COLUMBIA FUNDS SERIES TRUST I (Form: N-CSR, Received: 05/31/2019 11:11:40)

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

Annual Report
March 31, 2019

Columbia Select Large Cap Growth Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.

Not FDIC Insured • No bank guarantee • May lose value

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	29
Federal Income Tax Information	30
Trustees and Officers	31
Additional Information	36

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Fund at a Glance

Investment objective

Columbia Select Large Cap Growth Fund (the Fund) seeks long-term capital appreciation.

Portfolio management

Thomas Galvin, CFA

Lead Portfolio Manager

Managed Fund since 2003

Richard Carter

Portfolio Manager

Managed Fund since 2009

Todd Herget

Portfolio Manager

Managed Fund since 2009

Morningstar style box ^TM

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

© 2019 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 March 31, 2019)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/28/07	8.79	10.53	16.66
	Including sales charges		2.56	9.24	15.97
Advisor Class*		11/08/12	9.04	10.81	16.95
Class C	Excluding sales charges	09/28/07	7.93	9.70	15.79
	Including sales charges		7.07	9.70	15.79
Institutional Class		10/01/97	9.08	10.81	16.95
Institutional 2 Class*		11/08/12	9.14	10.94	17.04
Institutional 3 Class*		11/08/12	9.24	10.98	17.08
Class R		12/31/04	8.53	10.25	16.38
Russell 1000 Growth Index			12.75	13.50	17.52

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

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

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

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

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (March 31, 2009 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select 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.

Top 10 holdings (%) (at March 31, 2019)
Amazon.com, Inc.	5.0
Alibaba Group Holding Ltd., ADR	4.6
Facebook, Inc., Class A	4.3
Salesforce.com, Inc.	4.2
Alexion Pharmaceuticals, Inc.	4.0
Adobe, Inc.	4.0
MSCI, Inc.	3.9
ServiceNow, Inc.	3.9
New Oriental Education & Technology Group, Inc., ADR	3.8
IDEXX Laboratories, Inc.	3.8

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.

Portfolio breakdown (%) (at March 31, 2019)
Common Stocks	99.3
Money Market Funds	0.7
Total	100.0

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

Equity sector breakdown (%) (at March 31, 2019)
Communication Services	7.6
Consumer Discretionary	23.9
Energy	2.6
Financials	6.3
Health Care	26.0
Information Technology	33.6
Total	100.0

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

4	Columbia Select Large Cap Growth Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended March 31, 2019, the Fund’s Class A shares returned 8.79% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned 12.75% for the same time period. The Fund lagged the benchmark in the consumer discretionary, information technology and communication services sectors.

Stocks advanced despite year-end sell-off

Investors kicked off the 12-month period ended March 31, 2019 with rising optimism. Positive global economic conditions, broad corporate tax cuts and moves to reduce regulation in a number of industries buoyed confidence. The pace of U.S. economic growth averaged more than 3.0%, annualized, as the labor markets added an average of 211,000 jobs per month, and manufacturing activity remained solid. Unemployment rose modestly in December 2018 and January 2019, but even that was a net positive, as it reflected an increase in the number of Americans seeking employment.

However, the rosy global picture dimmed as the period progressed. European economies transitioned to a slower pace, struggling with rising interest rates, trade tensions and uncertainty surrounding the U.K.’s departure from the European Union. At the same time, China’s economic conditions weakened and emerging markets came under pressure, driven by trade concerns and a rising U.S dollar. In December, the Federal Reserve (the Fed) rattled investors when it raised the target range on its key short-term interest rate, the federal funds rate, to 2.25%-2.50%, the fourth such increase for the year. However, the Fed maintained this rate in its January 2019 meeting and announced that it would be patient moving forward.

As uncertainties rose late in 2018, investors backed away from stocks and other risky assets. However, markets rebounded early in 2019 as a patient Fed and hopes for progress on the trade front inspired confidence. During the 12-month period ended March 31, 2019, the S&P 500 Index, a broad measure of U.S. stock returns, gained 9.50%. Investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.48%.

Contributors and detractors

In the health care sector, the Fund outperformed its benchmark. Positions in cardiovascular heart valve provider Edwards Lifesciences, genomic sequencing device leader Illumina and IDEXX Laboratories made strong contributions to Fund gains. Edwards Lifesciences delivered a solid year and increased its guidance with better-than-expected sales of its transcatheter heart valves product lines. Illumina shares moved higher, as the company executed well on its launch of NovaSeq, a new genetic sequencing system, and its consumables business lines. The firm continues to benefit from the broader adoption of genetic sequencing. IDEXX Laboratories is a global leader in companion animal veterinary, livestock and poultry, dairy and water-testing markets. The primary business segment for IDEXX is companion animal diagnostics, which makes up most of its revenues. The remainder of the firm’s revenues are in livestock and water-testing businesses. We believe that the companion animal diagnostics business has strong secular growth trends and has largely been a recurring business.

