8dd4481292d883c

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:

Last Day of

May

Date of reporting period:

November 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 Dividend Income Fund

Class A / LBSAX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class A	$ 47	0.89 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

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

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Equity Sector 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 or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.

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

Columbia Dividend Income Fund

Class C / LBSCX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 30, 202

4. 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class C	$ 87	1.64 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

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

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Dividend Income Fund

Institutional Class / GSFTX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional Class	$ 34	0.64 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

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

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Dividend Income Fund

Institutional 2 Class / CDDRX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 2 Class	$ 31	0.59 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

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

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Dividend Income Fund

Institutional 3 Class / CDDYX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 29	0.54 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

Graphical Representation of Fund

Holdings

Top Holdings

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Dividend Income Fund

Class R / CDIRX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of June 1, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class R	$ 60	1.14 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

Graphical Representation of Fund

Holdings

Top Holdings

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Dividend Income Fund

Class S / GFSDX

Semiannual Shareholder Report | November 30, 2024

This

semiannual shareholder report

contains important information about Columbia Dividend Income Fund (the Fund) for the period of October 2, 2024 to November 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	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class S	$ 11 (a)	0.68 % (b)

(a)	Based on operations from October 2, 2024 (commencement of operations) through the stated period end. Had the class been open for the entire reporting period, expenses shown in the table above would have been higher.
(b)	Annualized.

Key Fund Statistics

Fund net assets	$ 43,968,823,319
Total number of portfolio holdings	77
Portfolio turnover for the reporting period	8%

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

JPMorgan Chase & Co.	4.3 %
Microsoft Corp.	3.3 %
UnitedHealth Group, Inc.	3.0 %
Walmart, Inc.	2.9 %
Home Depot, Inc. (The)	2.5 %
Johnson & Johnson	2.4 %
Exxon Mobil Corp.	2.3 %
Procter & Gamble Co. (The)	2.2 %
Broadcom, Inc.	2.2 %
AbbVie, Inc.	2.1 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Portfolio of Investments

November 30, 2024 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.0%
Issuer	Shares	Value ($)
Communication Services 4.5%
Diversified Telecommunication Services 1.5%
AT&T, Inc.	29,404,923	681,018,017
Entertainment 1.2%
Walt Disney Co. (The)	4,349,994	510,993,795
Media 1.8%
Comcast Corp., Class A	18,619,479	804,175,298
Total Communication Services		1,996,187,110
Consumer Discretionary 6.2%
Broadline Retail 0.6%
eBay, Inc.	3,762,118	238,104,448
Distributors 0.4%
Genuine Parts Co.	1,396,565	176,986,683
Hotels, Restaurants & Leisure 1.6%
McDonald’s Corp.	2,419,721	716,261,613
Specialty Retail 3.6%
Home Depot, Inc. (The)	2,581,991	1,108,009,798
TJX Companies, Inc. (The)	3,757,568	472,288,722
Total		1,580,298,520
Total Consumer Discretionary		2,711,651,264
Consumer Staples 8.8%
Beverages 1.9%
Coca-Cola Co. (The)	8,279,285	530,536,583
PepsiCo, Inc.	1,807,483	295,433,096
Total		825,969,679
Consumer Staples Distribution & Retail 2.9%
Walmart, Inc.	13,915,168	1,287,153,040
Food Products 1.8%
General Mills, Inc.	4,320,608	286,283,486
Mondelez International, Inc., Class A	7,567,631	491,517,634
Total		777,801,120
Household Products 2.2%
Procter & Gamble Co. (The)	5,444,109	975,910,979
Total Consumer Staples		3,866,834,818

