N-CSR 1 f12834d1.htm COLUMBIA FUND SERIES TRUST I Columbia Fund Series Trust I

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-04367 

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:  May 31 

Date of reporting period:  May 31, 2022 

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. 


Annual Report
May 31, 2022 
Columbia Adaptive Risk Allocation Fund
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Adaptive Risk Allocation Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Adaptive Risk Allocation Fund  |  Annual Report 2022

Fund at a Glance
(Unaudited)
Investment objective
The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2015
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2018
Average annual total returns (%) (for the period ended May 31, 2022)
    Inception 1 Year 5 Years Life
Class A Excluding sales charges 06/19/12 -3.62 5.81 5.11
  Including sales charges   -9.17 4.57 4.49
Advisor Class* 10/01/14 -3.36 6.06 5.31
Class C Excluding sales charges 06/19/12 -4.39 4.99 4.31
  Including sales charges   -5.19 4.99 4.31
Institutional Class 06/19/12 -3.37 6.06 5.37
Institutional 2 Class 06/19/12 -3.36 6.06 5.41
Institutional 3 Class* 10/01/14 -3.40 6.10 5.37
Class R 06/19/12 -3.91 5.53 4.85
Modified Blended Benchmark   -9.29 5.61 6.17
New Blended Benchmark   -4.83 6.69 7.75
FTSE Three-Month U.S. Treasury Bill Index   0.13 1.09 0.61
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility.  Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Modified Blended Benchmark consists of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate Bond Index.
The New Blended Benchmark consists of 60% MSCI ACWI (Net) Hedged to DM Currencies and 40% Bloomberg Global Aggregate Bond Hedged Index. 
The Bloomberg Global Aggregate Bond Index is a broad-based benchmark that measures the global investment-grade fixed-rate debt markets.
The Bloomberg Global Aggregate Bond Hedged Index is an unmanaged index that is comprised of several other Bloomberg indexes that measure fixed income performance of regions around the world while hedging the currency back to the US dollar.
The MSCI ACWI (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The MSCI ACWI (Net) captures large, mid, small and micro cap representation across 23 developed markets countries and large, mid and small cap representation across 23 emerging markets countries.
The MSCI ACWI (Net) Hedged to DM Currencies Index represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the “home” currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid cap stocks across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries.
The FTSE Three-Month U.S. Treasury Bill Index is an unmanaged index that represents the performance of three-month Treasury bills and reflects reinvestment of all distributions and changes in market prices.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI Index (Net) and MSCI ACWI Index (Net) Hedged to DM Currencies, which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
4 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (June 19, 2012 — May 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Adaptive Risk Allocation Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at May 31, 2022)
Alternative Strategies Funds 3.8
Common Stocks 1.8
Foreign Government Obligations 17.8
Inflation-Indexed Bonds 13.1
Money Market Funds(a) 34.1
Multi-Asset/Tactical Strategies Funds 0.2
Residential Mortgage-Backed Securities - Agency 5.9
U.S. Treasury Obligations 23.3
Total 100.0
    
(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Market exposure by asset class categories (%)(a) (at May 31, 2022)
Equity Assets 14.1
Inflation-Hedging Assets 17.5
Spread Assets 14.4
Interest Rate Assets 67.0
(a) Percentages are based upon net assets. The percentages do not equal 100% due to the effects of leverage within the Fund’s portfolio. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction. The Fund’s portfolio composition and its market exposure are subject to change. Inflation-Hedging Assets may include, but are not limited to, direct or indirect investments in commodity-related investments, including certain types of commodities-linked derivatives and notes, and U.S. and non-U.S. inflation-linked bonds. Interest Rate Assets generally include fixed-income securities issued by U.S. and non-U.S. governments. Spread Assets generally include any other fixed-income securities.
 
