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FIRST QUARTER 2017 INVESTMENT COMMENTARY CLASS A | LCCAX CLASS C | LCCCX Overall Morningstar RatingTM CLASS R | CCCRX CLASS R4 | CORRX CLASS R5 | COFRX CLASS Z | SMGIX Columbia Contrarian Core Fund Fund performance Class A Columbia Contrarian Core Fund Class A shares returned 6.75% (excluding sales Class Z The Morningstar rating is for the indicated share classes only as of 03/31/17; other classes may have different performance characteristics. The Morningstar ratings for the overall, three-, five- and ten-year periods for Class A shares are 5 stars, 4 stars, 5 stars and 5 stars and for Class Z shares are 5 stars, 4 stars, 5 stars and 5 stars among 1248, 1248, 1113 and 822 Large Blend funds respectively, and are based on a Morningstar Risk-Adjusted Return measure. charge) for the first quarter. Monthly performance is available online at investor.columbiathreadneedleus.com. The fund outperformed its benchmark, the Russell 1000 Index, which returned 6.03% for the same period. Stock selection was the primary driver of underperformance for the period. Strong stock selection in the information technology, consumer discretionary and health care sectors was the primary driver of outperformance, while stock selection in the industrials sector was a slight offset. Sector allocation had a fairly neutral impact on performance. Market overview With valuations and sentiment high, we would not be surprised if volatility emerges from unanticipated events or perceived setbacks. As these events occur, we will continue to use our contrarian process to look for opportunity for investors. An equity market rally that began late in 2016 continued through the first quarter of 2017. Expectations for lower income taxes, higher infrastructure spending and a looser regulatory environment under a Republican-led administration inspired investors to bid prices up in every industrial sector except energy. Eight straight years of equity market gains make this the second longest bull market since World War II. The run-up in stock prices also makes stocks expensive relative to corporate earnings growth, a potential risk factor going forward. Solid economic data also gave investors something to cheer about. The labor market continued to add jobs at a steady pace. Manufacturing activity was surprisingly strong. Both consumer and business sentiment were positive. First-quarter growth may fall short of last year’s 2.0% advance. However, an end to seasonal detractors, including a warm winter, sets the stage for potentially stronger growth ahead. Against this backdrop, the S&P 500 Index returned 6.07% for the first quarter, with even higher returns for large- and mid-cap growth stocks, as measured by their respective Russell indices. Technology stocks led the market, while small-cap value stocks and the Average annual total returns (%) for period ending March 31, 2017 Columbia Contrarian Core Fund Expense ratio1 Share class Without waiver (gross) With waiver (net) A 1.06% — Z 0.81% — 3-mon. 1-year 3-year 5-year 10-year Class A without sales charge 6.75 15.06 9.87 13.38 9.22 Class A with 5.75% maximum sales charge 0.63 8.46 7.73 12.05 8.57 Class Z 6.80 15.32 10.14 13.66 9.49 Russell 1000 Index 6.03 17.43 9.99 13.26 7.58 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 investor.columbiathreadneedleus.com 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. Columbia Management Investment Distributors, Inc. 225 Franklin Street, Boston, MA 02110-2804 investor.columbiathreadneedleus.com 800.426.3750 1756644 (04/17) FIRST QUARTER 2017 INVESTMENT COMMENTARY Columbia Contrarian Core Fund Top holdings (% of net assets) as of March 31, 2017 Apple 4.73 Philip Morris International 3.25 Berkshire Hathaway Inc-Cl B 3.01 energy sector lost ground. The Federal Reserve’s second rate increase in three months did not restrain the advancing equity market, even though Fed Chair Yellen made it clear that there were additional rate increases to come later in the year. Sector weights (%): fund vs. benchmark as of March 31, 2017 Info tech Financials 14.59 Health care 14.70 13.39 Facebook Inc-A 2.98 Alphabet-Cl C 2.97 JPMorgan Chase & Co 2.94 Industrials Microsoft 2.90 Cons staples Citigroup 2.88 Energy Comcast Corp-Class A 2.80 Honeywell International 2.25 21.41 16.63 13.23 12.76 Cons disc 9.07 10.44 8.33 8.79 7.06 6.30 Columbia Contrarian Core Fund 2.74 2.30 Telecom svcs 1.77 3.11 Utilities 1.63 Real Estate Top holdings exclude short-term holdings and cash, if applicable. 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. 23.36 0 Russell 1000 Index 3.68 5 10 15 20 25 Source: FactSet Contributors and detractors Apple 1.01 Philip Morris International 0.69 For the quarter, stock selection was the primary driver of outperformance for the period. Strong stock selection in the information technology, consumer discretionary and health care sectors was the primary driver of outperformance, while stock selection in the industrials sector was a slight offset. Sector allocation had a fairly neutral impact on performance. The portfolio benefited from an overweight to the information technology sector and an underweight to real estate, while overweights to financials and telecommunication services were slight detractors for the period. Facebook Inc-A 0.60 Philip Morris was a top performing stock in the portfolio on a relative basis for the Broadcom Ltd 0.42 Lowe's Companies 0.38 Top five contributors - Effect on return (%) as of March 31, 2017 Top five detractors - Effect on return (%) as of March 31, 2017 Verizon Communications -0.21 Exxon Mobil Corporation -0.16 Kroger Co -0.16 Chevron -0.13 General Electric -0.11 period. The cigarette manufacturer reported a significant increase in revenue from its reduced risk products (RRPs) line, which includes e-cigarettes and other vapor and smokeless tobacco products. The growth in