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	31
Statement of Operations	33
Statement of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	40
Liquidity Risk Management Program	49

If you elect to receive the shareholder report for Columbia Intermediate Duration Municipal Bond 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 Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, consistent with preservation of principal.

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2012

Douglas Rangel, CFA

Portfolio Manager

Managed Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/25/02	5.14	1.35	1.52	1.59
	Including sales charges		2.02	-1.71	0.90	1.28
Advisor Class		03/19/13	5.14	1.55	1.70	1.77
Class C	Excluding sales charges	11/25/02	4.72	0.75	0.89	0.97
	Including sales charges		3.72	-0.23	0.89	0.97
Institutional Class		06/14/93	5.13	1.55	1.70	1.78
Institutional 2 Class		11/08/12	5.30	1.73	1.79	1.87
Institutional 3 Class*		03/01/17	5.31	1.68	1.82	1.85
Class V	Excluding sales charges	06/26/00	5.17	1.40	1.57	1.64
	Including sales charges		0.14	-3.41	0.59	1.14
Bloomberg 3-15 Year Blend Municipal Bond Index			6.52	3.71	2.18	2.14

Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. Returns for Class V shares are shown with and without the maximum initial sales charge of 4.75%. 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 Bloomberg 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.

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 Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	3.8
AA rating	29.2
A rating	46.9
BBB rating	12.6
BB rating	3.7
CCC rating	0.6
Not rated	3.2
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

Top Ten States/Territories (%) (at April 30, 2023)
Illinois	17.6
California	12.4
Texas	9.2
New York	6.2
Florida	5.0
Georgia	3.8
Pennsylvania	3.6
Massachusetts	3.5
New Jersey	3.3
District of Columbia	3.2

Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

4	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

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.

November 1, 2022 — April 30, 2023
	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	1,051.40	1,021.53	3.07	3.02	0.61
Advisor Class	1,000.00	1,000.00	1,051.40	1,022.51	2.06	2.03	0.41
Class C	1,000.00	1,000.00	1,047.20	1,018.59	6.07	5.99	1.21
Institutional Class	1,000.00	1,000.00	1,051.30	1,022.51	2.06	2.03	0.41
Institutional 2 Class	1,000.00	1,000.00	1,053.00	1,022.90	1.66	1.64	0.33
Institutional 3 Class	1,000.00	1,000.00	1,053.10	1,023.15	1.41	1.39	0.28
Class V	1,000.00	1,000.00	1,051.70	1,021.77	2.82	2.78	0.56

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 Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 1.9%
Issue Description	Yield	Principal Amount ($)	Value ($)
Massachusetts 0.3%
JPMorgan Chase Putters/Drivers Trust^{(a),(b),(c),(d)}
Tax-Exempt Preferred
Series 2020-5033 (JPMorgan Chase Bank)
11/16/2024	4.400%	5,000,000	5,000,000
New York 1.3%
City of New York^(c),(d)
Unlimited General Obligation Bonds
Fiscal 2015
Subordinated Series 2015 (JPMorgan Chase Bank)
06/01/2044	3.750%	3,300,000	3,300,000
New York City Transitional Finance Authority^(c),(d)
Revenue Bonds
Future Tax Secured
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045	3.750%	4,000,000	4,000,000
Subordinated Series 2018 (JPMorgan Chase Bank)
08/01/2042	3.750%	5,500,000	5,500,000
New York City Water & Sewer System^(d)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	3.750%	7,500,000	7,500,000
Series 2013DD-2 (JPMorgan Chase Bank)
06/15/2043	3.750%	2,200,000	2,200,000
Total			22,500,000
Utah 0.3%
City of Murray^(c),(d)
Revenue Bonds
IHC Health Services, Inc.
Series 2005A (JPMorgan Chase Bank)
05/15/2037	3.800%	2,400,000	2,400,000
Series 2005B (JPMorgan Chase Bank)
05/15/2037	3.800%	2,600,000	2,600,000
Total			5,000,000
Total Floating Rate Notes (Cost $32,500,000)			32,500,000

Municipal Bonds 97.5%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 1.4%
Black Belt Energy Gas District
Revenue Bonds
Project No. 5
Series 2020A-1 (Mandatory Put 10/01/26)
10/01/2049	4.000%	11,500,000	11,519,814
Black Belt Energy Gas District^(e)
Revenue Bonds
Series 2018B-1 (Mandatory Put 12/01/23)
0.7 x 1-month USD LIBOR + 0.900% 12/01/2048	4.147%	4,000,000	3,995,492
UAB Medicine Finance Authority
Refunding Revenue Bonds
University of Alabama - Medicine
Series 2017B2
09/01/2036	5.000%	2,340,000	2,474,309
09/01/2037	5.000%	2,030,000	2,137,766
09/01/2041	5.000%	1,020,000	1,058,853
Revenue Bonds
University of Alabama - Medicine
Series 2019
09/01/2044	4.000%	2,470,000	2,384,183
Total			23,570,417
Alaska 0.2%
Alaska Housing Finance Corp.
Prerefunded 12/01/24 Revenue Bonds
State Capital Project Bonds II
Series 2014
12/01/2028	5.000%	2,500,000	2,578,697
06/01/2029	5.000%	1,000,000	1,031,479
Total			3,610,176
Arizona 2.2%
Arizona Industrial Development Authority^(a)
Refunding Revenue Bonds
Arizona Agribusiness & Equine Center, Inc. Project
Series 2017B
03/01/2037	5.000%	1,250,000	1,200,450
03/01/2042	5.000%	1,000,000	920,817
Revenue Bonds
Cadence Campus Project
Series 2020A
07/15/2030	4.000%	595,000	568,363
07/15/2040	4.000%	925,000	781,019
07/15/2050	4.000%	1,600,000	1,215,314

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

6	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Doral Academy Nevada - Fire Mesa
Series 2019A
07/15/2029	3.550%	1,145,000	1,072,337
07/15/2049	5.000%	3,350,000	3,070,927
Lone Mountain Campus Projects
Series 2019
12/15/2029	3.750%	485,000	450,392
12/15/2039	5.000%	400,000	377,123
12/15/2049	5.000%	700,000	615,887
Pinecrest Academy - Horizon
Series 2018
07/15/2038	5.750%	1,750,000	1,793,453
Arizona State University
Revenue Bonds
Green Bonds
Series 2019A
07/01/2037	5.000%	7,800,000	8,628,419
Industrial Development Authority of the City of Phoenix (The)^(a)
Revenue Bonds
FAC-Legacy Traditional Schools Project
Series 2016
07/01/2031	5.000%	3,000,000	3,021,599
La Paz County Industrial Development Authority
Revenue Bonds
Charter School Solutions - Harmony Public Schools Project
Series 2016
02/15/2036	5.000%	2,800,000	2,840,068
02/15/2046	5.000%	1,000,000	985,618
Series 2018
02/15/2048	5.000%	1,185,000	1,159,038
Maricopa County Industrial Development Authority
Refunding Revenue Bonds
Horizon Community Learning Center
Series 2016
07/01/2035	5.000%	2,325,000	2,257,161
Revenue Bonds
Reid Traditional Schools Project
Series 2016
07/01/2036	5.000%	750,000	765,389
Maricopa County Industrial Development Authority^(a)
Refunding Revenue Bonds
Legacy Traditional Schools Project
Series 2019
07/01/2039	5.000%	1,000,000	959,240
Paradise Schools Project
Series 2016
07/01/2047	5.000%	1,225,000	1,149,784

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Salt River Project Agricultural Improvement & Power District
Revenue Bonds
Series 2023A
01/01/2043	5.000%	3,000,000	3,403,074
Total			37,235,472
Arkansas 0.1%
University of Arkansas
Prerefunded 11/01/24 Revenue Bonds
Various Facilities - Fayetteville Campus
Series 2015
11/01/2030	5.000%	1,000,000	1,030,248
California 12.3%
Alvord Unified School District^(f)
Unlimited General Obligation Bonds
2007 Election
Series 2011B (AGM)
08/01/2046	0.000%	1,150,000	1,279,037
Bay Area Toll Authority^(e)
Revenue Bonds
San Francisco Bay Area Toll Bridge
Series 2013 (Mandatory Put 04/01/27)
Muni Swap Index Yield + 1.250% 04/01/2036	4.059%	5,000,000	5,058,481
Burbank Unified School District^(f)
Prerefunded 02/01/25 Unlimited General Obligation Bonds
Convertible
Series 2015A
08/01/2031	0.000%	1,325,000	1,355,713
California Educational Facilities Authority
Revenue Bonds
Chapman University
Series 2015
04/01/2028	5.000%	1,000,000	1,045,789
04/01/2029	5.000%	1,650,000	1,724,359
04/01/2030	5.000%	1,700,000	1,773,594
California Health Facilities Financing Authority
Prerefunded 07/01/23 Revenue Bonds
St. Joseph Health System
Series 2013A
07/01/2037	5.000%	2,000,000	2,005,480
Prerefunded 11/15/25 Revenue Bonds
Sutter Health Obligation Group
Series 2016A
11/15/2033	5.000%	5,000,000	5,292,956
Refunding Revenue Bonds
Children’s Hospital
Series 2017A
08/15/2042	5.000%	1,000,000	1,024,250
El Camino Hospital
Series 2015A
02/01/2029	5.000%	1,485,000	1,542,053

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
El Camino Hospital
Series 2017
02/01/2034	5.000%	1,750,000	1,877,889
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2042	5.000%	1,500,000	1,544,693
Revenue Bonds
National University
Series 2019A
04/01/2037	5.000%	1,470,000	1,576,166
California School Finance Authority^(a)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
07/31/2036	5.000%	1,910,000	1,928,930
Revenue Bonds
Aspire Public Schools Obligation Group
Series 2021
08/01/2041	4.000%	500,000	440,696
California State Public Works Board
Revenue Bonds
Various Capital Projects
Series 2013I
11/01/2028	5.250%	9,225,000	9,310,917
11/01/2029	5.000%	5,000,000	5,040,701
11/01/2031	5.500%	2,930,000	2,960,726
Various Correctional Facilities
Series 2014A
09/01/2031	5.000%	15,350,000	15,696,250
California Statewide Communities Development Authority
Prerefunded 10/01/24 Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2014A (AGM)
10/01/2034	5.000%	5,000,000	5,142,516
Revenue Bonds
Methodist Hospital of Southern California
Series 2018
01/01/2038	5.000%	3,000,000	3,114,256
Series 2017
05/15/2033	5.000%	1,350,000	1,392,725
05/15/2034	5.000%	1,000,000	1,029,775
05/15/2035	5.000%	2,200,000	2,259,749
City of Los Angeles Department of Airports^(b)
Refunding Revenue Bonds
Green Bonds
Subordinated Series 2023
05/15/2039	5.250%	2,000,000	2,234,702
05/15/2040	5.250%	1,320,000	1,465,655

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Los Angeles International Airport
Subordinated Series 2022
05/15/2029	5.000%	2,060,000	2,266,085
Revenue Bonds
Series 2020C
05/15/2030	5.000%	5,000,000	5,565,104
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2030	5.000%	1,910,000	2,028,333
11/15/2031	5.000%	1,000,000	1,062,273
11/15/2032	5.000%	1,610,000	1,711,269
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2035	4.000%	1,000,000	984,648
Del Mar Race Track Authority
Refunding Revenue Bonds
Series 2015
10/01/2035	5.000%	2,665,000	2,578,708
Escondido Union High School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2008
Series 2009A (AGM)
08/01/2031	0.000%	480,000	372,733
Escondido Union High School District^(g)
Unlimited General Obligation Bonds
Convertible
Series 2011
08/01/2032	5.450%	1,250,000	1,334,800
Fresno Unified School District
Unlimited General Obligation Refunding Bonds
Series 2002A (MBIA)
08/01/2026	6.000%	1,700,000	1,779,448
Golden State Tobacco Securitization Corp.
Prerefunded 06/01/25 Asset-Backed Revenue Bonds
Series 2015A
06/01/2033	5.000%	5,250,000	5,497,037
Prerefunded 06/01/27 Revenue Bonds
Series 2017A-1
06/01/2028	5.000%	1,000,000	1,098,879
06/01/2029	5.000%	1,000,000	1,098,879
Hartnell Community College District^(f)
Unlimited General Obligation Refunding Bonds
Capital Appreciation Serial Bonds
Series 2015A
08/01/2035	0.000%	2,650,000	1,626,460

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

8	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
La Quinta Redevelopment Agency Successor Agency
Prerefunded 09/01/23 Tax Allocation Bonds
Redevelopment Project
Subordinated Series 2013A
09/01/2029	5.000%	5,000,000	5,029,220
Lakeside Union School District/Kern County^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election
Series 2009 Escrowed to Maturity (AGM)
09/01/2027	0.000%	5,000	4,463
Los Angeles County Sanitation Districts Financing Authority
Refunding Revenue Bonds
Capital Projects - District #14
Subordinated Series 2015
10/01/2033	5.000%	4,000,000	4,216,596
Manteca Unified School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2004
Series 2006 (NPFGC)
08/01/2024	0.000%	5,000,000	4,792,874
Mount Diablo Unified School District^(g)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2010
Series 2010A (AGM)
08/01/2035	5.750%	2,125,000	2,271,356
M-S-R Energy Authority
Revenue Bonds
Series 2009A
11/01/2039	6.500%	4,940,000	5,790,060
Norman Y Mineta San Jose International Airport SJC
Refunding Revenue Bonds
Series 2017B
03/01/2042	5.000%	1,665,000	1,745,705
Norman Y. Mineta San Jose International Airport^(b)
Refunding Revenue Bonds
Series 2017A
03/01/2041	5.000%	1,000,000	1,029,123
Pasadena Public Financing Authority^(f)
Revenue Bonds
Capital Appreciation - Rose Bowl
Series 2010A
03/01/2029	0.000%	2,000,000	1,653,179
Pico Rivera Water Authority
Revenue Bonds
Water System Project
Series 1999A (NPFGC)
05/01/2029	5.500%	2,260,000	2,411,896
Rancho Santiago Community College District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (AGM)
09/01/2031	0.000%	28,000,000	21,638,025

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sacramento Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Subordinated Series 2015A (BAM)
12/01/2027	5.000%	235,000	248,747
12/01/2028	5.000%	425,000	450,609
12/01/2030	5.000%	1,000,000	1,060,931
12/01/2031	5.000%	2,000,000	2,121,458
San Francisco City & County Airport Commission - San Francisco International Airport^(b)
Revenue Bonds
Series 2019E
05/01/2045	5.000%	13,500,000	14,018,052
San Joaquin Hills Transportation Corridor Agency^(f)
Revenue Bonds
Senior Lien
Series 1993 Escrowed to Maturity
01/01/2025	0.000%	22,405,000	21,363,844
San Jose Unified School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (NPFGC)
08/01/2027	0.000%	1,495,000	1,333,282
State of California
Unlimited General Obligation Bonds
Series 2015
03/01/2033	5.000%	2,500,000	2,605,466
Tustin Community Facilities District
Refunding Special Tax Bonds
Legacy Villages of Columbus #06-1
Series 2015
09/01/2031	5.000%	1,000,000	1,048,120
09/01/2033	5.000%	1,250,000	1,307,444
Vallejo City Unified School District
Unlimited General Obligation Refunding Bonds
Series 2002A (MBIA)
08/01/2025	5.900%	730,000	747,786
Walnut Creek Elementary School District Contra Costa County^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2010E
09/01/2023	0.000%	1,560,000	1,542,144
WateReuse Finance Authority
Refunding Revenue Bonds
Vallejo Sanitation and Flood
Series 2014 (BAM)
05/01/2036	5.500%	2,635,000	2,687,746
Westminster School District^(f)
Prerefunded 08/01/23 Unlimited General Obligation Bonds
Election of 2008
Series 2013 (BAM)
08/01/2048	0.000%	7,045,000	1,251,315
Total			210,492,155

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Colorado 2.9%
Arkansas River Power Authority
Refunding Revenue Bonds
Series 2018A
10/01/2038	5.000%	2,250,000	2,286,860
City & County of Denver
Revenue Bonds
Series 2018A-1
08/01/2041	5.000%	8,000,000	8,302,252
City & County of Denver Airport System^(b)
Refunding Revenue Bonds
Series 2017A
11/15/2030	5.000%	5,010,000	5,351,977
Series 2022D
11/15/2039	5.750%	2,250,000	2,613,762
System
Subordinated Series 2018A
12/01/2048	5.000%	3,000,000	3,078,096
Colorado Health Facilities Authority
Prerefunded 06/01/27 Revenue Bonds
Evangelical Lutheran Good Samaritan Society
Series 2017
06/01/2030	5.000%	2,000,000	2,186,360
05/31/2047	5.000%	1,000,000	1,093,180
Refunding Revenue Bonds
CommonSpirit Health
Series 2019A
08/01/2044	4.000%	2,000,000	1,879,923
08/01/2049	4.000%	2,265,000	2,051,071
Covenant Retirement Communities
Series 2015
12/01/2023	5.000%	215,000	215,517
12/01/2026	5.000%	1,860,000	1,884,154
12/01/2028	5.000%	1,000,000	1,013,339
12/01/2030	5.000%	1,400,000	1,419,128
Revenue Bonds
Parkview Medical Center, Inc. Project
Series 2020
09/01/2045	4.000%	1,000,000	897,660
09/01/2050	4.000%	1,500,000	1,264,999
Denver City & County School District No. 1
Unlimited General Obligation Bonds
Series 2021
12/01/2039	5.000%	5,000,000	5,626,372
E-470 Public Highway Authority^(e)
Refunding Revenue Bonds
Series 2021B (Mandatory Put 09/01/24)
0.7 x SOFR + 0.350% 09/01/2039	3.573%	2,000,000	1,986,936

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Park Creek Metropolitan District
Refunding Revenue Bonds
Senior Limited Property Tax
Series 2015
12/01/2030	5.000%	1,895,000	1,967,110
Refunding Tax Allocation Bonds
Limited Property Tax
Series 2015
12/01/2032	5.000%	1,500,000	1,553,325
Regional Transportation District
Certificate of Participation
Series 2015
06/01/2027	5.000%	2,925,000	3,041,521
Total			49,713,542
Connecticut 1.6%
Connecticut State Health & Educational Facilities Authority
Refunding Revenue Bonds
Fairfield University
Series 2018S
07/01/2029	5.000%	1,000,000	1,098,713
Nuvance Health Issue Services
Series 2019A
07/01/2038	4.000%	5,430,000	5,007,846
State of Connecticut
Revenue Bonds
Special Tax Obligation
Series 2020
05/01/2040	5.000%	2,130,000	2,349,010
Unlimited General Obligation Bonds
Series 2016A
03/15/2027	5.000%	2,155,000	2,291,431
Series 2017A
04/15/2034	5.000%	3,000,000	3,241,017
Series 2019A
04/15/2036	5.000%	2,200,000	2,436,888
Social Bonds
Series 2022F
11/15/2038	5.000%	2,000,000	2,287,938
University of Connecticut
Revenue Bonds
Series 2016A
03/15/2032	5.000%	2,000,000	2,111,830
Series 2017A
01/15/2033	5.000%	4,000,000	4,316,055
Series 2019A
11/01/2036	5.000%	1,485,000	1,617,267
Total			26,757,995

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

10	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Delaware 0.2%
City of Wilmington
Unlimited General Obligation Bonds
Series 2013A
10/01/2025	5.000%	3,715,000	3,740,528
District of Columbia 3.2%
District of Columbia
Refunding Revenue Bonds
Children’s Hospital
Series 2015
07/15/2030	5.000%	3,000,000	3,145,452
Friendship Public Charter School
Series 2016
06/01/2036	5.000%	4,815,000	4,910,134
06/01/2046	5.000%	1,385,000	1,389,764
Revenue Bonds
KIPP DC Project
Series 2019
07/01/2044	4.000%	3,480,000	3,066,319
Unlimited General Obligation Bonds
Series 2023A
01/01/2039	5.000%	1,000,000	1,161,168
Metropolitan Washington Airports Authority^(b)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2037	5.000%	5,000,000	5,320,493
Metropolitan Washington Airports Authority Dulles Toll Road
Refunding Revenue Bonds
Dulles Metrorail
Subordinated Series 2019
10/01/2049	4.000%	3,000,000	2,811,483
Metropolitan Washington Airports Authority Dulles Toll Road^(f)
Revenue Bonds
Capital Appreciation - 2nd Senior Lien
Series 2009B (AGM)
10/01/2024	0.000%	20,980,000	19,891,046
10/01/2025	0.000%	7,500,000	6,886,022
10/01/2026	0.000%	5,000,000	4,451,910
Washington Convention & Sports Authority
Refunding Revenue Bonds
Series 2018A
10/01/2030	5.000%	1,500,000	1,638,415
Total			54,672,206
Florida 4.9%
Central Florida Expressway Authority
Refunding Revenue Bonds
Senior Lien
Series 2017 (BAM)
07/01/2041	4.000%	4,000,000	3,924,115

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Atlantic Beach
Revenue Bonds
Fleet Landing Project
Series 2018
11/15/2048	5.000%	1,750,000	1,486,434
Series 2018A
11/15/2043	5.000%	1,085,000	956,680
City of Lakeland Department of Electric Utilities
Refunding Revenue Bonds
Series 2010 (AGM)
10/01/2028	5.250%	1,250,000	1,433,179
City of Orlando Tourist Development Tax
Refunding Revenue Bonds
Senior Lien - Tourist Development
Series 2017 (AGM)
11/01/2035	5.000%	2,270,000	2,465,494
City of Tampa^(f)
Revenue Bonds
Capital Appreciation
Series 2020A
09/01/2034	0.000%	650,000	424,866
County of Broward Airport System^(b)
Revenue Bonds
Series 2015A
10/01/2026	5.000%	750,000	770,896
10/01/2031	5.000%	1,000,000	1,028,083
County of Miami-Dade Aviation
Refunding Revenue Bonds
Series 2014B
10/01/2025	5.000%	800,000	820,627
10/01/2032	5.000%	6,620,000	6,770,804
County of Miami-Dade Aviation^(b)
Revenue Bonds
Series 2019A
10/01/2044	4.000%	1,000,000	935,758
County of Miami-Dade Rickenbacker Causeway
Revenue Bonds
Series 2014
10/01/2033	5.000%	1,215,000	1,238,075
County of Miami-Dade Seaport Department^(b)
Refunding Revenue Bonds
Series 2023A
10/01/2039	5.000%	3,000,000	3,216,188
County of Miami-Dade Water & Sewer System
Revenue Bonds
Series 2017A
10/01/2033	5.000%	2,000,000	2,069,286
County of Osceola Transportation^(f)
Refunding Revenue Bonds
Series 2020A-2
10/01/2034	0.000%	1,850,000	1,095,890

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2020A-2 (AGM)
10/01/2030	0.000%	1,200,000	864,367
Emerald Coast Utilities Authority
Refunding Revenue Bonds
Utility System
Series 2015 (BAM)
01/01/2032	5.000%	1,445,000	1,484,855
Halifax Hospital Medical Center
Refunding Revenue Bonds
Series 2016
06/01/2026	5.000%	1,525,000	1,600,636
06/01/2027	5.000%	1,295,000	1,360,928
Hillsborough County Aviation Authority
Prerefunded 10/01/24 Revenue Bonds
Tampa International Airport
Subordinated Series 2015B
10/01/2031	5.000%	1,600,000	1,645,156
10/01/2032	5.000%	2,300,000	2,364,912
Miami-Dade County Educational Facilities Authority
Refunding Revenue Bonds
University of Miami
Series 2015A
04/01/2031	5.000%	2,000,000	2,067,194
Mid-Bay Bridge Authority
Refunding Revenue Bonds
Series 2015A
10/01/2030	5.000%	2,150,000	2,207,189
Monroe County School District
Refunding Certificate of Participation
Series 2018A
06/01/2034	5.000%	1,000,000	1,099,291
Orange County School Board
Refunding Certificate of Participation
Series 2016C
08/01/2033	5.000%	5,000,000	5,235,667
Palm Beach County Health Facilities Authority
Revenue Bonds
Lifespace Communities, Inc.
Series 2018
05/15/2036	5.000%	2,550,000	2,141,626
05/15/2037	5.000%	2,500,000	2,081,134
Pasco County School Board
Refunding Certificate of Participation
Series 2015A
08/01/2026	5.000%	4,620,000	4,822,788
08/01/2027	5.000%	2,500,000	2,608,625

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Polk County Industrial Development Authority
Refunding Revenue Bonds
Carpenter’s Home Estates
Series 2019
01/01/2029	5.000%	590,000	585,944
01/01/2039	5.000%	300,000	277,240
01/01/2049	5.000%	1,000,000	850,155
Sarasota County Health Facilities Authority
Refunding Revenue Bonds
Village of Isle Project
Series 2016
01/01/2030	5.000%	750,000	722,376
01/01/2031	5.000%	935,000	893,625
01/01/2032	5.000%	1,100,000	1,042,795
Sarasota County Public Hospital District
Revenue Bonds
Memorial Hospital District
Series 2018
07/01/2041	5.000%	5,000,000	5,221,940
School Board of Miami-Dade County (The)
Refunding Certificate of Participation
Series 2015A
05/01/2030	5.000%	2,500,000	2,578,977
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2025	3.750%	100,000	100,012
Southeast Overtown Park West Community Redevelopment Agency^(a)
Tax Allocation Bonds
Series 2014A-1
03/01/2030	5.000%	2,925,000	2,964,221
St. Johns County Industrial Development Authority
Refunding Revenue Bonds
Vicar’s Landing Project
Series 2021
12/15/2041	4.000%	500,000	385,465
12/15/2046	4.000%	500,000	363,513
12/15/2050	4.000%	500,000	350,342
Sterling Hill Community Development District^(h)
Special Assessment Bonds
Series 2003B
11/01/2010	0.000%	137,786	74,405
Volusia County Educational Facility Authority
Refunding Revenue Bonds
Embry Riddle Aeronautical University
Series 2020
10/15/2044	5.000%	5,850,000	6,149,480
Revenue Bonds
Series 2015B
10/15/2030	5.000%	1,510,000	1,560,616
Total			84,341,849

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

12	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Georgia 3.7%
City of Atlanta Department of Aviation
Refunding Revenue Bonds
General
Subordinated Series 2014
01/01/2031	5.000%	1,000,000	1,010,931
01/01/2033	5.000%	1,000,000	1,010,768
01/01/2034	5.000%	1,000,000	1,010,494
General - Subordinated Lien
Series 2014
01/01/2032	5.000%	4,500,000	4,548,931
City of Atlanta Water & Wastewater
Revenue Bonds
Series 2018B
11/01/2043	5.000%	3,000,000	3,190,928
Fulton County Development Authority
Refunding Revenue Bonds
Spelman College
Series 2015
06/01/2032	5.000%	3,630,000	3,742,728
Gainesville & Hall County Development Authority
Refunding Revenue Bonds
Riverside Military Academy
Series 2017
03/01/2027	5.000%	410,000	384,388
03/01/2037	5.000%	2,500,000	2,036,325
03/01/2052	5.125%	2,925,000	2,114,637
Gainesville & Hall County Hospital Authority
Refunding Revenue Bonds
Northeast Georgia Health System, Inc. Project
Series 2017
02/15/2037	5.000%	2,000,000	2,114,428
Northeast Georgia Health Systems, Inc.
Series 2017
02/15/2036	5.000%	1,500,000	1,592,973
02/15/2042	5.000%	3,000,000	3,106,207
Series 2020
02/15/2040	4.000%	7,000,000	6,766,687
Georgia State Road & Tollway Authority^(a),(f)
Prerefunded 06/01/24 Revenue Bonds
I-75 S Express Lanes Project
Series 2014
06/01/2034	0.000%	3,750,000	1,957,323
Revenue Bonds
I-75 S Express Lanes Project
Series 2014 Escrowed to Maturity
06/01/2024	0.000%	315,000	300,235

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Main Street Natural Gas, Inc.^(e)
Revenue Bonds
Series 2018B (Mandatory Put 09/01/23)
0.7 x 1-month USD LIBOR + 0.750% 04/01/2048	3.997%	11,500,000	11,506,769
Series 2018D (Mandatory Put 12/01/23)
0.7 x 1-month USD LIBOR + 0.830% 08/01/2048	4.077%	500,000	500,834
Series 2018E (Mandatory Put 12/01/23)
Muni Swap Index Yield + 0.570% 08/01/2048	3.380%	10,000,000	9,978,347
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019A
05/15/2030	5.000%	2,750,000	2,871,617
05/15/2031	5.000%	4,000,000	4,176,362
Total			63,921,912
Guam 0.1%
Territory of Guam⁽ⁱ⁾
Refunding Revenue Bonds
Section 30
Series 2016A
12/01/2032	5.000%	1,310,000	1,358,211
12/01/2033	5.000%	1,000,000	1,034,821
Total			2,393,032
Idaho 0.1%
Idaho Health Facilities Authority
Revenue Bonds
Terraces of Boise Project
Series 2021
10/01/2031	3.800%	2,100,000	1,779,653
Illinois 17.5%
Bureau County Township High School District No. 502
Prerefunded 12/01/23 Unlimited General Obligation Bonds
Series 2013A (BAM)
10/01/2043	6.625%	3,400,000	3,466,364
Chicago Board of Education
Revenue Bonds
Series 2017
04/01/2046	6.000%	1,500,000	1,576,010
Series 2018
04/01/2042	5.000%	1,500,000	1,523,141
04/01/2046	5.000%	1,250,000	1,261,961
Chicago Housing Authority
Revenue Bonds
Series 2018A (HUD)
01/01/2037	5.000%	2,500,000	2,667,721

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Chicago Midway International Airport
Refunding Revenue Bonds
2nd Lien
Series 2014B
01/01/2029	5.000%	6,150,000	6,224,484
Chicago O’Hare International Airport
General Obligation Refunding Bonds
Senior Lien
Series 2016B
01/01/2033	5.000%	2,000,000	2,102,145
Refunding Revenue Bonds
General Senior Lien
Series 2017B
01/01/2038	5.000%	2,290,000	2,401,157
Chicago O’Hare International Airport^(b)
Refunding Revenue Bonds
Senior Lien
Series 2018
01/01/2037	5.000%	1,200,000	1,272,070
Series 2018A
01/01/2038	5.000%	4,250,000	4,480,154
01/01/2039	5.000%	1,250,000	1,313,348
Series 2022
01/01/2038	5.000%	1,000,000	1,078,383
01/01/2039	5.000%	1,215,000	1,304,047
01/01/2040	5.000%	1,770,000	1,883,764
Series 2015A
01/01/2026	5.000%	1,500,000	1,526,674
01/01/2031	5.000%	1,000,000	1,019,691
Chicago Park District
Limited General Obligation Bonds
Series 2016A
01/01/2040	5.000%	1,000,000	1,024,725
Limited General Obligation Refunding Bonds
Limited Tax
Series 2014B
01/01/2028	5.000%	2,500,000	2,525,222
Series 2016B
01/01/2031	5.000%	1,790,000	1,866,228
Chicago Transit Authority
Revenue Bonds
Second Lien
Series 2017
12/01/2046	5.000%	3,000,000	3,071,202
Chicago Transit Authority Sales Tax Receipts Fund
Refunding Revenue Bonds
Second Lien
Junior Subordinated Series 2020A
12/01/2050	4.000%	3,000,000	2,784,366

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Chicago
Unlimited General Obligation Bonds
Series 2017A
01/01/2038	6.000%	10,000,000	10,643,141
Series 2019A
01/01/2040	5.000%	6,500,000	6,627,530
01/01/2044	5.000%	11,750,000	11,704,221
Unlimited General Obligation Refunding Bonds
Series 2020A
01/01/2028	5.000%	6,000,000	6,352,115
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Junior Subordinated Series 2017B
01/01/2032	5.000%	2,000,000	2,082,414
01/01/2035	5.000%	3,310,000	3,432,214
Series 2015C
01/01/2031	5.000%	3,715,000	3,780,338
01/01/2039	5.000%	500,000	503,373
Series 2017B
01/01/2033	5.000%	2,500,000	2,599,017
City of Chicago Waterworks
Refunding Revenue Bonds
2nd Lien
Series 2016
11/01/2025	5.000%	2,000,000	2,074,663
11/01/2027	5.000%	3,750,000	3,941,733
Revenue Bonds
2nd Lien
Junior Subordinated Series 2016A-1
11/01/2027	5.000%	1,000,000	1,051,129
11/01/2029	5.000%	1,000,000	1,045,461
Series 2016A-1
11/01/2028	5.000%	1,000,000	1,048,101
City of Springfield Electric
Refunding Revenue Bonds
Senior Lien
Series 2015
03/01/2028	5.000%	1,000,000	1,024,533
03/01/2029	5.000%	1,000,000	1,024,891
Cook County Community Consolidated School District No. 65 Evanston^(f)
Unlimited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027	0.000%	300,000	249,223
12/01/2029	0.000%	400,000	300,914
12/01/2030	0.000%	1,130,000	809,298
12/01/2031	0.000%	1,500,000	1,018,538

