Columbia Fund Series Trust I

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.

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	18
Approval of Management Agreement	27

If you elect to receive the shareholder report for Columbia Select 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 Select Large Cap Growth Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

Thomas Galvin, CFA

Lead Portfolio Manager

Managed Fund since 2003

Richard Carter

Portfolio Manager

Managed Fund since 2009

Todd Herget

Portfolio Manager

Managed Fund since 2009

Morningstar style box^TM

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 September 30, 2022)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/28/07	-26.83	-36.83	6.69	10.39
	Including sales charges		-31.03	-40.48	5.43	9.74
Advisor Class*		11/08/12	-26.66	-36.60	6.97	10.67
Class C	Excluding sales charges	09/28/07	-27.07	-37.25	5.90	9.56
	Including sales charges		-27.63	-37.65	5.90	9.56
Institutional Class		10/01/97	-26.69	-36.66	6.95	10.66
Institutional 2 Class*		11/08/12	-26.68	-36.59	7.07	10.79
Institutional 3 Class*		11/08/12	-26.58	-36.53	7.14	10.85
Class R		12/31/04	-26.86	-36.94	6.44	10.12
Russell 1000 Growth Index			-23.77	-22.59	12.17	13.70

Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.

The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. 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 Select Large Cap Growth Fund | Semiannual Report 2022

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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.

April 1, 2022 — September 30, 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	731.70	1,019.75	4.60	5.37	1.06
Advisor Class	1,000.00	1,000.00	733.40	1,021.01	3.52	4.10	0.81
Class C	1,000.00	1,000.00	729.30	1,015.99	7.85	9.15	1.81
Institutional Class	1,000.00	1,000.00	733.10	1,021.01	3.52	4.10	0.81
Institutional 2 Class	1,000.00	1,000.00	733.20	1,021.46	3.13	3.65	0.72
Institutional 3 Class	1,000.00	1,000.00	734.20	1,021.71	2.91	3.40	0.67
Class R	1,000.00	1,000.00	731.40	1,018.50	5.69	6.63	1.31

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.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments
September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.2%
Issuer	Shares	Value ($)
Consumer Discretionary 16.9%
Hotels, Restaurants & Leisure 7.0%
Booking Holdings, Inc.^(a)	26,050	42,805,620
Chipotle Mexican Grill, Inc.^(a)	21,447	32,229,694
Total		75,035,314
Internet & Direct Marketing Retail 6.3%
Amazon.com, Inc.^(a)	462,717	52,287,021
Chewy, Inc., Class A^(a)	520,007	15,974,615
Total		68,261,636
Textiles, Apparel & Luxury Goods 3.6%
NIKE, Inc., Class B	468,249	38,920,857
Total Consumer Discretionary		182,217,807
Consumer Staples 7.8%
Food & Staples Retailing 3.8%
Costco Wholesale Corp.	86,037	40,632,694
Personal Products 4.0%
Estee Lauder Companies, Inc. (The), Class A	203,167	43,863,755
Total Consumer Staples		84,496,449
Financials 4.6%
Capital Markets 4.6%
MSCI, Inc.	117,872	49,717,231
Total Financials		49,717,231
Health Care 26.6%
Biotechnology 7.5%
BioMarin Pharmaceutical, Inc.^(a)	560,795	47,538,592
Exact Sciences Corp.^(a)	485,565	15,776,007
Sarepta Therapeutics, Inc.^(a)	159,069	17,583,487
Total		80,898,086
Health Care Equipment & Supplies 13.0%
Align Technology, Inc.^(a)	112,389	23,276,886
Edwards Lifesciences Corp.^(a)	492,524	40,697,258
Insulet Corp.^(a)	163,130	37,422,022
Intuitive Surgical, Inc.^(a)	207,540	38,901,298
Total		140,297,464
Life Sciences Tools & Services 2.2%
Illumina, Inc.^(a)	127,931	24,407,955

Common Stocks (continued)
Issuer	Shares	Value ($)
Pharmaceuticals 3.9%
Eli Lilly & Co.	129,296	41,807,862
Total Health Care		287,411,367
Industrials 12.0%
Building Products 4.3%
Trane Technologies PLC	325,615	47,152,308
Construction & Engineering 2.4%
Quanta Services, Inc.	203,467	25,919,661
Electrical Equipment 1.4%
Bloom Energy Corp., Class A^(a)	759,956	15,191,521
Professional Services 3.9%
CoStar Group, Inc.^(a)	603,164	42,010,373
Total Industrials		130,273,863
Information Technology 30.3%
IT Services 7.1%
PayPal Holdings, Inc.^(a)	316,008	27,198,809
Visa, Inc., Class A	278,440	49,464,866
Total		76,663,675
Semiconductors & Semiconductor Equipment 3.0%
NVIDIA Corp.	271,983	33,016,016
Software 20.2%
Adobe, Inc.^(a)	137,586	37,863,667
Crowdstrike Holdings, Inc., Class A^(a)	178,230	29,374,086
Intuit, Inc.	128,187	49,649,389
Palo Alto Networks, Inc.^(a)	169,350	27,737,837
Salesforce, Inc.^(a)	196,130	28,211,339
ServiceNow, Inc.^(a)	120,908	45,656,070
Total		218,492,388
Total Information Technology		328,172,079
Total Common Stocks (Cost $738,384,619)		1,062,288,796

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

6	Columbia Select Large Cap Growth Fund \| Semiannual Report 2022

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Money Market Funds 1.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(b),(c)	20,366,616	20,356,432
Total Money Market Funds (Cost $20,356,429)		20,356,432
Total Investments in Securities (Cost: $758,741,048)		1,082,645,228
Other Assets & Liabilities, Net		(1,131,027)
Net Assets		1,081,514,201

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.
(c)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the period ended September 30, 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, 2.834%
	6,975,429	199,465,878	(186,084,872)	(3)	20,356,432	2,187	65,013	20,366,616

Fair value measurements

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

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

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

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

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

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

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

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

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

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Fair value measurements (continued)
in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	182,217,807	—	—	182,217,807
Consumer Staples	84,496,449	—	—	84,496,449
Financials	49,717,231	—	—	49,717,231
Health Care	287,411,367	—	—	287,411,367
Industrials	130,273,863	—	—	130,273,863
Information Technology	328,172,079	—	—	328,172,079
Total Common Stocks	1,062,288,796	—	—	1,062,288,796
Money Market Funds	20,356,432	—	—	20,356,432
Total Investments in Securities	1,082,645,228	—	—	1,082,645,228

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

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

8	Columbia Select Large Cap Growth Fund \| Semiannual Report 2022

Table of Contents

Statement of Operations
Six Months Ended September 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$2,132,048
Dividends — affiliated issuers	65,013
Interfund lending	145
Total income	2,197,206
Expenses:
Management services fees	4,860,361
Distribution and/or service fees
Class A	202,448
Class C	131,953
Class R	18,359
Transfer agent fees
Class A	127,517
Advisor Class	11,099
Class C	20,756
Institutional Class	567,297
Institutional 2 Class	48,043
Institutional 3 Class	8,583
Class R	5,785
Compensation of board members	14,778
Custodian fees	4,742
Printing and postage fees	52,909
Registration fees	66,163
Audit fees	14,989
Legal fees	13,541
Interest on interfund lending	234
Compensation of chief compliance officer	123
Other	17,772
Total expenses	6,187,452
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(622,493)
Fees waived by transfer agent
Institutional 2 Class	(3,580)
Institutional 3 Class	(5,838)
Total net expenses	5,555,541
Net investment loss	(3,358,335)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(31,242,892)
Investments — affiliated issuers	2,187
Net realized loss	(31,240,705)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(394,142,965)
Investments — affiliated issuers	(3)
Net change in unrealized appreciation (depreciation)	(394,142,968)
Net realized and unrealized loss	(425,383,673)
Net decrease in net assets resulting from operations	$(428,742,008)

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

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,987,446	13,357,033	4,408,568	53,070,071
Distributions reinvested	3,117,950	18,052,933	5,903,906	68,734,746
Redemptions	(2,758,016)	(19,729,210)	(6,974,948)	(81,960,563)
Net increase	2,347,380	11,680,756	3,337,526	39,844,254
Advisor Class
Subscriptions	136,992	1,153,338	810,379	10,528,998
Distributions reinvested	195,174	1,399,397	332,848	4,605,905
Redemptions	(197,725)	(1,688,859)	(819,183)	(11,819,817)
Net increase	134,441	863,876	324,044	3,315,086
Class C
Subscriptions	407,017	1,668,854	631,043	5,136,991
Distributions reinvested	1,551,314	5,212,415	2,772,252	21,681,443
Redemptions	(1,551,152)	(6,684,498)	(3,566,921)	(29,913,884)
Net increase (decrease)	407,179	196,771	(163,626)	(3,095,450)
Institutional Class
Subscriptions	15,990,196	120,540,240	19,023,932	235,113,589
Distributions reinvested	11,390,689	74,495,107	20,576,626	263,755,395
Redemptions	(22,858,090)	(178,551,855)	(23,407,683)	(306,619,566)
Net increase	4,522,795	16,483,492	16,192,875	192,249,418
Institutional 2 Class
Subscriptions	2,681,086	23,795,249	2,997,315	39,457,069
Distributions reinvested	2,505,349	18,364,209	4,271,244	60,086,113
Redemptions	(2,980,301)	(27,001,509)	(3,273,010)	(46,922,281)
Net increase	2,206,134	15,157,949	3,995,549	52,620,901
Institutional 3 Class
Subscriptions	1,454,899	12,969,886	2,758,862	39,965,558
Distributions reinvested	895,294	6,786,325	1,870,089	27,028,771
Redemptions	(9,008,540)	(82,578,844)	(11,226,988)	(157,002,278)
Net decrease	(6,658,347)	(62,822,633)	(6,598,037)	(90,007,949)
Class R
Subscriptions	67,138	372,985	113,760	1,059,632
Distributions reinvested	270,051	1,188,225	467,350	4,419,902
Redemptions	(60,307)	(377,017)	(443,850)	(4,199,154)
Net increase	276,882	1,184,193	137,260	1,280,380
Total net increase (decrease)	3,236,464	(17,255,596)	17,225,591	196,206,640

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

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

Table of Contents

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 realized gains	Total distributions to shareholders
Class A
Six Months Ended 9/30/2022 (Unaudited)	$9.36	(0.03)	(2.49)	(2.52)	(1.01)	(1.01)
Year Ended 3/31/2022	$13.58	(0.10)	0.11^(e)	0.01	(4.23)	(4.23)
Year Ended 3/31/2021	$10.37	(0.09)	6.94	6.85	(3.64)	(3.64)
Year Ended 3/31/2020	$15.01	(0.09)	(0.20)	(0.29)	(4.35)	(4.35)
Year Ended 3/31/2019	$16.93	(0.11)	1.34	1.23	(3.15)	(3.15)
Year Ended 3/31/2018	$15.36	(0.08)	3.45	3.37	(1.80)	(1.80)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$11.25	(0.02)	(2.99)	(3.01)	(1.01)	(1.01)
Year Ended 3/31/2022	$15.53	(0.08)	0.04^(e)	(0.04)	(4.24)	(4.24)
Year Ended 3/31/2021	$11.50	(0.06)	7.76	7.70	(3.67)	(3.67)
Year Ended 3/31/2020	$16.16	(0.07)	(0.24)	(0.31)	(4.35)	(4.35)
Year Ended 3/31/2019	$17.96	(0.07)	1.43	1.36	(3.16)	(3.16)
Year Ended 3/31/2018	$16.18	(0.05)	3.66	3.61	(1.83)	(1.83)
Class C
Six Months Ended 9/30/2022 (Unaudited)	$6.03	(0.03)	(1.61)	(1.64)	(1.01)	(1.01)
Year Ended 3/31/2022	$10.15	(0.13)	0.21^(e)	0.08	(4.20)	(4.20)
Year Ended 3/31/2021	$8.37	(0.15)	5.52	5.37	(3.59)	(3.59)
Year Ended 3/31/2020	$13.00	(0.16)	(0.12)	(0.28)	(4.35)	(4.35)
Year Ended 3/31/2019	$15.16	(0.20)	1.16	0.96	(3.12)	(3.12)
Year Ended 3/31/2018	$13.99	(0.18)	3.12	2.94	(1.77)	(1.77)
Institutional Class
Six Months Ended 9/30/2022 (Unaudited)	$10.38	(0.02)	(2.76)	(2.78)	(1.01)	(1.01)
Year Ended 3/31/2022	$14.63	(0.07)	0.06^(e)	(0.01)	(4.24)	(4.24)
Year Ended 3/31/2021	$10.97	(0.06)	7.39	7.33	(3.67)	(3.67)
Year Ended 3/31/2020	$15.61	(0.06)	(0.23)	(0.29)	(4.35)	(4.35)
Year Ended 3/31/2019	$17.45	(0.07)	1.39	1.32	(3.16)	(3.16)
Year Ended 3/31/2018	$15.78	(0.03)	3.53	3.50	(1.83)	(1.83)
Institutional 2 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.47	(0.02)	(3.05)	(3.07)	(1.01)	(1.01)
Year Ended 3/31/2022	$15.75	(0.07)	0.04^(e)	(0.03)	(4.25)	(4.25)
Year Ended 3/31/2021	$11.62	(0.04)	7.85	7.81	(3.68)	(3.68)
Year Ended 3/31/2020	$16.27	(0.05)	(0.25)	(0.30)	(4.35)	(4.35)
Year Ended 3/31/2019	$18.05	(0.06)	1.45	1.39	(3.17)	(3.17)
Year Ended 3/31/2018	$16.25	(0.02)	3.66	3.64	(1.84)	(1.84)

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

14	Columbia Select Large Cap Growth Fund \| Semiannual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 9/30/2022 (Unaudited)	$5.83	(26.83%)	1.16%^(c),(d)	1.06%^(c),(d)	(0.73%)^(c)	11%	$138,155
Year Ended 3/31/2022	$9.36	(3.91%)	1.10%	1.06%^(f)	(0.82%)	32%	$199,667
Year Ended 3/31/2021	$13.58	70.22%	1.11%^(d)	1.07%^(d),(f)	(0.63%)	31%	$244,546
Year Ended 3/31/2020	$10.37	(4.31%)	1.12%^(d)	1.12%^(d),(f)	(0.71%)	22%	$151,807
Year Ended 3/31/2019	$15.01	8.79%	1.07%^(d)	1.07%^(d),(f)	(0.67%)	27%	$220,858
Year Ended 3/31/2018	$16.93	23.42%	1.08%^(g)	1.08%^(f),(g)	(0.50%)	44%	$409,344
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$7.23	(26.66%)	0.91%^(c),(d)	0.81%^(c),(d)	(0.48%)^(c)	11%	$11,988
Year Ended 3/31/2022	$11.25	(3.73%)	0.85%	0.81%^(f)	(0.56%)	32%	$17,145
Year Ended 3/31/2021	$15.53	70.74%	0.86%^(d)	0.83%^(d),(f)	(0.39%)	31%	$18,638
Year Ended 3/31/2020	$11.50	(4.10%)	0.87%^(d)	0.87%^(d),(f)	(0.46%)	22%	$19,707
Year Ended 3/31/2019	$16.16	9.04%	0.82%^(d)	0.82%^(d),(f)	(0.42%)	27%	$33,403
Year Ended 3/31/2018	$17.96	23.76%	0.83%^(g)	0.83%^(f),(g)	(0.29%)	44%	$61,176
Class C
Six Months Ended 9/30/2022 (Unaudited)	$3.38	(27.07%)	1.91%^(c),(d)	1.81%^(c),(d)	(1.49%)^(c)	11%	$20,865
Year Ended 3/31/2022	$6.03	(4.66%)	1.85%	1.81%^(f)	(1.56%)	32%	$34,758
Year Ended 3/31/2021	$10.15	69.06%	1.86%^(d)	1.83%^(d),(f)	(1.39%)	31%	$60,193
Year Ended 3/31/2020	$8.37	(5.04%)	1.88%^(d)	1.88%^(d),(f)	(1.46%)	22%	$55,584
Year Ended 3/31/2019	$13.00	7.93%	1.83%^(d)	1.83%^(d),(f)	(1.42%)	27%	$90,268
Year Ended 3/31/2018	$15.16	22.55%	1.83%^(g)	1.83%^(f),(g)	(1.24%)	44%	$128,181
Institutional Class
Six Months Ended 9/30/2022 (Unaudited)	$6.59	(26.69%)	0.91%^(c),(d)	0.81%^(c),(d)	(0.49%)^(c)	11%	$588,779
Year Ended 3/31/2022	$10.38	(3.77%)	0.85%	0.81%^(f)	(0.56%)	32%	$880,232
Year Ended 3/31/2021	$14.63	70.79%	0.86%^(d)	0.83%^(d),(f)	(0.39%)	31%	$1,003,322
Year Ended 3/31/2020	$10.97	(4.12%)	0.87%^(d)	0.87%^(d),(f)	(0.46%)	22%	$744,099
Year Ended 3/31/2019	$15.61	9.08%	0.83%^(d)	0.83%^(d),(f)	(0.42%)	27%	$1,311,174
Year Ended 3/31/2018	$17.45	23.66%	0.83%^(g)	0.83%^(f),(g)	(0.20%)	44%	$1,471,337
Institutional 2 Class
Six Months Ended 9/30/2022 (Unaudited)	$7.39	(26.68%)	0.81%^(c),(d)	0.72%^(c),(d)	(0.39%)^(c)	11%	$144,197
Year Ended 3/31/2022	$11.47	(3.65%)	0.77%	0.72%	(0.48%)	32%	$198,407
Year Ended 3/31/2021	$15.75	71.00%	0.77%^(d)	0.73%^(d)	(0.29%)	31%	$209,540
Year Ended 3/31/2020	$11.62	(4.00%)	0.77%^(d)	0.75%^(d)	(0.34%)	22%	$144,651
Year Ended 3/31/2019	$16.27	9.14%	0.73%^(d)	0.72%^(d)	(0.32%)	27%	$166,669
Year Ended 3/31/2018	$18.05	23.87%	0.73%^(g)	0.72%^(g)	(0.14%)	44%	$753,356

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

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

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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 realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.81	(0.02)	(3.13)	(3.15)	(1.01)	(1.01)
Year Ended 3/31/2022	$16.10	(0.06)	0.02^(e)	(0.04)	(4.25)	(4.25)
Year Ended 3/31/2021	$11.83	(0.04)	8.00	7.96	(3.69)	(3.69)
Year Ended 3/31/2020	$16.48	(0.04)	(0.26)	(0.30)	(4.35)	(4.35)
Year Ended 3/31/2019	$18.23	(0.05)	1.47	1.42	(3.17)	(3.17)
Year Ended 3/31/2018	$16.40	(0.03)	3.71	3.68	(1.85)	(1.85)
Class R
Six Months Ended 9/30/2022 (Unaudited)	$7.45	(0.03)	(1.98)	(2.01)	(1.01)	(1.01)
Year Ended 3/31/2022	$11.61	(0.11)	0.17^(e)	0.06	(4.22)	(4.22)
Year Ended 3/31/2021	$9.21	(0.10)	6.12	6.02	(3.62)	(3.62)
Year Ended 3/31/2020	$13.83	(0.11)	(0.16)	(0.27)	(4.35)	(4.35)
Year Ended 3/31/2019	$15.87	(0.14)	1.24	1.10	(3.14)	(3.14)
Year Ended 3/31/2018	$14.51	(0.11)	3.24	3.13	(1.77)	(1.77)

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)	Annualized.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f)	The benefits derived from expense reductions had an impact of less than 0.01%.
(g)	Ratios include line of credit interest expense which is less than 0.01%.

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

16	Columbia Select Large Cap Growth Fund \| Semiannual Report 2022

Table of Contents

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
Six Months Ended 9/30/2022 (Unaudited)	$7.65	(26.58%)	0.76%^(c),(d)	0.67%^(c),(d)	(0.35%)^(c)	11%	$171,061
Year Ended 3/31/2022	$11.81	(3.63%)	0.72%	0.67%	(0.43%)	32%	$342,904
Year Ended 3/31/2021	$16.10	70.96%	0.72%^(d)	0.69%^(d)	(0.24%)	31%	$573,613
Year Ended 3/31/2020	$11.83	(3.93%)	0.72%^(d)	0.71%^(d)	(0.30%)	22%	$550,287
Year Ended 3/31/2019	$16.48	9.24%	0.69%^(d)	0.68%^(d)	(0.27%)	27%	$835,068
Year Ended 3/31/2018	$18.23	23.86%	0.68%^(g)	0.68%^(g)	(0.20%)	44%	$1,239,700
Class R
Six Months Ended 9/30/2022 (Unaudited)	$4.43	(26.86%)	1.41%^(c),(d)	1.31%^(c),(d)	(0.98%)^(c)	11%	$6,467
Year Ended 3/31/2022	$7.45	(4.20%)	1.35%	1.31%^(f)	(1.06%)	32%	$8,814
Year Ended 3/31/2021	$11.61	69.94%	1.36%^(d)	1.32%^(d),(f)	(0.88%)	31%	$12,146
Year Ended 3/31/2020	$9.21	(4.59%)	1.38%^(d)	1.38%^(d),(f)	(0.97%)	22%	$8,892
Year Ended 3/31/2019	$13.83	8.53%	1.33%^(d)	1.33%^(d),(f)	(0.92%)	27%	$9,830
Year Ended 3/31/2018	$15.87	23.09%	1.33%^(g)	1.33%^(f),(g)	(0.75%)	44%	$12,263

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

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Notes to Financial Statements
September 30, 2022 (Unaudited)

Note 1. Organization

Columbia Select 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.

