N-CSR 1 f23265d1.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:  July 31 

Date of reporting period:  July 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
July 31, 2022 
Columbia Large Cap Growth 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 Large Cap Growth 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 filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or 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.
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 Large Cap Growth Fund  |  Annual Report 2022

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Melda Mergen, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2019
Tiffany Wade
Co-Portfolio Manager
Managed Fund since 2021
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended July 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 11/01/98 -17.35 13.15 14.35
  Including sales charges   -22.10 11.82 13.67
Advisor Class* 11/08/12 -17.15 13.43 14.63
Class C Excluding sales charges 11/18/02 -17.96 12.31 13.49
  Including sales charges   -18.70 12.31 13.49
Class E Excluding sales charges 09/22/06 -17.61 12.95 14.18
  Including sales charges   -21.32 11.92 13.66
Institutional Class 12/14/90 -17.15 13.44 14.63
Institutional 2 Class 03/07/11 -17.13 13.48 14.72
Institutional 3 Class 07/15/09 -17.09 13.54 14.79
Class R 09/27/10 -17.56 12.87 14.06
Class V Excluding sales charges 12/14/90 -17.36 13.16 14.33
  Including sales charges   -22.12 11.82 13.65
Russell 1000 Growth Index   -11.93 16.30 15.95
Returns for Class A and Class V 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. Returns for Class E shares are shown with and without the maximum sales charge of 4.50%. 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, Institutional Class 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 Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Large Cap Growth Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Growth 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 July 31, 2022)
Common Stocks 96.8
Money Market Funds 3.2
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at July 31, 2022)
Communication Services 10.1
Consumer Discretionary 17.1
Consumer Staples 4.0
Energy 1.3
Financials 1.7
Health Care 13.1
Industrials 8.4
Information Technology 43.0
Real Estate 1.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Equity sub-industry breakdown (%) (at July 31, 2022)
Information Technology  
Application Software 4.4
Data Processing & Outsourced Services 3.5
Electronic Equipment & Instruments 1.4
Electronic Manufacturing Services 1.3
Semiconductor Equipment 1.6
Semiconductors 5.6
Systems Software 14.3
Technology Hardware, Storage & Peripherals 10.9
Total 43.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Large Cap Growth Fund  | Annual Report 2022