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

14	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Cook County School District No. 144 Prairie Hills^(f)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2011C (AGM)
12/01/2028	0.000%	2,830,000	2,320,225
12/01/2029	0.000%	2,580,000	2,038,183
Cook County School District No. 83 Mannheim
Unlimited General Obligation Bonds
School
Series 2013
06/01/2033	5.625%	2,980,000	3,535,279
Cook County Township High School District No. 220 Reavis
Prerefunded 12/01/23 Limited General Obligation Bonds
School
Series 2013
12/01/2030	6.000%	1,000,000	1,015,665
Series 2013 (BAM)
12/01/2031	6.000%	2,035,000	2,066,879
12/01/2032	6.000%	2,160,000	2,193,837
06/01/2033	6.000%	2,235,000	2,270,012
County of Cook
Unlimited General Obligation Refunding Bonds
Series 2013B (BAM)
11/15/2023	5.000%	1,000,000	1,009,549
Series 2016A
11/15/2028	5.000%	3,150,000	3,350,692
11/15/2031	5.000%	2,750,000	2,921,414
County of Cook Sales Tax
Refunding Revenue Bonds
Series 2018
11/15/2035	5.250%	1,520,000	1,638,736
11/15/2036	5.250%	3,000,000	3,210,034
Illinois Finance Authority
Improvement Refunding Bonds
Chicago International
Series 2017
12/01/2037	5.000%	1,000,000	1,016,987
12/01/2047	5.000%	1,000,000	992,389
Prerefunded 01/01/27 Revenue Bonds
Edward-Elmhurst Healthcare
Series 2017
01/01/2036	5.000%	2,000,000	2,160,976
Prerefunded 01/01/28 Revenue Bonds
Edward-Elmhurst Healthcare
Series 2018
01/01/2044	5.000%	5,000,000	5,490,791
Prerefunded 05/15/25 Revenue Bonds
Plymouth Place
Series 2015
05/15/2030	5.000%	1,000,000	1,041,996

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Refunding Revenue Bonds
OSF Healthcare System
Series 2015A
11/15/2026	5.000%	1,000,000	1,044,891
11/15/2027	5.000%	500,000	522,463
Plymouth Place
Series 2015 Escrowed to Maturity
05/15/2025	5.000%	630,000	642,089
Rush University Medical Center
Series 2015A
11/15/2032	5.000%	10,000,000	10,338,519
Series 2018A
05/15/2043	5.000%	5,000,000	5,109,007
Revenue Bonds
University of Illinois at Urbana-Champaign Project
Series 2019
10/01/2049	5.000%	1,250,000	1,291,845
Illinois Municipal Electric Agency
Refunding Revenue Bonds
Series 2015A
02/01/2030	5.000%	12,060,000	12,546,627
Illinois State Toll Highway Authority
Refunding Revenue Bonds
Series 2016A
12/01/2032	5.000%	7,790,000	8,190,206
Series 2019A
01/01/2031	5.000%	500,000	564,355
Revenue Bonds
Series 2014C
01/01/2032	5.000%	9,600,000	9,956,001
Unrefunded Revenue Bonds
Series 2016A
12/01/2031	4.000%	5,000,000	5,147,353
Kane Cook & DuPage Counties School District No. U-46 Elgin
Unlimited General Obligation Refunding Bonds
Series 2015D
01/01/2032	5.000%	1,800,000	1,811,161
01/01/2033	5.000%	2,000,000	2,012,140
Kane McHenry Cook & De Kalb Counties Unit School District No. 300
Unlimited General Obligation Refunding Bonds
Series 2015
01/01/2024	5.000%	1,000,000	1,012,443
01/01/2026	5.000%	4,000,000	4,096,604
Metropolitan Pier & Exposition Authority^(f)
Refunding Revenue Bonds
Capital Appreciation - McCormick Place Expansion Project
Series 1996A (NPFGC)
06/15/2024	0.000%	1,000,000	957,440

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
McCormick Place Expansion
Series 2002 Escrowed to Maturity (NPFGC)
12/15/2023	0.000%	20,000	19,570
Series 2002A (NPFGC)
12/15/2023	0.000%	835,000	814,951
Railsplitter Tobacco Settlement Authority
Revenue Bonds
Series 2017
06/01/2027	5.000%	4,185,000	4,446,054
Sales Tax Securitization Corp.
Refunding Revenue Bonds
Sales Tax Securitization
Series 2017
01/01/2029	5.000%	1,000,000	1,083,873
01/01/2030	5.000%	1,450,000	1,567,783
Senior Lien
Series 2020A
01/01/2030	5.000%	2,000,000	2,239,347
Series 2018A
01/01/2031	5.000%	2,000,000	2,157,908
Series 2018C
01/01/2043	5.250%	5,000,000	5,285,208
South Suburban College Community School District No. 510^(f)
Limited General Obligation Bonds
Capital Appreciation - Limited Tax
Series 2009 (AGM)
12/01/2025	0.000%	1,000,000	908,002
Southwestern Illinois Development Authority
Revenue Bonds
Local Government - Southwestern Illinois Flood Prevention District Council Project
Subordinated Series 2016
10/15/2029	5.000%	1,780,000	1,862,531
10/15/2032	5.000%	1,335,000	1,395,932
State of Illinois
Revenue Bonds
Junior Obligations
Series 2018B
06/15/2034	5.000%	5,000,000	5,250,609
Unlimited General Obligation Bonds
Series 2013
07/01/2026	5.500%	5,000,000	5,020,077
Series 2013A
04/01/2024	5.000%	500,000	502,209
Series 2013A (AGM)
04/01/2028	5.000%	3,205,000	3,219,161
Series 2014
02/01/2031	5.250%	5,000,000	5,061,116

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016
06/01/2026	5.000%	5,000,000	5,237,603
11/01/2030	5.000%	1,000,000	1,050,926
Series 2019B
11/01/2034	4.000%	5,000,000	5,055,496
Series 2020
05/01/2039	5.500%	4,000,000	4,378,726
05/01/2045	5.750%	2,000,000	2,190,009
Series 2020C
05/01/2030	5.500%	1,500,000	1,713,124
Series 2021A
03/01/2038	4.000%	3,000,000	2,943,616
Unlimited General Obligation Refunding Bonds
Series 2016
02/01/2026	5.000%	7,000,000	7,289,985
Series 2018A
10/01/2029	5.000%	2,400,000	2,605,413
Series 2018B
10/01/2027	5.000%	2,300,000	2,462,518
10/01/2029	5.000%	5,000,000	5,427,944
State of Illinois^(j)
Unlimited General Obligation Bonds
Series 2023B
05/01/2040	5.250%	1,690,000	1,839,988
Will County School District No. 114 Manhattan^(f)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2005 (NPFGC)
12/01/2023	0.000%	1,285,000	1,255,158
Will Grundy Etc. Counties Community College District No. 525
Prerefunded 12/01/23 Unlimited General Obligation Bonds
Alternative Revenue Source
Series 2013
06/01/2036	5.250%	3,400,000	3,441,085
Total			298,928,414
Indiana 0.6%
City of Indianapolis Thermal Energy System
Refunding Revenue Bonds
1st Lien
Series 2014A
10/01/2032	5.000%	1,400,000	1,436,571
City of Rockport
Refunding Revenue Bonds
Power Company Project
Series 2018A
06/01/2025	3.050%	2,100,000	2,073,731

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

16	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Indiana Finance Authority
Revenue Bonds
BHI Senior Living
Series 2016A
11/15/2046	5.250%	2,500,000	2,355,146
Series 2018
11/15/2038	5.000%	2,000,000	1,904,425
Ohio Valley Electric Corp. Project
Series 2020
11/01/2030	3.000%	2,000,000	1,816,308
11/01/2030	3.000%	1,000,000	908,154
Total			10,494,335
Iowa 0.5%
Iowa Finance Authority
Revenue Bonds
Lifespace Communities, Inc.
Series 2016
05/14/2036	5.000%	4,065,000	3,429,528
Series 2018A
05/15/2043	5.000%	1,000,000	770,227
Northcrest, Inc. Project
Series 2018A
03/01/2048	5.000%	1,250,000	1,059,683
PEFA, Inc.
Revenue Bonds
Series 2019 (Mandatory Put 09/01/26)
09/01/2049	5.000%	3,000,000	3,089,244
Total			8,348,682
Kentucky 1.4%
Kentucky Economic Development Finance Authority
Revenue Bonds
Baptist Healthcare Systems
Series 2017B
08/15/2041	5.000%	3,500,000	3,624,139
Kentucky Municipal Power Agency
Refunding Revenue Bonds
Series 2015A
09/01/2029	5.000%	4,000,000	4,132,785
Kentucky Public Energy Authority^(e)
Revenue Bonds
Series 2019A-2 (Mandatory Put 06/01/25)
0.7 x 1-month USD LIBOR + 1.120% 12/01/2049	4.367%	7,000,000	6,992,563
Louisville/Jefferson County Metropolitan Government
Refunding Revenue Bonds
Norton Healthcare, Inc.
Series 2016
10/01/2030	5.000%	1,300,000	1,370,150
10/01/2031	5.000%	3,500,000	3,682,369

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Paducah Electric Plant Board
Refunding Revenue Bonds
Series 2016A (AGM)
10/01/2027	5.000%	2,000,000	2,118,152
10/01/2028	5.000%	1,850,000	1,950,701
Total			23,870,859
Louisiana 0.4%
City of Bossier City Utilities
Prerefunded 10/01/24 Revenue Bonds
Series 2014
10/01/2031	5.000%	1,160,000	1,191,113
City of Shreveport Water & Sewer
Refunding Revenue Bonds
Series 2014A (BAM)
12/01/2025	4.000%	2,210,000	2,248,336
Louisiana Public Facilities Authority
Refunding Revenue Bonds
Ochsner Clinic Foundation Project
Series 2017
05/15/2042	5.000%	2,500,000	2,560,288
Total			5,999,737
Maine 0.2%
Maine Health & Higher Educational Facilities Authority
Revenue Bonds
Main Health Services
Series 2018A
07/01/2043	5.000%	3,500,000	3,638,512
Maryland 1.0%
County of Anne Arundel
Limited General Obligation Bonds
Consolidated General Improvements
Series 2019
10/01/2031	5.000%	3,500,000	4,037,797
Maryland Economic Development Corp.
Tax Allocation Bonds
Port Covington Project
Series 2020
09/01/2030	3.250%	500,000	460,317
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Meritus Medical Center Issue
Series 2015
07/01/2028	5.000%	1,300,000	1,337,058
State of Maryland
Unlimited General Obligation Refunding Bonds
Series 2017B
08/01/2026	5.000%	10,000,000	10,738,633
Total			16,573,805

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts 3.2%
Commonwealth of Massachusetts
Limited General Obligation Bonds
Series 2018A
01/01/2035	5.000%	10,000,000	11,011,788
Series 2019A
01/01/2037	5.000%	850,000	938,842
01/01/2039	5.000%	3,960,000	4,328,475
Massachusetts Bay Transportation Authority^(f)
Refunding Revenue Bonds
Series 2016A
07/01/2029	0.000%	3,500,000	2,863,051
Massachusetts Bay Transportation Authority Sales Tax
Revenue Bonds
Sustainability Bonds
Subordinated Series 2017
07/01/2046	5.000%	4,465,000	4,683,894
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Emerson College
Series 2017A
01/01/2034	5.000%	1,000,000	1,043,796
Foxborough Regional Charter
Series 2017
07/01/2037	5.000%	1,400,000	1,412,812
Lahey Clinic Obligation
Series 2015F
08/15/2031	5.000%	2,490,000	2,602,558
08/15/2032	5.000%	4,120,000	4,304,961
08/15/2033	5.000%	3,000,000	3,130,725
Simmons University
Series 2018L
10/01/2034	5.000%	2,390,000	2,513,801
10/01/2035	5.000%	2,000,000	2,091,572
Revenue Bonds
UMass Boston Student Housing Project
Series 2016
10/01/2032	5.000%	1,300,000	1,324,426
10/01/2036	5.000%	4,600,000	4,623,712
Massachusetts Development Finance Agency^(a)
Refunding Revenue Bonds
Newbridge Charles, Inc.
Series 2017
10/01/2032	4.000%	2,000,000	1,916,464
10/01/2037	5.000%	500,000	501,155
10/01/2047	5.000%	500,000	465,339
Revenue Bonds
Linden Ponds, Inc. Facility
Series 2018
11/15/2033	5.000%	975,000	1,021,277

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts Port Authority^(b)
Refunding Revenue Bonds
Series 2019A
07/01/2040	5.000%	4,000,000	4,238,819
Total			55,017,467
Michigan 2.7%
Fraser Public School District
Unlimited General Obligation Refunding Bonds
Series 2015
05/01/2025	5.000%	1,700,000	1,771,768
Great Lakes Water Authority Sewage Disposal System
Refunding Revenue Bonds
Senior Lien
Series 2018B
07/01/2029	5.000%	3,600,000	4,103,192
Marshall Public Schools
Unlimited General Obligation Refunding Bonds
Marshall Public School District
Series 2015
11/01/2028	4.000%	1,380,000	1,414,614
11/01/2029	4.000%	940,000	963,840
Michigan Finance Authority
Refunding Revenue Bonds
Henry Ford Health System
Series 2016
11/15/2041	5.000%	1,000,000	1,023,778
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2029	5.000%	950,000	984,291
07/01/2032	5.000%	1,500,000	1,552,553
07/01/2034	5.000%	500,000	514,667
Senior Lien - Great Lakes Water Authority
Series 2014C-6
07/01/2033	5.000%	800,000	811,970
Series 2014H-1
10/01/2026	5.000%	3,300,000	3,376,071
Revenue Bonds
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2026	5.000%	175,000	180,872
07/01/2027	5.000%	600,000	620,259
07/01/2033	5.000%	5,000,000	5,157,207
Multimodal-McLaren Health Care
Series 2019
02/15/2044	4.000%	4,000,000	3,847,173
Senior Lien - Great Lakes Water Authority
Series 2014 (AGM)
07/01/2029	5.000%	1,500,000	1,526,909
07/01/2030	5.000%	1,500,000	1,520,901
Series 2014C-3 (AGM)
07/01/2032	5.000%	1,000,000	1,017,710

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

18	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan Strategic Fund^(b)
Revenue Bonds
I-75 Improvement Project
Series 2018
12/31/2043	5.000%	3,400,000	3,428,173
Royal Oak Hospital Finance Authority
Prerefunded 03/01/24 Revenue Bonds
William Beaumont Hospital
Series 2014D
09/01/2032	5.000%	4,075,000	4,128,205
Wayne County Airport Authority^(b)
Refunding Revenue Bonds
Series 2015F
12/01/2026	5.000%	3,000,000	3,090,683
Wayne County Airport Authority
Revenue Bonds
Detroit Metro
Series 2018
12/01/2036	5.000%	3,205,000	3,456,884
Series 2015D
12/01/2030	5.000%	1,250,000	1,308,605
Total			45,800,325
Minnesota 1.0%
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2029	5.000%	2,720,000	2,871,374
Duluth Economic Development Authority
Refunding Revenue Bonds
Essentia Health Obligation Group
Series 2018
02/15/2043	5.000%	1,000,000	1,032,123
Revenue Bonds
Benedictine Health System
Series 2021
07/01/2036	4.000%	3,000,000	2,502,514
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Fairview Health Services
Series 2017
11/15/2029	5.000%	1,050,000	1,124,406
HealthPartners Obligation Group
Series 2015
07/01/2028	5.000%	6,400,000	6,652,858
Watertown-Mayer Independent School District No. 111^(f)
Unlimited General Obligation Bonds
Series 2020A
02/01/2030	0.000%	2,475,000	1,977,455

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Woodbury Housing & Redevelopment Authority
Revenue Bonds
St. Therese of Woodbury
Series 2014
12/01/2034	5.000%	1,000,000	916,548
Total			17,077,278
Mississippi 0.8%
Mississippi Business Finance Corp.
Refunding Revenue Bonds
Pollution Control Project
Series 2019
09/01/2028	3.200%	4,000,000	3,977,370
Mississippi Hospital Equipment & Facilities Authority
Refunding Revenue Bonds
Forrest County General Hospital Project
Series 2019
01/01/2039	4.000%	1,500,000	1,491,234
01/01/2040	4.000%	1,100,000	1,085,463
State of Mississippi
Revenue Bonds
Series 2015E
10/15/2029	5.000%	3,500,000	3,654,594
State of Mississippi Gaming Tax
Revenue Bonds
Series 2019A
10/15/2036	5.000%	3,395,000	3,624,237
Total			13,832,898
Missouri 1.3%
Health & Educational Facilities Authority
Refunding Revenue Bonds
Mosaic Health System
Series 2019
02/15/2044	4.000%	2,000,000	1,934,295
02/15/2049	4.000%	2,500,000	2,319,382
Health & Educational Facilities Authority of the State of Missouri
Refunding Revenue Bonds
CoxHealth
Series 2015A
11/15/2028	5.000%	6,210,000	6,459,613
St. Luke’s Health Systems, Inc.
Series 2016
11/15/2034	5.000%	3,000,000	3,149,480
Kansas City Industrial Development Authority^(b)
Revenue Bonds
Kansas City International Airport
Series 2019
03/01/2046	5.000%	2,000,000	2,062,357

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lee’s Summit Industrial Development Authority
Revenue Bonds
John Knox Village Project
Series 2016A
08/15/2036	5.000%	1,100,000	970,662
08/15/2051	5.000%	2,405,000	1,854,325
Missouri Joint Municipal Electric Utility Commission
Refunding Revenue Bonds
Prairie State Project
Series 2015A
12/01/2029	5.000%	2,000,000	2,066,177
St. Louis County Industrial Development Authority
Refunding Revenue Bonds
Friendship Village St. Louis
Series 2017
09/01/2048	5.000%	1,000,000	854,375
St. Andrew’s Resources for Seniors Obligated Group
Series 2015
12/01/2025	5.000%	625,000	624,824
Total			22,295,490
Nebraska 1.2%
Nebraska Public Power District
General Refunding Revenue Bonds
Series 2016B
01/01/2037	5.000%	7,435,000	7,705,855
Public Power Generation Agency
Refunding Revenue Bonds
Whelan Energy Center Unit
Series 2015
01/01/2027	5.000%	11,865,000	12,147,685
Total			19,853,540
Nevada 0.5%
City of Carson City
Refunding Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2031	5.000%	1,000,000	1,061,830
09/01/2033	5.000%	1,000,000	1,060,014
County of Clark Department of Aviation
Refunding Revenue Bonds
Subordinated Series 2017A-2
07/01/2040	5.000%	4,000,000	4,186,194
System - Lien
Subordinated Series 2014 (AGM)
07/01/2029	5.000%	1,200,000	1,225,601
07/01/2030	5.000%	1,000,000	1,020,202

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Nevada Department of Business & Industry^(a)
Revenue Bonds
Somerset Academy
Series 2018A
12/15/2029	4.500%	465,000	450,483
Total			9,004,324
New Jersey 3.3%
New Jersey Economic Development Authority
Prerefunded 12/15/26 Revenue Bonds
Series 2016BBB
06/15/2030	5.500%	2,500,000	2,749,852
Revenue Bonds
Transportation Project
Series 2020
11/01/2036	5.000%	5,000,000	5,411,600
New Jersey Transportation Trust Fund Authority^(f)
Capital Appreciation Revenue Bonds
Transportation System
Series 2006C (AGM)
12/15/2029	0.000%	3,060,000	2,469,644
Revenue Bonds
Capital Appreciation - Transportation System
Series 2006C
12/15/2024	0.000%	440,000	418,529
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Federal Highway Reimbursement
Series 2018
06/15/2030	5.000%	1,000,000	1,056,238
06/15/2031	5.000%	1,000,000	1,055,527
Transportation System
Series 2018A
12/15/2034	5.000%	1,500,000	1,630,407
Series 2019
12/15/2033	5.000%	3,000,000	3,319,964
Revenue Bonds
Series 2019BB
06/15/2036	4.000%	1,000,000	1,014,442
06/15/2044	4.000%	2,500,000	2,423,877
06/15/2050	4.000%	3,500,000	3,303,527
Series 2020AA
06/15/2038	4.000%	1,000,000	1,006,283
Transportation Program
Series 2019
06/15/2037	5.000%	4,465,000	4,768,476
Transportation System
Series 2010D
12/15/2023	5.250%	240,000	242,435
Series 2014D
06/15/2032	5.000%	5,000,000	5,145,574

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

20	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Jersey Turnpike Authority
Refunding Revenue Bonds
Series 2017E
01/01/2029	5.000%	1,500,000	1,654,623
Series 2017G
01/01/2035	5.000%	6,000,000	6,549,266
Revenue Bonds
Series 2015E
01/01/2031	5.000%	500,000	518,034
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2031	5.000%	2,750,000	2,987,061
06/01/2032	5.000%	2,000,000	2,169,918
06/01/2033	5.000%	1,500,000	1,623,311
06/01/2034	5.000%	2,000,000	2,155,912
06/01/2046	5.250%	2,440,000	2,551,491
Total			56,225,991
New Mexico 0.2%
City of Santa Fe
Revenue Bonds
El Castillo Retirement Project
Series 2019
05/15/2044	5.000%	1,350,000	1,151,139
County of Bernalillo
Refunding Revenue Bonds
Series 1998
04/01/2027	5.250%	2,205,000	2,338,443
Total			3,489,582
New York 4.8%
Buffalo & Erie County Industrial Land Development Corp.
Refunding Revenue Bonds
Charter School For Applied Technologies Project
Series 2017
06/01/2035	5.000%	1,000,000	1,028,970
Revenue Bonds
Tapestry-Charter School Project
Series 2017
08/01/2037	5.000%	1,300,000	1,261,233
08/01/2047	5.000%	1,000,000	920,849
City of New York
Unlimited General Obligation Bonds
Series 2018E-1
03/01/2034	5.250%	3,000,000	3,367,314
03/01/2035	5.250%	2,500,000	2,787,223
03/01/2037	5.000%	1,120,000	1,214,170
Subordinated Series 2023E-1
04/01/2043	5.250%	6,000,000	6,867,743

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Hudson Yards Infrastructure Corp.
Refunding Revenue Bonds
Series 2017A
02/15/2034	5.000%	5,000,000	5,374,128
Long Island Power Authority Electric System^(e)
Refunding Revenue Bonds
Series 2014 (Mandatory Put 10/01/23)
0.7 x 1-month USD LIBOR + 0.750% 05/01/2033	4.143%	1,350,000	1,350,633
Metropolitan Transportation Authority
Refunding Revenue Bonds
Green Bonds
Series 2017C-1
11/15/2034	5.000%	1,815,000	1,927,622
Revenue Bonds
Series 2016C-1
11/15/2036	5.000%	2,325,000	2,394,369
Metropolitan Transportation Authority^(e)
Refunding Revenue Bonds
Transportation
Subordinated Series 2021 (AGM) (Mandatory Put 04/01/24)
0.7 x SOFR + 0.550% 11/01/2032	3.773%	2,250,000	2,238,434
New York City Transitional Finance Authority
Refunding Revenue Bonds
Future Tax Secured
Subordinated Series 2015C
11/01/2026	5.000%	1,000,000	1,039,843
Revenue Bonds
Future Tax Secured
Subordinated Series 2016B-1
08/01/2034	5.000%	4,000,000	4,262,012
Subordinated Series 2017F-1
05/01/2038	5.000%	4,000,000	4,261,441
Subordinated Series 2018
08/01/2036	5.000%	5,555,000	6,085,389
New York State Dormitory Authority^(a)
Refunding Revenue Bonds
Garnet Health Medical Center
Series 2017
12/01/2035	5.000%	500,000	495,649
Orange Regional Medical Center
Series 2017
12/01/2037	5.000%	500,000	491,163
New York State Dormitory Authority
Refunding Revenue Bonds
Memorial Sloan-Kettering Cancer Center
Series 2017
07/01/2035	4.000%	1,500,000	1,534,535

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Shore - Long Island Jewish Obligation Group
Series 2015A
05/01/2031	5.000%	9,830,000	10,232,528
Series 2018A
03/15/2037	5.250%	1,695,000	1,880,473
Revenue Bonds
St. John’s University
Series 2007C (NPFGC)
07/01/2023	5.250%	3,245,000	3,255,685
New York Transportation Development Corp.^(b)
Revenue Bonds
Delta Air Lines, Inc. LaGuardia
Series 2020
10/01/2035	5.000%	6,000,000	6,322,774
10/01/2045	4.375%	1,500,000	1,424,858
LaGuardia Airport Terminal B
Series 2016 (AGM)
07/01/2032	4.000%	2,500,000	2,507,503
Port Authority of New York & New Jersey^(b)
Refunding Revenue Bonds
Consolidated Bonds
Series 2022
08/01/2039	5.000%	2,000,000	2,178,974
Triborough Bridge & Tunnel Authority^(e)
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2021 (Mandatory Put 02/01/24)
0.7 x SOFR + 0.380% 01/01/2032	3.603%	1,960,000	1,943,354
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2023
11/15/2038	5.000%	1,000,000	1,148,522
Revenue Bonds
TBTA Capital Lockbox - City Sales Tax
Series 2023A
05/15/2040	5.000%	875,000	994,789
TSASC, Inc.
Refunding Revenue Bonds
Series 2017A
06/01/2036	5.000%	1,000,000	1,031,554
06/01/2041	5.000%	1,000,000	1,019,907
Total			82,843,641
North Carolina 1.3%
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
The Arc of North Carolina
Series 2017
10/01/2034	5.000%	2,325,000	2,331,285

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina Medical Care Commission
Prerefunded 10/01/23 Revenue Bonds
United Methodist Retirement
Series 2017
10/01/2037	5.000%	1,100,000	1,140,301
Refunding Revenue Bonds
Presbyterian Homes
Series 2016C
10/01/2031	4.000%	1,000,000	957,148
Sharon Towers
Series 2019A
07/01/2029	4.000%	1,970,000	1,841,633
Revenue Bonds
Presbyterian Homes
Series 2020
10/01/2045	4.000%	660,000	529,687
10/01/2045	5.000%	1,500,000	1,431,851
North Carolina Municipal Power Agency No. 1
Refunding Revenue Bonds
Series 2015A
01/01/2031	5.000%	2,000,000	2,103,444
North Carolina Turnpike Authority
Revenue Bonds
Senior Lien - Triangle Expressway
Series 2019
01/01/2049	5.000%	1,500,000	1,548,373
State of North Carolina
Refunding Revenue Bonds
Series 2014B
06/01/2025	5.000%	5,000,000	5,218,735
University of North Carolina at Greensboro
Refunding Revenue Bonds
General
Series 2017
04/01/2035	4.000%	1,200,000	1,234,993
04/01/2036	4.000%	1,000,000	1,022,039
University of North Carolina at Wilmington
Refunding Revenue Bonds
Student Housing Projects
Series 2016
06/01/2031	4.000%	2,040,000	2,094,926
Total			21,454,415
Ohio 0.7%
Cleveland Department of Public Utilities Division of Water
Prerefunded 01/01/24 Revenue Bonds
Series 2015Y
01/01/2029	4.000%	1,000,000	1,005,799
01/01/2030	4.000%	1,000,000	1,005,799

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

22	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Franklin
Revenue Bonds
OPRS Communities
Series 2016C
07/01/2029	5.000%	2,000,000	1,999,864
County of Miami
Improvement Refunding Bonds
Kettering Health Network
Series 2019
08/01/2045	5.000%	2,220,000	2,290,269
State of Ohio
Unlimited General Obligation Bonds
Series 2022A
03/01/2037	5.000%	1,000,000	1,171,845
03/01/2038	5.000%	1,500,000	1,744,919
03/01/2039	5.000%	2,000,000	2,314,229
Total			11,532,724
Oklahoma 0.3%
Norman Regional Hospital Authority
Refunding Revenue Bonds
Series 2016
09/01/2027	5.000%	2,000,000	2,023,756
Tulsa County Industrial Authority
Refunding Revenue Bonds
Montereau, Inc. Project
Series 2017
11/15/2037	5.250%	2,750,000	2,796,491
11/15/2045	5.250%	250,000	249,666
Total			5,069,913
Oregon 0.6%
Hospital Facilities Authority of Multnomah County
Refunding Revenue Bonds
Mirabella at South Waterfront
Series 2014A
10/01/2034	5.125%	1,000,000	952,990
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow^(f)
Unlimited General Obligation Bonds
Series 2017A
06/15/2033	0.000%	7,160,000	4,819,990
State of Oregon Department of Transportation
Revenue Bonds
Series 2022A
11/15/2038	5.000%	2,000,000	2,309,241
11/15/2039	5.000%	2,145,000	2,463,868
Total			10,546,089

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania 3.6%
Berks County Industrial Development Authority
Refunding Revenue Bonds
Highlands at Wyomissing
Series 2017
05/15/2032	5.000%	1,050,000	1,059,134
05/15/2047	5.000%	1,630,000	1,469,821
Series 2018
05/15/2038	5.000%	255,000	246,365
05/15/2043	5.000%	350,000	323,702
Revenue Bonds
Highlands at Wyomissing
Series 2017
05/15/2042	5.000%	1,655,000	1,539,607
Bucks County Industrial Development Authority
Refunding Revenue Bonds
Pennswood Village Project
Series 2018
10/01/2037	5.000%	1,250,000	1,218,621
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2029	5.000%	1,500,000	1,642,891
06/01/2032	5.000%	1,000,000	1,085,275
06/01/2033	5.000%	1,250,000	1,354,686
06/01/2034	5.000%	1,000,000	1,080,405
06/01/2035	5.000%	1,000,000	1,075,559
Cumberland County Municipal Authority
Prerefunded 01/01/25 Revenue Bonds
Diakon Lutheran Social Ministries
Series 2015
01/01/2027	5.000%	750,000	774,628
01/01/2028	5.000%	1,175,000	1,213,584
Refunding Revenue Bonds
Diakon Lutheran
Series 2015
01/01/2027	5.000%	1,440,000	1,453,631
01/01/2028	5.000%	2,170,000	2,188,807
Delaware River Joint Toll Bridge Commission
Revenue Bonds
Series 2017
07/01/2033	5.000%	2,250,000	2,454,789
Delaware River Port Authority
Revenue Bonds
Series 2018A
01/01/2036	5.000%	2,000,000	2,212,713
Geisinger Authority
Refunding Revenue Bonds
Geisinger Health System
Series 2017
02/15/2039	5.000%	2,500,000	2,584,182

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lancaster County Hospital Authority
Revenue Bonds
Moravian Manors, Inc. Project
Series 2019A
06/15/2044	5.000%	1,000,000	875,668
Lancaster County Solid Waste Management Authority
Prerefunded 12/15/23 Revenue Bonds
Series 2013A
12/15/2029	5.250%	3,100,000	3,138,965
Montgomery County Higher Education and Health Authority
Refunding Revenue Bonds
Thomas Jefferson University Project
Series 2019
09/01/2044	4.000%	1,000,000	938,511
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Acts Retirement - Life Communities
Series 2016
11/15/2036	5.000%	4,315,000	4,289,758
Meadowood Senior Living Project
Series 2018
12/01/2038	5.000%	1,000,000	980,872
Northampton County General Purpose Authority
Refunding Revenue Bonds
St. Luke’s University Health Network
Series 2016
08/15/2026	5.000%	3,770,000	3,951,524
Pennsylvania Economic Development Financing Authority^(b)
Revenue Bonds
The PennDOT Major Bridges Package One Project
Series 2022
06/30/2039	5.500%	5,690,000	6,263,157
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Subordinated Series 2017-3
12/01/2037	4.000%	2,975,000	3,009,251
Revenue Bonds
Series 2017A-1
12/01/2037	5.000%	1,250,000	1,337,221
Series 2018A-2
12/01/2036	5.000%	2,500,000	2,729,637
Subordinated Series 2017A
12/01/2042	5.500%	3,000,000	3,162,788
Subordinated Series 2017B-1
06/01/2042	5.000%	5,450,000	5,681,971
Total			61,337,723

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Rhode Island 0.1%
Rhode Island Turnpike & Bridge Authority
Refunding Revenue Bonds
Series 2016A
10/01/2033	5.000%	1,300,000	1,361,042
South Carolina 2.8%
County of Florence
Refunding Revenue Bonds
McLeod Regional Medical Center Project
Series 2014
11/01/2031	5.000%	3,610,000	3,668,707
11/01/2032	5.000%	5,000,000	5,080,216
Patriots Energy Group Financing Agency
Revenue Bonds
Series 2018A (Mandatory Put 02/01/24)
10/01/2048	4.000%	2,500,000	2,504,318
Patriots Energy Group Financing Agency^(e)
Revenue Bonds
Series 2018B (Mandatory Put 02/01/24)
0.7 x 1-month USD LIBOR + 0.860% 10/01/2048	4.107%	8,000,000	8,013,523
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/24 Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2033	7.000%	590,000	620,569
Refunding Revenue Bonds
Episcopal Home Still Hopes
Series 2018
04/01/2038	5.000%	2,000,000	1,830,414
Prisma Health Obligated Group
Series 2018
05/01/2036	5.000%	7,000,000	7,325,012
Revenue Bonds
Lutheran Homes of South Carolina Obligation Group
Series 2013
05/01/2028	5.000%	3,500,000	3,353,695
Wofford College Project
Series 2019
04/01/2038	5.000%	930,000	973,860
South Carolina Jobs-Economic Development Authority^(a)
Revenue Bonds
Series 2015A
08/15/2025	4.500%	285,000	276,382
South Carolina Public Service Authority
Refunding Revenue Bonds
Series 2015A
12/01/2026	5.000%	7,000,000	7,250,247