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 approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, 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 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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

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

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

Security transactions

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

Income recognition

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

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

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

Expenses

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

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.

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncement

Tailored Shareholder Reports

In October 2022, the Securities and Exchange Commission (SEC) adopted final rule 33-11125, Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will require open-end mutual funds and exchange-traded funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments will become effective 60 days after publication in the Federal Register. There is an 18-month transition period after the effective date of the amendment.

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 annualized effective management services fee rate for the six months ended September 30, 2022 was 0.73% 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.

20	Columbia Select Large Cap Growth Fund \| Semiannual Report 2022

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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. In addition, prior to August 1, 2022, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

For the six months ended September 30, 2022, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.16
Advisor Class	0.16
Class C	0.16
Institutional Class	0.16
Institutional 2 Class	0.05
Institutional 3 Class	0.00
Class R	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended September 30, 2022, no minimum account balance fees were charged by the Fund.

Distribution and service fees

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.

Columbia Select Large Cap Growth Fund | Semiannual Report 2022

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Sales charges

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended September 30, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	57,561
Class C	—	1.00^(b)	1,525

(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:

	August 1, 2022 through July 31, 2023	Prior to August 1, 2022
Class A	1.05%	1.07%
Advisor Class	0.80	0.82
Class C	1.80	1.82
Institutional Class	0.80	0.82
Institutional 2 Class	0.71	0.73
Institutional 3 Class	0.66	0.68
Class R	1.30	1.32

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. Reflected in the contractual cap commitment, prior to August 1, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class. 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

At September 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
758,741,000	382,004,000	(58,100,000)	323,904,000

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. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at March 31, 2022 as arising on April 1, 2022.

Late year ordinary losses ($)	Post-October capital losses ($)
2,344,181	—

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $146,664,435 and $336,285,388, respectively, for the six months ended September 30, 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

The Fund’s activity in the Interfund Program during the six months ended September 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	4,100,000	2.06	1
Lender	2,500,000	2.08	1

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at September 30, 2022.

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 27, 2022 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 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended September 30, 2022.

Note 9. Significant risks

Health care sector risk

The Fund is more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.

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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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, 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 September 30, 2022, two unaffiliated shareholders of record owned 27.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 30.0% 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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.

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Approval of Management Agreement

(Unaudited)

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).

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

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

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

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

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

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

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

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

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Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including accounts subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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

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

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

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

Conclusion

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

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Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Approval of Management and Subadvisory Agreements	26

If you elect to receive the shareholder report for Multi-Manager Growth Strategies 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

Quarterly schedule of investments

Additional Fund information

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

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

Loomis, Sayles & Company, L.P.

Aziz Hamzaogullari, CFA

Los Angeles Capital Management LLC

Thomas Stevens, CFA

Hal Reynolds, CFA

Daniel Allen, CFA

Daniel Arche, CFA

J.P. Morgan Investment Management Inc.

Giri Devulapally, CFA

Holly Fleiss

Larry Lee

Joseph Wilson

Robert Maloney

Effective October 3, 2022, J.P. Morgan Investment Management Inc. (JPMIM) assumed management of a portfolio of the Fund’s net assets and Columbia Management Investment Advisers, LLC no longer manages a portion of the Fund’s assets.

Morningstar style box^TM

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	5 Years	10 Years
Institutional Class*	01/03/17	-24.43	-27.25	8.86	11.80
Institutional 3 Class*	12/18/19	-24.34	-27.09	8.93	11.84
Russell 1000 Growth Index		-23.77	-22.59	12.17	13.70

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 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. Returns shown for periods prior to the inception date of the Fund’s Institutional Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 (the inception date of the Fund) through January 2, 2017. Returns shown for periods prior to the inception date of the Fund’s Institutional 3 Class shares include the returns of the Fund’s Class A shares for the period from April 20, 2012 through January 2, 2017 and the returns of the Institutional Class shares from January 3, 2017 through December 17, 2019. Class A shares were offered prior to the Fund’s Institutional Class shares but have since been merged into the Fund’s Institutional Class shares. 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.

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

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Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are shareholder transaction costs, which 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

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 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.

April 1, 2022 — September 30, 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
Institutional Class	1,000.00	1,000.00	755.70	1,021.36	3.26	3.75	0.74
Institutional 3 Class	1,000.00	1,000.00	756.60	1,021.81	2.86	3.29	0.65

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

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Portfolio of Investments
September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.8%
Issuer	Shares	Value ($)
Communication Services 7.0%
Entertainment 2.1%
Netflix, Inc.^(a)	158,840	37,397,290
Walt Disney Co. (The)^(a)	339,186	31,995,415
Total		69,392,705
Interactive Media & Services 4.7%
Alphabet, Inc., Class A^(a)	760,847	72,775,015
Alphabet, Inc., Class C^(a)	387,154	37,224,857
Meta Platforms, Inc., Class A^(a)	338,176	45,883,720
ZoomInfo Technologies, Inc., Class A^(a)	11,170	465,342
Total		156,348,934
Media 0.2%
Charter Communications, Inc., Class A^(a)	1,393	422,567
Liberty Broadband Corp., Class A^(a)	26,915	2,007,859
Trade Desk, Inc. (The), Class A^(a)	58,187	3,476,673
Total		5,907,099
Total Communication Services		231,648,738
Consumer Discretionary 15.2%
Automobiles 2.3%
Tesla, Inc.^(a)	278,308	73,821,197
Thor Industries, Inc.	19,137	1,339,207
Total		75,160,404
Hotels, Restaurants & Leisure 3.9%
Booking Holdings, Inc.^(a)	26,618	43,738,964
Boyd Gaming Corp.	13,475	642,084
Chipotle Mexican Grill, Inc.^(a)	18,635	28,003,932
Starbucks Corp.	315,757	26,605,685
Travel + Leisure Co.	156,058	5,324,699
Vail Resorts, Inc.	3,765	811,884
Yum China Holdings, Inc.	182,084	8,618,036
Yum! Brands, Inc.	154,799	16,461,326
Total		130,206,610
Household Durables 0.4%
Toll Brothers, Inc.	338,377	14,211,834

Common Stocks (continued)
Issuer	Shares	Value ($)
Internet & Direct Marketing Retail 5.7%
Alibaba Group Holding Ltd., ADR^(a)	185,268	14,819,587
Amazon.com, Inc.^(a)	1,404,532	158,712,116
Chewy, Inc., Class A^(a)	445,894	13,697,864
DoorDash, Inc., Class A^(a)	21,941	1,084,982
eBay, Inc.	34,190	1,258,534
Total		189,573,083
Leisure Products 0.0%
Brunswick Corp.	12,989	850,130
Specialty Retail 1.7%
AutoZone, Inc.^(a)	2,351	5,035,678
Home Depot, Inc. (The)	72,553	20,020,275
Lowe’s Companies, Inc.	102,777	19,302,548
TJX Companies, Inc. (The)	112,588	6,993,967
Ulta Beauty, Inc.^(a)	5,596	2,245,059
Williams-Sonoma, Inc.	4,491	529,264
Total		54,126,791
Textiles, Apparel & Luxury Goods 1.2%
Columbia Sportswear Co.	53,851	3,624,172
lululemon athletica, Inc.^(a)	10,046	2,808,460
NIKE, Inc., Class B	396,609	32,966,140
Total		39,398,772
Total Consumer Discretionary		503,527,624
Consumer Staples 6.2%
Beverages 2.7%
Brown-Forman Corp., Class B	145,241	9,668,694
Coca-Cola Co. (The)	285,587	15,998,584
Monster Beverage Corp.^(a)	529,593	46,053,407
PepsiCo, Inc.	107,655	17,575,755
Total		89,296,440
Food & Staples Retailing 1.6%
Costco Wholesale Corp.	104,192	49,206,756
Sysco Corp.	72,581	5,132,203
Total		54,338,959

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

6	Multi-Manager Growth Strategies Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Food Products 0.4%
Darling Ingredients, Inc.^(a)	28,909	1,912,330
Hershey Co. (The)	27,140	5,983,556
Kellogg Co.	87,604	6,102,495
Pilgrim’s Pride Corp.^(a)	27,460	632,129
Total		14,630,510
Household Products 0.2%
Procter & Gamble Co. (The)	46,629	5,886,911
Personal Products 1.1%
Estee Lauder Companies, Inc. (The), Class A	163,367	35,270,935
Tobacco 0.2%
Altria Group, Inc.	159,342	6,434,230
Total Consumer Staples		205,857,985
Energy 1.2%
Oil, Gas & Consumable Fuels 1.2%
Diamondback Energy, Inc.	20,397	2,457,023
EOG Resources, Inc.	47,291	5,283,823
Hess Corp.	41,341	4,505,756
Occidental Petroleum Corp.	13,072	803,274
ONEOK, Inc.	46,219	2,368,262
Ovintiv, Inc.	46,666	2,146,636
PDC Energy, Inc.	101,669	5,875,451
Pioneer Natural Resources Co.	22,379	4,845,725
Range Resources Corp.	22,733	574,236
Targa Resources Corp.	182,221	10,995,215
Total		39,855,401
Total Energy		39,855,401
Financials 3.9%
Banks 0.1%
Synovus Financial Corp.	108,882	4,084,164
Capital Markets 2.6%
Cboe Global Markets, Inc.	29,186	3,425,561
Factset Research Systems, Inc.	58,936	23,580,883
MSCI, Inc.	98,503	41,547,580
SEI Investments Co.	335,728	16,467,459
Total		85,021,483

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Finance 0.2%
American Express Co.	18,277	2,465,750
SLM Corp.	181,059	2,533,015
Total		4,998,765
Insurance 1.0%
Arch Capital Group Ltd.^(a)	248,289	11,307,081
Everest Re Group Ltd.	38,461	10,093,705
Marsh & McLennan Companies, Inc.	9,061	1,352,717
Progressive Corp. (The)	94,501	10,981,961
Total		33,735,464
Total Financials		127,839,876
Health Care 17.4%
Biotechnology 6.0%
AbbVie, Inc.	155,860	20,917,971
Amgen, Inc.	63,318	14,271,877
BioMarin Pharmaceutical, Inc.^(a)	481,988	40,858,123
Exact Sciences Corp.^(a)	428,194	13,912,023
Exelixis, Inc.^(a)	301,678	4,730,311
Horizon Therapeutics PLC^(a)	6,020	372,578
Incyte Corp.^(a)	29,999	1,999,133
Neurocrine Biosciences, Inc.^(a)	40,747	4,327,739
Regeneron Pharmaceuticals, Inc.^(a)	53,851	37,096,338
Sarepta Therapeutics, Inc.^(a)	139,250	15,392,695
Vertex Pharmaceuticals, Inc.^(a)	147,870	42,814,280
Total		196,693,068
Health Care Equipment & Supplies 3.9%
Align Technology, Inc.^(a)	99,356	20,577,621
DexCom, Inc.^(a)	5,924	477,119
Edwards Lifesciences Corp.^(a)	397,010	32,804,937
Insulet Corp.^(a)	129,903	29,799,748
Intuitive Surgical, Inc.^(a)	248,614	46,600,208
Total		130,259,633
Health Care Providers & Services 1.5%
agilon health, Inc.^(a)	74,247	1,738,865
DaVita, Inc.^(a)	20,377	1,686,604
Encompass Health Corp.	73,346	3,317,440
Enhabit, Inc.^(a)	44,402	623,404
HCA Healthcare, Inc.	32,701	6,010,117

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

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Humana, Inc.	8,347	4,049,881
Molina Healthcare, Inc.^(a)	19,810	6,534,130
UnitedHealth Group, Inc.	53,701	27,121,153
Total		51,081,594
Health Care Technology 0.1%
Veeva Systems Inc., Class A^(a)	20,688	3,411,038
Life Sciences Tools & Services 1.8%
Agilent Technologies, Inc.	83,495	10,148,817
Illumina, Inc.^(a)	205,054	39,122,253
IQVIA Holdings, Inc.^(a)	11,098	2,010,292
Mettler-Toledo International, Inc.^(a)	1,511	1,638,105
Repligen Corp.^(a)	7,022	1,313,886
Waters Corp.^(a)	18,628	5,020,805
Total		59,254,158
Pharmaceuticals 4.1%
Eli Lilly & Co.	140,796	45,526,387
Johnson & Johnson	959	156,662
Merck & Co., Inc.	28,535	2,457,434
Novartis AG, ADR	460,724	35,019,631
Novo Nordisk A/S, ADR	168,134	16,751,190
Roche Holding AG, ADR	673,280	27,358,733
Zoetis, Inc.	46,534	6,900,527
Total		134,170,564
Total Health Care		574,870,055
Industrials 8.6%
Aerospace & Defense 1.5%
Boeing Co. (The)^(a)	387,568	46,926,733
Lockheed Martin Corp.	2,450	946,411
Total		47,873,144
Air Freight & Logistics 1.2%
Expeditors International of Washington, Inc.	253,498	22,386,408
FedEx Corp.	1,006	149,361
GXO Logistics, Inc.^(a)	20,206	708,422
United Parcel Service, Inc., Class B	111,420	17,998,787
Total		41,242,978

Common Stocks (continued)
Issuer	Shares	Value ($)
Building Products 1.5%
Advanced Drainage Systems, Inc.	31,167	3,876,240
Fortune Brands Home & Security, Inc.	88,807	4,768,048
Trane Technologies PLC	287,530	41,637,219
Total		50,281,507
Commercial Services & Supplies 0.6%
Cintas Corp.	6,832	2,652,114
Tetra Tech, Inc.	5,014	644,449
Waste Management, Inc.	96,510	15,461,867
Total		18,758,430
Construction & Engineering 0.8%
Quanta Services, Inc.	212,474	27,067,063
Electrical Equipment 0.5%
Bloom Energy Corp., Class A^(a)	744,586	14,884,274
Machinery 0.9%
Allison Transmission Holdings, Inc.	82,406	2,782,026
Caterpillar, Inc.	3,552	582,812
Deere & Co.	61,821	20,641,414
Illinois Tool Works, Inc.	6,929	1,251,724
Lincoln Electric Holdings, Inc.	28,751	3,614,576
Total		28,872,552
Professional Services 1.3%
CoStar Group, Inc.^(a)	502,142	34,974,190
Robert Half International, Inc.	106,283	8,130,650
Total		43,104,840
Road & Rail 0.3%
Landstar System, Inc.	18,534	2,675,754
Union Pacific Corp.	41,160	8,018,791
Total		10,694,545
Trading Companies & Distributors 0.0%
WESCO International, Inc.^(a)	12,142	1,449,512
Total Industrials		284,228,845
Information Technology 37.2%
Electronic Equipment, Instruments & Components 0.5%
CDW Corp.	47,445	7,405,215
Jabil, Inc.	149,301	8,616,161
Total		16,021,376

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

8	Multi-Manager Growth Strategies Fund \| Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
IT Services 8.6%
Accenture PLC, Class A	114,221	29,389,063
Automatic Data Processing, Inc.	97,525	22,059,180
Block, Inc., Class A^(a)	200,713	11,037,208
Cognizant Technology Solutions Corp., Class A	74,487	4,278,533
FleetCor Technologies, Inc.^(a)	22,935	4,040,459
Gartner, Inc.^(a)	12,915	3,573,451
Genpact Ltd.	29,232	1,279,485
MasterCard, Inc., Class A	79,525	22,612,138
MongoDB, Inc.^(a)	885	175,726
Paychex, Inc.	188,335	21,133,070
PayPal Holdings, Inc.^(a)	487,411	41,951,465
Shopify, Inc., Class A^(a)	471,424	12,700,163
Snowflake, Inc., Class A^(a)	7,746	1,316,510
Visa, Inc., Class A	622,962	110,669,199
Total		286,215,650
Semiconductors & Semiconductor Equipment 6.4%
Advanced Micro Devices, Inc.^(a)	41,543	2,632,165
Allegro MicroSystems, Inc.^(a)	42,048	918,749
Applied Materials, Inc.	106,156	8,697,361
Broadcom, Inc.	72,322	32,111,691
Enphase Energy, Inc.^(a)	18,260	5,066,602
Entegris, Inc.	23,986	1,991,318
KLA Corp.	28,902	8,746,612
Lattice Semiconductor Corp.^(a)	20,196	993,845
Micron Technology, Inc.	84,854	4,251,185
Monolithic Power Systems, Inc.	24,444	8,882,950
NVIDIA Corp.	703,239	85,366,182
QUALCOMM, Inc.	420,412	47,498,148
Universal Display Corp.	43,814	4,133,851
Total		211,290,659
Software 17.7%
Adobe, Inc.^(a)	148,030	40,737,856
Atlassian Corp. PLC, Class A^(a)	23,994	5,052,897
Autodesk, Inc.^(a)	225,581	42,138,531
Cadence Design Systems, Inc.^(a)	18,472	3,018,879
Crowdstrike Holdings, Inc., Class A^(a)	204,511	33,705,458
Datadog, Inc., Class A^(a)	97,040	8,615,211

Common Stocks (continued)
Issuer	Shares	Value ($)
DoubleVerify Holdings, Inc.^(a)	24,687	675,189
Dynatrace, Inc.^(a)	183,002	6,370,300
Fortinet, Inc.^(a)	13,345	655,640
HubSpot, Inc.^(a)	10,518	2,841,122
Intuit, Inc.	114,127	44,203,670
Manhattan Associates, Inc.^(a)	46,293	6,158,358
Microsoft Corp.	695,700	162,028,530
NortonLifeLock, Inc.	223,846	4,508,258
Oracle Corp.	900,604	54,999,886
Palo Alto Networks, Inc.^(a)	178,467	29,231,110
Paycom Software, Inc.^(a)	30,463	10,052,485
Salesforce, Inc.^(a)	441,480	63,502,483
ServiceNow, Inc.^(a)	141,631	53,481,282
Workday, Inc., Class A^(a)	78,597	11,964,035
Zoom Video Communications, Inc., Class A^(a)	2,957	217,606
Zscaler, Inc.^(a)	5,551	912,418
Total		585,071,204
Technology Hardware, Storage & Peripherals 4.0%
Apple, Inc.	953,565	131,782,683
Total Information Technology		1,230,381,572
Materials 0.2%
Construction Materials 0.1%
Eagle Materials, Inc.	25,220	2,703,080
Containers & Packaging 0.1%
Graphic Packaging Holding Co.	6,515	128,606
Sealed Air Corp.	93,320	4,153,673
Total		4,282,279
Total Materials		6,985,359
Real Estate 0.9%
Equity Real Estate Investment Trusts (REITS) 0.9%
American Tower Corp.	17,654	3,790,314
Apartment Income REIT Corp.	26,229	1,012,964
Extra Space Storage, Inc.	33,760	5,830,689
Lamar Advertising Co., Class A	22,134	1,825,834
Public Storage	28,735	8,413,895

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

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
SBA Communications Corp.	28,112	8,002,081
Simon Property Group, Inc.	31,547	2,831,343
Total		31,707,120
Total Real Estate		31,707,120
Utilities 0.0%
Gas Utilities 0.0%
National Fuel Gas Co.	13,253	815,722
Total Utilities		815,722
Total Common Stocks (Cost $3,294,091,758)		3,237,718,297

Money Market Funds 2.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(b),(c)	72,235,571	72,199,453
Total Money Market Funds (Cost $72,199,726)		72,199,453
Total Investments in Securities (Cost: $3,366,291,484)		3,309,917,750
Other Assets & Liabilities, Net		(780,400)
Net Assets		3,309,137,350

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.
(c)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the period ended September 30, 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, 2.834%
	49,935,449	674,517,398	(652,253,344)	(50)	72,199,453	(10,717)	387,121	72,235,571

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.

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

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Table of Contents

Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	231,648,738	—	—	231,648,738
Consumer Discretionary	503,527,624	—	—	503,527,624
Consumer Staples	205,857,985	—	—	205,857,985
Energy	39,855,401	—	—	39,855,401
Financials	127,839,876	—	—	127,839,876
Health Care	547,511,322	27,358,733	—	574,870,055
Industrials	284,228,845	—	—	284,228,845
Information Technology	1,230,381,572	—	—	1,230,381,572
Materials	6,985,359	—	—	6,985,359
Real Estate	31,707,120	—	—	31,707,120
Utilities	815,722	—	—	815,722
Total Common Stocks	3,210,359,564	27,358,733	—	3,237,718,297
Money Market Funds	72,199,453	—	—	72,199,453
Total Investments in Securities	3,282,559,017	27,358,733	—	3,309,917,750

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

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

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

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Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $3,294,091,758)	$3,237,718,297
Affiliated issuers (cost $72,199,726)	72,199,453
Receivable for:
Capital shares sold	3,332,318
Dividends	850,702
Foreign tax reclaims	269,155
Expense reimbursement due from Investment Manager	3,660
Prepaid expenses	39,467
Trustees’ deferred compensation plan	154,364
Total assets	3,314,567,416
Liabilities
Due to custodian	48,161
Payable for:
Capital shares purchased	4,743,647
Management services fees	61,020
Transfer agent fees	273,318
Compensation of board members	38,566
Compensation of chief compliance officer	340
Other expenses	110,650
Trustees’ deferred compensation plan	154,364
Total liabilities	5,430,066
Net assets applicable to outstanding capital stock	$3,309,137,350
Represented by
Paid in capital	3,361,556,018
Total distributable earnings (loss)	(52,418,668)
Total - representing net assets applicable to outstanding capital stock	$3,309,137,350
Institutional Class
Net assets	$3,309,135,284
Shares outstanding	267,865,967
Net asset value per share	$12.35
Institutional 3 Class
Net assets	$2,066
Shares outstanding	167
Net asset value per share^(a)	$12.35

(a)	Net asset value per share rounds to this amount due to fractional shares outstanding.