Common Stocks (continued)
Issuer	Shares	Value ($)
Energy 7.3%
Oil, Gas & Consumable Fuels 7.3%
Chevron Corp.	5,728,428	927,604,346
ConocoPhillips Co.	2,595,461	281,192,245
EOG Resources, Inc.	4,165,793	555,133,575
Exxon Mobil Corp.	8,587,218	1,012,948,235
Valero Energy Corp.	3,240,048	450,625,876
Total		3,227,504,277
Total Energy		3,227,504,277
Financials 20.0%
Banks 9.7%
Bank of America Corp.	19,545,544	928,608,795
JPMorgan Chase & Co.	7,520,940	1,878,129,137
PNC Financial Services Group, Inc. (The)	2,881,901	618,801,783
Wells Fargo & Co.	10,954,005	834,366,561
Total		4,259,906,276
Capital Markets 5.8%
Bank of New York Mellon Corp. (The)	6,331,689	518,375,378
Blackrock, Inc.	550,996	563,558,709
Blackstone, Inc.	1,366,503	261,125,058
CME Group, Inc.	2,370,727	564,233,026
Morgan Stanley	4,937,506	649,825,165
Total		2,557,117,336
Financial Services 1.1%
Visa, Inc., Class A	1,572,849	495,573,263
Insurance 3.4%
Chubb Ltd.	2,623,001	757,339,079
Marsh & McLennan Companies, Inc.	3,046,868	710,621,023
Total		1,467,960,102
Total Financials		8,780,556,977
Health Care 12.3%
Biotechnology 2.1%
AbbVie, Inc.	5,159,133	943,760,200

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

Columbia Dividend Income Fund | 2024

Portfolio of Investments (continued)

November 30, 2024 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care Equipment & Supplies 2.5%
Abbott Laboratories	4,884,206	580,097,147
Becton Dickinson & Co.	917,351	203,560,187
Medtronic PLC	3,414,056	295,452,406
Total		1,079,109,740
Health Care Providers & Services 3.0%
UnitedHealth Group, Inc.	2,156,043	1,315,617,438
Pharmaceuticals 4.7%
Bristol-Myers Squibb Co.	7,370,412	436,475,799
Johnson & Johnson	6,962,583	1,079,269,991
Merck & Co., Inc.	5,643,735	573,629,225
Total		2,089,375,015
Total Health Care		5,427,862,393
Industrials 13.4%
Aerospace & Defense 2.2%
Lockheed Martin Corp.	880,793	466,300,622
Northrop Grumman Corp.	1,000,648	489,967,293
Total		956,267,915
Building Products 1.3%
Trane Technologies PLC	1,340,135	557,790,990
Commercial Services & Supplies 0.9%
Waste Management, Inc.	1,753,041	400,079,017
Ground Transportation 1.8%
Union Pacific Corp.	3,215,908	786,804,051
Industrial Conglomerates 1.7%
Honeywell International, Inc.	3,210,713	747,871,379
Machinery 3.7%
Cummins, Inc.	979,256	367,260,170
Illinois Tool Works, Inc.	1,651,688	458,376,454
Parker-Hannifin Corp.	1,168,041	821,016,019
Total		1,646,652,643
Professional Services 1.8%
Automatic Data Processing, Inc.	1,844,311	566,074,375
Booz Allen Hamilton Holding Corp.	1,402,358	207,801,409
Total		773,875,784
Total Industrials		5,869,341,779

Common Stocks (continued)
Issuer	Shares	Value ($)
Information Technology 15.4%
Communications Equipment 2.0%
Cisco Systems, Inc.	14,863,526	880,069,374
IT Services 3.3%
Accenture PLC, Class A	2,043,564	740,526,287
International Business Machines Corp.	3,150,495	716,454,068
Total		1,456,980,355
Semiconductors & Semiconductor Equipment 6.8%
Analog Devices, Inc.	3,265,457	712,032,899
Broadcom, Inc.	5,873,029	951,900,540
KLA Corp.	567,034	366,888,009
Lam Research Corp.	4,948,938	365,627,539
QUALCOMM, Inc.	1,265,550	200,627,642
Texas Instruments, Inc.	1,847,127	371,327,941
Total		2,968,404,570
Software 3.3%
Microsoft Corp.	3,443,729	1,458,281,482
Total Information Technology		6,763,735,781
Materials 3.0%
Chemicals 1.9%
Linde PLC	1,158,293	533,961,490
PPG Industries, Inc.	2,534,476	315,212,780
Total		849,174,270
Containers & Packaging 1.1%
Avery Dennison Corp.	977,043	201,222,006
Packaging Corp. of America	1,165,500	290,034,675
Total		491,256,681
Total Materials		1,340,430,951
Real Estate 1.5%
Industrial REITs 0.5%
Prologis, Inc.	1,766,368	206,276,455
Residential REITs 0.5%
AvalonBay Communities, Inc.	1,005,928	236,745,155
Specialized REITs 0.5%
Public Storage	621,654	216,366,674
Total Real Estate		659,388,284