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended May 31, 2022, Class A shares of Columbia Adaptive Risk Allocation Fund returned -3.62% excluding sales charges. The Fund outperformed its Modified Blended Benchmark (consisting of 60% MSCI ACWI Index (Net) and 40% Bloomberg Global Aggregate Bond Index), which returned -9.29% for the same time period. The Fund also outperformed its New Blended Benchmark (consisting of 60% MSCI ACWI Index (Net) Hedged to DM Currencies and 40% Bloomberg Global Aggregate Bond Hedged Index), which returned -4.83% for the same time period. To compare, the FTSE Three-Month U.S. Treasury Bill Index returned 0.13% during the annual period. The Fund takes a risk-based approach to allocating assets across four primary segments of global capital markets – global equities, interest rate related fixed income, spread related fixed income, and inflation-hedged assets.
Market overview
U.S. equities reversed course during the last half of the 12-month period ending May 31, 2022, falling from record highs and ending three consecutive years of robust gains. Commodity-related markets were the exception, significantly outperforming the overall equity market as measured by the S&P 500 Index. During the first quarter of 2022, for example, the broad-based commodity benchmark, the Bloomberg Commodity Index, outperformed the broad equity market by more than 30%.
Lingering Omicron-related worries were a headwind during the last half of the period, as were fears around inflation, durability of growth and the end of more than a decade of easy monetary policy coming from the U.S. Federal Reserve (Fed) and other global central banks. Volatility and risk-off sentiment spiked as investor concerns expanded to include ramifications of the Russia-Ukraine conflict. Commodity prices surged, particularly for oil and wheat, as the conflict in eastern Europe escalated into war and further complicated global supply chains. Oil prices, which already were elevated on supply-demand imbalances, shot through a decade-high of more than $120 per barrel before retreating somewhat.
Despite occasional hints of peaceful resolution to the Russia-Ukraine conflict, as well as mostly resilient corporate earnings reports, equities continued a choppy decline until the Fed raised interest rates by 25 basis points in a widely anticipated move at its March meeting. (A basis point is 1/100 of a percent.) Although the announcement and accompanying projections of six additional hikes were hawkish, Fed Chairman Jerome Powell seemingly calmed investors with a more neutral tone and his assessment that the U.S. economy is generally strong and well-positioned to handle tighter monetary policy.
Any positive sentiment faded at the end of the period, however, as investors increasingly focused on persistent inflation and slowing economic growth, which were exacerbated by yet more supply-chain snarls.
The Fund’s notable contributors during the period
The largest contributor to relative performance over the past year came from the adaptive market state classification design feature associated with the investment strategy.
The adaptive feature – where a market state is determined between either capital preservation, neutral, bullish, or highly bullish states – is estimated to have delivered over 1.5% of excess return for the strategy, versus a static neutral policy risk allocation.
The market state classification centered in the capital preservation market state for four out of the first five months of calendar year 2022, and the more conservative asset allocation positioning associated with this market state helped deliver a sizable portion of the excess relative returns witnessed over the period.
Other notable contributors to relative performance during the period came from exposure to inflation-hedged assets.
In particular, exposure to both commodities and real estate related securities proved beneficial for investors during the period.
Furthermore, the Fund maintained a tactical overweight to commodities throughout a significant majority of the period. Over the past year, the Bloomberg Commodity Index (a broad-based proxy for commodity market performance) generated an eye-popping total return of 41.85%.
The Fund’s notable detractors during the period
Detractors from relative returns came from overweight allocation to global treasury inflation-protected securities (TIPS) and corporate credit.
6 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Manager Discussion of Fund Performance  (continued)
(Unaudited)
An underweight allocation to interest rate related fixed income served as a tactical contributor to relative returns but the overall exposure to interest rates (e.g. global government bonds) detracted noticeably from absolute returns. In fact, given the rising interest rate environment, especially over the course of the past several months, interest rate related fixed income allocations served as the single largest detractor from absolute performance over the period. Over the period, 10-year US Treasury Bond yields moved from a level near 1.62% (June ’21) to around 2.85% (May 31, 2022). This type of rise in yields puts downside pressure on bond prices with heavy interest rate sensitivity, thus the Bloomberg U.S. Treasury 7-10 Year Bond Index suffered a total return loss of -8.83% over the trailing 1-year period.
Derivative usage
During the annual period, the Fund used futures (including bond, currency, equity, index and interest rate futures), currency forwards and swaps (including credit default, credit default swap index, interest rate and total return swaps). The Fund used derivatives for both hedging and non-hedging purposes, including, for example, seeking to enhance returns or as a substitute for a position in an underlying asset. The Fund also used derivatives to manage its overall risk exposure and to obtain leverage (market exposure in excess of the Fund’s assets) within certain asset classes and during certain market environments in seeking to maintain attractive expected risk-adjusted returns while adhering to the Fund’s risk allocation framework. The use of derivatives allows the Fund to pursue its risk allocation objectives. On a stand-alone basis, the net usage of derivatives during the period had a positive impact on Fund performance.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund’s investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. Asset allocation does not assure a profit or protect against loss. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Commodity investments may be affected by the overall market and industry- and commodity-specific factors, and may be more volatile and less liquid than other investments. Short positions (where the underlying asset is not owned) can create unlimited risk. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Interest payments on inflation-protected securities may be more volatile than interest paid on ordinary bonds. In periods of deflation, these securities provide no income. As a non-diversified fund, fewer investments could have a greater effect on performance. Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the Fund to achieve its objective. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
7

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
December 1, 2021 — May 31, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 933.00 1,019.90 4.87 5.09 1.01
Advisor Class 1,000.00 1,000.00 934.00 1,021.14 3.66 3.83 0.76
Class C 1,000.00 1,000.00 928.80 1,016.16 8.46 8.85 1.76
Institutional Class 1,000.00 1,000.00 933.90 1,021.14 3.66 3.83 0.76
Institutional 2 Class 1,000.00 1,000.00 934.10 1,021.09 3.71 3.88 0.77
Institutional 3 Class 1,000.00 1,000.00 933.80 1,021.29 3.52 3.68 0.73
Class R 1,000.00 1,000.00 931.30 1,018.65 6.07 6.34 1.26
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
8 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Portfolio of Investments
May 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 4.0%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 7,126,467 164,977,710
Total Alternative Strategies Funds
(Cost $131,697,109)
164,977,710
Common Stocks 1.8%
Issuer Shares Value ($)
Consumer Discretionary 0.0%
Hotels, Restaurants & Leisure 0.0%
Marriott International, Inc., Class A 6,692 1,148,213
Total Consumer Discretionary 1,148,213
Real Estate 1.8%
Equity Real Estate Investment Trusts (REITS) 1.8%
Alexandria Real Estate Equities, Inc. 20,930 3,473,333
American Homes 4 Rent, Class A 26,862 992,820
American Tower Corp. 13,191 3,378,611
Americold Realty Trust, Inc. 56,197 1,556,095
AvalonBay Communities, Inc. 15,855 3,297,206
Brixmor Property Group, Inc. 104,915 2,557,828
Camden Property Trust 12,458 1,787,598
Centerspace 19,088 1,583,922
Duke Realty Corp. 72,444 3,827,217
Equinix, Inc. 6,814 4,681,831
Equity LifeStyle Properties, Inc. 50,353 3,811,722
Extra Space Storage, Inc. 14,852 2,646,626
Federal Realty Investment Trust 27,805 3,196,741
First Industrial Realty Trust, Inc. 44,259 2,352,366
Gaming and Leisure Properties, Inc. 48,332 2,262,904
Healthpeak Properties, Inc. 57,322 1,701,890
Highwoods Properties, Inc. 16,887 663,490
Host Hotels & Resorts, Inc. 129,470 2,588,105
Invitation Homes, Inc. 93,029 3,509,054
Kilroy Realty Corp. 29,826 1,810,438
Life Storage, Inc. 28,931 3,377,984
Medical Properties Trust, Inc. 109,196 2,028,862
National Storage Affiliates Trust 25,358 1,330,027
Outfront Media, Inc. 29,878 616,383
Prologis, Inc. 32,393 4,129,460
Common Stocks (continued)
Issuer Shares Value ($)
SITE Centers Corp. 58,018 912,043
STORE Capital Corp. 76,034 2,097,778
Sun Communities, Inc. 12,413 2,037,346
Tanger Factory Outlet Centers, Inc. 76,241 1,334,980
Welltower, Inc. 54,137 4,823,065
Total   74,367,725
Total Real Estate 74,367,725
Total Common Stocks
(Cost $82,204,714)
75,515,938
    