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

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Statement of Operations
Six Months Ended September 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$14,527,791
Dividends — affiliated issuers	387,121
Interfund lending	618
Foreign taxes withheld	(44,125)
Total income	14,871,405
Expenses:
Management services fees	12,557,731
Transfer agent fees
Institutional Class	1,848,417
Compensation of board members	27,937
Custodian fees	15,293
Printing and postage fees	126,553
Registration fees	55,685
Audit fees	28,920
Legal fees	27,584
Compensation of chief compliance officer	339
Other	37,405
Total expenses	14,725,864
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(584,548)
Total net expenses	14,141,316
Net investment income	730,089
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	17,206,032
Investments — affiliated issuers	(10,717)
Net realized gain	17,195,315
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(992,075,276)
Investments — affiliated issuers	(50)
Net change in unrealized appreciation (depreciation)	(992,075,326)
Net realized and unrealized loss	(974,880,011)
Net decrease in net assets resulting from operations	$(974,149,922)

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

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

Table of Contents

Statement of Changes in Net Assets

	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income (loss)	$730,089	$(7,896,979)
Net realized gain	17,195,315	714,284,136
Net change in unrealized appreciation (depreciation)	(992,075,326)	(355,864,640)
Net increase (decrease) in net assets resulting from operations	(974,149,922)	350,522,517
Distributions to shareholders
Net investment income and net realized gains
Institutional Class	(297,375,969)	(584,937,031)
Institutional 3 Class	(186)	(509)
Total distributions to shareholders	(297,376,155)	(584,937,540)
Increase in net assets from capital stock activity	520,865,376	429,863,077
Total increase (decrease) in net assets	(750,660,701)	195,448,054
Net assets at beginning of period	4,059,798,051	3,864,349,997
Net assets at end of period	$3,309,137,350	$4,059,798,051

	Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Institutional Class
Subscriptions	59,774,574	866,617,193	67,391,020	1,289,814,755
Distributions reinvested	24,001,289	297,375,969	29,487,010	584,937,031
Redemptions	(43,802,914)	(643,127,786)	(68,815,072)	(1,444,888,709)
Net increase	39,972,949	520,865,376	28,062,958	429,863,077
Total net increase	39,972,949	520,865,376	28,062,958	429,863,077

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

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Financial Highlights

	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 Class
Six Months Ended 9/30/2022 (Unaudited)	$17.81	0.00^(c)	(4.35)	(4.35)	—	(1.11)	(1.11)
Year Ended 3/31/2022	$19.34	(0.04)	1.52	1.48	—	(3.01)	(3.01)
Year Ended 3/31/2021	$13.05	(0.00)^(c)	7.78	7.78	(0.00)^(c)	(1.49)	(1.49)
Year Ended 3/31/2020	$14.09	0.03	(0.23)	(0.20)	(0.02)	(0.82)	(0.84)
Year Ended 3/31/2019	$14.86	0.00^(c)	1.50	1.50	—	(2.27)	(2.27)
Year Ended 3/31/2018	$12.89	0.01	2.64	2.65	(0.02)	(0.66)	(0.68)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$17.79	0.01	(4.34)	(4.33)	—	(1.11)	(1.11)
Year Ended 3/31/2022	$19.32	(0.02)	1.54	1.52	—	(3.05)	(3.05)
Year Ended 3/31/2021	$13.03	0.01	7.77	7.78	(0.00)^(c)	(1.49)	(1.49)
Year Ended 3/31/2020^(f)	$14.94	0.02	(1.92)	(1.90)	(0.01)	—	(0.01)

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)	Rounds to zero.
(d)	Annualized.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(f)	Institutional 3 Class shares commenced operations on December 18, 2019. Per share data and total return reflect activity from that date.

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

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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 Class
Six Months Ended 9/30/2022 (Unaudited)	$12.35	(24.43%)	0.77%^(d)	0.74%^(d)	0.04%^(d)	25%	$3,309,135
Year Ended 3/31/2022	$17.81	6.57%	0.75%^(e)	0.74%^(e)	(0.19%)	53%	$4,059,795
Year Ended 3/31/2021	$19.34	61.13%	0.78%	0.69%	(0.02%)	45%	$3,864,347
Year Ended 3/31/2020	$13.05	(1.88%)	0.86%^(e)	0.76%^(e)	0.19%	42%	$2,164,853
Year Ended 3/31/2019	$14.09	11.09%	0.88%^(e)	0.88%^(e)	0.02%	41%	$1,957,462
Year Ended 3/31/2018	$14.86	21.09%	0.85%	0.85%	0.09%	50%	$2,155,633
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$12.35	(24.34%)	0.67%^(d)	0.65%^(d)	0.11%^(d)	25%	$2
Year Ended 3/31/2022	$17.79	6.76%	0.66%^(e)	0.63%^(e)	(0.09%)	53%	$3
Year Ended 3/31/2021	$19.32	61.23%	0.69%	0.60%	0.07%	45%	$3
Year Ended 3/31/2020^(f)	$13.03	(12.69%)	0.74%^(d),(e)	0.60%^(d),(e)	0.44%^(d)	42%	$2

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

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Notes to Financial Statements
September 30, 2022 (Unaudited)

Note 1. Organization

Multi-Manager Growth Strategies 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 is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes listed in the Statement of Assets and Liabilities which are not subject to any front-end sales charge or contingent deferred sales charge.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Security transactions

Income recognition

Expenses

Determination of class net asset value

Federal income tax status

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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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 Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. 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 annualized effective management services fee rate for the six months ended September 30, 2022 was 0.65% of the Fund’s average daily net assets.

Subadvisory agreements

The Investment Manager has entered into Subadvisory Agreements with Loomis, Sayles & Company, L.P. and Los Angeles Capital Management LLC, each of which subadvises a portion of the assets of the Fund. Effective on or about October 3, 2022, the Investment Manager has entered into a Subadvisory Agreement with J.P. Morgan Investment Management Inc. to serve as a subadviser to a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

Compensation of board members

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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

Transfer agency fees

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 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class. In addition, prior to August 1, 2022, Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to that share class.

For the six months ended September 30, 2022, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Institutional Class	0.10
Institutional 3 Class	0.01

Distribution and service fees

The Fund has 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 Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	August 1, 2022 through July 31, 2023	Prior to August 1, 2022
Institutional Class	0.74%	0.74%
Institutional 3 Class	0.66	0.65

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. Reflected in the contractual cap commitment, prior to August 1, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to that share class. 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

At September 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
3,366,291,000	290,500,000	(346,873,000)	(56,373,000)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,147,763,326 and $943,067,693, respectively, for the six months ended September 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended September 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	4,125,000	1.35	4

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at September 30, 2022.

Note 8. Line of credit

The Fund had no borrowings during the six months ended September 30, 2022.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 9. Significant risks

Information technology sector risk

Market risk

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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 September 30, 2022, affiliated shareholders of record owned 100.0% 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

Note 11. Information regarding pending and settled legal proceedings

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Approval of Management and SubadvisoryAgreements

(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 Multi-Manager Growth Strategies 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). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of Loomis, Sayles & Company, L.P., Los Angeles Capital Management and Equity Research, Inc., and J.P. Morgan Investment Management Inc. (J.P. Morgan) (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund.

The Fund’s Board of Trustees (the Board) at its September 9, 2022 Board meeting (the September Meeting), considered the initial approval of the Subadvisory Agreement between the Investment Manager and J.P. Morgan with respect to the Fund. At meetings held on June 21, 2022, June 22, 2022, June 23, 2022, September 8, 2022, and September 9, 2022, independent legal counsel (Independent Legal Counsel) to the independent Board members (the Independent Trustees) reviewed with the Board the legal standards for consideration by directors/trustees of advisory and subadvisory agreements and referred to the various written materials and oral presentations received by the Board and its Investment Review Committee in connection with the Board’s evaluation of J.P. Morgan’s proposed services. The Trustees held discussions with the Investment Manager and J.P. Morgan and reviewed and considered various written materials and oral presentations in connection with the evaluation of J.P. Morgan’s proposed services, including the reports from management with respect to the fees and terms of the proposed Subadvisory Agreement and J.P. Morgan’s investment strategy/style and performance. In considering the Subadvisory Agreement, the Board reviewed, among other things:

•	Terms of the Subadvisory Agreement;
•	Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;
•	Descriptions of various services proposed to be performed by J.P. Morgan under the Subadvisory Agreement, including portfolio management and portfolio trading practices;
•	Information regarding the experience and resources of J.P. Morgan, including information regarding senior management, portfolio managers, and other personnel;
•	Information regarding the capabilities of J.P. Morgan’s compliance program; and
•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including a majority of the Independent Trustees, upon the recommendation of the Investment Manager, unanimously approved the Subadvisory Agreement between the Investment Manager and J.P. Morgan with respect to the Fund on September 9, 2022.

On an annual basis, the Board, including the Independent Trustees, considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). 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 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 Advisory Agreements.

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

The Board, at its June 23, 2022 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements (except for the J.P. Morgan Subadvisory Agreement which was proposed for initial approval at the September Meeting) for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory 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 each of the Management Agreement and Subadvisory Agreements except the J.P. Morgan Subadvisory Agreement (the Renewal Subadvisory Agreements, and together with the Management Agreement, the Renewal Advisory Agreements), which was separately considered for initial approval. 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 Renewal Advisory Agreements;

•	Subadvisory fees payable by the Investment Manager under the Renewal Subadvisory Agreements;

•	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 and the Subadvisers under the Renewal Advisory Agreements, 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 and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager and the Subadvisers 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).

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 each of the Renewal Advisory Agreements.

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

When considering the approval of the Subadvisory Agreement with J.P. Morgan, the Board considered its analysis of the reports and presentations received by it, detailing the services proposed to be performed by J.P. Morgan as a subadviser for the Fund, as well as the history, expertise, resources and capabilities, and the qualifications of the personnel of J.P. Morgan. The Board considered the diligence and selection process undertaken by the Investment Manager to select J.P. Morgan, including the Investment Manager’s rationale for recommending J.P. Morgan, and the process for monitoring J.P. Morgan’s ongoing performance of services for the Fund. The Board observed that J.P. Morgan’s compliance program had been

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

reviewed by the Fund’s Chief Compliance Officer and was determined by him to be reasonably designed to prevent violation of the federal securities laws by the Fund. The Board also observed that information had been presented regarding J.P. Morgan’s ability to carry out its responsibilities under the proposed Subadvisory Agreement. The Board also considered the information provided by management regarding the personnel, risk controls, philosophy, and investment processes of J.P. Morgan. The Board also noted the presentation by J.P. Morgan to the Board’s Investment Review Committee. The Board also discussed the acceptability of the terms of the proposed Subadvisory Agreement.

Independent Legal Counsel noted that the proposed Subadvisory Agreement was generally similar in scope and form to subadvisory agreements applicable to other subadvised Funds. The Board noted the Investment Manager’s representation that J.P. Morgan has experience subadvising registered mutual funds.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the expected nature, extent and quality of the services to be provided to the Fund supported the approval of the Subadvisory Agreement with J.P. Morgan.

When considering the renewal of the Renewal Advisory Agreements, the Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers whose agreements were up for renewal (the Renewal Subadvisers), as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated Subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Renewal Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Renewal Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each such Subadviser’s capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Renewal Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Renewal Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

were recommended to the Renewal Subadvisory Agreements. The Board took into account the Investment Manager’s representation that each Renewal Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team and their significant resources added in recent years.

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

Investment performance

When considering the approval of the Subadvisory Agreement with J.P. Morgan, the Board observed J.P. Morgan’s relevant performance results versus the Fund’s benchmark and versus peers over various periods, noting outperformance versus the Fund’s benchmark over the 1-, 3- and 5-year periods and the Fund’s peers over the 3- and 5-year periods ended June 30, 2022. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of J.P. Morgan, in light of other considerations, supported the approval of the Subadvisory Agreement.

When considering each of the Renewal Advisory Agreements, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

Additionally, the Board reviewed the performance of each of the Renewal Subadvisers and the Investment Manager’s process for monitoring such Subadvisers’ performance. The Board considered, in particular, management’s rationale for recommending the continued retention of each Renewal Subadviser and management’s representations that the Investment Manager’s profitability is not the key factor driving their recommendation to select, renew or terminate the Subadvisers.

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

The Board also considered the Investment Manager’s and Renewal Subadvisers’ performance and reputation generally, and the Investment Manager’s evaluation of each such Subadviser’s contribution to the Fund’s broader investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Renewal Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

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

When considering the approval of the Subadvisory Agreement with J.P. Morgan, the Board reviewed the proposed level of subadvisory fees under the proposed Subadvisory Agreement, noting that the proposed subadvisory fees payable to J.P. Morgan would be paid by the Investment Manager and would not impact the fees paid by the Fund. The Board observed that the proposed subadvisory fees for J.P. Morgan were within a reasonable range of subadvisory fees paid by the Investment Manager to the subadvisers of other Funds with similar strategies. The Trustees observed that management fees, which were not proposed to change, remained within the range of other peers and that the Fund’s expense ratio also remained within the range of other peers.

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

Additionally, the Board considered the expected decrease in the total profitability of the Investment Manager and its affiliates in connection with the hiring of J.P. Morgan. Because the Subadvisory Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the subadviser thereunder, the Board did not consider the profitability to J.P. Morgan from its relationship with the Fund.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the proposed level of subadvisory fees, anticipated costs of services provided and the expected profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the approval of the Subadvisory Agreement with J.P. Morgan.

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

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

Additionally, the Board reviewed the level of subadvisory fees paid to each Renewal Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Renewal Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and each of the Subadvisory Agreements up for renewal.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Renewal Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each Renewal Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements up for renewal.

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

Economies of scale

When considering the approval of the Subadvisory Agreement with J.P. Morgan, the Board also considered the economies of scale that may be realized by the Investment Manager and its affiliates as the Fund grows and took note of the extent to which shareholders might also benefit from such growth. The Board considered, in this regard, the expected decrease in profitability to the Investment Manager from its management agreement with the Fund as a result of the proposed engagement of J.P. Morgan. The Board took into account, in this regard, the significant oversight services provided by the Investment Manager to the Fund. The Board also observed that fees to be paid under the Subadvisory Agreement would not impact fees paid by the Fund (as subadvisory fees are paid by the Investment Manager and not the Fund). The Board observed that the Fund’s management agreement with the Investment Manager continues to provide for sharing of economies of scale as management fees decline as assets increase at pre-established breakpoints. The Board also noted, for the Subadvisory Agreement, that the breakpoints for the J.P. Morgan’s fees did not occur at the same levels as the breakpoints for the Investment Manager’s management fees and the potential challenges of seeking to tailor the management agreement breakpoints to those of a Subadvisory Agreement in this context.

When considering the Renewal Advisory Agreements, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Renewal Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the Subadvisory Agreement with J.P. Morgan on September 9, 2022 and the continuation of the Management Agreement and the other Subadvisory Agreements on June 23, 2022. In reaching its conclusions, no single factor was determinative.

On September 9, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Subadvisory Agreement with J.P. Morgan appeared fair and reasonable in light of the services proposed to be provided and approved the Subadvisory Agreement. On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under each of the Renewal Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Renewal Advisory Agreements.

Multi-Manager Growth Strategies Fund | Semiannual Report 2022

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2020 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2020 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	10/24/17	-8.29	-10.16	2.59
Institutional 3 Class	10/24/17	-8.15	-10.08	2.63
Dow Jones Target 2020 Index		-13.19	-17.31	0.21

The Dow Jones Target 2020 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.9
Money Market Funds	12.8
Multi-Asset/Tactical Strategies Funds	79.3
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.

Columbia Adaptive Retirement Funds | Semiannual Report 2022

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Fund at a Glance
Columbia Adaptive Retirement 2025 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2025 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	04/04/18	-8.81	-10.55	3.29
Institutional 3 Class	04/04/18	-8.80	-10.49	3.33
Dow Jones Target 2025 Index		-13.91	-17.49	0.61

The Dow Jones Target 2025 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.7
Money Market Funds	14.6
Multi-Asset/Tactical Strategies Funds	77.7
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.

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Fund at a Glance
Columbia Adaptive Retirement 2030 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2030 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	10/24/17	-9.61	-11.18	3.64
Institutional 3 Class	10/24/17	-9.49	-10.96	3.75
Dow Jones Target 2030 Index		-14.90	-17.77	1.86

The Dow Jones Target 2030 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.9
Money Market Funds	12.7
Multi-Asset/Tactical Strategies Funds	79.4
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.

Columbia Adaptive Retirement Funds | Semiannual Report 2022

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Fund at a Glance
Columbia Adaptive Retirement 2035 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2035 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	04/04/18	-10.51	-11.82	4.64
Institutional 3 Class	04/04/18	-10.50	-11.66	4.70
Dow Jones Target 2035 Index		-15.96	-18.11	2.25

The Dow Jones Target 2035 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.8
Money Market Funds	14.1
Multi-Asset/Tactical Strategies Funds	78.1
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.

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Fund at a Glance
Columbia Adaptive Retirement 2040 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2040 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	10/24/17	-11.53	-12.48	5.04
Institutional 3 Class	10/24/17	-11.52	-12.42	5.09
Dow Jones Target 2040 Index		-17.06	-18.55	3.32

The Dow Jones Target 2040 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.9
Money Market Funds	13.0
Multi-Asset/Tactical Strategies Funds	79.1
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.

Columbia Adaptive Retirement Funds | Semiannual Report 2022

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2045 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2045 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	04/04/18	-12.47	-13.15	6.05
Institutional 3 Class	04/04/18	-12.47	-13.11	6.07
Dow Jones Target 2045 Index		-18.02	-18.97	3.43

The Dow Jones Target 2045 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.8
Money Market Funds	14.3
Multi-Asset/Tactical Strategies Funds	77.9
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.

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Fund at a Glance
Columbia Adaptive Retirement 2050 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2050 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	10/24/17	-13.28	-13.69	6.05
Institutional 3 Class	10/24/17	-13.20	-13.67	6.06
Dow Jones Target 2050 Index		-18.69	-19.28	4.11

The Dow Jones Target 2050 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.9
Money Market Funds	12.9
Multi-Asset/Tactical Strategies Funds	79.2
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.

Columbia Adaptive Retirement Funds | Semiannual Report 2022

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2055 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2055 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	04/04/18	-13.52	-14.01	6.44
Institutional 3 Class	04/04/18	-13.43	-13.90	6.47
Dow Jones Target 2055 Index		-19.01	-19.45	3.85

The Dow Jones Target 2055 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.8
Money Market Funds	14.1
Multi-Asset/Tactical Strategies Funds	78.1
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.

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Fund at a Glance
Columbia Adaptive Retirement 2060 Fund (Unaudited)

Investment objective

Columbia Adaptive Retirement 2060 Fund (the Fund) seeks capital appreciation and current income.

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Advisor Class	10/24/17	-13.50	-13.96	6.11
Institutional 3 Class	10/24/17	-13.49	-13.90	6.14
Dow Jones Target 2060 Index		-19.03	-19.46	4.20

The Dow Jones Target 2060 Index is designed to measure total portfolios of stocks, bonds, and cash that automatically adjust over time to reduce potential risk as an investor’s target maturity date approaches.

Portfolio breakdown (%) (at September 30, 2022)
Exchange-Traded Fixed Income Funds	7.9
Money Market Funds	12.8
Multi-Asset/Tactical Strategies Funds	79.3
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.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the “Effective expenses paid during the period” column.

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 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.