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

Columbia Dividend Income Fund | 2024

Portfolio of Investments (continued)

November 30, 2024 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Utilities 5.6%
Electric Utilities 3.2%
American Electric Power Co., Inc.	3,021,402	301,717,204
Entergy Corp.	2,648,992	413,693,081
NextEra Energy, Inc.	2,978,594	234,325,990
Southern Co. (The)	5,272,773	469,962,257
Total		1,419,698,532
Multi-Utilities 2.4%
Ameren Corp.	2,414,091	227,866,049
CMS Energy Corp.	2,652,600	184,912,746
DTE Energy Co.	1,171,161	147,308,631
Public Service Enterprise Group, Inc.	2,467,442	232,679,781
WEC Energy Group, Inc.	2,477,021	250,302,972
Total		1,043,070,179
Total Utilities		2,462,768,711
Total Common Stocks (Cost $24,246,927,411)		43,106,262,345

Money Market Funds 1.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.802%(a),(b)	785,612,388	785,455,265
Total Money Market Funds (Cost $785,339,004)		785,455,265
Total Investments in Securities (Cost: $25,032,266,415)		43,891,717,610
Other Assets & Liabilities, Net		77,105,709
Net Assets		43,968,823,319

Notes to Portfolio of Investments

(a)	The rate shown is the seven-day current annualized yield at November 30, 2024.
(b)	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 November 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, 4.802%
	720,210,659	1,937,014,994	(1,871,772,923 )	2,535	785,455,265	13,799	19,224,253	785,612,388

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).

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

Columbia Dividend Income Fund | 2024

Portfolio of Investments (continued)

November 30, 2024 (Unaudited)

Fair value measurements (continued)

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, if any, 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 following table is a summary of the inputs used to value the Fund’s investments at November 30, 2024:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	1,996,187,110	—	—	1,996,187,110
Consumer Discretionary	2,711,651,264	—	—	2,711,651,264
Consumer Staples	3,866,834,818	—	—	3,866,834,818
Energy	3,227,504,277	—	—	3,227,504,277
Financials	8,780,556,977	—	—	8,780,556,977
Health Care	5,427,862,393	—	—	5,427,862,393
Industrials	5,869,341,779	—	—	5,869,341,779
Information Technology	6,763,735,781	—	—	6,763,735,781
Materials	1,340,430,951	—	—	1,340,430,951
Real Estate	659,388,284	—	—	659,388,284
Utilities	2,462,768,711	—	—	2,462,768,711
Total Common Stocks	43,106,262,345	—	—	43,106,262,345
Money Market Funds	785,455,265	—	—	785,455,265
Total Investments in Securities	43,891,717,610	—	—	43,891,717,610

See the Portfolio of Investments for all investment classifications not indicated in the table.

