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
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
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
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	33
Liquidity Risk Management Program	39
Approval of Management Agreement	40

If you elect to receive the shareholder report for Columbia Large Cap Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

Melda Mergen, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2019

Tiffany Wade

Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box^TM

The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Average annual total returns (%) (for the period ended July 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/01/98	17.10	13.12	13.87
	Including sales charges		10.38	11.79	13.20
Advisor Class		11/08/12	17.39	13.41	14.16
Class C	Excluding sales charges	11/18/02	16.19	12.28	13.02
	Including sales charges		15.19	12.28	13.02
Class E	Excluding sales charges	09/22/06	16.68	12.86	13.68
	Including sales charges		11.42	11.83	13.16
Institutional Class		12/14/90	17.40	13.41	14.16
Institutional 2 Class		03/07/11	17.44	13.45	14.23
Institutional 3 Class		07/15/09	17.49	13.51	14.29
Class R		09/27/10	16.80	12.84	13.59
Class V	Excluding sales charges	12/14/90	17.11	13.13	13.86
	Including sales charges		10.37	11.80	13.19
Russell 1000 Growth Index			17.31	15.23	15.53

Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. Returns for Class E shares are shown with and without the maximum sales charge of 4.50%. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2013 — July 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Growth Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Portfolio breakdown (%) (at July 31, 2023)
Common Stocks	98.4
Exchange-Traded Equity Funds	0.7
Money Market Funds	0.9
Total	100.0

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

Equity sector breakdown (%) (at July 31, 2023)
Communication Services	9.7
Consumer Discretionary	14.2
Consumer Staples	5.2
Financials	5.7
Health Care	13.0
Industrials	5.8
Information Technology	44.0
Real Estate	2.4
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Equity sub-industry breakdown (%) (at July 31, 2023)
Information Technology
Application Software	5.4
Electronic Manufacturing Services	1.2
Semiconductors	11.9
Systems Software	13.7
Technology Hardware, Storage & Peripherals	11.8
Total	44.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

4	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2023, Class A shares of Columbia Large Cap Growth Fund returned 17.10% excluding sales charges. The Fund’s benchmark, the Russell 1000 Growth Index, returned 17.31% for the same time period.

Market overview

For the 12 months ended July 31, 2023, the broad U.S. equity market, as measured by the S&P 500 Index, delivered a gain of 13.02%. The period was marked by continued concerns about a future economic slowdown, amplified by a series of rate hikes by the U.S. Federal Reserve (Fed) that tapered from aggressive to more measured by period-end to tame stubborn inflation. Momentum picked up as the period progressed as better-than-feared earnings drove equity gains. The period, however, was far from smooth.

In March, the failure of a pair of U.S. banks and the collapse of European giant Credit Suisse led to fears of a financial crisis. In response, the Fed created a lending facility to support bank liquidity while the market began to price in multiple cuts in the federal funds target rate over the second half of 2023. At its March 2023 meeting the Fed raised the federal funds target rate by another quarter-point to a range of 4.75% to 5.0%. The rate hike was generally welcomed by investors as a signal that the Fed viewed the financial system as remaining on stable footing.

Inflation continued to decline as the period progressed. Through July 2023, the rate of year-over-year U.S. inflation had decelerated to 3.2%, a meaningful reduction from the four decade high of 9.1% in June 2022, though still higher than the Fed’s 2% inflation target. Nonetheless, with the economy displaying surprising resilience and employment remaining historically robust, the Fed implemented additional 25 basis point increases at its early May and late July meetings, bringing the federal funds target rate to the 5.25% to 5.50% range.

Sentiment remained quite positive through the latter months of the period, as the Fed slowed its pace of rate hikes in response to cooling inflation. Investors were further encouraged by the fact that economic growth and corporate earnings — while slowing — did not decline to the extent that the markets had anticipated in late 2022. These factors combined to fuel an impressive gain for equities, but the majority of the positive return was generated by a small group of mega-cap technology-related stocks. Much of the relative strength in this area came from companies expected to benefit from the evolution of artificial intelligence (AI). The growth style strongly outpaced value as a result, with returns of 17.31% and 8.28%, respectively, for the Russell 1000 Growth Index and the Russell 1000 Value Index. The small-cap Russell 2000 Index, which is less influenced by AI-related trends and is more sensitive to concerns about the banking sector, returned 7.91% but was unable to keep pace with the rally in large caps.

The Fund’s notable detractors during the period

•	Stock selection within the consumer discretionary sector was the largest detractor from Fund performance during the period.
•	The communication services sector was also an area in which the Fund lagged the benchmark.
•	On a relative basis, cybersecurity software company CrowdStrike Holdings, communication equipment company Zebra Technologies Corp. and specialty coffee retailer Starbucks Corp. weighed most on Fund performance versus the benchmark. We sold the positions in CrowdStrike Holdings and Zebra Technologies.

The Fund’s notable contributors during the period

•	The health care, information technology and industrials sectors were the largest areas of contribution, driven by strong stock selection.
•	Relative to the benchmark, the Fund’s top contributors included semiconductor companies NVIDIA, Broadcom, Inc. and Advanced Micro Devices, Inc.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards

Columbia Large Cap Growth Fund | Annual 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.

February 1, 2023 — July 31, 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	1,243.70	1,019.84	5.56	5.01	1.00
Advisor Class	1,000.00	1,000.00	1,245.30	1,021.08	4.18	3.76	0.75
Class C	1,000.00	1,000.00	1,239.10	1,016.12	9.72	8.75	1.75
Class E	1,000.00	1,000.00	1,241.50	1,018.05	7.56	6.80	1.36
Institutional Class	1,000.00	1,000.00	1,245.30	1,021.08	4.18	3.76	0.75
Institutional 2 Class	1,000.00	1,000.00	1,245.60	1,021.22	4.01	3.61	0.72
Institutional 3 Class	1,000.00	1,000.00	1,245.70	1,021.47	3.73	3.36	0.67
Class R	1,000.00	1,000.00	1,242.00	1,018.60	6.95	6.26	1.25
Class V	1,000.00	1,000.00	1,243.70	1,019.84	5.56	5.01	1.00

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 Large Cap Growth Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
July 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.1%
Issuer	Shares	Value ($)
Communication Services 9.6%
Interactive Media & Services 9.6%
Alphabet, Inc., Class A^(a)	1,165,845	154,730,949
Alphabet, Inc., Class C^(a)	1,432,793	190,719,077
Meta Platforms, Inc., Class A^(a)	325,889	103,828,235
Total		449,278,261
Total Communication Services		449,278,261
Consumer Discretionary 14.1%
Automobiles 1.9%
Tesla, Inc.^(a)	334,975	89,582,364
Broadline Retail 6.4%
Amazon.com, Inc.^(a)	2,252,674	301,137,460
Hotels, Restaurants & Leisure 4.2%
DraftKings, Inc., Class A^(a)	1,714,790	54,496,026
Hilton Worldwide Holdings, Inc.	425,569	66,171,724
Starbucks Corp.	732,630	74,413,229
Total		195,080,979
Textiles, Apparel & Luxury Goods 1.6%
NIKE, Inc., Class B	658,732	72,717,426
Total Consumer Discretionary		658,518,229
Consumer Staples 5.2%
Beverages 1.5%
Coca-Cola Co. (The)	1,176,452	72,857,672
Consumer Staples Distribution & Retail 2.3%
Costco Wholesale Corp.	188,443	105,654,337
Household Products 1.4%
Procter & Gamble Co. (The)	409,431	63,994,065
Total Consumer Staples		242,506,074
Financials 5.6%
Capital Markets 1.8%
S&P Global, Inc.	210,474	83,034,098
Financial Services 3.8%
Visa, Inc., Class A	759,130	180,467,975
Total Financials		263,502,073

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care 12.8%
Biotechnology 2.8%
Alnylam Pharmaceuticals, Inc.^(a)	160,825	31,425,205
BioMarin Pharmaceutical, Inc.^(a)	250,549	22,030,774
Exact Sciences Corp.^(a)	304,888	29,738,775
Vertex Pharmaceuticals, Inc.^(a)	135,569	47,766,381
Total		130,961,135
Health Care Equipment & Supplies 4.8%
Boston Scientific Corp.^(a)	925,987	48,012,426
Cooper Companies, Inc. (The)	131,871	51,595,847
DexCom, Inc.^(a)	432,080	53,819,885
Intuitive Surgical, Inc.^(a)	214,390	69,548,116
Total		222,976,274
Health Care Providers & Services 1.1%
Cigna Group (The)	180,777	53,347,293
Pharmaceuticals 4.1%
Eli Lilly & Co.	272,799	124,000,785
Zoetis, Inc.	366,439	68,923,512
Total		192,924,297
Total Health Care		600,208,999
Industrials 5.8%
Commercial Services & Supplies 1.2%
Cintas Corp.	114,521	57,494,123
Construction & Engineering 1.0%
MasTec, Inc.^(a)	396,036	46,633,239
Electrical Equipment 2.3%
AMETEK, Inc.	321,840	51,043,824
Eaton Corp. PLC	275,858	56,639,165
Total		107,682,989
Industrial Conglomerates 1.3%
Honeywell International, Inc.	300,695	58,373,920
Total Industrials		270,184,271
Information Technology 43.7%
Electronic Equipment, Instruments & Components 1.2%
TE Connectivity Ltd.	387,193	55,558,324

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

8	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Common Stocks (continued)
Issuer	Shares	Value ($)
Semiconductors & Semiconductor Equipment 11.8%
Advanced Micro Devices, Inc.^(a)	580,473	66,406,111
Broadcom, Inc.	144,495	129,850,432
NVIDIA Corp.	581,299	271,635,209
QUALCOMM, Inc.	625,116	82,621,582
Total		550,513,334
Software 18.9%
Adobe, Inc.^(a)	202,505	110,602,156
Dynatrace, Inc.^(a)	988,319	54,051,166
Microsoft Corp.	1,437,990	483,049,600
Palo Alto Networks, Inc.^(a)	283,830	70,946,147
Salesforce, Inc.^(a)	376,088	84,623,561
ServiceNow, Inc.^(a)	140,819	82,097,477
Total		885,370,107
Technology Hardware, Storage & Peripherals 11.8%
Apple, Inc.	2,797,039	549,478,312
Total Information Technology		2,040,920,077
Real Estate 2.3%
Industrial REITs 1.0%
Prologis, Inc.	387,735	48,369,941

Common Stocks (continued)
Issuer	Shares	Value ($)
Specialized REITs 1.3%
Equinix, Inc.	74,492	60,332,561
Total Real Estate		108,702,502
Total Common Stocks (Cost $2,119,075,109)		4,633,820,486

Exchange-Traded Equity Funds 0.7%
	Shares	Value ($)
U.S. Large Cap 0.7%
Columbia Research Enhanced Core ETF^(b)	1,307,578	34,923,055
Total Exchange-Traded Equity Funds (Cost $32,972,097)		34,923,055

Money Market Funds 0.9%

Columbia Short-Term Cash Fund, 5.408%^(b),(c)	41,604,588	41,587,945
Total Money Market Funds (Cost $41,591,820)		41,587,945
Total Investments in Securities (Cost: $2,193,639,026)		4,710,331,486
Other Assets & Liabilities, Net		(33,685,005)
Net Assets		4,676,646,481

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended July 31, 2023 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Research Enhanced Core ETF
	—	98,595,542	(65,623,445)	1,950,958	34,923,055	1,360,966	—	1,307,578
Columbia Short-Term Cash Fund, 5.408%
	142,242,537	558,833,855	(659,481,093)	(7,354)	41,587,945	6,473	2,050,295	41,604,588
Total	142,242,537			1,943,604	76,511,000	1,367,439	2,050,295

(c)	The rate shown is the seven-day current annualized yield at July 31, 2023.

Fair value measurements

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

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Fair value measurements (continued)
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 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 July 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	449,278,261	—	—	449,278,261
Consumer Discretionary	658,518,229	—	—	658,518,229
Consumer Staples	242,506,074	—	—	242,506,074
Financials	263,502,073	—	—	263,502,073
Health Care	600,208,999	—	—	600,208,999
Industrials	270,184,271	—	—	270,184,271
Information Technology	2,040,920,077	—	—	2,040,920,077
Real Estate	108,702,502	—	—	108,702,502
Total Common Stocks	4,633,820,486	—	—	4,633,820,486
Exchange-Traded Equity Funds	34,923,055	—	—	34,923,055
Money Market Funds	41,587,945	—	—	41,587,945
Total Investments in Securities	4,710,331,486	—	—	4,710,331,486

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.

10	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Statement of Assets and Liabilities (continued)
July 31, 2023

Class A
Net assets	$2,388,322,372
Shares outstanding	42,854,775
Net asset value per share	$55.73
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$59.13
Advisor Class
Net assets	$21,306,849
Shares outstanding	347,706
Net asset value per share	$61.28
Class C
Net assets	$41,295,600
Shares outstanding	1,006,048
Net asset value per share	$41.05
Class E
Net assets	$15,437,152
Shares outstanding	281,431
Net asset value per share	$54.85
Maximum sales charge	4.50%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class E shares)	$57.43
Institutional Class
Net assets	$1,184,524,732
Shares outstanding	19,925,222
Net asset value per share	$59.45
Institutional 2 Class
Net assets	$24,642,208
Shares outstanding	413,482
Net asset value per share	$59.60
Institutional 3 Class
Net assets	$732,642,730
Shares outstanding	12,224,717
Net asset value per share	$59.93
Class R
Net assets	$9,149,659
Shares outstanding	168,028
Net asset value per share	$54.45
Class V
Net assets	$259,325,179
Shares outstanding	4,713,659
Net asset value per share	$55.02
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$58.38

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

12	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Statement of Operations
Year Ended July 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$35,233,732
Dividends — affiliated issuers	2,050,295
Interfund lending	330
Total income	37,284,357
Expenses:
Management services fees	26,682,461
Distribution and/or service fees
Class A	5,171,012
Class C	383,729
Class E	47,544
Class R	37,717
Class V	564,491
Transfer agent fees
Class A	1,793,964
Advisor Class	15,316
Class C	33,327
Class E	47,831
Institutional Class	875,097
Institutional 2 Class	22,384
Institutional 3 Class	40,276
Class R	6,538
Class V	195,859
Trustees’ fees	89,573
Custodian fees	21,756
Printing and postage fees	173,902
Registration fees	179,832
Accounting services fees	30,767
Legal fees	67,795
Interest on collateral	461
Compensation of chief compliance officer	735
Other	75,229
Total expenses	36,557,596
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(14,185)
Expense reduction	(13,051)
Total net expenses	36,530,360
Net investment income	753,997
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	252,201,197
Investments — affiliated issuers	1,367,439
Futures contracts	(4,124,735)
Net realized gain	249,443,901
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	421,038,707
Investments — affiliated issuers	1,943,604
Futures contracts	(477,343)
Net change in unrealized appreciation (depreciation)	422,504,968
Net realized and unrealized gain	671,948,869
Net increase in net assets resulting from operations	$672,702,866

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

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2023		July 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	1,043,577	48,801,417	1,281,703	71,064,106
Distributions reinvested	—	—	3,855,701	235,930,336
Shares redeemed	(4,481,192)	(205,610,201)	(5,133,783)	(283,380,156)
Net increase (decrease)	(3,437,615)	(156,808,784)	3,621	23,614,286
Advisor Class
Shares sold	91,419	4,740,266	275,762	18,054,519
Distributions reinvested	—	—	37,295	2,498,765
Shares redeemed	(80,941)	(4,242,183)	(280,142)	(16,225,069)
Net increase	10,478	498,083	32,915	4,328,215
Class C
Shares sold	222,901	7,487,054	183,635	7,860,947
Distributions reinvested	—	—	168,255	7,677,476
Shares redeemed	(471,316)	(15,821,810)	(805,442)	(33,037,725)
Net decrease	(248,415)	(8,334,756)	(453,552)	(17,499,302)
Class E
Shares sold	608	28,534	2,538	138,782
Distributions reinvested	—	—	27,191	1,646,962
Shares redeemed	(38,732)	(1,731,406)	(38,887)	(2,152,800)
Net decrease	(38,124)	(1,702,872)	(9,158)	(367,056)
Institutional Class
Shares sold	1,521,236	75,716,994	1,424,087	84,807,393
Distributions reinvested	—	—	1,613,140	104,854,093
Shares redeemed	(2,664,295)	(128,869,590)	(2,479,529)	(144,313,236)
Net increase (decrease)	(1,143,059)	(53,152,596)	557,698	45,348,250
Institutional 2 Class
Shares sold	165,064	7,982,548	248,736	15,191,996
Distributions reinvested	—	—	136,672	8,901,412
Shares redeemed	(1,403,540)	(63,158,189)	(359,667)	(21,334,730)
Net increase (decrease)	(1,238,476)	(55,175,641)	25,741	2,758,678
Institutional 3 Class
Shares sold	1,453,714	71,332,532	1,793,471	99,804,051
Distributions reinvested	—	—	754,572	49,379,219
Shares redeemed	(3,037,886)	(157,733,858)	(1,880,381)	(116,684,279)
Net increase (decrease)	(1,584,172)	(86,401,326)	667,662	32,498,991
Class R
Shares sold	48,704	2,178,640	36,034	2,024,734
Distributions reinvested	—	—	13,640	818,807
Shares redeemed	(53,210)	(2,320,966)	(43,786)	(2,446,653)
Net increase (decrease)	(4,506)	(142,326)	5,888	396,888
Class V
Shares sold	21,576	970,980	112,136	6,547,297
Distributions reinvested	—	—	325,429	19,655,902
Shares redeemed	(419,742)	(19,192,830)	(320,901)	(17,850,744)
Net increase (decrease)	(398,166)	(18,221,850)	116,664	8,352,455
Total net increase (decrease)	(8,082,055)	(379,442,068)	947,479	99,431,405

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

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The 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 (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2023	$47.59	(0.04)	8.18	8.14	—	—	—
Year Ended 7/31/2022	$62.66	(0.13)	(9.54)	(9.67)	—	(5.40)	(5.40)
Year Ended 7/31/2021	$50.90	(0.11)	18.52	18.41	(0.07)	(6.58)	(6.65)
Year Ended 7/31/2020	$43.43	(0.01)	11.15	11.14	—	(3.67)	(3.67)
Year Ended 7/31/2019	$43.86	(0.04)	2.98	2.94	—	(3.37)	(3.37)
Advisor Class
Year Ended 7/31/2023	$52.20	0.08	9.00	9.08	—	—	—
Year Ended 7/31/2022	$68.22	0.03	(10.50)	(10.47)	—	(5.55)	(5.55)
Year Ended 7/31/2021	$54.87	0.02	20.10	20.12	(0.19)	(6.58)	(6.77)
Year Ended 7/31/2020	$46.43	0.10	12.01	12.11	—	(3.67)	(3.67)
Year Ended 7/31/2019	$46.53	0.07	3.20	3.27	—	(3.37)	(3.37)
Class C
Year Ended 7/31/2023	$35.33	(0.29)	6.01	5.72	—	—	—
Year Ended 7/31/2022	$47.73	(0.41)	(7.05)	(7.46)	—	(4.94)	(4.94)
Year Ended 7/31/2021	$40.39	(0.39)	14.31	13.92	—	(6.58)	(6.58)
Year Ended 7/31/2020	$35.43	(0.27)	8.90	8.63	—	(3.67)	(3.67)
Year Ended 7/31/2019	$36.70	(0.29)	2.39	2.10	—	(3.37)	(3.37)
Class E
Year Ended 7/31/2023	$47.01	(0.21)	8.05	7.84	—	—	—
Year Ended 7/31/2022	$61.99	(0.29)	(9.46)	(9.75)	—	(5.23)	(5.23)
Year Ended 7/31/2021	$50.50	(0.26)	18.35	18.09	(0.02)	(6.58)	(6.60)
Year Ended 7/31/2020	$43.15	(0.06)	11.08	11.02	—	(3.67)	(3.67)
Year Ended 7/31/2019	$43.65	(0.08)	2.95	2.87	—	(3.37)	(3.37)
Institutional Class
Year Ended 7/31/2023	$50.64	0.08	8.73	8.81	—	—	—
Year Ended 7/31/2022	$66.34	0.01	(10.16)	(10.15)	—	(5.55)	(5.55)
Year Ended 7/31/2021	$53.52	0.03	19.56	19.59	(0.19)	(6.58)	(6.77)
Year Ended 7/31/2020	$45.38	0.10	11.71	11.81	—	(3.67)	(3.67)
Year Ended 7/31/2019	$45.56	0.06	3.13	3.19	—	(3.37)	(3.37)
Institutional 2 Class
Year Ended 7/31/2023	$50.75	0.17	8.68	8.85	—	—	—
Year Ended 7/31/2022	$66.47	0.02	(10.18)	(10.16)	—	(5.56)	(5.56)
Year Ended 7/31/2021	$53.62	(0.00)^(e)	19.64	19.64	(0.21)	(6.58)	(6.79)
Year Ended 7/31/2020	$45.44	0.12	11.73	11.85	—	(3.67)	(3.67)
Year Ended 7/31/2019	$45.59	0.09	3.13	3.22	—	(3.37)	(3.37)

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

16	Columbia Large Cap Growth Fund \| Annual 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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2023	$55.73	17.10%	1.00%^(c)	1.00%^(c),(d)	(0.10%)	45%	$2,388,322
Year Ended 7/31/2022	$47.59	(17.35%)	0.98%^(c)	0.98%^(c)	(0.23%)	46%	$2,203,137
Year Ended 7/31/2021	$62.66	39.24%	0.99%^(c)	0.99%^(c),(d)	(0.21%)	52%	$2,900,684
Year Ended 7/31/2020	$50.90	27.48%	1.02%	1.02%^(d)	(0.03%)	46%	$2,249,478
Year Ended 7/31/2019	$43.43	7.84%	1.04%	1.04%	(0.10%)	35%	$1,932,367
Advisor Class
Year Ended 7/31/2023	$61.28	17.39%	0.75%^(c)	0.75%^(c),(d)	0.15%	45%	$21,307
Year Ended 7/31/2022	$52.20	(17.15%)	0.73%^(c)	0.73%^(c)	0.05%	46%	$17,603
Year Ended 7/31/2021	$68.22	39.60%	0.74%^(c)	0.74%^(c),(d)	0.03%	52%	$20,760
Year Ended 7/31/2020	$54.87	27.81%	0.77%	0.77%^(d)	0.21%	46%	$11,934
Year Ended 7/31/2019	$46.43	8.11%	0.79%	0.79%	0.15%	35%	$12,088
Class C
Year Ended 7/31/2023	$41.05	16.19%	1.75%^(c)	1.75%^(c),(d)	(0.83%)	45%	$41,296
Year Ended 7/31/2022	$35.33	(17.96%)	1.73%^(c)	1.73%^(c)	(0.96%)	46%	$44,314
Year Ended 7/31/2021	$47.73	38.22%	1.74%^(c)	1.74%^(c),(d)	(0.93%)	52%	$81,519
Year Ended 7/31/2020	$40.39	26.54%	1.77%	1.77%^(d)	(0.78%)	46%	$86,411
Year Ended 7/31/2019	$35.43	7.03%	1.79%	1.79%	(0.86%)	35%	$78,293
Class E
Year Ended 7/31/2023	$54.85	16.68%	1.37%^(c)	1.36%^(c),(d)	(0.45%)	45%	$15,437
Year Ended 7/31/2022	$47.01	(17.61%)	1.28%^(c)	1.28%^(c)	(0.53%)	46%	$15,022
Year Ended 7/31/2021	$61.99	38.87%	1.27%^(c)	1.26%^(c),(d)	(0.48%)	52%	$20,376
Year Ended 7/31/2020	$50.50	27.37%	1.12%	1.12%^(d)	(0.13%)	46%	$17,216
Year Ended 7/31/2019	$43.15	7.71%	1.14%	1.14%	(0.20%)	35%	$15,875
Institutional Class
Year Ended 7/31/2023	$59.45	17.40%	0.75%^(c)	0.75%^(c),(d)	0.15%	45%	$1,184,525
Year Ended 7/31/2022	$50.64	(17.15%)	0.73%^(c)	0.73%^(c)	0.02%	46%	$1,066,894
Year Ended 7/31/2021	$66.34	39.61%	0.74%^(c)	0.74%^(c),(d)	0.04%	52%	$1,360,640
Year Ended 7/31/2020	$53.52	27.79%	0.77%	0.77%^(d)	0.22%	46%	$1,062,936
Year Ended 7/31/2019	$45.38	8.11%	0.79%	0.79%	0.15%	35%	$975,664
Institutional 2 Class
Year Ended 7/31/2023	$59.60	17.44%	0.72%^(c)	0.72%^(c)	0.35%	45%	$24,642
Year Ended 7/31/2022	$50.75	(17.13%)	0.71%^(c)	0.71%^(c)	0.04%	46%	$83,838
Year Ended 7/31/2021	$66.47	39.63%	0.72%^(c)	0.72%^(c)	(0.00%)^(e)	52%	$108,093
Year Ended 7/31/2020	$53.62	27.84%	0.73%	0.73%	0.26%	46%	$17,929
Year Ended 7/31/2019	$45.44	8.17%	0.74%	0.74%	0.20%	35%	$13,783

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

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2023	$51.01	0.12	8.80	8.92	—	—	—
Year Ended 7/31/2022	$66.78	0.05	(10.23)	(10.18)	—	(5.59)	(5.59)
Year Ended 7/31/2021	$53.84	0.05	19.70	19.75	(0.23)	(6.58)	(6.81)
Year Ended 7/31/2020	$45.59	0.14	11.78	11.92	—	(3.67)	(3.67)
Year Ended 7/31/2019	$45.70	0.11	3.15	3.26	—	(3.37)	(3.37)
Class R
Year Ended 7/31/2023	$46.62	(0.16)	7.99	7.83	—	—	—
Year Ended 7/31/2022	$61.49	(0.26)	(9.36)	(9.62)	—	(5.25)	(5.25)
Year Ended 7/31/2021	$50.11	(0.23)	18.19	17.96	—	(6.58)	(6.58)
Year Ended 7/31/2020	$42.92	(0.12)	10.98	10.86	—	(3.67)	(3.67)
Year Ended 7/31/2019	$43.49	(0.14)	2.94	2.80	—	(3.37)	(3.37)
Class V
Year Ended 7/31/2023	$46.98	(0.04)	8.08	8.04	—	—	—
Year Ended 7/31/2022	$61.93	(0.13)	(9.42)	(9.55)	—	(5.40)	(5.40)
Year Ended 7/31/2021	$50.37	(0.11)	18.32	18.21	(0.07)	(6.58)	(6.65)
Year Ended 7/31/2020	$43.01	(0.01)	11.04	11.03	—	(3.67)	(3.67)
Year Ended 7/31/2019	$43.47	(0.04)	2.95	2.91	—	(3.37)	(3.37)

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

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

18	Columbia Large Cap Growth Fund \| Annual 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 (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2023	$59.93	17.49%	0.67%^(c)	0.67%^(c)	0.24%	45%	$732,643
Year Ended 7/31/2022	$51.01	(17.09%)	0.66%^(c)	0.66%^(c)	0.09%	46%	$704,377
Year Ended 7/31/2021	$66.78	39.70%	0.66%^(c)	0.66%^(c)	0.09%	52%	$877,535
Year Ended 7/31/2020	$53.84	27.91%	0.68%	0.68%	0.31%	46%	$526,471
Year Ended 7/31/2019	$45.59	8.24%	0.69%	0.69%	0.26%	35%	$394,049
Class R
Year Ended 7/31/2023	$54.45	16.80%	1.25%^(c)	1.25%^(c),(d)	(0.34%)	45%	$9,150
Year Ended 7/31/2022	$46.62	(17.56%)	1.23%^(c)	1.23%^(c)	(0.48%)	46%	$8,043
Year Ended 7/31/2021	$61.49	38.92%	1.24%^(c)	1.24%^(c),(d)	(0.44%)	52%	$10,247
Year Ended 7/31/2020	$50.11	27.14%	1.27%	1.27%^(d)	(0.28%)	46%	$11,856
Year Ended 7/31/2019	$42.92	7.57%	1.29%	1.29%	(0.35%)	35%	$13,233
Class V
Year Ended 7/31/2023	$55.02	17.11%	1.00%^(c)	1.00%^(c),(d)	(0.09%)	45%	$259,325
Year Ended 7/31/2022	$46.98	(17.36%)	0.98%^(c)	0.98%^(c)	(0.23%)	46%	$240,158
Year Ended 7/31/2021	$61.93	39.26%	0.99%^(c)	0.99%^(c),(d)	(0.21%)	52%	$309,330
Year Ended 7/31/2020	$50.37	27.49%	1.02%	1.02%^(d)	(0.03%)	46%	$241,606
Year Ended 7/31/2019	$43.01	7.84%	1.04%	1.04%	(0.11%)	35%	$205,528

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

Columbia Large Cap Growth Fund | Annual Report 2023

Table of Contents

Notes to Financial Statements
July 31, 2023

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class E shares are trust shares which are held in an irrevocable trust until the specified trust termination date and are closed to new investors and new accounts. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Security valuation

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the

20	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Notes to Financial Statements (continued)
July 31, 2023

close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

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

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.