April 1, 2022 — September 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Columbia Adaptive Retirement 2020 Fund
Advisor Class	1,000.00	1,000.00	917.10	1,022.71	2.26	2.38	0.47	2.45	2.59	0.51
Institutional 3 Class	1,000.00	1,000.00	918.50	1,023.11	1.88	1.98	0.39	2.07	2.18	0.43
Columbia Adaptive Retirement 2025 Fund
Advisor Class	1,000.00	1,000.00	911.90	1,022.86	2.11	2.23	0.44	2.30	2.43	0.48
Institutional 3 Class	1,000.00	1,000.00	912.00	1,023.11	1.87	1.98	0.39	2.06	2.18	0.43
Columbia Adaptive Retirement 2030 Fund
Advisor Class	1,000.00	1,000.00	903.90	1,022.36	2.58	2.74	0.54	2.77	2.94	0.58
Institutional 3 Class	1,000.00	1,000.00	905.10	1,023.11	1.86	1.98	0.39	2.05	2.18	0.43
Columbia Adaptive Retirement 2035 Fund
Advisor Class	1,000.00	1,000.00	894.90	1,022.56	2.38	2.54	0.50	2.57	2.74	0.54
Institutional 3 Class	1,000.00	1,000.00	895.00	1,023.11	1.85	1.98	0.39	2.04	2.18	0.43

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Understanding Your Fund’s Expenses (continued)
(Unaudited)

April 1, 2022 — September 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Columbia Adaptive Retirement 2040 Fund
Advisor Class	1,000.00	1,000.00	884.70	1,022.61	2.32	2.48	0.49	2.50	2.69	0.53
Institutional 3 Class	1,000.00	1,000.00	884.80	1,023.11	1.84	1.98	0.39	2.03	2.18	0.43
Columbia Adaptive Retirement 2045 Fund
Advisor Class	1,000.00	1,000.00	875.30	1,022.71	2.21	2.38	0.47	2.40	2.59	0.51
Institutional 3 Class	1,000.00	1,000.00	875.30	1,023.11	1.83	1.98	0.39	2.02	2.18	0.43
Columbia Adaptive Retirement 2050 Fund
Advisor Class	1,000.00	1,000.00	867.20	1,022.96	1.97	2.13	0.42	2.15	2.33	0.46
Institutional 3 Class	1,000.00	1,000.00	868.00	1,023.11	1.83	1.98	0.39	2.01	2.18	0.43
Columbia Adaptive Retirement 2055 Fund
Advisor Class	1,000.00	1,000.00	864.80	1,022.71	2.20	2.38	0.47	2.38	2.59	0.51
Institutional 3 Class	1,000.00	1,000.00	865.70	1,023.11	1.82	1.98	0.39	2.01	2.18	0.43
Columbia Adaptive Retirement 2060 Fund
Advisor Class	1,000.00	1,000.00	865.00	1,022.56	2.34	2.54	0.50	2.52	2.74	0.54
Institutional 3 Class	1,000.00	1,000.00	865.10	1,023.11	1.82	1.98	0.39	2.01	2.18	0.43

Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses for each Fund, account value at the end of the period would have been reduced.

From time to time, the Investment Manager and its affiliates may waive fees and/or reimburse certain expenses of the Funds so that Fund level expenses (expenses directly attributable to the Funds and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or terminated at any time without notice. Had the Investment Manager and its affiliates not waived fees and/or reimbursed the expenses of Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2045 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund and Columbia Adaptive Retirement 2060 Fund during the six months ended September 30, 2022, the annualized expense ratios would have been 0.62% for Advisor Class for each Fund. The actual expenses paid would have been $2.98, $2.97, $2.96, $2.95, $2.93, $2.91, $2.90, $2.90 and $2.90 for Advisor Class, respectively; the hypothetical expenses paid would have been $3.14 for Advisor Class for each Fund. The actual effective expenses paid would have been $3.17, $3.16, $3.15, $3.14, $3.12, $3.10, $3.09, $3.09 and $3.09 for Advisor Class, respectively; the hypothetical effective expenses paid would have been $3.35 for Advisor Class for each Fund.

Other share classes of the Funds may have had expense waiver/reimbursement changes; however, the changes were not considered material.

Columbia Adaptive Retirement Funds | Semiannual Report 2022

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Portfolio of Investments
Columbia Adaptive Retirement 2020 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	344	27,314
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	518	54,338
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	604	27,234
Total Exchange-Traded Fixed Income Funds (Cost $121,879)		108,886

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	13,179	105,960
Columbia Solutions Conservative Portfolio^(a)	110,994	986,738
Total Multi-Asset/Tactical Strategies Funds (Cost $1,217,232)		1,092,698

Money Market Funds 12.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	176,397	176,309
Total Money Market Funds (Cost $176,320)		176,309
Total Investments in Securities (Cost: $1,515,431)		1,377,893
Other Assets & Liabilities, Net		(12,739)
Net Assets		1,365,154

Notes to Portfolio of Investments

(a)

As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the period ended September 30, 2022 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	28,992	6,134	(25,650)	(9,476)	—	—	7,567	—	—
Columbia Short-Term Cash Fund, 2.834%
	164,665	133,064	(121,424)	4	176,309	—	(21)	1,095	176,397
Columbia Solutions Aggressive Portfolio
	112,863	13,687	(3,200)	(17,390)	105,960	—	(300)	—	13,179
Columbia Solutions Conservative Portfolio
	1,052,093	41,921	(24,215)	(83,061)	986,738	—	(1,916)	—	110,994
Total	1,358,613			(109,923)	1,269,007	—	5,330	1,095

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2020 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

■	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).

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Solutions Portfolios serve as investment vehicles for the Columbia Adaptive Retirement Funds and each pursues consistent total returns by seeking to allocate risks across multiple asset classes. Investments in the Columbia Solutions Portfolios may be redeemed on a daily basis without restriction.

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	108,886	—	—	—	108,886
Multi-Asset/Tactical Strategies Funds	—	—	—	1,092,698	1,092,698
Money Market Funds	176,309	—	—	—	176,309
Total Investments in Securities	285,195	—	—	1,092,698	1,377,893

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

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

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Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2025 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 7.9%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	244	19,373
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	368	38,603
Investment Grade 1.9%
Vanguard Mortgage-Backed Securities ETF	423	19,073
Total Exchange-Traded Fixed Income Funds (Cost $87,260)		77,049

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	19,005	152,796
Columbia Solutions Conservative Portfolio^(a)	70,203	624,108
Total Multi-Asset/Tactical Strategies Funds (Cost $877,461)		776,904

Money Market Funds 15.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	146,445	146,372
Total Money Market Funds (Cost $146,379)		146,372
Total Investments in Securities (Cost: $1,111,100)		1,000,325
Other Assets & Liabilities, Net		(29,116)
Net Assets		971,209

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	21,694	3,827	(18,431)	(7,090)	—	—	5,710	—	—
Columbia Short-Term Cash Fund, 2.834%
	126,364	103,997	(83,994)	5	146,372	—	(19)	826	146,445
Columbia Solutions Aggressive Portfolio
	171,085	16,987	(10,238)	(25,038)	152,796	—	(1,278)	—	19,005
Columbia Solutions Conservative Portfolio
	699,230	8,870	(31,311)	(52,681)	624,108	—	(2,705)	—	70,203
Total	1,018,373			(84,804)	923,276	—	1,708	826

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2025 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	77,049	—	—	—	77,049
Multi-Asset/Tactical Strategies Funds	—	—	—	776,904	776,904
Money Market Funds	146,372	—	—	—	146,372
Total Investments in Securities	223,421	—	—	776,904	1,000,325

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2030 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	553	43,908
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	834	87,487
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	962	43,376
Total Exchange-Traded Fixed Income Funds (Cost $203,279)		174,771

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	71,506	574,912
Columbia Solutions Conservative Portfolio^(a)	133,117	1,183,409
Total Multi-Asset/Tactical Strategies Funds (Cost $2,058,465)		1,758,321

Money Market Funds 12.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	281,424	281,283
Total Money Market Funds (Cost $281,298)		281,283
Total Investments in Securities (Cost: $2,543,042)		2,214,375
Other Assets & Liabilities, Net		(16,644)
Net Assets		2,197,731

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	49,120	9,741	(42,808)	(16,053)	—	—	13,101	—	—
Columbia Short-Term Cash Fund, 2.834%
	267,519	268,716	(254,965)	13	281,283	—	(40)	1,735	281,424
Columbia Solutions Aggressive Portfolio
	644,705	67,503	(43,480)	(93,816)	574,912	—	(5,080)	—	71,506
Columbia Solutions Conservative Portfolio
	1,328,014	50,777	(103,871)	(91,511)	1,183,409	—	(12,637)	—	133,117
Total	2,289,358			(201,367)	2,039,604	—	(4,656)	1,735

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2030 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	174,771	—	—	—	174,771
Multi-Asset/Tactical Strategies Funds	—	—	—	1,758,321	1,758,321
Money Market Funds	281,283	—	—	—	281,283
Total Investments in Securities	456,054	—	—	1,758,321	2,214,375

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2035 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 7.9%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	335	26,599
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	505	52,975
Investment Grade 1.9%
Vanguard Mortgage-Backed Securities ETF	580	26,152
Total Exchange-Traded Fixed Income Funds (Cost $122,210)		105,726

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	64,479	518,410
Columbia Solutions Conservative Portfolio^(a)	61,353	545,428
Total Multi-Asset/Tactical Strategies Funds (Cost $1,254,292)		1,063,838

Money Market Funds 14.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	191,624	191,528
Total Money Market Funds (Cost $191,537)		191,528
Total Investments in Securities (Cost: $1,568,039)		1,361,092
Other Assets & Liabilities, Net		(31,057)
Net Assets		1,330,035

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	29,342	6,103	(25,851)	(9,594)	—	—	7,760	—	—
Columbia Short-Term Cash Fund, 2.834%
	166,778	161,778	(137,034)	6	191,528	—	(23)	1,099	191,624
Columbia Solutions Aggressive Portfolio
	574,331	54,195	(23,801)	(86,315)	518,410	—	(2,699)	—	64,479
Columbia Solutions Conservative Portfolio
	604,737	25,929	(42,600)	(42,638)	545,428	—	(5,401)	—	61,353
Total	1,375,188			(138,541)	1,255,366	—	(363)	1,099

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2035 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	105,726	—	—	—	105,726
Multi-Asset/Tactical Strategies Funds	—	—	—	1,063,838	1,063,838
Money Market Funds	191,528	—	—	—	191,528
Total Investments in Securities	297,254	—	—	1,063,838	1,361,092

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2040 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	347	27,552
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	523	54,863
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	612	27,594
Total Exchange-Traded Fixed Income Funds (Cost $128,004)		110,009

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	90,800	730,034
Columbia Solutions Conservative Portfolio^(a)	41,865	372,180
Total Multi-Asset/Tactical Strategies Funds (Cost $1,315,157)		1,102,214

Money Market Funds 13.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	180,489	180,398
Total Money Market Funds (Cost $180,409)		180,398
Total Investments in Securities (Cost: $1,623,570)		1,392,621
Other Assets & Liabilities, Net		(14,657)
Net Assets		1,377,964

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	30,060	6,037	(26,266)	(9,831)	—	—	7,878	—	—
Columbia Short-Term Cash Fund, 2.834%
	169,453	137,604	(126,662)	3	180,398	—	(20)	1,130	180,489
Columbia Solutions Aggressive Portfolio
	799,949	71,432	(17,873)	(123,474)	730,034	—	(2,073)	—	90,800
Columbia Solutions Conservative Portfolio
	407,323	16,169	(21,498)	(29,814)	372,180	—	(3,006)	—	41,865
Total	1,406,785			(163,116)	1,282,612	—	2,779	1,130

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2040 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	110,009	—	—	—	110,009
Multi-Asset/Tactical Strategies Funds	—	—	—	1,102,214	1,102,214
Money Market Funds	180,398	—	—	—	180,398
Total Investments in Securities	290,407	—	—	1,102,214	1,392,621

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2045 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	294	23,343
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	450	47,205
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	529	23,853
Total Exchange-Traded Fixed Income Funds (Cost $109,454)		94,401

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	97,866	786,847
Columbia Solutions Conservative Portfolio^(a)	18,249	162,231
Total Multi-Asset/Tactical Strategies Funds (Cost $1,147,246)		949,078

Money Market Funds 14.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	174,743	174,655
Total Money Market Funds (Cost $174,661)		174,655
Total Investments in Securities (Cost: $1,431,361)		1,218,134
Other Assets & Liabilities, Net		(31,576)
Net Assets		1,186,558

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	25,667	5,293	(22,569)	(8,391)	—	—	6,714	—	—
Columbia Short-Term Cash Fund, 2.834%
	147,680	158,115	(131,148)	8	174,655	—	(23)	995	174,743
Columbia Solutions Aggressive Portfolio
	853,174	88,366	(22,198)	(132,495)	786,847	—	(2,597)	—	97,866
Columbia Solutions Conservative Portfolio
	175,753	10,042	(10,875)	(12,689)	162,231	—	(1,558)	—	18,249
Total	1,202,274			(153,567)	1,123,733	—	2,536	995

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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.

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

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Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2045 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	94,401	—	—	—	94,401
Multi-Asset/Tactical Strategies Funds	—	—	—	949,078	949,078
Money Market Funds	174,655	—	—	—	174,655
Total Investments in Securities	269,056	—	—	949,078	1,218,134

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2050 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	351	27,870
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	527	55,282
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	626	28,226
Total Exchange-Traded Fixed Income Funds (Cost $130,146)		111,378

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	132,288	1,063,590
Columbia Solutions Conservative Portfolio^(a)	5,317	47,271
Total Multi-Asset/Tactical Strategies Funds (Cost $1,352,680)		1,110,861

Money Market Funds 13.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	181,595	181,505
Total Money Market Funds (Cost $181,502)		181,505
Total Investments in Securities (Cost: $1,664,328)		1,403,744
Other Assets & Liabilities, Net		(14,749)
Net Assets		1,388,995

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	30,247	5,512	(25,865)	(9,894)	—	—	7,814	—	—
Columbia Short-Term Cash Fund, 2.834%
	169,766	242,626	(230,905)	18	181,505	—	(35)	1,139	181,595
Columbia Solutions Aggressive Portfolio
	1,158,872	144,801	(63,973)	(176,110)	1,063,590	—	(8,491)	—	132,288
Columbia Solutions Conservative Portfolio
	51,514	2,800	(3,346)	(3,697)	47,271	—	(520)	—	5,317
Total	1,410,399			(189,683)	1,292,366	—	(1,232)	1,139

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2050 Fund, September 30, 2022 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	111,378	—	—	—	111,378
Multi-Asset/Tactical Strategies Funds	—	—	—	1,110,861	1,110,861
Money Market Funds	181,505	—	—	—	181,505
Total Investments in Securities	292,883	—	—	1,110,861	1,403,744

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

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

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Portfolio of Investments
Columbia Adaptive Retirement 2055 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	353	28,028
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	536	56,227
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	635	28,632
Total Exchange-Traded Fixed Income Funds (Cost $132,413)		112,887

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	140,379	1,128,648
Total Multi-Asset/Tactical Strategies Funds (Cost $1,389,538)		1,128,648

Money Market Funds 14.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	203,828	203,726
Total Money Market Funds (Cost $203,725)		203,726
Total Investments in Securities (Cost: $1,725,676)		1,445,261
Other Assets & Liabilities, Net		(34,095)
Net Assets		1,411,166

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	32,772	6,413	(28,618)	(10,567)	—	—	8,623	—	—
Columbia Short-Term Cash Fund, 2.834%
	180,485	248,735	(225,508)	14	203,726	—	(32)	1,183	203,828
Columbia Solutions Aggressive Portfolio
	1,302,586	108,077	(104,903)	(177,112)	1,128,648	—	(21,705)	—	140,379
Total	1,515,843			(187,665)	1,332,374	—	(13,114)	1,183

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

■	Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■	Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■	Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2055 Fund, September 30, 2022 (Unaudited)

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	112,887	—	—	—	112,887
Multi-Asset/Tactical Strategies Funds	—	—	—	1,128,648	1,128,648
Money Market Funds	203,726	—	—	—	203,726
Total Investments in Securities	316,613	—	—	1,128,648	1,445,261

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

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

Columbia Adaptive Retirement Funds | Semiannual Report 2022

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Portfolio of Investments
Columbia Adaptive Retirement 2060 Fund, September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Exchange-Traded Fixed Income Funds 8.0%
	Shares	Value ($)
Emerging Markets 2.0%
iShares JPMorgan USD Emerging Markets Bond ETF	433	34,380
Inflation Protected Securities 4.0%
iShares TIPS Bond ETF	655	68,710
Investment Grade 2.0%
Vanguard Mortgage-Backed Securities ETF	771	34,764
Total Exchange-Traded Fixed Income Funds (Cost $161,964)		137,854

Multi-Asset/Tactical Strategies Funds 80.0%

Columbia Solutions Aggressive Portfolio^(a)	171,667	1,380,204
Total Multi-Asset/Tactical Strategies Funds (Cost $1,684,864)		1,380,204

Money Market Funds 12.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(a),(b)	223,558	223,446
Total Money Market Funds (Cost $223,448)		223,446
Total Investments in Securities (Cost: $2,070,276)		1,741,504
Other Assets & Liabilities, Net		(15,744)
Net Assets		1,725,760

Notes to Portfolio of Investments

(a)

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	37,097	7,715	(32,984)	(11,828)	—	—	9,376	—	—
Columbia Short-Term Cash Fund, 2.834%
	206,841	263,856	(247,264)	13	223,446	—	(35)	1,399	223,558
Columbia Solutions Aggressive Portfolio
	1,508,051	167,427	(63,646)	(231,628)	1,380,204	—	(7,515)	—	171,667
Total	1,751,989			(243,443)	1,603,650	—	1,826	1,399

(b)	The rate shown is the seven-day current annualized yield at September 30, 2022.

Fair value measurements

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

■	Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■	Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■	Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

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

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Portfolio of Investments (continued)
Columbia Adaptive Retirement 2060 Fund, September 30, 2022 (Unaudited)

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Assets at NAV ($)	Total ($)
Investments in Securities
Exchange-Traded Fixed Income Funds	137,854	—	—	—	137,854
Multi-Asset/Tactical Strategies Funds	—	—	—	1,380,204	1,380,204
Money Market Funds	223,446	—	—	—	223,446
Total Investments in Securities	361,300	—	—	1,380,204	1,741,504

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

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

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Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2020 Fund	Columbia Adaptive Retirement 2025 Fund	Columbia Adaptive Retirement 2030 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $121,879, $87,260, $203,279, respectively)	$108,886	$77,049	$174,771
Affiliated issuers (cost $1,393,552, $1,023,840, $2,339,763, respectively)	1,269,007	923,276	2,039,604
Receivable for:
Investments sold	—	2,307	8,851
Capital shares sold	78	187	—
Dividends	325	255	514
Expense reimbursement due from Investment Manager	246	238	242
Prepaid expenses	2,766	2,764	2,780
Trustees’ deferred compensation plan	15,615	12,960	15,531
Other assets	11,183	—	11,215
Total assets	1,408,106	1,019,036	2,253,508
Liabilities
Payable for:
Investments purchased	7,947	6,959	19,928
Capital shares purchased	10	—	—
Management services fees	17	12	28
Transfer agent fees	25	17	156
Compensation of board members	10,120	10,495	10,504
Audit fees	5,010	5,589	5,589
Legal fees	2,241	2,089	2,092
State registration fees	—	8,216	—
Other expenses	1,967	1,490	1,949
Trustees’ deferred compensation plan	15,615	12,960	15,531
Total liabilities	42,952	47,827	55,777
Net assets applicable to outstanding capital stock	$1,365,154	$971,209	$2,197,731
Represented by
Paid in capital	1,450,540	1,018,765	2,399,166
Total distributable earnings (loss)	(85,386)	(47,556)	(201,435)
Total - representing net assets applicable to outstanding capital stock	$1,365,154	$971,209	$2,197,731
Advisor Class
Net assets	$397,374	$503,139	$1,434,908
Shares outstanding	58,835	63,891	155,560
Net asset value per share	$6.75	$7.87	$9.22
Institutional 3 Class
Net assets	$967,780	$468,070	$762,823
Shares outstanding	143,214	59,401	82,492
Net asset value per share	$6.76	$7.88	$9.25

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

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Statement of Assets and Liabilities (continued)
September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2035 Fund	Columbia Adaptive Retirement 2040 Fund	Columbia Adaptive Retirement 2045 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $122,210, $128,004, $109,454, respectively)	$105,726	$110,009	$94,401
Affiliated issuers (cost $1,445,829, $1,495,566, $1,321,907, respectively)	1,255,366	1,282,612	1,123,733
Receivable for:
Investments sold	6,282	5,860	3,381
Capital shares sold	284	184	146
Dividends	336	335	306
Expense reimbursement due from Investment Manager	245	241	245
Prepaid expenses	2,769	2,768	2,766
Trustees’ deferred compensation plan	12,921	15,492	12,918
Other assets	—	11,183	—
Total assets	1,383,929	1,428,684	1,237,896
Liabilities
Payable for:
Investments purchased	13,998	15,578	11,438
Management services fees	17	18	15
Transfer agent fees	53	34	21
Compensation of board members	10,497	10,497	10,496
Audit fees	4,698	5,589	4,698
State registration fees	8,216	—	8,216
Other expenses	3,494	3,512	3,536
Trustees’ deferred compensation plan	12,921	15,492	12,918
Total liabilities	53,894	50,720	51,338
Net assets applicable to outstanding capital stock	$1,330,035	$1,377,964	$1,186,558
Represented by
Paid in capital	1,423,975	1,479,609	1,265,336
Total distributable earnings (loss)	(93,940)	(101,645)	(78,778)
Total - representing net assets applicable to outstanding capital stock	$1,330,035	$1,377,964	$1,186,558
Advisor Class
Net assets	$714,055	$523,770	$395,588
Shares outstanding	74,847	54,612	40,845
Net asset value per share	$9.54	$9.59	$9.69
Institutional 3 Class
Net assets	$615,980	$854,194	$790,970
Shares outstanding	64,499	88,940	81,629
Net asset value per share	$9.55	$9.60	$9.69

