8dcc5f6e2c5d85b

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-04367

Columbia Funds Series Trust I

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

December 31

Date of reporting period:

June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100

F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Real Estate Equity Fund

Class A / CREAX

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Real Estate Equity Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 60	1.21 %

Key Fund Statistics

Fund net assets	$ 155,774,626
Total number of portfolio holdings	64
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

Prologis, Inc .	9.5%
Equinix, Inc.	8.9%
Simon Property Group, Inc.	5.7%
Welltower, Inc.	5.6%
Public Storage	4.7%
Equity Residential	4.4%
Invitation Homes, Inc.	3.4%
Extra Space Storage, Inc.	2.9%
Realty Income Corp.	2.8%
Kimco Realty Corp.	2.7%

Asset Categories

Graphical Representation - Allocation 1 Chart

Real Estate Sub-industry Allocation

Graphical Representation - Allocation 2 Chart

Availability of Additional Information

For additional information about the Fund: including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Real Estate Equity Fund

Advisor Class / CRERX

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Real Estate Equity Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$ 47	0.96 %

Key Fund Statistics

Fund net assets	$ 155,774,626
Total number of portfolio holdings	64
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

The tables below show the

investment

makeup of the

Fund

represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

Prologis, Inc.	9.5%
Equinix, Inc.	8.9%
Simon Property Group, Inc.	5.7%
Welltower, Inc.	5.6%
Public Storage	4.7%
Equity Residential	4.4%
Invitation Homes, Inc.	3.4%
Extra Space Storage, Inc.	2.9%
Realty Income Corp.	2.8%
Kimco Realty Corp.	2.7%

Asset Categories

Real Estate Sub-industry Allocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Real Estate Equity Fund

Institutional Class / CREEX

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Real Estate Equity Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$ 47	0.96 %

Key Fund Statistics

Fund net assets	$ 155,774,626
Total number of portfolio holdings	64
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

Top Holdings

Prologis , Inc.	9.5%
Equinix, Inc.	8.9%
Simon Property Group , Inc.	5.7%
Welltower, Inc.	5.6%
Public Storage	4.7%
Equity Residential	4.4%
Invitation Homes, Inc.	3.4%
Extra Space Storage, Inc.	2.9%
Realty Income Corp.	2.8%
Kimco Realty Corp.	2.7%

Asset Categories

Real Estate Sub-industry Allocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Real Estate Equity Fund

Institutional 2 Class / CRRVX

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Real Estate Equity Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional 2 Class	$ 42	0.86 %

Key Fund Statistics

Fund net assets	$ 155,774,626
Total number of portfolio holdings	64
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

The

tables

below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

Prologis, Inc .	9.5%
Equinix, Inc.	8.9%
Simon Property Group, Inc.	5.7%
Welltower, Inc.	5.6%
Public Storage	4.7%
Equity Residential	4.4%
Invitation Homes, Inc.	3.4%
Extra Space Storage, Inc.	2.9%
Realty Income Corp.	2.8%
Kimco Realty Corp.	2.7%

Asset Categories

Real Estate Sub-industry Allocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Real Estate Equity Fund

Institutional 3 Class / CREYX

Semiannual Shareholder Report | June 30, 2024

This

semiannual shareholder report

contains important information about Columbia Real Estate Equity Fund (the Fund) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 40	0.81 %

Key Fund Statistics

Fund net assets	$ 155,774,626
Total number of portfolio holdings	64
Portfolio turnover for the reporting period	18%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund

represented

as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

Prologis, Inc.	9.5%
Equinix, Inc.	8.9%
Simon Property Group, Inc.	5.7%
Welltower, Inc.	5.6%
Public Storage	4.7%
Equity Residential	4.4%
Invitation Homes, Inc.	3.4%
Extra Space Storage, Inc.	2.9%
Realty Income Corp.	2.8%
Kimco Realty Corp.	2.7%

Asset Categories

Real Estate Sub-industry Allocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Portfolio of Investments