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

24	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016A
12/01/2030	5.000%	4,000,000	4,189,800
Series 2016B
12/01/2032	5.000%	3,265,000	3,422,995
Total			48,509,738
South Dakota 0.2%
South Dakota Health & Educational Facilities Authority
Revenue Bonds
Regional Health
Series 2017
09/01/2029	5.000%	1,700,000	1,822,387
09/01/2030	5.000%	2,250,000	2,410,199
Total			4,232,586
Tennessee 1.0%
Chattanooga Health Educational & Housing Facility Board
Refunding Revenue Bonds
Student Housing - CDFI Phase I
Series 2015
10/01/2029	5.000%	1,000,000	1,024,610
Knox County Health Educational & Housing Facility Board
Refunding Revenue Bonds
Covenant Health Services
Series 2016A
01/01/2042	5.000%	5,815,000	5,946,997
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
Vanderbilt University Medical Center
Series 2016
07/01/2031	5.000%	1,000,000	1,059,356
Tennessee Energy Acquisition Corp.
Revenue Bonds
Series 2021 (Mandatory Put 11/01/31)
05/01/2052	5.000%	9,000,000	9,525,270
Total			17,556,233
Texas 9.1%
Austin Independent School District
Unlimited General Obligation Bonds
Series 2023
08/01/2039	5.000%	2,000,000	2,319,229
08/01/2040	5.000%	3,000,000	3,448,983
Bexar County Health Facilities Development Corp.
Refunding Revenue Bonds
Army Retirement Residence Foundation
Series 2018
07/15/2033	5.000%	1,000,000	945,581

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Bexar County Hospital District
Limited General Obligation Refunding Bonds
Series 2019
02/15/2034	5.000%	1,000,000	1,094,213
02/15/2038	5.000%	1,250,000	1,336,261
Central Texas Regional Mobility Authority
Prerefunded 07/01/25 Revenue Bonds
Senior Lien
Series 2015A
01/01/2030	5.000%	1,550,000	1,616,845
Central Texas Regional Mobility Authority^(f)
Revenue Bonds
Capital Appreciation
Series 2010
01/01/2025	0.000%	1,000,000	934,542
Central Texas Turnpike System
Refunding Revenue Bonds
Subordinated Series 2015C
08/15/2031	5.000%	7,500,000	7,658,035
08/15/2032	5.000%	6,000,000	6,124,620
08/15/2034	5.000%	10,240,000	10,439,664
City of Austin Airport System
Revenue Bonds
Series 2017A
11/15/2035	5.000%	1,000,000	1,056,022
City of Austin Electric Utility^(j)
Refunding Revenue Bonds
Series 2023
11/15/2040	5.000%	5,000,000	5,668,109
City of Beaumont Waterworks & Sewer System
Prerefunded 09/01/25 Revenue Bonds
Subordinated Series 2015A (BAM)
09/01/2030	5.000%	1,000,000	1,052,409
Refunding Revenue Bonds
Subordinated Series 2015A (BAM)
09/01/2026	5.000%	1,000,000	1,050,634
09/01/2027	5.000%	600,000	631,932
City of Garland Electric Utility System
Refunding Revenue Bonds
Series 2019
03/01/2037	5.000%	1,700,000	1,842,602
City of Houston
Refunding Revenue Bonds
Convention & Entertainment Facilities
Series 2014
09/01/2030	5.000%	1,000,000	1,015,758
Series 2015
09/01/2027	5.000%	1,215,000	1,235,729
09/01/2029	5.000%	1,500,000	1,524,809

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Houston Airport System
Refunding Revenue Bonds
Subordinated Series 2018B
07/01/2030	5.000%	1,375,000	1,525,468
Subordinated Series 2018D
07/01/2035	5.000%	2,500,000	2,728,522
City of Houston Combined Utility System
Refunding Revenue Bonds
1st Lien
Series 2016B
11/15/2034	5.000%	10,000,000	10,713,909
City of Houston Hotel Occupancy Tax
Refunding Revenue Bonds
Convention & Entertainment Facilities Department
Series 2015
09/01/2026	5.000%	250,000	254,200
Clifton Higher Education Finance Corp.
Revenue Bonds
International Leadership
Series 2015
08/15/2035	5.500%	11,500,000	11,562,637
County of Bexar
Prerefunded 08/15/24 Revenue Bonds
Venue Project
Series 2015 (AGM)
08/15/2031	5.000%	1,280,000	1,310,607
Crane County Water District
Prerefunded 02/15/25 Unlimited General Obligation Bonds
Series 2015
02/15/2030	5.000%	1,000,000	1,031,394
Dallas/Fort Worth International Airport
Refunding Revenue Bonds
Joint
Series 2013D
11/01/2033	5.000%	2,000,000	2,015,916
Series 2013F
11/01/2033	5.250%	1,200,000	1,211,016
Grand Parkway Transportation Corp.^(g)
Revenue Bonds
Convertible
Subordinated Series 2013
10/01/2030	0.000%	1,000,000	1,095,142
Lancaster Independent School District
Unlimited General Obligation Refunding Bonds
Series 2015 (BAM)
02/15/2029	4.000%	3,000,000	3,059,618
Lower Colorado River Authority
Refunding Revenue Bonds
Series 2015D
05/15/2026	5.000%	695,000	721,713
05/15/2027	5.000%	1,355,000	1,409,422

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Hope Cultural Education Facilities Finance Corp.
Prerefunded 11/15/24 Revenue Bonds
MRC Crestview Project
Series 2016
11/15/2031	5.000%	850,000	889,456
Revenue Bonds
NCCD-College Station Properties LLC
Series 2015
07/01/2035	5.000%	4,000,000	3,400,000
Series 2015A
07/01/2030	5.000%	7,800,000	6,630,000
New Hope Cultural Education Facilities Finance Corp.^(h)
Revenue Bonds
Cardinal Bay, Inc. - Village on the Park
Series 2016
07/01/2036	0.000%	2,250,000	1,541,250
North Texas Tollway Authority
Refunding Revenue Bonds
1st Tier
Series 2017A
01/01/2034	5.000%	1,000,000	1,073,142
01/01/2048	5.000%	5,000,000	5,224,175
2nd Tier
Series 2015A
01/01/2032	5.000%	16,800,000	17,375,758
Series 2015B
01/01/2027	5.000%	2,090,000	2,164,926
System-2nd Tier
Series 2014
01/01/2031	5.000%	1,415,000	1,430,281
North Texas Tollway Authority^(f)
Refunding Revenue Bonds
Series 2008D (AGM)
01/01/2029	0.000%	7,770,000	6,485,568
Plano Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2038	5.000%	1,400,000	1,601,804
Port Beaumont Navigation District^(a),(b)
Refunding Revenue Bonds
Jefferson Gulf Coast Energy LLC
Series 2020
01/01/2035	3.625%	1,500,000	1,195,426
Revenue Bonds
Jefferson Gulf Coast Energy Project
Series 2021
01/01/2036	2.750%	1,275,000	903,699

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

26	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tarrant County Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Air Force Villages Project
Series 2016
05/15/2045	5.000%	5,145,000	4,279,043
Buckner Retirement Services
Series 2017
11/15/2037	5.000%	2,175,000	2,194,206
11/15/2046	5.000%	1,250,000	1,215,108
Revenue Bonds
Buckner Retirement Services
Series 2016B
11/15/2046	5.000%	2,000,000	1,944,173
Texas Transportation Commission^(f)
Revenue Bonds
First Tier Toll
Series 2019
08/01/2038	0.000%	550,000	253,941
Texas Water Development Board
Revenue Bonds
State Water Implementation Fund
Series 2018
10/15/2038	5.000%	3,000,000	3,270,794
Waco Independent School District
Prerefunded 08/15/24 Unlimited General Obligation Bonds
Series 2015
08/15/2028	4.000%	1,000,000	1,009,515
08/15/2029	4.000%	2,380,000	2,402,645
Total			156,120,451
Utah 0.3%
City of Riverton
Prerefunded 06/01/23 Revenue Bonds
Series 2013
12/01/2036	5.250%	2,150,000	2,153,393
Salt Lake City Corp. Airport
Revenue Bonds
Series 2017B
07/01/2032	5.000%	1,000,000	1,076,461
07/01/2033	5.000%	1,000,000	1,073,457
Total			4,303,311
Vermont 0.6%
Vermont Educational & Health Buildings Financing Agency
Refunding Revenue Bonds
University of Vermont Medical Center
Series 2016A
12/01/2033	5.000%	10,000,000	10,521,807

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Virgin Islands, U.S. 0.2%
Virgin Islands Public Finance Authority^(a),(i)
Revenue Bonds
Grant Anticipation
Series 2015
09/01/2030	5.000%	2,320,000	2,371,835
Series 2015
09/01/2033	5.000%	1,000,000	1,024,597
Total			3,396,432
Virginia 0.2%
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster Canterbury Project
Series 2018
10/01/2037	5.000%	1,000,000	1,028,579
Henrico County Economic Development Authority^(k)
Revenue Bonds
Registered Savrs
Series 1992 Escrowed to Maturity (AGM)
08/23/2027	8.503%	50,000	49,250
Virginia Gateway Community Development Authority
Refunding Special Assessment Bonds
Series 2012
03/01/2030	5.000%	1,500,000	1,472,698
Total			2,550,527
Washington 1.3%
FYI Properties
Refunding Revenue Bonds
Green Bonds - State of Washington DIS Project
Series 2019
06/01/2031	5.000%	5,000,000	5,513,336
King County Public Hospital District No. 1
Limited General Obligation Refunding Bonds
Valley Medical Center
Series 2017
12/01/2031	5.000%	4,000,000	4,222,414
King County Public Hospital District No. 4
Revenue Bonds
Series 2015A
12/01/2025	5.000%	2,080,000	2,082,918
12/01/2030	5.750%	2,820,000	2,899,007
Mason & Kitsap Counties School District No. 403 North Mason
Prerefunded 12/01/23 Unlimited General Obligation Bonds
Series 2013
12/01/2035	5.000%	2,025,000	2,046,582

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

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Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port of Seattle^(b)
Revenue Bonds
Intermediate Lien
Subordinated Series 2019
04/01/2044	4.000%	1,000,000	924,512
Washington State Housing Finance Commission
Prerefunded 07/01/25 Revenue Bonds
Heron’s Key
Series 2015A
07/01/2030	6.500%	570,000	607,553
07/01/2035	6.750%	1,090,000	1,167,455
Washington State Housing Finance Commission^(a)
Refunding Revenue Bonds
Horizon House Project
Series 2017
01/01/2029	5.000%	840,000	812,204
01/01/2038	5.000%	2,000,000	1,741,187
Total			22,017,168
West Virginia 0.5%
West Virginia Hospital Finance Authority
Refunding Revenue Bonds
Cabell Huntington Hospital Obligation
Series 2018
01/01/2043	5.000%	1,750,000	1,688,365
Revenue Bonds
Charleston Area Medical Center, Inc.
Series 1993A Escrowed to Maturity
09/01/2023	6.500%	680,000	686,475
University Healthcare System
Series 2017
06/01/2042	5.000%	3,665,000	3,728,153
West Virginia University^(f)
Revenue Bonds
University System Project
Series 2019A (AMBAC)
04/01/2030	0.000%	3,460,000	2,771,772
Total			8,874,765
Wisconsin 1.2%
Public Finance Authority
Refunding Revenue Bonds
Fellowship Senior Living Project
Series 2019A
01/01/2046	4.000%	2,000,000	1,578,865
Mountain Island Charter Schools
Series 2017
07/01/2037	5.000%	820,000	823,778
07/01/2047	5.000%	1,000,000	991,050

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Retirement Housing Foundation
Series 2017 Escrowed to Maturity
11/15/2029	5.000%	2,500,000	2,856,117
11/15/2030	5.000%	1,620,000	1,882,777
Revenue Bonds
ACTS Retirement - Life Communities
Series 2020
11/15/2041	5.000%	250,000	239,219
Public Finance Authority^(a)
Refunding Revenue Bonds
Mary’s Woods at Marylhurst
Series 2017
05/15/2037	5.250%	1,000,000	951,335
Wisconsin Center District
Refunding Revenue Bonds
Junior Dedicated
Series 1999 (AGM)
12/15/2023	5.250%	80,000	80,787
12/15/2027	5.250%	1,510,000	1,626,997
Wisconsin Center District^(f)
Revenue Bonds
Senior Dedicated - Milwaukee Arena Project
Series 2016
12/15/2033	0.000%	2,200,000	1,432,862
12/15/2034	0.000%	6,665,000	4,101,702
Wisconsin Health & Educational Facilities Authority
Refunding Revenue Bonds
ProHealth Care, Inc. Obligated Group
Series 2015
08/15/2031	5.000%	1,000,000	1,024,506
Rogers Memorial Hospital, Inc.
Series 2014A
07/01/2034	5.000%	2,500,000	2,550,367
Total			20,140,362
Total Municipal Bonds (Cost $1,675,428,986)			1,666,079,351

Money Market Funds 0.0%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(l)	72,776	72,768
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(l)	191,649	191,649
Total Money Market Funds (Cost $264,424)		264,417
Total Investments in Securities (Cost $1,708,193,410)		1,698,843,768
Other Assets & Liabilities, Net		9,579,072
Net Assets		$1,708,422,840

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

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Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Notes to Portfolio of Investments

(a)	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 April 30, 2023, the total value of these securities amounted to $44,406,305, which represents 2.60% of total net assets.
(b)	Income from this security may be subject to alternative minimum tax.
(c)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(d)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2023.
(e)	Variable rate security. The interest rate shown was the current rate as of April 30, 2023.
(f)	Zero coupon bond.
(g)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2023.
(h)	Represents a security in default.
(i)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2023, the total value of these securities amounted to $5,789,464, which represents 0.34% of total net assets.
(j)	Represents a security purchased on a when-issued basis.
(k)	Represents a variable rate security where the coupon adjusts periodically through an auction process.
(l)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
HUD	U.S. Department of Housing and Urban Development
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corporation
SOFR	Secured Overnight Financing Rate

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.

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Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Fair value measurements (continued)
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 April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	32,500,000	—	32,500,000
Municipal Bonds	—	1,666,079,351	—	1,666,079,351
Money Market Funds	264,417	—	—	264,417
Total Investments in Securities	264,417	1,698,579,351	—	1,698,843,768

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.

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

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Statement of Assets and Liabilities
April 30, 2023 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,708,193,410)	$1,698,843,768
Receivable for:
Capital shares sold	3,647,476
Interest	21,934,005
Expense reimbursement due from Investment Manager	10,284
Prepaid expenses	8,318
Trustees’ deferred compensation plan	311,279
Other assets	950
Total assets	1,724,756,080
Liabilities
Due to custodian	26,228
Payable for:
Investments purchased on a delayed delivery basis	7,438,472
Capital shares purchased	2,942,283
Distributions to shareholders	4,736,360
Management services fees	21,717
Distribution and/or service fees	2,577
Transfer agent fees	101,900
Compensation of board members	276,701
Other expenses	26,632
Trustees’ deferred compensation plan	311,279
Other liabilities	449,091
Total liabilities	16,333,240
Net assets applicable to outstanding capital stock	$1,708,422,840
Represented by
Paid in capital	1,751,190,788
Total distributable earnings (loss)	(42,767,948)
Total - representing net assets applicable to outstanding capital stock	$1,708,422,840

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

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Statement of Assets and Liabilities (continued)
April 30, 2023 (Unaudited)

Class A
Net assets	$410,267,494
Shares outstanding	43,320,799
Net asset value per share	$9.47
Maximum sales charge	3.00%
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)	$9.76
Advisor Class
Net assets	$276,464,640
Shares outstanding	29,214,518
Net asset value per share	$9.46
Class C
Net assets	$13,363,951
Shares outstanding	1,410,564
Net asset value per share	$9.47
Institutional Class
Net assets	$318,448,779
Shares outstanding	33,609,454
Net asset value per share	$9.47
Institutional 2 Class
Net assets	$225,647,603
Shares outstanding	23,854,737
Net asset value per share	$9.46
Institutional 3 Class
Net assets	$455,262,492
Shares outstanding	48,013,763
Net asset value per share	$9.48
Class V
Net assets	$8,967,881
Shares outstanding	946,784
Net asset value per share	$9.47
Maximum sales charge	4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$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 April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$80,008
Interest	31,311,278
Total income	31,391,286
Expenses:
Management services fees	3,836,330
Distribution and/or service fees
Class A	415,558
Class C	53,638
Class V	6,592
Transfer agent fees
Class A	288,634
Advisor Class	193,336
Class C	9,305
Institutional Class	204,223
Institutional 2 Class	57,525
Institutional 3 Class	13,352
Class V	6,102
Compensation of board members	58,493
Custodian fees	9,589
Printing and postage fees	20,591
Registration fees	155,956
Accounting services fees	14,757
Legal fees	18,450
Compensation of chief compliance officer	158
Other	5,138
Total expenses	5,367,727
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,900,216)
Total net expenses	3,467,511
Net investment income	27,923,775
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(877,401)
Net realized loss	(877,401)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	56,612,090
Net change in unrealized appreciation (depreciation)	56,612,090
Net realized and unrealized gain	55,734,689
Net increase in net assets resulting from operations	$83,658,464

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

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Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	5,418,643	51,059,037	11,137,745	108,033,610
Fund reorganization	—	—	40,018,544	418,942,544
Distributions reinvested	670,051	6,341,395	1,339,824	13,060,573
Redemptions	(9,081,267)	(85,874,828)	(22,571,331)	(219,568,903)
Net increase (decrease)	(2,992,573)	(28,474,396)	29,924,782	320,467,824
Advisor Class
Subscriptions	6,980,330	65,880,458	11,953,049	115,430,719
Fund reorganization	—	—	104,285,243	1,091,126,562
Distributions reinvested	203,402	1,922,640	741,482	7,334,116
Redemptions	(11,624,356)	(109,238,559)	(83,957,434)	(846,171,485)
Net increase (decrease)	(4,440,624)	(41,435,461)	33,022,340	367,719,912
Class C
Subscriptions	250,753	2,356,432	323,953	3,143,313
Distributions reinvested	18,334	173,557	36,996	364,294
Redemptions	(260,059)	(2,452,347)	(561,033)	(5,477,035)
Net increase (decrease)	9,028	77,642	(200,084)	(1,969,428)
Institutional Class
Subscriptions	12,123,314	114,317,583	26,207,959	256,850,438
Distributions reinvested	422,179	3,997,139	639,833	6,267,849
Redemptions	(6,103,396)	(57,514,184)	(80,313,608)	(777,426,642)
Net increase (decrease)	6,442,097	60,800,538	(53,465,816)	(514,308,355)
Institutional 2 Class
Subscriptions	9,248,449	87,870,294	37,283,407	379,870,809
Distributions reinvested	383,524	3,623,253	685,489	6,625,571
Redemptions	(8,406,834)	(79,294,761)	(17,780,268)	(171,551,925)
Net increase	1,225,139	12,198,786	20,188,628	214,944,455
Institutional 3 Class
Subscriptions	16,594,798	156,501,474	49,716,333	475,725,762
Distributions reinvested	33,118	314,000	17,642	169,983
Redemptions	(13,569,683)	(127,891,331)	(5,055,019)	(47,743,112)
Net increase	3,058,233	28,924,143	44,678,956	428,152,633
Class V
Subscriptions	1,624	15,365	3,511	34,693
Distributions reinvested	11,257	106,545	23,104	227,198
Redemptions	(16,332)	(155,189)	(76,062)	(733,415)
Net decrease	(3,451)	(33,279)	(49,447)	(471,524)
Total net increase	3,297,849	32,057,973	74,099,359	814,535,517

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

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

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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 of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.15	0.15	0.32	0.47	(0.15)	—	(0.15)
Year Ended 10/31/2022	$10.46	0.28	(1.28)	(1.00)	(0.29)	(0.02)	(0.31)
Year Ended 10/31/2021	$10.51	0.27	0.00^(e)	0.27	(0.27)	(0.05)	(0.32)
Year Ended 10/31/2020	$10.59	0.28	(0.03)	0.25	(0.29)	(0.04)	(0.33)
Year Ended 10/31/2019	$10.11	0.31	0.48	0.79	(0.31)	(0.00)^(e)	(0.31)
Year Ended 10/31/2018	$10.54	0.31	(0.43)	(0.12)	(0.31)	—	(0.31)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.15	0.16	0.31	0.47	(0.16)	—	(0.16)
Year Ended 10/31/2022	$10.45	0.30	(1.28)	(0.98)	(0.30)	(0.02)	(0.32)
Year Ended 10/31/2021	$10.50	0.29	0.00^(e)	0.29	(0.29)	(0.05)	(0.34)
Year Ended 10/31/2020	$10.59	0.30	(0.04)	0.26	(0.31)	(0.04)	(0.35)
Year Ended 10/31/2019	$10.11	0.33	0.48	0.81	(0.33)	(0.00)^(e)	(0.33)
Year Ended 10/31/2018	$10.53	0.33	(0.42)	(0.09)	(0.33)	—	(0.33)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.16	0.12	0.31	0.43	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.46	0.22	(1.27)	(1.05)	(0.23)	(0.02)	(0.25)
Year Ended 10/31/2021	$10.51	0.21	0.00^(e)	0.21	(0.21)	(0.05)	(0.26)
Year Ended 10/31/2020	$10.59	0.21	(0.03)	0.18	(0.22)	(0.04)	(0.26)
Year Ended 10/31/2019	$10.12	0.24	0.48	0.72	(0.25)	(0.00)^(e)	(0.25)
Year Ended 10/31/2018	$10.54	0.24	(0.42)	(0.18)	(0.24)	—	(0.24)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.16	0.16	0.31	0.47	(0.16)	—	(0.16)
Year Ended 10/31/2022	$10.46	0.30	(1.28)	(0.98)	(0.30)	(0.02)	(0.32)
Year Ended 10/31/2021	$10.51	0.29	0.00^(e)	0.29	(0.29)	(0.05)	(0.34)
Year Ended 10/31/2020	$10.60	0.30	(0.04)	0.26	(0.31)	(0.04)	(0.35)
Year Ended 10/31/2019	$10.12	0.33	0.48	0.81	(0.33)	(0.00)^(e)	(0.33)
Year Ended 10/31/2018	$10.54	0.33	(0.42)	(0.09)	(0.33)	—	(0.33)
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.14	0.16	0.32	0.48	(0.16)	—	(0.16)
Year Ended 10/31/2022	$10.45	0.31	(1.29)	(0.98)	(0.31)	(0.02)	(0.33)
Year Ended 10/31/2021	$10.49	0.30	0.01	0.31	(0.30)	(0.05)	(0.35)
Year Ended 10/31/2020	$10.58	0.31	(0.05)	0.26	(0.31)	(0.04)	(0.35)
Year Ended 10/31/2019	$10.10	0.34	0.48	0.82	(0.34)	(0.00)^(e)	(0.34)
Year Ended 10/31/2018	$10.53	0.34	(0.44)	(0.10)	(0.33)	—	(0.33)

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.47	5.14%	0.84%	0.61%	3.19%	5%	$410,267
Year Ended 10/31/2022	$9.15	(9.76%)	0.81%^(c)	0.60%^(c),(d)	2.86%	3%	$423,921
Year Ended 10/31/2021	$10.46	2.61%	0.83%	0.70%^(d)	2.55%	5%	$171,415
Year Ended 10/31/2020	$10.51	2.36%	0.82%	0.73%^(d)	2.70%	9%	$156,865
Year Ended 10/31/2019	$10.59	7.94%	0.82%^(f)	0.76%^(d),(f)	2.97%	14%	$152,575
Year Ended 10/31/2018	$10.11	(1.18%)	0.81%^(c)	0.76%^(c),(d)	2.98%	8%	$157,597
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.46	5.14%	0.64%	0.41%	3.39%	5%	$276,465
Year Ended 10/31/2022	$9.15	(9.50%)	0.61%^(c)	0.40%^(c),(d)	3.01%	3%	$307,823
Year Ended 10/31/2021	$10.45	2.81%	0.63%	0.50%^(d)	2.75%	5%	$6,615
Year Ended 10/31/2020	$10.50	2.47%	0.62%	0.53%^(d)	2.90%	9%	$6,249
Year Ended 10/31/2019	$10.59	8.15%	0.62%^(f)	0.56%^(d),(f)	3.22%	14%	$5,927
Year Ended 10/31/2018	$10.11	(0.89%)	0.61%^(c)	0.56%^(c),(d)	3.18%	8%	$20,349
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.47	4.72%	1.44%	1.21%	2.59%	5%	$13,364
Year Ended 10/31/2022	$9.16	(10.21%)	1.42%^(c)	1.20%^(c),(d)	2.24%	3%	$12,833
Year Ended 10/31/2021	$10.46	1.99%	1.47%	1.30%^(d)	1.94%	5%	$16,754
Year Ended 10/31/2020	$10.51	1.71%	1.47%	1.38%^(d)	2.06%	9%	$21,469
Year Ended 10/31/2019	$10.59	7.14%	1.47%^(f)	1.41%^(d),(f)	2.33%	14%	$23,522
Year Ended 10/31/2018	$10.12	(1.72%)	1.46%^(c)	1.41%^(c),(d)	2.32%	8%	$29,097
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.47	5.13%	0.64%	0.41%	3.40%	5%	$318,449
Year Ended 10/31/2022	$9.16	(9.49%)	0.62%^(c)	0.40%^(c),(d)	2.99%	3%	$248,789
Year Ended 10/31/2021	$10.46	2.81%	0.63%	0.50%^(d)	2.75%	5%	$843,761
Year Ended 10/31/2020	$10.51	2.47%	0.62%	0.53%^(d)	2.90%	9%	$900,641
Year Ended 10/31/2019	$10.60	8.15%	0.62%^(f)	0.56%^(d),(f)	3.17%	14%	$1,012,229
Year Ended 10/31/2018	$10.12	(0.88%)	0.61%^(c)	0.56%^(c),(d)	3.17%	8%	$1,232,944
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.46	5.30%	0.55%	0.33%	3.46%	5%	$225,648
Year Ended 10/31/2022	$9.14	(9.53%)	0.55%^(c)	0.33%^(c)	3.16%	3%	$206,896
Year Ended 10/31/2021	$10.45	2.98%	0.56%	0.44%	2.81%	5%	$25,496
Year Ended 10/31/2020	$10.49	2.54%	0.55%	0.47%	2.98%	9%	$30,056
Year Ended 10/31/2019	$10.58	8.24%	0.55%^(f)	0.49%^(f)	3.21%	14%	$35,836
Year Ended 10/31/2018	$10.10	(0.92%)	0.55%^(c)	0.50%^(c)	3.25%	8%	$15,697

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.16	0.16	0.33	0.49	(0.17)	—	(0.17)
Year Ended 10/31/2022	$10.47	0.33	(1.30)	(0.97)	(0.32)	(0.02)	(0.34)
Year Ended 10/31/2021	$10.52	0.30	0.01	0.31	(0.31)	(0.05)	(0.36)
Year Ended 10/31/2020	$10.61	0.32	(0.05)	0.27	(0.32)	(0.04)	(0.36)
Year Ended 10/31/2019	$10.13	0.34	0.49	0.83	(0.35)	(0.00)^(e)	(0.35)
Year Ended 10/31/2018	$10.55	0.34	(0.42)	(0.08)	(0.34)	—	(0.34)
Class V
Six Months Ended 4/30/2023 (Unaudited)	$9.15	0.15	0.32	0.47	(0.15)	—	(0.15)
Year Ended 10/31/2022	$10.46	0.29	(1.29)	(1.00)	(0.29)	(0.02)	(0.31)
Year Ended 10/31/2021	$10.50	0.27	0.02	0.29	(0.28)	(0.05)	(0.33)
Year Ended 10/31/2020	$10.59	0.29	(0.05)	0.24	(0.29)	(0.04)	(0.33)
Year Ended 10/31/2019	$10.11	0.32	0.48	0.80	(0.32)	(0.00)^(e)	(0.32)
Year Ended 10/31/2018	$10.54	0.31	(0.43)	(0.12)	(0.31)	—	(0.31)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Rounds to zero.
(f)	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.

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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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.48	5.31%	0.50%	0.28%	3.51%	5%	$455,262
Year Ended 10/31/2022	$9.16	(9.46%)	0.52%^(c)	0.28%^(c)	3.50%	3%	$411,988
Year Ended 10/31/2021	$10.47	2.93%	0.52%	0.39%	2.86%	5%	$2,897
Year Ended 10/31/2020	$10.52	2.59%	0.51%	0.42%	3.01%	9%	$2,495
Year Ended 10/31/2019	$10.61	8.27%	0.51%^(f)	0.44%^(f)	3.28%	14%	$2,542
Year Ended 10/31/2018	$10.13	(0.76%)	0.50%^(c)	0.45%^(c)	3.31%	8%	$1,836
Class V
Six Months Ended 4/30/2023 (Unaudited)	$9.47	5.17%	0.79%	0.56%	3.24%	5%	$8,968
Year Ended 10/31/2022	$9.15	(9.72%)	0.77%^(c)	0.55%^(c),(d)	2.90%	3%	$8,699
Year Ended 10/31/2021	$10.46	2.76%	0.78%	0.65%^(d)	2.60%	5%	$10,456
Year Ended 10/31/2020	$10.50	2.31%	0.77%	0.68%^(d)	2.75%	9%	$10,887
Year Ended 10/31/2019	$10.59	7.99%	0.77%^(f)	0.71%^(d),(f)	3.02%	14%	$11,562
Year Ended 10/31/2018	$10.11	(1.13%)	0.76%^(c)	0.71%^(c),(d)	3.03%	8%	$12,260

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

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia Intermediate Duration Municipal Bond 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 and Institutional 3 Class are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

Note 2. Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security valuation

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.

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.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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.

Delayed delivery securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

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

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.

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 net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. 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.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund 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 and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. 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 0.48% to 0.29% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.46% of the Fund’s average daily net assets.

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Transfer agency fees

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Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.

For the six months ended April 30, 2023, 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	0.14
Advisor Class	0.14
Class C	0.14
Institutional Class	0.14
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class V	0.14

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 April 30, 2023, 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 0.20% 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 rate of 0.60% of the average daily net assets attributable to Class C shares of the Fund.

Shareholder services fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.40% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.20% for shareholder services and up to 0.20% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.15% of the Fund’s average daily net assets attributable to Class V shares.

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Notes to Financial Statements (continued)
April 30, 2023 (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 April 30, 2023, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	21,146
Class C	—	1.00^(b)	167
Class V	4.75	0.50 - 1.00^(c)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
(c)	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.

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:

	Fee rate(s) contractual through February 29, 2024
Class A	0.61%
Advisor Class	0.41
Class C	1.21
Institutional Class	0.41
Institutional 2 Class	0.33
Institutional 3 Class	0.28
Class V	0.56

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
1,708,193,000	23,309,000	(32,658,000)	(9,349,000)

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

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $118,533,021 and $89,870,273, respectively, for the six months ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.

The Fund did not borrow or lend money under the Interfund Program during the six months ended April 30, 2023.

Note 7. 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 April 30, 2023.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Note 8. Fund reorganization

At the close of business on December 10, 2021, the Fund acquired the assets and assumed the identified liabilities of BMO Intermediate Tax-Free Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on November 23, 2021. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the reorganization were $1,074,755,495 and the combined net assets immediately after the reorganization were $2,584,824,601.

The reorganization was accomplished by a tax-free exchange of 130,446,790 shares of the Acquired Fund valued at $1,510,069,106 (including $116,128,348 of unrealized appreciation/(depreciation)).

In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:

	Shares
Class A	40,018,544
Advisor Class	104,285,243

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.

The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.

Assuming the reorganization had been completed on November 1, 2021, the Fund’s pro-forma results of operations for the year ended October 31, 2022 would have been approximately:

	($)
Net investment income	61,608,000
Net realized loss	(8,790,000)
Net change in unrealized appreciation/(depreciation)	(254,774,000)
Net decrease in net assets from operations	(201,956,000)

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.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if 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.

46	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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

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.

Municipal securities risk

Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.

Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state’s (state and its instrumentalities’) financial, economic or other condition and prospects.

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Shareholder concentration risk

At April 30, 2023, two unaffiliated shareholders of record owned 46.9% 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. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

48	Columbia Intermediate Duration Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2022, through December 31, 2022, including:

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Columbia Intermediate Duration Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	16
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	24
Liquidity Risk Management Program	35

If you elect to receive the shareholder report for Columbia Strategic California Municipal Income 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

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, with a focus on income exempt from federal income tax and California individual income tax and capital appreciation.