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

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Statement of Assets and Liabilities (continued)
September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2050 Fund	Columbia Adaptive Retirement 2055 Fund	Columbia Adaptive Retirement 2060 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $130,146, $132,413, $161,964, respectively)	$111,378	$112,887	$137,854
Affiliated issuers (cost $1,534,182, $1,593,263, $1,908,312, respectively)	1,292,366	1,332,374	1,603,650
Receivable for:
Investments sold	1,036	—	—
Capital shares sold	297	215	333
Dividends	337	357	415
Expense reimbursement due from Investment Manager	246	245	241
Prepaid expenses	2,768	2,767	2,767
Trustees’ deferred compensation plan	15,491	12,917	15,491
Other assets	11,215	—	11,183
Total assets	1,435,134	1,461,762	1,771,934
Liabilities
Payable for:
Investments purchased	11,215	10,615	10,996
Management services fees	18	18	22
Transfer agent fees	5	15	63
Compensation of board members	10,117	10,497	10,497
Audit fees	5,010	4,698	5,589
State registration fees	—	8,248	—
Other expenses	4,283	3,588	3,516
Trustees’ deferred compensation plan	15,491	12,917	15,491
Total liabilities	46,139	50,596	46,174
Net assets applicable to outstanding capital stock	$1,388,995	$1,411,166	$1,725,760
Represented by
Paid in capital	1,517,202	1,562,052	1,926,060
Total distributable earnings (loss)	(128,207)	(150,886)	(200,300)
Total - representing net assets applicable to outstanding capital stock	$1,388,995	$1,411,166	$1,725,760
Advisor Class
Net assets	$215,338	$317,343	$909,572
Shares outstanding	22,441	32,645	91,638
Net asset value per share	$9.60	$9.72	$9.93
Institutional 3 Class
Net assets	$1,173,657	$1,093,823	$816,188
Shares outstanding	122,309	112,449	82,143
Net asset value per share	$9.60	$9.73	$9.94

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

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Statement of Operations
Six Months Ended September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2020 Fund	Columbia Adaptive Retirement 2025 Fund	Columbia Adaptive Retirement 2030 Fund
Net investment income
Income:
Dividends — unaffiliated issuers	$3,995	$2,918	$6,547
Dividends — affiliated issuers	1,095	826	1,735
Total income	5,090	3,744	8,282
Expenses:
Management services fees	3,282	2,388	5,380
Transfer agent fees
Advisor Class	162	127	1,144
Institutional 3 Class	48	28	48
Compensation of board members	6,977	7,355	7,362
Custodian fees	744	613	808
Printing and postage fees	2,979	2,424	3,031
Registration fees	20,142	20,170	20,170
Audit fees	6,210	5,589	5,589
Legal fees	5,757	5,604	5,612
Other	3,089	3,087	3,095
Total expenses	49,390	47,385	52,239
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(46,437)	(45,227)	(46,510)
Total net expenses	2,953	2,158	5,729
Net investment income	2,137	1,586	2,553
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(71)	(156)	(906)
Investments — affiliated issuers	5,330	1,708	(4,656)
Net realized gain (loss)	5,259	1,552	(5,562)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(18,166)	(13,178)	(29,031)
Investments — affiliated issuers	(109,923)	(84,804)	(201,367)
Net change in unrealized appreciation (depreciation)	(128,089)	(97,982)	(230,398)
Net realized and unrealized loss	(122,830)	(96,430)	(235,960)
Net decrease in net assets resulting from operations	$(120,693)	$(94,844)	$(233,407)

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

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Statement of Operations (continued)
Six Months Ended September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2035 Fund	Columbia Adaptive Retirement 2040 Fund	Columbia Adaptive Retirement 2045 Fund
Net investment income
Income:
Dividends — unaffiliated issuers	$3,975	$4,099	$3,508
Dividends — affiliated issuers	1,099	1,130	995
Total income	5,074	5,229	4,503
Expenses:
Management services fees	3,258	3,363	2,881
Transfer agent fees
Advisor Class	424	274	165
Institutional 3 Class	46	50	48
Compensation of board members	7,357	7,358	7,357
Custodian fees	651	847	697
Printing and postage fees	2,415	2,415	2,414
Registration fees	20,170	20,142	20,170
Audit fees	5,898	5,589	5,898
Legal fees	5,606	5,607	5,605
Other	3,090	3,090	3,088
Total expenses	48,915	48,735	48,323
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(45,719)	(45,600)	(45,707)
Total net expenses	3,196	3,135	2,616
Net investment income	1,878	2,094	1,887
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(148)	(428)	(346)
Investments — affiliated issuers	(363)	2,779	2,536
Net realized gain (loss)	(511)	2,351	2,190
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(17,983)	(18,387)	(15,843)
Investments — affiliated issuers	(138,541)	(163,116)	(153,567)
Net change in unrealized appreciation (depreciation)	(156,524)	(181,503)	(169,410)
Net realized and unrealized loss	(157,035)	(179,152)	(167,220)
Net decrease in net assets resulting from operations	$(155,157)	$(177,058)	$(165,333)

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

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Statement of Operations (continued)
Six Months Ended September 30, 2022 (Unaudited)

	Columbia Adaptive Retirement 2050 Fund	Columbia Adaptive Retirement 2055 Fund	Columbia Adaptive Retirement 2060 Fund
Net investment income
Income:
Dividends — unaffiliated issuers	$4,168	$4,376	$5,131
Dividends — affiliated issuers	1,139	1,183	1,399
Total income	5,307	5,559	6,530
Expenses:
Management services fees	3,410	3,562	4,199
Transfer agent fees
Advisor Class	34	129	545
Institutional 3 Class	57	56	42
Compensation of board members	6,978	7,358	7,360
Custodian fees	805	644	822
Printing and postage fees	2,963	2,424	2,411
Registration fees	20,170	20,142	20,143
Audit fees	6,210	5,898	5,589
Legal fees	5,758	5,607	5,609
Other	3,088	3,089	3,090
Total expenses	49,473	48,909	49,810
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(46,533)	(45,744)	(45,680)
Total net expenses	2,940	3,165	4,130
Net investment income	2,367	2,394	2,400
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(653)	(1,240)	(678)
Investments — affiliated issuers	(1,232)	(13,114)	1,826
Net realized gain (loss)	(1,885)	(14,354)	1,148
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(18,570)	(18,607)	(22,972)
Investments — affiliated issuers	(189,683)	(187,665)	(243,443)
Net change in unrealized appreciation (depreciation)	(208,253)	(206,272)	(266,415)
Net realized and unrealized loss	(210,138)	(220,626)	(265,267)
Net decrease in net assets resulting from operations	$(207,771)	$(218,232)	$(262,867)

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

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Statement of Changes in Net Assets

	Columbia Adaptive Retirement 2020 Fund		Columbia Adaptive Retirement 2025 Fund
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income	$2,137	$38,700	$1,586	$27,415
Net realized gain	5,259	132,151	1,552	136,032
Net change in unrealized appreciation (depreciation)	(128,089)	(139,117)	(97,982)	(129,173)
Net increase (decrease) in net assets resulting from operations	(120,693)	31,734	(94,844)	34,274
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	—	(246,760)	—	(179,043)
Institutional 3 Class	—	(457,996)	—	(176,417)
Total distributions to shareholders	—	(704,756)	—	(355,460)
Increase (decrease) in net assets from capital stock activity	28,893	555,351	(21,325)	88,348
Total decrease in net assets	(91,800)	(117,671)	(116,169)	(232,838)
Net assets at beginning of period	1,456,954	1,574,625	1,087,378	1,320,216
Net assets at end of period	$1,365,154	$1,456,954	$971,209	$1,087,378

	Columbia Adaptive Retirement 2020 Fund				Columbia Adaptive Retirement 2025 Fund
	Six Months Ended		Year Ended		Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022		September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	146	1,036	2,467	27,634	312	2,573	315	3,272
Distributions reinvested	—	—	32,089	246,760	—	—	19,806	179,043
Redemptions	(15)	(106)	(53,492)	(461,631)	(9)	(71)	(21,838)	(194,585)
Net increase (decrease)	131	930	(18,936)	(187,237)	303	2,502	(1,717)	(12,270)
Institutional 3 Class
Subscriptions	5,828	41,476	72,067	789,264	333	2,756	10,845	121,478
Distributions reinvested	—	—	59,557	457,996	—	—	19,515	176,417
Redemptions	(1,907)	(13,513)	(58,858)	(504,672)	(3,283)	(26,583)	(22,069)	(197,277)
Net increase (decrease)	3,921	27,963	72,766	742,588	(2,950)	(23,827)	8,291	100,618
Total net increase (decrease)	4,052	28,893	53,830	555,351	(2,647)	(21,325)	6,574	88,348

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2030 Fund		Columbia Adaptive Retirement 2035 Fund
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income	$2,553	$55,400	$1,878	$36,024
Net realized gain (loss)	(5,562)	315,788	(511)	254,868
Net change in unrealized appreciation (depreciation)	(230,398)	(287,482)	(156,524)	(214,696)
Net increase (decrease) in net assets resulting from operations	(233,407)	83,706	(155,157)	76,196
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	—	(181,978)	—	(115,438)
Institutional 3 Class	—	(113,059)	—	(103,539)
Total distributions to shareholders	—	(295,037)	—	(218,977)
Increase (decrease) in net assets from capital stock activity	(33,764)	67,566	10,542	(103,813)
Total decrease in net assets	(267,171)	(143,765)	(144,615)	(246,594)
Net assets at beginning of period	2,464,902	2,608,667	1,474,650	1,721,244
Net assets at end of period	$2,197,731	$2,464,902	$1,330,035	$1,474,650

	Columbia Adaptive Retirement 2030 Fund				Columbia Adaptive Retirement 2035 Fund
	Six Months Ended		Year Ended		Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022		September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	—	—	—	—	282	2,862	311	3,643
Distributions reinvested	—	—	16,976	181,978	—	—	10,261	115,438
Redemptions	—	—	(46,372)	(501,000)	(10)	(102)	(32,196)	(363,625)
Net increase (decrease)	—	—	(29,396)	(319,022)	272	2,760	(21,624)	(244,544)
Institutional 3 Class
Subscriptions	6,683	65,536	74,057	830,072	5,001	50,731	40,484	477,841
Distributions reinvested	—	—	10,526	113,058	—	—	9,204	103,539
Redemptions	(10,078)	(99,300)	(51,106)	(556,542)	(4,169)	(42,949)	(38,754)	(440,649)
Net increase (decrease)	(3,395)	(33,764)	33,477	386,588	832	7,782	10,934	140,731
Total net increase (decrease)	(3,395)	(33,764)	4,081	67,566	1,104	10,542	(10,690)	(103,813)

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2040 Fund		Columbia Adaptive Retirement 2045 Fund
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income	$2,094	$36,640	$1,887	$34,183
Net realized gain	2,351	289,863	2,190	306,758
Net change in unrealized appreciation (depreciation)	(181,503)	(237,079)	(169,410)	(236,366)
Net increase (decrease) in net assets resulting from operations	(177,058)	89,424	(165,333)	104,575
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	—	(100,364)	—	(91,037)
Institutional 3 Class	—	(141,814)	—	(155,103)
Total distributions to shareholders	—	(242,178)	—	(246,140)
Increase (decrease) in net assets from capital stock activity	45,291	78,972	64,711	(1,351)
Total decrease in net assets	(131,767)	(73,782)	(100,622)	(142,916)
Net assets at beginning of period	1,509,731	1,583,513	1,287,180	1,430,096
Net assets at end of period	$1,377,964	$1,509,731	$1,186,558	$1,287,180

	Columbia Adaptive Retirement 2040 Fund				Columbia Adaptive Retirement 2045 Fund
	Six Months Ended		Year Ended		Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022		September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	217	2,225	384	4,695	176	1,857	368	4,490
Distributions reinvested	—	—	8,743	100,364	—	—	7,735	91,037
Redemptions	(7)	(72)	(33,521)	(387,698)	(4)	(35)	(33,718)	(399,298)
Net increase (decrease)	210	2,153	(24,394)	(282,639)	172	1,822	(25,615)	(303,771)
Institutional 3 Class
Subscriptions	4,624	47,620	53,292	643,089	7,030	73,375	57,569	711,804
Distributions reinvested	—	—	12,342	141,814	—	—	13,178	155,103
Redemptions	(439)	(4,482)	(36,672)	(423,292)	(985)	(10,486)	(47,766)	(564,487)
Net increase	4,185	43,138	28,962	361,611	6,045	62,889	22,981	302,420
Total net increase (decrease)	4,395	45,291	4,568	78,972	6,217	64,711	(2,634)	(1,351)

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2050 Fund		Columbia Adaptive Retirement 2055 Fund
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income	$2,367	$33,851	$2,394	$36,086
Net realized gain (loss)	(1,885)	327,544	(14,354)	351,612
Net change in unrealized appreciation (depreciation)	(208,253)	(258,926)	(206,272)	(277,797)
Net increase (decrease) in net assets resulting from operations	(207,771)	102,469	(218,232)	109,901
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	—	(70,134)	—	(79,302)
Institutional 3 Class	—	(220,725)	—	(201,513)
Total distributions to shareholders	—	(290,859)	—	(280,815)
Increase in net assets from capital stock activity	83,198	404,338	892	392,350
Total increase (decrease) in net assets	(124,573)	215,948	(217,340)	221,436
Net assets at beginning of period	1,513,568	1,297,620	1,628,506	1,407,070
Net assets at end of period	$1,388,995	$1,513,568	$1,411,166	$1,628,506

	Columbia Adaptive Retirement 2050 Fund				Columbia Adaptive Retirement 2055 Fund
	Six Months Ended		Year Ended		Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022		September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	355	3,682	515	6,513	250	2,626	279	3,528
Distributions reinvested	—	—	5,949	70,134	—	—	6,614	79,302
Redemptions	(15)	(159)	(37,293)	(452,800)	(7)	(71)	(36,841)	(451,085)
Net increase (decrease)	340	3,523	(30,829)	(376,153)	243	2,555	(29,948)	(368,255)
Institutional 3 Class
Subscriptions	11,455	119,272	90,077	1,137,735	8,646	91,577	86,892	1,096,724
Distributions reinvested	—	—	18,721	220,725	—	—	16,807	201,512
Redemptions	(3,837)	(39,597)	(46,808)	(577,969)	(8,649)	(93,240)	(43,722)	(537,631)
Net increase (decrease)	7,618	79,675	61,990	780,491	(3)	(1,663)	59,977	760,605
Total net increase	7,958	83,198	31,161	404,338	240	892	30,029	392,350

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2060 Fund
	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment income	$2,400	$37,449
Net realized gain	1,148	342,067
Net change in unrealized appreciation (depreciation)	(266,415)	(267,411)
Net increase (decrease) in net assets resulting from operations	(262,867)	112,105
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	—	(146,687)
Institutional 3 Class	—	(138,628)
Total distributions to shareholders	—	(285,315)
Increase in net assets from capital stock activity	103,272	486,252
Total increase (decrease) in net assets	(159,595)	313,042
Net assets at beginning of period	1,885,355	1,572,313
Net assets at end of period	$1,725,760	$1,885,355

	Columbia Adaptive Retirement 2060 Fund
	Six Months Ended		Year Ended
	September 30, 2022 (Unaudited)		March 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	322	3,438	32,763	414,013
Distributions reinvested	—	—	11,975	146,687
Redemptions	(8)	(84)	(28,630)	(344,127)
Net increase	314	3,354	16,108	216,573
Institutional 3 Class
Subscriptions	12,168	131,508	44,852	571,184
Distributions reinvested	—	—	11,316	138,627
Redemptions	(2,894)	(31,590)	(36,098)	(440,132)
Net increase	9,274	99,918	20,070	269,679
Total net increase	9,588	103,272	36,178	486,252

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

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Financial Highlights
Columbia Adaptive Retirement 2020 Fund

The following tables are intended to help you understand the Funds’ 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, a fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$7.36	0.01	(0.62)	(0.61)	—	—	—
Year Ended 3/31/2022	$10.92	0.20	0.07^(d)	0.27	(0.48)	(3.35)	(3.83)
Year Ended 3/31/2021	$10.12	0.11	1.02	1.13	(0.26)	(0.07)	(0.33)
Year Ended 3/31/2020	$10.17	0.21	0.19	0.40	(0.41)	(0.04)	(0.45)
Year Ended 3/31/2019	$10.04	0.33	0.18	0.51	(0.35)	(0.03)	(0.38)
Year Ended 3/31/2018^(e)	$10.00	0.03	0.04	0.07	(0.03)	—	(0.03)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$7.36	0.01	(0.61)	(0.60)	—	—	—
Year Ended 3/31/2022	$10.92	0.20	0.08^(d)	0.28	(0.49)	(3.35)	(3.84)
Year Ended 3/31/2021	$10.12	0.11	1.02	1.13	(0.26)	(0.07)	(0.33)
Year Ended 3/31/2020	$10.17	0.21	0.19	0.40	(0.41)	(0.04)	(0.45)
Year Ended 3/31/2019	$10.04	0.33	0.18	0.51	(0.35)	(0.03)	(0.38)
Year Ended 3/31/2018^(e)	$10.00	0.03	0.04	0.07	(0.03)	—	(0.03)

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)	Annualized.
(d)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(e)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2020 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$6.75	(8.29%)	6.98%^(c)	0.47%^(c)	0.25%^(c)	5%	$397
Year Ended 3/31/2022	$7.36	1.01%	5.30%	0.43%	1.98%	79%	$432
Year Ended 3/31/2021	$10.92	11.14%	1.78%	0.45%	1.03%	36%	$848
Year Ended 3/31/2020	$10.12	3.80%	1.52%	0.43%	2.05%	25%	$3,791
Year Ended 3/31/2019	$10.17	5.41%	1.87%	0.42%	3.27%	26%	$3,809
Year Ended 3/31/2018^(e)	$10.04	0.71%	2.14%^(c)	0.41%^(c)	0.58%^(c)	8%	$2,509
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$6.76	(8.15%)	6.92%^(c)	0.39%^(c)	0.32%^(c)	5%	$968
Year Ended 3/31/2022	$7.36	1.04%	5.32%	0.39%	2.00%	79%	$1,025
Year Ended 3/31/2021	$10.92	11.14%	1.73%	0.44%	1.02%	36%	$727
Year Ended 3/31/2020	$10.12	3.80%	1.52%	0.42%	2.05%	25%	$3,791
Year Ended 3/31/2019	$10.17	5.41%	1.87%	0.42%	3.27%	26%	$3,809
Year Ended 3/31/2018^(e)	$10.04	0.71%	2.14%^(c)	0.41%^(c)	0.58%^(c)	8%	$2,509

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

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Financial Highlights
Columbia Adaptive Retirement 2025 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$8.63	0.01	(0.77)	(0.76)	—	—	—
Year Ended 3/31/2022	$11.06	0.21	0.09	0.30	(0.56)	(2.17)	(2.73)
Year Ended 3/31/2021	$10.06	0.12	1.25	1.37	(0.28)	(0.09)	(0.37)
Year Ended 3/31/2020	$10.14	0.22	0.19	0.41	(0.43)	(0.06)	(0.49)
Year Ended 3/31/2019^(d)	$10.00	0.34	0.20	0.54	(0.38)	(0.02)	(0.40)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$8.64	0.01	(0.77)	(0.76)	—	—	—
Year Ended 3/31/2022	$11.06	0.21	0.11	0.32	(0.57)	(2.17)	(2.74)
Year Ended 3/31/2021	$10.06	0.11	1.26	1.37	(0.28)	(0.09)	(0.37)
Year Ended 3/31/2020	$10.14	0.22	0.19	0.41	(0.43)	(0.06)	(0.49)
Year Ended 3/31/2019^(d)	$10.00	0.34	0.20	0.54	(0.38)	(0.02)	(0.40)

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)	Annualized.
(d)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.

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

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Financial Highlights
Columbia Adaptive Retirement 2030 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$10.20	0.01	(0.99)	(0.98)	—	—	—
Year Ended 3/31/2022	$10.99	0.20	0.08	0.28	(0.65)	(0.42)	(1.07)
Year Ended 3/31/2021	$9.82	0.08	1.53	1.61	(0.29)	(0.15)	(0.44)
Year Ended 3/31/2020	$9.91	0.31	0.07	0.38	(0.45)	(0.02)	(0.47)
Year Ended 3/31/2019	$10.05	0.35	0.20	0.55	(0.41)	(0.28)	(0.69)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.06	0.09	(0.04)	—	(0.04)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$10.22	0.02	(0.99)	(0.97)	—	—	—
Year Ended 3/31/2022	$11.00	0.22	0.09	0.31	(0.67)	(0.42)	(1.09)
Year Ended 3/31/2021	$9.83	0.10	1.52	1.62	(0.30)	(0.15)	(0.45)
Year Ended 3/31/2020	$9.92	0.23	0.16	0.39	(0.46)	(0.02)	(0.48)
Year Ended 3/31/2019	$10.05	0.34	0.22	0.56	(0.41)	(0.28)	(0.69)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.06	0.09	(0.04)	—	(0.04)

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)	Annualized.
(d)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2030 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$9.22	(9.61%)	4.52%^(c)	0.54%^(c)	0.17%^(c)	7%	$1,435
Year Ended 3/31/2022	$10.20	2.11%	3.68%	0.52%	1.75%	70%	$1,587
Year Ended 3/31/2021	$10.99	16.43%	3.87%	0.55%	0.77%	25%	$2,032
Year Ended 3/31/2020	$9.82	3.65%	5.30%	0.52%	3.00%	41%	$1,738
Year Ended 3/31/2019	$9.91	6.19%	8.55%	0.45%	3.40%	23%	$645
Year Ended 3/31/2018^(d)	$10.05	0.86%	1.29%^(c)	0.41%^(c)	0.67%^(c)	9%	$5,115
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$9.25	(9.49%)	4.38%^(c)	0.39%^(c)	0.31%^(c)	7%	$763
Year Ended 3/31/2022	$10.22	2.32%	3.56%	0.40%	1.94%	70%	$878
Year Ended 3/31/2021	$11.00	16.51%	3.77%	0.44%	0.91%	25%	$577
Year Ended 3/31/2020	$9.83	3.68%	5.21%	0.42%	2.20%	41%	$495
Year Ended 3/31/2019	$9.92	6.31%	8.52%	0.43%	3.34%	23%	$500
Year Ended 3/31/2018^(d)	$10.05	0.86%	1.29%^(c)	0.41%^(c)	0.66%^(c)	9%	$5,014

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

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Financial Highlights
Columbia Adaptive Retirement 2035 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$10.66	0.01	(1.13)	(1.12)	—	—	—
Year Ended 3/31/2022	$11.56	0.21	0.20	0.41	(0.82)	(0.49)	(1.31)
Year Ended 3/31/2021	$9.99	0.10	1.92	2.02	(0.32)	(0.13)	(0.45)
Year Ended 3/31/2020	$10.13	0.31	0.13	0.44	(0.52)	(0.06)	(0.58)
Year Ended 3/31/2019^(d)	$10.00	0.40	0.18	0.58	(0.43)	(0.02)	(0.45)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$10.67	0.02	(1.14)	(1.12)	—	—	—
Year Ended 3/31/2022	$11.56	0.23	0.20	0.43	(0.83)	(0.49)	(1.32)
Year Ended 3/31/2021	$10.00	0.11	1.91	2.02	(0.33)	(0.13)	(0.46)
Year Ended 3/31/2020	$10.13	0.25	0.20	0.45	(0.52)	(0.06)	(0.58)
Year Ended 3/31/2019^(d)	$10.00	0.40	0.18	0.58	(0.43)	(0.02)	(0.45)

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)	Annualized.
(d)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.