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Notes to Financial Statements (continued)
July 31, 2023

payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker 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 maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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)
July 31, 2023

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended July 31, 2023:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	(4,124,735)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	(477,343)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	12,633,772

*	Based on the ending daily outstanding amounts for the year ended July 31, 2023.

Security transactions

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

Income recognition

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

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

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

Expenses

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

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Notes to Financial Statements (continued)
July 31, 2023

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to shareholders

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

Guarantees and indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the 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 amendments.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The effective management services fee rate for the year ended July 31, 2023 was 0.65% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.

24	Columbia Large Cap Growth Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

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 "Trustees’ fees" in the Statement of Operations.

Compensation of Chief Compliance Officer

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

Transfer agency fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with 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).

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.

For the year ended July 31, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Class E	0.35
Institutional Class	0.09
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.09
Class V	0.09

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Notes to Financial Statements (continued)
July 31, 2023

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $13,051.

Distribution and service fees

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class C and Class E shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10%, 0.75%, 0.10% and 0.50% of the average daily net assets attributable to Class A, Class C, Class E and Class R shares of the Fund, respectively.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund’s average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund’s average daily net assets attributable to Class A shares.

Shareholder services fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.

Sales charges (unaudited)

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended July 31, 2023, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	461,086
Class C	—	1.00^(b)	2,246
Class E	4.50	1.00^(b)	488
Class V	5.75	0.50 - 1.00^(a)	1,390

(a)	This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

26	Columbia Large Cap Growth Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	December 1, 2022 through November 30, 2023	Prior to December 1, 2022
Class A	1.09%	1.10%
Advisor Class	0.84	0.85
Class C	1.84	1.85
Class E	1.44	1.36
Institutional Class	0.84	0.85
Institutional 2 Class	0.81	0.83
Institutional 3 Class	0.76	0.79
Class R	1.34	1.35
Class V	1.09	1.10

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

Note 4. Federal tax information

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

At July 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, late-year ordinary losses, trustees’ deferred compensation and net operating loss reclassification. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
1,863,312	—	(1,863,312)

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

Columbia Large Cap Growth Fund | Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2023			Year Ended July 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
—	—	—	134,078,907	340,328,359	474,407,266

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	201,293,795	—	2,509,384,580

At July 31, 2023, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
2,200,946,906	2,543,271,504	(33,886,924)	2,509,384,580

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

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of July 31, 2023, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on August 1, 2023.

Late year ordinary losses ($)	Post-October capital losses ($)
3,875,421	—

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 $1,834,955,214 and $2,084,143,890, respectively, for the year ended July 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

28	Columbia Large Cap Growth Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

Note 7. Interfund lending

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

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

The Fund’s activity in the Interfund Program during the year ended July 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	750,000	3.35	4

Interest income earned by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2023.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate plus, in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate plus, in each case, 1.00%.

The Fund had no borrowings during the year ended July 31, 2023.

Note 9. Significant risks

Information technology sector risk

The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other

Columbia Large Cap Growth Fund | Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, restricted cross-border payments and limited access to investments and/or assets in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

Shareholder concentration risk

At July 31, 2023, affiliated shareholders of record owned 45.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Large Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended July 31, 2023. Shareholders will be notified in early 2024 of the amounts for use in preparing 2023 income tax returns.

Capital gain dividend
$211,358,485

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

TRUSTEES AND OFFICERS

(Unaudited)

The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	173	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	173	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	173	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	173	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	171	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	171	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	173	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	173	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	173	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	171	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	171	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	173	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	171	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	173	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	173	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Carrig, Flynn, Paglia, and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.

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.

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Approval of Management Agreement

(Unaudited)

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in February, March, April, May and June 2023, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 22, 2023 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

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

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

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

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

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2022 in the performance of administrative services, and noted the various enhancements anticipated for 2023. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

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

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

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

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

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

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

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

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Approval of Management Agreement (continued)
(Unaudited)
Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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

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

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

Economies of scale

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

Conclusion

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

On June 22, 2023, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

42	Columbia Large Cap Growth Fund \| Annual Report 2023

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	17
Statement of Operations	18
Statement of Changes in Net Assets	19
Financial Highlights	22
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	35
Federal Income Tax Information	36
Trustees and Officers	36
Liquidity Risk Management Program	42
Approval of Management Agreement	43

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

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks a high level of income exempt from federal and Oregon income tax by investing at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities issued by the State of Oregon (and its political subdivisions, agencies, authorities and instrumentalities).

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Portfolio Manager

Managed Fund since 2022

Average annual total returns (%) (for the period ended July 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/01/02	0.08	1.13	1.76
	Including sales charges		-2.90	0.51	1.45
Advisor Class		03/19/13	0.25	1.39	2.02
Class C	Excluding sales charges	10/13/03	-0.37	0.68	1.30
	Including sales charges		-1.35	0.68	1.30
Institutional Class		07/02/84	0.33	1.38	2.01
Institutional 2 Class		11/08/12	0.35	1.41	2.04
Institutional 3 Class*		03/01/17	0.33	1.47	2.05
Bloomberg 3-15 Year Blend Municipal Bond Index			0.96	1.92	2.55

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 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.

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2013 — July 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Oregon Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at July 31, 2023)
AAA rating	6.2
AA rating	71.5
A rating	14.7
BBB rating	1.6
BB rating	0.9
Not rated	5.1
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.

4	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2023, Class A shares of Columbia Oregon Intermediate Municipal Bond Fund returned 0.08% excluding sales charges. Institutional Class shares of the Fund returned 0.33%. The Fund’s benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, returned 0.96% for the same time period.

Market overview

The municipal bond market experienced significant volatility during the annual period, impacted primarily by efforts of the U.S. Federal Reserve (Fed) to return inflation to its target levels and the resultant dramatic increase in interest rates. As the period began in August 2022, the municipal bond market, as measured by the Bloomberg Municipal Bond Index, saw broad-based negative returns, followed by its worst September monthly return on record. The municipal bond market then delivered a positive performance in the fourth calendar quarter. The Fed’s aggressive hiking campaign showed initial signs of success in cooling down inflation, boosting investor sentiment and driving a long-awaited relief rally that continued into January 2023. Unfortunately, sentiment quickly unwound in February, as the market reconsidered the persistence of inflation and a still too strong labor market. A more hawkish Fed led to a sell-off in U.S. Treasury and municipal bond yields alike. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Then came March 2023 when, partially driven by higher interest rates, an unforeseen banking crisis unfolded, with three U.S. regional banks and Credit Suisse in need of rescue in quick succession. The weakness in the banking sector led to municipal bond yields moving lower and, in turn, solid positive first calendar quarter returns for the benchmark. Both U.S. Treasury and municipal bond yields then rose during the second quarter of 2023, as the regional banking crisis ebbed and the focus on the Fed’s tightening monetary policy reignited. For the first time since it started hiking in March 2022, the Fed did not raise rates at its June 2023 meeting. However, in late July, the Fed approved another rate hike, its 11th of the current cycle, bringing its targeted federal funds rate to its highest level in more than 22 years. Further, the Fed indicated additional interest rate increases may be implemented before year end. The municipal bond market posted a modestly negative return for the second quarter of 2023 but a moderately positive return for July, as performance was broadly positive across maturities, credit ratings and states for the month amid a consensus shift in favor of a soft landing with a recession no longer imminent. Notably, the municipal bond market outperformed both U.S. Treasuries and the broad U.S. fixed-income market for the last five months of the period and did so even more significantly for the annual period overall.

The Fund’s notable detractors during the period

•	The reshaping of the municipal yield curve during the period was significant, with short yields spiking and longer yields increasing to a much smaller degree. This led longer term bonds to outperform during a period of rising yields. The portfolio’s underweighting to bonds with maturities of 8 – 17 years detracted from performance as these bonds significantly outperformed shorter maturity bonds.
•	An underweighting to lower investment-grade issues detracted as A and BBB rated bonds outperformed their higher rated counterparts. The Oregon municipal market, in general, is of higher quality than the national market, which is represented by the Fund’s benchmark.
•	Pre-refunded bonds also performed poorly, as they are very short in maturity and were exposed to the dramatic rise in short-term yields during the period.

The Fund’s notable contributors during the period

•	The Fund’s below benchmark duration was beneficial during the period as municipal yields increased over the year. This shorter duration profile helped to limit price declines in the portfolio’s holdings. Negative price returns during the period were offset by income returns, which resulted in a positive contribution to returns.
•	At the sector level, overweights to the hospital and special non-property tax sectors were additive as these sectors outperformed the broader market. Strong performance in the special non-property tax sector was driven by transportation highway user tax related issues.
•	The Fund’s exposure to non-investment-grade municipal bonds contributed to Fund performance, driven by a variety of positions. The refunding of a continuing care retirement community bond and good performance from several local general obligation bonds led returns in this quality segment.

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a Fund that invests more broadly. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties who contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

6	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2023 — July 31, 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	993.60	1,020.83	3.95	4.01	0.80
Advisor Class	1,000.00	1,000.00	994.80	1,022.07	2.72	2.76	0.55
Class C	1,000.00	1,000.00	991.40	1,018.60	6.17	6.26	1.25
Institutional Class	1,000.00	1,000.00	994.80	1,022.07	2.72	2.76	0.55
Institutional 2 Class	1,000.00	1,000.00	994.90	1,022.17	2.62	2.66	0.53
Institutional 3 Class	1,000.00	1,000.00	995.20	1,022.41	2.37	2.41	0.48

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 Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
July 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 2.2%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 2.2%
City of Murray^(a),(b)
Revenue Bonds
IHC Health Services, Inc.
Series 2005A (JPMorgan Chase Bank)
05/15/2037	4.550%	2,000,000	2,000,000
City of New York^(a),(b)
Unlimited General Obligation Bonds
Subordinated Series 2014I-2 (JPMorgan Chase Bank)
03/01/2040	4.650%	2,000,000	2,000,000
New York City Municipal Water Finance Authority^(a),(b)
Revenue Bonds
Series 2011 (JPMorgan Chase Bank)
06/15/2044	4.650%	700,000	700,000
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045	4.650%	1,000,000	1,000,000
New York City Water & Sewer System^(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	4.650%	1,000,000	1,000,000
Total			6,700,000
Total Floating Rate Notes (Cost $6,700,000)			6,700,000

Municipal Bonds 97.0%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 5.2%
Port of Portland
Refunding Revenue Bonds
Portland International Airport
Series 2015-23
07/01/2028	5.000%	1,240,000	1,284,647
07/01/2031	5.000%	1,750,000	1,809,615
07/01/2032	5.000%	2,000,000	2,063,799
Port of Portland^(c)
Revenue Bonds
Portland International Airport
Series 2022
07/01/2039	4.000%	5,000,000	4,903,702

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port of Portland Airport^(c)
Revenue Bonds
Portland International Airport
Series 2019
07/01/2035	5.000%	1,680,000	1,792,388
07/01/2036	5.000%	650,000	688,543
Series 2020A-27
07/01/2030	5.000%	3,000,000	3,274,441
Total			15,817,135
Charter Schools 0.2%
Oregon State Facilities Authority^(d)
Revenue Bonds
Redmond Proficiency Academy Project
Series 2015
06/15/2025	4.750%	180,000	179,006
06/15/2035	5.500%	540,000	539,030
Total			718,036
Higher Education 1.6%
City of Forest Grove
Refunding Revenue Bonds
Campus Improvement Pacific University Project
Series 2015
05/01/2030	5.000%	550,000	561,561
05/01/2036	5.000%	1,500,000	1,518,037
Oak Tree Foundation Project
Series 2017
03/01/2024	5.000%	250,000	251,384
03/01/2025	5.000%	200,000	202,293
Pacific University
Series 2022
05/01/2037	4.000%	635,000	596,549
County of Yamhill
Refunding Revenue Bonds
George Fox University Project
Series 2021
12/01/2036	4.000%	500,000	500,903
Oregon State Facilities Authority
Refunding Revenue Bonds
University of Portland
Series 2015A
04/01/2030	5.000%	500,000	515,561
04/01/2031	5.000%	530,000	546,168
Total			4,692,456

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

8	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Hospital 12.6%
Klamath Falls Intercommunity Hospital Authority
Refunding Revenue Bonds
Sky Lakes Medical Center Project
Series 2016
09/01/2028	5.000%	265,000	274,816
09/01/2030	5.000%	830,000	861,464
09/01/2031	5.000%	500,000	519,021
09/01/2032	5.000%	270,000	280,142
Medford Hospital Facilities Authority
Refunding Revenue Bonds
Asante Project
Series 2020A
08/15/2033	5.000%	1,200,000	1,321,078
08/15/2037	5.000%	2,900,000	3,103,000
08/15/2039	4.000%	1,100,000	1,071,178
Oregon Health & Science University
Refunding Revenue Bonds
Series 2016B
07/01/2034	5.000%	7,500,000	7,867,957
Series 2019A
07/01/2032	5.000%	5,175,000	5,769,718
Series 2021B-2 (Mandatory Put 02/01/32)
07/01/2046	5.000%	1,235,000	1,397,432
Revenue Bonds
Green Bonds
Series 2021A
07/01/2038	5.000%	1,000,000	1,108,076
Oregon State Facilities Authority
Refunding Revenue Bonds
Legacy Health Project
Series 2016A
06/01/2033	5.000%	1,600,000	1,659,102
06/01/2034	5.000%	3,185,000	3,297,691
PeaceHealth Project
Series 2014A
11/15/2029	5.000%	1,600,000	1,618,319
Salem Hospital Facility Authority
Refunding Revenue Bonds
Salem Health Project
Series 2016A
05/15/2029	5.000%	1,000,000	1,045,302
05/15/2030	5.000%	1,000,000	1,045,894
05/15/2031	5.000%	1,025,000	1,071,771
Series 2019
05/15/2037	5.000%	2,305,000	2,438,259
Salem Health Projects
Series 2016A
05/15/2041	4.000%	2,500,000	2,424,847
Total			38,175,067

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Local General Obligation 30.2%
Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis^(e)
Unlimited General Obligation Bonds
Series 2018A
06/15/2038	5.000%	500,000	537,108
Blue Mountain Community College District
Unlimited General Obligation Bonds
Series 2015
06/15/2029	4.000%	1,000,000	1,016,956
Boardman Park & Recreation District
Unlimited General Obligation Bonds
Series 2015
06/15/2035	5.250%	3,400,000	3,463,773
Canyonville South Umpqua Rural Fire Protection District
Unlimited General Obligation Bonds
Series 2001
07/01/2031	5.400%	510,000	510,935
Central Oregon Community College
Unlimited General Obligation Refunding Bonds
Series 2021
06/15/2028	4.000%	525,000	552,469
Chemeketa Community College District
Unlimited General Obligation Refunding Bonds
Series 2014
06/15/2026	5.000%	1,100,000	1,114,828
Series 2015
06/15/2026	4.000%	1,745,000	1,772,995
City of Lebanon
Unlimited General Obligation Refunding Bonds
Series 2015
06/01/2026	5.000%	1,675,000	1,726,802
06/01/2027	5.000%	1,715,000	1,765,572
City of Portland
Limited General Obligation Bonds
Limited Tax Sellwood Bridge Project
Series 2014
06/01/2024	5.000%	1,985,000	2,014,390
Unlimited General Obligation Refunding Bonds
Public Safety Projects and Emergency Facilities
Series 2014
06/15/2024	5.000%	1,885,000	1,914,306
City of Redmond
Limited General Obligation Bonds
Series 2014A
06/01/2027	5.000%	685,000	694,578
City of Salem
Unlimited General Obligation Bonds
Series 2023B
06/01/2039	5.000%	2,500,000	2,832,549

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

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Unlimited General Obligation Refunding Bonds
Series 2017
06/01/2030	4.000%	2,000,000	2,076,295
City of Sisters
Limited General Obligation Refunding Bonds
Series 2016
12/01/2035	4.000%	620,000	622,088
Clackamas & Washington Counties School District No. 3
Unlimited General Obligation Bonds
Series 2020B
06/15/2028	5.000%	275,000	302,994
06/15/2029	5.000%	435,000	487,996
Clackamas Community College District^(e)
Unlimited General Obligation Bonds
Convertible Deferred Interest
Series 2017A
06/15/2038	5.000%	760,000	801,878
Clackamas County School District No. 108 Estacada
Unlimited General Obligation Refunding Bonds
Series 2005 (AGM)
06/15/2025	5.500%	2,485,000	2,592,956
Clackamas County School District No. 12 North Clackamas
Unlimited General Obligation Bonds
Series 2017B
06/15/2033	5.000%	3,500,000	3,741,272
Clatsop County School District No. 1-C
Unlimited General Obligation Bonds
Astoria
06/15/2035	5.000%	1,000,000	1,114,077
Clatsop County School District No. 30 Warrenton-Hammond^(f)
Unlimited General Obligation Bonds
Deferred Interest
Series 2019
06/15/2035	0.000%	1,000,000	627,369
Columbia County School District No. 502^(f)
Unlimited General Obligation Bonds
Deferred Interest
Series 2020A
06/15/2033	0.000%	300,000	204,637
Coos County School District No. 9 Coos Bay
Unlimited General Obligation Bonds
Series 2018
06/15/2034	5.000%	500,000	551,831
06/15/2035	5.000%	1,000,000	1,098,345
Deschutes & Jefferson Counties School District No. 2J Redmond
Unlimited General Obligation Bonds
Series 2021
06/15/2038	4.000%	650,000	663,844
Deschutes County School District No. 6 Sisters
Unlimited General Obligation Bonds
Series 2021
06/15/2033	4.000%	380,000	407,170

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Hillsboro School District No. 1J
Unlimited General Obligation Bonds
Washington, Yamhill and Multnomah Counties
Series 2017
06/15/2035	5.000%	2,500,000	2,664,815
Series 2020
06/15/2029	5.000%	550,000	617,007
06/15/2038	4.000%	2,500,000	2,524,579
Jackson County School District No. 4^(f)
Unlimited General Obligation Bonds
Series 2018A
06/15/2033	0.000%	1,000,000	682,251
Jackson County School District No. 5 Ashland
Unlimited General Obligation Bonds
Series 2019
06/15/2036	5.000%	3,000,000	3,284,731
Jackson County School District No. 549C Medford
Unlimited General Obligation Refunding Bonds
Series 2015
12/15/2023	5.000%	1,000,000	1,006,179
Jackson County School District No. 6 Central Point
Unlimited General Obligation Bonds
Series 2019A
06/15/2036	4.000%	1,145,000	1,174,121
Lane Community College
Unlimited General Obligation Bonds
Series 2020A
06/15/2033	4.000%	1,000,000	1,066,509
06/15/2037	4.000%	2,000,000	2,042,725
Lane County School District No. 1 Pleasant Hill^(f)
Unlimited General Obligation Bonds
Series 2014B
06/15/2029	0.000%	1,775,000	1,446,419
Lane County School District No. 19 Springfield^(f)
Unlimited General Obligation Bonds
Series 2015B
06/15/2033	0.000%	3,770,000	2,657,726
Unlimited General Obligation Refunding Bonds
Series 2015D
06/15/2024	0.000%	2,305,000	2,235,767
06/15/2028	0.000%	1,480,000	1,266,725
Lane County School District No. 52 Bethel
Unlimited General Obligation Bonds
Series 2021B
06/15/2035	4.000%	1,590,000	1,674,045
Linn & Benton Counties School District No. 8J Greater Albany
Unlimited General Obligation Bonds
Series 2017
06/15/2030	5.000%	1,000,000	1,076,881

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

10	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Marion County School District No. 15 North Marion
Unlimited General Obligation Bonds
Series 2018B
06/15/2032	5.000%	1,000,000	1,103,547
06/15/2033	5.000%	240,000	265,093
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow^(f)
Unlimited General Obligation Bonds
Series 2017A
06/15/2033	0.000%	4,000,000	2,694,389
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow
Unlimited General Obligation Bonds
Series 2017B
06/15/2031	5.000%	3,000,000	3,216,996
Multnomah County School District No. 1 Portland
Unlimited General Obligation Bonds
Series 2020
06/15/2029	5.000%	1,500,000	1,687,074
Multnomah County School District No. 7 Reynolds^(f)
Unlimited General Obligation Bonds
Deferred Interest
Series 2015B
06/15/2030	0.000%	4,000,000	3,038,674
Polk Marion & Benton Counties School District No. 13J Central
Unlimited General Obligation Refunding Bonds
Series 2015
02/01/2027	4.000%	750,000	759,325
02/01/2028	4.000%	1,000,000	1,012,708
Portland Community College District
Unlimited General Obligation Bonds
Series 2018
06/15/2029	5.000%	1,000,000	1,054,608
Series 2023
06/15/2038	5.000%	1,000,000	1,142,601
Unlimited General Obligation Refunding Bonds
Series 2016
06/15/2027	5.000%	2,100,000	2,215,862
Salem-Keizer School District No. 24J
Unlimited General Obligation Bonds
Series 2018
06/15/2035	4.000%	1,000,000	1,034,932
Series 2020B
06/15/2033	5.000%	1,450,000	1,655,456
06/15/2034	5.000%	2,000,000	2,278,207
Washington Clackamas & Yamhill Counties School District No. 88J^(f)
Unlimited General Obligation Bonds
Deferred Interest
Series 2018A
06/15/2037	0.000%	3,500,000	1,899,612

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington Clackamas & Yamhill Counties School District No. 88J
Unlimited General Obligation Bonds
Sherwood College
Series 2017B
06/15/2031	5.000%	4,500,000	4,822,092
Yamhill Clackamas & Washington Counties School District No. 29J Newberg
Unlimited General Obligation Bonds
Series 2021B
06/15/2029	4.000%	1,000,000	1,059,598
Total			91,571,267
Multi-Family 1.7%
Oregon State Facilities Authority^(d)
Revenue Bonds
College Housing Northwest Project
Series 2016A
10/01/2026	4.000%	300,000	290,368
10/01/2036	5.000%	1,000,000	936,597
State of Oregon Housing & Community Services Department^(e)
Revenue Bonds
Plaza Los Amigos Apartments Project
Series 2022 (Mandatory Put 02/01/25)
02/01/2026	3.000%	2,000,000	1,970,163
State of Oregon Housing & Community Services Department
Revenue Bonds
Susan Emmons Apartment Project (The)
Series 2021 (HUD) (Mandatory Put 12/01/23)
06/01/2024	0.380%	2,000,000	1,970,631
Total			5,167,759
Municipal Power 2.2%
Central Lincoln People’s Utility District JATC, Inc.
Revenue Bonds
Series 2016
12/01/2033	5.000%	350,000	361,498
12/01/2034	5.000%	400,000	413,141
12/01/2035	5.000%	410,000	423,284
12/01/2036	5.000%	440,000	454,056
City of Eugene Electric Utility System
Revenue Bonds
Series 2017
08/01/2029	5.000%	530,000	570,293
08/01/2030	5.000%	420,000	451,274
08/01/2031	5.000%	450,000	481,057
08/01/2032	5.000%	250,000	267,060
Northern Wasco County Peoples Utility District
Revenue Bonds
Series 2016
12/01/2031	5.000%	1,455,000	1,533,998
12/01/2036	5.000%	1,545,000	1,620,914
Total			6,576,575

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

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Other Bond Issue 0.2%
Warm Springs Reservation Confederated Tribe^(d),(g)
Refunding Revenue Bonds
Green Bonds - Pelton-Round Butte Project
Series 2019
11/01/2036	5.000%	590,000	640,714
Pool / Bond Bank 0.7%
Oregon State Bond Bank
Refunding Revenue Bonds
Series 2018A
01/01/2028	5.000%	850,000	887,591
01/01/2029	5.000%	1,120,000	1,169,001
Total			2,056,592
Ports 0.8%
Port of Morrow
Limited General Obligation Refunding Bonds
Subordinated Series 2021D
12/01/2034	4.000%	1,250,000	1,268,481
12/01/2035	4.000%	1,290,000	1,301,759
Total			2,570,240
Refunded / Escrowed 9.6%
Clackamas County School District No. 12 North Clackamas
Prerefunded 06/15/24 Unlimited General Obligation Bonds
Series 2014
06/15/2029	5.000%	1,500,000	1,522,471
Hospital Facilities Authority of Multnomah County
Prerefunded 10/01/24 Revenue Bonds
Mirabella at South Waterfront
Series 2014A
09/30/2034	5.125%	4,000,000	4,085,268
Klamath Falls City Schools
Prerefunded 06/15/25 Unlimited General Obligation Bonds
Series 2015A
06/15/2028	4.000%	500,000	508,338
Lane County School District No. 19 Springfield
Prerefunded 06/15/25 Unlimited General Obligation Bonds
Series 2015A
06/15/2031	5.000%	2,000,000	2,069,402
Medford Hospital Facilities Authority
Refunding Revenue Bonds
Rogue Valley Manor
Series 2013 Escrowed to Maturity
10/01/2023	5.000%	645,000	646,651
Oregon State Facilities Authority
Prerefunded 07/01/27 Revenue Bonds
Reed College Project
Series 2017A
07/01/2032	4.000%	250,000	260,387

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Puerto Rico Public Finance Corp.^(g)
Unrefunded Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity
08/01/2026	6.000%	5,000,000	5,392,945
Tri-County Metropolitan Transportation District of Oregon
Prerefunded 09/01/26 Revenue Bonds
Senior Lien
Series 2016
09/01/2031	4.000%	1,000,000	1,032,856
09/01/2032	4.000%	1,250,000	1,291,070
Senior Lien Payroll Tax
Series 2017A
09/01/2032	5.000%	1,595,000	1,697,979
Prerefunded 09/01/27 Revenue Bonds
Series 2018A
09/01/2034	5.000%	550,000	597,413
09/01/2035	5.000%	800,000	868,965
Umatilla County School District No. 16R Pendleton
Prerefunded 06/15/24 Unlimited General Obligation Bonds
Series 2014A
06/15/2030	5.000%	1,110,000	1,126,151
06/15/2031	5.000%	2,890,000	2,932,050
Union County School District No. 1 La Grande
Prerefunded 06/15/25 Unlimited General Obligation Bonds
Series 2015
06/15/2030	4.000%	1,000,000	1,017,770
Washington & Multnomah Counties School District No. 48J Beaverton
Prerefunded 06/15/24 Unlimited General Obligation Bonds
Series 2014
06/15/2033	5.000%	4,000,000	4,059,923
Total			29,109,639
Retirement Communities 1.2%
Clackamas County Hospital Facility Authority
Revenue Bonds
Mary’s Woods at Marylhurst, Inc.
Series 2018
05/15/2038	5.000%	220,000	201,031
Hospital Facilities Authority of Multnomah County
Refunding Revenue Bonds
Terwilliger Plaza, Inc.
Series 2016
12/01/2030	5.000%	325,000	316,999
12/01/2036	5.000%	900,000	839,263
Medford Hospital Facilities Authority
Refunding Revenue Bonds
Rogue Valley Manor
Series 2013
10/01/2024	5.000%	455,000	456,165

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

12	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Salem Hospital Facility Authority
Refunding Revenue Bonds
Capital Manor Project
Series 2022
05/15/2040	4.000%	800,000	664,940
Revenue Bonds
Capital Manor Project
Series 2018
05/15/2033	5.000%	550,000	555,317
05/15/2038	5.000%	500,000	487,908
Total			3,521,623
Single Family 2.1%
State of Oregon Housing & Community Services Department
Revenue Bonds
Series 2017D
07/01/2032	3.150%	1,485,000	1,450,156
Series 2020A
07/01/2028	1.700%	1,040,000	943,036
01/01/2029	1.750%	1,010,000	912,513
Series 2020C
07/01/2035	2.000%	2,000,000	1,672,005
Single-Family Mortgage Program
Series 2021A
07/01/2027	0.950%	1,015,000	911,067
01/01/2029	1.200%	250,000	218,062
01/01/2030	1.450%	375,000	324,456
Total			6,431,295
Special Non Property Tax 10.5%
Metro
Revenue Bonds
Convention Center Hotel
Series 2017
06/15/2030	5.000%	435,000	464,168
06/15/2031	5.000%	725,000	771,437
06/15/2032	5.000%	780,000	827,917
Oregon State Lottery
Refunding Revenue Bonds
Series 2014B
04/01/2027	5.000%	1,750,000	1,771,878
Series 2015D
04/01/2027	5.000%	2,500,000	2,573,671
Revenue Bonds
Series 2019A
04/01/2036	5.000%	1,000,000	1,101,635
Series 2023A
04/01/2040	5.000%	1,145,000	1,290,330