June 30, 2024 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 93.0%
Issuer	Shares	Value ($)
Real Estate 93.0%
Data Center REITs 11.2%
Digital Realty Trust, Inc.	22,600	3,436,330
Equinix, Inc.(a)	18,409	13,928,249
Total		17,364,579
Diversified REITs 1.2%
American Assets Trust, Inc.	10,600	237,228
Empire State Realty Trust, Inc., Class A	180,600	1,694,028
Total		1,931,256
Health Care REITs 13.8%
Alexandria Real Estate Equities, Inc.	26,442	3,092,921
CareTrust REIT, Inc.	16,300	409,130
Healthcare Realty Trust, Inc.	74,200	1,222,816
Healthpeak Properties, Inc.	106,537	2,088,125
Medical Properties Trust, Inc.	104,400	449,964
National Health Investors, Inc.	7,000	474,110
Omega Healthcare Investors, Inc.	38,800	1,328,900
Sabra Health Care REIT, Inc.	38,100	586,740
Ventas, Inc.	61,800	3,167,868
Welltower, Inc.(a)	83,048	8,657,754
Total		21,478,328
Hotel & Resort REITs 3.9%
Apple Hospitality REIT, Inc.	34,500	501,630
DiamondRock Hospitality Co.	396,600	3,351,270
Park Hotels & Resorts, Inc.	31,000	464,380
Ryman Hospitality Properties, Inc.	9,700	968,642
Service Properties Trust	28,700	147,518
Sunstone Hotel Investors, Inc.	32,400	338,904
Xenia Hotels & Resorts, Inc.	18,200	260,806
Total		6,033,150
Industrial REITs 14.3%
Americold Realty Trust, Inc.	44,600	1,139,084
EastGroup Properties, Inc.	6,900	1,173,690
First Industrial Realty Trust, Inc.	54,803	2,603,690
Innovative Industrial Properties, Inc.	4,500	491,490
LXP Industrial Trust	222,000	2,024,640
Prologis, Inc.(a)	131,719	14,793,361

Common Stocks (continued)
Issuer	Shares	Value ($)
Rexford Industrial Realty, Inc.	1,300	57,967
Total		22,283,922
Multi-Family Residential REITs 11.9%
AvalonBay Communities, Inc.(a)	20,353	4,210,832
Centerspace	2,579	174,418
Elme Communities	12,200	194,346
Equity Residential	99,000	6,864,660
Essex Property Trust, Inc.(a)	9,800	2,667,560
Independence Realty Trust, Inc.	33,700	631,538
UDR, Inc.	49,268	2,027,378
Veris Residential, Inc.	117,800	1,767,000
Total		18,537,732
Office REITs 2.0%
COPT Defense Properties	18,600	465,558
Cousins Properties, Inc.	89,100	2,062,665
Easterly Government Properties, Inc.	26,800	331,516
Hudson Pacific Properties, Inc.	29,900	143,819
Piedmont Office Realty Trust, Inc.	20,600	149,350
Total		3,152,908
Other Specialized REITs 4.8%
EPR Properties	10,900	457,582
Four Corners Property Trust, Inc.	24,700	609,349
Iron Mountain, Inc.	47,200	4,230,064
Lamar Advertising Co., Class A	12,516	1,496,038
Outfront Media, Inc.	26,900	384,670
VICI Properties, Inc.	11,200	320,768
Total		7,498,471
Retail REITs 14.4%
Brixmor Property Group, Inc.	154,064	3,557,338
Kimco Realty Corp.	219,700	4,275,362
Macerich Co. (The)	34,800	537,312
Realty Income Corp.(a)	81,857	4,323,687
Simon Property Group, Inc.(a)	58,844	8,932,519
SITE Centers Corp.	32,382	469,539
Urban Edge Properties	17,000	313,990
Total		22,409,747

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Portfolio of Investments (continued)

June 30, 2024 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Self Storage REITs 8.6%
CubeSmart	33,800	1,526,746
Extra Space Storage, Inc.(a)	29,065	4,516,992
Public Storage	25,400	7,306,310
Total		13,350,048
Single-Family Residential REITs 6.1%
Equity LifeStyle Properties, Inc.	65,100	4,239,963
Invitation Homes, Inc.	146,783	5,268,042
Total		9,508,005
Telecom Tower REITs 0.8%
SBA Communications Corp.	6,300	1,236,690
Total Real Estate		144,784,836
Total Common Stocks (Cost: $107,938,596)		144,784,836

Money Market Funds 5.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.547%(b),(c)	9,250,502	9,247,727
Total Money Market Funds (Cost: $9,247,661)		9,247,727
Total Investments in Securities (Cost $117,186,257)		154,032,563
Other Assets & Liabilities, Net		1,742,063
Net Assets		$155,774,626

At June 30, 2024, securities and/or cash totaling $29,597,884 were pledged as collateral.