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

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Financial Highlights
Columbia Adaptive Retirement 2040 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$10.84	0.01	(1.26)	(1.25)	—	—	—
Year Ended 3/31/2022	$11.76	0.22	0.32	0.54	(0.99)	(0.47)	(1.46)
Year Ended 3/31/2021	$10.01	0.12	2.26	2.38	(0.36)	(0.27)	(0.63)
Year Ended 3/31/2020	$10.15	0.27	0.18	0.45	(0.55)	(0.04)	(0.59)
Year Ended 3/31/2019	$10.05	0.43	0.16	0.59	(0.45)	(0.04)	(0.49)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.07	0.10	(0.04)	(0.01)	(0.05)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$10.85	0.02	(1.27)	(1.25)	—	—	—
Year Ended 3/31/2022	$11.77	0.23	0.32	0.55	(1.00)	(0.47)	(1.47)
Year Ended 3/31/2021	$10.01	0.13	2.26	2.39	(0.36)	(0.27)	(0.63)
Year Ended 3/31/2020	$10.15	0.26	0.19	0.45	(0.55)	(0.04)	(0.59)
Year Ended 3/31/2019	$10.05	0.44	0.15	0.59	(0.45)	(0.04)	(0.49)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.07	0.10	(0.04)	(0.01)	(0.05)

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)	Annualized.
(d)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2040 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$9.59	(11.53%)	6.73%^(c)	0.49%^(c)	0.23%^(c)	6%	$524
Year Ended 3/31/2022	$10.84	3.89%	5.33%	0.47%	1.81%	79%	$590
Year Ended 3/31/2021	$11.76	23.95%	6.19%	0.50%	1.04%	28%	$927
Year Ended 3/31/2020	$10.01	4.03%	7.83%	0.45%	2.51%	41%	$598
Year Ended 3/31/2019	$10.15	6.54%	10.76%	0.43%	4.26%	30%	$527
Year Ended 3/31/2018^(d)	$10.05	0.96%	8.70%^(c)	0.42%^(c)	0.72%^(c)	9%	$531
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$9.60	(11.52%)	6.65%^(c)	0.39%^(c)	0.32%^(c)	6%	$854
Year Ended 3/31/2022	$10.85	3.94%	5.31%	0.40%	1.92%	79%	$920
Year Ended 3/31/2021	$11.77	24.10%	6.15%	0.44%	1.15%	28%	$657
Year Ended 3/31/2020	$10.01	4.05%	7.84%	0.42%	2.45%	41%	$513
Year Ended 3/31/2019	$10.15	6.55%	10.75%	0.43%	4.34%	30%	$508
Year Ended 3/31/2018^(d)	$10.05	0.96%	8.69%^(c)	0.42%^(c)	0.72%^(c)	9%	$503

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

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Financial Highlights
Columbia Adaptive Retirement 2045 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$11.07	0.01	(1.39)	(1.38)	—	—	—
Year Ended 3/31/2022	$12.03	0.23	0.43	0.66	(1.16)	(0.46)	(1.62)
Year Ended 3/31/2021	$9.87	0.15	2.59	2.74	(0.41)	(0.17)	(0.58)
Year Ended 3/31/2020	$10.12	0.28	0.17	0.45	(0.60)	(0.10)	(0.70)
Year Ended 3/31/2019^(d)	$10.00	0.45	0.16	0.61	(0.46)	(0.03)	(0.49)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.07	0.02	(1.40)	(1.38)	—	—	—
Year Ended 3/31/2022	$12.03	0.24	0.42	0.66	(1.16)	(0.46)	(1.62)
Year Ended 3/31/2021	$9.87	0.14	2.60	2.74	(0.41)	(0.17)	(0.58)
Year Ended 3/31/2020	$10.12	0.28	0.17	0.45	(0.60)	(0.10)	(0.70)
Year Ended 3/31/2019^(d)	$10.00	0.45	0.16	0.61	(0.46)	(0.03)	(0.49)

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)	Annualized.
(d)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.

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

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Financial Highlights
Columbia Adaptive Retirement 2050 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$11.07	0.02	(1.49)	(1.47)	—	—	—
Year Ended 3/31/2022	$12.28	0.23	0.53	0.76	(1.30)	(0.67)	(1.97)
Year Ended 3/31/2021	$9.93	0.15	2.83	2.98	(0.41)	(0.22)	(0.63)
Year Ended 3/31/2020	$10.15	0.28	0.17	0.45	(0.61)	(0.06)	(0.67)
Year Ended 3/31/2019	$10.06	0.47	0.15	0.62	(0.49)	(0.04)	(0.53)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.08	0.11	(0.05)	—	(0.05)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.06	0.02	(1.48)	(1.46)	—	—	—
Year Ended 3/31/2022	$12.29	0.23	0.51	0.74	(1.30)	(0.67)	(1.97)
Year Ended 3/31/2021	$9.93	0.16	2.84	3.00	(0.42)	(0.22)	(0.64)
Year Ended 3/31/2020	$10.15	0.28	0.17	0.45	(0.61)	(0.06)	(0.67)
Year Ended 3/31/2019	$10.06	0.47	0.15	0.62	(0.49)	(0.04)	(0.53)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.08	0.11	(0.05)	—	(0.05)

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)	Annualized.
(d)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2050 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$9.60	(13.28%)	6.70%^(c)	0.42%^(c)	0.29%^(c)	8%	$215
Year Ended 3/31/2022	$11.07	5.20%	5.51%	0.41%	1.82%	89%	$245
Year Ended 3/31/2021	$12.28	30.31%	6.59%	0.49%	1.29%	37%	$650
Year Ended 3/31/2020	$9.93	3.91%	8.16%	0.43%	2.60%	31%	$501
Year Ended 3/31/2019	$10.15	7.01%	11.02%	0.43%	4.73%	27%	$508
Year Ended 3/31/2018^(d)	$10.06	1.08%	8.76%^(c)	0.42%^(c)	0.77%^(c)	8%	$503
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$9.60	(13.20%)	6.68%^(c)	0.39%^(c)	0.32%^(c)	8%	$1,174
Year Ended 3/31/2022	$11.06	5.04%	5.52%	0.40%	1.81%	89%	$1,269
Year Ended 3/31/2021	$12.29	30.45%	6.59%	0.44%	1.39%	37%	$647
Year Ended 3/31/2020	$9.93	3.91%	8.16%	0.42%	2.60%	31%	$496
Year Ended 3/31/2019	$10.15	7.01%	11.02%	0.43%	4.73%	27%	$508
Year Ended 3/31/2018^(d)	$10.06	1.08%	8.76%^(c)	0.42%^(c)	0.77%^(c)	8%	$503

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

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Financial Highlights
Columbia Adaptive Retirement 2055 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$11.24	0.01	(1.53)	(1.52)	—	—	—
Year Ended 3/31/2022	$12.25	0.23	0.53	0.76	(1.35)	(0.42)	(1.77)
Year Ended 3/31/2021	$9.83	0.17	2.83	3.00	(0.41)	(0.17)	(0.58)
Year Ended 3/31/2020	$10.12	0.29	0.16	0.45	(0.63)	(0.11)	(0.74)
Year Ended 3/31/2019^(d)	$10.00	0.47	0.15	0.62	(0.47)	(0.03)	(0.50)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.24	0.02	(1.53)	(1.51)	—	—	—
Year Ended 3/31/2022	$12.26	0.23	0.52	0.75	(1.35)	(0.42)	(1.77)
Year Ended 3/31/2021	$9.83	0.16	2.85	3.01	(0.41)	(0.17)	(0.58)
Year Ended 3/31/2020	$10.12	0.29	0.16	0.45	(0.63)	(0.11)	(0.74)
Year Ended 3/31/2019^(d)	$10.00	0.47	0.15	0.62	(0.47)	(0.03)	(0.50)

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)	Annualized.
(d)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.

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

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Financial Highlights
Columbia Adaptive Retirement 2060 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$11.48	0.01	(1.56)	(1.55)	—	—	—
Year Ended 3/31/2022	$12.28	0.22	0.56	0.78	(1.23)	(0.35)	(1.58)
Year Ended 3/31/2021	$9.92	0.14	2.88	3.02	(0.42)	(0.24)	(0.66)
Year Ended 3/31/2020	$10.15	0.28	0.17	0.45	(0.62)	(0.06)	(0.68)
Year Ended 3/31/2019	$10.06	0.47	0.14	0.61	(0.49)	(0.03)	(0.52)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.08	0.11	(0.04)	(0.01)	(0.05)
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$11.49	0.02	(1.57)	(1.55)	—	—	—
Year Ended 3/31/2022	$12.28	0.25	0.55	0.80	(1.24)	(0.35)	(1.59)
Year Ended 3/31/2021	$9.92	0.15	2.87	3.02	(0.42)	(0.24)	(0.66)
Year Ended 3/31/2020	$10.15	0.28	0.17	0.45	(0.62)	(0.06)	(0.68)
Year Ended 3/31/2019	$10.06	0.47	0.14	0.61	(0.49)	(0.03)	(0.52)
Year Ended 3/31/2018^(d)	$10.00	0.03	0.08	0.11	(0.04)	(0.01)	(0.05)

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)	Annualized.
(d)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2060 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Six Months Ended 9/30/2022 (Unaudited)	$9.93	(13.50%)	5.51%^(c)	0.50%^(c)	0.21%^(c)	7%	$910
Year Ended 3/31/2022	$11.48	5.55%	5.10%	0.46%	1.69%	68%	$1,048
Year Ended 3/31/2021	$12.28	30.70%	7.22%	0.46%	1.27%	16%	$924
Year Ended 3/31/2020	$9.92	3.85%	8.09%	0.43%	2.60%	31%	$513
Year Ended 3/31/2019	$10.15	6.93%	10.98%	0.43%	4.73%	26%	$514
Year Ended 3/31/2018^(d)	$10.06	1.11%	8.73%^(c)	0.42%^(c)	0.77%^(c)	7%	$508
Institutional 3 Class
Six Months Ended 9/30/2022 (Unaudited)	$9.94	(13.49%)	5.42%^(c)	0.39%^(c)	0.32%^(c)	7%	$816
Year Ended 3/31/2022	$11.49	5.68%	5.03%	0.40%	1.93%	68%	$837
Year Ended 3/31/2021	$12.28	30.72%	7.19%	0.44%	1.35%	16%	$649
Year Ended 3/31/2020	$9.92	3.86%	8.09%	0.42%	2.61%	31%	$496
Year Ended 3/31/2019	$10.15	6.93%	10.97%	0.43%	4.73%	26%	$508
Year Ended 3/31/2018^(d)	$10.06	1.11%	8.73%^(c)	0.42%^(c)	0.77%^(c)	7%	$503

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

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Notes to Financial Statements
September 30, 2022 (Unaudited)

Note 1. Organization

Columbia Funds Series Trust I (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust I is organized as a Massachusetts business trust. Information presented in these financial statements pertains to the following series of the Trust (each, a Fund and collectively, the Funds): Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2045 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund and Columbia Adaptive Retirement 2060 Fund. Each Fund currently operates as a diversified fund.

Each Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates, as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies, operations and risks of the Underlying Funds, please refer to the Fund’s current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission’s website at www.sec.gov or on the Underlying Funds’ website at columbiathreadneedleus.com/investor/.

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Funds offer 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 structure. Different share classes may have different minimum initial investment amounts and pay different 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.

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

Note 2. Summary of significant accounting policies

Basis of preparation

Each 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 Funds in the preparation of their financial statements.

Security valuation

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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Security transactions

Income recognition

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

The Funds 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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Funds 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 a Fund are charged to that 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 directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a 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

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

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.

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 Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Recent accounting pronouncement

Tailored Shareholder Reports

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

The Funds have entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides each Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in affiliated Underlying Funds that pay a management or advisory fee to the Investment Manager and (ii) 0.47% on its assets that are invested in securities, instruments and other assets not described above, including without limitation affiliated funds that do not pay a management or advisory fee to the Investment Manager, third party funds, derivatives and individual securities.

The annualized effective management services fee rates based on each Fund’s average daily net assets for the six months ended September 30, 2022 were as follows:

	Effective management services fee rate (%)
Columbia Adaptive Retirement 2020 Fund	0.46
Columbia Adaptive Retirement 2025 Fund	0.46
Columbia Adaptive Retirement 2030 Fund	0.46
Columbia Adaptive Retirement 2035 Fund	0.46
Columbia Adaptive Retirement 2040 Fund	0.46
Columbia Adaptive Retirement 2045 Fund	0.46
Columbia Adaptive Retirement 2050 Fund	0.46
Columbia Adaptive Retirement 2055 Fund	0.46
Columbia Adaptive Retirement 2060 Fund	0.46

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

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 Funds 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. Each Fund’s liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. 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 Funds 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 Funds, 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

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 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

For the six months ended September 30, 2022, the Funds’ annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Advisor Class (%)	Institutional 3 Class (%)
Columbia Adaptive Retirement 2020 Fund	0.08	0.01
Columbia Adaptive Retirement 2025 Fund	0.05	0.01
Columbia Adaptive Retirement 2030 Fund	0.15	0.01
Columbia Adaptive Retirement 2035 Fund	0.11	0.01
Columbia Adaptive Retirement 2040 Fund	0.10	0.01
Columbia Adaptive Retirement 2045 Fund	0.08	0.01
Columbia Adaptive Retirement 2050 Fund	0.03	0.01
Columbia Adaptive Retirement 2055 Fund	0.08	0.01
Columbia Adaptive Retirement 2060 Fund	0.11	0.01

Distribution and service fees

The Funds have 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 Funds do not pay the Distributor a fee for the distribution services it provides to the Funds.

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 each Fund’s net operating expenses, including indirect expenses of the Underlying Funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	August 1, 2022 through July 31, 2023		Prior to August 1, 2022
	Advisor Class (%)	Institutional 3 Class (%)	Advisor Class (%)	Institutional 3 Class (%)
Columbia Adaptive Retirement 2020 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2025 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2030 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2035 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2040 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2045 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2050 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2055 Fund	0.62	0.43	0.64	0.45
Columbia Adaptive Retirement 2060 Fund	0.62	0.43	0.64	0.45

In addition, 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 each Fund through July 31, 2032, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund’s net operating expenses, including indirect expenses of the Underlying Funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, will not exceed the annual rates of 0.68% for Advisor Class and 0.50% for Institutional 3 Class as a percentage of the classes’ average daily net assets.

Under the agreements 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), 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,

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At September 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Fund	Tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
Columbia Adaptive Retirement 2020 Fund	1,515,000	—	(137,000)	(137,000)
Columbia Adaptive Retirement 2025 Fund	1,111,000	—	(111,000)	(111,000)
Columbia Adaptive Retirement 2030 Fund	2,543,000	—	(329,000)	(329,000)
Columbia Adaptive Retirement 2035 Fund	1,568,000	—	(207,000)	(207,000)
Columbia Adaptive Retirement 2040 Fund	1,624,000	—	(231,000)	(231,000)
Columbia Adaptive Retirement 2045 Fund	1,431,000	—	(213,000)	(213,000)
Columbia Adaptive Retirement 2050 Fund	1,664,000	—	(260,000)	(260,000)
Columbia Adaptive Retirement 2055 Fund	1,726,000	—	(281,000)	(281,000)
Columbia Adaptive Retirement 2060 Fund	2,070,000	—	(328,000)	(328,000)

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. The Funds will elect to treat the following late-year ordinary losses and post-October capital losses at March 31, 2022 as arising on April 1, 2022.

Fund	Late year ordinary losses ($)	Post-October capital losses ($)
Columbia Adaptive Retirement 2020 Fund	472	28,202
Columbia Adaptive Retirement 2025 Fund	1	11,846
Columbia Adaptive Retirement 2030 Fund	1,991	19,863
Columbia Adaptive Retirement 2035 Fund	1,084	13,823
Columbia Adaptive Retirement 2040 Fund	1,030	33,950
Columbia Adaptive Retirement 2045 Fund	818	47,592
Columbia Adaptive Retirement 2050 Fund	889	74,742
Columbia Adaptive Retirement 2055 Fund	913	84,957
Columbia Adaptive Retirement 2060 Fund	1,101	90,900

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds 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 Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

For the six months ended September 30, 2022, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:

	Purchases ($)	Proceeds from sales ($)
Columbia Adaptive Retirement 2020 Fund	75,757	61,251
Columbia Adaptive Retirement 2025 Fund	37,352	65,339
Columbia Adaptive Retirement 2030 Fund	150,492	199,012
Columbia Adaptive Retirement 2035 Fund	96,778	95,964
Columbia Adaptive Retirement 2040 Fund	107,461	74,122
Columbia Adaptive Retirement 2045 Fund	116,794	63,240
Columbia Adaptive Retirement 2050 Fund	170,016	98,846
Columbia Adaptive Retirement 2055 Fund	127,867	131,602
Columbia Adaptive Retirement 2060 Fund	195,242	107,039

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each 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, each 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.

The Funds did not borrow or lend money under the Interfund Program during the six months ended September 30, 2022.

Note 8. Line of credit

Each 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 27, 2022 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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

No Fund had borrowings during the six months ended September 30, 2022.

Note 9. Significant risks

Alternative strategies investment and multi-asset/tactical strategies risk

An investment in alternative investment strategies and multi-asset/tactical strategies (the Strategies) involves risks, which may be significant. The Strategies may include strategies, instruments or other assets, such as derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well as those providing exposure to other markets (such as commodity markets), including but not limited to absolute (positive) return strategies. The Strategies may fail to achieve their desired performance, market or other exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt markets than was anticipated, and the Funds may lose money.

Market risk

The Funds may incur losses due to declines in the value of one or more securities in which they invest. 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 Funds’ 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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, 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 Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds’ ability to achieve their investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Funds.

Shareholder concentration risk

At September 30, 2022, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. 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.

The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

Fund	Number of unaffiliated accounts	Percentage of shares outstanding held — unaffiliated (%)	Percentage of shares outstanding held — affiliated (%)
Columbia Adaptive Retirement 2020 Fund	1	51.9	38.0
Columbia Adaptive Retirement 2025 Fund	1	11.9	78.8
Columbia Adaptive Retirement 2030 Fund	2	91.8	—
Columbia Adaptive Retirement 2035 Fund	2	63.1	35.8
Columbia Adaptive Retirement 2040 Fund	2	61.1	34.4
Columbia Adaptive Retirement 2045 Fund	2	58.7	40.8
Columbia Adaptive Retirement 2050 Fund	1	69.8	29.4
Columbia Adaptive Retirement 2055 Fund	1	63.2	28.6
Columbia Adaptive Retirement 2060 Fund	2	64.0	35.7

Note 10. Subsequent events

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 Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. 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.

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Approval of Management Agreements
(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 Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2045 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund, and Columbia Adaptive Retirement 2060 Fund (the Funds). Under management agreements (the Management Agreements), the Investment Manager provides investment advice and other services to the Funds and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Columbia Funds).

On an annual basis, the Funds’ Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreements. 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 Agreements.

The Board, at its June 23, 2022 Board meeting (the June Meeting), considered the renewal of the Management Agreements 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 Agreements. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Funds relative to the performance of a group of mutual funds determined to be comparable to the Funds by Broadridge, as well as performance relative to benchmarks;
•	Information on the Funds’ management fees and total expenses, including information comparing the Funds’ 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 Funds so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Funds’ net assets;
•	Terms of the Management Agreements;
•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Funds, including agreements with respect to the provision of transfer agency and shareholder services to the Funds;
•	Descriptions of various services performed by the Investment Manager under the Management Agreements, 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;

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Approval of Management Agreements (continued)
(Unaudited)

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

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

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Funds, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Columbia Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Funds by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Management Agreements, the Board also took into account the organization and strength of the Funds’ and their service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreements and the Funds’ other service agreements.