the RRPs business could also mean that the traditional tobacco business is less likely to be impacted by disruptive new entrants. Video game maker Activision Blizzard returned to being a top contributor in the portfolio for the period, as it has been for many previous periods. Uncharacteristically, it had been among top detractors during the fourth quarter of 2016, as investors began to anticipate disappointing holiday sales of its latest Call of Duty game. Since then, the company announced better-than-expected and record fourth-quarter and full-year 2016 results. The outperformance was primarily driven by Overwatch (which added another 5 million players to reach 25 million) and World of Warcraft. Apple, the top holding in the portfolio, was also a top contributor in the quarter. Apple reported solid upside with expected revenue and earnings, driven by higher-than- 2 FIRST QUARTER 2017 INVESTMENT COMMENTARY expected iPhones sales and lower-than-expected operating expenses. More importantly, forward guidance was relatively in line on revenue, and gross margin guidance was better-than-feared. With a large installed base, investors are anticipating revenue acceleration for Apple, driven by new iPhones to be launched this fall. The Kroger Co., which operates retail food and drug stores across the U.S., was a top detractor for the period. Kroger reported mediocre fourth-quarter earnings, mostly explained by grocery price deflation that has troubled the entire industry. Also, news broke that Walmart may be kicking off a price war in the space. Investor sentiment for Kroger should improve when food inflation accelerates. Noble Energy, an independent oil and natural gas exploration and production company, was among the portfolio’s detractors, as the energy sector experienced a downturn. The company updated its full-year 2017 guidance in mid-February, announcing plans to increase the pace of development with execution of both onshore and offshore projects. Verizon Communications was also a top detractor, posting a slight earnings miss and a decline in sales and expectations. Recently, Verizon moved to offer unlimited data to counter similar competitor offerings and there’s some concern that it will damage operating margins. However, Verizon’s competitors struggle to compete on speed and coverage. By now offering unlimited data, Verizon hopes to accelerate subscriber growth. Performance attribution for the 3-month period ending March 31, 2017 compared to the Russell 1000 Index Sector allocation Stock selection Net value added 0.50 0.40 0.20 0.10 0.00 Value Added 0.30 -0.10 -0.20 -0.30 The analysis includes portfolio management decisions regarding sector allocation and security selection within that sector. The net value added reflects the combination of both the sector allocation and the security selection. Effects do not reflect fees and expenses and will vary from the fund’s actual return. Source: FactSet 3 FIRST QUARTER 2017 INVESTMENT COMMENTARY Outlook Consumer confidence overall is at record high levels and there is also real evidence of an improving global economy. These events bode well for future earnings and are responsible for part of the stock market’s recent, positive performance. Tax reform will be a very important issue this year and could give earnings another boost. With valuations and sentiment high, we would not be surprised if volatility emerges from unanticipated events or perceived setbacks. As these events occur, we will continue to use our contrarian process to look for opportunity for investors. Commentaries now available via email Stay informed about your investments by subscribing to receive commentaries and other fund updates by email. Simply register with our subscription center and choose the publications you’d like to receive. We’ll take care of the rest. Subscribe 4 FIRST QUARTER 2017 INVESTMENT COMMENTARY 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 investor.columbiathreadneedleus.com. Read the prospectus carefully before investing. Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that any forecasts are accurate. Additional performance information: All results 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. Investment Risks Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. 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. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. 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. Performance attribution is used to help explain the impact of the manager's investment decisions with regard to overall investment policy, asset allocation, security selection and activity. Sector Allocation represents the contribution of the various sectors to a fund or portfolio’s return. Stock Selection represents the contribution to return of the specific stocks within a particular sector and the Net Value Added represents the combination of both. 1 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. Sector weightings are as of the date given, subject to change and are not recommendations to buy or sell any security or that a particular sector(s) will be profitable. © 2017 Morningstar, Inc. 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 RatingTM 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 (front-end, 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 Russell 1000 Index is an unmanaged index that tracks the performance of 1,000 of the largest U.S. companies based on market capitalization. The Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index that consists of those stocks in the Russell 1000 Index that have higher price-to-book ratios and higher forecasted growth values. Standard & Poor's 500 Index (S&P 500 Index) is an unmanaged list of common stocks which includes 500 large companies. Indices shown are unmanaged and do not reflect the impact of fees. It is not possible to invest directly in an index. 5