Investments in derivatives

Swap arrangement - contracts for differences
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Cash & other receivable (payable) ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Appreciation on underlying contracts for differences (CFDs), accrued income on long CFDs, and SOFR less a spread of 40 basis points on short CFDs	Depreciation on underlying CFDs, accrued income on underlying short CFDs, and SOFR plus a spread of 40 basis points on long CFDs	Monthly	Goldman Sachs International	06/15/2027	USD	42,275,888	163,596	35,938	199,534	—

The following table represents the contracts for differences underlying the swap arrangement as of June 30, 2024. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
Broadstone Net Lease, Inc.	179,000	2,745,860	94,870	47.5
Hotel & Resort REITs
Host Hotels & Resorts, Inc.	95,105	1,708,086	1,902	1.0
Apple Hospitality REIT, Inc.	211,200	3,087,744	(16,896 )	(8.5 )
Industrial REITs
Americold Realty Trust, Inc.	57,400	1,473,458	(7,462 )	(3.7 )
Office REITs
Kilroy Realty Corp.	15,500	490,575	(7,440 )	(3.7 )
BXP, Inc.	48,500	2,980,325	5,335	2.7
NET Lease Office Properties	2,147	53,782	(923 )	(0.5 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Portfolio of Investments (continued)

June 30, 2024 (Unaudited)

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Other Specialized REITs
Gaming and Leisure Properties, Inc.	130,681	5,705,533	202,555	101.5
Retail REITs
Kite Realty Group Trust	36,200	791,694	18,462	9.3
NNN REIT, Inc.	29,300	1,232,651	15,529	7.8
Retail Opportunity Investments Corp.	204,500	2,515,350	26,585	13.3
Agree Realty Corp.	14,700	902,433	8,085	4.1
Total		23,687,491	340,602

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Short Equity Contracts for Differences
Real Estate
Diversified REITs
WP Carey, Inc.	(7,100 )	(393,766 )	2,911	1.5
Hotel & Resort REITs
RLJ Lodging Trust	(281,600 )	(2,711,808 )	0	—
Industrial REITs
STAG Industrial Inc	(38,000 )	(1,350,520 )	(19,760 )	(9.9 )
Terreno Realty Corp	(27,300 )	(1,600,872 )	(14,742 )	(7.4 )
Multi-Family Residential REITs
Camden Property Trust	(6,000 )	(651,000 )	(3,660 )	(1.8 )
Office REITs
Paramount Group, Inc.	(300,600 )	(1,385,766 )	(6,012 )	(3.0 )
JBG Smith Properties	(90,900 )	(1,342,593 )	(41,814 )	(21.0 )
Douglas Emmett, Inc.	(89,100 )	(1,177,902 )	(8,019 )	(4.0 )
Retail REITs
Regency Centers Corp.	(8,300 )	(509,869 )	(6,391 )	(3.2 )
Phillips Edison & Co., Inc.	(50,300 )	(1,604,067 )	(41,246 )	(20.7 )
Federal Realty Investment Trust	(11,047 )	(1,110,003 )	(5,413 )	(2.7 )
Self Storage REITs
National Storage Affiliates Trust	(83,500 )	(3,423,500 )	(18,370 )	(9.2 )
Telecom Tower REITs
American Tower Corp.	(6,900 )	(1,326,732 )	(14,490 )	(7.3 )
Total		(18,588,398 )	(177,006 )

Swap arrangement - contracts for differences
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Cash & other receivable (payable) ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Appreciation on underlying contracts for difference (CFDs), accrued income on long CFDs, and 1-Day Overnight Fed Funds Effective Rate less a spread of 35-63 basis points on short CFDs	Depreciation on underlying CFDs, accrued income on underlying short CFDs, and 1-Day Overnight Fed Funds Effective Rate plus a spread of 40 basis points on long CFDs	Monthly	Morgan Stanley	08/06/2025	USD	15,318,181	183,572	63,032	246,604	—

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Long Equity Contracts for Differences
Real Estate
Diversified REITs
Essential Properties Realty Trust, Inc.	108,600	3,002,790	6,516	2.6

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Portfolio of Investments (continued)

June 30, 2024 (Unaudited)

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Industrial REITs
Rexford Industrial Realty, Inc.	29,400	1,325,352	(14,406 )	(5.8 )
Office REITs
Highwoods Properties, Inc.	16,500	420,255	13,200	5.4
Vornado Realty Trust	83,800	2,129,358	73,744	29.9
Brandywine Realty Trust	28,300	127,916	(1,132 )	(0.5 )
Self Storage REITs
Public Storage	11,300	3,206,940	43,505	17.6
Total		10,212,611	121,427

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Short Equity Contracts for Differences
Real Estate
Hotel & Resort REITs
Pebblebrook Hotel Trust	(197,400 )	(2,769,522 )	55,272	22.4
Office REITs
SL Green Realty Corp.	(18,100 )	(1,030,614 )	5,430	2.2
Retail REITs
Tanger, Inc.	(48,100 )	(1,305,434 )	1,443	0.6
Total		(5,105,570 )	62,145