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

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

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Funds, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Funds, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Funds among their comparison groups, (iv) the Funds’ performance relative to peers and benchmarks and (v) the net assets of the Funds. With respect to each of Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund and Columbia Adaptive Retirement 2060 Fund, the Board observed that the performance for certain periods ranked above median based on information provided by Broadridge. With respect to each of Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund and Columbia Adaptive Retirement 2040 Fund the Board observed the underperformance for certain periods, but noted the differentiated risk allocation process undertaken for these Funds compared to peers. With respect to Columbia Adaptive Retirement 2045 Fund, the Board observed that performance was well within the range of that of its peers.

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Approval of Management Agreements (continued)
(Unaudited)

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

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

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

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

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

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

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Funds. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Columbia Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Columbia Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Columbia Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Funds supported the continuation of each of the Management Agreements.

Economies of scale

The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for relatively low flat fees for investments in affiliated funds and for other investments regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund. The Board observed that the Management Agreements provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

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Additional information

If you elect to receive the shareholder report for the Funds in paper, mailed to you, the Funds mail one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Funds electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Funds’ shareholder report is available at the 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 Funds hold 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 Funds 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 Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT filings are available on the SEC’s website at sec.gov. The Funds’ 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 Funds, 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

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

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Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	15
Approval of Management Agreement	30

If you elect to receive the shareholder report for Columbia Solutions Aggressive Portfolio(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

Quarterly schedule of investments

Additional Fund information

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.

Portfolio management

Joshua Kutin, CFA

Co-Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Columbia Solutions Aggressive Portfolio	10/24/17	-15.28	-16.34	7.00
MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net)		-18.17	-16.60	5.69

The MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the “home” currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid-cap stocks across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

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Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at September 30, 2022)
Foreign Government Obligations	33.0
Money Market Funds^(a)	21.4
U.S. Treasury Obligations	45.6
Total	100.0

(a)

Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives which provide exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements.

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Market exposure through derivatives investments (% of notional exposure) (at September 30, 2022)^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	137.8	(3.7)	134.1
Equity Derivative Contracts	92.6	-	92.6
Foreign Currency Derivative Contracts	5.5	(132.2)	(126.7)
Total Notional Market Value of Derivative Contracts	235.9	(135.9)	100.0

(a) The Fund has market exposure (long and/or short) to fixed income, equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors 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 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.

April 1, 2022 — September 30, 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
Columbia Solutions Aggressive Portfolio	1,000.00	1,000.00	847.20	1,025.02	0.05	0.05	0.01

Expenses paid during the period are equal to the annualized expense ratio 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.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

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Portfolio of Investments
September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Foreign Government Obligations^(a),(b) 31.1%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Austria 3.8%
Republic of Austria Government Bond^(c)
10/20/2026	0.750%	EUR	186,000	171,933
05/23/2034	2.400%	EUR	47,000	43,737
Republic of Austria Government Bond^(c),(d)
02/20/2030	0.000%	EUR	84,000	67,945
Total				283,615
Belgium 2.8%
Kingdom of Belgium Government Bond^(c)
06/22/2031	1.000%	EUR	113,000	97,418
04/22/2033	1.250%	EUR	63,000	53,542
03/28/2035	5.000%	EUR	47,000	55,463
Total				206,423
China 2.0%
China Development Bank
07/18/2032	2.960%	CNY	300,000	42,368
China Government Bond
11/21/2029	3.130%	CNY	250,000	36,066
05/21/2030	2.680%	CNY	200,000	27,977
05/15/2032	2.760%	CNY	300,000	42,191
Total				148,602
France 5.2%
French Republic Government Bond OAT^(c)
10/25/2027	2.750%	EUR	159,000	159,267
05/25/2036	1.250%	EUR	89,000	70,938
French Republic Government Bond OAT^(c),(d)
11/25/2030	0.000%	EUR	122,000	97,965
11/25/2031	0.000%	EUR	80,000	62,196
Total				390,366
Italy 1.1%
Italy Buoni Poliennali Del Tesoro^(c)
02/01/2037	4.000%	EUR	51,000	47,955
09/01/2046	3.250%	EUR	42,000	34,508
Total				82,463
Japan 7.3%
Japan Government 10-Year Bond
06/20/2031	0.100%	JPY	15,000,000	102,084
Japan Government 20-Year Bond
06/20/2041	0.400%	JPY	8,000,000	49,992
09/20/2041	0.500%	JPY	10,500,000	66,646
03/20/2042	0.800%	JPY	5,550,000	37,087

Foreign Government Obligations^(a),(b) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Japan Government 30-Year Bond
06/20/2050	0.600%	JPY	6,300,000	36,174
06/20/2051	0.700%	JPY	6,600,000	38,651
09/20/2051	0.700%	JPY	5,600,000	32,764
12/20/2051	0.700%	JPY	7,000,000	40,903
03/20/2052	1.000%	JPY	4,000,000	25,276
Japan Government Twenty-Year Bond
06/20/2042	0.900%	JPY	17,000,000	115,502
Total				545,079
Netherlands 2.9%
Netherlands Government Bond^(c)
07/15/2026	0.500%	EUR	183,000	169,781
Netherlands Government Bond^(c),(d)
07/15/2031	0.000%	EUR	64,000	51,413
Total				221,194
Spain 4.8%
Spain Government Bond^(d)
01/31/2028	0.000%	EUR	155,000	131,540
Spain Government Bond^(c)
04/30/2029	1.450%	EUR	114,000	102,610
04/30/2030	0.500%	EUR	66,000	54,121
07/30/2035	1.850%	EUR	66,000	54,430
07/30/2041	4.700%	EUR	15,000	17,189
Total				359,890
United Kingdom 1.2%
United Kingdom Gilt^(c)
10/22/2028	1.625%	GBP	34,000	32,639
01/31/2029	0.500%	GBP	69,000	60,938
Total				93,577
Total Foreign Government Obligations (Cost $3,118,543)				2,331,209

U.S. Treasury Obligations 43.0%

U.S. Treasury
10/31/2026	1.125%		235,000	208,379
03/31/2028	1.250%		251,000	216,409
06/30/2028	1.250%		243,000	208,259
09/30/2028	1.250%		750,000	638,496
10/31/2028	1.375%		540,000	462,586
11/30/2028	1.500%		175,000	150,855
04/30/2029	2.875%		320,000	298,800
05/15/2029	2.375%		128,000	115,800
08/15/2029	1.625%		129,000	111,242
02/15/2030	1.500%		123,000	104,396
08/15/2030	0.625%		196,000	153,584
02/15/2031	1.125%		132,000	106,941

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
08/15/2031	1.250%	550,000	444,641
Total U.S. Treasury Obligations (Cost $3,754,700)			3,220,388

Money Market Funds 20.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(e),(f)	1,506,938	1,506,185
Total Money Market Funds (Cost $1,506,125)		1,506,185
Total Investments in Securities (Cost: $8,379,368)		7,057,782
Other Assets & Liabilities, Net		431,299
Net Assets		7,489,081

At September 30, 2022, securities and/or cash totaling $264,560 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
46,000 CHF	47,933 USD	Citi	10/19/2022	1,249	—
821,000 CNY	119,985 USD	Citi	10/19/2022	4,389	—
1,930,043 EUR	1,932,003 USD	Citi	10/19/2022	38,448	—
143,000 HKD	18,239 USD	Citi	10/19/2022	15	—
218,000 SEK	20,589 USD	Citi	10/19/2022	931	—
120,253 USD	120,000 EUR	Citi	10/19/2022	—	(2,521)
42,000 NOK	4,328 USD	Goldman Sachs International	10/19/2022	470	—
95,635,000 JPY	704,419 USD	HSBC	10/19/2022	42,686	—
10,000 SGD	7,184 USD	HSBC	10/19/2022	221	—
61,000 ZAR	3,572 USD	HSBC	10/19/2022	206	—
256,000 CNY	37,413 USD	Standard Chartered	10/19/2022	1,369	—
56,000 AUD	38,884 USD	UBS	10/19/2022	3,057	—
3,000 CAD	2,315 USD	UBS	10/19/2022	143	—
110,000 DKK	14,800 USD	UBS	10/19/2022	285	—
177,000 GBP	209,499 USD	UBS	10/19/2022	11,804	—
11,552 USD	10,000 GBP	UBS	10/19/2022	—	(383)
Total				105,273	(2,904)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Australian 10-Year Bond	1	12/2022	AUD	117,116	—	(1,485)
Euro-Bobl	2	12/2022	EUR	239,500	—	(6,137)
Euro-BTP	2	12/2022	EUR	223,960	—	(11,777)
Euro-OAT	1	12/2022	EUR	132,120	—	(6,579)
Long Gilt	2	12/2022	GBP	192,800	—	(29,969)
MSCI EAFE Index	5	12/2022	USD	415,150	—	(56,728)
MSCI Emerging Markets Index	5	12/2022	USD	217,875	—	(29,403)
Russell 2000 Index E-mini	6	12/2022	USD	500,940	—	(66,132)

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Long futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	6	12/2022	USD	1,080,450	—	(145,185)
Short Term Euro-BTP	1	12/2022	EUR	105,320	—	(1,330)
U.S. Treasury 10-Year Note	2	12/2022	USD	224,125	—	(8,222)
U.S. Treasury 5-Year Note	1	12/2022	USD	107,508	—	(3,814)
U.S. Treasury Ultra 10-Year Note	11	12/2022	USD	1,303,328	—	(82,952)
Total					—	(449,713)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Canadian Government 10-Year Bond	(1)	12/2022	CAD	(123,590)	847	—

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX North America High Yield Index, Series 39	Morgan Stanley	12/20/2027	5.000	Quarterly	6.070	USD	498,000	2,957	—	—	2,957	—
Markit CDX North America Investment Grade Index, Series 39	Morgan Stanley	12/20/2027	1.000	Quarterly	1.077	USD	185,000	(840)	—	—	—	(840)
Total								2,117	—	—	2,957	(840)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Principal and interest may not be guaranteed by a governmental entity.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At September 30, 2022, the total value of these securities amounted to $1,505,988, which represents 20.11% of total net assets.
(d)	Zero coupon bond.
(e)	The rate shown is the seven-day current annualized yield at September 30, 2022.
(f)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the period ended September 30, 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, 2.834%
	1,836,867	3,944,713	(4,275,641)	246	1,506,185	(297)	12,210	1,506,938

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
CNY	China Yuan Renminbi

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Currency Legend (continued)

DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar
ZAR	South African Rand

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Foreign Government Obligations	—	2,331,209	—	2,331,209
U.S. Treasury Obligations	—	3,220,388	—	3,220,388
Money Market Funds	1,506,185	—	—	1,506,185
Total Investments in Securities	1,506,185	5,551,597	—	7,057,782
Investments in Derivatives

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

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Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $6,873,243)	$5,551,597
Affiliated issuers (cost $1,506,125)	1,506,185
Foreign currency (cost $10,496)	10,080
Margin deposits on:
Futures contracts	206,074
Swap contracts	58,486
Unrealized appreciation on forward foreign currency exchange contracts	105,273
Receivable for:
Investments sold	6
Capital shares sold	86,363
Dividends	3,536
Interest	24,312
Foreign tax reclaims	794
Variation margin for futures contracts	4,992
Variation margin for swap contracts	70
Expense reimbursement due from Investment Manager	292
Prepaid expenses	2,833
Trustees’ deferred compensation plan	15,607
Total assets	7,576,500
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	2,904
Payable for:
Investments purchased	75
Variation margin for futures contracts	29,102
Variation margin for swap contracts	281
Compensation of board members	10,573
Compensation of chief compliance officer	1
Audit fees	18,715
Custodian fees	8,291
Other expenses	1,870
Trustees’ deferred compensation plan	15,607
Total liabilities	87,419
Net assets applicable to outstanding capital stock	$7,489,081
Represented by
Paid in capital	9,412,132
Total distributable earnings (loss)	(1,923,051)
Total - representing net assets applicable to outstanding capital stock	$7,489,081
Shares outstanding	931,608
Net asset value per share	8.04

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

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Statement of Operations
Six Months Ended September 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$12,210
Interest	35,890
Foreign taxes withheld	(100)
Total income	48,000
Expenses:
Compensation of board members	7,414
Custodian fees	12,598
Printing and postage fees	1,833
Audit fees	21,215
Legal fees	5,643
Interest on collateral	51
Compensation of chief compliance officer	1
Other	1,980
Total expenses	50,735
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(50,284)
Total net expenses	451
Net investment income	47,549
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(53,601)
Investments — affiliated issuers	(297)
Foreign currency translations	(7,678)
Forward foreign currency exchange contracts	336,342
Futures contracts	(346,988)
Swap contracts	(16,060)
Net realized loss	(88,282)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(848,311)
Investments — affiliated issuers	246
Foreign currency translations	(1,072)
Forward foreign currency exchange contracts	105,496
Futures contracts	(509,492)
Swap contracts	(10,720)
Net change in unrealized appreciation (depreciation)	(1,263,853)
Net realized and unrealized loss	(1,352,135)
Net decrease in net assets resulting from operations	$(1,304,586)

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

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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 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.

	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31,
	Six Months Ended September 30, 2022 (Unaudited)	2022	2021	2020	2019	2018 ^(a)
Per share data
Net asset value, beginning of period	$9.49	$12.07	$9.57	$10.12	$10.07	$10.00
Income from investment operations:
Net investment income	0.05	0.10	0.11	0.21	0.21	0.07
Net realized and unrealized gain (loss)	(1.50)	0.66	3.33	0.45	0.50	0.08
Total from investment operations	(1.45)	0.76	3.44	0.66	0.71	0.15
Less distributions to shareholders from:
Net investment income	—	(0.11)	(0.21)	(0.35)	(0.51)	—
Net realized gains	—	(3.23)	(0.73)	(0.86)	(0.15)	(0.08)
Total distributions to shareholders	—	(3.34)	(0.94)	(1.21)	(0.66)	(0.08)
Net asset value, end of period	$8.04	$9.49	$12.07	$9.57	$10.12	$10.07
Total return	(15.28%)	4.47%	36.42%	5.44%	8.05%	1.53%
Ratios to average net assets
Total gross expenses^(b)	1.27%^(c),(d)	1.02%^(d),(e)	1.19%	1.33%	1.78%	1.10%^(c)
Total net expenses^(b),(f)	0.01%^(c),(d)	0.01%^(d),(e)	0.01%	0.01%	0.01%	0.01%^(c)
Net investment income	1.19%^(c)	0.79%	1.04%	2.01%	2.08%	1.49%^(c)
Supplemental data
Portfolio turnover	12%	204%	54%	184%	149%	24%
Net assets, end of period (in thousands)	$7,489	$8,363	$8,294	$6,668	$6,434	$6,557

Notes to Financial Highlights
(a)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(b)	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.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Ratios include interfund lending expense which is less than 0.01%.
(f)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Notes to Financial Statements
September 30, 2022 (Unaudited)

Note 1. Organization

Columbia Solutions Aggressive Portfolio (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 is sold only to other Columbia Funds and certain collective investment trusts managed by Columbia Management Investment Advisers, LLC.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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.

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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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 (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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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.

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to generate total return through long and short positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, 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 manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and 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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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.

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.

Swap contracts

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

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

Credit default swap contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

Interest rate and inflation rate swap contracts

The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings and to synthetically add or subtract principal exposure to a market. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at September 30, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	2,957*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	105,273
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	847*
Total		109,077

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	840*
Equity risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	297,448*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	2,904
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	152,265*
Total		453,457

*	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 six months ended September 30, 2022:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(26,555)	(26,555)
Equity risk	—	(124,931)	—	(124,931)
Foreign exchange risk	336,342	—	—	336,342
Interest rate risk	—	(222,057)	10,495	(211,562)
Total	336,342	(346,988)	(16,060)	(26,706)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(3,427)	(3,427)
Equity risk	—	(441,760)	—	(441,760)
Foreign exchange risk	105,496	—	—	105,496
Interest rate risk	—	(67,732)	(7,293)	(75,025)
Total	105,496	(509,492)	(10,720)	(414,716)

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	4,947,354
Futures contracts — short	44,736
Credit default swap contracts — sell protection	690,510

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	85,921*	(2,095)*
Interest rate swap contracts	1,668**	—

*	Based on the ending quarterly outstanding amounts for the six months ended September 30, 2022.
**	Based on the ending daily outstanding amounts for the six months ended September 30, 2022.

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of September 30, 2022:

	Citi ($)	Goldman Sachs International ($)	HSBC ($)	Morgan Stanley ($)	Standard Chartered ($)	UBS ($)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(a)	-	-	-	70	-	-	70
Forward foreign currency exchange contracts	45,032	470	43,113	-	1,369	15,289	105,273
Total assets	45,032	470	43,113	70	1,369	15,289	105,343
Liabilities
Centrally cleared credit default swap contracts ^(a)	-	-	-	281	-	-	281
Forward foreign currency exchange contracts	2,521	-	-	-	-	383	2,904
Total liabilities	2,521	-	-	281	-	383	3,185
Total financial and derivative net assets	42,511	470	43,113	(211)	1,369	14,906	102,158
Total collateral received (pledged) ^(b)	-	-	-	(211)	-	-	(211)
Net amount ^(c)	42,511	470	43,113	-	1,369	14,906	102,369

(a)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Expenses

Determination of net asset value

The net asset value per share of the Fund is computed by dividing the value of the net assets of the Fund by the total number of outstanding shares of that Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, under which the Fund does not pay an annual fee to the Transfer Agent.

Distribution and service fees

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), through July 31, 2032, 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 annual rate of 0.01% of the Fund’s average daily net assets.

Under the agreement governing this fee waiver and/or expense reimbursement arrangement, 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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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

At September 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
8,379,000	109,000	(1,775,000)	(1,666,000)

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

Late year ordinary losses ($)	Post-October capital losses ($)
—	235,305

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $903,855 and $717,794, respectively, for the six months ended September 30, 2022, of which $317,363 and $640,169, respectively, were U.S. government securities. 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 significantly 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.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended September 30, 2022.

Note 8. Line of credit

The Fund had no borrowings during the six months ended September 30, 2022.

Note 9. Significant risks

Credit risk

Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.

Derivatives risk

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

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Foreign currency risk

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Geographic focus risk

The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund.

Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund’s net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Leverage risk

Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the NAV of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested. Because short sales involve borrowing securities and then selling them, the Fund’s short sales effectively leverage the Fund’s assets. The Fund’s assets that are used as collateral to secure the Fund’s obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund’s overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund’s volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Market risk

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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, 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.

Money market fund investment risk

An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Shareholder concentration risk

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund as well as performance relative to benchmarks;
•	Information on the Fund’s management fees and total expenses;
•	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; and
•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

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.

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Approval of Management Agreement (continued)
(Unaudited)
Nature, extent and quality of services provided by the Investment Manager

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager and Broadridge collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index and (iii) the net assets of the Fund. The Board considered that the Fund is held exclusively by other Columbia Threadneedle-managed products, and noted the contribution of the performance of the Fund to meeting the investment objectives of such products.

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

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Approval of Management Agreement (continued)
(Unaudited)
The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy."

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

Because the Fund does not pay management fees, the Board did not believe it necessary to consider potential economies of scale associated with the growth of the Fund.

Conclusion

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

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

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Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	15
Approval of Management Agreement	29

If you elect to receive the shareholder report for Columbia Solutions Conservative Portfolio (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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.

Portfolio management

Joshua Kutin, CFA

Co-Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended September 30, 2022)
	Inception	6 Months cumulative	1 Year	Life
Columbia Solutions Conservative Portfolio	10/24/17	-7.97	-11.20	1.93
Bloomberg Global Aggregate Hedged USD Index		-7.49	-12.05	0.31
Blended Benchmark		-10.19	-13.06	1.85

The Bloomberg Global Aggregate Hedged USD Index is an unmanaged index that is comprised of several other Bloomberg indexes that measure fixed-income performance of regions around the world while hedging the currency back to the US dollar.

The Blended Benchmark consists of 25% MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) and 75% Bloomberg Global Aggregate Hedged USD Index. The MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the “home” currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid-cap stocks across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries.

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Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at September 30, 2022)
Foreign Government Obligations	17.2
Money Market Funds^(a)	54.7
U.S. Treasury Obligations	28.1
Total	100.0

(a)

Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Market exposure through derivatives investments (% of notional exposure) (at September 30, 2022)^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	169.5	(9.0)	160.5
Equity Derivative Contracts	34.3	—	34.3
Foreign Currency Derivative Contracts	4.6	(99.4)	(94.8)
Total Notional Market Value of Derivative Contracts	208.4	(108.4)	100.0

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

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 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.