The Fund underperformed the benchmark in the consumer discretionary sector, even though it generated some solid results. A position in specialty retailer Ulta Beauty was a notable contributor, as the company executed well. Solid same-store sales and improved industry trends indicated better spending in the beauty category. We sold the stock on strength as the shares neared our price objective. Positions in China-based ecommerce leader Alibaba and online travel leader CTrip.com detracted from relative results. Against the backdrop of U.S./China trade issues, Ctrip, China’s largest online travel company in the country’s fast-growing travel industry, underperformed as regulatory changes reduced air ticketing commission rates and a weak domestic economy further weighed on Ctrip shares. We sold the Fund’s position in Ctrip. Alibaba shares failed to move higher, as investors ignored its solid revenue growth and focused instead on the company’s upcoming spending initiatives, including its recent acquisition of Ele.com, a leading online food delivery platform, which could weigh on short-term margins.

In the information technology sector, some of the period’s best performing names were in the software industry, including Service Now, Salesforce.com, Splunk and Adobe. All four delivered gains in excess of 20% for the year, consistently beating revenues and earnings estimates while increasing earnings guidance. However, these gains were offset by disappointments in Applied Materials and NVIDIA in the semiconductor industry. As trade policy with China threatened to disrupt global supply chains and build-out of additional manufacturing capacity and lackluster iPhone production cycle weighed on sentiment, shares of Applied Materials lost ground. NVIDIA shares dropped sharply in the fourth quarter of 2018 as the company missed revenue and earnings estimates. Much of the miss was attributable to an excess inventory buildup in its gaming business. We believe the inventory issue has the potential to resolve itself. We also believe that NVIDIA’s new generation of high-end gaming cards, which were introduced into the market at the end of September, has the potential to help the company regain

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

market share in 2019. In our view, the firm’s long-term secular growth drivers in the data center, artificial intelligence and autonomous drive markets appear to remain intact. After trimming exposure to NVIDIA earlier in the period, we added to the Fund’s position on weakness later in the period.

In the communication services sector, a position in video game developer Activision Blizzard was a notable detractor. Early in 2019, Activision missed revenue estimates on weaker-than-expected sales of its Call of Duty game and a competitive environment for in-game monetization for some of its other titles. The firm also moved guidance expectations lower, a conservative move that has the potential to help the company going forward.

Portfolio activity

Late in 2018, we exited Celgene, an overall successful Fund position since May of 2005. The past two years have been a challenge for Celgene. A key product faces patent expiration, and the firm has struggled when bringing new products to market. Given these headwinds, we sold the stock. We established a new position in the biotechnology industry in Exact Sciences, a molecular diagnostics company with a focus on early detection and prevention of colorectal cancer. The company’s non-invasive screening test addresses a major unmet need in the marketplace. A joint sales agreement with Pfizer further boosts the company’s prospects. Late in 2018, we established a new position in Square, an innovative payment processor that targets small to medium-sized business owners. The company generates revenue from transactions on its systems and also from its hardware and software.

At period’s end

Even after the strong start to 2019, we believe the Fund is well positioned with its portfolio of high-quality, high-growth stocks trading at attractive historical valuations. We believe the market can be very inefficient over short periods. Yet, companies that have demonstrated the ability to generate sales and earnings regardless of the economic environment have historically outperformed cyclical-oriented companies that need strong economic backdrops to drive their fundamentals.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in a limited number of companies or sectors subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector , which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties. 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 Select Large Cap Growth Fund \| Annual Report 2019

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.

October 1, 2018 — March 31, 2019
	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	964.80	1,019.50	5.34	5.49	1.09
Advisor Class	1,000.00	1,000.00	965.50	1,020.74	4.12	4.23	0.84
Class C	1,000.00	1,000.00	960.50	1,015.71	9.04	9.30	1.85
Institutional Class	1,000.00	1,000.00	965.50	1,020.69	4.17	4.28	0.85
Institutional 2 Class	1,000.00	1,000.00	966.20	1,021.29	3.58	3.68	0.73
Institutional 3 Class	1,000.00	1,000.00	966.10	1,021.49	3.38	3.48	0.69
Class R	1,000.00	1,000.00	963.30	1,018.25	6.56	6.74	1.34