Foreign Government Obligations(b),(c) 18.5%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Austria 2.7%
Republic of Austria Government Bond(d)
10/20/2026 0.750% EUR 65,214,000 69,332,309
05/23/2034 2.400% EUR 13,773,000 15,853,836
Republic of Austria Government Bond(d),(e)
02/20/2030 0.000% EUR 26,752,000 25,658,989
Total 110,845,134
Belgium 1.9%
Kingdom of Belgium Government Bond(d)
06/22/2031 1.000% EUR 27,296,000 27,976,097
04/22/2033 1.250% EUR 16,075,000 16,612,834
03/28/2035 5.000% EUR 24,349,000 35,483,265
Total 80,072,196
China 0.3%
China Government Bond
11/21/2029 3.130% CNY 38,350,000 5,890,352
05/21/2030 2.680% CNY 52,200,000 7,755,820
Total 13,646,172
France 2.1%
French Republic Government Bond OAT(d),(e)
11/25/2030 0.000% EUR 41,936,000 39,806,608
11/25/2031 0.000% EUR 9,799,000 9,077,798
French Republic Government Bond OAT(d)
05/25/2036 1.250% EUR 25,317,000 25,056,996
05/25/2045 3.250% EUR 9,583,464 12,478,664
Total 86,420,066
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
May 31, 2022
Foreign Government Obligations(b),(c) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Italy 2.0%
Italy Buoni Poliennali Del Tesoro(d)
05/01/2031 6.000% EUR 39,808,000 53,142,670
02/01/2037 4.000% EUR 24,378,000 28,494,950
Total 81,637,620
Japan 4.3%
Japan Government 10-Year Bond
06/20/2031 0.100% JPY 4,438,000,000 34,123,530
Japan Government 20-Year Bond
06/20/2041 0.400% JPY 3,894,000,000 28,463,951
09/20/2041 0.500% JPY 2,072,200,000 15,389,222
Japan Government 30-Year Bond
06/20/2050 0.600% JPY 2,118,000,000 14,868,872
06/20/2051 0.700% JPY 2,267,000,000 16,271,208
09/20/2051 0.700% JPY 1,454,400,000 10,418,482
12/20/2051 0.700% JPY 1,796,000,000 12,864,304
Japan Government Thirty-Year Bond
03/20/2052 1.000% JPY 2,450,650,000 18,942,821
Japan Government Twenty-Year Bond
03/20/2042 0.800% JPY 3,417,450,000 26,752,049
Total 178,094,439
Netherlands 1.8%
Netherlands Government Bond(d)
07/15/2026 0.500% EUR 46,228,000 48,893,546
Netherlands Government Bond(d),(e)
07/15/2031 0.000% EUR 27,200,000 25,970,806
Total 74,864,352
Spain 3.0%
Spain Government Bond(e)
01/31/2028 0.000% EUR 27,072,000 26,548,848
Spain Government Bond(d)
04/30/2030 0.500% EUR 35,595,000 34,406,856
10/31/2030 1.250% EUR 9,979,000 10,126,328
07/30/2035 1.850% EUR 18,340,000 18,385,831
07/30/2041 4.700% EUR 7,234,000 10,246,586
Spain Government Bond
07/30/2032 5.750% EUR 16,377,000 23,376,377
Total 123,090,826
Foreign Government Obligations(b),(c) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
United Kingdom 0.4%
United Kingdom Gilt(d)
10/22/2028 1.625% GBP 10,885,000 13,609,227
01/22/2045 3.500% GBP 3,257,133 4,852,812
Total 18,462,039
Total Foreign Government Obligations
(Cost $905,511,001)
767,132,844
Inflation-Indexed Bonds(b) 13.5%
Australia 0.4%
Australia Government Bond(d)
11/21/2027 0.750% AUD 4,377,922 3,210,383
08/21/2035 2.000% AUD 3,525,713 2,793,657
08/21/2040 1.250% AUD 2,162,065 1,526,156
Australia Government Index-Linked Bond(d)
09/20/2025 3.000% AUD 10,400,337 8,302,728
Total 15,832,924
Canada 0.3%
Canadian Government Real Return Bond
12/01/2031 4.000% CAD 5,354,242 5,515,930
12/01/2036 3.000% CAD 3,711,240 3,725,773
12/01/2041 2.000% CAD 3,044,431 2,774,810
Total 12,016,513
France 1.6%
France Government Bond OAT(d)
07/25/2030 0.700% EUR 19,679,589 24,483,696
07/25/2032 3.150% EUR 13,671,000 20,988,062
French Republic Government Bond OAT(d)
07/25/2024 0.250% EUR 8,348,044 9,676,125
07/25/2040 1.800% EUR 6,960,598 10,409,761
Total 65,557,644
Germany 0.5%
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond(d)
04/15/2030 0.500% EUR 18,371,976 22,966,530
Italy 1.3%
Italy Buoni Poliennali Del Tesoro(d)
09/15/2026 3.100% EUR 18,026,849 22,607,751
05/15/2028 1.300% EUR 14,456,233 16,665,493
09/15/2035 2.350% EUR 7,607,315 9,601,961
09/15/2041 2.550% EUR 6,004,399 8,011,693
Total 56,886,898
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Portfolio of Investments  (continued)
May 31, 2022
Inflation-Indexed Bonds(b) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Spain 0.5%
Spain Government Inflation-Linked Bond(d)
11/30/2030 1.000% EUR 6,585,604 7,912,051
11/30/2033 0.700% EUR 10,585,957 12,146,420
Total 20,058,471
United Kingdom 3.7%
United Kingdom Gilt Inflation-Linked Bond(d)
03/22/2029 0.125% GBP 13,441,654 20,052,623
03/22/2034 0.750% GBP 13,155,681 22,130,110
11/22/2037 1.125% GBP 10,771,437 20,048,356
03/22/2044 0.125% GBP 12,434,405 21,048,944
11/22/2047 0.750% GBP 5,449,640 10,717,028
03/22/2052 0.250% GBP 14,503,698 26,575,143
11/22/2056 0.125% GBP 9,551,709 17,341,895
11/22/2065 0.125% GBP 5,311,586 10,625,945
03/22/2068 0.125% GBP 2,456,363 5,134,215
Total 153,674,259
United States 5.2%
U.S. Treasury Inflation-Indexed Bond
01/15/2024 0.625%   28,639,327 29,658,474
07/15/2027 0.375%   25,410,418 26,100,080
01/15/2028 0.500%   23,785,583 24,440,653
07/15/2028 0.750%   13,614,894 14,240,881
01/15/2029 0.875%   32,473,442 34,121,485
07/15/2029 0.250%   26,427,907 26,734,282
07/15/2030 0.125%   20,793,193 20,750,713
04/15/2032 3.375%   7,836,302 10,235,512
02/15/2042 0.750%   10,426,990 10,286,447
02/15/2043 0.625%   8,602,190 8,210,374
02/15/2045 0.750%   6,265,762 6,072,899
02/15/2048 1.000%   4,206,531 4,370,964
Total 215,222,764
Total Inflation-Indexed Bonds
(Cost $608,715,504)
562,216,003
    