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended July 31, 2022, Class A shares of Columbia Large Cap Growth Fund returned -17.35% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned -11.93% for the same time period.
Market overview
U.S. equities fell in 2022 from record highs, ending three consecutive years of robust gains. Lingering Omicron-related worries were a headwind, 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 a prolonged 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 were already elevated on supply-demand imbalances, shot through a decade-high of more than $120 per barrel before retreating somewhat.
Despite mostly resilient corporate earnings reports, equities continued a choppy decline. The Fed raised interest rates by 25 basis points (bps) at its March 2022 meeting, 50 bps in May 2022, 75 bps in June 2022 and 75 bps in July 2022, ending at a target rate of 2.25-2.50% by July 31, 2022. (A basis point is 1/100 of a percent.) Investor sentiment was dominated by an increasing focus on persistent inflation, the ongoing war in Ukraine, slowing economic growth leading to a possible recession and continued supply-chain snarls.
The energy sector was the strongest-performing sector in the benchmark during the period, delivering gains in excess of 68%. Consumer staples and utilities also ended the period with positive gains, though far smaller than that of the energy sector. The communication services sector was the bottom-performing sector during the period, down more than 33%. The materials, consumer discretionary, health care, financials, information technology and industrials sectors also ended the period in negative territory.
The Fund’s notable detractors during the period
· The Fund’s underperformance relative to the benchmark during the period was driven by stock selection as well as sector allocation. 
· The largest area of relative outperformance came from the Fund’s selections within information technology.  Notable individual detractors included PayPal Holdings, Inc., Apple, Inc. and Fidelity National Information Services, Inc.
Payments firm PayPal sold off in the first quarter of 2022, along with other high-growth names, as interest rates rose higher. Management provided more than one disappointing earnings outlook as the company struggled with execution issues and slowing e-commerce demand. We sold the shares during the year.
The Fund maintained a sizable weighting in technology giant Apple during the period, which delivered a strong gain for the Fund. The Fund’s position, however, was less than that of the benchmark, which maintained more than a 10% weighting in the stock, detracting from the Fund’s results relative to the benchmark.
An out-of-benchmark position in Fidelity National Information Services, detracted from relative results as the global payments provider reported disappointing results and increasing competition from new payments companies has led to a sentiment overhang on incumbent payment merchant acquiring companies.
· The consumer discretionary space was another area in which stock selection drove relative underperformance. An underweighting in the strong performing stock of electric vehicle manufacturer Tesla Motors, Inc. hurt from a relative perspective. Tesla has managed supply chain constraints better than most auto manufacturers and reported gross margins that were well above expectations.
Target Corp. also detracted from results. After several years of impressive execution the company is now dealing with changing consumer spending preferences and an excess of inventory which led the company to significantly reduce its margin and earnings outlook for the year.
Columbia Large Cap Growth Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
(Unaudited)
· Within the communication services sector, online dating services company Match Group, Inc. was among the Fund’s top relative detractors during the period. Match suffered along with other high-growth stocks in the face of rising rates. The company also struggled with delayed reopening activity globally dampening demand for dating services and lower-than-expected revenue from its acquisition of Korea-based Hyperconnect due to product launch delays.
· The Fund’s underweighted allocation to the consumer staples sector, which delivered positively for the benchmark during the period also hindered relative results.
The Fund’s notable contributors during the period
· Stock selection within the health care and financials sector contributed to Fund performance versus the benchmark during the period.
· Within health care, the Fund generated strong gains from its holdings in Eli Lily & Co., Vertex Pharmaceuticals, Inc. and Johnson & Johnson.
Pharmaceutical company Eli Lily was a leading contributor as the company’s diabetes drug Tirzepatide has shown positive indications as a weight loss drug.
Biotechnology company Vertex Pharmaceuticals outperformed. The company’s core cystic fibrosis drug continued to perform well and the company reported positive data points for several promising drugs in its pipeline. 
An out-of-benchmark position in pharmaceutical company Johnson & Johnson fared well in the first quarter of 2022 as the market largely sold-off. The company is viewed as a relatively defensive name.
· Within the financials sector, information technology industry-focused lender SVB Financial Group was a stand-out performer early in the reporting period for the Fund. The company benefited from the tailwind of rising interest rates. We sold the Fund’s position in the first half of the period.
· Semiconductor manufacturer Broadcom Inc. within the information technology sector was a top contributor to Fund performance versus the benchmark, though most of its gains were early in the period. Shares of the chip maker have performed well on the strength of its networking and server storage segments. The company has also benefited from its announcement of its planned acquisition of VMware in one of the biggest tech deals on record.
· Though overall the communications sector detracted slightly from relative results, within the sector, Electronic Arts Inc was a positive contributor. The company is viewed as relatively more defensive in negative economic environments. Further, the company continued to make good progress growing its live services offerings.
· Not owning shares in streaming giant Netflix also benefited relative results. The company saw its stock plummet following its announcement of a sizable decrease in subscribers in the first quarter of 2022 to be followed by another decline in the second quarter of 2022.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. 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 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.
6 Columbia Large Cap Growth Fund  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
February 1, 2022 — July 31, 2022
  Account value at the
beginning of the
period ($)
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 1,000.00 847.40 1,019.67 4.48 4.90 0.99
Advisor Class 1,000.00 1,000.00 848.50 1,020.89 3.35 3.67 0.74
Class C 1,000.00 1,000.00 844.60 1,015.99 7.87 8.60 1.74
Class E 1,000.00 1,000.00 846.10 1,018.00 6.02 6.58 1.33
Institutional Class 1,000.00 1,000.00 848.50 1,020.89 3.35 3.67 0.74
Institutional 2 Class 1,000.00 1,000.00 848.70 1,021.04 3.22 3.52 0.71
Institutional 3 Class 1,000.00 1,000.00 848.90 1,021.23 3.04 3.32 0.67
Class R 1,000.00 1,000.00 846.40 1,018.44 5.61 6.14 1.24
Class V 1,000.00 1,000.00 847.40 1,019.67 4.48 4.90 0.99
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.
Columbia Large Cap Growth Fund  | Annual Report 2022
7