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Portfolio of Investments
March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.4%
Issuer	Shares	Value ($)
Communication Services 7.6%
Entertainment 3.3%
Activision Blizzard, Inc.	1,918,674	87,357,227
Interactive Media & Services 4.3%
Facebook, Inc., Class A ^(a)	687,016	114,518,697
Total Communication Services		201,875,924
Consumer Discretionary 23.8%
Diversified Consumer Services 3.8%
New Oriental Education & Technology Group, Inc., ADR ^(a)	1,114,862	100,437,918
Internet & Direct Marketing Retail 14.5%
Alibaba Group Holding Ltd., ADR ^(a)	664,123	121,169,241
Amazon.com, Inc. ^(a)	74,698	133,018,464
Booking Holdings, Inc. ^(a)	48,966	85,441,263
MercadoLibre, Inc. ^(a)	89,663	45,524,595
Total		385,153,563
Textiles, Apparel & Luxury Goods 5.5%
Canada Goose Holdings, Inc. ^(a)	1,152,671	55,351,261
Nike, Inc., Class B	1,095,795	92,276,897
Total		147,628,158
Total Consumer Discretionary		633,219,639
Energy 2.6%
Oil, Gas & Consumable Fuels 2.6%
Pioneer Natural Resources Co.	458,005	69,745,001
Total Energy		69,745,001
Financials 6.2%
Capital Markets 6.2%
Charles Schwab Corp. (The)	1,464,906	62,639,380
MSCI, Inc.	521,589	103,712,757
Total		166,352,137
Total Financials		166,352,137

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care 25.8%
Biotechnology 8.4%
Alexion Pharmaceuticals, Inc. ^(a)	780,955	105,569,497
Exact Sciences Corp. ^(a)	970,265	84,044,354
Sarepta Therapeutics, Inc. ^(a)	287,942	34,319,807
Total		223,933,658
Health Care Equipment & Supplies 8.8%
Align Technology, Inc. ^(a)	255,462	72,635,511
Edwards Lifesciences Corp. ^(a)	331,756	63,474,876
IDEXX Laboratories, Inc. ^(a)	447,399	100,038,416
Total		236,148,803
Health Care Providers & Services 2.3%
UnitedHealth Group, Inc.	243,855	60,295,587
Life Sciences Tools & Services 2.9%
Illumina, Inc. ^(a)	252,812	78,546,160
Pharmaceuticals 3.4%
Bristol-Myers Squibb Co.	1,891,208	90,229,534
Total Health Care		689,153,742
Information Technology 33.4%
Electronic Equipment, Instruments & Components 2.4%
Cognex Corp.	1,236,019	62,863,926
IT Services 10.2%
PayPal Holdings, Inc. ^(a)	859,240	89,223,482
Square, Inc., Class A ^(a)	1,263,659	94,673,332
Visa, Inc., Class A	558,278	87,197,441
Total		271,094,255
Semiconductors & Semiconductor Equipment 6.1%
Applied Materials, Inc.	1,846,645	73,237,941
NVIDIA Corp.	500,942	89,949,145
Total		163,187,086

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

8	Columbia Select Large Cap Growth Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Software 14.7%
Adobe, Inc. ^(a)	395,816	105,481,006
Salesforce.com, Inc. ^(a)	703,536	111,418,996
ServiceNow, Inc. ^(a)	420,098	103,549,956
Splunk, Inc. ^(a)	585,959	73,010,492
Total		393,460,450
Total Information Technology		890,605,717
Total Common Stocks (Cost $1,441,686,146)		2,650,952,160

Money Market Funds 0.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(b),(c)	17,479,387	17,477,639
Total Money Market Funds (Cost $17,477,639)		17,477,639
Total Investments in Securities (Cost: $1,459,163,785)		2,668,429,799
Other Assets & Liabilities, Net		(1,160,053)
Net Assets		2,667,269,746

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.
(c)	As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.519%
	18,213,755	1,447,969,838	(1,448,704,206)	17,479,387	(2,276)	—	985,259	17,477,639

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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

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

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

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

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

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

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

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Portfolio of Investments (continued)
March 31, 2019

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.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

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

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	201,875,924	—	—	—	201,875,924
Consumer Discretionary	633,219,639	—	—	—	633,219,639
Energy	69,745,001	—	—	—	69,745,001
Financials	166,352,137	—	—	—	166,352,137
Health Care	689,153,742	—	—	—	689,153,742
Information Technology	890,605,717	—	—	—	890,605,717
Total Common Stocks	2,650,952,160	—	—	—	2,650,952,160
Money Market Funds	—	—	—	17,477,639	17,477,639
Total Investments in Securities	2,650,952,160	—	—	17,477,639	2,668,429,799

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

There were no transfers of financial assets between levels during the period.