Portfolio management

Douglas White, CFA

Lead Portfolio Manager

Managed Fund since 2018

Catherine Stienstra

Portfolio Manager

Managed Fund since 2010

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	06/16/86	8.94	-0.49	0.75	1.88
	Including sales charges		5.68	-3.48	0.15	1.57
Advisor Class		03/19/13	9.04	-0.29	0.99	2.13
Class C	Excluding sales charges	08/01/97	8.67	-0.98	0.27	1.40
	Including sales charges		7.67	-1.94	0.27	1.40
Institutional Class		09/19/05	9.04	-0.29	0.99	2.11
Institutional 2 Class*		03/01/16	9.03	-0.28	1.01	2.05
Institutional 3 Class*		03/01/17	9.08	-0.21	1.05	2.07
Bloomberg California Municipal Bond Index			7.34	3.45	2.01	2.38
Bloomberg Municipal Bond Index			7.65	2.87	2.06	2.25

Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. 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 Bloomberg California Municipal Bond Index is a subset of the Bloomberg Municipal Bond Index consisting solely of bonds issued by obligors located in the state of California.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

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 Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	0.5
AA rating	28.2
A rating	23.7
BBB rating	19.7
BB rating	2.2
Not rated	25.7
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	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	1,089.40	1,020.94	3.74	3.62	0.73
Advisor Class	1,000.00	1,000.00	1,090.40	1,021.92	2.72	2.63	0.53
Class C	1,000.00	1,000.00	1,086.70	1,018.49	6.29	6.09	1.23
Institutional Class	1,000.00	1,000.00	1,090.40	1,021.92	2.72	2.63	0.53
Institutional 2 Class	1,000.00	1,000.00	1,090.30	1,021.92	2.72	2.63	0.53
Institutional 3 Class	1,000.00	1,000.00	1,090.80	1,022.22	2.41	2.33	0.47

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 Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Commercial Mortgage-Backed Securities - Agency 0.5%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Freddie Mac Multifamily Certificates
Series ML10 Class ACA (FHLMC)
06/25/2038	2.046%	2,448,818	1,932,197
Total Commercial Mortgage-Backed Securities - Agency (Cost $2,537,313)			1,932,197

Municipal Bonds 98.5%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 3.4%
City of Fresno Airport^(a)
Refunding Revenue Bonds
Series 2013B (BAM)
07/01/2028	5.000%	500,000	500,870
07/01/2030	5.125%	1,050,000	1,052,130
City of Los Angeles Department of Airports^(a)
Refunding Revenue Bonds
Green Bonds
Subordinated Series 2023
05/15/2037	5.000%	1,630,000	1,799,908
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2017
05/15/2041	5.000%	1,500,000	1,533,509
Subordinated Series 2018
05/15/2048	5.250%	3,000,000	3,118,540
San Francisco City & County Airport Commission - San Francisco International Airport^(a)
Refunding Revenue Bonds
SFO Fuel Co., LLC
Series 2019
01/01/2047	5.000%	1,000,000	1,033,575
Revenue Bonds
San Francisco International Airport
Series 2016
05/01/2041	5.000%	1,305,000	1,333,823
Unrefunded Revenue Bonds
Series 2014A
05/01/2044	5.000%	3,000,000	3,008,694
Total			13,381,049
Charter Schools 9.0%
California Infrastructure & Economic Development Bank
Revenue Bonds
Equitable School Revolving Fund
Series 2022
11/01/2057	5.000%	3,000,000	3,093,723

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Infrastructure & Economic Development Bank^(b)
Revenue Bonds
WFCS Portfolio Project
Series 2021
01/01/2056	5.000%	1,300,000	995,870
Wonderful Foundations Charter School Portfolio Projects
Series 2020
12/31/2054	5.000%	2,200,000	1,692,156
California Infrastructure & Economic Development Bank^(b),(c)
Revenue Bonds
WFCS Portfolio Project
Subordinated Series 2021
01/01/2061	0.000%	29,600,000	1,542,438
California Public Finance Authority
Revenue Bonds
Laverne Elementary Prep Academy Project
Series 2019
06/15/2039	5.000%	870,000	820,288
06/15/2049	5.000%	1,400,000	1,251,904
California School Finance Authority^(b)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
07/31/2041	5.000%	1,600,000	1,603,316
Classical Academies Oceanside Project
Series 2022
10/01/2061	5.000%	3,500,000	3,470,041
Ivy Academia Project
Series 2021A
06/01/2061	4.000%	1,000,000	665,130
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2035	5.000%	3,010,000	3,074,689
07/01/2045	5.000%	1,705,000	1,716,068
Aspire Public Schools
Series 2020A
08/01/2059	5.000%	1,120,000	1,069,422
Series 2022
07/31/2061	5.000%	4,000,000	3,803,609
Girls Athletic Leadership School
Series 2021
06/01/2051	4.000%	1,000,000	714,171
06/01/2061	4.000%	2,890,000	1,949,338
Green Dot Public School Project
Series 2015A
08/01/2035	5.000%	1,510,000	1,539,972
Series 2018
08/01/2048	5.000%	1,750,000	1,743,139

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

6	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Hawking Steam Charter School Project
Series 2022
07/01/2062	5.500%	1,775,000	1,735,779
KIPP Los Angeles Projects
Series 2014A
07/01/2044	5.125%	1,000,000	1,006,621
Series 2015A
07/01/2045	5.000%	1,000,000	1,007,719
Santa Clarita Valley International School Project
Series 2021
06/01/2061	4.000%	1,175,000	853,028
Total			35,348,421
Higher Education 6.1%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2047	5.000%	4,250,000	4,386,228
Series 2018-A
12/01/2044	5.000%	2,000,000	2,026,238
University of the Pacific
Series 2015
11/01/2036	5.000%	2,000,000	2,072,149
Revenue Bonds
Chapman University
Series 2015
04/01/2040	5.000%	2,500,000	2,554,796
California Municipal Finance Authority
Refunding Revenue Bonds
California Lutheran University
Series 2018
10/01/2038	5.000%	300,000	309,402
Revenue Bonds
National University
Series 2019A
04/01/2040	5.000%	1,000,000	1,059,734
04/01/2041	5.000%	2,000,000	2,113,194
California Public Finance Authority^(b)
Revenue Bonds
California University of Science and Medicine
Series 2019
07/01/2054	6.250%	3,000,000	3,176,958
California Statewide Communities Development Authority^(b)
Revenue Bonds
California Baptist University
Series 2014A
11/01/2043	6.375%	3,000,000	3,025,138

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lancer Plaza Project
Series 2013
11/01/2033	5.625%	1,400,000	1,404,036
11/01/2043	5.875%	1,875,000	1,880,124
Total			24,007,997
Hospital 15.3%
California Health Facilities Financing Authority
Refunding Revenue Bonds
El Camino Hospital
Series 2015A
02/01/2040	5.000%	2,000,000	2,041,787
PIH Health
Series 2020A
06/01/2050	4.000%	4,500,000	4,220,393
Revenue Bonds
City of Hope Obligated Group
Series 2019
11/15/2045	4.000%	8,000,000	7,569,481
El Camino Hospital
Series 2017
02/01/2047	5.000%	4,000,000	4,110,450
Kaiser Permanente
Subordinated Series 2017A-2
11/01/2044	4.000%	7,000,000	6,852,615
Subordinated Series 2020A-2
11/01/2051	4.000%	5,195,000	4,880,959
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2047	5.000%	2,000,000	2,051,736
Revenue Bonds
Clincas Del Camino Real, Inc.
Series 2020
03/01/2050	4.000%	5,000,000	3,951,450
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2017
10/15/2047	5.000%	4,000,000	4,013,202
California Statewide Communities Development Authority
Refunding Revenue Bonds
Adventist Health System
Series 2018
03/01/2042	4.000%	5,000,000	4,670,355
Adventist Health System West
Series 2015
03/01/2035	5.000%	1,850,000	1,919,700

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

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
John Muir Health
Series 2018A
12/01/2053	5.000%	700,000	722,489
Revenue Bonds
Emanate Health
Series 2020A
04/01/2045	4.000%	1,000,000	949,764
Green - Marin General Hospital Project
Series 2018
08/01/2038	5.000%	475,000	491,102
Loma Linda University Medical Center
Series 2014
12/01/2054	5.500%	2,660,000	2,651,784
California Statewide Communities Development Authority^(b)
Revenue Bonds
Loma Linda University Medical Center
Series 2018
12/01/2058	5.500%	3,000,000	2,981,088
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2042	4.000%	3,000,000	2,740,544
Regents of the University of California Medical Center
Revenue Bonds
Series 2022P
05/15/2053	4.000%	2,500,000	2,373,971
Washington Township Health Care District
Refunding Revenue Bonds
Series 2019A
07/01/2036	5.000%	500,000	518,543
07/01/2048	4.000%	500,000	435,493
Total			60,146,906
Human Service Provider 1.5%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2039	5.000%	2,000,000	2,097,006
Inland Regional Center Project
Series 2015
06/15/2045	5.000%	3,500,000	3,615,774
Total			5,712,780
Local Appropriation 0.6%
City of Modesto
Certificate of Participation
Community Center Refinancing Project
Series 1993A (AMBAC)
11/01/2023	5.000%	295,000	295,573

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sacramento City Schools Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2006A (BAM)
03/01/2040	5.000%	2,000,000	2,020,698
Total			2,316,271
Local General Obligation 12.8%
Alameda Unified School District-Alameda County
Unlimited General Obligation Bonds
Election of 2014
Series 2019C
08/01/2042	3.000%	1,000,000	844,774
Carlsbad Unified School District
Unlimited General Obligation Bonds
Election of 2018
Series 2019A
08/01/2048	3.125%	2,750,000	2,226,498
Series 2021B
08/01/2046	3.000%	3,175,000	2,544,502
08/01/2050	2.375%	3,000,000	1,978,826
Cerritos Community College District
Unlimited General Obligation Bonds
Series 2019C
08/01/2044	3.000%	5,000,000	4,145,473
Chaffey Joint Union High School District^(c)
Unlimited General Obligation Bonds
Series 2019D
08/01/2034	0.000%	500,000	339,235
08/01/2035	0.000%	660,000	424,957
08/01/2036	0.000%	1,000,000	607,991
Coast Community College District^(c)
Unlimited General Obligation Bonds
Election of 2012
Series 2019F
08/01/2041	0.000%	2,125,000	983,928
08/01/2043	0.000%	7,250,000	3,034,893
Compton Unified School District^(c)
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2036	0.000%	2,750,000	1,576,991
Conejo Valley Unified School District^(c)
Unlimited General Obligation Bonds
Series 2015A (AGM)
08/01/2029	0.000%	1,650,000	1,277,435
08/01/2030	0.000%	1,000,000	732,664
East Side Union High School District
Unlimited General Obligation Refunding Bonds
Series 2003B (NPFGC)
08/01/2026	5.250%	1,160,000	1,196,133

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

8	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
El Monte Union High School District^(c)
Unlimited General Obligation Bonds
Series 2021E
06/01/2046	0.000%	2,765,000	987,971
Fremont Union High School District
Unlimited General Obligation Bonds
Series 2021A
08/01/2037	3.000%	2,045,000	1,878,981
Glendale Community College District^(c)
Unlimited General Obligation Bonds
Series 2020B
08/01/2044	0.000%	1,550,000	598,721
02/01/2045	0.000%	1,250,000	470,160
Long Beach Unified School District^(c)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2032	0.000%	1,500,000	1,039,319
Manteca Unified School District^(c)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2004
Series 2006 (NPFGC)
08/01/2032	0.000%	5,440,000	4,023,037
Monterey Peninsula Community College District^(c)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2032	0.000%	3,500,000	2,576,605
08/01/2033	0.000%	2,000,000	1,413,842
Mount San Antonio Community College District^(c)
Unlimited General Obligation Bonds
Election of 2008
Series 2021E
08/01/2046	0.000%	8,230,000	2,996,708
Pomona Unified School District^(c)
Unlimited General Obligation Bonds
Series 2016G (AGM)
08/01/2033	0.000%	1,000,000	703,740
08/01/2034	0.000%	1,610,000	1,087,711
Poway Unified School District^(c)
Unlimited General Obligation Bonds
Improvement District No. 2007-1-A
Series 2009
08/01/2030	0.000%	2,295,000	1,849,007
San Diego Unified School District^(c)
Unlimited General Obligation Bonds
Capital Appreciation Bonds
Series 2016I
07/01/2034	0.000%	5,000,000	3,256,178
San Diego Unified School District
Unlimited General Obligation Bonds
Series 2019B
07/01/2048	3.250%	5,000,000	4,170,194

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2037	5.000%	1,500,000	1,547,172
Total			50,513,646
Multi-Family 11.5%
California Community Housing Agency^(b)
Revenue Bonds
Junior Bonds
Series 2021A-2
02/01/2043	4.000%	3,000,000	2,465,006
The Arbors
Series 2020A
08/01/2050	5.000%	3,500,000	3,221,695
California Housing Finance Agency
Revenue Bonds
Series 2021-1A
11/20/2035	3.500%	4,415,171	4,180,645
California Municipal Finance Authority
Refunding Revenue Bonds
Caritas Projects
Series 2017A
08/15/2042	4.000%	1,000,000	955,620
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2050	5.000%	1,250,000	1,254,098
Caritas Affordable Housing
Series 2014
08/15/2049	5.250%	3,500,000	3,542,480
Subordinated Series 2014
08/15/2049	5.875%	1,000,000	1,004,744
CMFA Special Finance Agency^(b)
Revenue Bonds
Junior Bonds - Latitude33
Series 2021A
12/01/2045	4.000%	3,000,000	2,389,026
Junior Bonds - Solana at Grand
Series 2021A-2
08/01/2045	4.000%	3,000,000	2,380,556
CMFA Special Finance Agency VIII^(b)
Revenue Bonds
Elan Huntington Beach
Series 2021
08/01/2047	4.000%	2,000,000	1,569,273
CSCDA Community Improvement Authority^(b)
Revenue Bonds
Jefferson-Anaheim Social Bonds
Series 2021
08/01/2056	3.125%	2,500,000	1,707,155

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

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Parallel-Anaheim Social Bonds
Series 2021
08/01/2056	4.000%	1,760,000	1,315,974
Pasadena Portfolio Social Bonds
Series 2021
12/01/2056	3.000%	2,000,000	1,328,204
12/01/2056	4.000%	1,000,000	719,107
Social Bonds
Series 2021A-2
10/01/2056	4.000%	3,000,000	2,138,587
Social Bonds - Mezzanine Lien - 777 Place-Pomona
Series 2021
05/01/2057	4.000%	2,000,000	1,389,984
Social Bonds - Mezzanine Lien - Park Crossing Apartments
Series 2021
12/01/2048	4.000%	2,000,000	1,467,685
Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena
Series 2021
06/01/2057	4.000%	2,000,000	1,380,619
Social Bonds - Millennium South Bay-Hawthorne
Series 2021
07/01/2058	4.000%	2,000,000	1,390,236
Social Bonds - Monterey Station-Pomona
Series 2021
07/01/2058	4.000%	2,000,000	1,385,919
Social Bonds - Senior Lien - Park Crossing Apartments
Series 2021
12/01/2058	3.250%	1,500,000	1,009,978
The Link - Glendale Social Bonds
Subordinated Series 2021
07/01/2056	4.000%	3,500,000	2,493,480
Union South Bay Social Bonds
Series 2021
07/01/2056	4.000%	2,000,000	1,488,769
Hastings Campus Housing Finance Authority
Revenue Bonds
Green Bonds
Series 2020A
07/01/2061	5.000%	4,000,000	3,227,516
Total			45,406,356
Municipal Power 1.9%
Guam Power Authority^(d)
Refunding Revenue Bonds
Series 2022A
10/01/2043	5.000%	3,000,000	3,116,371
Puerto Rico Electric Power Authority^(d),(e)
Revenue Bonds
Series 2010XX
07/01/2040	0.000%	1,965,000	1,380,413

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2012A
07/01/2042	0.000%	4,250,000	2,985,625
Total			7,482,409
Other Bond Issue 1.4%
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2040	5.000%	2,000,000	2,027,762
Federal Home Loan Mortgage Corp. Multifamily ML Certificates
Series 2019-ML05
11/25/2033	3.350%	3,785,887	3,583,687
Total			5,611,449
Ports 0.5%
Port of Los Angeles^(a)
Refunding Revenue Bonds
Series 2014A
08/01/2044	5.000%	2,000,000	2,021,568
Prepaid Gas 1.7%
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2023 (Mandatory Put 08/01/29)
07/01/2053	5.000%	4,000,000	4,256,905
12/01/2053	5.000%	1,000,000	1,060,884
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2034	7.000%	1,000,000	1,217,700
Total			6,535,489
Recreation 0.4%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Los Angeles County Museum of Natural History
Series 2020
07/01/2050	4.000%	1,500,000	1,399,206
Refunded / Escrowed 1.2%
California School Finance Authority^(b)
Prerefunded 07/01/25 Revenue Bonds
River Springs Charter School Project
Series 2015
07/01/2046	6.375%	1,000,000	1,077,204
07/01/2046	6.375%	155,000	164,838
Prerefunded 08/01/25 Revenue Bonds
Aspire Public Schools
Series 2016
07/31/2041	5.000%	150,000	157,185

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

10	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Pomona
Refunding Revenue Bonds
Series 1990B Escrowed to Maturity (GNMA / FHLMC)
08/01/2023	7.500%	60,000	60,601
Glendale Unified School District^(c)
Prerefunded 09/01/25 Unlimited General Obligation Bonds
Series 2015B
09/01/2031	0.000%	1,900,000	1,366,378
Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds
Series 2015B
09/01/2032	0.000%	1,000,000	684,623
Riverside Community College District^(c)
Prerefunded 02/01/25 Unlimited General Obligation Bonds
Election of 2004
Series 2015E
08/01/2030	0.000%	600,000	444,589
08/01/2031	0.000%	1,000,000	703,313
Total			4,658,731
Resource Recovery 0.0%
California Municipal Finance Authority^(a),(b),(e)
Revenue Bonds
UTS Renewable Energy-Waste Water Facilities
Series 2011
12/01/2032	0.000%	2,745,000	54,900
Retirement Communities 5.4%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2039	5.000%	2,565,000	2,664,474
07/01/2044	5.000%	700,000	721,681
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2044	4.000%	2,500,000	2,332,853
Revenue Bonds
HumanGood California Obligated Group
Series 2021
10/01/2046	4.000%	2,000,000	1,843,317
10/01/2049	4.000%	2,500,000	2,263,165
Paradise Valley Estates Project
Series 2019
01/01/2043	5.000%	3,000,000	3,219,126
California Public Finance Authority^(b)
Revenue Bonds
Enso Village Project - Green Bonds
Series 2021
11/15/2046	5.000%	1,000,000	877,044
11/15/2056	5.000%	1,000,000	839,970

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2045	5.000%	3,155,000	3,181,391
Front Porch Communities & Services
Series 2017
04/01/2047	4.000%	1,750,000	1,604,770
04/01/2047	5.000%	250,000	254,214
Series 2021
04/01/2046	3.000%	1,000,000	718,402
04/01/2051	3.000%	1,250,000	831,679
Total			21,352,086
Sales Tax 3.5%
Commonwealth of Puerto Rico^(c),(d)
Revenue Notes
Series 2022
11/01/2051	0.000%	1,945,522	916,827
Subordinated Series 2022
11/01/2043	0.000%	876,694	412,046
Puerto Rico Sales Tax Financing Corp.^(c),(d)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	27,900,000	7,588,769
Puerto Rico Sales Tax Financing Corp.^(d)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	5,000,000	4,815,515
Total			13,733,157
Special Non Property Tax 0.1%
Puerto Rico Highway & Transportation Authority^(c),(d)
Revenue Bonds
Series 2022B
07/01/2032	0.000%	198,983	124,862
Series 2022C
07/01/2053	0.000%	340,377	202,537
Total			327,399
Special Property Tax 8.3%
Bakersfield Redevelopment Agency
Tax Allocation Bonds
Old Town Kern Pioneer
Series 2009A
08/01/2029	7.500%	1,035,000	1,037,958
Southeast Bakersfield
Series 2009B
08/01/2029	7.250%	480,000	481,354

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

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2030	5.000%	1,000,000	1,095,953
Cerritos Public Financing Authority
Tax Allocation Bonds
Los Coyotes Redevelopment Project Loan
Series 1993A (AMBAC)
11/01/2023	6.500%	1,880,000	1,903,044
Chula Vista Municipal Financing Authority
Refunding Special Tax Bonds
Series 2015A
09/01/2035	5.000%	2,460,000	2,571,748
09/01/2036	5.000%	2,435,000	2,537,125
City & County of San Francisco Infrastructure & Revitalization Financing District No. 1^(b)
Tax Allocation Bonds
Facilities Increment - Treasure Island
Series 2022
09/01/2052	5.000%	1,000,000	967,521
City of Dublin
Special Tax Bonds
Improvement Area No. 3
Series 2021
09/01/2045	4.000%	850,000	749,118
09/01/2051	4.000%	865,000	736,616
City of Irvine
Special Tax Bonds
Community Facilities District 2013-3
Series 2014
09/01/2039	5.000%	750,000	758,220
09/01/2044	5.000%	2,525,000	2,543,928
City of Yucaipa
Refunding Special Tax Bonds
Community Facilities District No. 98-1
Series 2011
09/01/2030	5.375%	1,500,000	1,506,446
Elk Grove Unified School District
Refunding Special Tax Bonds
Community Facilities District No. 1
Series 1995 (AMBAC)
12/01/2024	6.500%	905,000	935,369
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Series 1998A (AMBAC)
05/01/2023	5.250%	90,000	90,009
Inland Valley Development Agency
Refunding Tax Allocation Bonds
Series 2014A
09/01/2044	5.000%	5,000,000	5,029,223

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Irvine Facilities Financing Authority^(f)
Special Tax Bonds
Irvine Great Park Infrastructure Project
Series 2023 (BAM)
09/01/2058	4.000%	1,000,000	971,121
Irvine Unified School District
Special Tax Bonds
Community Facilities District Number 09-1
Series 2019A
09/01/2038	4.000%	275,000	263,605
09/01/2040	4.000%	685,000	641,700
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2042	5.000%	1,000,000	1,014,978
Pittsburg Successor Agency Redevelopment Agency^(c)
Tax Allocation Bonds
Los Medanos Community Development Project
Series 1999 (AMBAC)
08/01/2024	0.000%	2,100,000	2,007,095
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B (BAM)
09/01/2035	5.000%	1,395,000	1,463,192
River Islands Public Financing Authority
Special Tax Refunding Bonds
Improvement Area No. 1
Series 2022A-1 (AGM)
09/01/2052	5.250%	1,000,000	1,117,947
San Francisco City & County Redevelopment Agency
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2043	5.000%	1,000,000	1,026,245
Santa Monica Redevelopment Agency
Tax Allocation Bonds
Earthquake Recovery Redevelopment
Series 2011
07/01/2036	5.875%	1,250,000	1,254,296
Total			32,703,811
State Appropriated 1.9%
California State Public Works Board
Revenue Bonds
Judicial Council Projects
Series 2013A
03/01/2038	5.000%	2,500,000	2,503,430
Series 2014B
10/01/2039	5.000%	1,000,000	1,019,301

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

12	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Various Correctional Facilities
Series 2014A
09/01/2039	5.000%	3,895,000	3,964,500
Total			7,487,231
State General Obligation 1.8%
State of California
Unlimited General Obligation Bonds
Series 2019
04/01/2045	3.250%	3,650,000	3,114,424
Unlimited General Obligation Refunding Bonds
Series 2023
10/01/2050	4.000%	4,000,000	3,942,360
Unrefunded Unlimited General Obligation Bonds
Series 2004
04/01/2029	5.300%	2,000	2,004
Total			7,058,788
Tobacco 4.1%
California County Tobacco Securitization Agency^(c)
Refunding Revenue Bonds
Capital Allocation
Subordinated Series 2020B-2
06/01/2055	0.000%	17,780,000	3,013,596
Sonoma County Securitization Corp.
Series 2020
06/01/2055	0.000%	10,000,000	2,038,105
Golden State Tobacco Securitization Corp.^(c)
Refunding Revenue Bonds
Subordinated Series 2021B-2
06/01/2066	0.000%	40,000,000	4,418,128
Tobacco Securitization Authority of Northern California^(c)
Refunding Revenue Bonds
Sacramento County Tobacco Securitization Corp. Senior Bonds
Series 2021
06/01/2060	0.000%	5,000,000	842,681
Tobacco Securitization Authority of Southern California
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2048	5.000%	4,385,000	4,472,352
Tobacco Securitization Authority of Southern California^(c)
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2054	0.000%	7,000,000	1,289,333
Total			16,074,195

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Turnpike / Bridge / Toll Road 3.2%
Foothill-Eastern Transportation Corridor Agency^(c)
Refunding Revenue Bonds
Series 2015
01/15/2033	0.000%	5,000,000	3,479,967
Foothill-Eastern Transportation Corridor Agency
Refunding Revenue Bonds
Subordinated Series 2019B-2
01/15/2053	3.500%	5,000,000	4,155,971
Riverside County Transportation Commission
Refunding Revenue Bonds
RCTC 91 Express Lanes
Series 2021
06/01/2046	4.000%	525,000	497,146
Riverside County Transportation Commission^(c)
Revenue Bonds
Capital Appreciation - Senior Lien
Series 2013B
06/01/2032	0.000%	2,055,000	1,443,341
06/01/2033	0.000%	2,940,000	1,978,042
Unrefunded Revenue Bonds
Senior Lien
Series 2013
06/01/2029	0.000%	1,265,000	1,005,249
Total			12,559,716
Water & Sewer 2.9%
City of Riverside Sewer
Refunding Revenue Bonds
Series 2015A
08/01/2040	5.000%	3,185,000	3,311,721
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2041	5.000%	2,000,000	2,085,121
Los Angeles Department of Water & Power Water System
Refunding Revenue Bonds
Series 2022D
07/01/2052	5.000%	2,000,000	2,207,456
Mountain House Public Financing Authority
Revenue Bonds
Green Bonds
Series 2020A (BAM)
12/01/2055	4.000%	2,500,000	2,374,833

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

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Puerto Rico Commonwealth Aqueduct & Sewer Authority^(b),(d)
Refunding Revenue Bonds
Senior Lien
Series 2020A
07/01/2047	5.000%	1,425,000	1,370,779
Total			11,349,910
Total Municipal Bonds (Cost $433,624,131)			387,243,471

Money Market Funds 0.3%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(g)	165,791	165,775
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(g)	1,240,742	1,240,742
Total Money Market Funds (Cost $1,406,523)		1,406,517
Total Investments in Securities (Cost: $437,567,967)		390,582,185
Other Assets & Liabilities, Net		2,670,745
Net Assets		393,252,930

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	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 April 30, 2023, the total value of these securities amounted to $79,400,544, which represents 20.19% of total net assets.
(c)	Zero coupon bond.
(d)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2023, the total value of these securities amounted to $22,913,744, which represents 5.83% of total net assets.
(e)	Represents a security in default.
(f)	Represents a security purchased on a when-issued basis.
(g)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

ACA	ACA Financial Guaranty Corporation
AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
FHLMC	Federal Home Loan Mortgage Corporation
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

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

14	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

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 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 April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Commercial Mortgage-Backed Securities - Agency	—	1,932,197	—	1,932,197
Municipal Bonds	—	387,243,471	—	387,243,471
Money Market Funds	1,406,517	—	—	1,406,517
Total Investments in Securities	1,406,517	389,175,668	—	390,582,185

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 Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Statement of Assets and Liabilities
April 30, 2023 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $437,567,967)	$390,582,185
Cash	28,848
Receivable for:
Capital shares sold	1,338,785
Interest	4,346,576
Expense reimbursement due from Investment Manager	344
Prepaid expenses	4,659
Trustees’ deferred compensation plan	115,280
Other assets	4,030
Total assets	396,420,707
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	972,270
Capital shares purchased	844,157
Distributions to shareholders	1,142,496
Management services fees	5,033
Distribution and/or service fees	1,642
Transfer agent fees	19,588
Compensation of board members	41,082
Other expenses	26,229
Trustees’ deferred compensation plan	115,280
Total liabilities	3,167,777
Net assets applicable to outstanding capital stock	$393,252,930
Represented by
Paid in capital	459,711,686
Total distributable earnings (loss)	(66,458,756)
Total - representing net assets applicable to outstanding capital stock	$393,252,930
Class A
Net assets	$254,627,060
Shares outstanding	9,640,761
Net asset value per share	$26.41
Maximum sales charge	3.00%
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)	$27.23
Advisor Class
Net assets	$4,371,817
Shares outstanding	165,392
Net asset value per share	$26.43
Class C
Net assets	$13,131,354
Shares outstanding	497,177
Net asset value per share	$26.41
Institutional Class
Net assets	$101,444,291
Shares outstanding	3,839,444
Net asset value per share	$26.42
Institutional 2 Class
Net assets	$1,709,687
Shares outstanding	64,614
Net asset value per share	$26.46
Institutional 3 Class
Net assets	$17,968,721
Shares outstanding	676,457
Net asset value per share	$26.56

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

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Statement of Operations
Six Months Ended April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$24,364
Interest	8,329,569
Total income	8,353,933
Expenses:
Management services fees	936,369
Distribution and/or service fees
Class A	252,354
Class C	45,847
Transfer agent fees
Class A	81,131
Advisor Class	1,481
Class C	4,211
Institutional Class	35,446
Institutional 2 Class	489
Institutional 3 Class	637
Compensation of board members	16,442
Custodian fees	5,530
Printing and postage fees	10,808
Registration fees	6,079
Accounting services fees	14,757
Legal fees	9,436
Interest on interfund lending	6,079
Compensation of chief compliance officer	40
Other	8,305
Total expenses	1,435,441
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(81,094)
Total net expenses	1,354,347
Net investment income	6,999,586
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(8,676,667)
Futures contracts	(1,685,660)
Net realized loss	(10,362,327)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	39,999,208
Net change in unrealized appreciation (depreciation)	39,999,208
Net realized and unrealized gain	29,636,881
Net increase in net assets resulting from operations	$36,636,467

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

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Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	577,281	15,239,261	1,239,979	34,868,694
Distributions reinvested	142,500	3,764,844	293,274	8,252,780
Redemptions	(1,128,900)	(29,662,333)	(2,624,523)	(73,106,204)
Net decrease	(409,119)	(10,658,228)	(1,091,270)	(29,984,730)
Advisor Class
Subscriptions	34,931	901,611	109,216	3,021,317
Distributions reinvested	3,198	84,545	6,389	180,165
Redemptions	(54,071)	(1,429,478)	(140,609)	(3,921,442)
Net decrease	(15,942)	(443,322)	(25,004)	(719,960)
Class C
Subscriptions	76,222	2,012,332	136,655	3,824,037
Distributions reinvested	6,601	174,406	14,146	398,874
Redemptions	(100,639)	(2,642,444)	(273,732)	(7,587,303)
Net decrease	(17,816)	(455,706)	(122,931)	(3,364,392)
Institutional Class
Subscriptions	1,135,955	30,113,370	2,798,983	79,536,336
Distributions reinvested	61,147	1,615,566	182,653	5,179,555
Redemptions	(3,006,224)	(79,083,806)	(9,037,144)	(254,322,821)
Net decrease	(1,809,122)	(47,354,870)	(6,055,508)	(169,606,930)
Institutional 2 Class
Subscriptions	35,066	941,855	1,779	53,945
Distributions reinvested	1,140	30,192	2,796	78,899
Redemptions	(49,221)	(1,291,165)	(15,749)	(454,784)
Net decrease	(13,015)	(319,118)	(11,174)	(321,940)
Institutional 3 Class
Subscriptions	168,168	4,464,736	784,968	20,951,222
Distributions reinvested	4,030	107,076	10,105	289,120
Redemptions	(274,084)	(7,264,422)	(357,169)	(9,843,407)
Net increase (decrease)	(101,886)	(2,692,610)	437,904	11,396,935
Total net decrease	(2,366,900)	(61,923,854)	(6,867,983)	(192,601,017)