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

Columbia Dividend Income Fund | 2024

Statement of Assets and Liabilities

November 30, 2024 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $24,246,927,411)	$43,106,262,345
Affiliated issuers (cost $785,339,004)	785,455,265
Receivable for:
Capital shares sold	12,477,185
Dividends	84,592,968
Prepaid expenses	172,423
Deferred compensation of board members	1,098,181
Other assets	75,710
Total assets	43,990,134,077
Liabilities
Payable for:
Capital shares redeemed	14,749,760
Management services fees	1,261,482
Distribution and/or service fees	147,550
Transfer agent fees	2,958,459
Compensation of chief compliance officer	3,544
Compensation of board members	36,867
Other expenses	385,111
Deferred compensation of board members	1,767,985
Total liabilities	21,310,758
Net assets applicable to outstanding capital stock	$43,968,823,319
Represented by
Paid in capital	23,267,999,536
Total distributable earnings (loss)	20,700,823,783
Total - representing net assets applicable to outstanding capital stock	$43,968,823,319

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

Columbia Dividend Income Fund | 2024

Statement of Assets and Liabilities (continued)

November 30, 2024 (Unaudited)

Class A
Net assets	$4,858,001,999
Shares outstanding	134,244,002
Net asset value per share	$36.19
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)	$38.40
Class C
Net assets	$1,383,078,816
Shares outstanding	39,695,359
Net asset value per share	$34.84
Institutional Class
Net assets	$22,799,608,372
Shares outstanding	629,198,612
Net asset value per share	$36.24
Institutional 2 Class
Net assets	$3,779,518,946
Shares outstanding	102,340,179
Net asset value per share	$36.93
Institutional 3 Class
Net assets	$9,483,849,701
Shares outstanding	256,319,051
Net asset value per share	$37.00
Class R
Net assets	$211,230,504
Shares outstanding	5,833,555
Net asset value per share	$36.21
Class S
Net assets	$1,453,534,981
Shares outstanding	40,113,039
Net asset value per share	$36.24

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

Columbia Dividend Income Fund | 2024

Statement of Operations

Six Months Ended November 30, 2024 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$471,098,627
Dividends — affiliated issuers	19,224,253
Interfund lending	1,144
Total income	490,324,024
Expenses:
Management services fees	108,571,793
Distribution and/or service fees
Class A	5,733,896
Class C	6,666,007
Class R	504,995
Transfer agent fees
Class A	2,541,107
Advisor Class	1,933,348
Class C	738,549
Institutional Class	10,629,870
Institutional 2 Class	979,346
Institutional 3 Class	234,912
Class R	111,893
Class S	237,381
Custodian fees	82,790
Printing and postage fees	695,683
Registration fees	228,596
Accounting services fees	15,955
Legal fees	231,333
Compensation of chief compliance officer	3,544
Compensation of board members	202,077
Deferred compensation of board members	97,713
Other	274,386
Total expenses	140,715,174
Expense reduction	(1,220 )
Total net expenses	140,713,954
Net investment income	349,610,070
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	788,718,719
Investments — affiliated issuers	13,799
Net realized gain	788,732,518
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	3,868,594,584
Investments — affiliated issuers	2,535
Net change in unrealized appreciation (depreciation)	3,868,597,119
Net realized and unrealized gain	4,657,329,637
Net increase in net assets resulting from operations	$5,006,939,707

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

Columbia Dividend Income Fund | 2024

Statement of Changes in Net Assets

	Six Months Ended November 30, 2024 (Unaudited)	Year Ended May 31, 2024
Operations
Net investment income	$349,610,070	$714,984,940
Net realized gain	788,732,518	1,288,371,149
Net change in unrealized appreciation (depreciation)	3,868,597,119	4,910,882,693
Net increase in net assets resulting from operations	5,006,939,707	6,914,238,782
Distributions to shareholders
Net investment income and net realized gains
Class A	(34,866,366 )	(194,427,282 )
Advisor Class	(31,493,940 )	(163,291,431 )
Class C	(5,500,771 )	(51,535,056 )
Institutional Class	(172,418,191 )	(850,979,311 )
Institutional 2 Class	(31,456,649 )	(145,694,495 )
Institutional 3 Class	(76,724,289 )	(370,454,811 )
Class R	(1,298,165 )	(8,567,884 )
Class V	—	(685,181 )
Total distributions to shareholders	(353,758,371 )	(1,785,635,451 )
Decrease in net assets from capital stock activity	(559,024,052 )	(333,667,529 )
Total increase in net assets	4,094,157,284	4,794,935,802
Net assets at beginning of period	39,874,666,035	35,079,730,233
Net assets at end of period	$43,968,823,319	$39,874,666,035