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Oregon Department of Transportation
Refunding Revenue Bonds
Senior Lien
Series 2017B
11/15/2026	5.000%	4,000,000	4,269,049
Senior Lien User Tax
Series 2017C
11/15/2026	5.000%	1,000,000	1,067,262
Subordinated Series 2019A
11/15/2036	5.000%	2,000,000	2,225,315
11/15/2038	5.000%	1,020,000	1,124,651
Revenue Bonds
Series 2022A
11/15/2040	5.000%	2,000,000	2,269,224
Subordinated Series 2020A
11/15/2037	5.000%	4,850,000	5,435,568
Subordinated Series 2023A
11/15/2039	5.000%	2,000,000	2,291,916
Tri-County Metropolitan Transportation District
Revenue Bonds
Series 2019A
09/01/2038	5.000%	1,000,000	1,092,639
Tri-County Metropolitan Transportation District of Oregon
Revenue Bonds
Series 2019A
09/01/2037	5.000%	1,500,000	1,646,553
09/01/2039	4.000%	1,460,000	1,479,922
Total			31,703,135
Special Property Tax 0.5%
City of Keizer
Special Assessment Bonds
Keizer Station Area
Series 2008A
06/01/2031	5.200%	1,635,000	1,638,420
State General Obligation 6.4%
State of Oregon
Limited General Obligation Refunding Bonds
Veterans Welfare Bonds
Series 2020I
12/01/2030	1.950%	555,000	492,987
12/01/2031	2.000%	450,000	393,926
Unlimited General Obligation Bonds
Article XI - Q State Project
Series 2017A
05/01/2026	5.000%	1,250,000	1,318,821
Article XI - Q State Projects
Series 2023
05/01/2040	5.000%	2,000,000	2,277,001

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

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2015F
05/01/2030	5.000%	5,565,000	5,721,726
Series 2019
06/01/2038	5.000%	3,000,000	3,284,147
Series 2019G
08/01/2033	5.000%	1,320,000	1,487,456
Series 2023G
08/01/2041	5.000%	2,320,000	2,638,280
Unlimited General Obligation Notes
Higher Education
Series 2016C
08/01/2033	5.000%	750,000	792,957
Series 2016A
08/01/2031	3.500%	500,000	507,116
08/01/2032	3.500%	500,000	505,441
Total			19,419,858
Transportation 3.4%
Tri-County Metropolitan Transportation District of Oregon
Refunding Revenue Bonds
Series 2017
10/01/2026	5.000%	1,235,000	1,305,667
10/01/2027	5.000%	1,485,000	1,599,532
Revenue Bonds
Series 2018A
10/01/2032	5.000%	6,800,000	7,351,158
Total			10,256,357
Water & Sewer 7.9%
City of Beaverton Water
Revenue Bonds
Series 2018
04/01/2034	5.000%	1,125,000	1,237,455
City of Bend Sewer
Revenue Bonds
Series 2020
05/01/2039	5.000%	1,390,000	1,523,320
City of Eugene Water Utility System
Refunding Revenue Bonds
Utility System
Series 2016
08/01/2032	4.000%	500,000	513,262
Revenue Bonds
Series 2023
08/01/2040	5.000%	190,000	213,796
08/01/2041	5.000%	525,000	588,501
City of Portland Sewer System
Refunding Revenue Bonds
2nd Lien
Subordinated Series 2023A
12/01/2041	5.000%	2,000,000	2,247,268

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Portland Water System
Refunding Revenue Bonds
1st Lien
Series 2016A
04/01/2030	4.000%	7,375,000	7,572,793
Revenue Bonds
Second Lien
Subordinated Series 2019A
05/01/2036	5.000%	1,500,000	1,670,178
Series 2014A
05/01/2028	4.000%	3,390,000	3,410,424
City of Springfield Sewer System
Refunding Revenue Bonds
Series 2017
04/01/2025	4.000%	200,000	202,573
04/01/2026	4.000%	250,000	255,900
04/01/2027	4.000%	270,000	279,402
Clackamas River Water
Revenue Bonds
Series 2016
11/01/2032	5.000%	200,000	204,606
11/01/2033	5.000%	265,000	270,832
11/01/2034	5.000%	250,000	255,502
11/01/2035	5.000%	225,000	229,837
11/01/2036	5.000%	200,000	204,197
Tualatin Valley Water District
Revenue Bonds
Series 2023
06/01/2040	5.000%	2,560,000	2,921,757
Total			23,801,603
Total Municipal Bonds (Cost $302,172,205)			293,867,771

Money Market Funds 0.1%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.579%^(h)	52,175	52,170
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.537%^(h)	250,230	250,230
Total Money Market Funds (Cost $302,405)		302,400
Total Investments in Securities (Cost: $309,174,610)		300,870,171
Other Assets & Liabilities, Net		2,106,824
Net Assets		302,976,995

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

14	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

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 July 31, 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 July 31, 2023, the total value of these securities amounted to $2,585,715, which represents 0.85% of total net assets.
(e)	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 July 31, 2023.
(f)	Zero coupon bond.
(g)	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 July 31, 2023, the total value of these securities amounted to $6,033,659, which represents 1.99% of total net assets.
(h)	The rate shown is the seven-day current annualized yield at July 31, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
HUD	U.S. Department of Housing and Urban Development

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).

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

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Statement of Assets and Liabilities
July 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $309,174,610)	$300,870,171
Cash	1,479
Receivable for:
Capital shares sold	555,465
Dividends	616
Interest	2,682,762
Trustees’ fees	113,046
Expense reimbursement due from Investment Manager	902
Prepaid expenses	6,142
Total assets	304,230,583
Liabilities
Payable for:
Capital shares redeemed	471,232
Distributions to shareholders	600,244
Management services fees	11,679
Distribution and/or service fees	683
Transfer agent fees	18,383
Trustees’ fees	130,128
Other expenses	21,239
Total liabilities	1,253,588
Net assets applicable to outstanding capital stock	$302,976,995
Represented by
Paid in capital	313,017,913
Total distributable earnings (loss)	(10,040,918)
Total - representing net assets applicable to outstanding capital stock	$302,976,995
Class A
Net assets	$27,181,112
Shares outstanding	2,357,845
Net asset value per share	$11.53
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)	$11.89
Advisor Class
Net assets	$4,189,467
Shares outstanding	363,306
Net asset value per share	$11.53
Class C
Net assets	$2,171,745
Shares outstanding	188,400
Net asset value per share	$11.53
Institutional Class
Net assets	$198,557,017
Shares outstanding	17,223,519
Net asset value per share	$11.53
Institutional 2 Class
Net assets	$47,322,856
Shares outstanding	4,111,897
Net asset value per share	$11.51
Institutional 3 Class
Net assets	$23,554,798
Shares outstanding	2,040,433
Net asset value per share	$11.54

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

Columbia Oregon Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Statement of Operations
Year Ended July 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$58,726
Interest	8,536,340
Total income	8,595,066
Expenses:
Management services fees	1,455,102
Distribution and/or service fees
Class A	78,419
Class C	20,000
Transfer agent fees
Class A	26,233
Advisor Class	3,205
Class C	2,390
Institutional Class	172,677
Institutional 2 Class	24,001
Institutional 3 Class	1,446
Trustees’ fees	21,256
Custodian fees	2,077
Printing and postage fees	23,746
Registration fees	8,208
Accounting services fees	30,090
Legal fees	16,776
Interest on interfund lending	377
Compensation of chief compliance officer	60
Other	14,764
Total expenses	1,900,827
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(114,035)
Expense reduction	(320)
Total net expenses	1,786,472
Net investment income	6,808,594
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(1,885,599)
Net realized loss	(1,885,599)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(4,895,749)
Net change in unrealized appreciation (depreciation)	(4,895,749)
Net realized and unrealized loss	(6,781,348)
Net increase in net assets resulting from operations	$27,246

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

18	Columbia Oregon Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2023		July 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	340,632	3,936,634	685,838	8,328,148
Distributions reinvested	50,877	583,547	57,622	699,804
Shares redeemed	(1,150,750)	(13,198,276)	(1,138,898)	(13,602,558)
Net decrease	(759,241)	(8,678,095)	(395,438)	(4,574,606)
Advisor Class
Shares sold	163,769	1,883,887	141,491	1,708,751
Distributions reinvested	7,396	84,967	5,427	65,890
Shares redeemed	(76,293)	(875,320)	(133,414)	(1,599,013)
Net increase	94,872	1,093,534	13,504	175,628
Class C
Shares sold	32,463	374,425	32,559	400,557
Distributions reinvested	3,674	42,156	4,310	52,406
Shares redeemed	(123,695)	(1,423,914)	(144,606)	(1,751,482)
Net decrease	(87,558)	(1,007,333)	(107,737)	(1,298,519)
Institutional Class
Shares sold	1,998,646	23,041,740	2,204,837	26,856,497
Distributions reinvested	328,433	3,768,607	325,614	3,950,321
Shares redeemed	(5,634,824)	(64,661,161)	(2,969,253)	(35,759,051)
Net decrease	(3,307,745)	(37,850,814)	(438,802)	(4,952,233)
Institutional 2 Class
Shares sold	1,603,651	18,433,283	1,692,676	19,937,658
Distributions reinvested	82,454	945,193	57,828	698,693
Shares redeemed	(972,710)	(11,146,242)	(983,721)	(11,744,059)
Net increase	713,395	8,232,234	766,783	8,892,292
Institutional 3 Class
Shares sold	2,325,598	26,700,446	589,265	7,196,027
Distributions reinvested	13,998	160,760	12,279	148,873
Shares redeemed	(1,210,067)	(13,880,851)	(496,051)	(5,877,465)
Net increase	1,129,529	12,980,355	105,493	1,467,435
Total net decrease	(2,216,748)	(25,230,119)	(56,197)	(290,003)

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
Year Ended 7/31/2023	$11.75	0.23	(0.22)	0.01	(0.23)	—	(0.23)
Year Ended 7/31/2022	$12.70	0.21	(0.95)	(0.74)	(0.21)	—	(0.21)
Year Ended 7/31/2021	$12.79	0.23	(0.06)	0.17	(0.23)	(0.03)	(0.26)
Year Ended 7/31/2020	$12.52	0.27	0.29	0.56	(0.27)	(0.02)	(0.29)
Year Ended 7/31/2019	$12.14	0.30	0.41	0.71	(0.31)	(0.02)	(0.33)
Advisor Class
Year Ended 7/31/2023	$11.76	0.26	(0.23)	0.03	(0.26)	—	(0.26)
Year Ended 7/31/2022	$12.70	0.24	(0.94)	(0.70)	(0.24)	—	(0.24)
Year Ended 7/31/2021	$12.79	0.26	(0.05)	0.21	(0.27)	(0.03)	(0.30)
Year Ended 7/31/2020	$12.52	0.30	0.29	0.59	(0.30)	(0.02)	(0.32)
Year Ended 7/31/2019	$12.14	0.33	0.41	0.74	(0.34)	(0.02)	(0.36)
Class C
Year Ended 7/31/2023	$11.75	0.18	(0.23)	(0.05)	(0.17)	—	(0.17)
Year Ended 7/31/2022	$12.70	0.16	(0.95)	(0.79)	(0.16)	—	(0.16)
Year Ended 7/31/2021	$12.79	0.17	(0.05)	0.12	(0.18)	(0.03)	(0.21)
Year Ended 7/31/2020	$12.52	0.22	0.28	0.50	(0.21)	(0.02)	(0.23)
Year Ended 7/31/2019	$12.14	0.25	0.40	0.65	(0.25)	(0.02)	(0.27)
Institutional Class
Year Ended 7/31/2023	$11.75	0.26	(0.22)	0.04	(0.26)	—	(0.26)
Year Ended 7/31/2022	$12.70	0.24	(0.95)	(0.71)	(0.24)	—	(0.24)
Year Ended 7/31/2021	$12.79	0.26	(0.05)	0.21	(0.27)	(0.03)	(0.30)
Year Ended 7/31/2020	$12.52	0.30	0.29	0.59	(0.30)	(0.02)	(0.32)
Year Ended 7/31/2019	$12.14	0.33	0.41	0.74	(0.34)	(0.02)	(0.36)
Institutional 2 Class
Year Ended 7/31/2023	$11.73	0.26	(0.22)	0.04	(0.26)	—	(0.26)
Year Ended 7/31/2022	$12.68	0.25	(0.95)	(0.70)	(0.25)	—	(0.25)
Year Ended 7/31/2021	$12.77	0.26	(0.05)	0.21	(0.27)	(0.03)	(0.30)
Year Ended 7/31/2020	$12.51	0.31	0.27	0.58	(0.30)	(0.02)	(0.32)
Year Ended 7/31/2019	$12.12	0.34	0.41	0.75	(0.34)	(0.02)	(0.36)

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
Year Ended 7/31/2023	$11.53	0.08%	0.84%^(c)	0.80%^(c),(d)	1.96%	10%	$27,181
Year Ended 7/31/2022	$11.75	(5.83%)	0.84%	0.81%^(d)	1.76%	11%	$36,636
Year Ended 7/31/2021	$12.70	1.38%	0.84%	0.81%^(d)	1.81%	5%	$44,606
Year Ended 7/31/2020	$12.79	4.52%	0.84%	0.81%^(d)	2.16%	9%	$45,868
Year Ended 7/31/2019	$12.52	5.94%	0.84%	0.83%	2.49%	8%	$44,185
Advisor Class
Year Ended 7/31/2023	$11.53	0.25%	0.59%^(c)	0.55%^(c),(d)	2.23%	10%	$4,189
Year Ended 7/31/2022	$11.76	(5.52%)	0.59%	0.56%^(d)	2.01%	11%	$3,156
Year Ended 7/31/2021	$12.70	1.63%	0.59%	0.56%^(d)	2.06%	5%	$3,238
Year Ended 7/31/2020	$12.79	4.78%	0.59%	0.56%^(d)	2.40%	9%	$2,415
Year Ended 7/31/2019	$12.52	6.21%	0.59%	0.57%	2.73%	8%	$1,919
Class C
Year Ended 7/31/2023	$11.53	(0.37%)	1.29%^(c)	1.25%^(c),(d)	1.51%	10%	$2,172
Year Ended 7/31/2022	$11.75	(6.26%)	1.40%	1.26%^(d)	1.30%	11%	$3,243
Year Ended 7/31/2021	$12.70	0.92%	1.59%	1.26%^(d),(e)	1.36%	5%	$4,873
Year Ended 7/31/2020	$12.79	4.05%	1.59%	1.26%^(d),(e)	1.72%	9%	$6,740
Year Ended 7/31/2019	$12.52	5.46%	1.59%	1.28%^(e)	2.05%	8%	$8,434
Institutional Class
Year Ended 7/31/2023	$11.53	0.33%	0.59%^(c)	0.55%^(c),(d)	2.21%	10%	$198,557
Year Ended 7/31/2022	$11.75	(5.60%)	0.59%	0.56%^(d)	2.01%	11%	$241,308
Year Ended 7/31/2021	$12.70	1.63%	0.59%	0.56%^(d)	2.06%	5%	$266,298
Year Ended 7/31/2020	$12.79	4.78%	0.59%	0.56%^(d)	2.41%	9%	$267,135
Year Ended 7/31/2019	$12.52	6.20%	0.59%	0.58%	2.74%	8%	$270,831
Institutional 2 Class
Year Ended 7/31/2023	$11.51	0.35%	0.56%^(c)	0.53%^(c)	2.25%	10%	$47,323
Year Ended 7/31/2022	$11.73	(5.58%)	0.55%	0.52%	2.05%	11%	$39,878
Year Ended 7/31/2021	$12.68	1.67%	0.56%	0.53%	2.10%	5%	$33,366
Year Ended 7/31/2020	$12.77	4.73%	0.56%	0.53%	2.45%	9%	$23,286
Year Ended 7/31/2019	$12.51	6.33%	0.56%	0.54%	2.77%	8%	$25,397

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
Year Ended 7/31/2023	$11.77	0.27	(0.24)	0.03	(0.26)	—	(0.26)
Year Ended 7/31/2022	$12.72	0.25	(0.95)	(0.70)	(0.25)	—	(0.25)
Year Ended 7/31/2021	$12.81	0.27	(0.05)	0.22	(0.28)	(0.03)	(0.31)
Year Ended 7/31/2020	$12.54	0.31	0.29	0.60	(0.31)	(0.02)	(0.33)
Year Ended 7/31/2019	$12.15	0.34	0.42	0.76	(0.35)	(0.02)	(0.37)

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)	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:

	7/31/2021	7/31/2020	7/31/2019
Class C	0.06%	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
July 31, 2023

Note 1. Organization

Columbia Oregon Intermediate 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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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

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Notes to Financial Statements (continued)
July 31, 2023

Security transactions

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

Determination of class net asset value

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.

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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Notes to Financial Statements (continued)
July 31, 2023

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 effective management services fee rate for the year ended July 31, 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)
July 31, 2023

For the year ended July 31, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.08
Advisor Class	0.08
Class C	0.08
Institutional Class	0.08
Institutional 2 Class	0.06
Institutional 3 Class	0.01

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 rates of 0.10% and 0.45% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively.

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	16,199
Class C	—	1.00^(b)	—

(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.

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Notes to Financial Statements (continued)
July 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through November 30, 2023
Class A	0.81%
Advisor Class	0.56
Class C	1.26
Institutional Class	0.56
Institutional 2 Class	0.53
Institutional 3 Class	0.48

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 July 31, 2023, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation, distributions and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(2)	2	—

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

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Notes to Financial Statements (continued)
July 31, 2023

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2023				Year Ended July 31, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
2,234	6,756,944	—	6,759,178	1,727	6,943,036	—	6,944,763

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	1,078,496	—	(2,085,153)	(8,304,439)

At July 31, 2023, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
309,174,610	612,375	(8,916,814)	(8,304,439)

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 July 31, 2023, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended July 31, 2023, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(199,556)	(1,885,597)	(2,085,153)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $28,866,314 and $46,461,551, respectively, for the year ended July 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
July 31, 2023

The Fund’s activity in the Interfund Program during the year ended July 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	700,000	4.85	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 July 31, 2023.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2023.

Note 8. 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.

Liquidity risk

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Notes to Financial Statements (continued)
July 31, 2023

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

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.

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.

Note 9. Subsequent events

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Notes to Financial Statements (continued)
July 31, 2023

Note 10. Information regarding pending and settled legal proceedings

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 provide services to the Fund.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Oregon Intermediate Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Oregon Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.97%

Exempt-interest dividends. The percentage of net investment income distributed during the fiscal year that qualifies as exempt-interest dividends for federal income tax purposes. A portion of the income may be subject to federal alternative minimum tax.

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	173	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	173	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	173	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	173	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	171	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	171	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	173	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	173	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	173	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	171	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	171	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	173	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	171	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	173	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	173	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.

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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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

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

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Approval of Management Agreement (continued)
(Unaudited)

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

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

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

Investment performance

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

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

Economies of scale

Conclusion

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

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	28
Statement of Operations	29
Statement of Changes in Net Assets	30
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	47
Federal Income Tax Information	48
Trustees and Officers	48
Liquidity Risk Management Program	54
Approval of Management Agreement	55

If you elect to receive the shareholder report for Columbia Tax-Exempt 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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income exempt from federal income tax and of capital appreciation, consistent with moderate fluctuation of principal.

Portfolio management

Catherine Stienstra

Co-Portfolio Manager

Managed Fund since 2018

Douglas J. White, CFA

Co-Portfolio Manager

Managed Fund since 2022

Average annual total returns (%) (for the period ended July 31, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/21/78	-0.38	0.93	2.52
	Including sales charges		-3.40	0.32	2.21
Advisor Class		03/19/13	-0.18	1.13	2.73
Class C	Excluding sales charges	08/01/97	-0.98	0.31	1.90
	Including sales charges		-1.94	0.31	1.90
Institutional Class		09/16/05	-0.09	1.15	2.73
Institutional 2 Class*		12/11/13	-0.08	1.16	2.75
Institutional 3 Class*		03/01/17	-0.02	1.20	2.69
Bloomberg Municipal Bond Index			0.93	1.87	2.81

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 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.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2013 — July 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Tax-Exempt Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at July 31, 2023)
AAA rating	6.2
AA rating	22.1
A rating	41.0
BBB rating	16.3
BB rating	3.6
Not rated	10.8
Total	100.0

Percentages indicated are based upon total fixed income investments.

Top Ten States/Territories (%) (at July 31, 2023)
Texas	11.8
Illinois	11.3
Pennsylvania	9.8
New York	7.7
Colorado	4.7
California	4.5
Florida	4.1
New Jersey	3.8
Michigan	3.6
Puerto Rico	2.4

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.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2023, Class A shares of Columbia Tax-Exempt Fund returned -0.38% excluding sales charges. Institutional Class shares of the Fund returned -0.09%. The Fund’s benchmark, the Bloomberg Municipal Bond Index, returned 0.93%.

Market overview

The municipal bond market experienced significant volatility during the annual period, impacted primarily by efforts of the U.S. Federal Reserve (Fed) to return inflation to its target levels and the resultant dramatic increase in interest rates. As the period began in August 2022, the benchmark saw broad-based negative returns, followed by its worst September monthly return on record. The municipal bond market then delivered positive performance in the fourth calendar quarter. The Fed’s aggressive hiking campaign showed initial signs of cooling, boosting investor sentiment and driving a long-awaited relief rally that continued into January 2023. Unfortunately, sentiment quickly unwound in February, as the market reconsidered the persistence of inflation and a still too strong labor market. A more hawkish Fed led to a sell-off in U.S. Treasury and municipal bond yields alike. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Then came March 2023 when, partially driven by higher interest rates, an unforeseen banking crisis unfolded, with three U.S. regional banks and Credit Suisse in need of rescue in quick succession. The weakness in the banking sector led to municipal bond yields moving lower and, in turn, solid positive first calendar quarter returns for the benchmark. Both U.S. Treasury and municipal bond yields then rose during the second quarter of 2023, as the regional banking crisis ebbed and the focus on the Fed’s tightening monetary policy reignited. For the first time since it started hiking in March 2022, the Fed did not raise rates at its June 2023 meeting. However, in late July, the Fed approved another rate hike, its 11th of the current cycle, bringing its targeted federal funds rate to its highest level in more than 22 years. Further, the Fed indicated additional interest rate increases may be implemented before year end. The benchmark posted a modestly negative return for the second quarter of 2023 but a moderately positive return for July, as performance was broadly positive across maturities, credit ratings and states for the month amid a consensus shift in favor of a soft landing with a recession no longer imminent. Notably, the municipal bond market outperformed both U.S. Treasuries and the broad U.S. fixed-income market for the last five months of the period and did so even more significantly for the annual period overall.

The Fund’s notable detractors during the period

•	Detracting most from the Fund’s relative results was a position in the bonds of PREPA, the Puerto Rico Electric Power Authority.

○	The utility company had entered bankruptcy in July 2017 with just more than $8 billion in outstanding bonds.
○	In late June 2023, investors were blindsided when the bankruptcy court ruled that bondholders could claim just less than 29% of the value of the utility’s outstanding debt. Bondholders have already begun to work on an appeal.

•	From a sector perspective, the Fund’s overweight in the continuing care retirement communities (CCRC) sector detracted from results relative to the benchmark. CCRCs were negatively affected by the lingering effects of the COVID-19 pandemic as well as by some of the labor costs and labor shortages impacting the health care sector broadly.
•	Fund overweights in non-rated municipal bonds and in bonds rated below B dampened relative results, as non-rated and B-rated categories posted negative returns for the period, while bonds rated BB and all investment-grade rating categories posted positive returns.
•	Issue selection within the CCRC and airport sectors, among BBB-rated bonds and among bonds with maturities of 12 years and longer detracted.

The Fund’s notable contributors during the period

•	Having an overweight to BBB-rated bonds contributed positively, as this credit quality segment was the best performing investment-grade rating category during the period, even outperforming some of the higher quality high-yield rating categories.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

○	To a lesser degree, the Fund’s overweight in bonds rated A and its underweights in bonds rated AA and AAA also helped.

•	Yield curve positioning proved beneficial.

○	Having an overweight to bonds with maturities of 17 years and longer and an underweight to bonds with maturities of six years and shorter particularly helped.
○	While the best performing maturity segment of the municipal bond yield curve during the period was bonds with maturities of 12 to 17 years, longer maturity bonds were the next best. Six year and shorter maturity bonds posted negative returns during the period.

•	Security selection in the toll roads, state general obligation and leasing sectors added value.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state, local or alternative minimum taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks.

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Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2023 — July 31, 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	1,000.30	1,021.08	3.72	3.76	0.75
Advisor Class	1,000.00	1,000.00	1,001.30	1,022.07	2.73	2.76	0.55
Class C	1,000.00	1,000.00	997.30	1,018.10	6.69	6.76	1.35
Institutional Class	1,000.00	1,000.00	1,002.20	1,022.07	2.73	2.76	0.55
Institutional 2 Class	1,000.00	1,000.00	1,002.20	1,022.17	2.63	2.66	0.53
Institutional 3 Class	1,000.00	1,000.00	1,001.70	1,022.36	2.43	2.46	0.49

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

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Portfolio of Investments
July 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 100.0%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 0.2%
Black Belt Energy Gas District^(a)
Refunding Revenue Bonds
Gas Project
Series 2023D-1 (Mandatory Put 02/01/29)
05/31/2049	5.500%	3,200,000	3,369,287
Alaska 0.1%
Northern Tobacco Securitization Corp.
Refunding Revenue Bonds
Series 2021A Class 1
06/01/2050	4.000%	2,500,000	2,210,229
Arizona 2.1%
Arizona Health Facilities Authority
Refunding Revenue Bonds
Scottsdale Lincoln Hospital Project
Series 2014
12/01/2042	5.000%	5,000,000	5,013,109
Arizona Industrial Development Authority
Revenue Bonds
Macombs Facility Project Social Bonds
Series 2021A
07/01/2051	4.000%	850,000	711,376
Social Bonds - Macombs Facility Project
Series 2021A
07/01/2061	4.000%	2,500,000	2,005,229
Industrial Development Authority of the City of Phoenix (The)
Revenue Bonds
Downtown Phoenix Student Housing II LLC - Arizona State University Project
Series 2019
07/01/2044	5.000%	1,000,000	1,007,016
07/01/2049	5.000%	1,125,000	1,125,521
Industrial Development Authority of the County of Pima (The)^(b)
Refunding Revenue Bonds
American Leadership Academy
Series 2022
06/15/2051	4.000%	1,300,000	965,514
Industrial Development Authority of the County of Yavapai (The)
Refunding Revenue Bonds
Yavapai Regional Medical Center
Series 2019
08/01/2038	4.000%	1,000,000	972,999
La Paz County Industrial Development Authority
Revenue Bonds
Charter School Solutions - Harmony Public Schools Project
Series 2018
02/15/2038	5.000%	825,000	828,462

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Salt River Project Agricultural Improvement & Power District
Revenue Bonds
Series 2023A
01/01/2050	5.000%	22,500,000	24,686,275
Salt Verde Financial Corp.
Revenue Bonds
Series 2007
12/01/2032	5.000%	7,170,000	7,597,516
Total			44,913,017
California 4.5%
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2023 (Mandatory Put 08/01/29)
07/01/2053	5.000%	5,700,000	5,979,451
California Health Facilities Financing Authority
Refunding Revenue Bonds
Sutter Health
Series 2016B
11/15/2041	4.000%	10,000,000	10,014,176
Revenue Bonds
Kaiser Permanente
Subordinated Series 2017A-2
11/01/2044	4.000%	10,000,000	9,858,847
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2036	5.000%	1,500,000	1,557,474
02/01/2037	5.000%	1,000,000	1,033,798
California Municipal Finance Authority^(b),(c),(d)
Revenue Bonds
UTS Renewable Energy-Waste Water Facilities
Series 2011
12/01/2032	0.000%	1,830,000	36,600
California Public Finance Authority
Refunding Revenue Bonds
Sharp Healthcare
Series 2017A
08/01/2047	4.000%	10,000,000	9,871,362
California School Finance Authority^(b)
Prerefunded 07/01/25 Revenue Bonds
River Springs Charter School Project
Series 2015
07/01/2046	6.375%	150,000	157,844

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

8	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California State Public Works Board
Revenue Bonds
Various Correctional Facilities
Series 2014A
09/01/2039	5.000%	7,000,000	7,116,101
California Statewide Communities Development Authority^(b)
Revenue Bonds
California Baptist University
Series 2014A
11/01/2033	6.125%	1,560,000	1,568,191
11/01/2043	6.375%	1,035,000	1,039,148
Lancer Plaza Project
Series 2013
11/01/2043	5.875%	1,875,000	1,877,689
California Statewide Communities Development Authority
Revenue Bonds
Loma Linda University Medical Center
Series 2014
12/01/2044	5.250%	3,500,000	3,490,920
Castaic Lake Water Agency^(e)
Certificate of Participation
Capital Appreciation - Water System Improvement Project
Series 1999 (AMBAC)
08/01/2024	0.000%	9,445,000	9,115,621
Golden State Tobacco Securitization Corp.^(e)
Refunding Revenue Bonds
Subordinated Series 2021B-2
06/01/2066	0.000%	10,000,000	1,073,100
Golden State Tobacco Securitization Corp.
Refunding Revenue Bonds
Tobacco Settlement
Series 2022
06/01/2051	5.000%	3,000,000	3,124,164
Los Angeles Department of Water & Power Water System
Refunding Revenue Bonds
Series 2022D
07/01/2052	5.000%	3,500,000	3,832,281
Norwalk-La Mirada Unified School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2005B (NPFGC)
08/01/2023	0.000%	9,790,000	9,789,127
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2036	5.000%	4,605,000	4,716,473
San Francisco City & County Airport Commission - San Francisco International Airport^(c)
Unrefunded Revenue Bonds
Series 2014A
05/01/2044	5.000%	10,000,000	10,043,700