Multi-Asset/Tactical Strategies Funds 0.2%
  Shares Value ($)
Columbia Solutions Aggressive Portfolio(a) 129,438 1,162,360
Columbia Solutions Conservative Portfolio(a) 670,954 6,313,677
Total Multi-Asset/Tactical Strategies Funds
(Cost $8,574,734)
7,476,037
Residential Mortgage-Backed Securities - Agency 6.2%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Government National Mortgage Association TBA(f)
06/22/2052 3.000%   28,350,000 27,341,139
06/22/2052 3.500%   24,550,000 24,323,680
06/22/2052 4.000%   22,220,000 22,445,672
Uniform Mortgage-Backed Security TBA(f)
06/16/2037 2.500%   12,248,328 11,856,956
06/16/2037-
06/13/2052
3.000%   42,000,000 40,256,172
06/13/2052 3.500%   39,000,000 38,229,140
06/13/2052 4.000%   41,740,000 41,756,304
06/13/2052 4.500%   48,800,000 49,659,719
Total Residential Mortgage-Backed Securities - Agency
(Cost $252,423,920)
255,868,782
U.S. Treasury Obligations 24.2%
U.S. Treasury
10/31/2026 1.125%   43,400,000 40,334,875
02/28/2027 1.875%   179,000,000 171,490,391
06/30/2028 1.250%   33,248,000 30,216,718
09/30/2028 1.250%   198,285,000 179,509,889
10/31/2028 1.375%   74,000,000 67,438,282
11/30/2028 1.500%   183,160,000 168,077,919
04/30/2029 2.875%   97,447,000 97,416,548
05/15/2029 2.375%   28,507,000 27,607,248
08/15/2029 1.625%   28,483,500 26,231,523
08/15/2030 0.625%   26,810,000 22,457,564
02/15/2031 1.125%   24,922,000 21,639,305
08/15/2031 1.250%   146,295,000 127,390,943
11/15/2031 1.375%   26,522,000 23,273,055
Total U.S. Treasury Obligations
(Cost $1,088,559,205)
1,003,084,260
    
Money Market Funds 35.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.852%(a),(g) 1,466,666,880 1,466,080,213
Total Money Market Funds
(Cost $1,466,223,653)
1,466,080,213
Total Investments in Securities
(Cost: $4,543,909,840)
4,302,351,787
Other Assets & Liabilities, Net   (158,572,715)
Net Assets 4,143,779,072
 
At May 31, 2022, securities and/or cash totaling $75,414,375 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
May 31, 2022
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
30,381,000 CHF 31,837,402 USD Citi 06/10/2022 149,136
4,501,000 CHF 4,632,089 USD Citi 06/10/2022 (62,584)
68,622,000 CNY 10,488,010 USD Citi 06/10/2022 184,836
786,259,300 EUR 842,546,837 USD Citi 06/10/2022 (1,919,238)
23,526,000 HKD 2,999,827 USD Citi 06/10/2022 1,120
57,992,000 SEK 5,990,662 USD Citi 06/10/2022 50,789
4,321,611 USD 4,145,000 CHF Citi 06/10/2022 1,744
42,151,219 USD 39,652,000 EUR Citi 06/10/2022 436,218
121,383 USD 2,489,000 MXN Citi 06/10/2022 4,874
2,182,512 USD 21,980,000 SEK Citi 06/10/2022 68,806
56,816 USD 550,000 SEK Citi 06/10/2022 (482)
28,868,298,000 IDR 1,979,993 USD Goldman Sachs International 06/10/2022 (1,238)
10,396,000 NOK 1,138,580 USD Goldman Sachs International 06/10/2022 29,312
2,001,269 USD 28,868,298,000 IDR Goldman Sachs International 06/10/2022 (20,037)
8,789,187 USD 82,399,000 NOK Goldman Sachs International 06/10/2022 2,907
12,597,761 USD 115,026,000 NOK Goldman Sachs International 06/10/2022 (324,319)
4,589,000 EUR 4,924,773 USD HSBC 06/10/2022 (3,951)
23,907,268,280 JPY 187,154,961 USD HSBC 06/10/2022 1,382,290
6,547,279,000 JPY 50,360,336 USD HSBC 06/10/2022 (515,636)
204,000 NZD 134,497 USD HSBC 06/10/2022 1,587
5,376,000 SGD 3,910,529 USD HSBC 06/10/2022 (13,324)
12,417,315 USD 1,600,173,000 JPY HSBC 06/10/2022 16,913
13,870,000 ZAR 876,418 USD HSBC 06/10/2022 (9,235)
28,211,000 CNY 4,316,248 USD Standard Chartered 06/10/2022 80,540
40,917,000 AUD 29,240,720 USD UBS 06/10/2022 (127,402)
39,354,000 CAD 30,822,368 USD UBS 06/10/2022 (289,891)
18,171,000 DKK 2,621,101 USD UBS 06/10/2022 (2,205)
180,723,097 GBP 230,055,081 USD UBS 06/10/2022 2,316,268
18,891,000 NZD 12,189,947 USD UBS 06/10/2022 (117,918)
3,241,995 USD 4,517,000 AUD UBS 06/10/2022 75
39,435,439 USD 50,403,000 CAD UBS 06/10/2022 411,875
19,423,205 USD 15,461,000 GBP UBS 06/10/2022 60,026
12,454,666 USD 18,891,000 NZD UBS 06/10/2022 (146,801)
Total       5,199,316 (3,554,261)
    