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

Columbia Dividend Income Fund | 2024

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	November 30, 2024 (Unaudited)		May 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	9,162,770	311,716,904	21,722,845	663,966,779
Distributions reinvested	866,364	29,074,872	5,412,435	162,966,453
Shares redeemed	(12,912,160 )	(438,542,910 )	(30,640,644 )	(931,272,282 )
Net decrease	(2,883,026 )	(97,751,134 )	(3,505,364 )	(104,339,050 )
Advisor Class
Shares sold	8,609,118	297,495,850	23,102,406	715,256,928
Distributions reinvested	911,471	31,241,887	5,271,898	162,040,935
Shares redeemed	(116,178,429 )	(4,233,070,551 )	(30,863,441 )	(961,266,409 )
Net decrease	(106,657,840 )	(3,904,332,814 )	(2,489,137 )	(83,968,546 )
Class C
Shares sold	2,093,466	68,662,432	5,026,831	148,279,062
Distributions reinvested	152,239	4,921,041	1,568,272	45,520,112
Shares redeemed	(4,764,588 )	(156,189,184 )	(9,629,117 )	(283,202,622 )
Net decrease	(2,518,883 )	(82,605,711 )	(3,034,014 )	(89,403,448 )
Institutional Class
Shares sold	151,144,715	5,347,399,692	115,919,392	3,554,578,499
Distributions reinvested	4,547,947	152,727,425	24,907,526	750,749,767
Shares redeemed	(112,521,803 )	(3,863,116,157 )	(135,136,785 )	(4,109,316,116 )
Net increase	43,170,859	1,637,010,960	5,690,133	196,012,150
Institutional 2 Class
Shares sold	8,943,746	308,970,090	24,816,597	777,660,629
Distributions reinvested	905,565	31,000,056	4,676,068	143,575,000
Shares redeemed	(10,122,064 )	(350,795,704 )	(24,240,083 )	(753,776,494 )
Net increase (decrease)	(272,753 )	(10,825,558 )	5,252,582	167,459,135
Institutional 3 Class
Shares sold	37,806,857	1,331,604,482	34,247,274	1,069,210,600
Distributions reinvested	1,558,809	53,504,300	8,293,428	255,055,327
Shares redeemed	(25,329,091 )	(880,785,883 )	(52,711,874 )	(1,633,723,693 )
Net increase (decrease)	14,036,575	504,322,899	(10,171,172 )	(309,457,766 )
Class R
Shares sold	392,065	13,435,307	535,910	16,449,901
Distributions reinvested	38,615	1,297,113	284,172	8,561,153
Shares redeemed	(674,336 )	(23,061,854 )	(1,559,810 )	(47,698,128 )
Net decrease	(243,656 )	(8,329,434 )	(739,728 )	(22,687,074 )
Class S
Shares sold	42,519,303	1,488,156,872	—	—
Shares redeemed	(2,406,264 )	(84,670,132 )	—	—
Net increase	40,113,039	1,403,486,740	—	—
Class V
Shares sold	—	—	6,012	178,228
Distributions reinvested	—	—	19,023	557,610
Shares redeemed	—	—	(2,909,855 )	(88,018,768 )
Net decrease	—	—	(2,884,820 )	(87,282,930 )
Total net decrease	(15,255,685 )	(559,024,052 )	(11,881,520 )	(333,667,529 )