Swap arrangement - contracts for differences
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Cash & other receivable (payable) ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Appreciation on underlying contracts for differences (CFDs) and accrued income on long CFDs	Depreciation on underlying CFDs, accrued income on underlying short CFDs, and OBFR plus a spread of 46.5 basis points on long CFDs	Monthly	UBS	11/03/2026	USD	232,365	750	2,057	2,807	—

Description	Shares	Notional Amount ($)	Appreciation (Depreciation) ($)	(%)
Long Equity Contracts for Differences
Real Estate
Self Storage REITs
Extra Space Storage, Inc.	1,500	232,365	750	26.7
Total		232,365	750

Reference index and values for swap contracts as of period end
Reference index		Reference rate
1-Day Overnight Fed Funds Effective Rate	Overnight Federal Funds Effective Rate	5.330%
OBFR	Overnight Bank Funding Rate	5.320%
SOFR	Secured Overnight Financing Rate	5.340%

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Portfolio of Investments (continued)

June 30, 2024 (Unaudited)

Notes to Portfolio of Investments

(a)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2024.
(c)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2024 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.547%
	6,170,898	31,430,160	(28,352,644 )	(687 )	9,247,727	364	103,339	9,250,502

Abbreviation Legend

OBFR	Overnight Bank Funding Rate
SOFR	Secured Overnight Financing Rate

Currency Legend

USD

US Dollar

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Statement of Assets and Liabilities

June 30, 2024 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $107,938,596)	$144,784,836
Affiliated issuers (cost $9,247,661)	9,247,727
Cash	68,070
Unrealized appreciation on swap contracts	448,945
Receivable for:
Investments sold	927,144
Capital shares sold	84,063
Dividends	395,127
Expense reimbursement due from Investment Manager	365
Prepaid expenses	1,068
Deferred compensation of board members	137,988
Other assets	11,098
Total assets	156,106,431
Liabilities
Payable for:
Capital shares redeemed	120,913
Management services fees	3,156
Distribution and/or service fees	292
Transfer agent fees	15,122
Compensation of chief compliance officer	14
Compensation of board members	1,466
Other expenses	32,004
Deferred compensation of board members	158,838
Total liabilities	331,805
Net assets applicable to outstanding capital stock	$155,774,626
Represented by
Paid in capital	114,152,613
Total distributable earnings (loss)	41,622,013
Total - representing net assets applicable to outstanding capital stock	$155,774,626
Class A
Net assets	$43,209,454
Shares outstanding	4,480,658
Net asset value per share	$9.64
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.23
Advisor Class
Net assets	$9,812,148
Shares outstanding	975,051
Net asset value per share	$10.06
Institutional Class
Net assets	$70,264,154
Shares outstanding	7,249,950
Net asset value per share	$9.69
Institutional 2 Class
Net assets	$1,104,735
Shares outstanding	114,719
Net asset value per share	$9.63
Institutional 3 Class
Net assets	$31,384,135
Shares outstanding	3,192,500
Net asset value per share	$9.83