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of California
Unlimited General Obligation Bonds
Series 2022
09/01/2052	5.000%	3,000,000	3,308,737
Unrefunded Unlimited General Obligation Bonds
Series 2004
04/01/2029	5.300%	6,000	6,014
West Contra Costa Unified School District
Unlimited General Obligation Refunding Bonds
Series 2001B (NPFGC)
08/01/2024	6.000%	410,000	415,667
Total			99,026,485
Colorado 4.7%
City & County of Denver Airport System^(c)
Refunding Revenue Bonds
Series 2022D
11/15/2053	5.000%	3,000,000	3,128,739
Subordinated Series 2018A
12/01/2048	4.000%	11,500,000	10,738,270
Revenue Bonds
Series 2022A
11/15/2047	5.000%	3,750,000	3,941,777
11/15/2053	5.500%	2,400,000	2,635,692
Colorado Bridge Enterprise^(c)
Revenue Bonds
Central 70 Project
Series 2017
06/30/2051	4.000%	9,240,000	8,280,486
Colorado Educational & Cultural Facilities Authority^(b)
Improvement Refunding Revenue Bonds
Skyview Charter School
Series 2014
07/01/2034	5.125%	1,525,000	1,528,233
07/01/2044	5.375%	2,100,000	2,080,379
07/01/2049	5.500%	925,000	914,874
Colorado Health Facilities Authority
Improvement Refunding Revenue Bonds
Bethesda Project
Series 2018
09/15/2048	5.000%	15,000,000	13,277,691
09/15/2053	5.000%	10,000,000	8,726,005
Refunding Revenue Bonds
CommonSpirit Health
Series 2019A
08/01/2049	4.000%	8,640,000	7,862,312
Covenant Retirement Communities
Series 2015
12/01/2035	5.000%	3,800,000	3,825,782
Intermountain Healthcare
Series 2022
05/15/2052	5.000%	14,000,000	14,828,206

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Aberdeen Ridge
Series 2021A
05/15/2044	5.000%	2,250,000	1,775,201
CommonSpirit Health Obligation Group
Series 2022
11/01/2052	5.250%	4,000,000	4,166,990
NJH-SJH Center for Outpatient Health
Series 2019
01/01/2050	4.000%	15,105,000	14,269,725
Fiddlers Business Improvement District^(b)
Unlimited General Obligation Refunding Bonds
Series 2022
12/01/2047	5.550%	800,000	806,472
Total			102,786,834
Connecticut 0.1%
Connecticut State Health & Educational Facilities Authority^(b)
Revenue Bonds
Church Home of Hartford, Inc.
Series 2016
09/01/2046	5.000%	1,250,000	1,019,683
District of Columbia 1.2%
District of Columbia
Refunding Revenue Bonds
Friendship Public Charter School
Series 2016
06/01/2046	5.000%	1,385,000	1,385,282
Revenue Bonds
KIPP DC Project
Series 2019
07/01/2044	4.000%	1,240,000	1,075,911
Unlimited General Obligation Bonds
Series 2023A
01/01/2045	5.000%	6,000,000	6,694,934
01/01/2048	5.250%	5,000,000	5,637,579
Metropolitan Washington Airports Authority^(c)
Refunding Revenue Bonds
Series 2023A
10/01/2048	5.250%	3,000,000	3,221,391
Metropolitan Washington Airports Authority Dulles Toll Road
Refunding Revenue Bonds
Dulles Metrorail
Subordinated Series 2019
10/01/2049	4.000%	7,950,000	7,497,398
Total			25,512,495
Florida 4.1%
Capital Trust Agency, Inc.^(b)
04/27/2021
07/01/2056	5.000%	2,625,000	2,355,338

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Capital Trust Agency, Inc.^(b),(d)
Revenue Bonds
1st Mortgage Tallahassee Tapestry Senior Housing Project
Series 2015
12/01/2045	0.000%	3,760,000	1,231,400
12/01/2050	0.000%	1,000,000	327,500
Capital Trust Agency, Inc.^(b),(e)
Revenue Bonds
WFCS Portfolio Project
Subordinated Series 2021
01/01/2061	0.000%	5,600,000	287,079
Central Florida Expressway Authority
Refunding Revenue Bonds
Senior Lien
Series 2016B
07/01/2039	4.000%	10,500,000	10,319,560
City of Atlantic Beach
Revenue Bonds
Fleet Landing Project
Series 2018
11/15/2048	5.000%	2,500,000	2,119,221
County of Broward Airport System^(c)
Revenue Bonds
Series 2015A
10/01/2045	5.000%	14,000,000	14,083,993
County of Miami-Dade Aviation^(c)
Refunding Revenue Bonds
Series 2014A
10/01/2033	5.000%	5,000,000	5,042,874
County of Osceola Transportation^(e)
Refunding Revenue Bonds
Series 2020A-2
10/01/2040	0.000%	4,650,000	2,033,031
10/01/2041	0.000%	2,500,000	1,032,620
10/01/2042	0.000%	3,250,000	1,265,561
10/01/2043	0.000%	2,750,000	1,012,574
10/01/2044	0.000%	3,000,000	1,040,899
10/01/2046	0.000%	3,000,000	926,249
10/01/2048	0.000%	4,000,000	1,097,158
Florida Development Finance Corp.^(b)
Revenue Bonds
Renaissance Charter School, Inc. Projects
Series 2015
06/15/2035	6.000%	4,000,000	4,027,709
Florida Housing Finance Corp.
Revenue Bonds
Series 2018 (GNMA)
07/01/2043	3.800%	1,395,000	1,370,828
Hillsborough County Aviation Authority^(c)
Revenue Bonds
Tampa International Airport
Series 2022
10/01/2052	4.000%	2,645,000	2,473,049

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

10	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Subordinated Series 2018
10/01/2048	5.000%	5,550,000	5,669,156
Miami-Dade County Expressway Authority
Revenue Bonds
Series 2014A
07/01/2044	5.000%	5,000,000	5,008,500
Mid-Bay Bridge Authority
Refunding Revenue Bonds
Series 2015A
10/01/2035	5.000%	3,765,000	3,816,970
Palm Beach County Health Facilities Authority
Refunding Revenue Bonds
Toby & Leon Cooperman Sinai
Series 2022
06/01/2041	4.000%	1,000,000	787,413
Polk County Industrial Development Authority
Refunding Revenue Bonds
Carpenter’s Home Estates
Series 2019
01/01/2039	5.000%	1,700,000	1,585,541
Putnam County Development Authority
Refunding Revenue Bonds
Seminole Project
Series 2018A
03/15/2042	5.000%	6,665,000	6,927,072
Sarasota County Public Hospital District
Refunding Revenue Bonds
Sarasota Memorial Hospital
Series 1998B (NPFGC)
07/01/2028	5.500%	1,980,000	2,104,513
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2049	5.500%	4,200,000	3,241,172
Tampa Sports Authority
Sales Tax Revenue Bonds
Tampa Bay Arena Project
Series 1995 (NPFGC)
10/01/2025	5.750%	1,340,000	1,380,543
Tampa-Hillsborough County Expressway Authority
Refunding Revenue Bonds
Series 2017B
07/01/2042	4.000%	7,785,000	7,639,125
Total			90,206,648
Georgia 2.2%
Fulton County Residential Care Facilities for the Elderly Authority
Refunding Revenue Bonds
Lenbrook Square Foundation, Inc.
Series 2016
07/01/2036	5.000%	3,500,000	3,470,295

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Georgia State Road & Tollway Authority^(b),(e)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014 Escrowed to Maturity
06/01/2024	0.000%	130,000	126,406
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2022B (Mandatory Put 06/01/29)
12/01/2052	5.000%	10,000,000	10,332,317
Series 2023A (Mandatory Put 06/01/30)
06/01/2053	5.000%	13,300,000	13,757,349
Series 2023C (Mandatory Put 09/01/30)
08/31/2053	5.000%	4,500,000	4,730,352
Metropolitan Atlanta Rapid Transit Authority
Refunding Revenue Bonds
Series 2007A (AMBAC)
07/01/2026	5.250%	1,000,000	1,062,261
Municipal Electric Authority of Georgia
Revenue Bonds
Plant Vogtle Units 3&4 Project
Series 2022
07/01/2063	5.500%	5,300,000	5,507,642
Series 2022 (AGM)
07/01/2052	5.000%	5,300,000	5,434,892
Oconee County Industrial Development Authority
Revenue Bonds
Presbyterian Village Athens Project
Series 2018
12/01/2048	6.250%	2,945,000	2,541,662
Total			46,963,176
Idaho 1.0%
Idaho Health Facilities Authority
Refunding Revenue Bonds
St. Luke’s Health System Project
Series 2018
03/01/2038	4.000%	3,650,000	3,530,180
Series 2021
03/01/2040	4.000%	810,000	775,423
03/01/2041	4.000%	750,000	711,578
03/01/2051	4.000%	2,000,000	1,764,529
Revenue Bonds
Taxable - Terraces of Boise Project
Series 2021
10/01/2039	4.250%	9,135,000	6,960,966
Terraces of Boise Project
Series 2021
10/01/2050	4.500%	10,000,000	7,034,077
Total			20,776,753

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Illinois 11.3%
Chicago Board of Education^(b)
Unlimited General Obligation Bonds
Dedicated
Series 2017A
12/01/2046	7.000%	10,765,000	11,599,956
Chicago Board of Education
Unlimited General Obligation Bonds
Series 2018
12/01/2046	5.000%	5,000,000	4,898,328
Series 2022A
12/01/2047	5.000%	6,875,000	6,798,196
Chicago Midway International Airport^(c)
Refunding Revenue Bonds
2nd Lien
Series 2014A
01/01/2041	5.000%	10,000,000	10,001,082
Chicago O’Hare International Airport^(c)
Refunding Revenue Bonds
Senior Lien
Series 2018A
01/01/2048	5.000%	7,455,000	7,640,070
Revenue Bonds
General Senior Lien
Series 2017D
01/01/2052	5.000%	7,620,000	7,715,595
Senior Lien
Series 2022
01/01/2048	4.500%	3,000,000	2,965,828
01/01/2055	5.000%	11,250,000	11,591,935
Series 2015C
01/01/2046	5.000%	12,525,000	12,536,368
TriPs Obligated Group
Series 2018
07/01/2048	5.000%	2,400,000	2,400,131
Chicago O’Hare International Airport
Revenue Bonds
Series 2015D
01/01/2046	5.000%	7,310,000	7,341,391
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2015C
01/01/2034	5.000%	1,250,000	1,270,198
01/01/2039	5.000%	2,970,000	2,996,226
Revenue Bonds
2nd Lien
Series 2014
01/01/2044	5.000%	4,000,000	3,989,783

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Chicago Waterworks
Revenue Bonds
2nd Lien
Series 2014
11/01/2039	5.000%	2,000,000	2,020,171
11/01/2044	5.000%	2,850,000	2,871,381
Cook County Community College District No. 508
Unlimited General Obligation Bonds
Chicago City Colleges
Series 2017 (BAM)
12/01/2047	5.000%	9,400,000	9,722,768
Illinois Finance Authority
Refunding Revenue Bonds
Northshore University Health System
Series 2020A
08/15/2040	4.000%	1,750,000	1,713,080
Silver Cross Hospital & Medical Centers
Series 2015C
08/15/2044	5.000%	9,400,000	9,407,041
Illinois Housing Development Authority
Revenue Bonds
Series 2019D (GNMA)
10/01/2039	2.950%	515,000	513,501
Illinois State Toll Highway Authority
Revenue Bonds
Series 2019A
01/01/2044	4.000%	5,000,000	4,932,375
Metropolitan Pier & Exposition Authority^(e)
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
12/15/2039	0.000%	3,000,000	1,446,447
12/15/2040	0.000%	3,050,000	1,392,752
12/15/2041	0.000%	2,200,000	952,065
McCormick Place Expansion Project
Series 2012 (BAM)
12/15/2051	0.000%	19,000,000	5,069,303
Metropolitan Pier & Exposition Authority
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
06/15/2052	4.000%	3,000,000	2,732,837
McCormick Place Expansion Project
Series 2020
06/15/2050	4.000%	2,400,000	2,205,412
Metropolitan Water Reclamation District of Greater Chicago
Limited General Obligation Refunding Bonds
Series 2007C
12/01/2033	5.250%	13,210,000	16,122,986

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

12	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Regional Transportation Authority
Revenue Bonds
Series 2002A (NPFGC)
07/01/2031	6.000%	5,400,000	6,571,591
State of Illinois
Prerefunded 08/08/23 Unlimited General Obligation Bonds
Series 2013A
03/31/2036	5.000%	5,000,000	5,001,278
Unlimited General Obligation Bonds
1st Series 2001 (NPFGC)
11/01/2026	6.000%	3,000,000	3,142,695
Rebuild Illinois Program
Series 2019B
11/01/2039	4.000%	7,580,000	7,427,581
Series 2019C
11/01/2042	4.000%	9,925,000	9,493,563
11/01/2043	4.000%	3,000,000	2,856,006
11/01/2044	4.000%	2,000,000	1,891,145
Series 2014
02/01/2039	5.000%	15,000,000	15,042,337
Series 2016
11/01/2030	5.000%	5,975,000	6,238,055
Series 2020
05/01/2039	5.500%	2,705,000	2,956,398
Series 2020C
05/01/2024	5.500%	1,000,000	1,013,549
Series 2022A
03/01/2047	5.500%	19,000,000	20,690,040
Series 2023B
05/01/2047	5.500%	1,750,000	1,907,533
05/01/2048	4.500%	600,000	598,250
Unlimited General Obligation Refunding Bonds
Series 2018-A
10/01/2033	5.000%	6,000,000	6,413,813
Total			246,091,040
Indiana 0.0%
Indiana Housing & Community Development Authority
Refunding Revenue Bonds
Series 2020B-1 (GNMA)
07/01/2039	2.050%	110,000	99,861
Iowa 1.3%
Iowa Finance Authority
Refunding Revenue Bonds
Iowa Fertilizer Co. Project
Series 2022
12/01/2050	5.000%	6,900,000	6,966,158

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lifespace Communities, Inc.
Series 2021
05/15/2046	4.000%	6,890,000	4,443,812
05/15/2053	4.000%	12,790,000	7,659,130
Revenue Bonds
Council Bluffs, Inc. Project
Series 2018
08/01/2033	5.000%	500,000	447,184
08/01/2038	5.000%	500,000	415,784
Lifespace Communities, Inc.
Series 2018A
05/15/2048	5.000%	9,275,000	6,888,201
PEFA, Inc.
Revenue Bonds
Series 2019 (Mandatory Put 09/01/26)
09/01/2049	5.000%	2,500,000	2,545,792
Total			29,366,061
Kentucky 0.5%
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2041	5.000%	1,750,000	1,737,232
Kentucky Municipal Power Agency
Refunding Revenue Bonds
Forward Delivery Prairie State Project
Series 2020
09/01/2035	5.000%	1,080,000	1,148,517
Series 2015A
09/01/2042	5.000%	6,600,000	6,606,392
Kentucky State Property & Building Commission
Revenue Bonds
Project #119
Series 2018 (BAM)
05/01/2034	5.000%	2,000,000	2,172,252
Total			11,664,393
Louisiana 2.3%
Louisiana Public Facilities Authority
Prerefunded 05/15/26 Revenue Bonds
Ochsner Clinic Foundation Project
Series 2016
05/15/2035	4.000%	25,000	25,542
05/15/2041	4.000%	25,000	25,542
05/15/2047	5.000%	15,000	15,722
Refunding Revenue Bonds
Ochsner Clinic Foundation Project
Series 2016
05/15/2047	5.000%	1,185,000	1,200,440
Series 2017
05/15/2036	5.000%	1,750,000	1,816,414

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Provident Group - Flagship Properties
Series 2017
07/01/2047	5.000%	1,400,000	1,422,069
07/01/2052	5.000%	1,600,000	1,617,059
Louisiana Public Facilities Authority^(c)
Revenue Bonds
Impala Warehousing LLC Project
Series 2013
07/01/2036	6.500%	16,695,000	16,711,752
New Orleans Aviation Board^(c)
Revenue Bonds
General Airport-North Terminal
Series 2017B
01/01/2048	5.000%	3,725,000	3,762,323
Series 2015B
01/01/2045	5.000%	21,150,000	21,168,493
Parish of St. James^(b)
Revenue Bonds
Nustar Logistics LP Project
Series 2011 (Mandatory Put 06/01/25)
08/01/2041	5.850%	2,500,000	2,556,726
Total			50,322,082
Maryland 0.9%
Maryland Community Development Administration
Refunding Revenue Bonds
Series 2019B
09/01/2034	3.000%	3,000,000	2,772,196
Revenue Bonds
Series 2019C
09/01/2034	2.700%	4,000,000	3,605,704
Maryland Economic Development Corp.^(c)
Revenue Bonds
Green Bonds - Purple Line Light Rail Project
Series 2022
06/30/2055	5.250%	5,000,000	5,113,887
Maryland Economic Development Corp.
Tax Allocation Bonds
Port Covington Project
Series 2020
09/01/2040	4.000%	875,000	782,685
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Mercy Medical Center
Series 2016A
07/01/2042	4.000%	5,250,000	4,830,388
Meritus Medical Center Issue
Series 2015
07/01/2045	5.000%	3,000,000	3,032,470
Total			20,137,330

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts 1.1%
Commonwealth of Massachusetts
Refunding Revenue Bonds
Series 2005 (NPFGC)
01/01/2030	5.500%	2,500,000	2,876,177
Massachusetts Bay Transportation Authority
Revenue Bonds
Series 2008B
07/01/2027	5.250%	710,000	776,537
Massachusetts Clean Water Trust (The)
Refunding Revenue Bonds
Pool Program
Series 2006
08/01/2030	5.250%	1,000,000	1,171,581
Massachusetts Development Finance Agency^(d)
Revenue Bonds
Adventcare Project
Series 2007A
10/15/2028	0.000%	3,825,475	38,255
Massachusetts Development Finance Agency
Revenue Bonds
UMass Boston Student Housing Project
Series 2016
10/01/2048	5.000%	6,360,000	6,096,064
WGBH Educational Foundation
Series 2002A (AMBAC)
01/01/2042	5.750%	2,000,000	2,483,081
Massachusetts Health & Educational Facilities Authority
Revenue Bonds
Tufts University
Series 2009M
02/15/2028	5.500%	1,000,000	1,114,674
Massachusetts Housing Finance Agency
Revenue Bonds
Special Obligations
Series 2017D
12/01/2047	3.850%	10,000,000	8,835,179
Massachusetts Port Authority^(c)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2044	4.000%	1,500,000	1,424,416
Total			24,815,964
Michigan 3.6%
Great Lakes Water Authority Water Supply System
Revenue Bonds
2nd Lien
Series 2016B
07/01/2046	5.000%	15,385,000	15,740,089

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

14	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan Finance Authority
Prerefunded 12/01/29 Revenue Bonds
Trinity Health Group
Series 2019
12/01/2040	4.000%	380,000	408,266
Refunding Revenue Bonds
Henry Ford Health System
Series 2016
11/15/2046	4.000%	9,420,000	9,006,935
Senior Lien - Great Lakes Water Authority
Series 2014C-6
07/01/2033	5.000%	1,070,000	1,081,748
Trinity Health Credit Group
Series 2019
12/01/2038	4.000%	3,250,000	3,256,130
Revenue Bonds
CHE Trinity Health
Series 2019
12/01/2040	4.000%	5,620,000	5,582,112
Henry Ford Health System
Series 2019A
11/15/2050	4.000%	4,400,000	4,132,290
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2034	5.000%	2,095,000	2,142,361
Michigan State Housing Development Authority
Revenue Bonds
Series 2018A
10/01/2048	4.050%	5,000,000	4,579,906
Social Bonds
Series 2023A
12/01/2048	4.900%	6,000,000	6,082,191
Michigan Strategic Fund^(c)
Revenue Bonds
I-75 Improvement Project
Series 2018
12/31/2043	5.000%	8,000,000	8,062,781
06/30/2048	5.000%	3,000,000	3,018,561
Paw Paw Public Schools
Unlimited General Obligation Refunding Bonds
Series 1998 (NPFGC) (Qualified School Board Loan Fund)
05/01/2025	5.000%	505,000	515,664
St. John’s Public Schools
Unlimited General Obligation Refunding Bonds
Series 1998 (NPFGC) (Qualified School Bond Loan Fund)
05/01/2025	5.100%	890,000	910,201
Wayne County Airport Authority^(c)
Refunding Revenue Bonds
Series 2015F
12/01/2033	5.000%	11,495,000	11,776,262

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Wayne County Airport Authority
Revenue Bonds
Series 2015D
12/01/2045	5.000%	1,945,000	1,979,004
Williamston Community School District
Unlimited General Obligation Bonds
Series 1996 (NPFGC) (Qualified School Bond Loan Fund)
05/01/2025	5.500%	205,000	210,634
Total			78,485,135
Minnesota 1.3%
City of Minneapolis
Revenue Bonds
Fairview Health Services
Series 2018A
11/15/2048	4.000%	5,000,000	4,365,984
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2049	5.000%	1,000,000	936,516
Southern Minnesota Municipal Power Agency^(e)
Revenue Bonds
Capital Appreciation
Series 1994A (NPFGC)
01/01/2025	0.000%	17,500,000	16,632,698
St. Cloud Housing & Redevelopment Authority^(f)
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016A
08/01/2036	3.806%	7,125,000	5,640,324
Total			27,575,522
Mississippi 0.0%
Medical Center Educational Building Corp.
Refunding Revenue Bonds
University of Mississippi Medical Center
Series 1998B (AMBAC)
12/01/2023	5.500%	890,000	895,896
Missouri 2.1%
Health & Educational Facilities Authority
Refunding Revenue Bonds
Mosaic Health System
Series 2019
02/15/2049	4.000%	3,200,000	2,982,967
Health & Educational Facilities Authority of the State of Missouri
Revenue Bonds
Lutheran Senior Services
Series 2014
02/01/2035	5.000%	7,350,000	7,318,230
02/01/2044	5.000%	12,725,000	12,023,281

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kansas City Industrial Development Authority^(c)
Revenue Bonds
Kansas City International Airport
Series 2020A
03/01/2045	4.000%	6,000,000	5,642,063
Kirkwood Industrial Development Authority
Refunding Revenue Bonds
Aberdeen Heights Project
Series 2017
05/15/2037	5.250%	2,205,000	1,875,682
05/15/2042	5.250%	2,290,000	1,841,793
Missouri Housing Development Commission
Revenue Bonds
First Place Homeownership Loan Program
Series 2020A (GNMA)
11/01/2040	2.550%	1,280,000	1,016,081
11/01/2045	2.700%	1,045,000	835,100
Missouri Joint Municipal Electric Utility Commission
Refunding Revenue Bonds
Series 2016A
12/01/2041	4.000%	10,000,000	9,790,033
St. Louis County Industrial Development Authority
Revenue Bonds
Friendship Village Sunset Hills
Series 2013A
09/01/2033	5.500%	2,750,000	2,750,104
Total			46,075,334
Nebraska 2.1%
Central Plains Energy Project
Revenue Bonds
Gas Project No. 5 Series
Series 2022-1 (Mandatory Put 10/01/29)
05/01/2053	5.000%	5,400,000	5,599,381
Douglas County Hospital Authority No. 2
Revenue Bonds
Madonna Rehabilitation Hospital
Series 2014
05/15/2036	5.000%	1,000,000	1,002,217
05/15/2044	5.000%	6,400,000	6,350,647
Douglas County Hospital Authority No. 3
Refunding Revenue Bonds
Health Facilities - Nebraska Methodist Health System
Series 2015
11/01/2045	5.000%	7,500,000	7,575,268
Nebraska Educational Health Cultural & Social Services Finance Authority
Refunding Revenue Bonds
Immanuel Obligated Group
Series 2019
01/01/2044	4.000%	7,500,000	7,127,697
01/01/2049	4.000%	20,595,000	18,820,358

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Nebraska Investment Finance Authority
Revenue Bonds
Series 2019D
09/01/2042	3.050%	260,000	238,517
Total			46,714,085
Nevada 0.3%
City of Carson City
Refunding Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2042	5.000%	1,120,000	1,131,925
Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2047	5.000%	2,320,000	2,332,258
State of Nevada Department of Business & Industry^(b)
Revenue Bonds
Somerset Academy
Series 2015A
12/15/2035	5.000%	1,025,000	1,005,490
Series 2018A
12/15/2038	5.000%	835,000	794,503
12/15/2048	5.000%	500,000	444,004
Total			5,708,180
New Hampshire 0.5%
New Hampshire Business Finance Authority
Revenue Bonds
Municipal Certificates
Series 2020A-1
01/20/2034	4.125%	9,293,730	9,101,156
New Hampshire Business Finance Authority^(b)
Revenue Bonds
The Vista Project
Series 2019A
07/01/2039	5.250%	1,550,000	1,399,388
New Hampshire Health & Education Facilities Authority Act^(d)
Revenue Bonds
Hillside Village
Series 2017A
07/01/2037	0.000%	1,460,876	321,393
07/01/2042	0.000%	834,787	183,653
Total			11,005,590
New Jersey 3.8%
City of Newark Mass Transit Access Tax
Revenue Bonds
Mulberry Pedestrian Bridge Redevelopment Project
Series 2022 (AGM)
11/15/2062	6.000%	2,000,000	2,295,807

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

16	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Middlesex County Improvement Authority^(d)
Revenue Bonds
Heldrich Center Hotel
Series 2005C
01/01/2037	0.000%	1,500,000	15
New Jersey Economic Development Authority
Prerefunded 06/15/25 Revenue Bonds
Series 2015WW
06/15/2040	5.250%	2,600,000	2,701,940
Prerefunded 06/15/27 Revenue Bonds
Series 2017DDD
06/15/2042	5.000%	1,250,000	1,351,083
Refunding Revenue Bonds
School Facilities Construction
Series 2005N-1 (AGM)
09/01/2025	5.500%	14,500,000	15,127,505
Series 2005N-1 (NPFGC)
09/01/2027	5.500%	5,000,000	5,424,251
Subordinated Series 2017A
07/01/2034	4.000%	1,750,000	1,757,878
Revenue Bonds
Portal North Bridge Project
Series 2022
11/01/2052	5.000%	16,250,000	17,163,391
New Jersey Housing & Mortgage Finance Agency
Refunding Revenue Bonds
Series 2020E (HUD)
10/01/2040	2.250%	4,245,000	3,111,994
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Transportation System
Series 2018A
12/15/2034	5.000%	6,000,000	6,469,438
Series 2019
12/15/2039	5.000%	1,400,000	1,486,336
Revenue Bonds
Transportation Program
Series 2019
06/15/2046	5.000%	3,500,000	3,655,492
Series 2022
06/15/2048	5.000%	3,750,000	4,004,868
New Jersey Turnpike Authority
Refunding Revenue Bonds
Series 2005A (AGM)
01/01/2030	5.250%	2,000,000	2,289,499
Revenue Bonds
Series 2022B
01/01/2048	4.500%	3,000,000	3,117,977
01/01/2052	5.250%	6,250,000	6,994,236

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2046	5.250%	2,000,000	2,074,893
Subordinated Series 2018B
06/01/2046	5.000%	3,580,000	3,579,656
Total			82,606,259
New Mexico 0.2%
New Mexico Mortgage Finance Authority
Revenue Bonds
Single Family Mortgage Program
Series 2019C Class I (GNMA)
07/01/2034	3.050%	1,530,000	1,401,378
07/01/2039	3.350%	1,285,000	1,188,292
07/01/2044	3.600%	2,675,000	2,485,238
Total			5,074,908
New York 7.7%
Build NYC Resource Corp.^(b),(c)
Refunding Revenue Bonds
Pratt Paper, Inc. Project
Series 2014
01/01/2025	4.500%	100,000	100,459
City of New York
Unlimited General Obligation Bonds
Series 2022A-1
09/01/2046	4.000%	2,500,000	2,443,963
Subordinated Series 2022B-1
10/01/2047	5.250%	2,500,000	2,791,590
Subordinated Series 2023E-1
04/01/2050	4.000%	5,100,000	4,941,728
Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2017G
11/01/2042	3.600%	4,000,000	3,582,869
Metropolitan Transportation Authority
Revenue Bonds
Green Bonds
Series 2020C-1
11/15/2050	5.000%	4,915,000	5,088,987
New York City Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2019
11/01/2044	3.150%	6,440,000	5,243,064
New York City Municipal Water Finance Authority
Revenue Bonds
Series 2022CC-1
06/15/2052	4.000%	19,575,000	19,026,824

