Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	34
Additional Information	38

Columbia Dividend Income Fund  |  Annual Report 2019

Fund at a Glance

Investment objective

Columbia Dividend Income Fund (the Fund) seeks total return, consisting of current income and capital appreciation.

Portfolio management

Scott Davis

Lead Portfolio Manager

Managed Fund since 2001

Michael Barclay, CFA

Portfolio Manager

Managed Fund since 2011

Peter Santoro, CFA

Portfolio Manager

Managed Fund since 2014

Morningstar style box ^TM

The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2019 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.

Average annual total returns (%) (for the period ended May 31, 2019)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/25/02	6.10	9.03	12.64
	Including sales charges		0.00	7.75	11.97
Advisor Class*		11/08/12	6.35	9.30	12.91
Class C	Excluding sales charges	11/25/02	5.29	8.22	11.79
	Including sales charges		4.30	8.22	11.79
Institutional Class		03/04/98	6.36	9.31	12.92
Institutional 2 Class*		11/08/12	6.44	9.43	13.00
Institutional 3 Class*		11/08/12	6.48	9.49	13.04
Class R		03/28/08	5.83	8.76	12.36
Class V	Excluding sales charges	03/04/98	6.10	9.03	12.61
	Including sales charges		0.00	7.74	11.94
Russell 1000 Index			3.47	9.45	14.02

Returns for Class A shares and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.

*

The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Institutional Class shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 92% of the U.S. market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Manager Discussion of Fund Performance

For the 12-month period that ended May 31, 2019, the Fund’s Class A shares returned 6.10% excluding sales charges. The Fund outperformed its benchmark, the Russell 1000 Index, which returned 3.47% over the same time period. Our ability to offer downside protection in a declining market was tested during the period, and we were up to the challenge. Solid stock selection and an emphasis on diversification and quality aided performance in a volatile year for equities.

Trade concerns weighed on equity markets

Optimism prevailed early in the 12-month period that ended May 31, 2019 as positive global economic conditions, broad U.S. corporate tax cuts and moves to reduce regulation in a number of industries buoyed confidence. The pace of U.S. economic growth averaged approximately 3.2% (annualized), as the labor markets added 196,000 jobs per month, on average, and manufacturing activity remained solid. Unemployment fell to a 50-year low of 3.6% in April 2019.

However, the economic backdrop looked less rosy as the period wore on. European economies transitioned to a slower pace of growth in the second half of 2018, struggling with rising interest rates, trade tensions and uncertainty surrounding the U.K.’s departure from the European Union. At the same time, China’s economic conditions weakened and emerging markets came under pressure, driven by trade and tariff concerns and a rising U.S dollar. With global uncertainties on the rise, investors sold stocks and other risky assets late in 2018. Stock markets rebounded early in 2019, as the Federal Reserve backed away from additional rate hikes and vowed patience going forward. However, stocks dipped again in May as trade concerns amplified.

Bonds generally outperformed equities for the 12-month period. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of investment-grade bonds, returned 6.40%. The S&P 500 Index, a broad measure of U.S. stock returns, gained 3.78%.

Contributors and detractors

On a sector basis, health care, industrials, utilities and communication services were the strongest performers for the Fund relative to the benchmark. In health care, positions in Merck, Pfizer and Johnson & Johnson were standout performers. For Merck, Keytruda, the leading drug for lung cancer, extended the company’s lead in oncology. In addition, Merck has products in its pipeline that we see as valuable down the road. We believe Pfizer is a company with strong fundamentals, which has done well by focusing on its current business prospects instead of new acquisitions. We believe Johnson & Johnson, a long-term Fund holding, is nicely diversified with 20+ drugs that generate approximately $1 billion in revenues apiece, per year, in the pharmaceutical segment. In addition, Johnson & Johnson’s leading medical device business plus brand-name consumer products create significant diversification. Johnson & Johnson has historically been a solid choice when the market is stressed, and it performed that role again in this volatile period. In the industrials sector, Union Pacific was the top contributor to Fund returns. We believe that the company has benefited from a strong U.S. economy, but also from its pursuit of precision scheduled railroad for increased automation, which has the potential to boost profitability. Ingersoll Rand and Waste Management were additional standouts in the industrials sector. Cash flow accelerated for Ingersoll Rand. The company has invested wisely in its core businesses, differentiating itself from its peers and gaining share in the commercial and residential HVAC business. Although many would find nothing particularly exciting about garbage collection, Waste Management is a late cycle business experiencing volume and pricing acceleration. Its business is entirely domestic, so tariffs are no concern for Waste Management.