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	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$24.66	0.45	1.75	2.20	(0.45)	—	(0.45)
Year Ended 10/31/2022	$31.08	0.82	(6.34)	(5.52)	(0.82)	(0.08)	(0.90)
Year Ended 10/31/2021	$30.83	0.74	0.37	1.11	(0.74)	(0.12)	(0.86)
Year Ended 10/31/2020^(e)	$31.12	0.81	0.01^(f)	0.82	(0.81)	(0.30)	(1.11)
Year Ended 10/31/2019^(e)	$29.49	1.00	1.71	2.71	(1.00)	(0.08)	(1.08)
Year Ended 10/31/2018^(e)	$30.87	1.08	(1.26)	(0.18)	(1.04)	(0.16)	(1.20)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$24.68	0.47	1.76	2.23	(0.48)	—	(0.48)
Year Ended 10/31/2022	$31.11	0.88	(6.35)	(5.47)	(0.88)	(0.08)	(0.96)
Year Ended 10/31/2021	$30.86	0.80	0.37	1.17	(0.80)	(0.12)	(0.92)
Year Ended 10/31/2020^(e)	$31.14	0.89	0.01^(f)	0.90	(0.88)	(0.30)	(1.18)
Year Ended 10/31/2019^(e)	$29.50	1.04	1.72	2.76	(1.04)	(0.08)	(1.12)
Year Ended 10/31/2018^(e)	$30.88	1.16	(1.26)	(0.10)	(1.12)	(0.16)	(1.28)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$24.66	0.38	1.76	2.14	(0.39)	—	(0.39)
Year Ended 10/31/2022	$31.08	0.68	(6.34)	(5.66)	(0.68)	(0.08)	(0.76)
Year Ended 10/31/2021	$30.83	0.58	0.37	0.95	(0.58)	(0.12)	(0.70)
Year Ended 10/31/2020^(e)	$31.12	0.67	0.01^(f)	0.68	(0.67)	(0.30)	(0.97)
Year Ended 10/31/2019^(e)	$29.49	0.84	1.71	2.55	(0.84)	(0.08)	(0.92)
Year Ended 10/31/2018^(e)	$30.87	0.92	(1.22)	(0.30)	(0.92)	(0.16)	(1.08)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$24.67	0.47	1.76	2.23	(0.48)	—	(0.48)
Year Ended 10/31/2022	$31.09	0.87	(6.33)	(5.46)	(0.88)	(0.08)	(0.96)
Year Ended 10/31/2021	$30.85	0.80	0.36	1.16	(0.80)	(0.12)	(0.92)
Year Ended 10/31/2020^(e)	$31.13	0.88	0.02^(f)	0.90	(0.88)	(0.30)	(1.18)
Year Ended 10/31/2019^(e)	$29.50	1.08	1.67	2.75	(1.04)	(0.08)	(1.12)
Year Ended 10/31/2018^(e)	$30.88	1.12	(1.22)	(0.10)	(1.12)	(0.16)	(1.28)
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$24.71	0.47	1.76	2.23	(0.48)	—	(0.48)
Year Ended 10/31/2022	$31.14	0.89	(6.36)	(5.47)	(0.88)	(0.08)	(0.96)
Year Ended 10/31/2021	$30.89	0.81	0.37	1.18	(0.81)	(0.12)	(0.93)
Year Ended 10/31/2020^(e)	$31.18	0.90	0.00^(f),(h)	0.90	(0.89)	(0.30)	(1.19)
Year Ended 10/31/2019^(e)	$29.54	1.00	1.80	2.80	(1.08)	(0.08)	(1.16)
Year Ended 10/31/2018^(e)	$30.92	1.16	(1.22)	(0.06)	(1.16)	(0.16)	(1.32)

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$26.41	8.94%	0.77%^(c)	0.73%^(c)	3.45%	8%	$254,627
Year Ended 10/31/2022	$24.66	(18.07%)	0.77%^(c)	0.73%^(c),(d)	2.88%	18%	$247,853
Year Ended 10/31/2021	$31.08	3.61%	0.80%	0.74%^(d)	2.35%	14%	$346,280
Year Ended 10/31/2020^(e)	$30.83	2.69%	0.81%	0.78%^(d)	2.64%	30%	$329,728
Year Ended 10/31/2019^(e)	$31.12	9.31%	0.82%^(c)	0.80%^(c),(d)	3.26%	37%	$347,854
Year Ended 10/31/2018^(e)	$29.49	(0.62%)	0.82%	0.82%^(d)	3.52%	13%	$323,725
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$26.43	9.04%	0.57%^(c)	0.53%^(c)	3.65%	8%	$4,372
Year Ended 10/31/2022	$24.68	(17.92%)	0.55%^(c)	0.53%^(c),(d)	3.07%	18%	$4,476
Year Ended 10/31/2021	$31.11	3.82%	0.55%	0.54%^(d)	2.55%	14%	$6,418
Year Ended 10/31/2020^(e)	$30.86	3.03%	0.56%	0.54%^(d)	2.88%	30%	$4,506
Year Ended 10/31/2019^(e)	$31.14	9.59%	0.57%^(c)	0.54%^(c),(d)	3.37%	37%	$6,206
Year Ended 10/31/2018^(e)	$29.50	(0.38%)	0.57%	0.57%^(d)	3.76%	13%	$1,363
Class C
Six Months Ended 4/30/2023 (Unaudited)	$26.41	8.67%	1.27%^(c)	1.23%^(c)	2.95%	8%	$13,131
Year Ended 10/31/2022	$24.66	(18.48%)	1.37%^(c)	1.23%^(c),(d)	2.37%	18%	$12,701
Year Ended 10/31/2021	$31.08	3.09%	1.55%	1.24%^(d)	1.86%	14%	$19,828
Year Ended 10/31/2020^(e)	$30.83	2.22%	1.56%	1.24%^(d),(g)	2.19%	30%	$23,783
Year Ended 10/31/2019^(e)	$31.12	8.82%	1.57%^(c)	1.25%^(c),(d),(g)	2.82%	37%	$31,410
Year Ended 10/31/2018^(e)	$29.49	(1.07%)	1.57%	1.27%^(d),(g)	3.07%	13%	$35,145
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$26.42	9.04%	0.57%^(c)	0.53%^(c)	3.64%	8%	$101,444
Year Ended 10/31/2022	$24.67	(17.90%)	0.55%^(c)	0.53%^(c),(d)	3.00%	18%	$139,361
Year Ended 10/31/2021	$31.09	3.78%	0.55%	0.54%^(d)	2.54%	14%	$363,917
Year Ended 10/31/2020^(e)	$30.85	3.00%	0.56%	0.54%^(d)	2.87%	30%	$260,443
Year Ended 10/31/2019^(e)	$31.13	9.58%	0.57%^(c)	0.55%^(c),(d)	3.49%	37%	$192,055
Year Ended 10/31/2018^(e)	$29.50	(0.37%)	0.57%	0.57%^(d)	3.77%	13%	$143,156
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$26.46	9.03%	0.56%^(c)	0.53%^(c)	3.64%	8%	$1,710
Year Ended 10/31/2022	$24.71	(17.89%)	0.54%^(c)	0.52%^(c)	3.09%	18%	$1,918
Year Ended 10/31/2021	$31.14	3.83%	0.54%	0.52%	2.57%	14%	$2,765
Year Ended 10/31/2020^(e)	$30.89	2.89%	0.54%	0.52%	2.92%	30%	$2,283
Year Ended 10/31/2019^(e)	$31.18	9.59%	0.56%^(c)	0.53%^(c)	3.29%	37%	$3,302
Year Ended 10/31/2018^(e)	$29.54	(0.21%)	0.56%	0.55%	3.80%	13%	$196

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

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Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$24.80	0.48	1.77	2.25	(0.49)	—	(0.49)
Year Ended 10/31/2022	$31.26	0.91	(6.39)	(5.48)	(0.90)	(0.08)	(0.98)
Year Ended 10/31/2021	$31.01	0.82	0.38	1.20	(0.83)	(0.12)	(0.95)
Year Ended 10/31/2020^(e)	$31.29	0.91	0.02^(f)	0.93	(0.91)	(0.30)	(1.21)
Year Ended 10/31/2019^(e)	$29.65	1.08	1.72	2.80	(1.08)	(0.08)	(1.16)
Year Ended 10/31/2018^(e)	$31.03	1.16	(1.22)	(0.06)	(1.16)	(0.16)	(1.32)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
(f)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(g)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	10/31/2020	10/31/2019	10/31/2018
Class C	0.25%	0.30%	0.30%

(h)	Rounds to zero.

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

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia Strategic California Municipal Income Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

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 and Institutional 3 Class 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange 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.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 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.

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 April 30, 2023:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(1,685,660)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	11,026,915

*	Based on the ending daily outstanding amounts for the six months ended April 30, 2023.

Asset- and mortgage-backed securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Delayed delivery securities

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 classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

Dividend income is recorded on the ex-dividend date.

Expenses

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Determination of class net asset value

Federal income tax status

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 management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

28	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

For the six months ended April 30, 2023, 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	0.06
Advisor Class	0.06
Class C	0.06
Institutional Class	0.06
Institutional 2 Class	0.06
Institutional 3 Class	0.01

Distribution and service fees

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rates of 0.20% and 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.45% of the average daily net assets attributable to Class C shares of the Fund.

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	7,881
Class C	—	1.00^(b)	141

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(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

	March 1, 2023 through February 29, 2024	Prior to March 1, 2023
Class A	0.74%	0.74%
Advisor Class	0.54	0.54
Class C	1.24	1.24
Institutional Class	0.54	0.54
Institutional 2 Class	0.53	0.52
Institutional 3 Class	0.48	0.47

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. 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. 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

30	Columbia Strategic California Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
437,568,000	2,642,000	(49,628,000)	(46,986,000)

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

The following capital loss carryforwards, determined at October 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(8,174,966)	(941,192)	(9,116,158)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $33,839,376 and $95,640,344, respectively, for the six months ended April 30, 2023, of which $0 and $16,945, 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. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	3,286,667	4.48	15

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2023.

Note 7. Line of credit

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Notes to Financial Statements (continued)
April 30, 2023 (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%.

The Fund had no borrowings during the six months ended April 30, 2023.

Note 8. Significant risks

Credit risk

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Interest rate risk

Liquidity risk

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Market risk

Municipal securities risk

Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholder of record owned 13.8% 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 34.8% 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.

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

Columbia Strategic California Municipal Income Fund | Semiannual Report 2023

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	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	20
Liquidity Risk Management Program	29

If you elect to receive the shareholder report for Columbia Massachusetts Intermediate Municipal Bond 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

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks as high a level of current interest income exempt from federal income tax and, to the extent possible, from Massachusetts individual income tax, as is consistent with relative stability of principal.

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2012

Douglas Rangel, CFA

Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/09/02	5.38	1.88	1.10	1.15
	Including sales charges		2.18	-1.18	0.48	0.84
Advisor Class		03/19/13	5.51	2.24	1.37	1.41
Class C	Excluding sales charges	12/09/02	5.15	1.42	0.64	0.70
	Including sales charges		4.15	0.42	0.64	0.70
Institutional Class		06/14/93	5.51	2.24	1.37	1.41
Institutional 2 Class*		03/01/16	5.52	2.15	1.40	1.44
Institutional 3 Class*		03/01/17	5.55	2.22	1.46	1.47
Class V	Excluding sales charges	06/26/00	5.44	1.98	1.20	1.25
	Including sales charges		0.45	-2.84	0.23	0.76
Bloomberg 3-15 Year Blend Municipal Bond Index			6.52	3.71	2.18	2.14

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	4.7
AA rating	41.1
A rating	28.0
BBB rating	21.4
BB rating	3.9
B rating	0.3
Not rated	0.6
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	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	1,053.80	1,020.60	4.03	3.96	0.80
Advisor Class	1,000.00	1,000.00	1,055.10	1,021.82	2.77	2.73	0.55
Class C	1,000.00	1,000.00	1,051.50	1,018.39	6.29	6.19	1.25
Institutional Class	1,000.00	1,000.00	1,055.10	1,021.82	2.77	2.73	0.55
Institutional 2 Class	1,000.00	1,000.00	1,055.20	1,022.07	2.52	2.48	0.50
Institutional 3 Class	1,000.00	1,000.00	1,055.50	1,022.36	2.22	2.18	0.44
Class V	1,000.00	1,000.00	1,054.40	1,021.09	3.53	3.47	0.70

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 Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.6%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.6%
New York City Water & Sewer System^(a)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	3.750%	750,000	750,000
Total Floating Rate Notes (Cost $750,000)			750,000

Municipal Bonds 98.2%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 5.6%
Massachusetts Port Authority^(b)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2038	5.000%	1,000,000	1,058,952
Revenue Bonds
Series 2019C
07/01/2035	5.000%	2,000,000	2,172,876
Series 2021E
07/01/2038	5.000%	1,000,000	1,086,914
Massachusetts Port Authority
Refunding Revenue Bonds
Series 2014C
07/01/2031	5.000%	1,900,000	1,942,686
Revenue Bonds
Series 2015A
07/01/2026	5.000%	600,000	628,639
Total			6,890,067
Charter Schools 2.7%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Foxborough Regional Charter
Series 2017
07/01/2037	5.000%	1,800,000	1,816,472
International Charter School
Series 2015
04/15/2025	5.000%	215,000	216,129
04/15/2033	5.000%	1,335,000	1,352,921
Total			3,385,522

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Higher Education 26.2%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Babson College
Series 2015A
10/01/2025	5.000%	600,000	628,159
Boston University
Series 2006BB2
10/01/2037	4.000%	2,120,000	2,138,409
Brandeis University
Series 2018R
10/01/2035	5.000%	1,005,000	1,103,201
10/01/2036	5.000%	1,140,000	1,243,080
Series 2019
10/01/2036	5.000%	1,535,000	1,681,133
College of the Holy Cross
Series 2016A
09/01/2034	5.000%	500,000	528,186
Emerson College
Series 2017A
01/01/2033	5.000%	1,500,000	1,570,345
01/01/2034	5.000%	1,000,000	1,043,796
Simmons College
Series 2015K-1
10/01/2026	5.000%	3,005,000	3,083,134
10/01/2028	5.000%	1,100,000	1,132,929
Simmons University
Series 2018L
10/01/2034	5.000%	500,000	525,900
10/01/2035	5.000%	455,000	475,832
Suffolk University
Series 2019
07/01/2035	5.000%	870,000	918,946
Tufts University
Series 2015Q
08/15/2030	5.000%	1,000,000	1,045,894
Western New England University
Series 2015
09/01/2032	5.000%	500,000	505,845
09/01/2033	5.000%	1,225,000	1,236,351
09/01/2034	5.000%	1,285,000	1,293,669
Woods Hole Oceanographic Institution
Series 2018
06/01/2036	5.000%	650,000	703,588
Worcester Polytechnic Institute
Series 2016
09/01/2034	5.000%	500,000	525,965

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

6	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2017
09/01/2037	5.000%	290,000	306,781
Revenue Bonds
Babson College
Series 2017
10/01/2032	5.000%	885,000	952,519
10/01/2033	5.000%	900,000	967,402
Bentley University
Series 2016
07/01/2035	4.000%	1,000,000	1,009,097
07/01/2036	4.000%	1,000,000	1,004,758
Brandeis University
Series 2019S-2
10/01/2033	5.000%	1,150,000	1,285,796
Simmons College
Series 2006H
10/01/2033	5.250%	1,000,000	1,082,846
Series 2013J
10/01/2025	5.500%	450,000	452,178
Worcester Polytechnic Institute
Series 2019
09/01/2038	5.000%	865,000	929,757
Massachusetts Health & Educational Facilities Authority
Revenue Bonds
Boston College
Series 2008M-1
06/01/2024	5.500%	3,000,000	3,076,633
Total			32,452,129
Hospital 20.8%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
CareGroup
Series 2015H-1
07/01/2030	5.000%	1,170,000	1,220,282
Series 2016I
07/01/2033	5.000%	3,000,000	3,180,196
Lahey Clinic Obligation
Series 2015F
08/15/2031	5.000%	3,000,000	3,135,612
08/15/2034	5.000%	2,250,000	2,341,872
Partners HealthCare System
Series 2016
07/01/2031	5.000%	3,000,000	3,193,941
Series 2020
07/01/2037	5.000%	2,250,000	2,461,064
Series 2019A (AGM)
07/01/2034	5.000%	1,200,000	1,246,735
Series 2019O
12/01/2035	5.000%	175,000	189,193

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2021G
07/01/2038	5.000%	225,000	239,828
UMass Memorial Healthcare
Series 2016I
07/01/2030	5.000%	2,295,000	2,406,710
Series 2017
07/01/2031	5.000%	1,000,000	1,058,898
Revenue Bonds
Baystate Medical Center
Series 2014N
07/01/2028	5.000%	1,000,000	1,019,829
07/01/2034	5.000%	1,500,000	1,526,944
CareGroup
Series 2018J1
07/01/2036	5.000%	985,000	1,061,562
07/01/2037	5.000%	1,035,000	1,109,561
Milford Regional Medical Center
Series 2014F
07/15/2026	5.000%	315,000	315,753
Total			25,707,980
Human Service Provider 0.7%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Seven Hills Foundation
Series 2021
09/01/2039	4.000%	1,000,000	887,176
Joint Power Authority 1.4%
Berkshire Wind Power Cooperative Corp.
Refunding Revenue Bonds
Berkshire Wind Project
Series 2017
07/01/2029	5.000%	1,000,000	1,093,455
Massachusetts Municipal Wholesale Electric Co.
Revenue Bonds
Project 2015A
Series 2021A
07/01/2039	4.000%	620,000	629,955
Total			1,723,410
Multi-Family 2.7%
Massachusetts Development Finance Agency
Revenue Bonds
UMass Boston Student Housing Project
Series 2016
10/01/2033	5.000%	1,235,000	1,256,765
10/01/2034	5.000%	2,000,000	2,029,389
Total			3,286,154

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

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Other Bond Issue 6.8%
Martha’s Vineyard Land Bank
Refunding Revenue Bonds
Green Bonds
Series 2014
05/01/2029	5.000%	1,000,000	1,030,313
05/01/2031	5.000%	1,000,000	1,028,690
Series 2017 (BAM)
05/01/2034	5.000%	500,000	541,342
05/01/2035	5.000%	500,000	539,042
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Broad Institute
Series 2017
04/01/2034	5.000%	2,500,000	2,732,874
04/01/2035	5.000%	2,350,000	2,558,490
Total			8,430,751
Pool / Bond Bank 1.8%
Massachusetts Clean Water Trust (The)
Revenue Bonds
Green Bonds
Series 2019
08/01/2038	5.000%	2,000,000	2,236,708
Prep School 0.9%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Dexter Southfield
Series 2015
05/01/2030	5.000%	1,035,000	1,077,629
Refunded / Escrowed 6.2%
Massachusetts Development Finance Agency
Prerefunded 07/01/25 Revenue Bonds
Partners HealthCare System
Series 2015
07/01/2032	5.000%	2,795,000	2,923,925
Prerefunded 10/01/24 Revenue Bonds
Children’s Hospital
Series 2014P
10/01/2031	5.000%	1,200,000	1,231,346
Massachusetts State College Building Authority^(c)
Revenue Bonds
Capital Appreciation
Series 1999A Escrowed to Maturity (NPFGC)
05/01/2028	0.000%	4,000,000	3,474,857
Total			7,630,128

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Retirement Communities 6.2%
Massachusetts Development Finance Agency
Refunding Revenue Bonds
1st Mortgage-Berkshire Retirement Community
Series 2015
07/01/2031	5.000%	1,250,000	1,277,225
Orchard Cove, Inc.
Series 2019
10/01/2039	4.000%	985,000	859,488
10/01/2039	5.000%	250,000	246,958
Salem Community Corp.
Series 2022
01/01/2040	5.125%	1,000,000	913,455
Massachusetts Development Finance Agency^(d)
Refunding Revenue Bonds
Loomis Obligated Group
Series 2022
01/01/2031	4.000%	1,500,000	1,413,607
Newbridge Charles, Inc.
Series 2017
10/01/2032	4.000%	1,500,000	1,437,348
Revenue Bonds
Linden Ponds, Inc. Facility
Series 2018
11/15/2033	5.000%	1,500,000	1,571,195
Total			7,719,276
Sales Tax 5.8%
Massachusetts Bay Transportation Authority^(c)
Refunding Revenue Bonds
Series 2016A
07/01/2029	0.000%	3,000,000	2,454,044
07/01/2032	0.000%	5,105,000	3,701,031
Massachusetts Bay Transportation Authority
Revenue Bonds
Series 2005B (NPFGC)
07/01/2023	5.500%	1,000,000	1,003,829
Total			7,158,904
State General Obligation 6.8%
Commonwealth of Massachusetts
Limited General Obligation Bonds
Series 2016I
12/01/2030	5.000%	3,000,000	3,263,385
Series 2019G
09/01/2036	4.000%	2,000,000	2,079,519
Unlimited General Obligation Refunding Bonds
Series 2004C (AMBAC)
12/01/2024	5.500%	3,000,000	3,121,683
Total			8,464,587

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

8	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Student Loan 0.2%
Massachusetts Educational Financing Authority^(b)
Revenue Bonds
Series 2020B
07/01/2028	5.000%	250,000	267,976
Turnpike / Bridge / Toll Road 1.8%
Massachusetts Transportation Trust Fund Metropolitan Highway System
Refunding Revenue Bonds
Series 2019A
01/01/2035	5.000%	2,000,000	2,220,378
Water & Sewer 1.6%
Massachusetts Water Resources Authority
Refunding Revenue Bonds
General
Series 2007B (AGM / TCRS)
08/01/2023	5.250%	2,000,000	2,010,747
Total Municipal Bonds (Cost $123,563,738)			121,549,522

Money Market Funds 0.4%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(e)	73,622	73,615
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(e)	381,470	381,470
Total Money Market Funds (Cost $455,092)		455,085
Total Investments in Securities (Cost: $124,768,830)		122,754,607
Other Assets & Liabilities, Net		957,093
Net Assets		123,711,700

Notes to Portfolio of Investments

(a)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2023.
(b)	Income from this security may be subject to alternative minimum tax.
(c)	Zero coupon bond.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2023, the total value of these securities amounted to $4,422,150, which represents 3.57% of total net assets.
(e)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
NPFGC	National Public Finance Guarantee Corporation
TCRS	Transferable Custody Receipts

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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Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (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 April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	750,000	—	750,000
Municipal Bonds	—	121,549,522	—	121,549,522
Money Market Funds	455,085	—	—	455,085
Total Investments in Securities	455,085	122,299,522	—	122,754,607

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 (continued)
April 30, 2023 (Unaudited)

Class A
Net assets	$19,619,466
Shares outstanding	2,034,480
Net asset value per share	$9.64
Maximum sales charge	3.00%
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)	$9.94
Advisor Class
Net assets	$6,236,975
Shares outstanding	647,319
Net asset value per share	$9.64
Class C
Net assets	$894,992
Shares outstanding	92,834
Net asset value per share	$9.64
Institutional Class
Net assets	$16,722,386
Shares outstanding	1,733,149
Net asset value per share	$9.65
Institutional 2 Class
Net assets	$8,759
Shares outstanding	907
Net asset value per share	$9.66
Institutional 3 Class
Net assets	$71,859,945
Shares outstanding	7,414,185
Net asset value per share	$9.69
Class V
Net assets	$8,369,177
Shares outstanding	867,841
Net asset value per share	$9.64
Maximum sales charge	4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$10.12

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

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Statement of Operations
Six Months Ended April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$21,450
Interest	2,108,727
Total income	2,130,177
Expenses:
Management services fees	302,916
Distribution and/or service fees
Class A	24,918
Class C	3,486
Class V	6,339
Transfer agent fees
Class A	11,873
Advisor Class	3,580
Class C	592
Institutional Class	9,887
Institutional 2 Class	3
Institutional 3 Class	2,394
Class V	5,038
Compensation of board members	10,984
Custodian fees	997
Printing and postage fees	4,966
Registration fees	14,634
Accounting services fees	14,757
Legal fees	7,408
Interest on interfund lending	148
Compensation of chief compliance officer	13
Other	6,208
Total expenses	431,141
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(83,758)
Total net expenses	347,383
Net investment income	1,782,794
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(1,550,773)
Net realized loss	(1,550,773)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	7,180,611
Net change in unrealized appreciation (depreciation)	7,180,611
Net realized and unrealized gain	5,629,838
Net increase in net assets resulting from operations	$7,412,632

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

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Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	89,042	857,009	275,160	2,716,151
Distributions reinvested	23,886	229,763	53,178	529,379
Redemptions	(386,322)	(3,717,307)	(583,361)	(5,751,051)
Net decrease	(273,394)	(2,630,535)	(255,023)	(2,505,521)
Advisor Class
Subscriptions	214,933	2,072,164	419,273	3,984,516
Distributions reinvested	8,586	82,549	9,233	91,575
Redemptions	(181,961)	(1,739,903)	(188,835)	(1,879,882)
Net increase	41,558	414,810	239,671	2,196,209
Class C
Subscriptions	8,374	80,185	13,110	128,449
Distributions reinvested	1,057	10,160	2,680	26,807
Redemptions	(40,583)	(389,671)	(53,435)	(530,773)
Net decrease	(31,152)	(299,326)	(37,645)	(375,517)
Institutional Class
Subscriptions	315,940	3,033,611	770,487	7,953,399
Distributions reinvested	18,033	173,627	35,509	354,796
Redemptions	(419,597)	(4,023,913)	(14,766,132)	(144,215,542)
Net decrease	(85,624)	(816,675)	(13,960,136)	(135,907,347)
Institutional 2 Class
Distributions reinvested	—	—	148	1,510
Redemptions	—	—	(8,840)	(86,265)
Net decrease	—	—	(8,692)	(84,755)
Institutional 3 Class
Subscriptions	394,316	3,809,849	11,182,415	109,017,750
Distributions reinvested	310	2,996	400	3,986
Redemptions	(2,572,771)	(24,720,190)	(1,605,428)	(15,462,865)
Net increase (decrease)	(2,178,145)	(20,907,345)	9,577,387	93,558,871
Class V
Subscriptions	2,517	24,185	5,557	55,770
Distributions reinvested	6,714	64,595	15,256	152,162
Redemptions	(54,749)	(527,540)	(212,805)	(2,071,756)
Net decrease	(45,518)	(438,760)	(191,992)	(1,863,824)
Total net decrease	(2,572,275)	(24,677,831)	(4,636,430)	(44,981,884)

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	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.26	0.12	0.38	0.50	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.59	0.21	(1.30)	(1.09)	(0.21)	(0.03)	(0.24)
Year Ended 10/31/2021	$10.62	0.21	(0.03)	0.18	(0.21)	(0.00)^(e)	(0.21)
Year Ended 10/31/2020	$10.65	0.24	(0.03)	0.21	(0.23)	(0.01)	(0.24)
Year Ended 10/31/2019	$10.17	0.29	0.51	0.80	(0.29)	(0.03)	(0.32)
Year Ended 10/31/2018	$10.62	0.28	(0.42)	(0.14)	(0.28)	(0.03)	(0.31)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.26	0.13	0.38	0.51	(0.13)	—	(0.13)
Year Ended 10/31/2022	$10.58	0.24	(1.30)	(1.06)	(0.23)	(0.03)	(0.26)
Year Ended 10/31/2021	$10.61	0.23	(0.03)	0.20	(0.23)	(0.00)^(e)	(0.23)
Year Ended 10/31/2020	$10.64	0.26	(0.02)	0.24	(0.26)	(0.01)	(0.27)
Year Ended 10/31/2019	$10.16	0.31	0.51	0.82	(0.31)	(0.03)	(0.34)
Year Ended 10/31/2018	$10.61	0.31	(0.43)	(0.12)	(0.30)	(0.03)	(0.33)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.26	0.10	0.38	0.48	(0.10)	—	(0.10)
Year Ended 10/31/2022	$10.58	0.16	(1.29)	(1.13)	(0.16)	(0.03)	(0.19)
Year Ended 10/31/2021	$10.62	0.16	(0.04)	0.12	(0.16)	(0.00)^(e)	(0.16)
Year Ended 10/31/2020	$10.64	0.19	(0.02)	0.17	(0.18)	(0.01)	(0.19)
Year Ended 10/31/2019	$10.16	0.24	0.51	0.75	(0.24)	(0.03)	(0.27)
Year Ended 10/31/2018	$10.62	0.24	(0.44)	(0.20)	(0.23)	(0.03)	(0.26)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.27	0.13	0.38	0.51	(0.13)	—	(0.13)
Year Ended 10/31/2022	$10.58	0.23	(1.28)	(1.05)	(0.23)	(0.03)	(0.26)
Year Ended 10/31/2021	$10.62	0.23	(0.04)	0.19	(0.23)	(0.00)^(e)	(0.23)
Year Ended 10/31/2020	$10.65	0.26	(0.02)	0.24	(0.26)	(0.01)	(0.27)
Year Ended 10/31/2019	$10.17	0.31	0.51	0.82	(0.31)	(0.03)	(0.34)
Year Ended 10/31/2018	$10.62	0.31	(0.43)	(0.12)	(0.30)	(0.03)	(0.33)
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.28	0.13	0.38	0.51	(0.13)	—	(0.13)
Year Ended 10/31/2022	$10.61	0.24	(1.31)	(1.07)	(0.23)	(0.03)	(0.26)
Year Ended 10/31/2021	$10.64	0.24	(0.03)	0.21	(0.24)	(0.00)^(e)	(0.24)
Year Ended 10/31/2020	$10.66	0.28	(0.02)	0.26	(0.27)	(0.01)	(0.28)
Year Ended 10/31/2019	$10.18	0.32	0.51	0.83	(0.32)	(0.03)	(0.35)
Year Ended 10/31/2018	$10.64	0.31	(0.43)	(0.12)	(0.31)	(0.03)	(0.34)

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.64	5.38%	0.93%^(c)	0.80%^(c)	2.50%	1%	$19,619
Year Ended 10/31/2022	$9.26	(10.47%)	0.89%^(c)	0.78%^(c),(d)	2.10%	3%	$21,377
Year Ended 10/31/2021	$10.59	1.65%	0.90%	0.81%^(d)	1.92%	8%	$27,129
Year Ended 10/31/2020	$10.62	2.02%	0.90%	0.81%^(d)	2.23%	13%	$28,012
Year Ended 10/31/2019	$10.65	7.92%	0.90%	0.80%^(d)	2.75%	15%	$23,968
Year Ended 10/31/2018	$10.17	(1.36%)	0.90%	0.81%^(d)	2.72%	13%	$19,046
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.64	5.51%	0.69%^(c)	0.55%^(c)	2.76%	1%	$6,237
Year Ended 10/31/2022	$9.26	(10.16%)	0.63%^(c)	0.53%^(c),(d)	2.37%	3%	$5,606
Year Ended 10/31/2021	$10.58	1.91%	0.65%	0.56%^(d)	2.17%	8%	$3,872
Year Ended 10/31/2020	$10.61	2.27%	0.65%	0.56%^(d)	2.48%	13%	$3,834
Year Ended 10/31/2019	$10.64	8.19%	0.65%	0.55%^(d)	3.00%	15%	$3,188
Year Ended 10/31/2018	$10.16	(1.12%)	0.65%	0.56%^(d)	2.97%	13%	$2,568
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.64	5.15%	1.38%^(c)	1.25%^(c)	2.06%	1%	$895
Year Ended 10/31/2022	$9.26	(10.79%)	1.45%^(c)	1.23%^(c),(d)	1.63%	3%	$1,148
Year Ended 10/31/2021	$10.58	1.10%	1.65%	1.26%^(d)	1.47%	8%	$1,710
Year Ended 10/31/2020	$10.62	1.65%	1.65%	1.26%^(d),(f)	1.80%	13%	$2,617
Year Ended 10/31/2019	$10.64	7.44%	1.65%	1.25%^(d),(f)	2.32%	15%	$3,472
Year Ended 10/31/2018	$10.16	(1.90%)	1.65%	1.26%^(d),(f)	2.27%	13%	$5,780
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.65	5.51%	0.68%^(c)	0.55%^(c)	2.76%	1%	$16,722
Year Ended 10/31/2022	$9.27	(10.06%)	0.64%^(c)	0.54%^(c),(d)	2.28%	3%	$16,856
Year Ended 10/31/2021	$10.58	1.81%	0.65%	0.56%^(d)	2.17%	8%	$167,020
Year Ended 10/31/2020	$10.62	2.27%	0.65%	0.56%^(d)	2.49%	13%	$182,343
Year Ended 10/31/2019	$10.65	8.19%	0.65%	0.55%^(d)	3.01%	15%	$177,665
Year Ended 10/31/2018	$10.17	(1.11%)	0.65%	0.56%^(d)	2.97%	13%	$166,289
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.66	5.52%	0.62%^(c)	0.50%^(c)	2.80%	1%	$9
Year Ended 10/31/2022	$9.28	(10.20%)	0.60%^(c)	0.50%^(c)	2.30%	3%	$8
Year Ended 10/31/2021	$10.61	1.96%	0.59%	0.50%	2.23%	8%	$102
Year Ended 10/31/2020	$10.64	2.43%	0.59%	0.49%	2.61%	13%	$226
Year Ended 10/31/2019	$10.66	8.25%	0.59%	0.49%	3.03%	15%	$408
Year Ended 10/31/2018	$10.18	(1.15%)	0.57%	0.50%	3.01%	13%	$41

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

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.31	0.14	0.38	0.52	(0.14)	—	(0.14)
Year Ended 10/31/2022	$10.64	0.26	(1.32)	(1.06)	(0.24)	(0.03)	(0.27)
Year Ended 10/31/2021	$10.67	0.24	(0.02)	0.22	(0.25)	(0.00)^(e)	(0.25)
Year Ended 10/31/2020	$10.70	0.27	(0.02)	0.25	(0.27)	(0.01)	(0.28)
Year Ended 10/31/2019	$10.22	0.33	0.50	0.83	(0.32)	(0.03)	(0.35)
Year Ended 10/31/2018	$10.67	0.32	(0.42)	(0.10)	(0.32)	(0.03)	(0.35)
Class V
Six Months Ended 4/30/2023 (Unaudited)	$9.26	0.12	0.38	0.50	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.59	0.22	(1.31)	(1.09)	(0.21)	(0.03)	(0.24)
Year Ended 10/31/2021	$10.62	0.22	(0.03)	0.19	(0.22)	(0.00)^(e)	(0.22)
Year Ended 10/31/2020	$10.65	0.25	(0.03)	0.22	(0.24)	(0.01)	(0.25)
Year Ended 10/31/2019	$10.17	0.30	0.51	0.81	(0.30)	(0.03)	(0.33)
Year Ended 10/31/2018	$10.62	0.29	(0.42)	(0.13)	(0.29)	(0.03)	(0.32)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Rounds to zero.
(f)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	10/31/2020	10/31/2019	10/31/2018
Class C	0.25%	0.30%	0.30%

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.69	5.55%	0.57%^(c)	0.44%^(c)	2.86%	1%	$71,860
Year Ended 10/31/2022	$9.31	(10.11%)	0.56%^(c)	0.44%^(c)	2.77%	3%	$89,300
Year Ended 10/31/2021	$10.64	2.02%	0.55%	0.45%	2.28%	8%	$159
Year Ended 10/31/2020	$10.67	2.38%	0.54%	0.45%	2.58%	13%	$173
Year Ended 10/31/2019	$10.70	8.28%	0.54%	0.44%	3.12%	15%	$128
Year Ended 10/31/2018	$10.22	(0.99%)	0.54%	0.45%	3.08%	13%	$108
Class V
Six Months Ended 4/30/2023 (Unaudited)	$9.64	5.44%	0.83%^(c)	0.70%^(c)	2.61%	1%	$8,369
Year Ended 10/31/2022	$9.26	(10.38%)	0.79%^(c)	0.68%^(c),(d)	2.19%	3%	$8,460
Year Ended 10/31/2021	$10.59	1.76%	0.80%	0.71%^(d)	2.02%	8%	$11,700
Year Ended 10/31/2020	$10.62	2.12%	0.80%	0.71%^(d)	2.34%	13%	$12,363
Year Ended 10/31/2019	$10.65	8.03%	0.80%	0.70%^(d)	2.86%	15%	$12,839
Year Ended 10/31/2018	$10.17	(1.26%)	0.80%	0.71%^(d)	2.82%	13%	$15,825

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

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia Massachusetts Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-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.