Portfolio of Investments
July 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 96.8%
Issuer Shares Value ($)
Communication Services 9.7%
Entertainment 1.2%
Electronic Arts, Inc. 401,451 52,682,415
Interactive Media & Services 8.5%
Alphabet, Inc., Class A(a) 1,189,800 138,397,536
Alphabet, Inc., Class C(a) 1,685,440 196,589,722
ZoomInfo Technologies, Inc., Class A(a) 999,204 37,859,839
Total   372,847,097
Total Communication Services 425,529,512
Consumer Discretionary 16.6%
Automobiles 3.4%
Tesla Motors, Inc.(a) 168,910 150,574,819
Hotels, Restaurants & Leisure 1.2%
Hilton Worldwide Holdings, Inc. 396,182 50,739,029
Internet & Direct Marketing Retail 7.1%
Amazon.com, Inc.(a) 2,298,960 310,244,652
Multiline Retail 1.2%
Target Corp. 317,789 51,920,367
Specialty Retail 2.0%
Home Depot, Inc. (The) 288,719 86,887,096
Textiles, Apparel & Luxury Goods 1.7%
NIKE, Inc., Class B 662,446 76,128,294
Total Consumer Discretionary 726,494,257
Consumer Staples 3.9%
Beverages 2.1%
Coca-Cola Co. (The) 1,425,480 91,473,052
Household Products 1.8%
Procter & Gamble Co. (The) 563,107 78,221,193
Total Consumer Staples 169,694,245
Energy 1.3%
Oil, Gas & Consumable Fuels 1.3%
Pioneer Natural Resources Co. 235,648 55,836,794
Total Energy 55,836,794
Common Stocks (continued)
Issuer Shares Value ($)
Financials 1.7%
Capital Markets 1.7%
S&P Global, Inc. 194,691 73,384,879
Total Financials 73,384,879
Health Care 12.6%
Biotechnology 2.6%
BioMarin Pharmaceutical, Inc.(a) 242,326 20,852,152
Exact Sciences Corp.(a) 449,487 20,271,864
Horizon Therapeutics PLC(a) 269,204 22,335,856
Vertex Pharmaceuticals, Inc.(a) 178,734 50,118,801
Total   113,578,673
Health Care Equipment & Supplies 2.2%
Boston Scientific Corp.(a) 1,143,464 46,939,197
Stryker Corp. 243,232 52,234,072
Total   99,173,269
Health Care Providers & Services 3.4%
UnitedHealth Group, Inc. 272,172 147,609,762
Life Sciences Tools & Services 1.3%
IQVIA Holdings, Inc.(a) 239,771 57,609,778
Pharmaceuticals 3.1%
Eli Lilly & Co. 282,701 93,203,693
Johnson & Johnson 243,521 42,499,285
Total   135,702,978
Total Health Care 553,674,460
Industrials 8.2%
Aerospace & Defense 1.1%
Raytheon Technologies Corp. 508,678 47,413,876
Building Products 1.4%
Trane Technologies PLC 409,647 60,214,013
Commercial Services & Supplies 1.5%
Cintas Corp. 153,138 65,158,688
Construction & Engineering 1.2%
MasTec, Inc.(a) 636,969 50,275,963
Electrical Equipment 1.2%
AMETEK, Inc. 434,741 53,690,513
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Large Cap Growth Fund  | Annual Report 2022

Portfolio of Investments  (continued)
July 31, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Road & Rail 1.8%
Union Pacific Corp. 355,176 80,731,505
Total Industrials 357,484,558
Information Technology 41.6%
Electronic Equipment, Instruments & Components 2.5%
TE Connectivity Ltd. 411,853 55,077,102
Zebra Technologies Corp., Class A(a) 160,650 57,462,898
Total   112,540,000
IT Services 3.4%
Visa, Inc., Class A 702,205 148,944,703
Semiconductors & Semiconductor Equipment 7.0%
Applied Materials, Inc. 661,294 70,083,938
Broadcom, Inc. 164,936 88,319,929
NVIDIA Corp. 813,611 147,776,166
Total   306,180,033
Software 18.1%
Adobe, Inc.(a) 236,534 97,007,324
Fortinet, Inc.(a) 1,020,556 60,876,165
Intuit, Inc. 195,722 89,282,505
Microsoft Corp.(b) 1,467,536 411,996,057
Common Stocks (continued)
Issuer Shares Value ($)
Palo Alto Networks, Inc.(a) 122,166 60,973,050
ServiceNow, Inc.(a) 163,836 73,178,988
Total   793,314,089
Technology Hardware, Storage & Peripherals 10.6%
Apple, Inc. 2,854,510 463,886,420
Total Information Technology 1,824,865,245
Real Estate 1.2%
Equity Real Estate Investment Trusts (REITS) 1.2%
Prologis, Inc. 410,669 54,438,283
Total Real Estate 54,438,283
Total Common Stocks
(Cost $2,147,695,563)
4,241,402,233
Money Market Funds 3.2%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.712%(c),(d) 142,313,694 142,242,537
Total Money Market Funds
(Cost $142,239,058)
142,242,537
Total Investments in Securities
(Cost: $2,289,934,621)
4,383,644,770
Other Assets & Liabilities, Net   (259,087)
Net Assets 4,383,385,683
 
At July 31, 2022, securities and/or cash totaling $814,146 were pledged as collateral.
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 41 09/2022 USD 8,473,675 477,343
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at July 31, 2022.
(d) 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 July 31, 2022 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, 1.712%
  53,826,343 668,405,189 (579,993,438) 4,443 142,242,537 (19,265) 256,676 142,313,694
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
July 31, 2022
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
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 July 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 425,529,512 425,529,512
Consumer Discretionary 726,494,257 726,494,257
Consumer Staples 169,694,245 169,694,245
Energy 55,836,794 55,836,794
Financials 73,384,879 73,384,879
Health Care 553,674,460 553,674,460
Industrials 357,484,558 357,484,558
Information Technology 1,824,865,245 1,824,865,245
Real Estate 54,438,283 54,438,283
Total Common Stocks 4,241,402,233 4,241,402,233
Money Market Funds 142,242,537 142,242,537
Total Investments in Securities 4,383,644,770 4,383,644,770
Investments in Derivatives        
Asset        
Futures Contracts 477,343 477,343
Total 4,384,122,113 4,384,122,113
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Large Cap Growth Fund  | Annual Report 2022