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

10	Columbia Select Large Cap Growth Fund \| Annual Report 2019

Table of Contents

Statement of Assets and Liabilities
March 31, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,441,686,146)	$2,650,952,160
Affiliated issuers (cost $17,477,639)	17,477,639
Receivable for:
Capital shares sold	1,505,030
Dividends	1,141,189
Prepaid expenses	7,764
Trustees’ deferred compensation plan	274,256
Total assets	2,671,358,038
Liabilities
Payable for:
Capital shares purchased	3,353,712
Management services fees	48,856
Distribution and/or service fees	4,071
Transfer agent fees	301,994
Compensation of board members	1,847
Compensation of chief compliance officer	306
Other expenses	103,250
Trustees’ deferred compensation plan	274,256
Total liabilities	4,088,292
Net assets applicable to outstanding capital stock	$2,667,269,746
Represented by
Paid in capital	1,025,474,292
Total distributable earnings (loss) (Note 2)	1,641,795,454
Total - representing net assets applicable to outstanding capital stock	$2,667,269,746

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Statement of Assets and Liabilities (continued)
March 31, 2019

Class A
Net assets	$220,857,601
Shares outstanding	14,717,112
Net asset value per share	$15.01
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)	$15.93
Advisor Class
Net assets	$33,402,884
Shares outstanding	2,067,373
Net asset value per share	$16.16
Class C
Net assets	$90,268,070
Shares outstanding	6,943,564
Net asset value per share	$13.00
Institutional Class
Net assets	$1,311,173,704
Shares outstanding	84,006,357
Net asset value per share	$15.61
Institutional 2 Class
Net assets	$166,668,991
Shares outstanding	10,243,712
Net asset value per share	$16.27
Institutional 3 Class
Net assets	$835,068,136
Shares outstanding	50,676,873
Net asset value per share	$16.48
Class R
Net assets	$9,830,360
Shares outstanding	710,844
Net asset value per share	$13.83

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

12	Columbia Select Large Cap Growth Fund \| Annual Report 2019

Table of Contents

Statement of Operations
Year Ended March 31, 2019

Net investment income
Income:
Dividends — unaffiliated issuers	$12,751,574
Dividends — affiliated issuers	985,259
Interfund lending	1,597
Total income	13,738,430
Expenses:
Management services fees	22,384,317
Distribution and/or service fees
Class A	898,672
Class C	1,039,166
Class R	58,159
Class T	335
Transfer agent fees
Class A	507,112
Advisor Class	84,156
Class C	149,524
Institutional Class	1,892,164
Institutional 2 Class	271,839
Institutional 3 Class	42,627
Class R	16,657
Class T	182
Compensation of board members	68,617
Custodian fees	24,247
Printing and postage fees	118,272
Registration fees	181,019
Audit fees	32,051
Legal fees	78,023
Interest on interfund lending	8,204
Compensation of chief compliance officer	1,374
Other	170,592
Total expenses	28,027,309
Fees waived by transfer agent
Institutional 2 Class	(48,038)
Institutional 3 Class	(42,627)
Expense reduction	(1,280)
Total net expenses	27,935,364
Net investment loss	(14,196,934)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	752,679,943
Investments — affiliated issuers	(2,276)
Net realized gain	752,677,667
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(470,386,332)
Net change in unrealized appreciation (depreciation)	(470,386,332)
Net realized and unrealized gain	282,291,335
Net increase in net assets resulting from operations	$268,094,401

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Statement of Changes in Net Assets

	Year Ended March 31, 2019	Year Ended March 31, 2018
Operations
Net investment loss	$(14,196,934)	$(10,940,345)
Net realized gain	752,677,667	503,274,246
Net change in unrealized appreciation (depreciation)	(470,386,332)	407,172,408
Net increase in net assets resulting from operations	268,094,401	899,506,309
Distributions to shareholders
Net investment income and net realized gains
Class A	(74,605,357)
Advisor Class	(12,297,162)
Class C	(22,228,260)
Institutional Class	(227,974,717)
Institutional 2 Class	(103,736,842)
Institutional 3 Class	(178,415,920)
Class R	(2,252,221)
Class T	(34,638)
Net realized gains
Class A		(47,766,353)
Advisor Class		(3,693,351)
Class C		(18,060,441)
Institutional Class		(247,449,095)
Institutional 2 Class		(78,810,974)
Institutional 3 Class		(64,665,519)
Class R		(1,568,180)
Class T		(23,898)
Total distributions to shareholders (Note 2)	(621,545,117)	(462,037,811)
Decrease in net assets from capital stock activity	(1,054,827,529)	(984,247,760)
Total decrease in net assets	(1,408,278,245)	(546,779,262)
Net assets at beginning of year	4,075,547,991	4,622,327,253
Net assets at end of year	$2,667,269,746	$4,075,547,991
Excess of distributions over net investment income	$(2,315,027)	$(227,710)