20	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

22	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

For the six months ended April 30, 2023, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.07
Institutional 3 Class	0.01
Class V	0.12

Distribution and service fees

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 rate of 0.45% of the average daily net assets attributable to Class C shares of the Fund.

Shareholder services fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	274
Class C	—	1.00^(b)	—
Class V	4.75	0.50 - 1.00^(c)	—

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
(c)	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.

The Fund’s other share classes are not subject to sales charges.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	March 1, 2023 through February 29, 2024	Prior to March 1, 2023
Class A	0.81%	0.81%
Advisor Class	0.56	0.56
Class C	1.26	1.26
Institutional Class	0.56	0.56
Institutional 2 Class	0.51	0.50
Institutional 3 Class	0.45	0.45
Class V	0.71	0.71

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. 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. 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 April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
124,769,000	793,000	(2,807,000)	(2,014,000)

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

24	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

No expiration short-term ($)	No expiration long-term ($)	Total ($)
—	(2,449,976)	(2,449,976)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,000,000 and $25,014,479, respectively, for the six months ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	366,667	4.85	3

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2023.

Note 7. Line of credit

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 April 30, 2023.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Market risk

Municipal securities risk

26	Columbia Massachusetts Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholder of record owned 63.4% 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. 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 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

Columbia Massachusetts Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Liquidity Risk Management Program	33

If you elect to receive the shareholder report for Columbia Strategic New York Municipal Income 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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, with a focus on income exempt from federal income tax and New York individual income tax and capital appreciation.

Portfolio management

Douglas White, CFA

Lead Portfolio Manager

Managed Fund since 2018

Catherine Stienstra

Portfolio Manager

Managed Fund since 2010

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/26/86	9.25	-0.86	0.96	1.69
	Including sales charges		5.99	-3.83	0.36	1.38
Advisor Class		03/19/13	9.40	-0.58	1.21	1.95
Class C	Excluding sales charges	08/01/97	9.06	-1.27	0.50	1.23
	Including sales charges		8.06	-2.23	0.50	1.23
Institutional Class		09/01/11	9.35	-0.62	1.19	1.94
Institutional 2 Class		11/08/12	9.38	-0.61	1.21	1.96
Institutional 3 Class*		03/01/17	9.43	-0.55	1.27	1.88
Bloomberg New York Municipal Bond Index			8.59	3.42	1.92	2.17
Bloomberg Municipal Bond Index			7.65	2.87	2.06	2.25

Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. 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 Bloomberg New York Municipal Bond Index is a subset of the Bloomberg Municipal Bond Index consisting solely of bonds issued by obligors located in the state of New York.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	4.2
AA rating	40.2
A rating	14.3
BBB rating	18.4
BB rating	3.1
B rating	2.4
Not rated	17.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	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	1,092.50	1,020.70	4.00	3.86	0.78
Advisor Class	1,000.00	1,000.00	1,094.00	1,021.92	2.72	2.63	0.53
Class C	1,000.00	1,000.00	1,090.60	1,018.49	6.31	6.09	1.23
Institutional Class	1,000.00	1,000.00	1,093.50	1,021.92	2.72	2.63	0.53
Institutional 2 Class	1,000.00	1,000.00	1,093.80	1,022.02	2.62	2.53	0.51
Institutional 3 Class	1,000.00	1,000.00	1,094.30	1,022.26	2.36	2.28	0.46

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 Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.6%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.6%
New York City Water & Sewer System^(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	3.750%	750,000	750,000
Total Floating Rate Notes (Cost $750,000)			750,000

Municipal Bonds 97.6%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Air Transportation 5.0%
New York City Industrial Development Agency^(c)
Refunding Revenue Bonds
Trips Obligated Group
Series 2012A
07/01/2028	5.000%	2,000,000	2,000,855
New York Transportation Development Corp.^(c)
Refunding Revenue Bonds
American Airlines, Inc. Project
Series 2021
08/01/2031	3.000%	1,300,000	1,135,147
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2040	4.000%	600,000	560,343
12/01/2041	4.000%	600,000	554,780
Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2041	5.000%	1,000,000	1,040,277
12/01/2042	4.000%	1,000,000	914,399
Total			6,205,801
Airport 0.4%
Niagara Frontier Transportation Authority^(c)
Refunding Revenue Bonds
Buffalo Niagara International Airport
Series 2019
04/01/2039	5.000%	525,000	548,721
Charter Schools 7.6%
Albany Capital Resource Corp.
Refunding Revenue Bonds
Brighter Choice Elementary
Series 2021
04/01/2037	4.000%	1,000,000	858,056

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Build NYC Resource Corp.
Revenue Bonds
Academic Leadership Charter School Project
Series 2021
06/15/2036	4.000%	200,000	189,362
Bronx Charter School for Excellence
Series 2013
04/01/2033	5.000%	1,000,000	1,000,651
International Leadership Charter School
Series 2013
07/01/2033	5.750%	1,500,000	1,499,854
Social Bonds - KIPP NYC Public School Facilities Canal West Project
Series 2023
07/01/2062	5.250%	1,000,000	1,013,692
Build NYC Resource Corp.^(d)
Revenue Bonds
International Leadership Charter School
Series 2016
07/01/2046	6.250%	265,000	266,025
New World Preparatory Charter School Project
Series 2021
06/15/2051	4.000%	690,000	515,647
Richmond Preparatory School Project Social Bonds
Series 2021
06/01/2056	5.000%	1,250,000	1,090,370
Secton Education Partners-Brilla Project
Series 2021
11/01/2051	4.000%	1,000,000	768,813
Social Bonds - East Harlem Scholars Academy Charter School Project
Series 2022
06/01/2062	5.750%	1,000,000	1,008,035
Hempstead Town Local Development Corp.
Revenue Bonds
Evergreen Charter School Project
Series 2022A
06/15/2057	5.500%	500,000	489,414
Monroe County Industrial Development Corp.^(d)
Revenue Bonds
Social Bonds - Academy of Health Sciences Charter School Project
Series 2022
07/01/2057	6.000%	750,000	726,669
Total			9,426,588
Disposal 1.4%
New York State Environmental Facilities Corp.^(c),(d)
Revenue Bonds
Casella Waste Systems, Inc.
Series 2019 (Mandatory Put 12/03/29)
12/01/2044	2.875%	2,000,000	1,760,843

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

6	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Health Services 1.2%
New York State Dormitory Authority
Refunding Revenue Bonds
Icahn School of Medicine at Mount Sinai
Series 2015
07/01/2040	5.000%	1,500,000	1,528,848
Higher Education 2.0%
Build NYC Resource Corp.
Refunding Revenue Bonds
Manhattan College Project
Series 2017
08/01/2042	4.000%	750,000	722,450
Dutchess County Local Development Corp.
Refunding Revenue Bonds
Culinary Institute of America (The)
Series 2018
07/01/2034	5.000%	500,000	525,507
New York State Dormitory Authority
Revenue Bonds
St. John’s University
Series 2007C (NPFGC)
07/01/2026	5.250%	1,205,000	1,283,873
Total			2,531,830
Hospital 4.8%
Genesee County Funding Corp. (The)
Refunding Revenue Bonds
Rochester Regional Health Project
Series 2022
12/01/2052	5.250%	500,000	512,580
New York State Dormitory Authority
Refunding Revenue Bonds
Montefiore Obligated Group
Series 2020A
09/01/2050	4.000%	1,000,000	776,672
Montefiore Obligation Group
Series 2018
08/01/2035	5.000%	350,000	340,787
North Shore - Long Island Jewish Obligation Group
Series 2015A
05/01/2037	5.000%	2,000,000	2,055,775
NYU Hospitals Center
Series 2016
07/01/2040	4.000%	1,000,000	1,000,252
New York State Dormitory Authority^(d)
Refunding Revenue Bonds
Orange Regional Medical Center
Series 2017
12/01/2037	5.000%	400,000	392,931

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Westchester County Local Development Corp.
Refunding Revenue Bonds
Westchester Medical Center
Series 2016
11/01/2037	3.750%	1,000,000	851,856
Total			5,930,853
Joint Power Authority 1.9%
New York Power Authority
Refunding Revenue Bonds
Series 2020A
11/15/2055	4.000%	500,000	478,031
Revenue Bonds
Green Transmission Project
Series 2022 (AGM)
11/15/2061	4.000%	2,000,000	1,863,907
Total			2,341,938
Local Appropriation 0.8%
Suffolk County Judicial Facilities Agency
Revenue Bonds
H. Lee Dennison Building
Series 2013
11/01/2025	5.000%	1,000,000	1,006,171
Local General Obligation 6.4%
City of New York
Unlimited General Obligation Bonds
Series 2022A-1
09/01/2046	4.000%	3,000,000	2,936,820
Series 2022D-1
05/01/2042	5.250%	1,250,000	1,420,517
04/30/2043	5.250%	1,000,000	1,133,273
Subordinated Series 2023E-1
04/01/2047	5.250%	750,000	846,109
04/01/2050	4.000%	1,000,000	973,499
City of Poughkeepsie
Limited General Obligation Refunding Bonds
Series 2019
06/01/2031	5.000%	600,000	628,257
Total			7,938,475
Multi-Family 9.7%
Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2017G
11/01/2047	3.700%	2,000,000	1,738,684

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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York City Housing Development Corp.
Refunding Revenue Bonds
Sustainable Neighborhood
Series 2019
11/01/2039	3.800%	1,480,000	1,413,385
11/01/2049	3.650%	875,000	744,309
Revenue Bonds
Series 2018K
11/01/2048	4.000%	735,000	672,598
Sustainable Development Bonds
Series 2021
05/01/2051	2.750%	1,000,000	682,183
Sustainable Neighborhood
Series 2019
11/01/2049	3.250%	2,000,000	1,592,936
New York State Housing Finance Agency
Revenue Bonds
Affordable Housing
Series 2017M
11/01/2042	3.650%	750,000	678,551
Series 2019D
11/01/2044	3.700%	1,000,000	885,593
Climate Bond Certified/Sustainability Bonds
Series 2019
11/01/2044	3.150%	840,000	675,917
Green Bonds
Series 2017H
11/01/2047	3.650%	1,360,000	1,168,778
Series 2017L (GNMA)
11/01/2037	3.300%	540,000	510,831
Sustainability Bonds
Series 2019I
11/01/2039	3.000%	800,000	679,687
Series 2021J-1 (FHA)
11/01/2056	2.875%	1,000,000	680,778
Total			12,124,230
Municipal Power 2.9%
Guam Power Authority^(e)
Refunding Revenue Bonds
Series 2022A
10/01/2043	5.000%	500,000	519,395
10/01/2044	5.000%	500,000	517,869
Long Island Power Authority
Refunding Revenue Bonds
Series 2014A
09/01/2044	5.000%	1,000,000	1,010,571
Puerto Rico Electric Power Authority^(e),(f)
Revenue Bonds
Series 2010XX
07/01/2040	0.000%	1,000,000	702,500

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2012A
07/01/2042	0.000%	1,250,000	878,125
Total			3,628,460
Nursing Home 0.9%
Monroe County Industrial Development Corp.
Refunding Revenue Bonds
St. Ann’s Community Project
Series 2019
01/01/2050	5.000%	1,500,000	1,086,159
Other Bond Issue 2.7%
New York Liberty Development Corp.
Refunding Revenue Bonds
Green Bonds - 4 World Trade Center Project
Series 2021
11/15/2051	3.000%	500,000	362,977
New York Transportation Development Corp.^(c)
Revenue Bonds
New York State Thruway Service Areas Project
Series 2021
10/31/2046	4.000%	1,500,000	1,317,212
04/30/2053	4.000%	2,000,000	1,690,815
Total			3,371,004
Other Industrial Development Bond 0.2%
New York Liberty Development Corp.
Revenue Bonds
Goldman Sachs Headquarters
Series 2007
10/01/2037	5.500%	260,000	299,568
Pool / Bond Bank 0.0%
New York State Dormitory Authority
Unrefunded Revenue Bonds
School Districts Bond Financing Program
Series 2009 (AGM)
10/01/2036	5.125%	15,000	15,023
Ports 8.9%
New York Liberty Development Corp.
Refunding Revenue Bonds
Series 2021-1WTC
02/15/2042	3.000%	2,000,000	1,588,573
Port Authority of New York & New Jersey^(c)
Refunding Revenue Bonds
193rd Series 2015
10/15/2035	5.000%	2,635,000	2,706,237
Consolidated 186th
Series 2014
10/15/2044	5.000%	1,000,000	1,008,145

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

8	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port Authority of New York & New Jersey
Refunding Revenue Bonds
Consolidated 211th
Series 2018
09/01/2043	4.000%	2,000,000	1,997,233
Revenue Bonds
Consolidated 85th
Series 1993
03/01/2028	5.375%	1,445,000	1,539,381
Consolidated 93rd
Series 1994
06/01/2094	6.125%	2,250,000	2,298,169
Total			11,137,738
Prep School 1.4%
Build NYC Resource Corp.
Refunding Revenue Bonds
Series 2015
06/01/2033	5.000%	500,000	519,086
06/01/2035	5.000%	700,000	722,739
Rensselaer County Industrial Development Agency
Refunding Revenue Bonds
Emma Willard School Project
Series 2015A
01/01/2036	5.000%	500,000	514,118
Total			1,755,943
Recreation 0.6%
Western Regional Off-Track Betting Corp.^(d)
Refunding Revenue Bonds
Series 2021
12/01/2041	4.125%	1,000,000	748,536
Refunded / Escrowed 0.8%
Build NYC Resource Corp.
Prerefunded 08/01/25 Revenue Bonds
YMCA of Greater New York Project
Series 2015
08/01/2040	5.000%	900,000	944,313
Resource Recovery 1.0%
Build NYC Resource Corp.^(c),(d)
Refunding Revenue Bonds
Pratt Paper, Inc. Project
Series 2014
01/01/2035	5.000%	750,000	758,661
Jefferson County Industrial Development Agency^(c),(d),(f)
Revenue Bonds
ReEnergy Black River LLC P
Series 2019
01/01/2024	0.000%	1,280,000	512,000
Total			1,270,661

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Retirement Communities 6.8%
Brookhaven Local Development Corp.
Refunding Revenue Bonds
Jefferson’s Ferry Project
Series 2016
11/01/2036	5.250%	750,000	759,062
Revenue Bonds
Jefferson’s Ferry Project
Series 2020
11/01/2055	4.000%	1,000,000	769,092
Huntington Local Development Corp.
Revenue Bonds
Fountaingate Garden Project
Series 2021A
07/01/2056	5.250%	2,000,000	1,520,007
Suffolk County Economic Development Corp.
Refunding Revenue Bonds
Peconic Landing at Southhold, Inc.
Series 2020
12/01/2040	5.000%	1,540,000	1,499,533
Tompkins County Development Corp.
Refunding Revenue Bonds
Kendal at Ithaca, Inc. Project
Series 2014
07/01/2044	5.000%	1,655,000	1,582,027
Ulster County Capital Resource Corp.^(d)
Refunding Revenue Bonds
Woodland Pond at New Paltz
Series 2017
09/15/2047	5.250%	500,000	370,894
09/15/2053	5.250%	1,000,000	713,798
Westchester County Local Development Corp.
Refunding Revenue Bonds
Miriam Osborn Memorial Home Association Project
Series 2019
07/01/2042	5.000%	450,000	468,191
Westchester County Local Development Corp.^(d)
Revenue Bonds
Purchase Senior Learning Community
Series 2021
07/01/2056	5.000%	1,000,000	726,517
Total			8,409,121
Sales Tax 7.8%
Commonwealth of Puerto Rico^(e),(g)
Revenue Notes
Series 2022
11/01/2051	0.000%	520,296	245,189
Subordinated Series 2022
11/01/2043	0.000%	350,677	164,818

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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

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Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Puerto Rico Sales Tax Financing Corp.^(e),(g)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	12,100,000	3,291,187
Puerto Rico Sales Tax Financing Corp.^(e)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	1,000,000	963,103
Triborough Bridge & Tunnel Authority
Revenue Bonds
Sales Tax - MTA Bridges & Tunnels
Series 2022
05/15/2062	5.250%	2,500,000	2,749,773
TBTA Capital Lockbox - City Sales Tax
Series 2023A
05/15/2063	5.500%	2,000,000	2,247,640
Total			9,661,710
Single Family 1.8%
State of New York Mortgage Agency
Refunding Revenue Bonds
Series 2019-217
04/01/2039	3.625%	135,000	131,936
Revenue Bonds
Social Bonds
Series 2023-250 (HUD)
10/01/2053	4.900%	1,000,000	1,018,003
State of New York Mortgage Agency^(c)
Refunding Revenue Bonds
Series 2019-218
04/01/2033	3.600%	950,000	942,617
04/01/2038	3.850%	170,000	169,474
Total			2,262,030
Special Non Property Tax 8.1%
Metropolitan Transportation Authority^(g)
Refunding Revenue Bonds
Series 2012A
11/15/2032	0.000%	2,500,000	1,757,909
New York City Transitional Finance Authority
Revenue Bonds
Future Tax Secured
Subordinated Series 2022A-1
08/01/2048	4.000%	3,000,000	2,931,213
Subordinated Series 2023F-1
02/01/2045	5.000%	1,000,000	1,109,147
02/01/2047	5.250%	1,000,000	1,126,326
New York State Thruway Authority
Refunding Revenue Bonds
Personal Income Tax - Bidding Group
Series 2022A
03/15/2050	4.000%	2,000,000	1,943,872

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Puerto Rico Highway & Transportation Authority^(e),(g)
Revenue Bonds
Series 2022B
07/01/2032	0.000%	53,221	33,396
Series 2022C
07/01/2053	0.000%	91,041	54,173
Triborough Bridge & Tunnel Authority
Revenue Bonds
Senior Lien Green Bonds
Series 2022D-2
05/15/2052	5.500%	1,000,000	1,146,374
Total			10,102,410
Special Property Tax 0.7%
Glen Cove Local Economic Assistance Corp.
Refunding Revenue Bonds
Garview Point Public Improvement Project
Series 2016
01/01/2056	5.000%	1,000,000	867,627
Tobacco 5.0%
Chautauqua Tobacco Asset Securitization Corp.
Refunding Revenue Bonds
Series 2014
06/01/2034	5.000%	1,000,000	975,056
New York Counties Tobacco Trust VI
Refunding Revenue Bonds
Tobacco Settlement Pass-Through
Series 2016
06/01/2051	5.000%	2,000,000	1,868,535
Suffolk Tobacco Asset Securitization Corp.^(g)
Refunding Revenue Bonds
Subordinated Series 2021B-2
06/01/2066	0.000%	3,000,000	334,154
TSASC, Inc.
Refunding Revenue Bonds
Series 2017A
06/01/2041	5.000%	3,000,000	3,059,721
Total			6,237,466
Transportation 3.8%
Metropolitan Transportation Authority
Refunding Revenue Bonds
Series 2017D
11/15/2042	4.000%	1,000,000	951,490
Revenue Bonds
Green Bonds
Series 2020C-1
11/15/2050	5.000%	2,000,000	2,067,014

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

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Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Transportation
Series 2015B
11/15/2040	5.000%	1,675,000	1,690,636
Total			4,709,140
Turnpike / Bridge / Toll Road 1.8%
Triborough Bridge & Tunnel Authority
Revenue Bonds
Series 2022A
11/15/2057	5.500%	2,000,000	2,269,750
Water & Sewer 1.2%
New York City Municipal Water Finance Authority
Refunding Revenue Bonds
Series 2023DD
06/15/2047	5.000%	1,000,000	1,109,385
Puerto Rico Commonwealth Aqueduct & Sewer Authority^(d),(e)
Refunding Revenue Bonds
Senior Lien
Series 2020A
07/01/2047	5.000%	425,000	408,829
Total			1,518,214
Total Municipal Bonds (Cost $132,318,724)			121,639,171

Money Market Funds 0.6%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(h)	766,145	766,145
Total Money Market Funds (Cost $766,145)		766,145
Total Investments in Securities (Cost: $133,834,869)		123,155,316
Other Assets & Liabilities, Net		1,455,871
Net Assets		124,611,187

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2023.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2023, the total value of these securities amounted to $10,768,568, which represents 8.64% of total net assets.
(e)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At April 30, 2023, the total value of these securities amounted to $7,778,584, which represents 6.24% of total net assets.
(f)	Represents a security in default.
(g)	Zero coupon bond.
(h)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
FHA	Federal Housing Authority
GNMA	Government National Mortgage Association
HUD	U.S. Department of Housing and Urban Development
NPFGC	National Public Finance Guarantee Corporation

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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

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 April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	750,000	—	750,000
Municipal Bonds	—	121,639,171	—	121,639,171
Money Market Funds	766,145	—	—	766,145
Total Investments in Securities	766,145	122,389,171	—	123,155,316

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
April 30, 2023 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $133,834,869)	$123,155,316
Cash	3,830
Receivable for:
Capital shares sold	307,393
Interest	1,793,562
Expense reimbursement due from Investment Manager	378
Prepaid expenses	1,869
Trustees’ deferred compensation plan	78,232
Other assets	85
Total assets	125,340,665
Liabilities
Payable for:
Capital shares purchased	250,889
Distributions to shareholders	353,830
Management services fees	1,603
Distribution and/or service fees	714
Transfer agent fees	7,411
Compensation of board members	14,896
Other expenses	21,903
Trustees’ deferred compensation plan	78,232
Total liabilities	729,478
Net assets applicable to outstanding capital stock	$124,611,187
Represented by
Paid in capital	140,568,686
Total distributable earnings (loss)	(15,957,499)
Total - representing net assets applicable to outstanding capital stock	$124,611,187
Class A
Net assets	$84,753,955
Shares outstanding	3,281,653
Net asset value per share	$25.83
Maximum sales charge	3.00%
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)	$26.63
Advisor Class
Net assets	$4,454,775
Shares outstanding	172,756
Net asset value per share	$25.79
Class C
Net assets	$6,878,176
Shares outstanding	266,439
Net asset value per share	$25.82
Institutional Class
Net assets	$22,770,386
Shares outstanding	882,442
Net asset value per share	$25.80
Institutional 2 Class
Net assets	$1,134,624
Shares outstanding	44,077
Net asset value per share	$25.74
Institutional 3 Class
Net assets	$4,619,271
Shares outstanding	178,905
Net asset value per share	$25.82

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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

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Statement of Operations
Six Months Ended April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$13,110
Interest	2,615,304
Total income	2,628,414
Expenses:
Management services fees	296,748
Distribution and/or service fees
Class A	104,415
Class C	26,274
Transfer agent fees
Class A	32,109
Advisor Class	2,307
Class C	2,889
Institutional Class	8,927
Institutional 2 Class	366
Institutional 3 Class	185
Compensation of board members	10,926
Custodian fees	4,833
Printing and postage fees	7,575
Registration fees	7,212
Accounting services fees	14,757
Legal fees	7,370
Interest on interfund lending	1,005
Compensation of chief compliance officer	13
Other	5,753
Total expenses	533,664
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(71,082)
Total net expenses	462,582
Net investment income	2,165,832
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(2,680,499)
Futures contracts	(508,904)
Net realized loss	(3,189,403)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	12,989,605
Net change in unrealized appreciation (depreciation)	12,989,605
Net realized and unrealized gain	9,800,202
Net increase in net assets resulting from operations	$11,966,034

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

14	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

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Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	111,421	2,849,272	216,711	5,862,614
Distributions reinvested	43,620	1,119,800	106,218	2,976,310
Redemptions	(272,836)	(6,980,166)	(811,582)	(22,448,591)
Net decrease	(117,795)	(3,011,094)	(488,653)	(13,609,667)
Advisor Class
Subscriptions	60,347	1,518,813	150,959	4,107,086
Distributions reinvested	4,223	107,894	15,991	443,968
Redemptions	(326,636)	(8,385,095)	(140,897)	(3,815,274)
Net increase (decrease)	(262,066)	(6,758,388)	26,053	735,780
Class C
Subscriptions	15,130	386,589	36,038	992,089
Distributions reinvested	3,923	100,663	10,227	286,714
Redemptions	(80,691)	(2,056,359)	(120,876)	(3,269,679)
Net decrease	(61,638)	(1,569,107)	(74,611)	(1,990,876)
Institutional Class
Subscriptions	241,539	6,177,135	747,219	20,982,927
Distributions reinvested	14,551	373,077	43,837	1,224,278
Redemptions	(476,530)	(12,116,897)	(1,535,616)	(41,284,391)
Net decrease	(220,440)	(5,566,685)	(744,560)	(19,077,186)
Institutional 2 Class
Subscriptions	842	21,697	45,686	1,356,649
Distributions reinvested	835	21,365	2,964	83,608
Redemptions	(8,727)	(223,777)	(59,067)	(1,616,812)
Net decrease	(7,050)	(180,715)	(10,417)	(176,555)
Institutional 3 Class
Subscriptions	54,478	1,396,177	271,895	6,978,728
Distributions reinvested	833	21,408	1,103	30,662
Redemptions	(136,785)	(3,502,335)	(41,224)	(1,071,289)
Net increase (decrease)	(81,474)	(2,084,750)	231,774	5,938,101
Total net decrease	(750,463)	(19,170,739)	(1,060,414)	(28,180,403)

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

16	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$24.04	0.43	1.79	2.22	(0.43)	—	(0.43)
Year Ended 10/31/2022	$30.32	0.76	(6.05)	(5.29)	(0.76)	(0.23)	(0.99)
Year Ended 10/31/2021	$29.68	0.73	0.81	1.54	(0.72)	(0.18)	(0.90)
Year Ended 10/31/2020^(e)	$30.29	0.78	(0.32)	0.46	(0.78)	(0.29)	(1.07)
Year Ended 10/31/2019^(e)	$28.51	0.88	1.78	2.66	(0.88)	—	(0.88)
Year Ended 10/31/2018^(e)	$29.81	0.92	(1.22)	(0.30)	(0.96)	(0.04)	(1.00)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$24.00	0.45	1.80	2.25	(0.46)	—	(0.46)
Year Ended 10/31/2022	$30.27	0.84	(6.05)	(5.21)	(0.83)	(0.23)	(1.06)
Year Ended 10/31/2021	$29.64	0.80	0.81	1.61	(0.80)	(0.18)	(0.98)
Year Ended 10/31/2020^(e)	$30.25	0.85	(0.32)	0.53	(0.85)	(0.29)	(1.14)
Year Ended 10/31/2019^(e)	$28.47	0.96	1.78	2.74	(0.96)	—	(0.96)
Year Ended 10/31/2018^(e)	$29.77	1.00	(1.26)	(0.26)	(1.00)	(0.04)	(1.04)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$24.02	0.37	1.80	2.17	(0.37)	—	(0.37)
Year Ended 10/31/2022	$30.30	0.64	(6.05)	(5.41)	(0.64)	(0.23)	(0.87)
Year Ended 10/31/2021	$29.67	0.59	0.81	1.40	(0.59)	(0.18)	(0.77)
Year Ended 10/31/2020^(e)	$30.28	0.65	(0.33)	0.32	(0.64)	(0.29)	(0.93)
Year Ended 10/31/2019^(e)	$28.50	0.76	1.78	2.54	(0.76)	—	(0.76)
Year Ended 10/31/2018^(e)	$29.80	0.80	(1.26)	(0.46)	(0.80)	(0.04)	(0.84)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$24.02	0.46	1.78	2.24	(0.46)	—	(0.46)
Year Ended 10/31/2022	$30.29	0.83	(6.04)	(5.21)	(0.83)	(0.23)	(1.06)
Year Ended 10/31/2021	$29.66	0.80	0.81	1.61	(0.80)	(0.18)	(0.98)
Year Ended 10/31/2020^(e)	$30.26	0.85	(0.31)	0.54	(0.85)	(0.29)	(1.14)
Year Ended 10/31/2019^(e)	$28.49	0.96	1.77	2.73	(0.96)	—	(0.96)
Year Ended 10/31/2018^(e)	$29.79	1.00	(1.26)	(0.26)	(1.00)	(0.04)	(1.04)
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$23.96	0.46	1.78	2.24	(0.46)	—	(0.46)
Year Ended 10/31/2022	$30.22	0.83	(6.03)	(5.20)	(0.83)	(0.23)	(1.06)
Year Ended 10/31/2021	$29.58	0.81	0.81	1.62	(0.80)	(0.18)	(0.98)
Year Ended 10/31/2020^(e)	$30.19	0.86	(0.32)	0.54	(0.86)	(0.29)	(1.15)
Year Ended 10/31/2019^(e)	$28.42	0.96	1.77	2.73	(0.96)	—	(0.96)
Year Ended 10/31/2018^(e)	$29.72	1.00	(1.26)	(0.26)	(1.00)	(0.04)	(1.04)

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

18	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$25.83	9.25%	0.89%^(c)	0.78%^(c)	3.39%	11%	$84,754
Year Ended 10/31/2022	$24.04	(17.84%)	0.86%^(c)	0.78%^(c),(d)	2.74%	22%	$81,708
Year Ended 10/31/2021	$30.32	5.23%	0.85%	0.78%^(d)	2.39%	18%	$117,874
Year Ended 10/31/2020^(e)	$29.68	1.59%	0.85%^(c)	0.80%^(c),(d)	2.63%	26%	$114,883
Year Ended 10/31/2019^(e)	$30.29	9.37%	0.85%	0.80%^(d)	3.00%	46%	$117,062
Year Ended 10/31/2018^(e)	$28.51	(1.02%)	0.85%	0.80%^(d)	3.21%	19%	$120,625
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$25.79	9.40%	0.64%^(c)	0.53%^(c)	3.62%	11%	$4,455
Year Ended 10/31/2022	$24.00	(17.64%)	0.61%^(c)	0.53%^(c),(d)	3.00%	22%	$10,435
Year Ended 10/31/2021	$30.27	5.46%	0.61%	0.53%^(d)	2.63%	18%	$12,373
Year Ended 10/31/2020^(e)	$29.64	1.84%	0.60%^(c)	0.55%^(c),(d)	2.88%	26%	$9,151
Year Ended 10/31/2019^(e)	$30.25	9.66%	0.60%	0.55%^(d)	3.23%	46%	$6,470
Year Ended 10/31/2018^(e)	$28.47	(0.78%)	0.60%	0.55%^(d)	3.48%	19%	$4,821
Class C
Six Months Ended 4/30/2023 (Unaudited)	$25.82	9.06%	1.34%^(c)	1.23%^(c)	2.94%	11%	$6,878
Year Ended 10/31/2022	$24.02	(18.23%)	1.43%^(c)	1.23%^(c),(d)	2.28%	22%	$7,882
Year Ended 10/31/2021	$30.30	4.72%	1.60%	1.23%^(d)	1.94%	18%	$12,203
Year Ended 10/31/2020^(e)	$29.67	1.10%	1.60%^(c)	1.25%^(c),(d),(f)	2.18%	26%	$15,103
Year Ended 10/31/2019^(e)	$30.28	9.04%	1.60%	1.25%^(d),(f)	2.56%	46%	$19,693
Year Ended 10/31/2018^(e)	$28.50	(1.60%)	1.60%	1.25%^(d),(f)	2.76%	19%	$21,111
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$25.80	9.35%	0.64%^(c)	0.53%^(c)	3.63%	11%	$22,770
Year Ended 10/31/2022	$24.02	(17.62%)	0.61%^(c)	0.53%^(c),(d)	2.94%	22%	$26,486
Year Ended 10/31/2021	$30.29	5.46%	0.60%	0.53%^(d)	2.63%	18%	$55,959
Year Ended 10/31/2020^(e)	$29.66	1.77%	0.60%^(c)	0.55%^(c),(d)	2.88%	26%	$51,296
Year Ended 10/31/2019^(e)	$30.26	9.80%	0.60%	0.55%^(d)	3.24%	46%	$52,745
Year Ended 10/31/2018^(e)	$28.49	(0.91%)	0.60%	0.55%^(d)	3.46%	19%	$41,072
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$25.74	9.38%	0.63%^(c)	0.51%^(c)	3.65%	11%	$1,135
Year Ended 10/31/2022	$23.96	(17.62%)	0.59%^(c)	0.51%^(c)	2.94%	22%	$1,225
Year Ended 10/31/2021	$30.22	5.52%	0.59%	0.52%	2.65%	18%	$1,860
Year Ended 10/31/2020^(e)	$29.58	1.78%	0.58%^(c)	0.53%^(c)	2.89%	26%	$1,977
Year Ended 10/31/2019^(e)	$30.19	9.84%	0.58%	0.53%	3.28%	46%	$4,207
Year Ended 10/31/2018^(e)	$28.42	(0.91%)	0.58%	0.54%	3.46%	19%	$5,457

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

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$24.03	0.46	1.80	2.26	(0.47)	—	(0.47)
Year Ended 10/31/2022	$30.31	0.89	(6.09)	(5.20)	(0.85)	(0.23)	(1.08)
Year Ended 10/31/2021	$29.67	0.82	0.82	1.64	(0.82)	(0.18)	(1.00)
Year Ended 10/31/2020^(e)	$30.28	0.87	(0.32)	0.55	(0.87)	(0.29)	(1.16)
Year Ended 10/31/2019^(e)	$28.50	0.96	1.78	2.74	(0.96)	—	(0.96)
Year Ended 10/31/2018^(e)	$29.80	1.04	(1.26)	(0.22)	(1.04)	(0.04)	(1.08)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
(f)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	10/31/2020	10/31/2019	10/31/2018
Class C	0.25%	0.30%	0.30%

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

20	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia Strategic New York Municipal Income Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-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

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 and Institutional 3 Class 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 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.