Portfolio of Investments  (continued)
July 31, 2022
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
11

Statement of Assets and Liabilities
July 31, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $2,147,695,563) $4,241,402,233
Affiliated issuers (cost $142,239,058) 142,242,537
Receivable for:  
Capital shares sold 1,179,409
Dividends 629,048
Interfund lending 900,000
Variation margin for futures contracts 123,000
Prepaid expenses 50,222
Trustees’ deferred compensation plan 382,321
Total assets 4,386,908,770
Liabilities  
Payable for:  
Capital shares purchased 2,708,584
Management services fees 76,544
Distribution and/or service fees 17,923
Transfer agent fees 203,740
Compensation of board members 41,787
Other expenses 92,188
Trustees’ deferred compensation plan 382,321
Total liabilities 3,523,087
Net assets applicable to outstanding capital stock $4,383,385,683
Represented by  
Paid in capital 2,351,628,543
Total distributable earnings (loss) 2,031,757,140
Total - representing net assets applicable to outstanding capital stock $4,383,385,683
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Large Cap Growth Fund  | Annual Report 2022

Statement of Assets and Liabilities  (continued)
July 31, 2022
Class A  
Net assets $2,203,136,691
Shares outstanding 46,292,390
Net asset value per share $47.59
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) $50.49
Advisor Class  
Net assets $17,602,579
Shares outstanding 337,228
Net asset value per share $52.20
Class C  
Net assets $44,314,468
Shares outstanding 1,254,463
Net asset value per share $35.33
Class E  
Net assets $15,022,236
Shares outstanding 319,555
Net asset value per share $47.01
Maximum sales charge 4.50%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class E shares) $49.23
Institutional Class  
Net assets $1,066,893,655
Shares outstanding 21,068,281
Net asset value per share $50.64
Institutional 2 Class  
Net assets $83,838,022
Shares outstanding 1,651,958
Net asset value per share $50.75
Institutional 3 Class  
Net assets $704,376,824
Shares outstanding 13,808,889
Net asset value per share $51.01
Class R  
Net assets $8,043,074
Shares outstanding 172,534
Net asset value per share $46.62
Class V  
Net assets $240,158,134
Shares outstanding 5,111,825
Net asset value per share $46.98
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 V shares) $49.85
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
13

Statement of Operations
Year Ended July 31, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $38,332,261
Dividends — affiliated issuers 256,676
Interfund lending 519
Foreign taxes withheld (26,240)
Total income 38,563,216
Expenses:  
Management services fees 32,952,655
Distribution and/or service fees  
Class A 6,534,287
Class C 658,348
Class E 63,370
Class R 46,578
Class V 700,906
Transfer agent fees  
Class A 2,029,055
Advisor Class 20,030
Class C 50,765
Class E 50,812
Institutional Class 968,541
Institutional 2 Class 54,883
Institutional 3 Class 42,334
Class R 7,232
Class V 217,761
Compensation of board members 73,653
Custodian fees 28,923
Printing and postage fees 170,799
Registration fees 189,668
Audit fees 32,760
Legal fees 63,192
Interest on collateral 1,061
Compensation of chief compliance officer 1,482
Other 79,939
Total expenses 45,039,034
Expense reduction (9,062)
Total net expenses 45,029,972
Net investment loss (6,466,756)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 114,779,920
Investments — affiliated issuers (19,265)
Foreign currency translations (61)
Futures contracts (7,044,891)
Net realized gain 107,715,703
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (1,031,455,213)
Investments — affiliated issuers 4,443
Futures contracts (620,161)
Net change in unrealized appreciation (depreciation) (1,032,070,931)
Net realized and unrealized loss (924,355,228)
Net decrease in net assets resulting from operations $(930,821,984)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Large Cap Growth Fund  | Annual Report 2022