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Euro-Bobl 99 06/2022 EUR 12,522,510 (736,734)
Euro-BTP 562 06/2022 EUR 71,300,940 (8,989,071)
Euro-Bund 705 06/2022 EUR 106,856,850 (9,923,848)
Euro-OAT 596 06/2022 EUR 85,877,640 (6,223,178)
FTSE 100 Index 439 06/2022 GBP 33,300,345 11,681
Long Gilt 603 09/2022 GBP 69,929,910 (1,429,352)
MSCI EAFE Index 1,014 06/2022 USD 103,275,900 (1,633,258)
MSCI Emerging Markets Index 48 06/2022 USD 2,551,920 55,864
MSCI Emerging Markets Index 839 06/2022 USD 44,605,435 (621,363)
S&P 500 Index E-mini 1,430 06/2022 USD 295,384,375 (7,750,052)
S&P/TSX 60 Index 67 06/2022 CAD 16,796,900 (439,193)
U.S. Treasury 10-Year Note 775 09/2022 USD 92,576,172 (491,903)
U.S. Treasury 5-Year Note 4,693 09/2022 USD 530,089,016 (1,548,338)
Total         67,545 (39,786,290)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Portfolio of Investments  (continued)
May 31, 2022
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 37 Morgan Stanley 06/20/2027 1.000 Quarterly 2.723 USD 90,692,000 (1,496,921) (1,496,921)
Markit CDX North America High Yield Index, Series 38 Morgan Stanley 06/20/2027 5.000 Quarterly 4.626 USD 164,576,000 (3,232,646) (3,232,646)
Markit CDX North America Investment Grade Index, Series 38 Morgan Stanley 06/20/2027 1.000 Quarterly 0.801 USD 83,738,000 292,750 292,750
Total               (4,436,817) 292,750 (4,729,567)
    
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
May 31, 2022
Notes to Portfolio of Investments
(a) 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 year ended May 31, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends —
affiliated
issuers ($)
End of
period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
  373,852,606 746,611,216 (900,758,231) (54,727,881) 164,977,710 76,397,769 107,622,216 7,126,467
Columbia Short-Term Cash Fund, 0.852%
  1,427,191,383 7,512,134,187 (7,473,114,683) (130,674) 1,466,080,213 (288,764) 2,564,211 1,466,666,880
Columbia Solutions Aggressive Portfolio
  1,244,985 325,665 (408,290) 1,162,360 315,085 10,579 129,438
Columbia Solutions Conservative Portfolio
  6,754,982 421,163 (862,468) 6,313,677 353,941 67,223 670,954
Total 1,809,043,956     (56,129,313) 1,638,533,960 669,026 76,109,005 110,264,229  
    