22	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Derivative instruments

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

broker or receive interest income on cash collateral pledged to the broker. 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.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Futures contracts

Effects of derivative transactions in the financial statements

At April 30, 2023, the Fund had no outstanding derivatives.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(508,904)

24	Columbia Strategic New York Municipal Income Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	3,356,390

*	Based on the ending daily outstanding amounts for the six months ended April 30, 2023.

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

For the six months ended April 30, 2023, 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	0.08
Advisor Class	0.08
Class C	0.08
Institutional Class	0.08
Institutional 2 Class	0.06
Institutional 3 Class	0.01

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	4,583
Class C	—	1.00^(b)	90

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(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.

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through February 29, 2024
Class A	0.78%
Advisor Class	0.53
Class C	1.23
Institutional Class	0.53
Institutional 2 Class	0.51
Institutional 3 Class	0.46

Note 4. Federal tax information

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
133,835,000	1,104,000	(11,784,000)	(10,680,000)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(2,033,636)	(779,072)	(2,812,708)

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $14,177,719 and $35,069,365, respectively, for the six months ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	2,050,000	4.60	4

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2023.

Note 7. Line of credit

The Fund had no borrowings during the six months ended April 30, 2023.

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Note 8. Significant risks

Credit risk

High-yield investments risk

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Municipal securities risk

Non-diversification risk

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholders of record owned 13.2% 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 22.4% 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 9. Subsequent events

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Note 10. Information regarding pending and settled legal proceedings

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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

Columbia Strategic New York Municipal Income Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Liquidity Risk Management Program	31

If you elect to receive the shareholder report for Columbia New York Intermediate Municipal Bond 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

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks as high a level of current interest income exempt from federal income tax and, to the extent possible, from New York individual income tax, as is consistent with relative stability of principal.

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2012

Douglas Rangel, CFA

Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/25/02	5.34	2.15	1.38	1.39
	Including sales charges		2.17	-0.88	0.76	1.08
Advisor Class		03/19/13	5.47	2.41	1.63	1.64
Class C	Excluding sales charges	11/25/02	5.10	1.70	0.92	0.95
	Including sales charges		4.10	0.70	0.92	0.95
Institutional Class		12/31/91	5.47	2.40	1.63	1.65
Institutional 2 Class*		03/01/16	5.59	2.54	1.71	1.70
Institutional 3 Class*		03/01/17	5.61	2.59	1.74	1.71
Class V	Excluding sales charges	12/31/91	5.49	2.26	1.48	1.50
	Including sales charges		0.48	-2.57	0.49	1.01
Bloomberg New York 3-15 Year Blend Municipal Bond Index			6.94	4.30	2.11	2.08
Bloomberg 3-15 Year Blend Municipal Bond Index			6.52	3.71	2.18	2.14

The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Institutional Class shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

The Bloomberg New York 3-15 Year Blend Municipal Bond Index tracks investment grade bonds from the state of New York and its municipalities.

The Bloomberg 3-15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	5.7
AA rating	34.1
A rating	44.1
BBB rating	10.4
B rating	0.4
Not rated	5.3
Total	100.0

Percentages indicated are based upon total fixed income investments.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	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	1,053.40	1,020.89	3.73	3.67	0.74
Advisor Class	1,000.00	1,000.00	1,054.70	1,022.12	2.47	2.43	0.49
Class C	1,000.00	1,000.00	1,051.00	1,018.68	5.98	5.89	1.19
Institutional Class	1,000.00	1,000.00	1,054.70	1,022.12	2.47	2.43	0.49
Institutional 2 Class	1,000.00	1,000.00	1,055.90	1,022.41	2.17	2.13	0.43
Institutional 3 Class	1,000.00	1,000.00	1,056.10	1,022.66	1.92	1.88	0.38
Class V	1,000.00	1,000.00	1,054.90	1,021.38	3.22	3.17	0.64

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 New York Intermediate Municipal Bond Fund | Semiannual Report 2023

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Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 98.4%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Air Transportation 2.0%
New York Transportation Development Corp.^(a)
Refunding Revenue Bonds
American Airlines, Inc. Project
Series 2021
08/01/2031	3.000%	650,000	567,573
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2036	5.000%	800,000	845,433
12/01/2038	4.000%	300,000	286,453
New York Transportation Development Corp.
Refunding Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2038	5.000%	1,000,000	1,085,680
Total			2,785,139
Charter Schools 1.4%
Build NYC Resource Corp.
Revenue Bonds
Academic Leadership Charter School Project
Series 2021
06/15/2036	4.000%	200,000	189,362
International Leadership Charter School
Series 2013
07/01/2023	5.000%	390,000	390,379
Build NYC Resource Corp.^(b)
Revenue Bonds
International Leadership Charter School
Series 2016
07/01/2046	6.250%	420,000	421,625
Monroe County Industrial Development Corp.^(b)
Revenue Bonds
True North Rochester Preparatory Charter School Project
Series 2020
06/01/2040	5.000%	900,000	913,669
Total			1,915,035
Health Services 0.8%
New York State Dormitory Authority
Refunding Revenue Bonds
Icahn School of Medicine at Mount Sinai
Series 2015
07/01/2030	5.000%	1,000,000	1,034,887

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Higher Education 6.0%
Build NYC Resource Corp.
Refunding Revenue Bonds
Manhattan College Project
Series 2017
08/01/2033	5.000%	400,000	427,885
County of Saratoga
Revenue Bonds
Skidmore College Project
Series 2018
07/01/2033	5.000%	165,000	181,047
07/01/2034	5.000%	200,000	219,009
07/01/2035	5.000%	200,000	217,783
Dutchess County Local Development Corp.
Refunding Revenue Bonds
Culinary Institute of America (The)
Series 2018
07/01/2032	5.000%	220,000	231,940
Vassar College Project
Series 2017
07/01/2034	5.000%	500,000	540,710
Revenue Bonds
Marist College Project
Series 2015A
07/01/2029	5.000%	1,000,000	1,043,365
Series 2018
07/01/2031	5.000%	170,000	186,594
07/01/2032	5.000%	210,000	229,835
07/01/2033	5.000%	205,000	223,296
New York State Dormitory Authority
Refunding Revenue Bonds
Rochester Institute
Series 2019A
07/01/2036	5.000%	750,000	823,738
Teacher’s College
Series 2017
07/01/2029	5.000%	175,000	191,066
07/01/2030	5.000%	150,000	163,782
Revenue Bonds
New York University
Series 2019A
07/01/2037	5.000%	2,000,000	2,220,711
St. Lawrence County Industrial Development Agency
Refunding Revenue Bonds
Clarkson University Project
Series 2021
09/01/2038	5.000%	200,000	210,372
09/01/2039	5.000%	200,000	209,414

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

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Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tompkins County Development Corp.
Refunding Revenue Bonds
Ithaca College Project
Series 2018
07/01/2034	5.000%	575,000	614,874
Troy Capital Resource Corp.
Refunding Revenue Bonds
Forward Delivery - Rensselaer Polytechnic Institute Project
Series 2020
09/01/2037	5.000%	250,000	271,096
Total			8,206,517
Hospital 10.1%
Monroe County Industrial Development Corp.
Refunding Revenue Bonds
Highland Hospital Rochester Project
Series 2015
07/01/2025	5.000%	450,000	464,814
07/01/2026	5.000%	350,000	362,074
University of Rochester Project
Series 2017
07/01/2035	4.000%	1,285,000	1,310,612
Revenue Bonds
Rochester General Hospital (The)
Series 2017
12/01/2035	5.000%	1,000,000	1,036,937
Nassau County Local Economic Assistance Corp.
Revenue Bonds
Catholic Health Services of Long Island
Series 2014
07/01/2032	5.000%	1,250,000	1,274,725
07/01/2033	5.000%	675,000	687,776
New York State Dormitory Authority
Refunding Revenue Bonds
Memorial Sloan-Kettering Cancer Center
Series 2017
07/01/2034	4.000%	1,000,000	1,028,222
Montefiore Obligated Group
Series 2020A
09/01/2037	4.000%	300,000	257,822
North Shore - Long Island Jewish Obligation Group
Series 2015A
05/01/2031	5.000%	3,000,000	3,122,847
NYU Hospitals Center
Series 2014
07/01/2030	5.000%	1,000,000	1,025,402
07/01/2031	5.000%	1,000,000	1,025,359
Revenue Bonds
Memorial Sloan Kettering Cancer Center
Series 2019
07/01/2036	5.000%	1,000,000	1,103,020

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York State Dormitory Authority^(b)
Refunding Revenue Bonds
Orange Regional Medical Center
Series 2017
12/01/2031	5.000%	1,000,000	1,014,227
Total			13,713,837
Local General Obligation 18.7%
City of New York
Unlimited General Obligation Bonds
Fiscal 2020
Series 2019B-1
10/01/2038	5.000%	1,000,000	1,100,960
Subordinated Series 2019H-A
01/01/2035	5.000%	1,500,000	1,671,923
Subordinated Series 2023E-1
04/01/2039	5.000%	1,200,000	1,376,693
Unlimited General Obligation Refunding Notes
Series 2016C
08/01/2032	5.000%	2,000,000	2,112,746
City of Syracuse
Limited General Obligation Refunding Bonds
Series 2015A
03/01/2024	5.000%	1,000,000	1,015,363
City of Yonkers
Limited General Obligation Bonds
Series 2016A (AGM)
11/15/2028	5.000%	1,780,000	1,898,329
Series 2017A (BAM)
09/01/2028	5.000%	2,090,001	2,287,286
County of Allegany
Limited General Obligation Refunding Bonds
Public Improvement
Series 2014 (BAM)
09/15/2028	5.000%	1,375,000	1,408,447
County of Monroe^(a)
Limited General Obligation Public Improvement Bonds
Series 2019B (BAM)
06/01/2027	5.000%	1,350,000	1,454,609
County of Nassau
Limited General Obligation Bonds
Series 2017B
04/01/2033	5.000%	2,000,000	2,170,181
County of Rockland
Limited General Obligation Bonds
Series 2014A (AGM)
03/01/2024	5.000%	1,450,000	1,472,396

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

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Monroe County Industrial Development Agency
Revenue Bonds
Rochester Schools Modernization Program
Series 2018
05/01/2034	5.000%	750,000	836,107
New York State Dormitory Authority
Refunding Revenue Bonds
School Districts Bond Financing
Series 2013E (AGM)
10/01/2031	5.000%	500,000	512,851
School Districts Financing Program
Series 2015B (AGM)
10/01/2027	5.000%	2,010,000	2,112,005
Revenue Bonds
School District Building Financing Program
Series 2018
10/01/2032	5.000%	2,000,000	2,140,235
Town of Oyster Bay
Limited General Obligation Refunding & Public Improvement Bonds
Series 2014B
08/15/2023	5.000%	1,850,000	1,859,403
Total			25,429,534
Multi-Family 2.3%
Amherst Development Corp.
Refunding Revenue Bonds
University of Buffalo Student Housing
Series 2017 (AGM)
10/01/2028	5.000%	730,000	804,167
10/01/2029	5.000%	1,290,000	1,422,540
Onondaga County Trust for Cultural Resources
Refunding Revenue Bonds
Abby Lane Housing Corp. Project
Series 2017
05/01/2030	5.000%	420,000	436,002
05/01/2031	5.000%	400,000	414,342
Total			3,077,051
Municipal Power 4.5%
Long Island Power Authority
Refunding Revenue Bonds
Series 2016B
09/01/2027	5.000%	1,000,000	1,071,739
09/01/2030	5.000%	2,750,000	2,946,377
Revenue Bonds
Electric System General Purpose
Series 2015B
09/01/2032	5.000%	765,000	796,668
General
Series 2017
09/01/2035	5.000%	1,200,000	1,308,636
Total			6,123,420

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Nursing Home 0.8%
Monroe County Industrial Development Corp.
Refunding Revenue Bonds
St. Ann’s Community Project
Series 2019
01/01/2030	4.000%	1,230,000	1,079,107
Other Bond Issue 1.8%
Build NYC Resource Corp.
Revenue Bonds
Children’s Aid Society Project (The)
Series 2019
07/01/2036	4.000%	100,000	101,828
Series 2015
07/01/2029	5.000%	545,000	559,970
07/01/2031	5.000%	715,000	732,364
New York Transportation Development Corp.^(a)
Revenue Bonds
New York State Thruway Service Areas Project
Series 2021
10/31/2034	4.000%	500,000	496,468
10/31/2041	4.000%	570,000	521,194
Total			2,411,824
Pool / Bond Bank 0.3%
New York State Dormitory Authority
Refunding Revenue Bonds
New School
Series 2015
07/01/2029	5.000%	420,000	435,973
Ports 4.6%
Port Authority of New York & New Jersey
Refunding Revenue Bonds
Consolidated 211th
Series 2018
09/01/2038	4.000%	1,400,000	1,425,978
Series 2018-209
07/15/2034	5.000%	2,500,000	2,774,266
Series 2018-211
09/01/2036	5.000%	1,000,000	1,094,799
Port Authority of New York & New Jersey^(a)
Revenue Bonds
Consolidated Bonds
Series 221
07/15/2037	4.000%	1,000,000	997,121
Total			6,292,164

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

8	Columbia New York Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Prep School 1.2%
Build NYC Resource Corp.
Refunding Revenue Bonds
Series 2015
06/01/2026	5.000%	225,000	233,025
06/01/2028	5.000%	250,000	260,205
Rensselaer County Industrial Development Agency
Refunding Revenue Bonds
Emma Willard School Project
Series 2015A
01/01/2034	5.000%	450,000	463,297
01/01/2035	5.000%	590,000	607,046
Total			1,563,573
Recreation 0.2%
New York City Trust for Cultural Resources
Refunding Revenue Bonds
Carnegie Hall
Series 2019
12/01/2037	5.000%	275,000	304,781
Refunded / Escrowed 5.7%
Build NYC Resource Corp.
Prerefunded 08/01/25 Revenue Bonds
YMCA of Greater New York Project
Series 2015
08/01/2029	5.000%	430,000	451,172
Metropolitan Transportation Authority
Prerefunded 11/15/24 Revenue Bonds
Series 2014C
11/15/2029	5.000%	3,000,000	3,093,015
New York State Dormitory Authority
Prerefunded 07/01/25 Revenue Bonds
Barnard College
Series 2015A
07/01/2030	5.000%	700,000	733,041
New York State Dormitory Authority^(c)
Revenue Bonds
Capital Appreciation - Memorial Sloan-Kettering Cancer Center
Series 2003-1 Escrowed to Maturity (NPFGC)
07/01/2025	0.000%	3,750,000	3,520,734
Total			7,797,962
Retirement Communities 3.7%
Brookhaven Local Development Corp.
Refunding Revenue Bonds
Jefferson’s Ferry Project
Series 2016
11/01/2036	5.250%	750,000	759,062

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Buffalo & Erie County Industrial Land Development Corp.
Refunding Revenue Bonds
Orchard Park
Series 2015
11/15/2029	5.000%	550,000	555,855
11/15/2030	5.000%	650,000	655,371
Suffolk County Economic Development Corp.
Refunding Revenue Bonds
Peconic Landing at Southhold, Inc.
Series 2020
12/01/2034	5.000%	1,000,000	999,088
Tompkins County Development Corp.
Refunding Revenue Bonds
Kendal at Ithaca, Inc. Project
Series 2014
07/01/2029	5.000%	1,000,000	1,003,745
07/01/2034	5.000%	1,000,000	1,000,380
Total			4,973,501
Sales Tax 0.6%
Triborough Bridge & Tunnel Authority
Revenue Bonds
TBTA Capital Lockbox - City Sales Tax
Series 2023A
05/15/2039	5.000%	750,000	859,522
Single Family 0.1%
State of New York Mortgage Agency
Refunding Revenue Bonds
Series 2018-211
10/01/2038	3.625%	110,000	106,912
Special Non Property Tax 14.5%
New York City Transitional Finance Authority
Refunding Revenue Bonds
Building Aid
Series 2018S-2A
07/15/2036	5.000%	2,000,000	2,189,001
Revenue Bonds
Building Aid
Series 2018S-3
07/15/2034	5.000%	1,000,000	1,112,272
Future Tax Bonds
Subordinated Series 2020C
05/01/2037	4.000%	500,000	510,685
Future Tax Secured
Subordinated Series 2016E-1
02/01/2032	5.000%	3,000,000	3,169,933
Subordinated Series 2019
11/01/2034	5.000%	3,500,000	3,949,668

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

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York Convention Center Development Corp.
Refunding Revenue Bonds
Hotel Unit Fee Secured
Series 2015
11/15/2027	5.000%	4,120,000	4,313,303
New York State Dormitory Authority
Refunding Revenue Bonds
Education
Series 2005B (AMBAC)
03/15/2026	5.500%	1,000,000	1,075,285
Series 2019A-2
03/15/2035	5.000%	2,000,000	2,231,836
New York State Urban Development Corp.
Refunding Revenue Bonds
State Personal Income Tax
Series 2020C
03/15/2039	4.000%	1,130,000	1,134,950
Total			19,686,933
Special Property Tax 0.8%
Hudson Yards Infrastructure Corp.
Refunding Revenue Bonds
Series 2017A
02/15/2033	5.000%	1,000,000	1,075,046
Tobacco 3.5%
Chautauqua Tobacco Asset Securitization Corp.
Refunding Revenue Bonds
Series 2014
06/01/2029	5.000%	1,745,000	1,726,928
Suffolk Tobacco Asset Securitization Corp.
Refunding Revenue Bonds
Tobacco Settlement Asset-Backed Bonds
Series 2021
06/01/2038	4.000%	1,000,000	975,821
TSASC, Inc.
Refunding Revenue Bonds
Series 2017A
06/01/2031	5.000%	2,000,000	2,095,948
Total			4,798,697
Transportation 5.7%
Metropolitan Transportation Authority
Refunding Revenue Bonds
Climate Bond Certified - Green
Series 2018
11/15/2026	5.000%	2,590,000	2,715,906
Revenue Bonds
Series 2005B (AMBAC)
11/15/2024	5.250%	750,000	766,090
Series 2016C-1
11/15/2036	5.000%	3,000,000	3,089,508

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Transportation Authority^(c)
Refunding Revenue Bonds
Green Bonds
Series 2017C-2
11/15/2029	0.000%	1,500,000	1,175,499
Total			7,747,003
Turnpike / Bridge / Toll Road 8.3%
New York State Thruway Authority
Refunding Revenue Bonds
Series 2014K
01/01/2029	5.000%	1,850,000	1,908,008
01/01/2032	5.000%	1,000,000	1,032,673
Revenue Bonds
Junior Lien
Series 2016A
01/01/2033	5.000%	1,000,000	1,050,989
Series 2019B
01/01/2036	5.000%	2,000,000	2,244,184
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2023
11/15/2037	5.000%	500,000	578,560
Series 2018-B
11/15/2031	5.000%	2,000,000	2,386,932
Revenue Bonds
Series 2020D
11/15/2037	4.000%	2,050,000	2,092,718
Total			11,294,064
Water & Sewer 0.8%
Buffalo Municipal Water Finance Authority
Refunding Revenue Bonds
Series 2015A
07/01/2028	5.000%	700,000	728,543
Western Nassau County Water Authority
Revenue Bonds
Series 2015A
04/01/2027	5.000%	145,000	150,419
04/01/2028	5.000%	175,000	181,309
Total			1,060,271
Total Municipal Bonds (Cost $136,099,408)			133,772,753

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

10	Columbia New York Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Money Market Funds 0.4%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(d)	101,704	101,694
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(d)	499,524	499,524
Total Money Market Funds (Cost $601,218)		601,218
Total Investments in Securities (Cost: $136,700,626)		134,373,971
Other Assets & Liabilities, Net		1,615,980
Net Assets		135,989,951

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	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 April 30, 2023, the total value of these securities amounted to $2,349,521, which represents 1.73% of total net assets.
(c)	Zero coupon bond.
(d)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
MTA	Monthly Treasury Average
NPFGC	National Public Finance Guarantee Corporation

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.

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Fair value measurements (continued)
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 following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	133,772,753	—	133,772,753
Money Market Funds	601,218	—	—	601,218
Total Investments in Securities	601,218	133,772,753	—	134,373,971

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.

12	Columbia New York Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Statement of Assets and Liabilities (continued)
April 30, 2023 (Unaudited)

Class A
Net assets	$11,589,528
Shares outstanding	1,045,032
Net asset value per share	$11.09
Maximum sales charge	3.00%
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)	$11.43
Advisor Class
Net assets	$5,400,334
Shares outstanding	487,648
Net asset value per share	$11.07
Class C
Net assets	$2,522,000
Shares outstanding	227,377
Net asset value per share	$11.09
Institutional Class
Net assets	$39,528,118
Shares outstanding	3,564,177
Net asset value per share	$11.09
Institutional 2 Class
Net assets	$11,170,909
Shares outstanding	1,005,604
Net asset value per share	$11.11
Institutional 3 Class
Net assets	$61,835,033
Shares outstanding	5,556,481
Net asset value per share	$11.13
Class V
Net assets	$3,944,029
Shares outstanding	355,678
Net asset value per share	$11.09
Maximum sales charge	4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$11.64

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

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Table of Contents

Statement of Operations
Six Months Ended April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$18,713
Interest	2,087,264
Total income	2,105,977
Expenses:
Management services fees	322,793
Distribution and/or service fees
Class A	14,255
Class C	9,385
Class V	2,914
Transfer agent fees
Class A	6,684
Advisor Class	2,893
Class C	1,571
Institutional Class	21,956
Institutional 2 Class	2,872
Institutional 3 Class	2,112
Class V	2,278
Compensation of board members	11,013
Custodian fees	693
Printing and postage fees	5,718
Registration fees	8,373
Accounting services fees	14,757
Legal fees	7,448
Interest on interfund lending	90
Compensation of chief compliance officer	14
Other	6,229
Total expenses	444,048
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(119,226)
Total net expenses	324,822
Net investment income	1,781,155
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	9,925
Net realized gain	9,925
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	5,890,750
Net change in unrealized appreciation (depreciation)	5,890,750
Net realized and unrealized gain	5,900,675
Net increase in net assets resulting from operations	$7,681,830

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

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	217,599	2,394,961	192,222	2,170,444
Distributions reinvested	9,153	101,201	23,056	263,610
Redemptions	(264,649)	(2,913,938)	(812,118)	(9,083,199)
Net decrease	(37,897)	(417,776)	(596,840)	(6,649,145)
Advisor Class
Subscriptions	267,828	2,942,829	107,342	1,209,167
Distributions reinvested	5,812	64,218	11,629	132,564
Redemptions	(177,209)	(1,937,273)	(233,628)	(2,630,270)
Net increase (decrease)	96,431	1,069,774	(114,657)	(1,288,539)
Class C
Subscriptions	19,786	218,896	15,262	179,232
Distributions reinvested	1,875	20,732	4,698	53,654
Redemptions	(64,997)	(716,960)	(85,031)	(961,273)
Net decrease	(43,336)	(477,332)	(65,071)	(728,387)
Institutional Class
Subscriptions	897,102	9,859,374	1,039,747	11,929,987
Distributions reinvested	32,541	359,850	64,380	732,539
Redemptions	(642,893)	(7,083,005)	(12,161,557)	(135,878,571)
Net increase (decrease)	286,750	3,136,219	(11,057,430)	(123,216,045)
Institutional 2 Class
Subscriptions	430,330	4,698,182	561,231	6,231,796
Distributions reinvested	12,031	133,308	12,074	136,341
Redemptions	(83,178)	(917,497)	(280,588)	(3,120,237)
Net increase	359,183	3,913,993	292,717	3,247,900
Institutional 3 Class
Subscriptions	48,572	542,423	7,999,143	89,197,711
Distributions reinvested	1,279	14,180	2,678	30,438
Redemptions	(1,896,264)	(20,882,189)	(702,694)	(7,794,736)
Net increase (decrease)	(1,846,413)	(20,325,586)	7,299,127	81,433,413
Class V
Subscriptions	1,459	16,154	2,544	28,701
Distributions reinvested	2,904	32,113	6,584	74,998
Redemptions	(34,499)	(375,986)	(43,643)	(489,344)
Net decrease	(30,136)	(327,719)	(34,515)	(385,645)
Total net decrease	(1,215,418)	(13,428,427)	(4,276,669)	(47,586,448)

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

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$10.65	0.13	0.44	0.57	(0.13)	—	(0.13)
Year Ended 10/31/2022	$12.09	0.24	(1.41)	(1.17)	(0.25)	(0.02)	(0.27)
Year Ended 10/31/2021	$11.99	0.23	0.11	0.34	(0.24)	(0.00)^(e)	(0.24)
Year Ended 10/31/2020	$12.07	0.25	(0.07)	0.18	(0.26)	(0.00)^(e)	(0.26)
Year Ended 10/31/2019	$11.46	0.29	0.61	0.90	(0.29)	—	(0.29)
Year Ended 10/31/2018	$11.91	0.31	(0.44)	(0.13)	(0.31)	(0.01)	(0.32)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$10.63	0.14	0.44	0.58	(0.14)	—	(0.14)
Year Ended 10/31/2022	$12.08	0.27	(1.43)	(1.16)	(0.27)	(0.02)	(0.29)
Year Ended 10/31/2021	$11.98	0.26	0.11	0.37	(0.27)	(0.00)^(e)	(0.27)
Year Ended 10/31/2020	$12.06	0.28	(0.07)	0.21	(0.29)	(0.00)^(e)	(0.29)
Year Ended 10/31/2019	$11.45	0.32	0.61	0.93	(0.32)	—	(0.32)
Year Ended 10/31/2018	$11.90	0.34	(0.44)	(0.10)	(0.34)	(0.01)	(0.35)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$10.65	0.10	0.44	0.54	(0.10)	—	(0.10)
Year Ended 10/31/2022	$12.10	0.19	(1.43)	(1.24)	(0.19)	(0.02)	(0.21)
Year Ended 10/31/2021	$12.00	0.18	0.10	0.28	(0.18)	(0.00)^(e)	(0.18)
Year Ended 10/31/2020	$12.07	0.20	(0.07)	0.13	(0.20)	(0.00)^(e)	(0.20)
Year Ended 10/31/2019	$11.46	0.24	0.61	0.85	(0.24)	—	(0.24)
Year Ended 10/31/2018	$11.91	0.26	(0.44)	(0.18)	(0.26)	(0.01)	(0.27)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$10.65	0.14	0.44	0.58	(0.14)	—	(0.14)
Year Ended 10/31/2022	$12.09	0.27	(1.42)	(1.15)	(0.27)	(0.02)	(0.29)
Year Ended 10/31/2021	$11.99	0.26	0.11	0.37	(0.27)	(0.00)^(e)	(0.27)
Year Ended 10/31/2020	$12.07	0.28	(0.07)	0.21	(0.29)	(0.00)^(e)	(0.29)
Year Ended 10/31/2019	$11.46	0.32	0.61	0.93	(0.32)	—	(0.32)
Year Ended 10/31/2018	$11.91	0.34	(0.44)	(0.10)	(0.34)	(0.01)	(0.35)
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$10.66	0.14	0.45	0.59	(0.14)	—	(0.14)
Year Ended 10/31/2022	$12.11	0.28	(1.43)	(1.15)	(0.28)	(0.02)	(0.30)
Year Ended 10/31/2021	$12.01	0.27	0.11	0.38	(0.28)	(0.00)^(e)	(0.28)
Year Ended 10/31/2020	$12.09	0.29	(0.08)	0.21	(0.29)	(0.00)^(e)	(0.29)
Year Ended 10/31/2019	$11.48	0.33	0.61	0.94	(0.33)	—	(0.33)
Year Ended 10/31/2018	$11.93	0.35	(0.44)	(0.09)	(0.35)	(0.01)	(0.36)

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

18	Columbia New York Intermediate Municipal Bond Fund \| Semiannual Report 2023

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$11.09	5.34%	0.92%^(c)	0.74%^(c)	2.33%	5%	$11,590
Year Ended 10/31/2022	$10.65	(9.83%)	0.88%^(c)	0.73%^(c),(d)	2.08%	1%	$11,528
Year Ended 10/31/2021	$12.09	2.84%	0.90%	0.75%^(d)	1.89%	3%	$20,315
Year Ended 10/31/2020	$11.99	1.47%	0.89%	0.75%^(d)	2.10%	7%	$22,051
Year Ended 10/31/2019	$12.07	7.96%	0.90%	0.75%^(d)	2.46%	19%	$19,270
Year Ended 10/31/2018	$11.46	(1.11%)	0.89%	0.75%^(d)	2.68%	15%	$13,368
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$11.07	5.47%	0.67%^(c)	0.49%^(c)	2.58%	5%	$5,400
Year Ended 10/31/2022	$10.63	(9.70%)	0.63%^(c)	0.48%^(c),(d)	2.34%	1%	$4,159
Year Ended 10/31/2021	$12.08	3.09%	0.65%	0.50%^(d)	2.14%	3%	$6,109
Year Ended 10/31/2020	$11.98	1.72%	0.65%	0.50%^(d)	2.34%	7%	$4,155
Year Ended 10/31/2019	$12.06	8.23%	0.65%	0.50%^(d)	2.71%	19%	$1,234
Year Ended 10/31/2018	$11.45	(0.87%)	0.64%	0.50%^(d)	2.91%	15%	$745
Class C
Six Months Ended 4/30/2023 (Unaudited)	$11.09	5.10%	1.37%^(c)	1.19%^(c)	1.88%	5%	$2,522
Year Ended 10/31/2022	$10.65	(10.31%)	1.44%^(c)	1.17%^(c),(d)	1.65%	1%	$2,882
Year Ended 10/31/2021	$12.10	2.37%	1.65%	1.20%^(d)	1.45%	3%	$4,062
Year Ended 10/31/2020	$12.00	1.09%	1.64%	1.20%^(d),(f)	1.66%	7%	$6,319
Year Ended 10/31/2019	$12.07	7.47%	1.65%	1.20%^(d),(f)	2.05%	19%	$9,996
Year Ended 10/31/2018	$11.46	(1.56%)	1.64%	1.20%^(d),(f)	2.23%	15%	$12,491
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$11.09	5.47%	0.67%^(c)	0.49%^(c)	2.58%	5%	$39,528
Year Ended 10/31/2022	$10.65	(9.61%)	0.64%^(c)	0.48%^(c),(d)	2.30%	1%	$34,890
Year Ended 10/31/2021	$12.09	3.09%	0.65%	0.50%^(d)	2.14%	3%	$173,347
Year Ended 10/31/2020	$11.99	1.72%	0.64%	0.50%^(d)	2.36%	7%	$188,611
Year Ended 10/31/2019	$12.07	8.23%	0.65%	0.50%^(d)	2.72%	19%	$191,680
Year Ended 10/31/2018	$11.46	(0.87%)	0.64%	0.50%^(d)	2.93%	15%	$169,671
Institutional 2 Class
Six Months Ended 4/30/2023 (Unaudited)	$11.11	5.59%	0.61%^(c)	0.43%^(c)	2.64%	5%	$11,171
Year Ended 10/31/2022	$10.66	(9.63%)	0.59%^(c)	0.43%^(c)	2.46%	1%	$6,893
Year Ended 10/31/2021	$12.11	3.16%	0.58%	0.43%	2.21%	3%	$4,284
Year Ended 10/31/2020	$12.01	1.79%	0.57%	0.43%	2.43%	7%	$3,489
Year Ended 10/31/2019	$12.09	8.29%	0.58%	0.43%	2.77%	19%	$3,916
Year Ended 10/31/2018	$11.48	(0.77%)	0.58%	0.44%	3.03%	15%	$1,472

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$10.68	0.15	0.45	0.60	(0.15)	—	(0.15)
Year Ended 10/31/2022	$12.14	0.30	(1.45)	(1.15)	(0.29)	(0.02)	(0.31)
Year Ended 10/31/2021	$12.03	0.28	0.12	0.40	(0.29)	(0.00)^(e)	(0.29)
Year Ended 10/31/2020	$12.12	0.29	(0.08)	0.21	(0.30)	(0.00)^(e)	(0.30)
Year Ended 10/31/2019	$11.50	0.33	0.63	0.96	(0.34)	—	(0.34)
Year Ended 10/31/2018	$11.95	0.36	(0.45)	(0.09)	(0.35)	(0.01)	(0.36)
Class V
Six Months Ended 4/30/2023 (Unaudited)	$10.64	0.13	0.45	0.58	(0.13)	—	(0.13)
Year Ended 10/31/2022	$12.09	0.25	(1.42)	(1.17)	(0.26)	(0.02)	(0.28)
Year Ended 10/31/2021	$11.99	0.24	0.11	0.35	(0.25)	(0.00)^(e)	(0.25)
Year Ended 10/31/2020	$12.07	0.26	(0.07)	0.19	(0.27)	(0.00)^(e)	(0.27)
Year Ended 10/31/2019	$11.46	0.31	0.61	0.92	(0.31)	—	(0.31)
Year Ended 10/31/2018	$11.91	0.33	(0.45)	(0.12)	(0.32)	(0.01)	(0.33)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Rounds to zero.
(f)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	10/31/2020	10/31/2019	10/31/2018
Class C	0.26%	0.30%	0.30%

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$11.13	5.61%	0.55%^(c)	0.38%^(c)	2.68%	5%	$61,835
Year Ended 10/31/2022	$10.68	(9.64%)	0.55%^(c)	0.38%^(c)	2.73%	1%	$79,079
Year Ended 10/31/2021	$12.14	3.29%	0.53%	0.38%	2.26%	3%	$1,259
Year Ended 10/31/2020	$12.03	1.75%	0.53%	0.39%	2.45%	7%	$1,065
Year Ended 10/31/2019	$12.12	8.41%	0.54%	0.39%	2.80%	19%	$678
Year Ended 10/31/2018	$11.50	(0.73%)	0.54%	0.38%	3.05%	15%	$190
Class V
Six Months Ended 4/30/2023 (Unaudited)	$11.09	5.49%	0.82%^(c)	0.64%^(c)	2.43%	5%	$3,944
Year Ended 10/31/2022	$10.64	(9.82%)	0.78%^(c)	0.62%^(c),(d)	2.21%	1%	$4,107
Year Ended 10/31/2021	$12.09	2.94%	0.80%	0.65%^(d)	1.99%	3%	$5,083
Year Ended 10/31/2020	$11.99	1.57%	0.79%	0.65%^(d)	2.21%	7%	$5,454
Year Ended 10/31/2019	$12.07	8.07%	0.80%	0.65%^(d)	2.59%	19%	$5,696
Year Ended 10/31/2018	$11.46	(1.01%)	0.79%	0.65%^(d)	2.78%	15%	$6,077

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

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia New York Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-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.