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Statement of Operations

Six Months Ended June 30, 2024 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$2,993,988
Dividends — affiliated issuers	103,339
Interfund lending	49
Total income	3,097,376
Expenses:
Management services fees	610,316
Distribution and/or service fees
Class A	54,904
Class C	2,654
Class R	2,096
Transfer agent fees
Class A	35,925
Advisor Class	7,204
Class C	434
Institutional Class	57,889
Institutional 2 Class	306
Institutional 3 Class	1,043
Class R	690
Custodian fees	2,422
Printing and postage fees	19,935
Registration fees	49,402
Accounting services fees	15,328
Legal fees	6,472
Compensation of chief compliance officer	16
Compensation of board members	6,374
Deferred compensation of board members	3,503
Other	6,767
Total expenses	883,680
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(69,591 )
Total net expenses	814,089
Net investment income	2,283,287
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	5,837,095
Investments — affiliated issuers	364
Swap contracts	(2,816,507 )
Net realized gain	3,020,952
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(9,215,022 )
Investments — affiliated issuers	(687 )
Swap contracts	490,506
Net change in unrealized appreciation (depreciation)	(8,725,203 )
Net realized and unrealized loss	(5,704,251 )
Net decrease in net assets resulting from operations	$(3,420,964 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	June 30, 2024 (Unaudited)		December 31, 2023
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	183,585	1,743,063	937,181	10,940,682
Distributions reinvested	106,784	1,011,245	1,238,575	12,567,026
Shares redeemed	(517,875 )	(5,005,731 )	(1,589,008 )	(17,462,270 )
Net increase (decrease)	(227,506 )	(2,251,423 )	586,748	6,045,438
Advisor Class
Shares sold	269,895	2,731,190	484,751	6,094,041
Distributions reinvested	22,392	221,460	161,037	1,685,865
Shares redeemed	(53,408 )	(520,744 )	(29,092 )	(349,629 )
Net increase	238,879	2,431,906	616,696	7,430,277
Class C
Shares sold	2,316	22,586	9,394	112,219
Distributions reinvested	—	—	25,875	262,354
Shares redeemed	(108,736 )	(1,018,713 )	(42,424 )	(500,661 )
Net decrease	(106,420 )	(996,127 )	(7,155 )	(126,088 )
Institutional Class
Shares sold	168,456	1,634,326	206,656	2,466,865
Distributions reinvested	171,381	1,631,542	1,887,268	19,258,527
Shares redeemed	(621,567 )	(6,015,157 )	(1,684,540 )	(19,563,995 )
Net increase (decrease)	(281,730 )	(2,749,289 )	409,384	2,161,397
Institutional 2 Class
Shares sold	30,241	288,433	21,777	263,043
Distributions reinvested	2,311	21,867	26,918	272,409
Shares redeemed	(21,987 )	(206,816 )	(26,121 )	(303,808 )
Net increase	10,565	103,484	22,574	231,644
Institutional 3 Class
Shares sold	48,262	462,725	1,238,033	15,590,780
Distributions reinvested	77,558	749,207	1,064,038	11,005,256
Shares redeemed	(1,263,799 )	(12,464,950 )	(6,232,528 )	(75,319,161 )
Net decrease	(1,137,979 )	(11,253,018 )	(3,930,457 )	(48,723,125 )
Class R
Shares sold	21,020	207,595	22,153	255,347
Distributions reinvested	—	—	36,307	368,874
Shares redeemed	(166,547 )	(1,559,933 )	(77,252 )	(921,598 )
Net decrease	(145,527 )	(1,352,338 )	(18,792 )	(297,377 )
Total net decrease	(1,649,718 )	(16,066,805 )	(2,321,002 )	(33,277,834 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 6/30/2024 (Unaudited)	$10.06	0.13	(0.31 )	(0.18 )	(0.09 )	(0.15 )	(0.24 )
Year Ended 12/31/2023	$11.53	0.25	1.51	1.76	(0.27 )	(2.96 )	(3.23 )
Year Ended 12/31/2022	$16.29	0.18	(4.29 )	(4.11 )	(0.18 )	(0.47 )	(0.65 )
Year Ended 12/31/2021	$12.30	0.09	4.91	5.00	(0.17 )	(0.84 )	(1.01 )
Year Ended 12/31/2020	$13.77	0.13	(0.71 )	(0.58 )	(0.16 )	(0.73 )	(0.89 )
Year Ended 12/31/2019	$12.07	0.21	3.11	3.32	(0.21 )	(1.41 )	(1.62 )
Advisor Class
Six Months Ended 6/30/2024 (Unaudited)	$10.48	0.15	(0.33 )	(0.18 )	(0.09 )	(0.15 )	(0.24 )
Year Ended 12/31/2023	$11.88	0.48	1.39	1.87	(0.31 )	(2.96 )	(3.27 )
Year Ended 12/31/2022	$16.76	0.22	(4.42 )	(4.20 )	(0.21 )	(0.47 )	(0.68 )
Year Ended 12/31/2021	$12.63	0.12	5.06	5.18	(0.21 )	(0.84 )	(1.05 )
Year Ended 12/31/2020	$14.13	0.17	(0.75 )	(0.58 )	(0.19 )	(0.73 )	(0.92 )
Year Ended 12/31/2019	$12.34	0.26	3.19	3.45	(0.25 )	(1.41 )	(1.66 )
Institutional Class
Six Months Ended 6/30/2024 (Unaudited)	$10.10	0.14	(0.31 )	(0.17 )	(0.09 )	(0.15 )	(0.24 )
Year Ended 12/31/2023	$11.56	0.28	1.52	1.80	(0.30 )	(2.96 )	(3.26 )
Year Ended 12/31/2022	$16.33	0.22	(4.31 )	(4.09 )	(0.21 )	(0.47 )	(0.68 )
Year Ended 12/31/2021	$12.33	0.12	4.93	5.05	(0.21 )	(0.84 )	(1.05 )
Year Ended 12/31/2020	$13.81	0.17	(0.73 )	(0.56 )	(0.19 )	(0.73 )	(0.92 )
Year Ended 12/31/2019	$12.10	0.25	3.12	3.37	(0.25 )	(1.41 )	(1.66 )
Institutional 2 Class
Six Months Ended 6/30/2024 (Unaudited)	$10.03	0.14	(0.30 )	(0.16 )	(0.09 )	(0.15 )	(0.24 )
Year Ended 12/31/2023	$11.50	0.30	1.51	1.81	(0.32 )	(2.96 )	(3.28 )
Year Ended 12/31/2022	$16.25	0.23	(4.28 )	(4.05 )	(0.23 )	(0.47 )	(0.70 )
Year Ended 12/31/2021	$12.28	0.14	4.89	5.03	(0.22 )	(0.84 )	(1.06 )
Year Ended 12/31/2020	$13.75	0.17	(0.70 )	(0.53 )	(0.21 )	(0.73 )	(0.94 )
Year Ended 12/31/2019	$12.06	0.22	3.15	3.37	(0.27 )	(1.41 )	(1.68 )