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York City Transitional Finance Authority
Revenue Bonds
Future Tax Secured
Subordinated Series 2020D
11/01/2040	4.000%	10,000,000	9,981,993
Subordinated Series 2022A-1
08/01/2044	5.000%	1,900,000	2,075,433
08/01/2048	4.000%	2,400,000	2,348,813
Subordinated Series 2022F-1
02/01/2051	4.000%	2,000,000	1,944,068
02/01/2051	5.000%	1,375,000	1,476,107
New York Counties Tobacco Trust VI
Tobacco Settlement Pass-Through Bonds
Series 2016
06/01/2045	5.000%	1,860,000	1,762,854
New York Liberty Development Corp.
Refunding Revenue Bonds
Series 2021-1WTC
02/15/2042	3.000%	1,210,000	971,560
New York State Dormitory Authority
Revenue Bonds
Independent School District-Educational Housing Services
Series 2005 (AMBAC)
07/01/2030	5.250%	3,000,000	3,148,944
Series 2020A
07/01/2053	4.000%	4,000,000	3,697,331
New York State Thruway Authority
Refunding Revenue Bonds
Personal Income Tax - Bidding Group
Series 2022A
03/15/2050	4.000%	14,000,000	13,566,035
New York Transportation Development Corp.^(c)
Revenue Bonds
Delta Air Lines, Inc. LaGuardia
Series 2020
10/01/2035	5.000%	8,000,000	8,371,627
New York State Thruway Service Areas Project
Series 2021
10/31/2041	4.000%	1,430,000	1,301,300
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2041	5.000%	5,750,000	5,979,185
12/01/2042	4.000%	4,355,000	4,081,468
Port Authority of New York & New Jersey^(c)
Refunding Revenue Bonds
Series 2023-238
07/15/2039	5.000%	3,000,000	3,260,572
Revenue Bonds
Consolidated 218th
Series 2019
11/01/2041	4.000%	1,000,000	974,383

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Consolidated Bonds
Series 221
07/15/2040	4.000%	4,000,000	3,915,880
State of New York Mortgage Agency
Refunding Revenue Bonds
Series 2018-211
10/01/2043	3.750%	11,620,000	10,511,558
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2022
05/15/2052	5.000%	6,000,000	6,843,634
05/15/2057	5.000%	10,500,000	11,326,989
Revenue Bonds
Senior Lien Green Bonds
Series 2022D-2
05/15/2052	5.500%	3,000,000	3,386,357
Series 2022A
11/15/2052	4.000%	12,500,000	11,963,608
Ulster County Capital Resource Corp.^(b)
Refunding Revenue Bonds
Woodland Pond at New Paltz
Series 2017
09/15/2042	5.250%	2,480,000	1,924,104
09/15/2047	5.250%	3,025,000	2,241,468
09/15/2053	5.250%	6,240,000	4,446,866
Westchester County Local Development Corp.
Refunding Revenue Bonds
Westchester Medical Center
Series 2016
11/01/2046	5.000%	4,000,000	3,871,749
Total			168,593,370
North Carolina 1.2%
North Carolina Department of Transportation^(c)
Revenue Bonds
I-77 Hot Lanes Project
Series 2015
06/30/2054	5.000%	12,500,000	12,324,372
North Carolina Medical Care Commission
Refunding Revenue Bonds
Series 2021C
03/01/2042	4.000%	2,500,000	1,904,929
Sharon Towers
Series 2019A
07/01/2039	5.000%	1,650,000	1,510,741
07/01/2044	5.000%	2,260,000	1,970,734
Revenue Bonds
Lutheran Services for the Aging
Series 2021
03/01/2051	4.000%	1,000,000	688,984

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

18	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina Turnpike Authority^(e)
Revenue Bonds
Series 2017C
07/01/2030	0.000%	445,000	329,404
07/01/2034	0.000%	1,135,000	684,849
Series 2019
01/01/2044	0.000%	4,000,000	1,590,295
Triangle Expressway System
Series 2019
01/01/2042	0.000%	6,550,000	2,881,735
01/01/2043	0.000%	3,500,000	1,466,132
Total			25,352,175
North Dakota 0.2%
North Dakota Housing Finance Agency
Revenue Bonds
Home Mortgage Program
Series 2019
07/01/2043	3.050%	1,405,000	1,143,277
Housing Finance Program
Series 2017 (FHA)
07/01/2037	3.450%	700,000	691,997
Housing Finance Program-Home Mortgage Finance
Series 2018
07/01/2042	3.950%	1,845,000	1,808,186
Total			3,643,460
Ohio 2.2%
Buckeye Tobacco Settlement Financing Authority
Refunding Senior Revenue Bonds
Series 2020B-2
06/01/2055	5.000%	24,790,000	23,040,371
County of Hamilton
Revenue Bonds
Cincinnati Children’s Hospital Project
Series 2019
11/15/2049	5.000%	2,000,000	2,226,842
County of Marion
Refunding Revenue Bonds
United Church Homes, Inc.
Series 2019
12/01/2039	5.000%	325,000	268,646
12/01/2049	5.125%	1,895,000	1,466,427
Lake County Port & Economic Development Authority^(b),(d)
Revenue Bonds
1st Mortgage - Tapestry Wickliffe LLC
Series 2017
12/01/2037	0.000%	6,000,000	1,740,000
12/01/2052	0.000%	1,500,000	435,000

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Ohio Air Quality Development Authority^(b),(c)
Revenue Bonds
Pratt Paper LLC Project
Series 2017
01/15/2038	4.250%	1,000,000	989,686
Ohio Turnpike & Infrastructure Commission
Refunding Revenue Bonds
Series 1998A (NPFGC)
02/15/2026	5.500%	3,000,000	3,145,999
State of Ohio^(c)
Revenue Bonds
Portsmouth Bypass Project
Series 2015
06/30/2053	5.000%	9,835,000	9,595,435
Toledo-Lucas County Port Authority
Revenue Bonds
University of Toledo Project
Series 2014
07/01/2046	5.000%	5,000,000	4,676,326
Total			47,584,732
Oklahoma 0.1%
Tulsa County Industrial Authority
Refunding Revenue Bonds
Montereau, Inc. Project
Series 2017
11/15/2045	5.250%	2,720,000	2,646,643
Oregon 2.2%
Clackamas County Hospital Facility Authority
Refunding Revenue Bonds
Rose Villa Project
Series 2020A
11/15/2050	5.250%	1,000,000	917,339
Hospital Facilities Authority of Multnomah County
Prerefunded 10/01/24 Revenue Bonds
Mirabella at South Waterfront
Series 2014A
09/30/2044	5.400%	3,225,000	3,303,790
Port of Portland Airport^(c)
Revenue Bonds
Green Bonds
Series 2023-29
07/01/2053	5.500%	20,000,000	22,072,094
Series 2017-24B
07/01/2042	5.000%	2,000,000	2,040,179
State of Oregon
Unlimited General Obligation Bonds
Article XI - Q State Project
Series 2023
05/01/2048	5.000%	10,580,000	11,762,515

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Oregon Housing & Community Services Department
Revenue Bonds
Series 2017D
01/01/2038	3.450%	2,820,000	2,788,935
Washington & Multnomah Counties School District No. 48J Beaverton^(e)
Unlimited General Obligation Bonds
Series 2022A
06/15/2048	0.000%	20,000,000	5,994,210
Total			48,879,062
Pennsylvania 9.8%
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2034	5.000%	1,000,000	1,072,031
Commonwealth of Pennsylvania
Refunding Certificate of Participation
Series 2018A
07/01/2043	5.000%	2,500,000	2,608,947
Cumberland County Municipal Authority
Prerefunded 01/01/25 Revenue Bonds
Diakon Lutheran Social Ministries
Series 2015
01/01/2038	5.000%	865,000	885,397
Refunding Revenue Bonds
Diakon Lutheran
Series 2015
01/01/2038	5.000%	4,385,000	4,388,953
Delaware Valley Regional Finance Authority
Revenue Bonds
Series 1997C (AMBAC)
07/01/2027	7.750%	1,000,000	1,172,141
Franklin County Industrial Development Authority
Refunding Revenue Bonds
Menno-Haven, Inc. Project
Series 2018
12/01/2048	5.000%	1,300,000	1,022,932
Geisinger Authority
Refunding Revenue Bonds
Geisinger Health System
Series 2017
02/15/2039	4.000%	6,000,000	5,933,849
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Meadowood Senior Living Project
Series 2018
12/01/2048	5.000%	2,000,000	1,853,739

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Northampton County General Purpose Authority
Refunding Revenue Bonds
St. Luke’s University Health Network
Series 2018
08/15/2048	4.000%	20,000,000	17,956,470
Pennsylvania Economic Development Financing Authority
Refunding Revenue Bonds
Series 2017A
11/15/2042	4.000%	30,000,000	29,021,556
Pennsylvania Economic Development Financing Authority^(b),(d)
Refunding Revenue Bonds
Tapestry Moon Senior Housing Project
Series 2018
12/01/2053	0.000%	5,625,000	2,144,531
Pennsylvania Economic Development Financing Authority^(c)
Revenue Bonds
PA Bridges Finco LP
Series 2015
12/31/2038	5.000%	1,625,000	1,642,666
06/30/2042	5.000%	24,375,000	24,492,409
Proctor & Gamble Paper Project
Series 2001
03/01/2031	5.375%	1,000,000	1,137,949
The PennDOT Major Bridges Package One Project
Series 2022
06/30/2061	6.000%	3,000,000	3,346,888
Series 2022 (AGM)
12/31/2057	5.000%	5,000,000	5,170,995
Pennsylvania Housing Finance Agency
Refunding Revenue Bonds
Series 2017-124B
10/01/2037	3.500%	16,000,000	15,033,773
Revenue Bonds
Series 2019-129
10/01/2039	3.150%	7,730,000	6,623,207
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Subordinated Series 2015A-1
12/01/2045	5.250%	25,295,000	26,046,173
Subordinated Series 2016A-1
12/01/2046	5.000%	5,000,000	5,083,243
Revenue Bonds
Series 2014B
12/01/2044	5.250%	10,000,000	10,099,057
Subordinated Series 2014A-1
12/01/2043	5.000%	16,940,000	17,061,831
Subordinated Series 2017B-1
06/01/2042	5.000%	15,000,000	15,522,145
Subordinated Series 2018B
12/01/2043	5.000%	7,000,000	7,338,627

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

20	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Philadelphia Authority for Industrial Development
Revenue Bonds
First Philadelphia Preparatory Charter School
Series 2014
06/15/2043	7.250%	5,475,000	5,604,857
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2037	5.000%	1,000,000	1,065,039
Series 2018B
09/01/2043	5.000%	985,000	1,034,349
Total			214,363,754
Puerto Rico 2.4%
Commonwealth of Puerto Rico^(e),(g)
Revenue Notes
Series 2022
11/01/2051	0.000%	3,508,841	1,793,895
Subordinated Series 2022
11/01/2043	0.000%	2,805,420	1,437,778
Puerto Rico Commonwealth Aqueduct & Sewer Authority^(b),(g)
Refunding Revenue Bonds
Senior Lien
Series 2020A
07/01/2047	5.000%	5,210,000	5,138,175
Puerto Rico Electric Power Authority^(d),(g)
Revenue Bonds
Series 2010XX
07/01/2040	0.000%	7,000,000	2,607,500
Series 2012A
07/01/2042	0.000%	7,000,000	2,607,500
Puerto Rico Public Finance Corp.^(g)
Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity (AMBAC)
08/01/2027	5.500%	450,000	491,036
Unrefunded Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity
08/01/2026	6.000%	2,470,000	2,664,115
Series 2002E Escrowed to Maturity (AMBAC)
08/01/2027	5.500%	1,050,000	1,145,751
Puerto Rico Sales Tax Financing Corp.^(e),(g)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	93,959,000	26,801,570
Puerto Rico Sales Tax Financing Corp.^(g)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	7,000,000	6,812,845
Total			51,500,165

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina 1.6%
Piedmont Municipal Power Agency
Unrefunded Revenue Bonds
Series 1993 (NPFGC)
01/01/2025	5.375%	10,660,000	10,941,034
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/24 Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2033	7.000%	910,000	947,006
Refunding Revenue Bonds
Bon Secours Mercy Health, Inc.
Series 2020
12/01/2046	5.000%	4,200,000	4,420,536
Revenue Bonds
York Preparatory Academy Project
Series 2014A Escrowed to Maturity
11/01/2023	5.750%	185,000	185,922
South Carolina Ports Authority^(c)
Revenue Bonds
Series 2018
07/01/2055	5.000%	1,380,000	1,403,345
South Carolina Public Service Authority
Revenue Bonds
Series 2022A
12/01/2052	4.000%	18,000,000	16,339,165
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2020A
07/01/2035	2.650%	890,000	754,137
07/01/2040	3.000%	890,000	718,357
Total			35,709,502
South Dakota 0.2%
South Dakota Health & Educational Facilities Authority
Refunding Revenue Bonds
Sanford Obligated Group
Series 2015
11/01/2045	5.000%	4,500,000	4,542,288
Tennessee 2.3%
Chattanooga Health Educational & Housing Facility Board
Refunding Revenue Bonds
Student Housing - CDFI Phase I
Series 2015
10/01/2032	5.000%	1,300,000	1,324,460
10/01/2035	5.000%	645,000	655,130

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Greeneville Health & Educational Facilities Board
Refunding Revenue Bonds
Ballad Health Obligation Group
Series 2018
07/01/2035	5.000%	1,000,000	1,052,910
07/01/2040	4.000%	7,200,000	6,946,965
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
Vanderbilt University Medical Center
Series 2017A
07/01/2048	5.000%	1,665,000	1,698,834
New Memphis Arena Public Building Authority^(e)
Revenue Bonds
City of Memphis Project
Series 2021
04/01/2041	0.000%	1,500,000	648,733
04/01/2043	0.000%	1,500,000	580,935
04/01/2045	0.000%	1,500,000	519,823
04/01/2046	0.000%	750,000	246,001
Shelby County Health Educational & Housing Facilities Board
Revenue Bonds
The Farms at Bailey Station Project
Series 2019
10/01/2054	5.750%	12,000,000	9,057,620
Tennessee Energy Acquisition Corp.
Refunding Revenue Bonds
Gas Project
Series 2023A-1 (Mandatory Put 05/01/28)
05/01/2053	5.000%	18,500,000	19,057,218
Tennessee Housing Development Agency
Revenue Bonds
3rd Issue
Series 2017
07/01/2037	3.400%	690,000	673,019
07/01/2042	3.600%	460,000	449,604
Issue 3
Series 2018
01/01/2049	3.950%	4,855,000	4,701,364
Social Bond
Series 2022-2
01/01/2048	4.350%	3,500,000	3,398,473
Total			51,011,089
Texas 11.8%
Arlington Higher Education Finance Corp.^(b)
Revenue Bonds
Legacy Traditional Schools - Texas Project
Series 2022
02/15/2062	6.750%	5,000,000	4,859,747

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Austin Independent School District
Unlimited General Obligation Bonds
Series 2023
08/01/2048	4.000%	4,400,000	4,333,134
Central Texas Regional Mobility Authority^(e)
Revenue Bonds
Capital Appreciation
Series 2010
01/01/2025	0.000%	2,000,000	1,881,220
Central Texas Turnpike System
Refunding Revenue Bonds
Subordinated Series 2015C
08/15/2037	5.000%	5,000,000	5,045,396
08/15/2042	5.000%	12,000,000	12,079,300
City of Austin Airport System^(c)
Revenue Bonds
Series 2017B
11/15/2041	5.000%	1,000,000	1,013,462
11/15/2046	5.000%	3,000,000	3,024,213
City of Houston Airport System^(c)
Refunding Revenue Bonds
Subordinated Series 2023A (AGM)
07/01/2053	5.250%	5,000,000	5,354,742
Revenue Bonds
Subordinated Series 2020A
07/01/2047	4.000%	800,000	747,919
Clifton Higher Education Finance Corp.
Revenue Bonds
Idea Public Schools
Series 2012
08/15/2032	5.000%	2,165,000	2,167,504
08/15/2042	5.000%	2,350,000	2,350,902
Series 2013
08/15/2033	6.000%	990,000	991,978
International Leadership
Series 2015
08/15/2038	5.750%	3,000,000	3,014,184
International Leadership of Texas
Series 2015
08/15/2045	5.750%	10,500,000	10,409,092
Series 2015A
12/01/2035	5.000%	2,200,000	2,224,554
12/01/2045	5.000%	1,100,000	1,098,161
Collin County Community College District
Limited General Obligation Bonds
Series 2020A
08/15/2036	4.000%	1,250,000	1,277,913
Conroe Independent School District
Unlimited General Obligation Bonds
Series 2022A
02/15/2047	4.000%	8,475,000	8,456,161

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

22	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Cypress-Fairbanks Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2048	4.000%	5,200,000	5,098,469
Dallas Independent School District
Unlimited General Obligation Refunding Bonds
Series 2023
02/15/2048	5.000%	5,000,000	5,488,212
Dallas Love Field^(c)
Revenue Bonds
Series 2017
11/01/2034	5.000%	750,000	773,779
Dallas/Fort Worth International Airport^(c)
Refunding Revenue Bonds
Series 2014A
11/01/2032	5.000%	3,400,000	3,404,115
Deaf Smith County Hospital District
Limited General Obligation Refunding Bonds
Series 2017
03/01/2030	5.000%	1,000,000	1,030,105
03/01/2034	5.000%	645,000	659,385
Denton Independent School District^(a)
Unlimited General Obligation Bonds
Series 2023
08/15/2053	5.000%	5,000,000	5,447,819
Harris County Toll Road Authority (The)
Refunding Revenue Bonds
Senior Lien
Series 2018A
08/15/2048	4.000%	4,000,000	3,853,596
Humble Independent School District
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	2,000,000	1,915,382
Katy Independent School District
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	3,300,000	3,239,087
Series 2023
02/15/2048	5.000%	3,270,000	3,571,744
02/15/2053	4.000%	8,375,000	8,078,612
Lamar Consolidated Independent School District^(a)
Unlimited General Obligation Bonds
Series 2023A
02/15/2058	5.000%	5,000,000	5,371,149
New Hope Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Texas Children’s Health System
Series 2017A
08/15/2040	4.000%	7,015,000	6,900,623

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Collegiate Housing College Station
Series 2014
04/01/2046	5.000%	7,250,000	6,591,044
New Hope Cultural Education Facilities Finance Corp.^(d)
Revenue Bonds
Bridgemoor Plano Project
Series 2018
12/01/2053	0.000%	9,000,000	9,405,000
Cardinal Bay, Inc. - Village on the Park
Series 2016
07/01/2031	0.000%	1,000,000	500,000
07/01/2051	0.000%	6,745,000	3,372,500
Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project
Series 2016
07/01/2046	0.000%	3,335,000	1,667,500
North Texas Tollway Authority
Refunding Revenue Bonds
2nd Tier
Series 2015A
01/01/2038	5.000%	4,230,000	4,275,527
Series 2019A
01/01/2037	4.000%	5,000,000	5,073,527
Plano Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2043	5.000%	5,990,000	6,640,368
Pottsboro Higher Education Finance Corp.
Revenue Bonds
Series 2016A
08/15/2036	5.000%	390,000	379,794
Prosper Independent School District
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	4,800,000	4,587,027
Red River Health Facilities Development Corp.
Prerefunded 11/15/24 Revenue Bonds
MRC Crossings Project
Series 2014A
11/15/2034	7.500%	2,000,000	2,104,022
Rockwall Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2053	4.000%	2,500,000	2,391,153
Sanger Industrial Development Corp.^(b),(c),(d)
Revenue Bonds
Texas Pellets Project
Series 2012B
07/01/2038	0.000%	34,645,000	8,661,250

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tarrant County College District
Limited General Obligation Bonds
Series 2022
08/15/2042	4.000%	15,600,000	15,498,895
Tarrant County Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Trinity Terrace Project
Series 2014
10/01/2044	5.000%	2,500,000	2,445,593
10/01/2049	5.000%	1,870,000	1,789,193
Revenue Bonds
Methodist Hospitals of Dallas
Series 2022
10/01/2052	4.000%	2,650,000	2,490,165
Tarrant County Cultural Education Facilities Finance Corp.^(d)
Revenue Bonds
CC Young Memorial Home
Series 2009A
02/15/2038	0.000%	3,500,000	1,925,000
Texas Private Activity Bond Surface Transportation Corp.
Refunding Revenue Bonds
LBJ Infrastructure Group LLC I-635 Managed Lanes Project
Series 2020
12/31/2039	4.000%	400,000	374,014
Senior Lien - North Tarrant Express
Series 2019
12/31/2038	4.000%	3,500,000	3,450,273
Texas Private Activity Bond Surface Transportation Corp.^(c)
Revenue Bonds
Segment 3C Project
Series 2019
06/30/2058	5.000%	21,445,000	21,651,560
Senior Lien - Blueridge Transportation Group LLC
Series 2016
12/31/2040	5.000%	2,000,000	2,006,032
12/31/2055	5.000%	6,250,000	6,239,357
Texas Transportation Commission
Revenue Bonds
State Highway 249 System Toll
Series 2019
08/01/2057	5.000%	2,000,000	2,015,243
Tomball Independent School District
Unlimited General Obligation Bonds
School Building
Series 2020
02/15/2034	3.000%	1,750,000	1,726,876
02/15/2035	3.000%	1,750,000	1,701,005
02/15/2036	3.000%	1,435,000	1,357,132
Series 2023
02/15/2048	5.000%	11,750,000	12,960,183
Total			258,440,892

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Utah 0.5%
City of Salt Lake City Airport^(a),(c)
Revenue Bonds
Series 2023A
07/01/2053	5.250%	2,250,000	2,407,763
Salt Lake City Corp. Airport^(c)
Revenue Bonds
Series 2017A
07/01/2047	5.000%	6,500,000	6,614,116
UIPA Crossroads Public Infrastructure District^(b)
Tax Allocation Bonds
Series 2021
06/01/2052	4.375%	2,740,000	2,356,991
Total			11,378,870
Virginia 1.3%
Chesapeake Bay Bridge & Tunnel District
Revenue Bonds
1st Tier General Resolution
Series 2016
07/01/2046	5.000%	3,500,000	3,545,292
Fredericksburg Economic Development Authority
Refunding Revenue Bonds
Mary Washington Healthcare Obligation
Series 2014
06/15/2031	5.000%	800,000	806,864
06/15/2033	5.000%	500,000	504,191
Virginia Small Business Financing Authority^(c)
Refunding Revenue Bonds
Senior Lien - 95 Express Lanes LLC Project
Series 2022
01/01/2048	4.000%	3,750,000	3,347,121
Revenue Bonds
Transform 66 P3 Project
Series 2017
12/31/2052	5.000%	3,750,000	3,782,945
12/31/2056	5.000%	16,800,000	16,917,622
Total			28,904,035
Washington 1.4%
King County Housing Authority
Refunding Revenue Bonds
Series 2018
05/01/2038	3.750%	2,915,000	2,745,598
King County Public Hospital District No. 4
Revenue Bonds
Series 2015A
12/01/2035	6.000%	1,300,000	1,332,883
12/01/2045	6.250%	2,500,000	2,557,138

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

24	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port of Seattle^(c)
Revenue Bonds
Series 2018A
05/01/2043	5.000%	8,000,000	8,196,653
Washington Health Care Facilities Authority
Refunding Revenue Bonds
Multicare Health System
Series 2017B
08/15/2041	4.000%	10,500,000	9,828,844
Virginia Mason Medical Center
Series 2017
08/15/2042	4.000%	3,335,000	2,936,302
Washington State Housing Finance Commission
Prerefunded 07/01/25 Revenue Bonds
Heron’s Key
Series 2015A
07/01/2030	6.500%	730,000	766,810
07/01/2035	6.750%	550,000	580,250
Washington State Housing Finance Commission^(b)
Prerefunded 07/01/25 Revenue Bonds
Heron’s Key
Series 2015A
07/01/2050	7.000%	1,250,000	1,323,755
Refunding Revenue Bonds
Skyline 1st Hill Project
Series 2015
01/01/2025	5.000%	330,000	326,361
Total			30,594,594
West Virginia 1.0%
West Virginia Hospital Finance Authority
Refunding Revenue Bonds
Cabell Huntington Hospital Obligation
Series 2018
01/01/2047	4.125%	5,000,000	4,105,866
Revenue Bonds
West Virginia University Health System Obligation
Series 2018
06/01/2052	5.000%	16,500,000	16,941,918
Total			21,047,784
Wisconsin 2.3%
Public Finance Authority
Refunding Revenue Bonds
Friends Homes
Series 2019
09/01/2049	5.000%	4,250,000	3,663,068
Revenue Bonds
ACTS Retirement - Life Communities
Series 2020
11/15/2041	5.000%	4,000,000	3,851,192

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Public Finance Authority^(b)
Refunding Revenue Bonds
Mary’s Woods at Marylhurst
Series 2017
05/15/2042	5.250%	820,000	746,024
05/15/2047	5.250%	1,105,000	971,468
Mary’s Woods at Marylhurst, Inc.
Series 2017
05/15/2052	5.250%	500,000	431,774
Public Finance Authority^(b),(e)
Revenue Bonds
WFCS Portfolio Project
Subordinated Series 2021
01/01/2061	0.000%	21,100,000	1,081,672
University of Wisconsin Hospitals & Clinics
Refunding Revenue Bonds
Green Bonds - University of Wisconsin Hospital
Series 2021
04/01/2051	4.000%	10,000,000	9,436,669
Wisconsin Center District^(e)
Revenue Bonds
Senior Dedicated
Series 2020 (AGM)
12/15/2060	0.000%	18,625,000	3,129,469
Wisconsin Health & Educational Facilities Authority
Prerefunded 08/15/23 Revenue Bonds
Beaver Dam Community Hospitals
Series 2013A
08/15/2028	5.125%	5,000,000	5,002,996
08/15/2034	5.250%	8,000,000	8,005,149
Refunding Revenue Bonds
St. Camillus Health System, Inc.
Series 2019
11/01/2046	5.000%	2,100,000	1,691,113
Revenue Bonds
Covenant Communities, Inc. Project
Series 2018A
07/01/2048	4.000%	2,335,000	1,772,041
07/01/2053	4.125%	5,000,000	3,737,228
Series 2018B
07/01/2038	4.375%	1,250,000	955,920
07/01/2043	4.500%	1,375,000	988,802
07/01/2048	5.000%	500,000	371,573
Unrefunded Refunding Revenue Bond
Ascension Health
Series 2016A
11/15/2046	4.000%	3,610,000	3,411,033
Total			49,247,191

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

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Wyoming 0.3%
County of Campbell
Refunding Revenue Bonds
Basin Electric Power Cooperative
Series 2019
07/15/2039	3.625%	7,600,000	6,865,264
Total Municipal Bonds (Cost $2,351,962,574)			2,183,727,117

Money Market Funds 0.0%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.579%^(h)	207,230	207,210
Total Money Market Funds (Cost $207,224)		207,210
Total Investments in Securities (Cost $2,352,169,798)		2,183,934,327
Other Assets & Liabilities, Net		154,665
Net Assets		$2,184,088,992

Notes to Portfolio of Investments

(a)	Represents a security purchased on a when-issued basis.
(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 July 31, 2023, the total value of these securities amounted to $78,069,457, which represents 3.57% of total net assets.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents a security in default.
(e)	Zero coupon bond.
(f)	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 July 31, 2023.
(g)	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 July 31, 2023, the total value of these securities amounted to $51,500,165, which represents 2.36% of total net assets.
(h)	The rate shown is the seven-day current annualized yield at July 31, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
FHA	Federal Housing Authority
GNMA	Government National Mortgage Association
HUD	U.S. Department of Housing and Urban Development
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.

26	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	2,183,727,117	—	2,183,727,117
Money Market Funds	207,210	—	—	207,210
Total Investments in Securities	207,210	2,183,727,117	—	2,183,934,327

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.