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

Columbia Dividend Income 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	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 11/30/2024 (Unaudited)	$32.37	0.25	3.83	4.08	(0.26 )	—	(0.26 )
Year Ended 5/31/2024	$28.21	0.52	5.07	5.59	(0.52 )	(0.91 )	(1.43 )
Year Ended 5/31/2023	$29.77	0.52	(1.02 )	(0.50 )	(0.50 )	(0.56 )	(1.06 )
Year Ended 5/31/2022	$29.50	0.42	0.71	1.13	(0.41 )	(0.45 )	(0.86 )
Year Ended 5/31/2021	$22.13	0.38	7.37	7.75	(0.38 )	—	(0.38 )
Year Ended 5/31/2020	$21.45	0.41	0.93	1.34	(0.40 )	(0.26 )	(0.66 )
Class C
Six Months Ended 11/30/2024 (Unaudited)	$31.17	0.12	3.68	3.80	(0.13 )	—	(0.13 )
Year Ended 5/31/2024	$27.21	0.28	4.88	5.16	(0.29 )	(0.91 )	(1.20 )
Year Ended 5/31/2023	$28.73	0.29	(0.96 )	(0.67 )	(0.29 )	(0.56 )	(0.85 )
Year Ended 5/31/2022	$28.49	0.19	0.68	0.87	(0.18 )	(0.45 )	(0.63 )
Year Ended 5/31/2021	$21.38	0.18	7.14	7.32	(0.21 )	—	(0.21 )
Year Ended 5/31/2020	$20.73	0.23	0.91	1.14	(0.23 )	(0.26 )	(0.49 )
Institutional Class
Six Months Ended 11/30/2024 (Unaudited)	$32.41	0.29	3.84	4.13	(0.30 )	—	(0.30 )
Year Ended 5/31/2024	$28.25	0.60	5.06	5.66	(0.59 )	(0.91 )	(1.50 )
Year Ended 5/31/2023	$29.81	0.59	(1.01 )	(0.42 )	(0.58 )	(0.56 )	(1.14 )
Year Ended 5/31/2022	$29.53	0.50	0.71	1.21	(0.48 )	(0.45 )	(0.93 )
Year Ended 5/31/2021	$22.15	0.44	7.38	7.82	(0.44 )	—	(0.44 )
Year Ended 5/31/2020	$21.48	0.47	0.92	1.39	(0.46 )	(0.26 )	(0.72 )
Institutional 2 Class
Six Months Ended 11/30/2024 (Unaudited)	$33.03	0.31	3.90	4.21	(0.31 )	—	(0.31 )
Year Ended 5/31/2024	$28.76	0.62	5.17	5.79	(0.61 )	(0.91 )	(1.52 )
Year Ended 5/31/2023	$30.33	0.62	(1.04 )	(0.42 )	(0.59 )	(0.56 )	(1.15 )
Year Ended 5/31/2022	$30.03	0.52	0.73	1.25	(0.50 )	(0.45 )	(0.95 )
Year Ended 5/31/2021	$22.52	0.46	7.51	7.97	(0.46 )	—	(0.46 )
Year Ended 5/31/2020	$21.83	0.49	0.94	1.43	(0.48 )	(0.26 )	(0.74 )
Institutional 3 Class
Six Months Ended 11/30/2024 (Unaudited)	$33.09	0.32	3.91	4.23	(0.32 )	—	(0.32 )
Year Ended 5/31/2024	$28.81	0.64	5.17	5.81	(0.62 )	(0.91 )	(1.53 )
Year Ended 5/31/2023	$30.38	0.63	(1.03 )	(0.40 )	(0.61 )	(0.56 )	(1.17 )
Year Ended 5/31/2022	$30.08	0.54	0.73	1.27	(0.52 )	(0.45 )	(0.97 )
Year Ended 5/31/2021	$22.55	0.48	7.52	8.00	(0.47 )	—	(0.47 )
Year Ended 5/31/2020	$21.86	0.50	0.94	1.44	(0.49 )	(0.26 )	(0.75 )