(b) Principal amounts are denominated in United States Dollars unless otherwise noted.
(c) Principal and interest may not be guaranteed by a governmental entity.
(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At May 31, 2022, the total value of these securities amounted to $860,443,734, which represents 20.76% of total net assets.
(e) Zero coupon bond.
(f) Represents a security purchased on a when-issued basis.
(g) The rate shown is the seven-day current annualized yield at May 31, 2022.
Abbreviation Legend
TBA To Be Announced
Currency Legend
AUD Australian Dollar
CAD Canada Dollar
CHF Swiss Franc
CNY China Yuan Renminbi
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
USD US Dollar
ZAR South African Rand
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Portfolio of Investments  (continued)
May 31, 2022
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Solutions Portfolios serve as investment vehicles for the Columbia Adaptive Retirement Funds and each pursues consistent total returns by seeking to allocate risks across multiple asset classes. Investments in the Columbia Solutions Portfolios may be redeemed on a daily basis without restriction.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the 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 control 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. The Committee reports to the Board, with members of the Committee meeting with 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 May 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 164,977,710 164,977,710
Common Stocks          
Consumer Discretionary 1,148,213 1,148,213
Real Estate 74,367,725 74,367,725
Total Common Stocks 75,515,938 75,515,938
Foreign Government Obligations 767,132,844 767,132,844
Inflation-Indexed Bonds 562,216,003 562,216,003
Multi-Asset/Tactical Strategies Funds 7,476,037 7,476,037
Residential Mortgage-Backed Securities - Agency 255,868,782 255,868,782
U.S. Treasury Obligations 1,003,084,260 1,003,084,260
Money Market Funds 1,466,080,213 1,466,080,213
Total Investments in Securities 2,709,658,121 1,585,217,629 7,476,037 4,302,351,787
Investments in Derivatives          
Asset          
Forward Foreign Currency Exchange Contracts 5,199,316 5,199,316
Futures Contracts 67,545 67,545
Swap Contracts 292,750 292,750
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
May 31, 2022
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Liability          
Forward Foreign Currency Exchange Contracts (3,554,261) (3,554,261)
Futures Contracts (39,786,290) (39,786,290)
Swap Contracts (4,729,567) (4,729,567)
Total 2,669,939,376 1,582,425,867 7,476,037 4,259,841,280
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Statement of Assets and Liabilities
May 31, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $2,937,414,344) $2,663,817,827
Affiliated issuers (cost $1,606,495,496) 1,638,533,960
Foreign currency (cost $6,498,491) 6,537,407
Margin deposits on:  
Futures contracts 46,062,029
Swap contracts 29,352,345
Unrealized appreciation on forward foreign currency exchange contracts 5,199,316
Receivable for:  
Investments sold 10,000,000
Investments sold on a delayed delivery basis 8,488,665
Capital shares sold 5,635,001
Dividends 918,954
Interest 7,822,493
Foreign tax reclaims 542,610
Variation margin for futures contracts 669,908
Prepaid expenses 30,541
Trustees’ deferred compensation plan 147,054
Total assets 4,423,758,110
Liabilities  
Unrealized depreciation on forward foreign currency exchange contracts 3,554,261
Payable for:  
Investments purchased on a delayed delivery basis 261,291,746
Capital shares purchased 5,106,863
Variation margin for futures contracts 8,651,482
Variation margin for swap contracts 585,075
Management services fees 317,739
Distribution and/or service fees 15,595
Transfer agent fees 159,943
Compensation of board members 36,061
Other expenses 113,219
Trustees’ deferred compensation plan 147,054
Total liabilities 279,979,038
Net assets applicable to outstanding capital stock $4,143,779,072
Represented by  
Paid in capital 4,544,573,226
Total distributable earnings (loss) (400,794,154)
Total - representing net assets applicable to outstanding capital stock $4,143,779,072
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
17

Statement of Assets and Liabilities  (continued)
May 31, 2022
Class A  
Net assets $185,112,388
Shares outstanding 19,107,081
Net asset value per share $9.69
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.28
Advisor Class  
Net assets $86,570,137
Shares outstanding 8,915,122
Net asset value per share $9.71
Class C  
Net assets $94,069,243
Shares outstanding 10,241,766
Net asset value per share $9.18
Institutional Class  
Net assets $3,693,808,535
Shares outstanding 380,744,044
Net asset value per share $9.70
Institutional 2 Class  
Net assets $63,728,731
Shares outstanding 6,546,000
Net asset value per share $9.74
Institutional 3 Class  
Net assets $19,579,460
Shares outstanding 2,010,142
Net asset value per share $9.74
Class R  
Net assets $910,578
Shares outstanding 95,231
Net asset value per share $9.56
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Statement of Operations
Year Ended May 31, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $6,319,269
Dividends — affiliated issuers 110,264,229
Interest 52,732,013
Foreign taxes withheld (74,135)
Total income 169,241,376
Expenses:  
Management services fees 29,704,707
Distribution and/or service fees  
Class A 470,177
Class C 1,122,719
Class R 4,031
Transfer agent fees  
Class A 88,406
Advisor Class 37,494
Class C 52,522
Institutional Class 1,853,370
Institutional 2 Class 37,774
Institutional 3 Class 4,403
Class R 380
Compensation of board members 63,692
Custodian fees 227,688
Printing and postage fees 131,138
Registration fees 277,411
Audit fees 54,750
Legal fees 51,257
Interest on collateral 405,056
Compensation of chief compliance officer 1,333
Other 52,855
Total expenses 34,641,163
Net investment income 134,600,213
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 32,724,292
Investments — affiliated issuers 76,109,005
Capital gain distributions from underlying affiliated funds 669,026
Foreign currency translations (576,234)
Forward foreign currency exchange contracts 149,563,905
Futures contracts 39,555,895
Swap contracts 3,830,017
Net realized gain 301,875,906
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (395,177,361)
Investments — affiliated issuers (56,129,313)
Foreign currency translations (414,680)
Forward foreign currency exchange contracts 12,881,103
Futures contracts (125,060,325)
Swap contracts (22,653,891)
Net change in unrealized appreciation (depreciation) (586,554,467)
Net realized and unrealized loss (284,678,561)
Net decrease in net assets resulting from operations $(150,078,348)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
19