Statement of Changes in Net Assets
  Year Ended
July 31, 2022
Year Ended
July 31, 2021
Operations    
Net investment loss $(6,466,756) $(5,476,420)
Net realized gain 107,715,703 566,809,565
Net change in unrealized appreciation (depreciation) (1,032,070,931) 1,069,452,837
Net increase (decrease) in net assets resulting from operations (930,821,984) 1,630,785,982
Distributions to shareholders    
Net investment income and net realized gains    
Class A (244,133,175) (286,697,027)
Advisor Class (2,720,087) (1,594,971)
Class C (7,868,155) (13,498,493)
Class E (1,646,962) (2,128,937)
Institutional Class (112,671,169) (131,489,967)
Institutional 2 Class (8,905,905) (2,328,003)
Institutional 3 Class (69,227,245) (63,006,305)
Class R (875,965) (1,425,169)
Class V (26,358,603) (30,981,331)
Total distributions to shareholders (474,407,266) (533,150,203)
Increase in net assets from capital stock activity 99,431,405 365,711,826
Total increase (decrease) in net assets (1,305,797,845) 1,463,347,605
Net assets at beginning of year 5,689,183,528 4,225,835,923
Net assets at end of year $4,383,385,683 $5,689,183,528
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
15

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  July 31, 2022 July 31, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,281,703 71,064,106 1,692,261 92,180,209
Distributions reinvested 3,855,701 235,930,336 5,459,391 276,791,144
Redemptions (5,133,783) (283,380,156) (5,058,719) (274,713,720)
Net increase 3,621 23,614,286 2,092,933 94,257,633
Advisor Class        
Subscriptions 275,762 18,054,519 119,324 7,179,335
Distributions reinvested 37,295 2,498,765 24,561 1,353,575
Redemptions (280,142) (16,225,069) (57,075) (3,289,468)
Net increase 32,915 4,328,215 86,810 5,243,442
Class C        
Subscriptions 183,635 7,860,947 232,886 9,800,732
Distributions reinvested 168,255 7,677,476 339,260 13,163,270
Redemptions (805,442) (33,037,725) (1,003,644) (42,194,435)
Net decrease (453,552) (17,499,302) (431,498) (19,230,433)
Class E        
Subscriptions 2,538 138,782 230 10,962
Distributions reinvested 27,191 1,646,962 42,367 2,128,937
Redemptions (38,887) (2,152,800) (54,829) (2,953,716)
Net decrease (9,158) (367,056) (12,232) (813,817)
Institutional Class        
Subscriptions 1,424,087 84,807,393 1,241,974 71,615,653
Distributions reinvested 1,613,140 104,854,093 2,277,626 122,057,961
Redemptions (2,479,529) (144,313,236) (2,869,901) (163,390,306)
Net increase 557,698 45,348,250 649,699 30,283,308
Institutional 2 Class        
Subscriptions 248,736 15,191,996 1,359,264 87,695,216
Distributions reinvested 136,672 8,901,412 43,360 2,328,003
Redemptions (359,667) (21,334,730) (110,786) (6,394,925)
Net increase 25,741 2,758,678 1,291,838 83,628,294
Institutional 3 Class        
Subscriptions 1,793,471 99,804,051 6,124,493 331,787,174
Distributions reinvested 754,572 49,379,219 679,477 36,637,408
Redemptions (1,880,381) (116,684,279) (3,441,935) (200,663,745)
Net increase 667,662 32,498,991 3,362,035 167,760,837
Class R        
Subscriptions 36,034 2,024,734 71,838 3,791,386
Distributions reinvested 13,640 818,807 21,288 1,060,751
Redemptions (43,786) (2,446,653) (163,052) (8,872,547)
Net increase (decrease) 5,888 396,888 (69,926) (4,020,410)
Class V        
Subscriptions 112,136 6,547,297 144,581 7,309,544
Distributions reinvested 325,429 19,655,902 457,788 22,935,181
Redemptions (320,901) (17,850,744) (404,125) (21,641,753)
Net increase 116,664 8,352,455 198,244 8,602,972
Total net increase 947,479 99,431,405 7,167,903 365,711,826
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Large Cap Growth Fund  | Annual Report 2022

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Columbia Large Cap Growth Fund  | Annual Report 2022
17