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

Columbia Dividend Income 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 11/30/2024 (Unaudited)	$36.19	12.66%	0.89%	0.89% (c)	1.48%	8%	$4,858,002
Year Ended 5/31/2024	$32.37	20.23%	0.90%	0.90% (c)	1.70%	14%	$4,438,351
Year Ended 5/31/2023	$28.21	(1.71% )	0.91%	0.91% (c)	1.81%	17%	$3,967,471
Year Ended 5/31/2022	$29.77	3.80%	0.90%	0.90% (c)	1.38%	16%	$4,392,792
Year Ended 5/31/2021	$29.50	35.42%	0.92%	0.92% (c)	1.49%	11%	$4,247,346
Year Ended 5/31/2020	$22.13	6.26%	0.94%	0.94% (c)	1.80%	14%	$2,689,884
Class C
Six Months Ended 11/30/2024 (Unaudited)	$34.84	12.24%	1.64%	1.64% (c)	0.73%	8%	$1,383,079
Year Ended 5/31/2024	$31.17	19.31%	1.65%	1.65% (c)	0.95%	14%	$1,315,823
Year Ended 5/31/2023	$27.21	(2.42% )	1.66%	1.66% (c)	1.06%	17%	$1,231,203
Year Ended 5/31/2022	$28.73	3.01%	1.65%	1.65% (c)	0.63%	16%	$1,350,125
Year Ended 5/31/2021	$28.49	34.43%	1.67%	1.67% (c)	0.75%	11%	$1,286,989
Year Ended 5/31/2020	$21.38	5.44%	1.69%	1.69% (c)	1.05%	14%	$1,037,413
Institutional Class
Six Months Ended 11/30/2024 (Unaudited)	$36.24	12.81%	0.64%	0.64% (c)	1.73%	8%	$22,799,608
Year Ended 5/31/2024	$32.41	20.51%	0.65%	0.65% (c)	1.95%	14%	$18,992,524
Year Ended 5/31/2023	$28.25	(1.45% )	0.66%	0.66% (c)	2.06%	17%	$16,392,771
Year Ended 5/31/2022	$29.81	4.09%	0.65%	0.65% (c)	1.63%	16%	$17,707,133
Year Ended 5/31/2021	$29.53	35.76%	0.67%	0.67% (c)	1.74%	11%	$16,364,361
Year Ended 5/31/2020	$22.15	6.50%	0.69%	0.69% (c)	2.06%	14%	$9,604,530
Institutional 2 Class
Six Months Ended 11/30/2024 (Unaudited)	$36.93	12.81%	0.59%	0.59%	1.78%	8%	$3,779,519
Year Ended 5/31/2024	$33.03	20.59%	0.59%	0.59%	2.00%	14%	$3,388,853
Year Ended 5/31/2023	$28.76	(1.40% )	0.60%	0.60%	2.12%	17%	$2,799,839
Year Ended 5/31/2022	$30.33	4.16%	0.59%	0.59%	1.69%	16%	$2,972,324
Year Ended 5/31/2021	$30.03	35.84%	0.61%	0.61%	1.79%	11%	$3,093,985
Year Ended 5/31/2020	$22.52	6.57%	0.62%	0.62%	2.13%	14%	$1,385,364
Institutional 3 Class
Six Months Ended 11/30/2024 (Unaudited)	$37.00	12.85%	0.54%	0.54%	1.84%	8%	$9,483,850
Year Ended 5/31/2024	$33.09	20.64%	0.55%	0.55%	2.06%	14%	$8,016,124
Year Ended 5/31/2023	$28.81	(1.36% )	0.55%	0.55%	2.17%	17%	$7,272,474
Year Ended 5/31/2022	$30.38	4.20%	0.55%	0.55%	1.74%	16%	$7,668,907
Year Ended 5/31/2021	$30.08	35.95%	0.56%	0.56%	1.85%	11%	$6,667,177
Year Ended 5/31/2020	$22.55	6.62%	0.57%	0.57%	2.17%	14%	$3,986,971