Columbia Tax-Exempt Fund | Annual Report 2023

Table of Contents

Statement of Assets and Liabilities
July 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,352,169,798)	$2,183,934,327
Cash	80,307
Receivable for:
Capital shares sold	6,930,326
Dividends	13,051
Interest	22,147,715
Trustees’ fees	542,785
Prepaid expenses	28,009
Total assets	2,213,676,520
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	16,539,545
Capital shares redeemed	3,899,972
Distributions to shareholders	6,918,449
Management services fees	82,100
Distribution and/or service fees	29,471
Transfer agent fees	127,862
Trustees’ fees	623,485
Interfund lending	1,300,000
Other expenses	66,644
Total liabilities	29,587,528
Net assets applicable to outstanding capital stock	$2,184,088,992
Represented by
Paid in capital	2,439,871,291
Total distributable earnings (loss)	(255,782,299)
Total - representing net assets applicable to outstanding capital stock	$2,184,088,992
Class A
Net assets	$1,694,619,346
Shares outstanding	144,812,206
Net asset value per share	$11.70
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)	$12.06
Advisor Class
Net assets	$13,441,462
Shares outstanding	1,148,951
Net asset value per share	$11.70
Class C
Net assets	$24,894,077
Shares outstanding	2,127,820
Net asset value per share	$11.70
Institutional Class
Net assets	$327,607,811
Shares outstanding	27,987,867
Net asset value per share	$11.71
Institutional 2 Class
Net assets	$13,264,347
Shares outstanding	1,133,148
Net asset value per share	$11.71
Institutional 3 Class
Net assets	$110,261,949
Shares outstanding	9,392,806
Net asset value per share	$11.74

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

28	Columbia Tax-Exempt Fund \| Annual Report 2023

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Statement of Operations
Year Ended July 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$177,067
Interest	97,725,247
Total income	97,902,314
Expenses:
Management services fees	10,591,629
Distribution and/or service fees
Class A	3,607,898
Class C	224,848
Transfer agent fees
Class A	1,197,673
Advisor Class	9,898
Class C	18,663
Institutional Class	236,471
Institutional 2 Class	7,455
Institutional 3 Class	6,543
Trustees’ fees	63,423
Custodian fees	25,704
Printing and postage fees	99,723
Registration fees	148,463
Accounting services fees	40,290
Legal fees	44,539
Interest on interfund lending	9,724
Compensation of chief compliance officer	446
Other	49,172
Total expenses	16,382,562
Fees waived by transfer agent
Institutional 3 Class	(2,077)
Expense reduction	(2,795)
Total net expenses	16,377,690
Net investment income	81,524,624
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(55,782,092)
Futures contracts	1,472,672
Net realized loss	(54,309,420)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(52,715,312)
Net change in unrealized appreciation (depreciation)	(52,715,312)
Net realized and unrealized loss	(107,024,732)
Net decrease in net assets resulting from operations	$(25,500,108)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2023		July 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	15,215,339	177,159,699	9,708,549	123,022,678
Distributions reinvested	5,040,685	58,386,449	5,617,395	73,011,313
Shares redeemed	(43,013,589)	(497,846,146)	(31,061,870)	(395,297,040)
Net decrease	(22,757,565)	(262,299,998)	(15,735,926)	(199,263,049)
Advisor Class
Shares sold	189,669	2,225,293	356,251	4,648,197
Distributions reinvested	43,642	505,241	63,243	825,224
Shares redeemed	(874,069)	(9,914,238)	(781,887)	(9,969,995)
Net decrease	(640,758)	(7,183,704)	(362,393)	(4,496,574)
Class C
Shares sold	629,621	7,279,820	471,057	6,020,898
Distributions reinvested	66,235	766,968	77,721	1,011,598
Shares redeemed	(1,161,611)	(13,507,005)	(1,189,578)	(15,212,863)
Net decrease	(465,755)	(5,460,217)	(640,800)	(8,180,367)
Institutional Class
Shares sold	9,786,080	114,120,374	10,379,714	131,939,975
Distributions reinvested	899,980	10,426,510	957,213	12,417,286
Shares redeemed	(26,473,713)	(307,156,273)	(13,637,930)	(171,217,167)
Net decrease	(15,787,653)	(182,609,389)	(2,301,003)	(26,859,906)
Institutional 2 Class
Shares sold	244,345	2,845,670	360,125	4,703,575
Distributions reinvested	43,193	500,441	50,657	660,216
Shares redeemed	(410,037)	(4,751,693)	(747,053)	(9,699,446)
Net decrease	(122,499)	(1,405,582)	(336,271)	(4,335,655)
Institutional 3 Class
Shares sold	13,832,706	161,084,287	746,569	9,507,614
Distributions reinvested	69,557	809,056	67,158	874,575
Shares redeemed	(6,299,412)	(72,812,103)	(984,102)	(12,327,486)
Net increase (decrease)	7,602,851	89,081,240	(170,375)	(1,945,297)
Total net decrease	(32,171,379)	(369,877,650)	(19,546,768)	(245,080,848)

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

Columbia Tax-Exempt Fund | Annual 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
Year Ended 7/31/2023	$12.16	0.41	(0.47)	(0.06)	(0.40)	—	(0.40)
Year Ended 7/31/2022	$13.84	0.36	(1.61)	(1.25)	(0.36)	(0.07)	(0.43)
Year Ended 7/31/2021	$13.50	0.38	0.38	0.76	(0.38)	(0.04)	(0.42)
Year Ended 7/31/2020	$13.63	0.43	(0.06)	0.37	(0.43)	(0.07)	(0.50)
Year Ended 7/31/2019	$13.35	0.50	0.34	0.84	(0.55)	(0.01)	(0.56)
Advisor Class
Year Ended 7/31/2023	$12.16	0.43	(0.46)	(0.03)	(0.43)	—	(0.43)
Year Ended 7/31/2022	$13.83	0.39	(1.60)	(1.21)	(0.39)	(0.07)	(0.46)
Year Ended 7/31/2021	$13.50	0.40	0.38	0.78	(0.41)	(0.04)	(0.45)
Year Ended 7/31/2020	$13.63	0.45	(0.05)	0.40	(0.46)	(0.07)	(0.53)
Year Ended 7/31/2019	$13.35	0.52	0.35	0.87	(0.58)	(0.01)	(0.59)
Class C
Year Ended 7/31/2023	$12.16	0.34	(0.47)	(0.13)	(0.33)	—	(0.33)
Year Ended 7/31/2022	$13.83	0.29	(1.60)	(1.31)	(0.29)	(0.07)	(0.36)
Year Ended 7/31/2021	$13.50	0.29	0.38	0.67	(0.30)	(0.04)	(0.34)
Year Ended 7/31/2020	$13.63	0.34	(0.06)	0.28	(0.34)	(0.07)	(0.41)
Year Ended 7/31/2019	$13.35	0.41	0.35	0.76	(0.47)	(0.01)	(0.48)
Institutional Class
Year Ended 7/31/2023	$12.16	0.43	(0.45)	(0.02)	(0.43)	—	(0.43)
Year Ended 7/31/2022	$13.84	0.39	(1.61)	(1.22)	(0.39)	(0.07)	(0.46)
Year Ended 7/31/2021	$13.50	0.40	0.39	0.79	(0.41)	(0.04)	(0.45)
Year Ended 7/31/2020	$13.64	0.45	(0.06)	0.39	(0.46)	(0.07)	(0.53)
Year Ended 7/31/2019	$13.35	0.52	0.36	0.88	(0.58)	(0.01)	(0.59)
Institutional 2 Class
Year Ended 7/31/2023	$12.16	0.43	(0.45)	(0.02)	(0.43)	—	(0.43)
Year Ended 7/31/2022	$13.84	0.39	(1.61)	(1.22)	(0.39)	(0.07)	(0.46)
Year Ended 7/31/2021	$13.50	0.41	0.38	0.79	(0.41)	(0.04)	(0.45)
Year Ended 7/31/2020	$13.64	0.45	(0.06)	0.39	(0.46)	(0.07)	(0.53)
Year Ended 7/31/2019	$13.35	0.52	0.36	0.88	(0.58)	(0.01)	(0.59)

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

32	Columbia Tax-Exempt Fund \| Annual 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
Year Ended 7/31/2023	$11.70	(0.38%)	0.74%^(c)	0.74%^(c),(d)	3.47%	19%	$1,694,619
Year Ended 7/31/2022	$12.16	(9.15%)	0.73%^(c)	0.72%^(c),(d)	2.80%	16%	$2,037,502
Year Ended 7/31/2021	$13.84	5.74%	0.72%^(e)	0.72%^(d),(e)	2.78%	13%	$2,536,239
Year Ended 7/31/2020	$13.50	2.76%	0.73%^(e)	0.73%^(d),(e)	3.16%	29%	$2,550,497
Year Ended 7/31/2019	$13.63	6.51%	0.73%	0.73%	3.74%	20%	$2,548,777
Advisor Class
Year Ended 7/31/2023	$11.70	(0.18%)	0.54%^(c)	0.54%^(c),(d)	3.65%	19%	$13,441
Year Ended 7/31/2022	$12.16	(8.91%)	0.52%^(c)	0.52%^(c),(d)	2.99%	16%	$21,757
Year Ended 7/31/2021	$13.83	5.88%	0.52%^(e)	0.52%^(d),(e)	2.97%	13%	$29,770
Year Ended 7/31/2020	$13.50	2.96%	0.53%^(e)	0.53%^(d),(e)	3.36%	29%	$26,679
Year Ended 7/31/2019	$13.63	6.72%	0.53%	0.53%	3.93%	20%	$21,407
Class C
Year Ended 7/31/2023	$11.70	(0.98%)	1.34%^(c)	1.34%^(c),(d)	2.87%	19%	$24,894
Year Ended 7/31/2022	$12.16	(9.63%)	1.38%^(c)	1.32%^(c),(d)	2.20%	16%	$31,541
Year Ended 7/31/2021	$13.83	5.03%	1.47%^(e)	1.33%^(d),(e),(f)	2.17%	13%	$44,740
Year Ended 7/31/2020	$13.50	2.09%	1.48%^(e)	1.38%^(d),(e),(f)	2.51%	29%	$56,855
Year Ended 7/31/2019	$13.63	5.82%	1.48%	1.38%^(f)	3.09%	20%	$59,114
Institutional Class
Year Ended 7/31/2023	$11.71	(0.09%)	0.54%^(c)	0.54%^(c),(d)	3.65%	19%	$327,608
Year Ended 7/31/2022	$12.16	(8.97%)	0.53%^(c)	0.53%^(c),(d)	3.01%	16%	$532,342
Year Ended 7/31/2021	$13.84	5.95%	0.52%^(e)	0.52%^(d),(e)	2.97%	13%	$637,596
Year Ended 7/31/2020	$13.50	2.89%	0.53%^(e)	0.53%^(d),(e)	3.37%	29%	$613,307
Year Ended 7/31/2019	$13.64	6.80%	0.53%	0.53%	3.94%	20%	$781,834
Institutional 2 Class
Year Ended 7/31/2023	$11.71	(0.08%)	0.53%^(c)	0.53%^(c)	3.68%	19%	$13,264
Year Ended 7/31/2022	$12.16	(8.96%)	0.51%^(c)	0.51%^(c)	3.00%	16%	$15,272
Year Ended 7/31/2021	$13.84	5.97%	0.51%^(e)	0.51%^(e)	3.00%	13%	$22,033
Year Ended 7/31/2020	$13.50	2.90%	0.52%^(e)	0.52%^(e)	3.36%	29%	$50,150
Year Ended 7/31/2019	$13.64	6.81%	0.52%	0.52%	3.94%	20%	$8,978

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

Columbia Tax-Exempt Fund | Annual 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
Institutional 3 Class
Year Ended 7/31/2023	$12.19	0.44	(0.45)	(0.01)	(0.44)	—	(0.44)
Year Ended 7/31/2022	$13.88	0.40	(1.62)	(1.22)	(0.40)	(0.07)	(0.47)
Year Ended 7/31/2021	$13.54	0.41	0.39	0.80	(0.42)	(0.04)	(0.46)
Year Ended 7/31/2020	$13.67	0.46	(0.06)	0.40	(0.46)	(0.07)	(0.53)
Year Ended 7/31/2019	$13.39	0.53	0.35	0.88	(0.59)	(0.01)	(0.60)

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)	Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.
(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:

	7/31/2021	7/31/2020	7/31/2019
Class C	0.01%	0.10%	0.10%

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

34	Columbia Tax-Exempt Fund \| Annual Report 2023

Table of Contents

Notes to Financial Statements
July 31, 2023

Note 1. Organization

Columbia Tax-Exempt 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

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)
July 31, 2023

Derivative instruments

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 Tax-Exempt Fund | Annual Report 2023

Table of Contents

Notes to Financial Statements (continued)
July 31, 2023

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

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.

Effects of derivative transactions in the financial statements

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	1,472,672

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	45,168,976

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Notes to Financial Statements (continued)
July 31, 2023

*	Based on the ending daily outstanding amounts for the year ended July 31, 2023.

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

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 Tax-Exempt Fund | Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

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 0.48% to 0.29% as the Fund’s net assets increase. The effective management services fee rate for the year ended July 31, 2023 was 0.46% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

40	Columbia Tax-Exempt Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

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 Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, prior to December 1, 2022, Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to that share class.

For the year ended July 31, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.07
Advisor Class	0.07
Class C	0.07
Institutional Class	0.07
Institutional 2 Class	0.05
Institutional 3 Class	0.00

Distribution and service fees

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.

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	242,701
Class C	—	1.00^(b)	2,881

Columbia Tax-Exempt Fund | Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

(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

	December 1, 2022 through November 30, 2023	Prior to December 1, 2022
Class A	0.76%	0.77%
Advisor Class	0.56	0.57
Class C	1.36	1.37
Institutional Class	0.56	0.57
Institutional 2 Class	0.55	0.55
Institutional 3 Class	0.50	0.51

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitment, prior to December 1, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to that share class. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At July 31, 2023, these differences were primarily due to differing treatment for tax straddles, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation, distributions, re-characterization of distributions for investments and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
261,840	(267,452)	5,612

42	Columbia Tax-Exempt Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
July 31, 2023

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2023				Year Ended July 31, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
154,077	80,620,073	—	80,774,150	67,934	85,442,905	16,510,394	102,021,233

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	40,192,862	—	(91,766,573)	(196,668,070)

At July 31, 2023, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
2,380,602,397	19,451,383	(216,119,453)	(196,668,070)

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 ($)	Utilized ($)
(18,448,065)	(73,318,508)	(91,766,573)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $445,156,816 and $793,085,309, respectively, for the year ended July 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
July 31, 2023

The Fund’s activity in the Interfund Program during the year ended July 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	2,454,286	4.06	35

Interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at July 31, 2023 as shown in the Statement of Assets and Liabilities. The loans are unsecured.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2023.

Note 8. Significant risks

Credit risk

Interest rate risk

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Notes to Financial Statements (continued)
July 31, 2023

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

Municipal securities risk

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.

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Notes to Financial Statements (continued)
July 31, 2023

Shareholder concentration risk

At July 31, 2023, affiliated shareholders of record owned 37.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed 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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Tax-Exempt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Tax-Exempt Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.81%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	173	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	173	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	173	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	173	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	171	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	171	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	173	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	173	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	173	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	171	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	171	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	173	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	171	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	173	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	173	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.

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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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

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

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

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

Investment performance

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

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

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

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

Economies of scale

Conclusion

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

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	36
Federal Income Tax Information	37
Trustees and Officers	37
Liquidity Risk Management Program	43
Approval of Management Agreement	44

If you elect to receive the shareholder report for Columbia Ultra Short Term 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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

Portfolio management

Gregory Liechty

Co-Portfolio Manager

Managed Fund since 2016

Ronald Stahl, CFA

Co-Portfolio Manager

Managed Fund since 2015

Average annual total returns (%) (for the period ended July 31, 2023)
	Inception	1 Year	5 Years	10 Years
Class A*	02/20/19	4.48	1.77	1.18
Advisor Class*	12/03/18	4.63	1.94	1.34
Institutional Class*	12/03/18	4.64	1.95	1.34
Institutional 3 Class	03/08/04	4.69	2.02	1.43
Bloomberg U.S. Short-Term Government/Corporate Index		3.58	1.68	1.17

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. All results shown assume reinvestment of distributions. The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of shares.

*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 U.S. Short-Term Government/Corporate Index tracks the performance of U.S. Government and corporate bonds rated investment grade or better, with maturities of less than one year.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2013 — July 31, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Ultra Short Term Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Portfolio breakdown (%) (at July 31, 2023)
Asset-Backed Securities — Non-Agency	32.0
Commercial Mortgage-Backed Securities - Non-Agency	4.3
Corporate Bonds & Notes	48.6
Foreign Government Obligations	0.9
Money Market Funds	1.6
Residential Mortgage-Backed Securities - Agency	0.0^(a)
Residential Mortgage-Backed Securities - Non-Agency	10.5
U.S. Government & Agency Obligations	1.0
U.S. Treasury Obligations	1.1
Total	100.0

(a)	Rounds to zero.

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

Quality breakdown (%) (at July 31, 2023)
AAA rating	34.1
AA rating	9.4
A rating	23.9
BBB rating	25.5
Not rated	7.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2023, Class A shares of Columbia Ultra Short Term Bond Fund returned 4.48%. The Fund’s benchmark, the Bloomberg U.S. Short-Term Government/Corporate Index returned 3.58%.

Market overview

Investor sentiment during the period was focused on the U.S. Federal Reserve’s (Fed’s) ongoing battle against inflation and the possibility of that fight triggering a recession. In an effort to tame historically elevated inflation, the Fed raised the federal funds target rate from 2.50% in August 2022 to 5.50% by July 2023.

March 2023 saw the failure of three U.S. regional banks and the collapse of European giant Credit Suisse, which raised concerns of a looming financial crisis. The Fed responded by initiating the Bank Term Funding Program to support liquidity, while the market began to price in multiple Fed rate cuts before year end. The outlook for easier monetary policy, and the flight to safety brought about by the specter of a banking crisis, led U.S.Treasury yields sharply lower, supporting bond market performance. At its March 23 meeting, the Fed raised the target for its benchmark overnight lending rate by a quarter-point to a range of 4.75%-5.0%. The rate hike was well-received by financial markets as a signal that the Fed believed the financial system remained on generally sound footing.

Ultimately, Fed intervention brought stability to the banking sector. After another quarter-point hike in May, the Fed opted out of a rate increase in mid-June for the first time in ten consecutive meetings dating back to March 2022. However, given surprisingly resilient growth data and continued strength in employment, the central bank signaled the likelihood of two more increases in the federal funds target rate before the end of 2023 in its continued fight to drive inflation down. The rate of year-over-year U.S. inflation had decelerated to end the period at 3.8% (measured by the Core Personal Consumption Expenditures (PCE) Price Index), a meaningful reduction from the four decade high of 9.1% in June 2022, though still nearly double the Fed’s 2% inflation target. The message that rates may stay higher for longer remains with investors.

Most credit-related sectors in the aggregate fixed-income market produced negative absolute returns but positive excess returns, relative to U.S. Treasuries, during the period. In securitized bonds, agency mortgage-backed securities (MBS) produced both negative absolute and excess returns, but asset-backed securities (ABS) produced positive absolute returns and excess returns over the period. On an excess return basis, emerging market bonds performed the best, followed by high-yield bonds and lower rated investment-grade corporate bonds. Shorter duration bonds outperformed longer duration bonds. Within the short-term investment grade corporate market, lower rated securities generated positive excess returns relative to Treasuries and outperformed higher quality securities over the last year.

The Fund’s notable contributors during the period

•	The largest positive contributor to the Fund’s performance relative to its benchmark came from sector allocation decisions.
•	The Fund’s overweight allocation to investment-grade corporates and exposure to out-of-benchmark sectors, namely ABS and non-agency collateralized mortgage obligations (CMOs), were additive to relative performance as these sectors outperformed the benchmark during the period.
•	Sector weightings were continuously evaluated throughout the period and fine-tuned according to our outlook. We increased the Fund’s allocation to non-agency CMOs and non-agency commercial MBS as we saw that valuations were relatively attractive in 2023.

The Fund’s notable detractors during the period

•	The Fund began the reporting period with a shorter duration positioning than the benchmark. We slightly added duration during the period and reduced our floating rate exposure which had a modestly negative impact to performance.

Derivatives usage

During the period, the Fund used U.S. Treasury futures to help maintain its targeted duration and yield curve exposures. The use of these derivatives had a positive impact on Fund performance.

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Investing in derivatives is a specialized activity involves special risks, which may result in significant losses. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Ultra Short Term Bond Fund \| Annual 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 may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund’s expenses

Compare with other funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

February 1, 2023 — July 31, 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	1,025.10	1,022.61	2.21	2.21	0.44
Advisor Class	1,000.00	1,000.00	1,025.80	1,023.36	1.46	1.45	0.29
Institutional Class	1,000.00	1,000.00	1,025.80	1,023.36	1.46	1.45	0.29
Institutional 3 Class	1,000.00	1,000.00	1,027.30	1,023.65	1.16	1.15	0.23

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 Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
July 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities — Non-Agency 31.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
ACC Auto Trust^(a)
Series 2021-A Class A
04/15/2027	1.080%	47,300	47,149
ACC Trust^(a)
Series 2022-1 Class A
09/20/2024	1.190%	1,149,843	1,143,412
American Credit Acceptance Receivables Trust^(a)
Series 2022-3 Class A
02/13/2026	4.120%	860,272	858,995
Subordinated Series 2020-3 Class C
06/15/2026	1.850%	309,920	309,145
Subordinated Series 2021-1 Class C
03/15/2027	0.830%	502,807	497,820
Subordinated Series 2021-3 Class C
11/15/2027	0.980%	8,442,550	8,300,819
AmeriCredit Automobile Receivables Trust
Series 2021-3 Class A3
08/18/2026	0.760%	14,385,133	13,933,988
Arivo Acceptance Auto Loan Receivables Trust^(a)
Series 2021-1A Class A
01/15/2027	1.190%	2,644,152	2,585,361
Atalaya Equipment Leasing Trust^(a)
Series 2021-1A Class A2
05/15/2026	1.230%	2,401,588	2,358,112
Carvana Auto Receivables Trust
Series 2021-N1 Class A
01/10/2028	0.700%	5,206,149	4,917,026
Series 2021-N2 Class A1
03/10/2028	0.320%	265,211	264,467
Series 2021-N3 Class A1
06/12/2028	0.350%	1,597,377	1,578,064
CCG Receivables Trust^(a)
Series 2020-1 Class A2
12/14/2027	0.540%	2,927,601	2,894,759
Series 2021-1 Class A2
06/14/2027	0.300%	1,729,672	1,692,672
Chase Auto Credit Linked Notes^(a)
Subordinated Series 2020-2 Class B
02/25/2028	0.840%	1,939,738	1,911,632
Subordinated Series 2020-2 Class C
02/25/2028	1.139%	300,198	295,819
Chase Auto Credit-Linked Notes^(a)
Subordinated Series 2020-1 Class B
01/25/2028	0.991%	130,932	130,322

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Commercial Equipment Finance LLC^(a)
Series 2021-A Class A
02/16/2027	2.050%	7,574,815	7,338,329
CPS Auto Receivables Trust^(a)
Series 2022-A Class A
04/16/2029	0.980%	540,892	539,206
Credito Real USA Auto Receivables Trust^(a)
Series 2021-1A Class A
02/16/2027	1.350%	1,009,064	996,011
Dext ABS LLC^(a)
Series 2020-1 Class A
02/16/2027	1.460%	3,339	3,333
Dext Asset-Backed Security LLC^(a)
Series 2021-1 Class A
02/15/2028	1.120%	10,028,900	9,646,128
Dllmt LLC^(a)
Series 2021-1A Class A3
07/21/2025	1.000%	6,868,528	6,652,570
Drive Auto Receivables Trust
Subordinated Series 2020-2 Class C
08/17/2026	2.280%	796,841	795,070
DT Auto Owner Trust^(a)
Series 2020-2A Class C
03/16/2026	3.280%	1,006,077	998,989
Series 2022-3A Class A
10/15/2026	6.050%	15,776,411	15,773,186
Subordinated Series 2019-3A Class E
08/17/2026	3.850%	19,375,000	19,226,578
Subordinated Series 2020-1A Class D
11/17/2025	2.550%	7,790,192	7,637,847
Enterprise Fleet Financing LLC^(a)
Series 2023-1 Class A1
03/20/2024	5.330%	3,342,320	3,338,308
Exeter Automobile Receivables Trust
Series 2023-1A Class A2
06/16/2025	5.610%	10,669,478	10,660,141
Subordinated Series 2021-1A Class C
01/15/2026	0.740%	4,568,526	4,517,622
FHF Trust^(a)
Series 2021-1A Class A
03/15/2027	1.270%	2,860,687	2,753,756
Series 2021-2A Class A
12/15/2026	0.830%	6,505,540	6,284,406
First Investors Auto Owner Trust^(a)
Series 2021-2A Class A
03/15/2027	0.480%	6,705,744	6,517,950

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

8	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Flagship Credit Auto Trust^(a)
Series 2021-3 Class A
07/15/2027	0.360%	7,351,997	7,178,687
Ford Credit Auto Lease Trust
Series 2022-A Class A3
05/15/2025	3.230%	675,000	668,112
Foursight Capital Automobile Receivables Trust^(a)
Series 2022-1 Class A2
09/15/2025	1.150%	499,497	497,189
FREED ABS Trust^(a)
Series 2022-4FP Class A
12/18/2029	6.490%	576,916	576,971
GLS Auto Receivables Issuer Trust^(a)
Subordinated Series 2020-4A Class C
11/17/2025	1.140%	1,369,904	1,358,503
Subordinated Series 2021-1A Class C
01/15/2027	1.200%	535,473	529,462
GM Financial Consumer Automobile Receivables Trust
Series 2023-1 Class A2A
03/16/2026	5.190%	2,989,000	2,983,899
GreatAmerica Leasing Receivables^(a)
Series 2023-1 Class A1
06/14/2024	5.519%	16,861,520	16,855,799
Hyundai Auto Receivables Trust
Series 2021-B Class A3
01/15/2026	0.380%	4,848,609	4,696,149
JPMorgan Chase Bank NA^(a)
Subordinated Series 2021-1 Class C
09/25/2028	1.024%	3,031,700	2,941,792
Subordinated Series 2021-2 Class C
12/26/2028	0.969%	1,112,831	1,073,790
JPMorgan Chase Bank NA - CACLN^(a)
Series 2021-3 Class B
02/26/2029	0.760%	4,477,170	4,267,008
Series 2021-3 Class C
02/26/2029	0.860%	1,826,550	1,738,288
LAD Auto Receivables Trust^(a)
Series 2021-1A Class A
08/17/2026	1.300%	1,580,695	1,543,368
Lendbuzz Securitization Trust^(a)
Series 2021-1A Class A
06/15/2026	1.460%	8,457,889	8,130,713
LendingPoint Asset Securitization Trust^(a)
Series 2020-REV1 Class A
10/15/2028	2.731%	649,379	647,133
LL ABS Trust^(a)
Series 2021-1A Class A
05/15/2029	1.070%	1,537,390	1,498,047

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Mercedes-Benz Auto Receivables Trust
Series 2020-1 Class A4
10/15/2026	0.770%	5,575,000	5,387,929
MMAF Equipment Finance LLC^(a)
Series 2020-A Class A2
04/09/2024	0.740%	2,237	2,235
MVW Owner Trust^(a)
Series 2017-1A Class A
12/20/2034	2.420%	1,914,508	1,909,680
NMEF Funding LLC^(a)
Series 2021-A Class A2
12/15/2027	0.810%	620,425	619,284
Octane Receivables Trust^(a)
Series 2020-1A Class A
02/20/2025	1.710%	1,199,244	1,196,364
Series 2021-2A Class A
09/20/2028	1.210%	12,221,118	11,792,092
Oportun Issuance Trust^(a)
Series 2022-3 Class A
01/08/2030	7.451%	6,467,474	6,477,708
Pagaya AI Debt Selection Trust^(a)
Series 2021-1 Class A
11/15/2027	1.180%	219,835	219,346
Series 2021-3 Class A
05/15/2029	1.150%	4,958,940	4,923,579
Series 2021-5 Class A
08/15/2029	1.530%	3,792,236	3,733,488
Pagaya AI Debt Trust^(a)
Series 2022-1 Class A
10/15/2029	2.030%	16,205,408	15,796,850
Santander Drive Auto Receivables Trust
Series 2022-1 Class A3
11/17/2025	1.940%	705,610	703,033
Series 2022-2 Class A3
10/15/2026	2.980%	6,452,108	6,385,777
Series 2022-3 Class A3
12/15/2026	3.400%	14,285,651	14,125,683
Series 2023-3 Class A2
08/17/2026	6.080%	3,800,000	3,799,340
Subordinated Series 2020-4 Class C
01/15/2026	1.010%	1,076,716	1,074,648
SoFi Consumer Loan Program Trust^(a)
Series 2022-1S Class A
04/15/2031	6.210%	5,328,911	5,324,516
Theorem Funding Trust^(a)
Series 2021-1A Class A
12/15/2027	1.210%	579,988	577,675