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 6/30/2024 (Unaudited)	$9.64	(1.76% )	1.30%	1.21%	2.60%	18%	$43,209
Year Ended 12/31/2023	$10.06	15.66%	1.29% (c)	1.23% (c),(d)	2.13%	58%	$47,369
Year Ended 12/31/2022	$11.53	(25.33% )	1.27% (c)	1.25% (c),(d)	1.36%	28%	$47,507
Year Ended 12/31/2021	$16.29	41.74%	1.26%	1.26% (d)	0.63%	5%	$73,177
Year Ended 12/31/2020	$12.30	(3.70% )	1.28%	1.27% (d)	1.07%	32%	$55,651
Year Ended 12/31/2019	$13.77	28.04%	1.29%	1.28% (d)	1.47%	20%	$73,522
Advisor Class
Six Months Ended 6/30/2024 (Unaudited)	$10.06	(1.69% )	1.05%	0.96%	3.03%	18%	$9,812
Year Ended 12/31/2023	$10.48	16.09%	1.05% (c)	0.97% (c),(d)	4.01%	58%	$7,712
Year Ended 12/31/2022	$11.88	(25.15% )	1.02% (c)	1.00% (c),(d)	1.61%	28%	$1,420
Year Ended 12/31/2021	$16.76	42.09%	1.01%	1.01% (d)	0.85%	5%	$2,174
Year Ended 12/31/2020	$12.63	(3.56% )	1.03%	1.02% (d)	1.34%	32%	$2,148
Year Ended 12/31/2019	$14.13	28.47%	1.04%	1.04% (d)	1.81%	20%	$2,005
Institutional Class
Six Months Ended 6/30/2024 (Unaudited)	$9.69	(1.66% )	1.05%	0.96%	2.86%	18%	$70,264
Year Ended 12/31/2023	$10.10	15.99%	1.04% (c)	0.98% (c),(d)	2.36%	58%	$76,051
Year Ended 12/31/2022	$11.56	(25.13% )	1.02% (c)	1.00% (c),(d)	1.63%	28%	$82,320
Year Ended 12/31/2021	$16.33	42.06%	1.01%	1.01% (d)	0.88%	5%	$120,982
Year Ended 12/31/2020	$12.33	(3.49% )	1.04%	1.02% (d)	1.36%	32%	$157,929
Year Ended 12/31/2019	$13.81	28.38%	1.03%	1.03% (d)	1.73%	20%	$162,706
Institutional 2 Class
Six Months Ended 6/30/2024 (Unaudited)	$9.63	(1.57% )	0.95%	0.86%	3.00%	18%	$1,105
Year Ended 12/31/2023	$10.03	16.10%	0.94% (c)	0.88% (c)	2.52%	58%	$1,045
Year Ended 12/31/2022	$11.50	(25.05% )	0.90% (c)	0.90% (c)	1.73%	28%	$938
Year Ended 12/31/2021	$16.25	42.15%	0.90%	0.89%	1.02%	5%	$1,321
Year Ended 12/31/2020	$12.28	(3.30% )	0.91%	0.90%	1.41%	32%	$920
Year Ended 12/31/2019	$13.75	28.49%	0.89%	0.89%	1.57%	20%	$1,370

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 6/30/2024 (Unaudited)	$10.23	0.14	(0.30 )	(0.16 )	(0.09 )	(0.15 )	(0.24 )
Year Ended 12/31/2023	$11.68	0.26	1.57	1.83	(0.32 )	(2.96 )	(3.28 )
Year Ended 12/31/2022	$16.49	0.24	(4.34 )	(4.10 )	(0.24 )	(0.47 )	(0.71 )
Year Ended 12/31/2021	$12.44	0.16	4.96	5.12	(0.23 )	(0.84 )	(1.07 )
Year Ended 12/31/2020	$13.92	0.19	(0.72 )	(0.53 )	(0.22 )	(0.73 )	(0.95 )
Year Ended 12/31/2019	$12.19	0.26	3.16	3.42	(0.28 )	(1.41 )	(1.69 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements