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

14	Columbia Select Large Cap Growth Fund \| Annual Report 2019

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	March 31, 2019		March 31, 2018
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	4,952,898	78,947,924	4,059,938	65,799,028
Distributions reinvested	4,837,927	70,523,801	2,923,382	45,103,498
Redemptions	(19,251,767)	(270,848,256)	(38,545,469)	(598,225,905)
Net decrease	(9,460,942)	(121,376,531)	(31,562,149)	(487,323,379)
Advisor Class
Subscriptions	1,602,921	27,454,762	2,402,901	41,675,555
Distributions reinvested	786,818	12,160,707	224,577	3,691,972
Redemptions	(3,729,088)	(55,410,090)	(907,725)	(15,584,920)
Net increase (decrease)	(1,339,349)	(15,794,621)	1,719,753	29,782,607
Class C
Subscriptions	1,172,119	15,199,174	803,509	11,663,354
Distributions reinvested	1,462,378	18,910,875	1,113,066	15,453,545
Redemptions	(4,148,187)	(58,332,695)	(4,930,488)	(72,123,452)
Net decrease	(1,513,690)	(24,222,646)	(3,013,913)	(45,006,553)
Institutional Class
Subscriptions	33,629,858	477,701,547	23,360,451	384,987,755
Distributions reinvested	12,933,373	196,751,475	10,923,742	173,239,626
Redemptions	(46,853,082)	(740,631,650)	(118,687,696)	(1,944,238,927)
Net decrease	(289,851)	(66,178,628)	(84,403,503)	(1,386,011,546)
Institutional 2 Class
Subscriptions	4,581,043	71,690,697	3,287,997	56,831,501
Distributions reinvested	6,375,710	103,560,936	4,796,539	78,789,383
Redemptions	(42,453,067)	(679,972,546)	(10,136,547)	(176,309,453)
Net decrease	(31,496,314)	(504,720,913)	(2,052,011)	(40,688,569)
Institutional 3 Class
Subscriptions	4,410,432	73,390,917	65,144,777	1,106,225,506
Distributions reinvested	3,237,791	53,471,855	1,943,654	32,596,268
Redemptions	(24,957,239)	(448,406,748)	(10,711,903)	(190,847,830)
Net increase (decrease)	(17,309,016)	(321,543,976)	56,376,528	947,973,944
Class R
Subscriptions	145,905	2,207,737	138,053	2,104,113
Distributions reinvested	165,985	2,252,221	108,043	1,564,471
Redemptions	(373,515)	(5,303,544)	(435,689)	(6,597,837)
Net decrease	(61,625)	(843,586)	(189,593)	(2,929,253)
Class T
Distributions reinvested	2,350	34,213	1,534	23,656
Redemptions	(13,655)	(180,841)	(4,171)	(68,667)
Net decrease	(11,305)	(146,628)	(2,637)	(45,011)
Total net decrease	(61,482,092)	(1,054,827,529)	(63,127,525)	(984,247,760)

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Financial Highlights

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

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 3/31/2019	$16.93	(0.11)	1.34	1.23	(3.15)	(3.15)
Year Ended 3/31/2018	$15.36	(0.08)	3.45	3.37	(1.80)	(1.80)
Year Ended 3/31/2017	$14.58	(0.11)	2.70	2.59	(1.81)	(1.81)
Year Ended 3/31/2016	$18.49	(0.12)	(1.45)	(1.57)	(2.34)	(2.34)
Year Ended 3/31/2015	$18.92	(0.13)	2.54	2.41	(2.84)	(2.84)
Advisor Class
Year Ended 3/31/2019	$17.96	(0.07)	1.43	1.36	(3.16)	(3.16)
Year Ended 3/31/2018	$16.18	(0.05)	3.66	3.61	(1.83)	(1.83)
Year Ended 3/31/2017	$15.23	(0.07)	2.83	2.76	(1.81)	(1.81)
Year Ended 3/31/2016	$19.22	(0.08)	(1.52)	(1.60)	(2.39)	(2.39)
Year Ended 3/31/2015	$19.55	(0.10)	2.66	2.56	(2.89)	(2.89)
Class C
Year Ended 3/31/2019	$15.16	(0.20)	1.16	0.96	(3.12)	(3.12)
Year Ended 3/31/2018	$13.99	(0.18)	3.12	2.94	(1.77)	(1.77)
Year Ended 3/31/2017	$13.53	(0.21)	2.48	2.27	(1.81)	(1.81)
Year Ended 3/31/2016	$17.32	(0.23)	(1.35)	(1.58)	(2.21)	(2.21)
Year Ended 3/31/2015	$17.98	(0.26)	2.41	2.15	(2.81)	(2.81)
Institutional Class
Year Ended 3/31/2019	$17.45	(0.07)	1.39	1.32	(3.16)	(3.16)
Year Ended 3/31/2018	$15.78	(0.03)	3.53	3.50	(1.83)	(1.83)
Year Ended 3/31/2017	$14.89	(0.07)	2.77	2.70	(1.81)	(1.81)
Year Ended 3/31/2016	$18.84	(0.08)	(1.48)	(1.56)	(2.39)	(2.39)
Year Ended 3/31/2015	$19.22	(0.09)	2.60	2.51	(2.89)	(2.89)