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

Columbia Dividend Income Fund | 2024

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	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 R
Six Months Ended 11/30/2024 (Unaudited)	$32.39	0.21	3.83	4.04	(0.22 )	—	(0.22 )
Year Ended 5/31/2024	$28.23	0.44	5.07	5.51	(0.44 )	(0.91 )	(1.35 )
Year Ended 5/31/2023	$29.79	0.45	(1.02 )	(0.57 )	(0.43 )	(0.56 )	(0.99 )
Year Ended 5/31/2022	$29.51	0.35	0.71	1.06	(0.33 )	(0.45 )	(0.78 )
Year Ended 5/31/2021	$22.14	0.31	7.38	7.69	(0.32 )	—	(0.32 )
Year Ended 5/31/2020	$21.46	0.35	0.94	1.29	(0.35 )	(0.26 )	(0.61 )
Class S
Six Months Ended 11/30/2024 (Unaudited)(d)	$34.91	0.08	1.25	1.33	—	—	—

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)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.

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

Columbia Dividend Income 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class R
Six Months Ended 11/30/2024 (Unaudited)	$36.21	12.51%	1.14%	1.14% (c)	1.23%	8%	$211,231
Year Ended 5/31/2024	$32.39	19.92%	1.15%	1.15% (c)	1.45%	14%	$196,824
Year Ended 5/31/2023	$28.23	(1.96% )	1.15%	1.15% (c)	1.56%	17%	$192,439
Year Ended 5/31/2022	$29.79	3.56%	1.15%	1.15% (c)	1.13%	16%	$229,025
Year Ended 5/31/2021	$29.51	35.08%	1.17%	1.17% (c)	1.24%	11%	$217,516
Year Ended 5/31/2020	$22.14	5.97%	1.19%	1.19% (c)	1.54%	14%	$137,720
Class S
Six Months Ended 11/30/2024 (Unaudited)(d)	$36.24	3.81%	0.68%	0.68%	1.53%	8%	$1,453,535

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

Columbia Dividend Income Fund | 2024

Notes to Financial Statements

November 30, 2024 (Unaudited)

Note 1. Organization

Columbia Dividend Income Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is 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 and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S 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. Class S shares commenced operations on October 2, 2024.

The Board of Trustees of the Fund 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 were exchanged for Class S shares of the Fund. This was 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 were converted to Institutional Class shares of the Fund. This was 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.

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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.

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.

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 generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

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 Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 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 each calendar quarter. 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 0.72% to 0.5025% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2024 was 0.5252% of the Fund’s average daily net assets.

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.

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

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 November 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	0.11
Advisor Class	0.05 (a)
Class C	0.11
Institutional Class	0.11
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.11
Class S	0.11

(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 November 30, 2024, these minimum account balance fees reduced total expenses of the Fund by $1,220.

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.

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

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 November 30, 2024, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	1,863,153
Class C	—	1.00 (b)	33,682

(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:

	October 1, 2024 through September 30, 2025 (%)	Prior to October 1, 2024 (%)
Class A	1.04	1.09
Class C	1.79	1.84
Institutional Class	0.79	0.84
Institutional 2 Class	0.74	0.78
Institutional 3 Class	0.69	0.73
Class R	1.29	1.34
Class S	0.79	—

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. 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.

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

At November 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) ($)	Net unrealized appreciation ($)
25,032,266,000	18,999,564,000	(140,112,000 )	18,859,452,000

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 $3,201,570,541 and $3,827,081,161, respectively, for the six months ended November 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 to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

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 November 30, 2024 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	3,500,000	5.89	2

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

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

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 24, 2024 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 1.00% in each case. 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 24, 2024 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 $900 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 1.00% in each case.

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

Note 9. Significant risks

Financials sector risk

The Fund is vulnerable to the particular risks that may affect companies in the financials sector. Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

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 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.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Columbia Dividend Income Fund | 2024

Notes to Financial Statements (continued)

November 30, 2024 (Unaudited)

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 that 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 Dividend Income 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 Dividend Income 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

Columbia Dividend Income Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

•

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

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

Columbia Dividend Income Fund | 2024

Approval of Management Agreement (continued)

(Unaudited)

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. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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) was below the peer universe’s median expense ratio shown in the reports.

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 Dividend Income Fund | 2024

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Series Trust I

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

Date	January 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date	January 22, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	January 22, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	January 22, 2025