOMEas of 03/31/21 CLASS INSTCLASS Aout of 1,138 fundsColumbia Dividend Income Fund snapshotCATEGORY: LARGE VALUEPercentileRankings*Ratings*What if you could invest in a product built to generate returns not just in the bestof times, but over time? Columbia Dividend Income Fund prioritizes quality andsustainability, targeting strong, healthy companies with growing free cash flow thathave historically sustained and increased dividends.* The goal is stronger riskadjusted returns and sustainable income for you over the long term.THE GROWTH OF A 100,000 INVESTMENT03/04/98—03/31/21CLASS INSTCLASS A 10-year 1-year823-year135-year1310-year4 3-year5-year8315157OUT 00( ) 400,000nC olumbia Dividend Income Fundn Russell 1000 0703/0903/1103/1303/1503/1703/1903/21Source: Columbia Management Investment Advisers, LLC. It is not possible to invest directly in an index. All results shown assume reinvestment of dividends and capital gains. Illustration is based on a hypothetical 100,000 investmentin Institutional Class shares.* Dividend payments are not guaranteed.Share classSymbolAAdvisorCInstitutionalInstitutional 2Institutional 3RLBSAXCVIRXLBSCXGSFTXCDDRXCDDYXCDIRXPORTFOLIO MANAGEMENTScott L. DavisPortfolio Manager41 years of experienceMichael S. Barclay, CFAPortfolio Manager30 years of experienceAVERAGE ANNUAL TOTAL RETURN (%, as of 03/31/21)Class InstitutionalClass A (NAV)Class A (POP)Russell 1000 IndexMorningstar Large Value CategoryInception date03/04/9811/25/0211/25/02YTD 32Since inception8.778.498.21- Gross expense ratio: 0.94% for Class A 0.69% for Class Inst; Net expense ratio: 0.94% for Class A 0.69% for Class Institutional. The investment manager and certain of its affiliates havecontractually (for at least 12 months after the date of the fund prospectus) agreed to waive certain fees and/or to reimburse certain expenses of the fund. 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 sothat 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 for performance data current to the most recent month end. Institutional Class shares are sold at net asset value and have limited eligibility. ColumbiaManagement 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: /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.* The fund’s Morningstar RatingTM is calculated based on a Morningstar Risk-Adjusted Return measure. Morningstar Rankings are based on annualized total returns and do notreflect sales charges.The fund’s expense ratio is from the most recent prospectus.

Millions of people around the world rely on Columbia Threadneedle Investments to manage theirmoney, including individual investors, financial advisors and institutional investors. Together, theyentrust us with 564 billion.*Our reach is expansive. We have built a global team of 2,000 people, including more than 450investment professionals sharing global perspectives across all major asset classes and markets.Our analysts are dedicated to finding original, actionable insights that are shared and debatedwith portfolio managers. Our independent oversight team works with portfolio teams to ensure aconsistent approach and avoidance of unintended risks.Your success is our priority.To find out more, call 800.426.3750or visit Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a freeprospectus or a summary prospectus, which contains this and other important information about the funds, visit 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 orthe 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 tocurrency 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 overtime. 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 fundinvesting 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 significantlyin 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. Institutional Class shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not allnecessarily available through all firms, and the share class ratings may vary. Contact us for details. 2021 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 ordistributed; 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 thisinformation. 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 redemptionfees 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 (leastfavorable) 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 eachfund with at least a three-year history, Morningstar calculates a Morningstar RatingTM used to rank the fund against other funds in the same category. It is calculated basedon a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance, without any adjustments for loads (front-end, deferred, orredemption fees), placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered asingle 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 2stars 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 distributionpercentages). The Morningstar rating is for the indicated share classes; other classes may have different performance characteristics.Not all products and share classes are available through all firms.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.* In U.S. dollars as of March 31, 2021. Source: Ameriprise Q1 Earnings Release. Contact us for more current data.Not Federally Insured No Financial Institution Guarantee May Lose ValueColumbia 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 2017-2021 Columbia Management Investment Advisers, LLC. All rights reserved.Share ClassSymbolAAdvisorCInstitutionalInstitutional 2Institutional 3RLBSAXCVIRXLBSCXGSFTXCDDRXCDDYXCDIRXCT-MK/247220 AC (04/21) SMFS/3554177