June 30, 2024 (Unaudited)

Note 1. Organization

Columbia Real Estate Equity Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), was organized as a non-diversified fund; however, the Fund may, nonetheless, operate as a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

The Fund’s Board of Trustees approved a proposal to accelerate the conversion of Class C shares into Class A shares of the Fund and a proposal to liquidate Class R shares of the Fund. Effective on February 12, 2024, Class C shares of the Fund were closed to new and existing investors and effective on April 15, 2024, shares held by Class C shareholders were converted into Class A shares in a tax-free transaction. Effective on March 11, 2024, Class R shares of the Fund were closed to new and existing investors and effective on April 19, 2024, Class R shares of the Fund were liquidated. For federal tax purposes, this liquidation was treated as a redemption of fund shares.

The Board of Trustees of the Fund also approved a proposal to permit the exchange of Institutional Class shares held by certain financial intermediaries and omnibus group retirement plans, with specific permission from Columbia Management Investment Distributors, Inc., for newly created Class S shares. Effective on October 4, 2024, shares held by those certain Institutional Class shareholders of the Fund will be exchanged for Class S shares of the Fund. This will be a tax-free transaction for existing Institutional Class shareholders.

In addition, the Board of Trustees of the Fund approved the conversion of all Advisor Class shares of the Fund to Institutional Class shares of the Fund and the subsequent elimination of Advisor Class shares. Effective on November 22, 2024, Advisor Class shares of the Fund will be converted to Institutional Class shares of the Fund. This will be a tax-free transaction for existing Advisor Class shareholders.

Note 2. Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Security valuation

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Swap contracts

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the bilateral counterparty, FCM or central counterparty, as applicable, may not fulfill its obligation under the contract.

Swap arrangements - contracts for differences

The Fund entered into swap arrangements, particularly contracts for differences (CFDs), to obtain long and short exposures to real estate companies. CFDs are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two or more individual securities or baskets of securities or other instruments where the parties agree to exchange the difference in the settlement price between the open and closing trades for the particular assets.

CFDs are valued daily, and the change in value is recorded as unrealized appreciation (depreciation). The swap arrangement resets monthly, at which time the Fund settles in cash with the counterparty. Payments received (or made) by the Fund are recorded as realized gains (losses). CFDs are subject to the risk associated with investment in the underlying reference assets. The risk in the case of short CFD positions is unlimited based on the potential for unlimited increases in the market value of the underlying reference assets. The risk may be offset if the Fund holds any of the underlying reference assets. The risk in the case of long CFD positions is limited to the notional amount of the position at the time the Fund enters into the CFD.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at June 30, 2024:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	448,945 *

*	Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2024:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Swap contracts ($)
Equity risk	(2,816,507 )

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Swap contracts ($)
Equity risk	490,506

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended June 30, 2024:

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Swap arrangements - contracts for differences	211,137	(342,428 )

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of June 30, 2024:

	Goldman Sachs International ($)	Morgan Stanley ($)	UBS ($)	Total ($)
Assets
OTC Swap arrangements - contracts for differences (a)	199,534	246,604	2,807	448,945
Total financial and derivative net assets	199,534	246,604	2,807	448,945
Total collateral received (pledged) (b)	-	-	-	-
Net amount (c)	199,534	246,604	2,807	448,945

(a)	Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.75% to 0.66% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2024 was 0.75% of the Fund’s average daily net assets.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements or relationships, certain personnel of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), provide such services to the Fund.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Compensation of Board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.

For the six months ended June 30, 2024, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.16
Advisor Class	0.16
Class C	0.05 (a)
Institutional Class	0.16
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.05 (a)

(a)	Unannualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended June 30, 2024, no minimum account balance fees were charged by the Fund.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Distribution and service fees

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively. As a result of Class C shares of the Fund being converted into Class A shares, April 15, 2024 was the last day the Fund paid a distribution and service fee for Class C shares. As a result of Class R shares being liquidated, April 19, 2024 was the last day the Fund paid a distribution and service fee for Class R shares.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.

Sales charges

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended June 30, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	4,143
Class C	—	1.00 (b)	—

(a)	This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

The Fund’s other share classes are not subject to sales charges.