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 7/31/2022 $62.66 (0.13) (9.54) (9.67) (5.40) (5.40)
Year Ended 7/31/2021 $50.90 (0.11) 18.52 18.41 (0.07) (6.58) (6.65)
Year Ended 7/31/2020 $43.43 (0.01) 11.15 11.14 (3.67) (3.67)
Year Ended 7/31/2019 $43.86 (0.04) 2.98 2.94 (3.37) (3.37)
Year Ended 7/31/2018 $39.81 (0.05) 6.62 6.57 (2.52) (2.52)
Advisor Class
Year Ended 7/31/2022 $68.22 0.03 (10.50) (10.47) (5.55) (5.55)
Year Ended 7/31/2021 $54.87 0.02 20.10 20.12 (0.19) (6.58) (6.77)
Year Ended 7/31/2020 $46.43 0.10 12.01 12.11 (3.67) (3.67)
Year Ended 7/31/2019 $46.53 0.07 3.20 3.27 (3.37) (3.37)
Year Ended 7/31/2018 $42.06 0.05 7.00 7.05 (0.06) (2.52) (2.58)
Class C
Year Ended 7/31/2022 $47.73 (0.41) (7.05) (7.46) (4.94) (4.94)
Year Ended 7/31/2021 $40.39 (0.39) 14.31 13.92 (6.58) (6.58)
Year Ended 7/31/2020 $35.43 (0.27) 8.90 8.63 (3.67) (3.67)
Year Ended 7/31/2019 $36.70 (0.29) 2.39 2.10 (3.37) (3.37)
Year Ended 7/31/2018 $33.95 (0.30) 5.57 5.27 (2.52) (2.52)
Class E
Year Ended 7/31/2022 $61.99 (0.29) (9.46) (9.75) (5.23) (5.23)
Year Ended 7/31/2021 $50.50 (0.26) 18.35 18.09 (0.02) (6.58) (6.60)
Year Ended 7/31/2020 $43.15 (0.06) 11.08 11.02 (3.67) (3.67)
Year Ended 7/31/2019 $43.65 (0.08) 2.95 2.87 (3.37) (3.37)
Year Ended 7/31/2018 $39.67 (0.10) 6.60 6.50 (2.52) (2.52)
Institutional Class
Year Ended 7/31/2022 $66.34 0.01 (10.16) (10.15) (5.55) (5.55)
Year Ended 7/31/2021 $53.52 0.03 19.56 19.59 (0.19) (6.58) (6.77)
Year Ended 7/31/2020 $45.38 0.10 11.71 11.81 (3.67) (3.67)
Year Ended 7/31/2019 $45.56 0.06 3.13 3.19 (3.37) (3.37)
Year Ended 7/31/2018 $41.23 0.06 6.86 6.92 (0.07) (2.52) (2.59)
Institutional 2 Class
Year Ended 7/31/2022 $66.47 0.02 (10.18) (10.16) (5.56) (5.56)
Year Ended 7/31/2021 $53.62 (0.00)(e) 19.64 19.64 (0.21) (6.58) (6.79)
Year Ended 7/31/2020 $45.44 0.12 11.73 11.85 (3.67) (3.67)
Year Ended 7/31/2019 $45.59 0.09 3.13 3.22 (3.37) (3.37)
Year Ended 7/31/2018 $41.25 0.08 6.87 6.95 (0.09) (2.52) (2.61)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Large Cap Growth 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 7/31/2022 $47.59 (17.35%) 0.98%(c) 0.98%(c) (0.23%) 46% $2,203,137
Year Ended 7/31/2021 $62.66 39.24% 0.99%(c) 0.99%(c),(d) (0.21%) 52% $2,900,684
Year Ended 7/31/2020 $50.90 27.48% 1.02% 1.02%(d) (0.03%) 46% $2,249,478
Year Ended 7/31/2019 $43.43 7.84% 1.04% 1.04% (0.10%) 35% $1,932,367
Year Ended 7/31/2018 $43.86 17.26% 1.05% 1.05%(d) (0.13%) 32% $1,976,097
Advisor Class
Year Ended 7/31/2022 $52.20 (17.15%) 0.73%(c) 0.73%(c) 0.05% 46% $17,603
Year Ended 7/31/2021 $68.22 39.60% 0.74%(c) 0.74%(c),(d) 0.03% 52% $20,760
Year Ended 7/31/2020 $54.87 27.81% 0.77% 0.77%(d) 0.21% 46% $11,934
Year Ended 7/31/2019 $46.43 8.11% 0.79% 0.79% 0.15% 35% $12,088
Year Ended 7/31/2018 $46.53 17.52% 0.80% 0.80%(d) 0.12% 32% $14,629
Class C
Year Ended 7/31/2022 $35.33 (17.96%) 1.73%(c) 1.73%(c) (0.96%) 46% $44,314
Year Ended 7/31/2021 $47.73 38.22% 1.74%(c) 1.74%(c),(d) (0.93%) 52% $81,519
Year Ended 7/31/2020 $40.39 26.54% 1.77% 1.77%(d) (0.78%) 46% $86,411
Year Ended 7/31/2019 $35.43 7.03% 1.79% 1.79% (0.86%) 35% $78,293
Year Ended 7/31/2018 $36.70 16.37% 1.80% 1.80%(d) (0.87%) 32% $75,872
Class E
Year Ended 7/31/2022 $47.01 (17.61%) 1.28%(c) 1.28%(c) (0.53%) 46% $15,022
Year Ended 7/31/2021 $61.99 38.87% 1.27%(c) 1.26%(c),(d) (0.48%) 52% $20,376
Year Ended 7/31/2020 $50.50 27.37% 1.12% 1.12%(d) (0.13%) 46% $17,216
Year Ended 7/31/2019 $43.15 7.71% 1.14% 1.14% (0.20%) 35% $15,875
Year Ended 7/31/2018 $43.65 17.14% 1.15% 1.15%(d) (0.23%) 32% $16,877
Institutional Class
Year Ended 7/31/2022 $50.64 (17.15%) 0.73%(c) 0.73%(c) 0.02% 46% $1,066,894
Year Ended 7/31/2021 $66.34 39.61% 0.74%(c) 0.74%(c),(d) 0.04% 52% $1,360,640
Year Ended 7/31/2020 $53.52 27.79% 0.77% 0.77%(d) 0.22% 46% $1,062,936
Year Ended 7/31/2019 $45.38 8.11% 0.79% 0.79% 0.15% 35% $975,664
Year Ended 7/31/2018 $45.56 17.54% 0.80% 0.80%(d) 0.13% 32% $996,845
Institutional 2 Class
Year Ended 7/31/2022 $50.75 (17.13%) 0.71%(c) 0.71%(c) 0.04% 46% $83,838
Year Ended 7/31/2021 $66.47 39.63% 0.72%(c) 0.72%(c) (0.00%)(e) 52% $108,093
Year Ended 7/31/2020 $53.62 27.84% 0.73% 0.73% 0.26% 46% $17,929
Year Ended 7/31/2019 $45.44 8.17% 0.74% 0.74% 0.20% 35% $13,783
Year Ended 7/31/2018 $45.59 17.63% 0.73% 0.73% 0.19% 32% $12,715
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
19

