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(Columbia High Yield Opportunity Fund)

COLUMBIA FUNDS SERIES TRUST I

Columbia High Yield Opportunity Fund

(the "Fund")

Supplement dated March 13, 2012

to the Fund's prospectuses dated October 1, 2011

Effective on April 1, 2012, the Fund will change its primary benchmark from the JPMorgan Global High Yield Index to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index because the Investment Manager believes that it better reflects how the Fund is managed. The Fund's secondary index, the Credit Suisse High Yield Index, is removed as a benchmark for the Fund. Accordingly, as of April 1, 2012, the Fund's Prospectuses will be revised as follows:

The paragraph under the heading "Average Annual Total Return as of December 31, 2010," in the section of the Fund's Prospectuses entitled "Columbia High Yield Opportunity Fund - Performance Information," is deleted and replaced in its entirety with the following:

The table compares the Fund's returns to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index. The BofA Merrill Lynch US High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The table also compares the Fund's returns for each period with those of its former benchmark, the JPMorgan Global High Yield Index, an index that is designed to mirror the investable universe of the U.S. dollar global high-yield corporate debt market, including domestic and international issues.

The Fund changed its primary benchmark from the JPMorgan Global High Yield Index to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, effective April 1, 2012 because the Investment Manager believes that it better reflects how the Fund is managed.

The following line is added to the table under the heading "Average Annual Total Return as of December 31, 2010," in the section of the Fund's Prospectuses entitled "Columbia High Yield Opportunity Fund - Performance Information":

Average Annual Total Returns (Columbia High Yield Opportunity Fund)	1 Year	5 Years	10 Years
BofA Merrill Lynch US High Yield Cash Pay Constrained Index (reflects no deductions for fees, expenses or taxes)	15.10%	8.66%	8.84%

All references to the Credit Suisse High Yield Index are hereby removed.

If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also shouldshow the returns of an appropriate broadbased securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).

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