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	Contractual expense cap July 1, 2024 through April 30, 2025 (%)	Voluntary expense cap May 1, 2024 through June 30, 2024 (%)	Contractual expense cap prior to May 1, 2024 (%)
Class A	1.25	1.25	1.25
Advisor Class	1.00	1.00	1.00
Institutional Class	1.00	1.00	1.00
Institutional 2 Class	0.91	0.87	0.87
Institutional 3 Class	0.85	0.81	0.81

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At June 30, 2024, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
117,186,000	40,940,000	(3,644,000 )	37,296,000

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $28,774,546 and $54,577,579, respectively, for the six months ended June 30, 2024. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and, by October 2, 2024, to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Note 7. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.

The Fund’s activity in the Interfund Program during the six months ended June 30, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	300,000	5.88	1

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at June 30, 2024.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 26, 2023 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 26, 2023 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

The Fund had no borrowings during the six months ended June 30, 2024.

Note 9. Significant risks

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.

Portfolio turnover, frequent trading and tax risk

The Fund may actively and frequently trade investments in the Fund’s portfolio to carry out its investment strategies. Use of swaps, including contracts for differences, and other derivatives increases the possibility that the Fund, as relevant, will generate taxable ordinary income. The Fund cannot carry back or carry forward any net operating losses (defined as ordinary deductions in excess of ordinary income for the year) and cannot use capital loss carryforwards to offset ordinary income. Frequent trading of other investments, such as REITs, increases the possibility that the Fund will generate capital gains. Both short-term capital gains and net ordinary gains are distributed as ordinary income and are generally taxable to shareholders at higher rates than long- term capital gains for U.S. federal income tax purposes, which could reduce the Fund’s after-tax return for shareholders owning Fund shares in taxable accounts. These trading strategies can mean higher brokerage and other transaction costs. The costs and tax effects associated with such trading strategies may adversely affect the Fund’s after-tax performance.

Real estate sector risk

The risks associated with investments in real estate investment trusts (REITs) subject the Fund to risks similar to those of direct investments in real estate and the real estate industry in general. These include risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates or property values. The value of such investments may be affected by, among other factors, changes in the value of the underlying properties owned by the issuer, changes in the prospect for earnings and/or cash flow growth of the investment, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, and other economic, political, or regulatory occurrences affecting the real estate industry, including REITs.

REITs depend upon specialized management skills, may have limited financial resources, may have less trading volume in their securities, and may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to the risk of failing to qualify for favorable tax treatment. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including changes in interest rates and the quality of credit extended.

Shareholder concentration risk

At June 30, 2024, affiliated shareholders of record owned 38.1% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Columbia Real Estate Equity Fund | 2024

Notes to Financial Statements (continued)

June 30, 2024 (Unaudited)

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 1 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Real Estate Equity Fund | 2024

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Real Estate Equity Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April, May and June 2024, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 27, 2024 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•

Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•

Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•

Terms of the Management Agreement;

•

Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•

Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•

Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•

Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•

Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•

The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•

Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Columbia Real Estate Equity Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2023 in the performance of administrative services, and noted the various enhancements anticipated for 2024. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

Columbia Real Estate Equity Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2023 had declined from 2022 levels, due to a variety of factors, including the decreased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 27, 2024, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Real Estate Equity Fund | 2024

	Six Months Ended June 30, 2024 (Unaudited)	Year Ended December 31, 2023
Operations
Net investment income	$2,283,287	$4,418,039
Net realized gain	3,020,952	49,780,788
Net change in unrealized appreciation (depreciation)	(8,725,203 )	(26,676,313 )
Net increase (decrease) in net assets resulting from operations	(3,420,964 )	27,522,514
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,054,797 )	(13,063,396 )
Advisor Class	(224,844 )	(1,719,126 )
Class C	—	(267,755 )
Institutional Class	(1,692,725 )	(19,952,171 )
Institutional 2 Class	(21,913 )	(273,053 )
Institutional 3 Class	(757,711 )	(11,431,332 )
Class R	—	(369,963 )
Total distributions to shareholders	(3,751,990 )	(47,076,796 )
Decrease in net assets from capital stock activity	(16,066,805 )	(33,277,834 )
Total decrease in net assets	(23,239,759 )	(52,832,116 )
Net assets at beginning of period	179,014,385	231,846,501
Net assets at end of period	$155,774,626	$179,014,385

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Real Estate	144,784,836	—	—	144,784,836
Total Common Stocks	144,784,836	—	—	144,784,836
Money Market Funds	9,247,727	—	—	9,247,727
Total Investments in Securities	154,032,563	—	—	154,032,563
Investments in Derivatives
Asset
Swap Contracts	—	448,945	—	448,945
Total	154,032,563	448,945	—	154,481,508

(registrant)	Columbia Funds Series Trust I

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 22, 2024