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 7/31/2022 $66.78 0.05 (10.23) (10.18) (5.59) (5.59)
Year Ended 7/31/2021 $53.84 0.05 19.70 19.75 (0.23) (6.58) (6.81)
Year Ended 7/31/2020 $45.59 0.14 11.78 11.92 (3.67) (3.67)
Year Ended 7/31/2019 $45.70 0.11 3.15 3.26 (3.37) (3.37)
Year Ended 7/31/2018 $41.35 0.09 6.88 6.97 (0.10) (2.52) (2.62)
Class R
Year Ended 7/31/2022 $61.49 (0.26) (9.36) (9.62) (5.25) (5.25)
Year Ended 7/31/2021 $50.11 (0.23) 18.19 17.96 (6.58) (6.58)
Year Ended 7/31/2020 $42.92 (0.12) 10.98 10.86 (3.67) (3.67)
Year Ended 7/31/2019 $43.49 (0.14) 2.94 2.80 (3.37) (3.37)
Year Ended 7/31/2018 $39.59 (0.14) 6.56 6.42 (2.52) (2.52)
Class V
Year Ended 7/31/2022 $61.93 (0.13) (9.42) (9.55) (5.40) (5.40)
Year Ended 7/31/2021 $50.37 (0.11) 18.32 18.21 (0.07) (6.58) (6.65)
Year Ended 7/31/2020 $43.01 (0.01) 11.04 11.03 (3.67) (3.67)
Year Ended 7/31/2019 $43.47 (0.04) 2.95 2.91 (3.37) (3.37)
Year Ended 7/31/2018 $39.48 (0.05) 6.56 6.51 (2.52) (2.52)
    
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 which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Large Cap Growth 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 7/31/2022 $51.01 (17.09%) 0.66%(c) 0.66%(c) 0.09% 46% $704,377
Year Ended 7/31/2021 $66.78 39.70% 0.66%(c) 0.66%(c) 0.09% 52% $877,535
Year Ended 7/31/2020 $53.84 27.91% 0.68% 0.68% 0.31% 46% $526,471
Year Ended 7/31/2019 $45.59 8.24% 0.69% 0.69% 0.26% 35% $394,049
Year Ended 7/31/2018 $45.70 17.65% 0.69% 0.69% 0.20% 32% $428,819
Class R
Year Ended 7/31/2022 $46.62 (17.56%) 1.23%(c) 1.23%(c) (0.48%) 46% $8,043
Year Ended 7/31/2021 $61.49 38.92% 1.24%(c) 1.24%(c),(d) (0.44%) 52% $10,247
Year Ended 7/31/2020 $50.11 27.14% 1.27% 1.27%(d) (0.28%) 46% $11,856
Year Ended 7/31/2019 $42.92 7.57% 1.29% 1.29% (0.35%) 35% $13,233
Year Ended 7/31/2018 $43.49 16.96% 1.30% 1.30%(d) (0.35%) 32% $15,911
Class V
Year Ended 7/31/2022 $46.98 (17.36%) 0.98%(c) 0.98%(c) (0.23%) 46% $240,158
Year Ended 7/31/2021 $61.93 39.26% 0.99%(c) 0.99%(c),(d) (0.21%) 52% $309,330
Year Ended 7/31/2020 $50.37 27.49% 1.02% 1.02%(d) (0.03%) 46% $241,606
Year Ended 7/31/2019 $43.01 7.84% 1.04% 1.04% (0.11%) 35% $205,528
Year Ended 7/31/2018 $43.47 17.25% 1.05% 1.05%(d) (0.13%) 32% $208,329
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Fund  | Annual Report 2022
21