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

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2022-1A Class A
02/15/2028	1.850%	6,776,530	6,684,566
Toyota Auto Loan Extended Note Trust^(a)
Series 2019-1A Class A
11/25/2031	2.560%	31,813,000	31,052,434
Tricolor Auto Securitization Trust^(a)
Series 2022-1A Class A
02/18/2025	3.300%	826,655	822,569
Upstart Pass-Through Trust^(a)
Series 2020-ST6 Class A
01/20/2027	3.000%	1,076,163	1,049,520
Series 2021-ST2 Class A
04/20/2027	2.500%	751,374	723,810
Series 2021-ST6 Class A
08/20/2027	1.850%	2,214,076	2,102,966
Upstart Securitization Trust^(a)
Series 2021-3 Class A
07/20/2031	0.830%	2,708,990	2,687,387
Verizon Master Trust
Series 2021-1 Class A
05/20/2027	0.500%	17,805,000	17,106,344
VFI ABS LLC^(a)
Series 2022-1A Class A
03/24/2028	2.230%	5,522,727	5,384,455
Volkswagen Auto Loan Enhanced Trust
Series 2020-1 Class A4
08/20/2026	1.260%	5,835,000	5,739,992
Westlake Automobile Receivables Trust^(a)
Series 2022-3A Class A2
07/15/2025	5.240%	5,525,168	5,514,263
Series 2023-2A Class A1
03/15/2024	5.266%	6,090,178	6,088,707
Subordinated Series 2021-2A Class B
07/15/2026	0.620%	26,395,294	26,117,336
World Omni Auto Receivables Trust
Series 2021-A Class A3
01/15/2026	0.300%	558,174	542,617
Series 2022-A Class A3
05/17/2027	1.660%	3,575,000	3,435,562
World Omni Select Auto Trust
Series 2021-A Class A3
03/15/2027	0.530%	14,917,095	14,482,081
Total Asset-Backed Securities — Non-Agency (Cost $421,167,012)			418,167,738

Commercial Mortgage-Backed Securities - Non-Agency 4.3%

Commercial Mortgage Trust
Series 2014-CR16 Class A4
04/10/2047	4.051%	1,123,000	1,103,293

Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
GS Mortgage Securities Corp. Trust^(a),(b)
Series 2022-SHIP Class A
1-month Term SOFR + 0.731% Floor 0.731% 08/15/2036	5.953%	13,725,000	13,673,943
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 Class A5
02/15/2047	4.079%	3,500,000	3,432,710
JPMorgan Chase Commercial Mortgage Securities Trust
Subordinated Series 2013-C16 Class AS
12/15/2046	4.517%	9,315,000	9,142,971
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13 Class A4
11/15/2046	4.039%	4,885,000	4,843,155
Morgan Stanley Bank of America Merrill Lynch Trust^(c)
Subordinated Series 2014-C14 Class AS
02/15/2047	4.384%	14,198,500	13,998,872
Wells Fargo Commercial Mortgage Trust^(a),(b)
Series 2017-SMP Class A
1-month Term SOFR + 1.114% Floor 0.875% 12/15/2034	6.336%	11,000,000	10,350,045
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $56,895,558)			56,544,989

Corporate Bonds & Notes 48.3%

Aerospace & Defense 1.6%
BAE Systems Holdings, Inc.^(a)
12/15/2025	3.850%	5,350,000	5,154,989
Boeing Co. (The)
05/01/2025	4.875%	7,000,000	6,915,246
Harris Corp.
04/27/2025	3.832%	2,005,000	1,946,912
United Technologies Corp.
08/16/2025	3.950%	7,000,000	6,831,326
Total			20,848,473
Automotive 1.0%
Daimler Trucks Finance North America LLC^(a),(b)
SOFR + 1.000% 04/05/2024	6.300%	7,000,000	7,008,292
Toyota Motor Credit Corp.
06/14/2024	0.500%	7,040,000	6,714,195
Total			13,722,487
Banking 14.8%
American Express Co.^(b)
SOFR + 0.720% 05/03/2024	6.020%	5,647,000	5,652,260

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

10	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Bank of America Corp.^(b)
SOFR + 1.100% 04/25/2025	6.400%	12,325,000	12,358,410
Bank of Montreal
06/07/2025	3.700%	6,063,000	5,868,840
Bank of New York Mellon Corp. (The)^(b)
SOFR + 0.260% 04/26/2024	5.560%	1,047,000	1,044,764
Bank of Nova Scotia (The)^(b)
SOFR + 1.090% 06/12/2025	6.390%	6,500,000	6,518,586
BBVA USA
08/27/2024	2.500%	6,500,000	6,278,541
Canadian Imperial Bank of Commerce^(b)
3-month USD LIBOR + 0.660% 09/13/2023	6.204%	6,395,000	6,397,320
Citigroup, Inc.^(d)
04/24/2025	3.352%	12,660,000	12,411,587
Commonwealth Bank of Australia^(a),(b)
3-month USD LIBOR + 0.820% 06/04/2024	6.319%	6,383,000	6,400,902
Cooperatieve Rabobank UA^(b)
SOFR + 0.700% 07/18/2025	6.000%	6,375,000	6,388,354
Credit Suisse AG
08/09/2024	4.750%	6,750,000	6,633,237
Goldman Sachs Group, Inc. (The)^(b)
3-month USD LIBOR + 1.600% 11/29/2023	7.063%	11,500,000	11,542,144
HSBC Holdings PLC^(d)
08/17/2024	0.732%	6,887,000	6,868,002
JPMorgan Chase & Co.^(d)
12/15/2025	5.546%	13,000,000	12,968,967
Morgan Stanley^(d)
10/21/2025	1.164%	12,550,000	11,797,881
National Australia Bank Ltd.
05/13/2025	5.200%	6,325,000	6,309,795
Royal Bank of Canada^(b)
3-month Term SOFR + 0.922% 10/05/2023	6.190%	6,389,000	6,392,354
Skandinaviska Enskilda Banken AB^(a)
11/19/2025	1.400%	7,000,000	6,347,182
State Street Corp.^(d)
12/03/2024	3.776%	6,804,000	6,753,559
Svenska Handelsbanken AB^(a)
06/10/2025	3.650%	5,965,000	5,760,537

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Toronto-Dominion Bank (The)^(b)
SOFR + 0.910% 03/08/2024	6.210%	6,575,000	6,580,807
Truist Bank^(b)
SOFR + 0.200% 01/17/2024	5.500%	6,600,000	6,550,862
UBS Group AG^(a),(d)
08/05/2025	4.490%	6,500,000	6,377,304
US Bancorp
11/17/2025	3.950%	7,000,000	6,783,636
Wells Fargo & Co.^(d)
05/19/2025	0.805%	12,000,000	11,501,709
Westpac Banking Corp.^(b)
SOFR + 0.300% 11/18/2024	5.600%	6,500,000	6,479,317
Total			194,966,857
Cable and Satellite 1.0%
Charter Communications Operating LLC/Capital^(b)
3-month USD LIBOR + 1.650% 02/01/2024	6.949%	6,552,000	6,576,617
Comcast Corp.
10/15/2025	3.950%	7,000,000	6,836,233
Total			13,412,850
Chemicals 0.5%
DuPont de Nemours, Inc.^(b)
3-month USD LIBOR + 1.110% 11/15/2023	6.431%	6,389,000	6,393,065
Construction Machinery 1.0%
Caterpillar Financial Services Corp.
05/15/2025	1.450%	7,000,000	6,556,426
John Deere Capital Corp.
09/08/2025	4.050%	6,500,000	6,361,908
Total			12,918,334
Consumer Products 0.5%
Kenvue, Inc.^(a)
03/22/2025	5.500%	6,275,000	6,304,876
Diversified Manufacturing 0.7%
Carrier Global Corp.
02/15/2025	2.242%	2,512,000	2,386,817
Siemens Financieringsmaatschappij NV^(a)
05/27/2025	3.250%	6,500,000	6,288,250
Total			8,675,067

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

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Electric 3.9%
CenterPoint Energy, Inc.^(b)
SOFR + 0.650% 05/13/2024	5.950%	6,422,000	6,415,753
Dominion Energy, Inc.^(b)
3-month USD LIBOR + 0.530% 09/15/2023	6.082%	6,000,000	6,000,478
DTE Energy Co.
11/01/2024	4.220%	6,000,000	5,893,548
Duke Energy Corp.
09/15/2025	0.900%	5,651,000	5,157,694
Eversource Energy^(b)
SOFR + 0.250% 08/15/2023	5.550%	6,000,000	5,998,880
Mississippi Power Co.^(b)
SOFR + 0.300% 06/28/2024	5.600%	5,286,000	5,250,901
NextEra Energy Capital Holdings, Inc.
03/01/2025	6.051%	6,445,000	6,496,123
Public Service Enterprise Group, Inc.
11/08/2023	0.841%	4,262,000	4,204,759
WEC Energy Group, Inc.
09/27/2025	5.000%	5,000,000	4,972,557
Xcel Energy, Inc.
06/01/2025	3.300%	1,184,000	1,138,663
Total			51,529,356
Food and Beverage 1.5%
Bacardi Ltd.^(a)
05/15/2025	4.450%	7,000,000	6,818,406
Mondelez International, Inc.
05/04/2025	1.500%	7,000,000	6,548,625
Tyson Foods, Inc.
08/15/2024	3.950%	6,000,000	5,892,496
Total			19,259,527
Health Care 2.9%
Becton Dickinson and Co.
06/06/2024	3.363%	6,208,000	6,085,235
Cigna Corp.
11/15/2025	4.125%	6,500,000	6,345,164
CVS Health Corp.
07/20/2025	3.875%	7,000,000	6,801,913
GE HealthCare Technologies, Inc.
11/15/2025	5.600%	6,500,000	6,521,309
HCA, Inc.
02/15/2026	5.875%	6,575,000	6,593,962

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Thermo Fisher Scientific, Inc.
10/18/2024	1.215%	6,500,000	6,171,515
Total			38,519,098
Healthcare Insurance 0.9%
UnitedHealth Group, Inc.
07/15/2025	3.750%	6,300,000	6,140,754
Wellpoint, Inc.
08/15/2024	3.500%	6,003,000	5,870,005
Total			12,010,759
Independent Energy 0.8%
Pioneer Natural Resources Co.
03/29/2026	5.100%	5,834,000	5,816,764
Woodside Finance Ltd.^(a)
03/05/2025	3.650%	4,537,000	4,380,297
Total			10,197,061
Integrated Energy 0.9%
Chevron USA, Inc.^(b)
3-month USD LIBOR + 0.200% 08/11/2023	5.539%	6,020,000	6,019,836
Shell International Finance BV^(b)
3-month USD LIBOR + 0.400% 11/13/2023	5.721%	6,029,000	6,028,748
Total			12,048,584
Life Insurance 2.0%
Corebridge Financial, Inc.
04/04/2025	3.500%	7,000,000	6,726,649
Five Corners Funding Trust^(a)
11/15/2023	4.419%	6,605,000	6,570,291
Metropolitan Life Global Funding I^(a)
09/27/2024	0.700%	7,139,000	6,730,375
New York Life Global Funding^(a)
06/24/2025	0.950%	1,836,000	1,689,589
Principal Life Global Funding II^(a)
06/23/2025	1.250%	4,771,000	4,371,355
Total			26,088,259
Media and Entertainment 0.9%
Discovery Communications LLC
03/11/2026	4.900%	6,750,000	6,650,505
Walt Disney Co. (The)
09/15/2024	3.700%	4,649,000	4,560,115
Total			11,210,620

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

12	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Midstream 2.8%
Enable Midstream Partners LP
05/15/2024	3.900%	4,300,000	4,225,977
Enbridge, Inc.
02/16/2024	2.150%	6,208,000	6,078,537
Enterprise Products Operating LLC
02/15/2024	3.900%	6,169,000	6,101,395
Kinder Morgan Energy Partners LP
02/01/2024	4.150%	6,083,000	6,028,134
05/01/2024	4.300%	1,710,000	1,689,428
Plains All American Pipeline LP/Finance Corp.
10/15/2025	4.650%	6,600,000	6,443,910
Williams Companies, Inc. (The)
09/15/2025	4.000%	6,500,000	6,292,681
Total			36,860,062
Natural Gas 0.5%
NiSource, Inc.
08/15/2025	0.950%	7,000,000	6,413,480
Pharmaceuticals 3.3%
AbbVie, Inc.
03/15/2025	3.800%	7,000,000	6,818,582
Amgen, Inc.
05/01/2025	3.125%	7,000,000	6,727,398
AstraZeneca PLC
11/16/2025	3.375%	6,700,000	6,458,192
Bristol-Myers Squibb Co.
11/13/2023	0.537%	6,500,000	6,407,075
Gilead Sciences, Inc.
02/01/2025	3.500%	4,100,000	3,993,774
Pfizer Investment Enterprises Pte., Ltd.
05/19/2026	4.450%	7,725,000	7,627,810
Roche Holdings, Inc.^(a),(b)
SOFR + 0.240% 03/05/2024	5.540%	5,250,000	5,240,058
Total			43,272,889
Property & Casualty 0.9%
Chubb INA Holdings, Inc.
03/15/2025	3.150%	6,000,000	5,803,653
Loews Corp.
04/01/2026	3.750%	6,755,000	6,535,000
Total			12,338,653
Railroads 0.9%
CSX Corp.
11/01/2025	3.350%	6,000,000	5,785,423

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Union Pacific Corp.
01/15/2025	3.250%	6,000,000	5,832,730
Total			11,618,153
Retailers 0.4%
Lowe’s Companies, Inc.
09/08/2025	4.400%	5,736,000	5,629,378
Technology 2.2%
Broadcom, Inc.
11/15/2025	3.150%	7,000,000	6,677,823
International Business Machines Corp.
02/12/2024	3.625%	3,525,000	3,486,741
Microchip Technology, Inc.
02/15/2024	0.972%	6,129,000	5,964,513
NXP BV/Funding LLC
03/01/2026	5.350%	6,500,000	6,477,830
Oracle Corp.
04/01/2025	2.500%	6,400,000	6,103,870
Total			28,710,777
Transportation Services 0.3%
ERAC USA Finance LLC^(a)
11/01/2025	3.800%	4,800,000	4,624,178
Wireless 1.0%
American Tower Corp.
01/15/2025	2.950%	7,000,000	6,730,212
T-Mobile USA, Inc.
04/15/2025	3.500%	7,000,000	6,769,855
Total			13,500,067
Wirelines 1.1%
AT&T, Inc.^(b)
3-month USD LIBOR + 1.180% 06/12/2024	6.720%	7,025,000	7,054,309
Verizon Communications, Inc.^(b)
SOFR + 0.500% 03/22/2024	5.800%	7,035,000	7,038,210
Total			14,092,519
Total Corporate Bonds & Notes (Cost $639,599,421)			635,165,429

Foreign Government Obligations^(e) 0.9%

Canada 0.9%
Province of Ontario
01/29/2024	3.050%	6,000,000	5,924,742

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

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Foreign Government Obligations^(e) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Province of Quebec
10/16/2024	2.875%	6,500,000	6,301,364
Total			12,226,106
Total Foreign Government Obligations (Cost $12,333,358)			12,226,106

Residential Mortgage-Backed Securities - Agency 0.0%

Federal Home Loan Mortgage Corp.^(b)
1-year CMT + 2.255% Cap 11.180% 02/01/2036	4.380%	24,025	23,699
Total Residential Mortgage-Backed Securities - Agency (Cost $24,010)			23,699

Residential Mortgage-Backed Securities - Non-Agency 10.4%

Bellemeade Re Ltd.^(a),(b)
CMO Series 2021-1A Class M1A
30-day Average SOFR + 1.750% Floor 1.750% 03/25/2031	6.819%	1,842,346	1,844,079
CMO Series 2021-3A Class M1A
30-day Average SOFR + 1.000% Floor 1.000% 09/25/2031	6.069%	4,343,705	4,306,927
BVRT Financing Trust^(a),(b),(f)
CMO Series 2021-3F Class M1
30-day Average SOFR + 1.750% Floor 1.750% 07/12/2033	3.608%	3,164,586	3,164,586
CFMT LLC^(a),(c)
CMO Series 2021-EBO1 Class A
11/25/2050	0.985%	7,281,725	6,707,851
Connecticut Avenue Securities Trust^(a),(b)
CMO Series 2022-R05 Class 2M1
30-day Average SOFR + 1.900% 04/25/2042	6.969%	9,768,081	9,819,678
Freddie Mac STACR REMIC Trust^(a),(b)
CMO Series 2022-HQA1 Class M1A
30-day Average SOFR + 2.100% 03/25/2042	7.167%	6,923,621	6,967,047
Lakeview Trust^(a)
CMO Series 2022-1 Class A
04/25/2052	2.389%	7,447,741	7,132,736
MFA Trust^(a),(c)
CMO Series 2020-NQM3 Class A3
01/26/2065	1.632%	1,119,196	1,000,801
NRZ Excess Spread-Collateralized Notes^(a)
Series 2020-PLS1 Class A
12/25/2025	3.844%	2,964,702	2,755,724

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Oceanview Trust^(a),(c)
CMO Series 2021-1 Class A
12/29/2051	1.219%	2,786,588	2,720,555
Pretium Mortgage Credit Partners LLC^(a),(c)
CMO Series 2021-RN2 Class A1
07/25/2051	1.744%	8,618,925	7,759,782
Towd Point Mortgage Trust^(a),(c)
CMO Series 2021-SJ1 Class A1
07/25/2068	2.250%	9,820,506	9,140,799
CMO Series 2022-EBO1 Class A
01/25/2052	2.161%	3,188,900	3,129,552
CMO Series 2022-SJ1 Class A1B
03/25/2062	3.612%	17,254,219	16,308,928
VCAT Asset Securitization LLC^(a),(c)
CMO Series 2021-NPL6 Class A1
09/25/2051	1.917%	13,914,753	12,779,448
VCAT LLC^(a),(c)
CMO Series 2021-NPL1 Class A1
12/26/2050	2.289%	956,109	919,367
CMO Series 2021-NPL4 Class A1
08/25/2051	1.868%	23,015,179	21,106,121
CMO Series 2021-NPL5 Class A1
08/25/2051	1.868%	11,167,663	10,357,466
Vericrest Opportunity Loan Transferee XCIII LLC^(a),(c)
CMO Series 2021-NPL2 Class A1
02/27/2051	1.893%	9,479,146	8,867,219
Verus Securitization Trust^(a),(c)
CMO Series 2020-1 Class A1
01/25/2060	2.417%	357,988	335,628
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $145,376,201)			137,124,294

U.S. Government & Agency Obligations 1.0%

Federal Farm Credit Banks Funding Corp.^(b)
SOFR + 0.050% 08/22/2023	5.350%	350,000	349,975
1-month Term SOFR + 0.514% 12/08/2023	5.679%	2,000,000	2,002,542
SOFR + 0.060% 12/27/2023	5.360%	2,575,000	2,575,099
SOFR + 0.040% 02/09/2024	5.340%	2,900,000	2,899,142
Federal Home Loan Banks^(b)
SOFR + 0.070% 12/14/2023	5.370%	5,950,000	5,949,775
Total U.S. Government & Agency Obligations (Cost $13,777,573)			13,776,533

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

14	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

U.S. Treasury Obligations 1.1%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury
10/31/2023	0.375%	14,200,000	14,024,719
Total U.S. Treasury Obligations (Cost $14,045,408)			14,024,719

Money Market Funds 1.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 5.408%^(g),(h)	20,604,389	20,596,147
Total Money Market Funds (Cost $20,593,739)		20,596,147
Total Investments in Securities (Cost: $1,323,812,280)		1,307,649,654
Other Assets & Liabilities, Net		7,352,189
Net Assets		1,315,001,843

At July 31, 2023, securities and/or cash totaling $1,512,250 were pledged as collateral.

Investments in derivatives

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	(1,315)	09/2023	USD	(266,986,094)	3,722,733	—

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 July 31, 2023, the total value of these securities amounted to $551,585,357, which represents 41.95% of total net assets.
(b)	Variable rate security. The interest rate shown was the current rate as of July 31, 2023.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2023.
(d)	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 July 31, 2023.
(e)	Principal and interest may not be guaranteed by a governmental entity.
(f)	Valuation based on significant unobservable inputs.
(g)	The rate shown is the seven-day current annualized yield at July 31, 2023.
(h)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended July 31, 2023 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 5.408%
	94,045,164	1,376,544,437	(1,449,986,011)	(7,443)	20,596,147	17,428	2,016,055	20,604,389

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

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
July 31, 2023

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

Currency Legend

USD

US Dollar

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 July 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities — Non-Agency	—	418,167,738	—	418,167,738
Commercial Mortgage-Backed Securities - Non-Agency	—	56,544,989	—	56,544,989
Corporate Bonds & Notes	—	635,165,429	—	635,165,429
Foreign Government Obligations	—	12,226,106	—	12,226,106
Residential Mortgage-Backed Securities - Agency	—	23,699	—	23,699
Residential Mortgage-Backed Securities - Non-Agency	—	133,959,708	3,164,586	137,124,294
U.S. Government & Agency Obligations	—	13,776,533	—	13,776,533
U.S. Treasury Obligations	—	14,024,719	—	14,024,719
Money Market Funds	20,596,147	—	—	20,596,147
Total Investments in Securities	20,596,147	1,283,888,921	3,164,586	1,307,649,654
Investments in Derivatives

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

16	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Statement of Assets and Liabilities
July 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,303,218,541)	$1,287,053,507
Affiliated issuers (cost $20,593,739)	20,596,147
Margin deposits on:
Futures contracts	1,512,250
Receivable for:
Investments sold	6,925,274
Capital shares sold	4,335,121
Dividends	111,389
Interest	6,976,646
Foreign tax reclaims	103,543
Trustees’ fees	176,854
Prepaid expenses	24,442
Total assets	1,327,815,173
Liabilities
Due to custodian	408
Payable for:
Investments purchased	3,386,426
Capital shares redeemed	4,538,199
Distributions to shareholders	4,464,217
Variation margin for futures contracts	82,188
Management services fees	22,763
Distribution and/or service fees	4,389
Transfer agent fees	49,239
Trustees’ fees	229,190
Other expenses	36,311
Total liabilities	12,813,330
Net assets applicable to outstanding capital stock	$1,315,001,843
Represented by
Paid in capital	1,336,834,120
Total distributable earnings (loss)	(21,832,277)
Total - representing net assets applicable to outstanding capital stock	$1,315,001,843
Class A
Net assets	$356,980,651
Shares outstanding	39,341,715
Net asset value per share	$9.07
Advisor Class
Net assets	$86,478,124
Shares outstanding	9,522,179
Net asset value per share	$9.08
Institutional Class
Net assets	$379,278,674
Shares outstanding	41,763,905
Net asset value per share	$9.08
Institutional 3 Class
Net assets	$492,264,394
Shares outstanding	54,182,472
Net asset value per share	$9.09

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

18	Columbia Ultra Short Term Bond Fund \| Annual Report 2023

Table of Contents

Statement of Operations
Year Ended July 31, 2023

Net investment income
Income:
Dividends — affiliated issuers	$2,016,055
Interest	59,546,103
Interfund lending	9,520
Foreign taxes withheld	(10,371)
Total income	61,561,307
Expenses:
Management services fees	4,248,451
Distribution and/or service fees
Class A	750,640
Transfer agent fees
Class A	288,994
Advisor Class	46,676
Institutional Class	252,922
Institutional 3 Class	63,412
Trustees’ fees	57,644
Custodian fees	20,298
Printing and postage fees	49,713
Registration fees	152,757
Accounting services fees	30,090
Legal fees	40,475
Compensation of chief compliance officer	428
Other	49,183
Total expenses	6,051,683
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(24,972)
Total net expenses	6,026,711
Net investment income	55,534,596
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(15,655,360)
Investments — affiliated issuers	17,428
Foreign currency translations	2
Futures contracts	11,810,516
Net realized loss	(3,827,414)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	30,716,179
Investments — affiliated issuers	(7,443)
Futures contracts	2,401,140
Net change in unrealized appreciation (depreciation)	33,109,876
Net realized and unrealized gain	29,282,462
Net increase in net assets resulting from operations	$84,817,058

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

Columbia Ultra Short Term Bond Fund | Annual Report 2023

Table of Contents

Statement of Changes in Net Assets

	Year Ended July 31, 2023	Year Ended July 31, 2022
Operations
Net investment income	$55,534,596	$19,350,402
Net realized gain (loss)	(3,827,414)	4,070,945
Net change in unrealized appreciation (depreciation)	33,109,876	(47,781,055)
Net increase (decrease) in net assets resulting from operations	84,817,058	(24,359,708)
Distributions to shareholders
Net investment income and net realized gains
Class A	(13,378,409)	(3,424,548)
Advisor Class	(2,440,261)	(252,722)
Institutional Class	(12,749,678)	(2,283,532)
Institutional 3 Class	(27,921,971)	(13,885,936)
Total distributions to shareholders	(56,490,319)	(19,846,738)
Decrease in net assets from capital stock activity	(1,521,631,205)	(1,122,950,875)
Total decrease in net assets	(1,493,304,466)	(1,167,157,321)
Net assets at beginning of year	2,808,306,309	3,975,463,630
Net assets at end of year	$1,315,001,843	$2,808,306,309

	Year Ended		Year Ended
	July 31, 2023		July 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	15,457,815	138,623,929	35,534,103	320,107,044
Distributions reinvested	1,485,766	13,363,745	381,031	3,420,523
Shares redeemed	(53,204,617)	(477,380,995)	(68,576,118)	(616,728,239)
Net decrease	(36,261,036)	(325,393,321)	(32,660,984)	(293,200,672)
Advisor Class
Shares sold	13,111,839	117,943,975	9,179,795	82,733,447
Distributions reinvested	270,253	2,438,382	28,141	252,653
Shares redeemed	(10,003,365)	(90,219,974)	(5,271,360)	(47,488,719)
Net increase	3,378,727	30,162,383	3,936,576	35,497,381
Institutional Class
Shares sold	35,573,330	319,242,062	42,987,099	386,589,900
Distributions reinvested	1,406,108	12,666,384	251,521	2,259,993
Shares redeemed	(42,454,538)	(381,807,169)	(40,880,635)	(368,018,292)
Net increase (decrease)	(5,475,100)	(49,898,723)	2,357,985	20,831,601
Institutional 3 Class
Shares sold	8,988,427	80,562,950	114,442,793	1,033,394,227
Distributions reinvested	744,357	6,688,069	261,517	2,350,277
Shares redeemed	(140,614,701)	(1,263,752,563)	(213,614,865)	(1,921,823,689)
Net decrease	(130,881,917)	(1,176,501,544)	(98,910,555)	(886,079,185)
Total net decrease	(169,239,326)	(1,521,631,205)	(125,276,978)	(1,122,950,875)

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

20	Columbia Ultra Short Term Bond Fund \| Annual 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	Total distributions to shareholders
Class A
Year Ended 7/31/2023	$8.93	0.24	0.15	0.39	(0.25)	(0.25)
Year Ended 7/31/2022	$9.04	0.03	(0.10)	(0.07)	(0.04)	(0.04)
Year Ended 7/31/2021	$9.05	0.05	0.00^(c)	0.05	(0.06)	(0.06)
Year Ended 7/31/2020	$9.03	0.16	0.03	0.19	(0.17)	(0.17)
Year Ended 7/31/2019^(d)	$9.01	0.09	0.02	0.11	(0.09)	(0.09)
Advisor Class
Year Ended 7/31/2023	$8.94	0.28	0.13	0.41	(0.27)	(0.27)
Year Ended 7/31/2022	$9.05	0.05	(0.11)	(0.06)	(0.05)	(0.05)
Year Ended 7/31/2021	$9.06	0.06	0.00^(c)	0.06	(0.07)	(0.07)
Year Ended 7/31/2020	$9.04	0.16	0.05	0.21	(0.19)	(0.19)
Year Ended 7/31/2019^(e)	$8.99	0.14	0.05	0.19	(0.14)	(0.14)
Institutional Class
Year Ended 7/31/2023	$8.94	0.26	0.15	0.41	(0.27)	(0.27)
Year Ended 7/31/2022	$9.05	0.05	(0.11)	(0.06)	(0.05)	(0.05)
Year Ended 7/31/2021	$9.06	0.06	0.00^(c)	0.06	(0.07)	(0.07)
Year Ended 7/31/2020	$9.04	0.17	0.04	0.21	(0.19)	(0.19)
Year Ended 7/31/2019^(f)	$8.99	0.15	0.04	0.19	(0.14)	(0.14)
Institutional 3 Class
Year Ended 7/31/2023	$8.95	0.24	0.17	0.41	(0.27)	(0.27)
Year Ended 7/31/2022	$9.05	0.05	(0.09)	(0.04)	(0.06)	(0.06)
Year Ended 7/31/2021	$9.06	0.07	0.00^(c)	0.07	(0.08)	(0.08)
Year Ended 7/31/2020	$9.04	0.18	0.03	0.21	(0.19)	(0.19)
Year Ended 7/31/2019	$9.00	0.22	0.04	0.26	(0.22)	(0.22)

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)	Class A shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date.
(e)	Advisor Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date.
(f)	Institutional Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date.