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

16	Columbia Select Large Cap Growth Fund \| Annual Report 2019

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 3/31/2019	$15.01	8.79%	1.07% ^(c)	1.07% ^(c),(d)	(0.67%)	27%	$220,858
Year Ended 3/31/2018	$16.93	23.42%	1.08% ^(e)	1.08% ^(d),(e)	(0.50%)	44%	$409,344
Year Ended 3/31/2017	$15.36	19.42%	1.08%	1.08% ^(d)	(0.71%)	35%	$856,339
Year Ended 3/31/2016	$14.58	(10.08%)	1.08%	1.08% ^(d)	(0.72%)	56%	$1,097,096
Year Ended 3/31/2015	$18.49	14.42%	1.09% ^(e)	1.09% ^(d),(e)	(0.73%)	47%	$1,466,541
Advisor Class
Year Ended 3/31/2019	$16.16	9.04%	0.82% ^(c)	0.82% ^(c),(d)	(0.42%)	27%	$33,403
Year Ended 3/31/2018	$17.96	23.76%	0.83% ^(e)	0.83% ^(d),(e)	(0.29%)	44%	$61,176
Year Ended 3/31/2017	$16.18	19.72%	0.83%	0.83% ^(d)	(0.46%)	35%	$27,302
Year Ended 3/31/2016	$15.23	(9.89%)	0.83%	0.83% ^(d)	(0.45%)	56%	$31,199
Year Ended 3/31/2015	$19.22	14.76%	0.84% ^(e)	0.84% ^(d),(e)	(0.52%)	47%	$17,988
Class C
Year Ended 3/31/2019	$13.00	7.93%	1.83% ^(c)	1.83% ^(c),(d)	(1.42%)	27%	$90,268
Year Ended 3/31/2018	$15.16	22.55%	1.83% ^(e)	1.83% ^(d),(e)	(1.24%)	44%	$128,181
Year Ended 3/31/2017	$13.99	18.52%	1.83%	1.83% ^(d)	(1.46%)	35%	$160,526
Year Ended 3/31/2016	$13.53	(10.79%)	1.83%	1.83% ^(d)	(1.46%)	56%	$218,181
Year Ended 3/31/2015	$17.32	13.62%	1.84% ^(e)	1.84% ^(d),(e)	(1.49%)	47%	$226,538
Institutional Class
Year Ended 3/31/2019	$15.61	9.08%	0.83% ^(c)	0.83% ^(c),(d)	(0.42%)	27%	$1,311,174
Year Ended 3/31/2018	$17.45	23.66%	0.83% ^(e)	0.83% ^(d),(e)	(0.20%)	44%	$1,471,337
Year Ended 3/31/2017	$15.78	19.77%	0.83%	0.83% ^(d)	(0.46%)	35%	$2,661,832
Year Ended 3/31/2016	$14.89	(9.88%)	0.83%	0.83% ^(d)	(0.46%)	56%	$3,384,999
Year Ended 3/31/2015	$18.84	14.74%	0.84% ^(e)	0.84% ^(d),(e)	(0.49%)	47%	$4,275,296

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

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 realized gains	Total distributions to shareholders
Institutional 2 Class
Year Ended 3/31/2019	$18.05	(0.06)	1.45	1.39	(3.17)	(3.17)
Year Ended 3/31/2018	$16.25	(0.02)	3.66	3.64	(1.84)	(1.84)
Year Ended 3/31/2017	$15.27	(0.05)	2.84	2.79	(1.81)	(1.81)
Year Ended 3/31/2016	$19.26	(0.06)	(1.51)	(1.57)	(2.42)	(2.42)
Year Ended 3/31/2015	$19.59	(0.06)	2.64	2.58	(2.91)	(2.91)
Institutional 3 Class
Year Ended 3/31/2019	$18.23	(0.05)	1.47	1.42	(3.17)	(3.17)
Year Ended 3/31/2018	$16.40	(0.03)	3.71	3.68	(1.85)	(1.85)
Year Ended 3/31/2017	$15.39	(0.04)	2.86	2.82	(1.81)	(1.81)
Year Ended 3/31/2016	$19.39	(0.05)	(1.53)	(1.58)	(2.42)	(2.42)
Year Ended 3/31/2015	$19.71	(0.06)	2.66	2.60	(2.92)	(2.92)
Class R
Year Ended 3/31/2019	$15.87	(0.14)	1.24	1.10	(3.14)	(3.14)
Year Ended 3/31/2018	$14.51	(0.11)	3.24	3.13	(1.77)	(1.77)
Year Ended 3/31/2017	$13.90	(0.14)	2.56	2.42	(1.81)	(1.81)
Year Ended 3/31/2016	$17.74	(0.16)	(1.38)	(1.54)	(2.30)	(2.30)
Year Ended 3/31/2015	$18.27	(0.17)	2.45	2.28	(2.81)	(2.81)

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 line of credit interest expense which is less than 0.01%.