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

For the six months ended April 30, 2023, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class V	0.12

Distribution and service fees

Shareholder services fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	1,818
Class C	—	1.00^(b)	—
Class V	4.75	0.50 - 1.00^(c)	412

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
(c)	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.

The Fund’s other share classes are not subject to sales charges.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	March 1, 2023 through February 29, 2024	Prior to March 1, 2023
Class A	0.75%	0.75%
Advisor Class	0.50	0.50
Class C	1.20	1.20
Institutional Class	0.50	0.50
Institutional 2 Class	0.45	0.43
Institutional 3 Class	0.40	0.38
Class V	0.65	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. 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. 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 April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
136,701,000	618,000	(2,945,000)	(2,327,000)

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

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(178,333)	(2,025,132)	(2,203,465)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $6,185,290 and $16,564,017, respectively, for the six months ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the six months ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	350,000	4.60	2

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2023.

Note 7. Line of credit

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

The Fund had no borrowings during the six months ended April 30, 2023.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Market risk

Municipal securities risk

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Non-diversification risk

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholder of record owned 51.9% 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 11.0% 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 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

Columbia New York Intermediate Municipal Bond Fund | Semiannual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

(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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Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

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Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	20
Liquidity Risk Management Program	29

If you elect to receive the shareholder report for Columbia Connecticut Intermediate Municipal Bond 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

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks as high a level of current interest income exempt from federal income tax and, to the extent possible, from Connecticut individual income tax, as is consistent with relative stability of principal.

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Portfolio Manager

Managed Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/18/02	5.26	2.19	1.44	1.23
	Including sales charges		2.13	-0.84	0.82	0.93
Advisor Class		03/19/13	5.29	2.44	1.67	1.48
Class C	Excluding sales charges	11/18/02	5.03	1.73	0.98	0.78
	Including sales charges		4.03	0.73	0.98	0.78
Institutional Class		08/01/94	5.29	2.44	1.67	1.48
Institutional 3 Class*		03/01/17	5.33	2.42	1.77	1.54
Class V	Excluding sales charges	06/26/00	5.21	2.29	1.52	1.33
	Including sales charges		0.22	-2.57	0.54	0.84
Bloomberg 3-15 Year Blend Municipal Bond Index			6.52	3.71	2.18	2.14

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

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Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at April 30, 2023)
AAA rating	18.8
AA rating	47.7
A rating	28.5
BBB rating	5.0
Total	100.0

Percentages indicated are based upon total fixed income investments.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	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	1,052.60	1,020.60	4.03	3.96	0.80
Advisor Class	1,000.00	1,000.00	1,052.90	1,021.82	2.77	2.73	0.55
Class C	1,000.00	1,000.00	1,050.30	1,018.39	6.28	6.19	1.25
Institutional Class	1,000.00	1,000.00	1,052.90	1,021.82	2.77	2.73	0.55
Institutional 3 Class	1,000.00	1,000.00	1,053.30	1,022.31	2.27	2.23	0.45
Class V	1,000.00	1,000.00	1,052.10	1,021.09	3.52	3.47	0.70

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 Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

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Portfolio of Investments
April 30, 2023 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 4.2%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 4.2%
City of Minneapolis^(a),(b)
Revenue Bonds
Fairview Health Services
Series 2018 (Wells Fargo Bank NA)
11/15/2048	3.750%	500,000	500,000
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2012C (JPMorgan Chase Bank)
11/01/2036	3.750%	1,000,000	1,000,000
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045	3.750%	1,000,000	1,000,000
Total			2,500,000
Total Floating Rate Notes (Cost $2,500,000)			2,500,000

Municipal Bonds 94.0%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Higher Education 13.1%
Connecticut State Health & Educational Facilities Authority
Refunding Revenue Bonds
Fairfield University
Series 2017R
07/01/2034	4.000%	1,000,000	1,017,291
Quinnipiac University
Series 2016M
07/01/2029	5.000%	1,000,000	1,056,317
Sacred Heart University Issue
Series 2017
07/01/2033	5.000%	300,000	322,037
Series 2021S
06/01/2037	5.000%	370,000	411,476
Trinity College
Series 2020R
06/01/2032	5.000%	265,000	300,765
University of New Haven
Series 2018
07/01/2033	5.000%	500,000	510,806
07/01/2034	5.000%	500,000	509,791
Revenue Bonds
Sacred Heart University
Series 2020K
07/01/2035	5.000%	475,000	524,169
07/01/2036	5.000%	150,000	163,868

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
University of Connecticut
Revenue Bonds
Series 2018A
11/15/2035	5.000%	2,700,000	2,965,179
Total			7,781,699
Hospital 9.4%
Connecticut State Health & Educational Facilities Authority
Revenue Bonds
Hartford Healthcare
Series 2014E
07/01/2034	5.000%	2,360,000	2,407,546
Series 2020A
07/01/2036	4.000%	1,045,000	1,048,754
Trinity Health Corp.
Series 2016
12/01/2032	5.000%	2,000,000	2,118,750
Total			5,575,050
Local General Obligation 23.3%
City of Bridgeport
Unlimited General Obligation Bonds
Series 2019-A (BAM)
02/01/2036	5.000%	1,000,000	1,100,426
Series 2021A
08/01/2029	5.000%	175,000	196,967
City of Milford
Unlimited General Obligation Refunding Bonds
Series 2017B
11/01/2030	4.000%	450,000	467,651
City of New Haven
Unlimited General Obligation Bonds
Series 2015 (AGM)
09/01/2027	5.000%	1,200,000	1,254,161
Unlimited General Obligation Refunding Bonds
Series 2015B (BAM)
08/15/2027	5.000%	750,000	783,166
Series 2019B (AGM)
02/01/2030	5.000%	450,000	508,571
City of Waterbury
Unlimited General Obligation Bonds
Lot A
Series 2015 (BAM)
08/01/2031	5.000%	500,000	525,803
08/01/2032	5.000%	500,000	525,651
Series 2020A
02/01/2030	5.000%	500,000	580,380

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

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Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2022
08/01/2028	5.000%	250,000	281,187
Metropolitan District (The)
Unlimited General Obligation Bonds
Series 2018
07/15/2034	5.000%	500,000	553,830
Series 2019A
07/15/2033	5.000%	2,500,000	2,837,463
Town of Guilford
Unlimited General Obligation Refunding Bonds
Series 2016A
08/15/2029	4.000%	450,000	467,324
Town of Hamden
Unlimited General Obligation Refunding Bonds
Series 2018A (BAM)
08/15/2030	5.000%	1,000,000	1,094,795
Town of North Haven
Unlimited General Obligation Bonds
Series 2007
07/15/2024	4.750%	1,150,000	1,173,984
07/15/2025	4.750%	1,150,000	1,200,025
Town of Trumbull
Unlimited General Obligation Refunding Bonds
Series 2017B
09/01/2030	4.000%	350,000	363,097
Total			13,914,481
Pool / Bond Bank 3.7%
State of Connecticut Clean Water Fund - State Revolving Fund
Revenue Bonds
Green Bonds
Series 2017A
05/01/2034	5.000%	1,500,000	1,639,467
Series 2019A
02/01/2035	4.000%	565,000	595,007
Total			2,234,474
Prep School 6.0%
Connecticut State Health & Educational Facilities Authority
Refunding Revenue Bonds
Choate Rosemary Hall Issue
Series 2020
07/01/2037	4.000%	300,000	307,643
07/01/2038	4.000%	310,000	316,020
Taft School Issue
Series 2018K
07/01/2035	4.000%	1,115,000	1,150,633

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Loomis Chaffe School
Series 2005F (AMBAC)
07/01/2027	5.250%	1,670,000	1,823,344
Total			3,597,640
Refunded / Escrowed 4.0%
City of New Britain
Prerefunded 09/01/28 Unlimited General Obligation Bonds
Series 2018B (AGM)
09/01/2036	5.250%	720,000	816,444
Unlimited General Obligation Refunding Bonds
Series 2016A Escrowed to Maturity (BAM)
03/01/2025	5.000%	10,000	10,370
Connecticut State Health & Educational Facilities Authority
Revenue Bonds
Greenwich Academy
Series 2007E Escrowed to Maturity (AGM)
03/01/2026	5.250%	1,500,000	1,558,025
Total			2,384,839
Single Family 11.3%
Connecticut Housing Finance Authority^(c)
Refunding Revenue Bonds
Home Mortgage
Series 2019D-2
05/15/2033	3.000%	690,000	646,724
Series 2020A-2
11/15/2030	2.150%	1,000,000	931,164
05/15/2031	2.200%	1,000,000	935,999
Series 2020C
05/15/2027	5.000%	790,000	837,212
11/15/2028	5.000%	575,000	622,771
Connecticut Housing Finance Authority
Refunding Revenue Bonds
Series 2019B1
11/15/2033	3.000%	1,000,000	967,023
Social Bonds
Series 2021D-1
05/15/2029	5.000%	700,000	780,202
Subordinated Series 2017D-1
11/15/2032	3.200%	525,000	521,270
Subordinated Series 2018C-1
11/15/2038	3.625%	535,000	513,543
Total			6,755,908

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

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Special Non Property Tax 8.0%
State of Connecticut
Revenue Bonds
Special Tax Obligation Bonds
Series 2020A
05/01/2037	5.000%	1,000,000	1,117,938
State of Connecticut Special Tax
Revenue Bonds
Series 2018B
10/01/2035	5.000%	1,000,000	1,101,912
Transportation Infrastructure
Series 2014A
09/01/2025	5.000%	2,500,000	2,567,541
Total			4,787,391
State Appropriated 4.5%
University of Connecticut
Revenue Bonds
Series 2015A
02/15/2029	5.000%	1,500,000	1,550,088
Series 2020A
02/15/2037	5.000%	1,000,000	1,106,010
Total			2,656,098
State General Obligation 5.6%
State of Connecticut
Unlimited General Obligation Bonds
Series 2018A
04/15/2031	5.000%	1,000,000	1,111,070
Series 2018-E
09/15/2033	5.000%	1,000,000	1,117,097
Series 2019A
04/15/2036	5.000%	1,000,000	1,107,676
Total			3,335,843

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Water & Sewer 5.1%
Greater New Haven Water Pollution Control Authority
Refunding Revenue Bonds
Series 2016A
11/15/2029	4.000%	500,000	520,668
11/15/2030	4.000%	400,000	415,851
11/15/2031	4.000%	100,000	103,937
11/15/2032	4.000%	440,000	457,094
South Central Connecticut Regional Water Authority
Refunding Revenue Bonds
20th Series 2007A (NPFGC)
08/01/2023	5.250%	500,000	502,450
32nd Series 2016B
08/01/2035	4.000%	1,000,000	1,018,934
Total			3,018,934
Total Municipal Bonds (Cost $56,805,593)			56,042,357

Money Market Funds 0.9%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(d)	514,316	514,316
Total Money Market Funds (Cost $514,316)		514,316
Total Investments in Securities (Cost: $59,819,909)		59,056,673
Other Assets & Liabilities, Net		525,754
Net Assets		59,582,427

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2023.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
NPFGC	National Public Finance Guarantee Corporation

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

8	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023 (Unaudited)

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 April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	2,500,000	—	2,500,000
Municipal Bonds	—	56,042,357	—	56,042,357
Money Market Funds	514,316	—	—	514,316
Total Investments in Securities	514,316	58,542,357	—	59,056,673

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 Operations
Six Months Ended April 30, 2023 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$22,899
Interest	959,947
Total income	982,846
Expenses:
Management services fees	154,698
Distribution and/or service fees
Class A	8,957
Class C	3,399
Class V	5,234
Transfer agent fees
Class A	3,545
Advisor Class	2,467
Class C	481
Institutional Class	7,596
Institutional 3 Class	957
Class V	3,454
Compensation of board members	10,364
Custodian fees	488
Printing and postage fees	5,840
Registration fees	5,502
Accounting services fees	14,757
Legal fees	6,912
Compensation of chief compliance officer	7
Other	5,259
Total expenses	239,917
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(56,925)
Total net expenses	182,992
Net investment income	799,854
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(347,651)
Net realized loss	(347,651)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	3,177,500
Net change in unrealized appreciation (depreciation)	3,177,500
Net realized and unrealized gain	2,829,849
Net increase in net assets resulting from operations	$3,629,703

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

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Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	April 30, 2023 (Unaudited)		October 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	77,664	753,985	260,888	2,611,638
Distributions reinvested	6,907	67,867	11,980	119,580
Redemptions	(219,840)	(2,167,888)	(196,863)	(1,972,357)
Net increase (decrease)	(135,269)	(1,346,036)	76,005	758,861
Advisor Class
Subscriptions	228,590	2,227,739	422,045	4,124,720
Distributions reinvested	6,250	61,355	6,615	65,187
Redemptions	(246,474)	(2,416,699)	(157,507)	(1,540,314)
Net increase (decrease)	(11,634)	(127,605)	271,153	2,649,593
Class C
Subscriptions	26,237	253,937	10,774	111,318
Distributions reinvested	873	8,581	1,818	18,360
Redemptions	(6,830)	(67,054)	(88,458)	(883,185)
Net increase (decrease)	20,280	195,464	(75,866)	(753,507)
Institutional Class
Subscriptions	292,772	2,867,937	791,809	7,880,589
Distributions reinvested	15,717	154,389	22,122	221,971
Redemptions	(210,927)	(2,072,775)	(6,298,278)	(62,566,439)
Net increase (decrease)	97,562	949,551	(5,484,347)	(54,463,879)
Institutional 3 Class
Subscriptions	78,106	769,891	4,338,195	42,803,945
Distributions reinvested	8	78	—	—
Redemptions	(1,396,584)	(13,696,707)	(442,216)	(4,354,749)
Net increase (decrease)	(1,318,470)	(12,926,738)	3,895,979	38,449,196
Class V
Subscriptions	922	9,071	1,587	15,905
Distributions reinvested	4,564	44,780	9,350	93,779
Redemptions	(17,872)	(175,772)	(89,535)	(901,961)
Net decrease	(12,386)	(121,921)	(78,598)	(792,277)
Total net decrease	(1,359,917)	(13,377,285)	(1,395,674)	(14,152,013)

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

14	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.45	0.11	0.39	0.50	(0.11)	—	(0.11)
Year Ended 10/31/2022	$10.67	0.20	(1.21)	(1.01)	(0.21)	(0.00)^(c)	(0.21)
Year Ended 10/31/2021	$10.74	0.21	(0.06)	0.15	(0.21)	(0.01)	(0.22)
Year Ended 10/31/2020	$10.68	0.24	0.06	0.30	(0.24)	—	(0.24)
Year Ended 10/31/2019	$10.16	0.27	0.53	0.80	(0.28)	—	(0.28)
Year Ended 10/31/2018	$10.56	0.27	(0.37)	(0.10)	(0.28)	(0.02)	(0.30)
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.44	0.12	0.38	0.50	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.66	0.23	(1.22)	(0.99)	(0.23)	(0.00)^(c)	(0.23)
Year Ended 10/31/2021	$10.72	0.23	(0.04)	0.19	(0.24)	(0.01)	(0.25)
Year Ended 10/31/2020	$10.67	0.27	0.05	0.32	(0.27)	—	(0.27)
Year Ended 10/31/2019	$10.15	0.30	0.53	0.83	(0.31)	—	(0.31)
Year Ended 10/31/2018	$10.54	0.30	(0.37)	(0.07)	(0.30)	(0.02)	(0.32)
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.45	0.08	0.39	0.47	(0.08)	—	(0.08)
Year Ended 10/31/2022	$10.67	0.15	(1.21)	(1.06)	(0.16)	(0.00)^(c)	(0.16)
Year Ended 10/31/2021	$10.74	0.16	(0.06)	0.10	(0.16)	(0.01)	(0.17)
Year Ended 10/31/2020	$10.68	0.19	0.06	0.25	(0.19)	—	(0.19)
Year Ended 10/31/2019	$10.16	0.23	0.52	0.75	(0.23)	—	(0.23)
Year Ended 10/31/2018	$10.55	0.23	(0.37)	(0.14)	(0.23)	(0.02)	(0.25)
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.45	0.12	0.38	0.50	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.67	0.22	(1.21)	(0.99)	(0.23)	(0.00)^(c)	(0.23)
Year Ended 10/31/2021	$10.73	0.24	(0.05)	0.19	(0.24)	(0.01)	(0.25)
Year Ended 10/31/2020	$10.68	0.27	0.05	0.32	(0.27)	—	(0.27)
Year Ended 10/31/2019	$10.16	0.30	0.53	0.83	(0.31)	—	(0.31)
Year Ended 10/31/2018	$10.55	0.30	(0.37)	(0.07)	(0.30)	(0.02)	(0.32)
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.47	0.12	0.38	0.50	(0.12)	—	(0.12)
Year Ended 10/31/2022	$10.70	0.24	(1.23)	(0.99)	(0.24)	(0.00)^(c)	(0.24)
Year Ended 10/31/2021	$10.76	0.25	(0.05)	0.20	(0.25)	(0.01)	(0.26)
Year Ended 10/31/2020	$10.70	0.28	0.06	0.34	(0.28)	—	(0.28)
Year Ended 10/31/2019	$10.18	0.31	0.53	0.84	(0.32)	—	(0.32)
Year Ended 10/31/2018	$10.58	0.31	(0.37)	(0.06)	(0.32)	(0.02)	(0.34)

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

16	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 4/30/2023 (Unaudited)	$9.84	5.26%	0.97%	0.80%	2.20%	4%	$6,445
Year Ended 10/31/2022	$9.45	(9.60%)	0.93%^(d)	0.78%^(d),(e)	2.00%	2%	$7,473
Year Ended 10/31/2021	$10.67	1.39%	0.94%	0.81%^(e)	1.94%	9%	$7,627
Year Ended 10/31/2020	$10.74	2.87%	0.93%	0.80%^(e)	2.27%	17%	$7,864
Year Ended 10/31/2019	$10.68	7.95%	0.93%	0.80%^(e)	2.59%	12%	$7,910
Year Ended 10/31/2018	$10.16	(0.97%)	0.92%	0.81%^(e)	2.63%	13%	$6,967
Advisor Class
Six Months Ended 4/30/2023 (Unaudited)	$9.82	5.29%	0.72%	0.55%	2.44%	4%	$3,897
Year Ended 10/31/2022	$9.44	(9.39%)	0.67%^(d)	0.53%^(d),(e)	2.31%	2%	$3,855
Year Ended 10/31/2021	$10.66	1.74%	0.69%	0.56%^(e)	2.19%	9%	$1,463
Year Ended 10/31/2020	$10.72	3.03%	0.68%	0.55%^(e)	2.52%	17%	$1,000
Year Ended 10/31/2019	$10.67	8.23%	0.68%	0.55%^(e)	2.84%	12%	$801
Year Ended 10/31/2018	$10.15	(0.63%)	0.67%	0.56%^(e)	2.89%	13%	$357
Class C
Six Months Ended 4/30/2023 (Unaudited)	$9.84	5.03%	1.42%	1.25%	1.75%	4%	$996
Year Ended 10/31/2022	$9.45	(10.01%)	1.51%^(d)	1.24%^(d),(e)	1.50%	2%	$765
Year Ended 10/31/2021	$10.67	0.94%	1.69%	1.26%^(e)	1.49%	9%	$1,674
Year Ended 10/31/2020	$10.74	2.41%	1.68%	1.25%^(e),(f)	1.82%	17%	$1,647
Year Ended 10/31/2019	$10.68	7.47%	1.68%	1.25%^(e),(f)	2.15%	12%	$2,038
Year Ended 10/31/2018	$10.16	(1.32%)	1.67%	1.26%^(e),(f)	2.17%	13%	$2,312
Institutional Class
Six Months Ended 4/30/2023 (Unaudited)	$9.83	5.29%	0.72%	0.55%	2.45%	4%	$15,800
Year Ended 10/31/2022	$9.45	(9.38%)	0.68%^(d)	0.54%^(d),(e)	2.18%	2%	$14,263
Year Ended 10/31/2021	$10.67	1.74%	0.69%	0.56%^(e)	2.19%	9%	$74,626
Year Ended 10/31/2020	$10.73	3.03%	0.68%	0.55%^(e)	2.52%	17%	$77,664
Year Ended 10/31/2019	$10.68	8.22%	0.68%	0.55%^(e)	2.83%	12%	$81,364
Year Ended 10/31/2018	$10.16	(0.63%)	0.67%	0.56%^(e)	2.87%	13%	$80,804
Institutional 3 Class
Six Months Ended 4/30/2023 (Unaudited)	$9.85	5.33%	0.62%	0.45%	2.53%	4%	$25,401
Year Ended 10/31/2022	$9.47	(9.36%)	0.61%^(d)	0.45%^(d),(e)	2.56%	2%	$36,895
Year Ended 10/31/2021	$10.70	1.84%	0.59%	0.46%	2.30%	9%	$10
Year Ended 10/31/2020	$10.76	3.23%	0.58%	0.45%	2.62%	17%	$161
Year Ended 10/31/2019	$10.70	8.32%	0.57%	0.45%	2.94%	12%	$10
Year Ended 10/31/2018	$10.18	(0.61%)	0.57%	0.45%	2.99%	13%	$10

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

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class V
Six Months Ended 4/30/2023 (Unaudited)	$9.44	0.11	0.38	0.49	(0.11)	—	(0.11)
Year Ended 10/31/2022	$10.66	0.21	(1.21)	(1.00)	(0.22)	(0.00)^(c)	(0.22)
Year Ended 10/31/2021	$10.72	0.22	(0.05)	0.17	(0.22)	(0.01)	(0.23)
Year Ended 10/31/2020	$10.67	0.25	0.05	0.30	(0.25)	—	(0.25)
Year Ended 10/31/2019	$10.15	0.28	0.53	0.81	(0.29)	—	(0.29)
Year Ended 10/31/2018	$10.54	0.28	(0.36)	(0.08)	(0.29)	(0.02)	(0.31)

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)	Ratios include interfund lending expense which is less than 0.01%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	10/31/2020	10/31/2019	10/31/2018
Class C	0.25%	0.30%	0.30%

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

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Notes to Financial Statements
April 30, 2023 (Unaudited)

Note 1. Organization

Columbia Connecticut Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a non-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

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 and Institutional 3 Class are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

The Board of Trustees of the Fund has approved a Plan of Liquidation and Termination pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on April 14, 2023, the Fund was closed to new investors, and any applicable contingent deferred sales charges will be waived on redemptions and exchanges out of the Fund. It is currently anticipated that the Fund will be liquidated on or about November 7, 2023, at which time the Fund’s shareholders will receive a liquidating distribution in an amount equal to the net asset value of their 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.

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Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended April 30, 2023 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

22	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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.

For the six months ended April 30, 2023, 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	0.10
Advisor Class	0.10
Class C	0.10
Institutional Class	0.10
Institutional 3 Class	0.01
Class V	0.10

Distribution and service fees

Shareholder services fees

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	4,793
Class C	—	1.00^(b)	—
Class V	4.75	0.50 - 1.00^(c)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
(c)	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.

The Fund’s other share classes are not subject to sales charges.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	March 1, 2023 through February 29, 2024	Prior to March 1, 2023
Class A	0.81%	0.81%
Advisor Class	0.56	0.56
Class C	1.26	1.26
Institutional Class	0.56	0.56
Institutional 3 Class	0.47	0.46
Class V	0.71	0.71

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. 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. 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

24	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
59,820,000	492,000	(1,255,000)	(763,000)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(89,803)	(414,024)	(503,827)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,500,000 and $12,353,821, respectively, for the six months ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended April 30, 2023.

Note 7. Line of credit

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

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 April 30, 2023.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Market risk

Municipal securities risk

26	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Non-diversification risk

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholder of record owned 47.2% 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 10.5% 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 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 1 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023 (Unaudited)

28	Columbia Connecticut Intermediate Municipal Bond Fund \| Semiannual Report 2023

Table of Contents

Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and
•	the Program operated adequately during the period.

Columbia Connecticut Intermediate Municipal Bond Fund | Semiannual Report 2023

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.

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.

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.

	Six Months Ended April 30, 2023 (Unaudited)	Year Ended October 31, 2022
Operations
Net investment income	$27,923,775	$56,978,498
Net realized loss	(877,401)	(10,662,978)
Net change in unrealized appreciation (depreciation)	56,612,090	(257,962,078)
Net increase (decrease) in net assets resulting from operations	83,658,464	(211,646,558)
Distributions to shareholders
Net investment income and net realized gains
Class A	(6,700,697)	(13,827,063)
Advisor Class	(4,767,162)	(13,149,808)
Class C	(175,499)	(369,158)
Institutional Class	(5,057,314)	(22,171,179)
Institutional 2 Class	(3,624,827)	(6,630,337)
Institutional 3 Class	(7,772,239)	(2,882,381)
Class V	(144,039)	(304,977)
Total distributions to shareholders	(28,241,777)	(59,334,903)
Increase in net assets from capital stock activity	32,057,973	814,535,517
Total increase in net assets	87,474,660	543,554,056
Net assets at beginning of period	1,620,948,180	1,077,394,124
Net assets at end of period	$1,708,422,840	$1,620,948,180

Assets
Investments in securities, at value
Unaffiliated issuers (cost $124,768,830)	$122,754,607
Receivable for:
Capital shares sold	105,717
Interest	1,333,398
Expense reimbursement due from Investment Manager	421
Prepaid expenses	2,057
Trustees’ deferred compensation plan	92,100
Other assets	4,628
Total assets	124,292,928
Liabilities
Due to custodian	14,292
Payable for:
Capital shares purchased	160,122
Distributions to shareholders	277,941
Management services fees	1,593
Distribution and/or service fees	186
Transfer agent fees	3,421
Compensation of board members	15,029
Other expenses	16,544
Trustees’ deferred compensation plan	92,100
Total liabilities	581,228
Net assets applicable to outstanding capital stock	$123,711,700
Represented by
Paid in capital	129,573,522
Total distributable earnings (loss)	(5,861,822)
Total - representing net assets applicable to outstanding capital stock	$123,711,700

Assets
Investments in securities, at value
Unaffiliated issuers (cost $136,700,626)	$134,373,971
Receivable for:
Capital shares sold	131,553
Interest	1,850,685
Expense reimbursement due from Investment Manager	599
Prepaid expenses	2,062
Trustees’ deferred compensation plan	84,993
Other assets	1,791
Total assets	136,445,654
Liabilities
Due to custodian	6,229
Payable for:
Capital shares purchased	37,467
Distributions to shareholders	289,116
Management services fees	1,750
Distribution and/or service fees	144
Transfer agent fees	5,229
Compensation of board members	15,039
Other expenses	15,736
Trustees’ deferred compensation plan	84,993
Total liabilities	455,703
Net assets applicable to outstanding capital stock	$135,989,951
Represented by
Paid in capital	140,474,603
Total distributable earnings (loss)	(4,484,652)
Total - representing net assets applicable to outstanding capital stock	$135,989,951

Assets
Investments in securities, at value
Unaffiliated issuers (cost $59,819,909)	$59,056,673
Receivable for:
Capital shares sold	59,416
Interest	734,851
Expense reimbursement due from Investment Manager	270
Prepaid expenses	1,188
Trustees’ deferred compensation plan	77,574
Other assets	3,460
Total assets	59,933,432
Liabilities
Due to custodian	2,090
Payable for:
Capital shares purchased	70,299
Distributions to shareholders	124,579
Management services fees	770
Distribution and/or service fees	92
Transfer agent fees	2,021
Compensation of board members	13,995
Other expenses	16,873
Trustees’ deferred compensation plan	77,574
Other liabilities	42,712
Total liabilities	351,005
Net assets applicable to outstanding capital stock	$59,582,427
Represented by
Paid in capital	61,264,075
Total distributable earnings (loss)	(1,681,648)
Total - representing net assets applicable to outstanding capital stock	$59,582,427

Class A
Net assets	$6,444,640
Shares outstanding	655,244
Net asset value per share	$9.84
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.14
Advisor Class
Net assets	$3,897,121
Shares outstanding	396,775
Net asset value per share	$9.82
Class C
Net assets	$995,632
Shares outstanding	101,232
Net asset value per share	$9.84
Institutional Class
Net assets	$15,800,486
Shares outstanding	1,607,169
Net asset value per share	$9.83
Institutional 3 Class
Net assets	$25,400,556
Shares outstanding	2,578,457
Net asset value per share	$9.85
Class V
Net assets	$7,043,992
Shares outstanding	717,225
Net asset value per share	$9.82
Maximum sales charge	4.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$10.31

(registrant)	Columbia Funds Series Trust I

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

Date	June 22, 2023

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

Date	June 22, 2023

By (Signature and Title)	/s/ Joseph Beranek
	Joseph Beranek, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	June 22, 2023