Statement of Changes in Net Assets
  Year Ended
May 31, 2022
Year Ended
May 31, 2021
Operations    
Net investment income $134,600,213 $5,845,344
Net realized gain 301,875,906 463,916,290
Net change in unrealized appreciation (depreciation) (586,554,467) 196,658,755
Net increase (decrease) in net assets resulting from operations (150,078,348) 666,420,389
Distributions to shareholders    
Net investment income and net realized gains    
Class A (32,135,555) (1,548,063)
Advisor Class (15,402,896) (1,159,036)
Class C (19,874,747) (616,774)
Institutional Class (688,785,814) (75,347,293)
Institutional 2 Class (10,298,112) (1,180,953)
Institutional 3 Class (3,879,770) (435,933)
Class R (143,242) (2,542)
Total distributions to shareholders (770,520,136) (80,290,594)
Increase in net assets from capital stock activity 796,520,568 505,297,035
Total increase (decrease) in net assets (124,077,916) 1,091,426,830
Net assets at beginning of year 4,267,856,988 3,176,430,158
Net assets at end of year $4,143,779,072 $4,267,856,988
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  May 31, 2022 May 31, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 5,594,187 60,975,090 3,511,911 39,359,283
Distributions reinvested 2,892,709 30,402,371 129,351 1,481,063
Redemptions (3,845,595) (41,535,809) (2,932,206) (33,082,610)
Net increase 4,641,301 49,841,652 709,056 7,757,736
Advisor Class        
Subscriptions 4,316,404 50,176,542 3,605,975 41,235,461
Distributions reinvested 1,464,052 15,401,823 101,116 1,158,793
Redemptions (1,956,212) (21,388,286) (2,600,008) (29,970,824)
Net increase 3,824,244 44,190,079 1,107,083 12,423,430
Class C        
Subscriptions 1,315,151 14,422,781 1,740,304 18,919,109
Distributions reinvested 1,938,855 19,369,165 54,694 601,087
Redemptions (2,798,883) (28,824,303) (1,666,684) (18,196,912)
Net increase 455,123 4,967,643 128,314 1,323,284
Institutional Class        
Subscriptions 81,121,176 911,145,226 99,516,165 1,122,158,944
Distributions reinvested 63,639,272 668,848,747 6,403,075 73,315,210
Redemptions (80,310,337) (897,830,976) (64,186,723) (733,957,702)
Net increase 64,450,111 682,162,997 41,732,517 461,516,452
Institutional 2 Class        
Subscriptions 4,439,815 49,138,569 4,384,916 50,120,358
Distributions reinvested 976,124 10,298,112 102,870 1,180,952
Redemptions (4,172,968) (47,429,487) (2,922,457) (33,482,213)
Net increase 1,242,971 12,007,194 1,565,329 17,819,097
Institutional 3 Class        
Subscriptions 142,545 1,630,519 481,381 5,302,208
Distributions reinvested 367,700 3,879,234 37,934 435,867
Redemptions (258,132) (2,731,456) (121,776) (1,372,157)
Net increase 252,113 2,778,297 397,539 4,365,918
Class R        
Subscriptions 50,566 577,024 10,730 117,004
Distributions reinvested 13,745 142,672 223 2,525
Redemptions (13,213) (146,990) (2,663) (28,411)
Net increase 51,098 572,706 8,290 91,118
Total net increase 74,916,961 796,520,568 45,648,128 505,297,035
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
21

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 portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 5/31/2022 $12.10 0.32 (0.59) (0.27) (0.42) (1.72) (2.14)
Year Ended 5/31/2021 $10.25 (0.01) 1.97 1.96 (0.04) (0.07) (0.11)
Year Ended 5/31/2020 $10.44 0.08 0.51 0.59 (0.26) (0.52) (0.78)
Year Ended 5/31/2019 $10.81 0.20 0.01 0.21 (0.35) (0.23) (0.58)
Year Ended 5/31/2018 $10.83 0.04 0.72 0.76 (0.78) (0.78)
Advisor Class
Year Ended 5/31/2022 $12.12 0.38 (0.62) (0.24) (0.44) (1.73) (2.17)
Year Ended 5/31/2021 $10.37 0.02 1.98 2.00 (0.10) (0.15) (0.25)
Year Ended 5/31/2020 $10.55 0.10 0.53 0.63 (0.29) (0.52) (0.81)
Year Ended 5/31/2019 $10.92 0.23 0.01 0.24 (0.38) (0.23) (0.61)
Year Ended 5/31/2018 $10.92 0.07 0.71 0.78 (0.00)(e) (0.78) (0.78)
Class C
Year Ended 5/31/2022 $11.57 0.23 (0.57) (0.34) (0.37) (1.68) (2.05)
Year Ended 5/31/2021 $9.85 (0.09) 1.87 1.78 (0.06) (0.06)
Year Ended 5/31/2020 $10.05 0.00(e) 0.50 0.50 (0.18) (0.52) (0.70)
Year Ended 5/31/2019 $10.42 0.11 0.02 0.13 (0.27) (0.23) (0.50)
Year Ended 5/31/2018 $10.55 (0.04) 0.69 0.65 (0.78) (0.78)
Institutional Class
Year Ended 5/31/2022 $12.11 0.35 (0.59) (0.24) (0.44) (1.73) (2.17)
Year Ended 5/31/2021 $10.36 0.02 1.98 2.00 (0.10) (0.15) (0.25)
Year Ended 5/31/2020 $10.55 0.11 0.51 0.62 (0.29) (0.52) (0.81)
Year Ended 5/31/2019 $10.91 0.22 0.03 0.25 (0.38) (0.23) (0.61)
Year Ended 5/31/2018 $10.91 0.06 0.72 0.78 (0.00)(e) (0.78) (0.78)
Institutional 2 Class
Year Ended 5/31/2022 $12.15 0.32 (0.56) (0.24) (0.44) (1.73) (2.17)
Year Ended 5/31/2021 $10.39 0.02 1.98 2.00 (0.10) (0.14) (0.24)
Year Ended 5/31/2020 $10.57 0.10 0.53 0.63 (0.29) (0.52) (0.81)
Year Ended 5/31/2019 $10.93 0.22 0.03 0.25 (0.38) (0.23) (0.61)
Year Ended 5/31/2018 $10.93 0.06 0.72 0.78 (0.00)(e) (0.78) (0.78)
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 5/31/2022 $9.69 (3.62%) 1.00%(c) 1.00%(c) 2.82% 260% $185,112
Year Ended 5/31/2021 $12.10 19.17% 1.00%(c) 1.00%(c) (0.06%) 227% $175,015
Year Ended 5/31/2020 $10.25 5.41% 1.01%(c) 1.01%(c),(d) 0.74% 314% $141,074
Year Ended 5/31/2019 $10.44 2.33% 1.00% 1.00%(d) 1.87% 203% $120,147
Year Ended 5/31/2018 $10.81 7.07% 0.99% 0.99%(d) 0.33% 210% $132,920
Advisor Class
Year Ended 5/31/2022 $9.71 (3.36%) 0.75%(c) 0.75%(c) 3.39% 260% $86,570
Year Ended 5/31/2021 $12.12 19.38% 0.75%(c) 0.75%(c) 0.20% 227% $61,716
Year Ended 5/31/2020 $10.37 5.71% 0.76%(c) 0.76%(c),(d) 0.98% 314% $41,312
Year Ended 5/31/2019 $10.55 2.58% 0.75% 0.75%(d) 2.14% 203% $30,420
Year Ended 5/31/2018 $10.92 7.26% 0.74% 0.74%(d) 0.59% 210% $19,764
Class C
Year Ended 5/31/2022 $9.18 (4.39%) 1.75%(c) 1.75%(c) 2.11% 260% $94,069
Year Ended 5/31/2021 $11.57 18.14% 1.75%(c) 1.75%(c) (0.80%) 227% $113,245
Year Ended 5/31/2020 $9.85 4.73% 1.76%(c) 1.76%(c),(d) 0.00% 314% $95,090
Year Ended 5/31/2019 $10.05 1.56% 1.75% 1.75%(d) 1.10% 203% $94,648
Year Ended 5/31/2018 $10.42 6.19% 1.74% 1.74%(d) (0.43%) 210% $109,335
Institutional Class
Year Ended 5/31/2022 $9.70 (3.37%) 0.75%(c) 0.75%(c) 3.08% 260% $3,693,809
Year Ended 5/31/2021 $12.11 19.40% 0.75%(c) 0.75%(c) 0.19% 227% $3,831,565
Year Ended 5/31/2020 $10.36 5.62% 0.76%(c) 0.76%(c),(d) 1.00% 314% $2,845,593
Year Ended 5/31/2019 $10.55 2.67% 0.75% 0.75%(d) 2.11% 203% $2,618,924
Year Ended 5/31/2018 $10.91 7.26% 0.74% 0.74%(d) 0.59% 210% $2,782,662
Institutional 2 Class
Year Ended 5/31/2022 $9.74 (3.36%) 0.76%(c) 0.76%(c) 2.78% 260% $63,729
Year Ended 5/31/2021 $12.15 19.38% 0.76%(c) 0.76%(c) 0.17% 227% $64,418
Year Ended 5/31/2020 $10.39 5.69% 0.77%(c) 0.77%(c) 0.95% 314% $38,829
Year Ended 5/31/2019 $10.57 2.65% 0.76% 0.76% 2.10% 203% $22,397
Year Ended 5/31/2018 $10.93 7.24% 0.75% 0.75% 0.57% 210% $16,033
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
23