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

18	Columbia Select Large Cap Growth Fund \| Annual Report 2019

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 2 Class
Year Ended 3/31/2019	$16.27	9.14%	0.73% ^(c)	0.72% ^(c)	(0.32%)	27%	$166,669
Year Ended 3/31/2018	$18.05	23.87%	0.73% ^(e)	0.72% ^(e)	(0.14%)	44%	$753,356
Year Ended 3/31/2017	$16.25	19.87%	0.71%	0.71%	(0.34%)	35%	$711,730
Year Ended 3/31/2016	$15.27	(9.75%)	0.70%	0.70%	(0.33%)	56%	$617,120
Year Ended 3/31/2015	$19.26	14.89%	0.70% ^(e)	0.70% ^(e)	(0.34%)	47%	$754,744
Institutional 3 Class
Year Ended 3/31/2019	$16.48	9.24%	0.69% ^(c)	0.68% ^(c)	(0.27%)	27%	$835,068
Year Ended 3/31/2018	$18.23	23.86%	0.68% ^(e)	0.68% ^(e)	(0.20%)	44%	$1,239,700
Year Ended 3/31/2017	$16.40	19.91%	0.67%	0.67%	(0.22%)	35%	$190,421
Year Ended 3/31/2016	$15.39	(9.69%)	0.65%	0.65%	(0.27%)	56%	$29,698
Year Ended 3/31/2015	$19.39	14.91%	0.65% ^(e)	0.65% ^(e)	(0.30%)	47%	$27,581
Class R
Year Ended 3/31/2019	$13.83	8.53%	1.33% ^(c)	1.33% ^(c),(d)	(0.92%)	27%	$9,830
Year Ended 3/31/2018	$15.87	23.09%	1.33% ^(e)	1.33% ^(d),(e)	(0.75%)	44%	$12,263
Year Ended 3/31/2017	$14.51	19.13%	1.33%	1.33% ^(d)	(0.96%)	35%	$13,963
Year Ended 3/31/2016	$13.90	(10.34%)	1.33%	1.33% ^(d)	(0.97%)	56%	$17,358
Year Ended 3/31/2015	$17.74	14.16%	1.34% ^(e)	1.34% ^(d),(e)	(0.99%)	47%	$23,092

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

Table of Contents

Notes to Financial Statements
March 31, 2019

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). 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. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure. The Fund offers each of the share classes identified below.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase. Effective July 1, 2018, Class C shares automatically convert to Class A shares of the same Fund in the month of or the month following the 10-year anniversary of the Class C shares purchase date.

Institutional Class shares are not subject to sales charges and are generally available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Institutional 2 Class shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans as described in the Fund’s prospectus.

Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as described in the Fund’s prospectus.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class T shares were subject to a maximum front-end sales charge of 2.50% per transaction and were required to be purchased through financial intermediaries that, by written agreement with Columbia Management Investment Distributors, Inc., were specifically authorized to sell Class T shares. Effective at the close of business on December 14, 2018, Class T shares merged, in a tax-free transaction, into Class A shares of the Fund and are no longer offered for sale.

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.

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Notes to Financial Statements (continued)
March 31, 2019

Security valuation

All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. 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 generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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

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

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

Security transactions

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

Income recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of 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 on 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 the Fund’s management. Management’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, the proceeds are recorded as realized gains.

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Notes to Financial Statements (continued)
March 31, 2019

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. Management does not expect the implementation of this guidance to have a material impact on the financial statement amounts and footnote disclosures.

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement disclosures, if any.

Disclosure Update and Simplification

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Notes to Financial Statements (continued)
March 31, 2019

In September 2018, the Securities and Exchange Commission (SEC) released Final Rule 33-10532, Disclosure Update and Simplification, which amends certain financial statement disclosure requirements that the SEC determined to be redundant, outdated, or superseded in light of other SEC disclosure requirements, GAAP, or changes in the information environment. As a result of the amendments, management implemented disclosure changes which included removing the components of distributable earnings presented on the Statement of Assets and Liabilities and combining income and gain distributions paid to shareholders as presented on the Statement of Changes in Net Assets. Any values presented to meet prior year requirements were left unchanged. The amendments had no effect on the Fund’s net assets or results of operation.

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 March 31, 2019 was 0.66% of the Fund’s average daily net assets.

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. These members of the Board of Trustees may participate in a Deferred Compensation Plan (the Deferred Plan) which may be terminated at any time. Obligations of the Deferred Plan will be paid solely out of the Fund’s assets, and all amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund.