Notes to Financial Statements
July 31, 2022
Note 1. Organization
Columbia Large Cap Growth 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. 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. Class E shares are trust shares which are held in an irrevocable trust until the specified trust termination date and are closed to new investors and new accounts. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.
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 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 adopted 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, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the
22 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
close of the foreign exchange or market, 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.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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 and under the general supervision of 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.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty
Columbia Large Cap Growth Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
July 31, 2022
(CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
24 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 477,343*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended July 31, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk (7,044,891)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk (620,161)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 57,601,363
    
* Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.
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.
Columbia Large Cap Growth Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
July 31, 2022
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.
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.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
26 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
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 0.77% to 0.57% as the Fund’s net assets increase. The effective management services fee rate for the year ended July 31, 2022 was 0.64% 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 "Compensation of board members" in the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST 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.
Columbia Large Cap Growth Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
July 31, 2022
For the year ended July 31, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.08
Advisor Class 0.08
Class C 0.08
Class E 0.28
Institutional Class 0.08
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.08
Class V 0.08
The Fund and certain other affiliated investment companies had severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expired on January 31, 2019. Prior to being dissolved on March 17, 2022, SDC was owned by six associated investment companies, including the Fund.
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 year ended July 31, 2022, these minimum account balance fees reduced total expenses of the Fund by $9,062.
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, Class C and Class E 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%, 0.10% and 0.50% of the average daily net assets attributable to Class A, Class C, Class E and Class R shares of the Fund, respectively.
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.
Shareholder services fees
The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.
28 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 858,604
Class C 1.00(b) 4,543
Class E 4.50 1.00(b) 315
Class V 5.75 0.50 - 1.00(a) 4,925
    
(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:
  December 1, 2021
through
November 30, 2022
Prior to
December 1, 2021
Class A 1.10% 1.10%
Advisor Class 0.85 0.85
Class C 1.85 1.85
Class E 1.36 1.40
Institutional Class 0.85 0.85
Institutional 2 Class 0.83 0.83
Institutional 3 Class 0.79 0.78
Class R 1.35 1.35
Class V 1.10 1.10
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 Large Cap Growth Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
July 31, 2022
At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, late-year ordinary losses, post-October capital losses, trustees’ deferred compensation and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($)
Accumulated
net realized
(loss) ($)
Paid in
capital ($)
(62) 62
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended July 31, 2022 Year Ended July 31, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
134,078,907 340,328,359 474,407,266 42,999,531 490,150,672 533,150,203
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At July 31, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
2,089,054,311
At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
2,295,067,802 2,156,880,074 (67,825,763) 2,089,054,311
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of July 31, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on August 1, 2022.
Late year
ordinary losses ($)
Post-October
capital losses ($)
6,548,768 50,324,805
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.
30 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,334,056,554 and $2,804,425,799, respectively, for the year ended July 31, 2022. 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
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 year ended July 31, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Lender 3,540,000 1.74 5
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at July 31, 2022 as shown in the Statement of Assets and Liabilities. The loans are unsecured.
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 28, 2021 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 $950 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 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
Columbia Large Cap Growth Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
July 31, 2022
The Fund had no borrowings during the year ended July 31, 2022.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
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, 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.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems,
32 Columbia Large Cap Growth Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
July 31, 2022
governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At July 31, 2022, affiliated shareholders of record owned 45.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
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.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as 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 provides services to the Fund.
Columbia Large Cap Growth Fund  | Annual Report 2022
33

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Large Cap Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
September 22, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
34 Columbia Large Cap Growth Fund  | Annual Report 2022

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended July 31, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Capital
gain
dividend
21.62% 20.30% $165,737,588
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
(Unaudited)
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 176 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Columbia Large Cap Growth Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 176 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 176 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 174 Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 174 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
36 Columbia Large Cap Growth Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 174 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 176 Trustee, MA Taxpayers Foundation since 1997; former Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 176 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 176 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 174 None
Columbia Large Cap Growth Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 174 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 176 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 176 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
38 Columbia Large Cap Growth Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 174 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 176 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 176 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
Columbia Large Cap Growth Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary (2021) Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
40 Columbia Large Cap Growth Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
(Unaudited)
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
 Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2021, through December 31, 2021, including:
the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage the Fund’s liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Columbia Large Cap Growth Fund  | Annual Report 2022
41

 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 Large Cap Growth 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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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 benchmarks;
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
Terms of the Management Agreement;
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
42 Columbia Large Cap Growth Fund  | Annual Report 2022

Approval of Management Agreement  (continued)
(Unaudited)
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received d