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

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Financial Highlights (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
Year Ended 7/31/2023	$9.07	4.48%	0.44%	0.44%	2.62%	76%	$356,981
Year Ended 7/31/2022	$8.93	(0.80%)	0.42%	0.42%	0.38%	76%	$675,383
Year Ended 7/31/2021	$9.04	0.56%	0.43%	0.43%	0.55%	87%	$978,846
Year Ended 7/31/2020	$9.05	2.17%	0.43%	0.43%	1.79%	100%	$446,211
Year Ended 7/31/2019^(d)	$9.03	1.27%	0.42%	0.42%	2.43%	95%	$118,625
Advisor Class
Year Ended 7/31/2023	$9.08	4.63%	0.29%	0.29%	3.14%	76%	$86,478
Year Ended 7/31/2022	$8.94	(0.65%)	0.27%	0.27%	0.61%	76%	$54,946
Year Ended 7/31/2021	$9.05	0.71%	0.28%	0.28%	0.63%	87%	$19,969
Year Ended 7/31/2020	$9.06	2.32%	0.27%	0.27%	1.81%	100%	$2,522
Year Ended 7/31/2019^(e)	$9.04	2.16%	0.27%	0.27%	2.52%	95%	$12
Institutional Class
Year Ended 7/31/2023	$9.08	4.64%	0.29%	0.29%	2.92%	76%	$379,279
Year Ended 7/31/2022	$8.94	(0.65%)	0.27%	0.27%	0.56%	76%	$422,413
Year Ended 7/31/2021	$9.05	0.71%	0.28%	0.28%	0.71%	87%	$406,157
Year Ended 7/31/2020	$9.06	2.32%	0.28%	0.28%	1.94%	100%	$221,636
Year Ended 7/31/2019^(f)	$9.04	2.18%	0.30%	0.30%	2.63%	95%	$61,044
Institutional 3 Class
Year Ended 7/31/2023	$9.09	4.69%	0.24%	0.24%	2.70%	76%	$492,264
Year Ended 7/31/2022	$8.95	(0.50%)	0.23%	0.23%	0.57%	76%	$1,655,564
Year Ended 7/31/2021	$9.05	0.75%	0.24%	0.24%	0.75%	87%	$2,570,491
Year Ended 7/31/2020	$9.06	2.35%	0.25%	0.25%	2.00%	100%	$1,568,020
Year Ended 7/31/2019	$9.04	2.91%	0.25%	0.25%	2.40%	95%	$780,430

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

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Notes to Financial Statements
July 31, 2023

Note 1. Organization

Columbia Ultra Short Term 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.

Columbia Ultra Short Term Bond Fund must be purchased through financial intermediaries that, by written agreement with Columbia Management Investment Distributors, Inc., are specifically authorized to sell the Fund’s shares.

Fund shares

As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Advisor Class, Institutional 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.

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Notes to Financial Statements (continued)
July 31, 2023

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Foreign currency transactions and translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative instruments

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Notes to Financial Statements (continued)
July 31, 2023

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.

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 the duration and yield curve exposure of the Fund versus the benchmark and 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.

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Notes to Financial Statements (continued)
July 31, 2023

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 table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2023:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	3,722,733*

*	Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	11,810,516

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	2,401,140

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	322,570,713

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 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.

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Notes to Financial Statements (continued)
July 31, 2023

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

Determination of class net asset value

Federal income tax status

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

Distributions to shareholders

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Notes to Financial Statements (continued)
July 31, 2023

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
July 31, 2023

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 year ended July 31, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.06
Advisor Class	0.06
Institutional Class	0.06
Institutional 3 Class	0.01

Distribution and service fees

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.15% of the average daily net assets attributable to Class A shares of the Fund.

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 for Class A, Advisor Class and Institutional Class and permanently for as long as the Investment Manager manages the Fund for Institutional 3 Class, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	December 1, 2022 through November 30, 2023	Prior to December 1, 2022
Class A	0.49%	0.43%
Advisor Class	0.34	0.28
Institutional Class	0.34	0.28
Institutional 3 Class	0.25	0.25

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Notes to Financial Statements (continued)
July 31, 2023

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

At July 31, 2023, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, principal and/or interest from fixed income securities, capital loss carryforwards, trustees’ deferred compensation, distributions and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
607,111	(607,110)	(1)

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2023			Year Ended July 31, 2022
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
56,490,319	—	56,490,319	19,846,738	—	19,846,738

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
4,921,826	—	(6,319,172)	(15,742,612)

At July 31, 2023, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
1,327,114,999	2,519,719	(18,262,331)	(15,742,612)

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)
July 31, 2023

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
—	(6,319,172)	(6,319,172)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,488,140,705 and $2,932,757,617, respectively, for the year ended July 31, 2023, of which $53,483,653 and $84,300,296, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended July 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	15,800,000	4.18	6

Interest income earned by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2023.

Note 8. Line of credit

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Notes to Financial Statements (continued)
July 31, 2023

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 year ended July 31, 2023.

Note 9. Significant risks

Credit risk

Derivatives risk

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

Interest rate risk

Liquidity risk

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Notes to Financial Statements (continued)
July 31, 2023

Market risk

Mortgage- and other asset-backed securities risk

The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

Shareholder concentration risk

At July 31, 2023, one unaffiliated shareholder of record owned 35.0% 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 46.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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Notes to Financial Statements (continued)
July 31, 2023

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Ultra Short Term Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Ultra Short Term Bond Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

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Federal Income Tax Information

(Unaudited)

Section 163(j) Interest Dividends
99.94%

Section 163(j) Interest Dividends. The percentage of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period requirements and other limitations.

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	173	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	173	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	173	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	173	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	171	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	171	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	173	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	173	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	173	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	171	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	171	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	173	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	171	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	173	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	173	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.

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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Approval of Management Agreement

(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

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

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

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

Investment performance

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

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

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Economies of scale

The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.

Conclusion

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

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Federal Income Tax Information	27
Trustees and Officers	27
Liquidity Risk Management Program	33
Approval of Management and Subadvisory Agreements	34

If you elect to receive the shareholder report for Columbia U.S. Social 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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation, through investments that seek to support and fund socially beneficial activities and developments, primarily in the U.S.

Portfolio management

Catherine Stienstra

Lead Portfolio Manager

Managed Fund since February 2022

Tom Murphy, CFA

Portfolio Manager

Managed Fund since 2015

Average annual total returns (%) (for the period ended July 31, 2023)
		Inception	1 Year	5 Years	Life
Class A	Excluding sales charges	03/26/15	-0.92	1.07	1.46
	Including sales charges		-3.87	0.46	1.09
Advisor Class		03/26/15	-0.68	1.30	1.70
Class C	Excluding sales charges	03/26/15	-1.67	0.31	0.71
	Including sales charges		-2.63	0.31	0.71
Institutional Class		03/26/15	-0.68	1.32	1.71
Institutional 2 Class		03/26/15	-0.75	1.32	1.72
Institutional 3 Class*		03/01/17	-0.59	1.37	1.70
Bloomberg Municipal Bond Index			0.93	1.87	2.06

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 applicable contingent deferred sales charge of 1.00% in the first year. 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 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. Since the Fund launched more than one share class at its inception, Class A shares were used. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

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.

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Manager Discussion of Fund Performance
(Unaudited)

Columbia U.S. Social Bond Fund was liquidated on August 4, 2023, just after the close of the annual period.

For the 12-month period that ended July 31, 2023, Class A shares of Columbia U.S. Social Bond Fund returned -0.92% excluding sales charges. Institutional Class shares of the Fund returned -0.68%. The Fund’s benchmark, the Bloomberg Municipal Bond Index, returned 0.93%.

Market overview

The municipal bond market experienced significant volatility during the annual period, impacted primarily by the efforts of the U.S. Federal Reserve (Fed) to return inflation to its target levels and the resultant dramatic increase in interest rates. As the period began in August 2022, the benchmark saw broad-based negative returns, followed by its worst September monthly return on record. The municipal bond market then delivered positive performance in the fourth calendar quarter. The Fed’s aggressive hiking campaign showed initial signs of cooling, boosting investor sentiment and driving a long-awaited relief rally that continued into January 2023. Unfortunately, sentiment quickly unwound in February, as the market reconsidered the persistence of inflation and a still too strong labor market. A more hawkish Fed led to a sell-off in U.S. Treasury and municipal bond yields alike. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Then came March 2023 when, partially driven by higher interest rates, an unforeseen banking crisis unfolded, with three U.S. regional banks and Credit Suisse in need of rescue in quick succession. The weakness in the banking sector led to municipal bond yields moving lower and, in turn, solid positive first calendar quarter returns for the benchmark. Both U.S. Treasury and municipal bond yields then rose during the second quarter of 2023, as the regional banking crisis ebbed and the focus on the Fed’s tightening monetary policy reignited. For the first time since it started hiking in March 2022, the Fed did not raise rates at its June 2023 meeting. However, in late July, the Fed approved another rate hike, its 11th of the current cycle, bringing its targeted federal funds rate to its highest level in more than 22 years. Further, the Fed indicated additional interest rate increases may be implemented before year end. The benchmark posted a modestly negative return for the second quarter of 2023 but a moderately positive return for July, as performance was broadly positive across maturities, credit ratings and states for the month amid a consensus shift in favor of a soft landing with a recession no longer imminent. Notably, the municipal bond market outperformed both U.S. Treasuries and the broad U.S. fixed-income market for the last five months of the period and did so even more significantly for the annual period overall.

The Fund experienced an increased level of portfolio turnover during the period as a result of the planned liquidation of the Fund.

The Fund’s notable detractors during the period

•	The Fund’s duration positioning detracted from the Fund’s relative results during the period.

○	The Fund had a longer duration profile than that of the benchmark during the first four months of the period, which hurt as municipal yields rose significantly during that time.
○	We shortened the Fund’s relative duration stance after the announcement of the Fund’s liquidation was made in mid-March 2023, but in so doing, the Fund did not fully participate in the municipal bond market’s subsequent rally.

•	Given their comparatively greater propensity to have a high score when analyzing positive social and environmental impact, the Fund had overweighted allocations to the charter schools, local general obligation bonds and housing sectors. However, these exposures hurt, as each underperformed the benchmark during the period. The Fund’s underweighted allocations to the stronger tolls and education sectors also dampened results.
•	Security selection detracted most in the housing and assisted living sectors.
•	From a credit quality perspective, the Fund’s exposure to below-investment-grade bonds, which are not components of the benchmark, detracted, as high yield underperformed higher quality bonds overall during the period. Security selection among AA-rated bonds also hurt.
•	Having a larger position than usual in cash given the Fund’s gradual unwinding ahead of its liquidation detracted from relative results, as the benchmark posted a positive absolute return for the period from mid-March through July 2023 as a whole.

Columbia U.S. Social Bond Fund | Annual Report 2023

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Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable contributors during the period

•	Having an overweight to the hospital sector, with a focus on providers of health care services that serve disadvantaged populations who rely on government programs such as Medicaid for their coverage, contributed positively to the Fund’s relative results.
•	Issue selection within the charter schools, toll roads, transportation, and water and sewer sectors boosted relative results.
•	From a credit quality perspective, the Fund’s overweight to A-rated bonds helped most, as lower quality investment-grade bonds outpaced their higher quality counterparts during the period. Security selection among BBB-rated bonds also added value.
•	Yield curve positioning overall contributed positively, especially the Fund’s overweight to municipal bonds with maturities of 10 to 20 years, as bonds with longer maturities outperformed those with shorter maturities during the period.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Social impact investing may increase risk due to the limitations and constraints involved in investment selection and, as a result, the Fund may under perform other funds that do not consider the social impact. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Market or other (e.g., interest rate) environments may adversely affect the liquidity of fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. As a non-diversified fund, fewer investments could have a greater effect on performance. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2023 — July 31, 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	989.60	1,021.32	3.45	3.51	0.70
Advisor Class	1,000.00	1,000.00	989.80	1,022.56	2.22	2.26	0.45
Class C	1,000.00	1,000.00	985.90	1,017.60	7.14	7.25	1.45
Institutional Class	1,000.00	1,000.00	990.80	1,022.56	2.22	2.26	0.45
Institutional 2 Class	1,000.00	1,000.00	989.90	1,022.71	2.07	2.11	0.42
Institutional 3 Class	1,000.00	1,000.00	991.30	1,022.96	1.83	1.86	0.37

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

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Portfolio of Investments
July 31, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 0.4%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Minnesota 0.4%
St. Cloud Housing & Redevelopment Authority^(a),(b),(c)
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016
08/01/2036	4.350%	240,000	132,000
Total Municipal Bonds (Cost $132,049)			132,000

Money Market Funds 100.0%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.537%^(d)	37,575,878	37,583,196
Total Money Market Funds (Cost $37,583,196)		37,583,196
Total Investments in Securities (Cost $37,715,245)		37,715,196
Other Assets & Liabilities, Net		(146,790)
Net Assets		$37,568,406

Notes to Portfolio of Investments

(a)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2023, the total value of these securities amounted to $132,000, which represents 0.35% of total net assets.
(b)	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 July 31, 2023.
(c)	Valuation based on significant unobservable inputs.
(d)	The rate shown is the seven-day current annualized yield at July 31, 2023.

Fair value measurements

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

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

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

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Portfolio of Investments (continued)
July 31, 2023

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	—	132,000	132,000
Money Market Funds	37,583,196	—	—	37,583,196
Total Investments in Securities	37,583,196	—	132,000	37,715,196

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

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

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Statement of Assets and Liabilities
July 31, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $37,715,245)	$37,715,196
Receivable for:
Capital shares sold	100,065
Dividends	68,469
Interest	10,440
Trustees’ fees	39,018
Expense reimbursement due from Investment Manager	1,920
Prepaid expenses	12
Total assets	37,935,120
Liabilities
Payable for:
Capital shares redeemed	178,319
Distributions to shareholders	112,212
Management services fees	1,537
Distribution and/or service fees	307
Transfer agent fees	3,260
Trustees’ fees	52,655
Other expenses	18,424
Total liabilities	366,714
Net assets applicable to outstanding capital stock	$37,568,406
Represented by
Paid in capital	43,397,751
Total distributable earnings (loss)	(5,829,345)
Total - representing net assets applicable to outstanding capital stock	$37,568,406
Class A
Net assets	$12,280,359
Shares outstanding	1,299,512
Net asset value per share	$9.45
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)	$9.74
Advisor Class
Net assets	$471,566
Shares outstanding	49,938
Net asset value per share	$9.44
Class C
Net assets	$675,546
Shares outstanding	71,501
Net asset value per share	$9.45
Institutional Class
Net assets	$22,191,957
Shares outstanding	2,348,224
Net asset value per share	$9.45
Institutional 2 Class
Net assets	$1,582,428
Shares outstanding	167,370
Net asset value per share	$9.45
Institutional 3 Class
Net assets	$366,550
Shares outstanding	38,660
Net asset value per share	$9.48

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

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Statement of Operations
Year Ended July 31, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$139,482
Interest	1,800,813
Total income	1,940,295
Expenses:
Management services fees	291,764
Distribution and/or service fees
Class A	33,283
Class C	8,646
Transfer agent fees
Class A	12,402
Advisor Class	3,620
Class C	808
Institutional Class	32,058
Institutional 2 Class	1,753
Institutional 3 Class	463
Trustees’ fees	16,730
Custodian fees	1,895
Printing and postage fees	19,481
Registration fees	97,019
Accounting services fees	30,090
Legal fees	13,346
Line of credit interest	115
Interest on interfund lending	1,008
Compensation of chief compliance officer	13
Other	11,028
Total expenses	575,522
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(264,375)
Total net expenses	311,147
Net investment income	1,629,148
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(5,481,020)
Net realized loss	(5,481,020)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	2,995,818
Net change in unrealized appreciation (depreciation)	2,995,818
Net realized and unrealized loss	(2,485,202)
Net decrease in net assets resulting from operations	$(856,054)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2023		July 31, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	550,404	5,258,720	242,765	2,483,677
Distributions reinvested	23,837	224,610	18,530	189,906
Shares redeemed	(667,448)	(6,304,504)	(234,701)	(2,386,161)
Net increase (decrease)	(93,207)	(821,174)	26,594	287,422
Advisor Class
Shares sold	79,459	766,689	462,295	4,536,212
Distributions reinvested	10,975	102,957	6,239	63,333
Shares redeemed	(630,201)	(5,980,788)	(113,955)	(1,154,640)
Net increase (decrease)	(539,767)	(5,111,142)	354,579	3,444,905
Class C
Shares sold	3,155	30,034	22,549	228,483
Distributions reinvested	1,275	12,006	986	10,117
Shares redeemed	(36,603)	(347,898)	(53,926)	(536,467)
Net decrease	(32,173)	(305,858)	(30,391)	(297,867)
Institutional Class
Shares sold	1,949,231	18,398,384	2,035,390	20,719,858
Distributions reinvested	69,497	654,625	65,810	672,843
Shares redeemed	(4,015,412)	(37,938,608)	(1,608,917)	(16,173,421)
Net increase (decrease)	(1,996,684)	(18,885,599)	492,283	5,219,280
Institutional 2 Class
Shares sold	82,303	770,260	218,005	2,191,834
Distributions reinvested	8,265	77,670	8,018	81,827
Shares redeemed	(371,562)	(3,522,756)	(95,988)	(959,281)
Net increase (decrease)	(280,994)	(2,674,826)	130,035	1,314,380
Institutional 3 Class
Shares sold	61,388	588,013	258,588	2,599,714
Distributions reinvested	13,119	123,853	14,634	150,406
Shares redeemed	(826,168)	(7,892,380)	(135,497)	(1,364,643)
Net increase (decrease)	(751,661)	(7,180,514)	137,725	1,385,477
Total net increase (decrease)	(3,694,486)	(34,979,113)	1,110,825	11,353,597

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
Year Ended 7/31/2023	$9.78	0.24	(0.33)	(0.09)	(0.24)	—	(0.24)
Year Ended 7/31/2022	$10.86	0.19	(1.08)	(0.89)	(0.19)	—	(0.19)
Year Ended 7/31/2021	$10.75	0.21	0.11	0.32	(0.21)	—	(0.21)
Year Ended 7/31/2020	$10.51	0.25	0.25	0.50	(0.25)	(0.01)	(0.26)
Year Ended 7/31/2019	$10.05	0.27	0.45	0.72	(0.26)	—	(0.26)
Advisor Class
Year Ended 7/31/2023	$9.77	0.26	(0.33)	(0.07)	(0.26)	—	(0.26)
Year Ended 7/31/2022	$10.86	0.22	(1.09)	(0.87)	(0.22)	—	(0.22)
Year Ended 7/31/2021	$10.75	0.24	0.11	0.35	(0.24)	—	(0.24)
Year Ended 7/31/2020	$10.51	0.28	0.25	0.53	(0.28)	(0.01)	(0.29)
Year Ended 7/31/2019	$10.05	0.29	0.46	0.75	(0.29)	—	(0.29)
Class C
Year Ended 7/31/2023	$9.78	0.17	(0.33)	(0.16)	(0.17)	—	(0.17)
Year Ended 7/31/2022	$10.86	0.12	(1.08)	(0.96)	(0.12)	—	(0.12)
Year Ended 7/31/2021	$10.74	0.13	0.12	0.25	(0.13)	—	(0.13)
Year Ended 7/31/2020	$10.51	0.17	0.24	0.41	(0.17)	(0.01)	(0.18)
Year Ended 7/31/2019	$10.05	0.19	0.46	0.65	(0.19)	—	(0.19)
Institutional Class
Year Ended 7/31/2023	$9.78	0.26	(0.33)	(0.07)	(0.26)	—	(0.26)
Year Ended 7/31/2022	$10.86	0.22	(1.08)	(0.86)	(0.22)	—	(0.22)
Year Ended 7/31/2021	$10.75	0.24	0.11	0.35	(0.24)	—	(0.24)
Year Ended 7/31/2020	$10.51	0.28	0.25	0.53	(0.28)	(0.01)	(0.29)
Year Ended 7/31/2019	$10.05	0.29	0.46	0.75	(0.29)	—	(0.29)
Institutional 2 Class
Year Ended 7/31/2023	$9.79	0.26	(0.34)	(0.08)	(0.26)	—	(0.26)
Year Ended 7/31/2022	$10.87	0.22	(1.08)	(0.86)	(0.22)	—	(0.22)
Year Ended 7/31/2021	$10.76	0.24	0.11	0.35	(0.24)	—	(0.24)
Year Ended 7/31/2020	$10.52	0.28	0.25	0.53	(0.28)	(0.01)	(0.29)
Year Ended 7/31/2019	$10.06	0.29	0.46	0.75	(0.29)	—	(0.29)

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
Year Ended 7/31/2023	$9.45	(0.92%)	1.15%^(c),(d)	0.70%^(c),(d)	2.50%	43%	$12,280
Year Ended 7/31/2022	$9.78	(8.22%)	1.05%	0.70%	1.90%	7%	$13,616
Year Ended 7/31/2021	$10.86	3.03%	1.08%	0.70%	1.98%	13%	$14,841
Year Ended 7/31/2020	$10.75	4.87%	1.12%	0.70%	2.39%	14%	$14,709
Year Ended 7/31/2019	$10.51	7.33%	1.14%	0.70%	2.63%	11%	$11,797
Advisor Class
Year Ended 7/31/2023	$9.44	(0.68%)	0.84%^(c),(d)	0.45%^(c),(d)	2.71%	43%	$472
Year Ended 7/31/2022	$9.77	(8.08%)	0.80%	0.45%	2.19%	7%	$5,764
Year Ended 7/31/2021	$10.86	3.29%	0.83%	0.45%	2.23%	13%	$2,554
Year Ended 7/31/2020	$10.75	5.13%	0.87%	0.45%	2.64%	14%	$2,010
Year Ended 7/31/2019	$10.51	7.60%	0.89%	0.45%	2.86%	11%	$629
Class C
Year Ended 7/31/2023	$9.45	(1.67%)	1.89%^(c),(d)	1.45%^(c),(d)	1.76%	43%	$676
Year Ended 7/31/2022	$9.78	(8.91%)	1.80%	1.45%	1.14%	7%	$1,013
Year Ended 7/31/2021	$10.86	2.36%	1.83%	1.45%	1.23%	13%	$1,456
Year Ended 7/31/2020	$10.74	3.99%	1.87%	1.45%	1.64%	14%	$1,763
Year Ended 7/31/2019	$10.51	6.53%	1.89%	1.45%	1.88%	11%	$1,803
Institutional Class
Year Ended 7/31/2023	$9.45	(0.68%)	0.89%^(c),(d)	0.45%^(c),(d)	2.74%	43%	$22,192
Year Ended 7/31/2022	$9.78	(7.99%)	0.80%	0.45%	2.15%	7%	$42,482
Year Ended 7/31/2021	$10.86	3.29%	0.83%	0.45%	2.23%	13%	$41,856
Year Ended 7/31/2020	$10.75	5.13%	0.86%	0.45%	2.64%	14%	$36,426
Year Ended 7/31/2019	$10.51	7.60%	0.90%	0.45%	2.88%	11%	$31,708
Institutional 2 Class
Year Ended 7/31/2023	$9.45	(0.75%)	0.85%^(c),(d)	0.42%^(c),(d)	2.74%	43%	$1,582
Year Ended 7/31/2022	$9.79	(7.95%)	0.77%	0.42%	2.19%	7%	$4,387
Year Ended 7/31/2021	$10.87	3.31%	0.80%	0.43%	2.25%	13%	$3,461
Year Ended 7/31/2020	$10.76	5.14%	0.84%	0.44%	2.66%	14%	$2,920
Year Ended 7/31/2019	$10.52	7.60%	0.87%	0.44%	2.89%	11%	$3,018

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

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Notes to Financial Statements
July 31, 2023

Note 1. Organization

Columbia U.S. Social 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 Board of Trustees of the Fund approved a Plan of Liquidation and Termination pursuant to which the Fund was 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 were waived on redemptions and exchanges out of the Fund. The Fund was liquidated on August 4, 2023, at which time the Fund’s shareholders received 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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Notes to Financial Statements (continued)
July 31, 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)
July 31, 2023

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 0.48% to 0.29% as the Fund’s net assets increase. The effective management services fee rate for the year ended July 31, 2023 was 0.48% of the Fund’s average daily net assets.

Subadvisory agreement

The Fund’s Board of Trustees has approved a Subadvisory Agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of July 31, 2023, Threadneedle is not providing services to the Fund pursuant to the Subadvisory Agreement.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
July 31, 2023

For the year ended July 31, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 2 Class	0.06
Institutional 3 Class	0.01

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2023, no minimum account balance fees were charged by the Fund.

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 0.75% of the average daily net assets attributable to Class C shares of the Fund.

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	2,565
Class C	—	1.00^(b)	56

(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.

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Notes to Financial Statements (continued)
July 31, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through November 30, 2023
Class A	0.70%
Advisor Class	0.45
Class C	1.45
Institutional Class	0.45
Institutional 2 Class	0.42
Institutional 3 Class	0.37

Note 4. Federal tax information

At July 31, 2023, these differences were primarily due to differing treatment for principal and/or interest from fixed income securities, capital loss carryforwards, trustees’ deferred compensation, non-deductible expenses, distributions, investments in partnerships and/or grantor trusts and defaulted securities/troubled debt. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
18,228	(18,228)	—

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

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Notes to Financial Statements (continued)
July 31, 2023

The tax character of distributions paid during the years indicated was as follows:

Year Ended July 31, 2023				Year Ended July 31, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
176,798	1,435,732	—	1,612,530	221,078	1,276,275	—	1,497,353

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At July 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	238,363	—	(5,901,472)	—

At July 31, 2023, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
37,715,196	—	—	—

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 ($)	Utilized ($)
(323,748)	(5,577,724)	(5,901,472)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $22,816,192 and $87,347,068, respectively, for the year ended July 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
July 31, 2023

The Fund’s activity in the Interfund Program during the year ended July 31, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	955,556	3.99	9

Interest expense incurred by the Fund is recorded as interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2023.

Note 7. Line of credit

For the year ended July 31, 2023, the Fund’s borrowing activity was as follows:

Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
1,000,000	4.15	1

Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at July 31, 2023.

Note 8. Significant risks

Market risk

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Notes to Financial Statements (continued)
July 31, 2023

Money market fund investment risk

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

Social impact risk

The Investment Manager’s consideration of social impact may limit the Fund’s investment opportunities and, as a result, the Fund may underperform funds that do not consider social impact or consider it but make different investment decisions based thereon.

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 U.S. Social Bond Fund | Annual Report 2023

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia U.S. Social Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia U.S. Social Bond Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2023

We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.

26	Columbia U.S. Social Bond Fund \| Annual Report 2023

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
89.04%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	173	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018; former Board Member, Chase Bank International, 1993-1994

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	173	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard – Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	173	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	173	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	171	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	171	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	173	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	173	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	173	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	171	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	171	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	173	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	171	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	173	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	173	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

Columbia U.S. Social Bond Fund | Annual Report 2023

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and North America Head of Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. Director, Ameriprise Trust Company, since June 2023.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5903 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; Director (since January 2007) and President (since October 2014), Columbia Management Investment Services Corp.; Director (since December 2017) and President (since January 2017), Ameriprise Trust Company.

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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Approval of Management and SubadvisoryAgreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia U.S. Social Bond Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Threadneedle International Limited (the Subadviser), an affiliate of the Investment Manager, the Investment Manager has retained the Subadviser to perform portfolio management and related services for the Fund. Although the Subadviser is not currently providing such services, the Investment Manager may in the future reallocate Fund assets to be managed by the Subadviser.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in February, March, April, May and June 2023, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 22, 2023 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Advisory Agreements;

•	Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

•	Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services;

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

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

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

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

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2022 in the performance of administrative services, and noted the various enhancements anticipated for 2023. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

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

The Board considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team.

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

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

Investment performance

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

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

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

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

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

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. The Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2022 had declined from 2021 levels, due to a variety of factors, including the decreased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

Conclusion

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

On June 22, 2023, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Columbia U.S. Social Bond Fund | Annual Report 2023

The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager, and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager, and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Fee information below is disclosed for the five series of the registrant whose reports to stockholders are included in this annual filing.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.

During the fiscal years ended July 31, 2023 and July 31, 2022, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended July 31, 2023 and July 31, 2022, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

In fiscal years 2023 and 2022, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2023 and July 31, 2022 are approximately as follows:

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

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

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.

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,119,075,109)	$4,633,820,486
Affiliated issuers (cost $74,563,917)	76,511,000
Receivable for:
Capital shares sold	751,441
Dividends	638,271
Trustees’ fees	409,064
Expense reimbursement due from Investment Manager	431
Prepaid expenses	45,968
Total assets	4,712,176,661
Liabilities
Payable for:
Investments purchased	29,810,617
Capital shares redeemed	4,600,085
Management services fees	247,824
Distribution and/or service fees	58,582
Transfer agent fees	242,521
Trustees’ fees	481,964
Other expenses	88,587
Total liabilities	35,530,180
Net assets applicable to outstanding capital stock	$4,676,646,481
Represented by
Paid in capital	1,970,323,163
Total distributable earnings (loss)	2,706,323,318
Total - representing net assets applicable to outstanding capital stock	$4,676,646,481

Portfolio breakdown (%) (at July 31, 2023)
Money Market Funds	99.7
Municipal Bonds	0.3
Total	100.0

(registrant)	Columbia Funds Series Trust I

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

Date	September 21, 2023

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

Date	September 21, 2023

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

Date	September 21, 2023