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 5/31/2022 $12.16 0.36 (0.61) (0.25) (0.44) (1.73) (2.17)
Year Ended 5/31/2021 $10.41 0.03 1.99 2.02 (0.11) (0.16) (0.27)
Year Ended 5/31/2020 $10.59 0.11 0.52 0.63 (0.29) (0.52) (0.81)
Year Ended 5/31/2019 $10.95 0.32 (0.07)(f) 0.25 (0.38) (0.23) (0.61)
Year Ended 5/31/2018 $10.95 0.07 0.72 0.79 (0.01) (0.78) (0.79)
Class R
Year Ended 5/31/2022 $11.97 0.30 (0.60) (0.30) (0.40) (1.71) (2.11)
Year Ended 5/31/2021 $10.13 (0.03) 1.93 1.90 (0.06) (0.06)
Year Ended 5/31/2020 $10.32 0.05 0.52 0.57 (0.24) (0.52) (0.76)
Year Ended 5/31/2019 $10.69 0.16 0.02 0.18 (0.32) (0.23) (0.55)
Year Ended 5/31/2018 $10.75 (0.01) 0.73 0.72 (0.78) (0.78)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:
    
Class 5/31/2022 5/31/2021 5/31/2020
Class A 0.01% less than 0.01% less than 0.01%
Advisor Class 0.01% less than 0.01% less than 0.01%
Class C 0.01% less than 0.01% less than 0.01%
Institutional Class 0.01% less than 0.01% less than 0.01%
Institutional 2 Class 0.01% less than 0.01% less than 0.01%
Institutional 3 Class 0.01% less than 0.01% less than 0.01%
Class R 0.01% less than 0.01% less than 0.01%
    
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Rounds to zero.
(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Adaptive Risk Allocation Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 5/31/2022 $9.74 (3.40%) 0.72%(c) 0.72%(c) 3.13% 260% $19,579
Year Ended 5/31/2021 $12.16 19.53% 0.71%(c) 0.71%(c) 0.23% 227% $21,369
Year Ended 5/31/2020 $10.41 5.73% 0.72%(c) 0.72%(c) 1.04% 314% $14,168
Year Ended 5/31/2019 $10.59 2.67% 0.71% 0.71% 3.02% 203% $13,063
Year Ended 5/31/2018 $10.95 7.29% 0.69% 0.69% 0.65% 210% $3
Class R
Year Ended 5/31/2022 $9.56 (3.91%) 1.25%(c) 1.25%(c) 2.69% 260% $911
Year Ended 5/31/2021 $11.97 18.82% 1.25%(c) 1.25%(c) (0.31%) 227% $528
Year Ended 5/31/2020 $10.13 5.22% 1.26%(c) 1.26%(c),(d) 0.51% 314% $363
Year Ended 5/31/2019 $10.32 2.07% 1.25% 1.25%(d) 1.54% 203% $424
Year Ended 5/31/2018 $10.69 6.75% 1.25% 1.25%(d) (0.08%) 210% $325
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Risk Allocation Fund  | Annual Report 2022
25

Notes to Financial Statements
May 31, 2022
Note 1. Organization
Columbia Adaptive Risk Allocation 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.
The Fund invests significantly in shares of affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds).
For information on the Underlying Funds, please refer to the Fund’s current prospectus and the prospectuses of the Underlying Funds, which are available, free of charge, from the Securities and Exchange Commission website at www.sec.gov.
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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R 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.
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.
Debt securities generally are valued by pricing services