April 1, 2022 — September 30, 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
Columbia Solutions Conservative Portfolio	1,000.00	1,000.00	920.30	1,025.02	0.05	0.05	0.01

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

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Portfolio of Investments
September 30, 2022 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Foreign Government Obligations^(a),(b) 16.8%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Austria 2.1%
Republic of Austria Government Bond^(c)
10/20/2026	0.750%	EUR	131,000	121,093
05/23/2034	2.400%	EUR	44,000	40,946
Republic of Austria Government Bond^(c),(d)
02/20/2030	0.000%	EUR	57,000	46,105
Total				208,144
Belgium 1.5%
Kingdom of Belgium Government Bond^(c)
06/22/2031	1.000%	EUR	57,000	49,140
04/22/2033	1.250%	EUR	54,000	45,894
03/28/2035	5.000%	EUR	42,000	49,562
Total				144,596
China 1.1%
China Development Bank
07/18/2032	2.960%	CNY	250,000	35,306
China Government Bond
11/21/2029	3.130%	CNY	100,000	14,427
05/21/2030	2.680%	CNY	200,000	27,976
05/15/2032	2.760%	CNY	250,000	35,159
Total				112,868
France 1.7%
French Republic Government Bond OAT^(c),(d)
11/25/2030	0.000%	EUR	68,000	54,604
11/25/2031	0.000%	EUR	39,000	30,321
French Republic Government Bond OAT^(c)
05/25/2036	1.250%	EUR	80,000	63,764
05/25/2045	3.250%	EUR	20,000	20,402
Total				169,091
Italy 1.8%
Italy Buoni Poliennali Del Tesoro^(c)
05/01/2031	6.000%	EUR	73,000	81,080
02/01/2037	4.000%	EUR	75,000	70,521
09/01/2046	3.250%	EUR	34,000	27,935
Total				179,536
Japan 4.2%
Japan Government 10-Year Bond
06/20/2031	0.100%	JPY	22,000,000	149,723
Japan Government 20-Year Bond
06/20/2041	0.400%	JPY	14,000,000	87,487
09/20/2041	0.500%	JPY	3,000,000	19,042
03/20/2042	0.800%	JPY	5,050,000	33,746

Foreign Government Obligations^(a),(b) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Japan Government 30-Year Bond
06/20/2050	0.600%	JPY	2,000,000	11,484
06/20/2051	0.700%	JPY	8,000,000	46,850
03/20/2052	1.000%	JPY	3,650,000	23,064
Japan Government Twenty-Year Bond
06/20/2042	0.900%	JPY	6,000,000	40,765
Total				412,161
Netherlands 1.8%
Netherlands Government Bond^(c)
07/15/2026	0.500%	EUR	110,000	102,054
Netherlands Government Bond^(c),(d)
07/15/2031	0.000%	EUR	95,000	76,316
Total				178,370
Spain 2.6%
Spain Government Bond^(d)
01/31/2028	0.000%	EUR	74,000	62,799
Spain Government Bond^(c)
04/30/2030	0.500%	EUR	90,000	73,801
07/30/2035	1.850%	EUR	40,000	32,988
07/30/2041	4.700%	EUR	25,000	28,649
Spain Government Bond
07/30/2032	5.750%	EUR	48,000	57,464
Total				255,701
Total Foreign Government Obligations (Cost $2,273,092)				1,660,467

U.S. Treasury Obligations 27.5%

U.S. Treasury
03/31/2028	1.250%		142,000	122,431
06/30/2028	1.250%		142,000	121,698
09/30/2028	1.250%		700,000	595,930
10/31/2028	1.375%		250,000	214,160
11/30/2028	1.500%		515,000	443,946
04/30/2029	2.875%		450,000	420,188
05/15/2029	2.375%		122,000	110,372
08/15/2029	1.625%		122,000	105,206
08/15/2030	0.625%		111,000	86,979
02/15/2031	1.125%		103,000	83,446
08/15/2031	1.250%		515,000	416,345
Total U.S. Treasury Obligations (Cost $3,166,552)				2,720,701

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Money Market Funds 53.5%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.834%^(e),(f)	5,301,044	5,298,393
Total Money Market Funds (Cost $5,299,145)		5,298,393
Total Investments in Securities (Cost: $10,738,789)		9,679,561
Other Assets & Liabilities, Net		216,802
Net Assets		9,896,363

At September 30, 2022, securities and/or cash totaling $189,363 were pledged as collateral.

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
20,000 CHF	20,841 USD	Citi	10/19/2022	543	—
557,000 CNY	81,403 USD	Citi	10/19/2022	2,978	—
1,382,000 EUR	1,383,439 USD	Citi	10/19/2022	27,566	—
72,000 HKD	9,183 USD	Citi	10/19/2022	7	—
109,000 SEK	10,294 USD	Citi	10/19/2022	466	—
91,188 USD	91,000 EUR	Citi	10/19/2022	—	(1,907)
283 USD	3,000 SEK	Citi	10/19/2022	—	(13)
67,000 NOK	6,904 USD	Goldman Sachs International	10/19/2022	750	—
67,164,034 JPY	494,710 USD	HSBC	10/19/2022	29,978	—
7,000 SGD	5,029 USD	HSBC	10/19/2022	154	—
40,000 ZAR	2,342 USD	HSBC	10/19/2022	135	—
266,000 CNY	38,875 USD	Standard Chartered	10/19/2022	1,422	—
30,000 AUD	20,831 USD	UBS	10/19/2022	1,638	—
3,000 CAD	2,315 USD	UBS	10/19/2022	143	—
37,000 DKK	4,978 USD	UBS	10/19/2022	96	—
46,000 GBP	54,209 USD	UBS	10/19/2022	2,831	—
6,931 USD	6,000 GBP	UBS	10/19/2022	—	(230)
Total				68,707	(2,150)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
10-Year Mini Japanese Government Bond	1	12/2022	JPY	14,856,000	87	—
Australian 10-Year Bond	1	12/2022	AUD	117,116	—	(1,485)
Euro-Bobl	1	12/2022	EUR	119,750	—	(3,069)
Euro-BTP	1	12/2022	EUR	111,980	—	(5,888)
Euro-OAT	1	12/2022	EUR	132,120	—	(6,579)
Long Gilt	2	12/2022	GBP	192,800	—	(29,969)
MSCI EAFE Index	2	12/2022	USD	166,060	—	(22,691)
MSCI Emerging Markets Index	1	12/2022	USD	43,575	—	(5,881)
Russell 2000 Index E-mini	2	12/2022	USD	166,980	—	(22,044)
S&P 500 Index E-mini	2	12/2022	USD	360,150	—	(48,395)
U.S. Treasury 10-Year Note	1	12/2022	USD	112,063	—	(5,266)
U.S. Treasury 5-Year Note	1	12/2022	USD	107,508	—	(3,814)
U.S. Treasury Ultra 10-Year Note	15	12/2022	USD	1,777,266	—	(111,062)
Total					87	(266,143)

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Canadian Government 10-Year Bond	(1)	12/2022	CAD	(123,590)	847	—
Short Term Euro-BTP	(1)	12/2022	EUR	(105,320)	1,329	—
Total					2,176	—

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX North America High Yield Index, Series 39	Morgan Stanley	12/20/2027	5.000	Quarterly	6.070	USD	648,000	3,848	—	—	3,848	—
Markit CDX North America Investment Grade Index, Series 39	Morgan Stanley	12/20/2027	1.000	Quarterly	1.077	USD	246,000	(1,119)	—	—	—	(1,119)
Total								2,729	—	—	3,848	(1,119)

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Principal and interest may not be guaranteed by a governmental entity.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At September 30, 2022, the total value of these securities amounted to $1,015,175, which represents 10.26% of total net assets.
(d)	Zero coupon bond.
(e)	The rate shown is the seven-day current annualized yield at September 30, 2022.
(f)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund.The value of the holdings and transactions in these affiliated companies during the period ended September 30, 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, 2.834%
	5,767,626	2,624,073	(3,093,781)	475	5,298,393	(903)	38,553	5,301,044

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
CNY	China Yuan Renminbi
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona

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

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Portfolio of Investments (continued)
September 30, 2022 (Unaudited)

Currency Legend (continued)

SGD	Singapore Dollar
USD	US Dollar
ZAR	South African Rand

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Foreign Government Obligations	—	1,660,467	—	1,660,467
U.S. Treasury Obligations	—	2,720,701	—	2,720,701
Money Market Funds	5,298,393	—	—	5,298,393
Total Investments in Securities	5,298,393	4,381,168	—	9,679,561
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	68,707	—	68,707
Futures Contracts	2,263	—	—	2,263
Swap Contracts	—	3,848	—	3,848
Liability
Forward Foreign Currency Exchange Contracts	—	(2,150)	—	(2,150)
Futures Contracts	(266,143)	—	—	(266,143)
Swap Contracts	—	(1,119)	—	(1,119)
Total	5,034,513	4,450,454	—	9,484,967

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

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

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Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $5,439,644)	$4,381,168
Affiliated issuers (cost $5,299,145)	5,298,393
Foreign currency (cost $7,683)	7,379
Margin deposits on:
Futures contracts	113,278
Swap contracts	76,085
Unrealized appreciation on forward foreign currency exchange contracts	68,707
Receivable for:
Investments sold	6
Dividends	11,242
Interest	20,010
Foreign tax reclaims	877
Variation margin for futures contracts	3,266
Variation margin for swap contracts	70
Expense reimbursement due from Investment Manager	275
Prepaid expenses	2,862
Trustees’ deferred compensation plan	15,642
Total assets	9,999,260
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	2,150
Payable for:
Investments purchased	75
Capital shares purchased	27,717
Variation margin for futures contracts	16,244
Variation margin for swap contracts	365
Compensation of board members	10,587
Compensation of chief compliance officer	1
Audit fees	20,069
Custodian fees	8,167
Other expenses	1,880
Trustees’ deferred compensation plan	15,642
Total liabilities	102,897
Net assets applicable to outstanding capital stock	$9,896,363
Represented by
Paid in capital	11,425,593
Total distributable earnings (loss)	(1,529,230)
Total - representing net assets applicable to outstanding capital stock	$9,896,363
Shares outstanding	1,113,052
Net asset value per share	8.89

The accompanying Notes to Portfolio of Investments are an integral part of this statement.

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Statement of Operations
Six Months Ended September 30, 2022 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$38,553
Interest	30,663
Foreign taxes withheld	(75)
Total income	69,141
Expenses:
Compensation of board members	7,427
Custodian fees	12,116
Printing and postage fees	1,833
Audit fees	20,069
Legal fees	5,657
Interest on collateral	49
Compensation of chief compliance officer	1
Other	1,995
Total expenses	49,147
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(48,577)
Total net expenses	570
Net investment income	68,571
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(43,783)
Investments — affiliated issuers	(903)
Foreign currency translations	(5,569)
Forward foreign currency exchange contracts	221,364
Futures contracts	(264,966)
Swap contracts	(26,358)
Net realized loss	(120,215)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(654,235)
Investments — affiliated issuers	475
Foreign currency translations	(572)
Forward foreign currency exchange contracts	68,433
Futures contracts	(216,014)
Swap contracts	(10,155)
Net change in unrealized appreciation (depreciation)	(812,068)
Net realized and unrealized loss	(932,283)
Net decrease in net assets resulting from operations	$(863,712)

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

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Financial Highlights

	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31,
	Six Months Ended September 30, 2022 (Unaudited)	2022	2021	2020	2019	2018 ^(a)
Per share data
Net asset value, beginning of period	$9.66	$10.49	$10.15	$10.24	$10.05	$10.00
Income from investment operations:
Net investment income	0.06	0.05	0.08	0.21	0.21	0.06
Net realized and unrealized gain (loss)	(0.83)	(0.21)	0.76	0.34	0.36	0.03
Total from investment operations	(0.77)	(0.16)	0.84	0.55	0.57	0.09
Less distributions to shareholders from:
Net investment income	—	(0.11)	(0.11)	(0.26)	(0.30)	(0.03)
Net realized gains	—	(0.56)	(0.39)	(0.38)	(0.08)	(0.01)
Total distributions to shareholders	—	(0.67)	(0.50)	(0.64)	(0.38)	(0.04)
Net asset value, end of period	$8.89	$9.66	$10.49	$10.15	$10.24	$10.05
Total return	(7.97%)	(1.85%)	8.23%	5.26%	5.85%	0.90%
Ratios to average net assets
Total gross expenses^(b)	0.94%^(c),(d)	0.87%^(d)	0.90%	1.01%	1.44%	0.95%^(c)
Total net expenses^(b),(e)	0.01%^(c),(d)	0.01%^(d)	0.01%	0.01%	0.01%	0.01%^(c)
Net investment income	1.31%^(c)	0.51%	0.73%	1.98%	2.11%	1.45%^(c)
Supplemental data
Portfolio turnover	14%	233%	66%	218%	141%	30%
Net assets, end of period (in thousands)	$9,896	$10,814	$11,116	$9,356	$8,363	$7,938

Notes to Financial Highlights
(a)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(b)	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.
(c)	Annualized.
(d)	Ratios include interest on collateral expense which is less than 0.01%.
(e)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Table of Contents

Notes to Financial Statements
September 30, 2022 (Unaudited)

Note 1. Organization

Columbia Solutions Conservative Portfolio (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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

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

Columbia Solutions Conservative Portfolio | Semiannual Report 2022

Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Foreign currency transactions and translations

Derivative instruments

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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.

Forward foreign currency exchange contracts

Futures contracts

Columbia Solutions Conservative Portfolio | Semiannual Report 2022

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Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Swap contracts

Credit default swap contracts

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Interest rate and inflation rate swap contracts

Effects of derivative transactions in the financial statements

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at September 30, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	3,848*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	68,707
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	2,263*
Total		74,818

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	1,119*
Equity risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	99,011*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	2,150
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	167,132*
Total		269,412

*	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.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(34,521)	(34,521)
Equity risk	—	(33,503)	—	(33,503)
Foreign exchange risk	221,364	—	—	221,364
Interest rate risk	—	(231,463)	8,163	(223,300)
Total	221,364	(264,966)	(26,358)	(69,960)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	(4,482)	(4,482)
Equity risk	—	(150,198)	—	(150,198)
Foreign exchange risk	68,433	—	—	68,433
Interest rate risk	—	(65,816)	(5,673)	(71,489)
Total	68,433	(216,014)	(10,155)	(157,736)

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	3,546,336
Futures contracts — short	153,401
Credit default swap contracts — sell protection	900,760

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	56,063*	(1,321)*
Interest rate swap contracts	1,297**	—

*	Based on the ending quarterly outstanding amounts for the six months ended September 30, 2022.
**	Based on the ending daily outstanding amounts for the six months ended September 30, 2022.

Offsetting of assets and liabilities

	Citi ($)	Goldman Sachs International ($)	HSBC ($)	Morgan Stanley ($)	Standard Chartered ($)	UBS ($)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(a)	-	-	-	70	-	-	70
Forward foreign currency exchange contracts	31,560	750	30,267	-	1,422	4,708	68,707
Total assets	31,560	750	30,267	70	1,422	4,708	68,777
Liabilities
Centrally cleared credit default swap contracts ^(a)	-	-	-	365	-	-	365
Forward foreign currency exchange contracts	1,920	-	-	-	-	230	2,150
Total liabilities	1,920	-	-	365	-	230	2,515
Total financial and derivative net assets	29,640	750	30,267	(295)	1,422	4,478	66,262
Total collateral received (pledged) ^(b)	-	-	-	(295)	-	-	(295)
Net amount ^(c)	29,640	750	30,267	-	1,422	4,478	66,557

(a)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(b)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Expenses

Determination of net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

Distribution and service fees

Expenses waived/reimbursed by the Investment Manager and its affiliates

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 4. Federal tax information

At September 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
10,739,000	75,000	(1,329,000)	(1,254,000)

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

Late year ordinary losses ($)	Post-October capital losses ($)
—	309,444

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $866,981 and $659,048, respectively, for the six months ended September 30, 2022, of which $446,291 and $621,201, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended September 30, 2022.

Note 8. Line of credit

The Fund had no borrowings during the six months ended September 30, 2022.

Note 9. Significant risks

Credit risk

Derivatives risk

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Foreign currency risk

Interest rate risk

Liquidity risk

Market risk

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

Money market fund investment risk

Shareholder concentration risk

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Table of Contents

Notes to Financial Statements (continued)
September 30, 2022 (Unaudited)

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.

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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund as well as performance relative to benchmarks;
•	Information on the Fund’s management fees and total expenses;
•	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; and
•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund.

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.

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Table of Contents

Approval of Management Agreement (continued)
(Unaudited)
Nature, extent and quality of services provided by the Investment Manager

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager and Broadridge collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index and (iii) the net assets of the Fund. The Board considered that the Fund is held exclusively by other Columbia Threadneedle-managed products, and noted the contribution of the performance of the Fund to meeting the investment objectives of such products.

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

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Table of Contents

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

Because the Fund does not pay management fees, the Board did not believe it necessary to consider potential economies of scale associated with the growth of the Fund.

Conclusion

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

Columbia Solutions Conservative Portfolio | Semiannual Report 2022

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

SIGNATURES

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

authorized.
(registrant)			Columbia Funds Series Trust I
By (Signature and Title)			/s/ Daniel J. Beckman
			Daniel J. Beckman, President and Principal Executive Officer
Date			November 22, 2022

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


By (Signature and Title)		/s/ Daniel J. Beckman
		Daniel J. Beckman, President and Principal Executive Officer
Date		November 22, 2022
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
		and Senior Vice President
Date		November 22, 2022
By (Signature and Title)		/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting Officer and Principal
		Financial Officer
Date		November 22, 2022

	Six Months Ended September 30, 2022 (Unaudited)	Year Ended March 31, 2022
Operations
Net investment loss	$(3,358,335)	$(11,986,440)
Net realized gain (loss)	(31,240,705)	391,699,775
Net change in unrealized appreciation (depreciation)	(394,142,968)	(406,069,309)
Net decrease in net assets resulting from operations	(428,742,008)	(26,355,974)
Distributions to shareholders
Net investment income and net realized gains
Class A	(20,833,919)	(78,918,906)
Advisor Class	(1,533,659)	(5,028,694)
Class C	(5,334,510)	(22,203,505)
Institutional Class	(81,719,629)	(296,318,314)
Institutional 2 Class	(18,375,074)	(60,103,958)
Institutional 3 Class	(25,431,479)	(142,927,250)
Class R	(1,188,225)	(4,419,902)
Total distributions to shareholders	(154,416,495)	(609,920,529)
Increase (decrease) in net assets from capital stock activity	(17,255,596)	196,206,640
Total decrease in net assets	(600,414,099)	(440,069,863)
Net assets at beginning of period	1,681,928,300	2,121,998,163
Net assets at end of period	$1,081,514,201	$1,681,928,300

Portfolio breakdown (%) (at September 30, 2022)
Common Stocks	98.1
Money Market Funds	1.9
Total	100.0

Equity sector breakdown (%) (at September 30, 2022)
Consumer Discretionary	17.1
Consumer Staples	7.9
Financials	4.7
Health Care	27.1
Industrials	12.3
Information Technology	30.9
Total	100.0

Assets
Investments in securities, at value
Unaffiliated issuers (cost $738,384,619)	$1,062,288,796
Affiliated issuers (cost $20,356,429)	20,356,432
Receivable for:
Capital shares sold	336,009
Dividends	175,684
Expense reimbursement due from Investment Manager	3,627
Prepaid expenses	21,327
Trustees’ deferred compensation plan	362,783
Other assets	35,562
Total assets	1,083,580,220
Liabilities
Payable for:
Capital shares purchased	1,445,001
Management services fees	22,306
Distribution and/or service fees	1,638
Transfer agent fees	149,494
Compensation of board members	24,506
Compensation of chief compliance officer	123
Other expenses	60,168
Trustees’ deferred compensation plan	362,783
Total liabilities	2,066,019
Net assets applicable to outstanding capital stock	$1,081,514,201
Represented by
Paid in capital	797,938,501
Total distributable earnings (loss)	283,575,700
Total - representing net assets applicable to outstanding capital stock	$1,081,514,201

Class A
Net assets	$138,155,324
Shares outstanding	23,690,066
Net asset value per share	$5.83
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)	$6.19
Advisor Class
Net assets	$11,988,061
Shares outstanding	1,658,910
Net asset value per share	$7.23
Class C
Net assets	$20,865,052
Shares outstanding	6,174,584
Net asset value per share	$3.38
Institutional Class
Net assets	$588,779,431
Shares outstanding	89,299,577
Net asset value per share	$6.59
Institutional 2 Class
Net assets	$144,197,468
Shares outstanding	19,508,631
Net asset value per share	$7.39
Institutional 3 Class
Net assets	$171,061,423
Shares outstanding	22,371,385
Net asset value per share	$7.65
Class R
Net assets	$6,467,442
Shares outstanding	1,460,489
Net asset value per share	$4.43

Portfolio breakdown (%) (at September 30, 2022)
Common Stocks	97.8
Money Market Funds	2.2
Total	100.0

Columbia Adaptive Retirement 2020 Fund Fund at a Glance	3
Columbia Adaptive Retirement 2025 Fund Fund at a Glance	4
Columbia Adaptive Retirement 2030 Fund Fund at a Glance	5
Columbia Adaptive Retirement 2035 Fund Fund at a Glance	6
Columbia Adaptive Retirement 2040 Fund Fund at a Glance	7
Columbia Adaptive Retirement 2045 Fund Fund at a Glance	8
Columbia Adaptive Retirement 2050 Fund Fund at a Glance	9
Columbia Adaptive Retirement 2055 Fund Fund at a Glance	10
Columbia Adaptive Retirement 2060 Fund Fund at a Glance	11
Understanding Your Fund’s Expenses	12
Portfolio of Investments	14
Statement of Assets and Liabilities	32
Statement of Operations	35
Statement of Changes in Net Assets	38
Financial Highlights	44
Notes to Financial Statements	62
Approval of Management Agreements	72
Additional Information	76