Utilities were the best performing sector in the benchmark for the 12-month period, and an overweight in utilities combined with good stock selection added to the Fund’s performance. We focus on utilities that operate in jurisdictions where regulation is favorable, allowing companies to invest heavily and recoup expenditures through rate increases. WEC Energy, American Electric Power and Eversource Energy fit this profile and were solid performers. Also in the utilities sector, we initiated positions in Ameren and Xcel during the period, both of which contributed positively to relative returns. In communication services, Comcast performed well. Investors were disappointed when the company announced it would acquire British media and telecommunications conglomerate Sky rather than use its tax savings to buy back shares. However, we believe the acquisition is off to a good start and investor confidence has improved with the demonstrated execution.

Columbia Dividend Income Fund  | Annual Report 2019

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Manager Discussion of Fund Performance   (continued)

Strong stock selection led to solid gains in the information technology sector. The Fund’s top performer was technology giant Microsoft, which has transformed itself with subscription-based Office 365 and its Azure cloud computing business. The company has a AAA-rated balance sheet and an attractive dividend. Like Microsoft, Cisco benefitted from technology upgrades among large global enterprises and is generally viewed more as a partner than a vendor. Cisco is the leading network vendor in the world and has leveraged this position to expand into security, collaboration and management. Despite these wins, the Fund lagged its benchmark in the information technology sector overall. It had no exposure to market leading payment processors, which had strong performance over the 12-month period. These companies pay minimal dividends and typically do not meet the Fund’s valuation criteria. In addition, the position in semiconductor giant Intel disappointed. Semiconductors, in general, were weak in the first half of this 12-month period, and increased competition was an additional weight on Intel shares. An underweight in real estate investment trusts (REITs) also detracted from relative results. Elsewhere in the portfolio, Valero in the energy sector, General Dynamics in industrials and BlackRock and Bank of New York Mellon in financials were major detractors from relative results. After a period of solid performance, Valero lost ground as turbulence in Venezuela hurt the company’s St. Charles and Port Arthur refineries, which import a significant portion of their crude oil from Venezuela. General Dynamics disappointed as the company’s business jet business failed to meet investor expectations. The company also acquired a software-based company that was not favorably received by investors. Both BlackRock and Bank of New York Mellon were vulnerable to falling equity prices in the fourth quarter of 2018 and again in May 2019. Declining interest rates also weighed on performance, especially for Bank of New York Mellon.

At period’s end

We are pleased that our disciplined management process enabled us to withstand the volatile swings that took place over the past 12 months. We continue to believe that our focus on identifying high-quality companies with free cash flow and our focus on maintaining a diversified portfolio are strengths our shareholders can rely on and are especially important in difficult times.

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. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

6	Columbia Dividend Income Fund  | Annual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

December 1, 2018 — May 31, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,004.60	1,020.14	4.80	4.84	0.96
Advisor Class	1,000.00	1,000.00	1,005.70	1,021.39	3.55	3.58	0.71
Class C	1,000.00	1,000.00	1,000.80	1,016.40	8.53	8.60	1.71
Institutional Class	1,000.00	1,000.00	1,005.90	1,021.39	3.55	3.58	0.71
Institutional 2 Class	1,000.00	1,000.00	1,006.20	1,021.74	3.20	3.23	0.64
Institutional 3 Class	1,000.00	1,000.00	1,006.40	1,022.04	2.90	2.92	0.58
Class R	1,000.00	1,000.00	1,003.30	1,018.90	6.04	6.09	1.21
Class V	1,000.00	1,000.00	1,004.60	1,020.14	4.80	4.84	0.96

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Columbia Dividend Income Fund  | Annual Report 2019

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8	Columbia Dividend Income Fund  | Annual Report 2019