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective August 1, 2018 through July 31, 2019, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.04% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

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Notes to Financial Statements (continued)
March 31, 2019

For the year ended March 31, 2019, 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	0.14
Advisor Class	0.14
Class C	0.14
Institutional Class	0.14
Institutional 2 Class	0.04
Institutional 3 Class	0.00
Class R	0.14
Class T	0.10 ^(a)

(a)	Unannualized.

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 March 31, 2019, these minimum account balance fees reduced total expenses of the Fund by $1,280.

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 T shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75%, 0.50% and 0.25% of the average daily net assets attributable to Class C, Class R and Class T shares of the Fund, respectively. As a result of all Class T shares of the Fund being redeemed or converted to Class A shares, December 14, 2018 was the last day the Fund paid a distribution and shareholder services fee for Class T shares.

Although the Fund may pay a distribution fee up to 0.25% of the Fund’s average daily net assets attributable to Class T shares and a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class T shares, the aggregate fee shall not exceed 0.25% of the Fund’s average daily net assets attributable to Class T shares.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended March 31, 2019, if any, are listed below:

	Amount ($)
Class A	412,918
Class C	5,706

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Notes to Financial Statements (continued)
March 31, 2019

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 class’ average daily net assets:

	August 1, 2018 through July 31, 2019	Prior to August 1, 2018
Class A	1.15%	1.15%
Advisor Class	0.90	0.90
Class C	1.90	1.90
Institutional Class	0.90	0.90
Institutional 2 Class	0.78	0.84
Institutional 3 Class	0.74	0.79
Class R	1.40	1.40

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, 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, effective August 1, 2018 through July 31, 2019, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.04% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. 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 March 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, re-characterization of distributions for investments, 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 ($)
12,109,617	—	(12,109,617)

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)
March 31, 2019

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

Year Ended March 31, 2019			Year Ended March 31, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
23,361,598	598,183,519	621,545,117	15,595,330	446,442,481	462,037,811

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	435,114,711	—	1,208,995,770

At March 31, 2019, 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) ($)	Net unrealized appreciation ($)
1,459,434,029	1,229,470,138	(20,474,368)	1,208,995,770

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 March 31, 2019, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on April 1, 2019.

Late year ordinary losses ($)	Post-October capital losses ($)
2,078,527	—

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 $901,923,887 and $2,592,212,125, respectively, for the year ended March 31, 2019. 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.

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Notes to Financial Statements (continued)
March 31, 2019

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 March 31, 2019 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
Borrower	6,425,000	2.76	16
Lender	2,650,000	2.63	8

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at March 31, 2019.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate 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 December unless extended or renewed.

The Fund had no borrowings during the year ended March 31, 2019.

Note 9. Significant risks

Consumer discretionary sector risk

The Fund may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.

Health care sector risk

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

Shareholder concentration risk

At March 31, 2019, one unaffiliated shareholder of record owned 28.0% 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 21.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Technology and technology-related investment risk

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors 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 technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.

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

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

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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 Select 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 Select Large Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2019 (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 March 31, 2019, 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 March 31, 2019, and the financial highlights for each of the five years in the period ended March 31, 2019 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 March 31, 2019 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

May 21, 2019

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

Columbia Select Large Cap Growth Fund | Annual Report 2019

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Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended March 31, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.

Qualified dividend income	Dividends received deduction	Capital gain dividend
60.55%	59.03%	$789,798,618

Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

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

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TRUSTEES AND OFFICERS

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, members serve terms of indefinite duration.

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

Columbia Select Large Cap Growth Fund | Annual Report 2019

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

J. Kevin Connaughton was appointed consultant to the Independent Trustees effective March 1, 2016. Natalie A. Trunow was appointed consultant to the Independent Trustees effective September 1, 2016. Shareholders of the Funds are expected to be asked to elect each of Mr. Connaughton and Ms. Trunow as a Trustee at a future shareholder meeting.

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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.

Columbia Select Large Cap Growth Fund | Annual Report 2019

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TRUSTEES AND OFFICERS (continued)

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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

34	Columbia Select Large Cap Growth Fund \| Annual Report 2019

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TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Columbia Select Large Cap Growth Fund | Annual Report 2019

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Additional information

The Fund mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, 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-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Select Large Cap Growth Fund

P.O. Box 219104

Kansas City, MO 64121-9104

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/ . The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN215_03_J01_(05/19)

Annual Report
March 31, 2019

Multi-Manager Growth Strategies Fund

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	9
Portfolio of Investments	10
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	32
Federal Income Tax Information	33
Trustees and Officers	34
Additional Information	39

Multi-Manager Growth Strategies Fund | Annual Report 2019

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Fund at a Glance

Investment objective

Multi-Manager Growth Strategies Fund (the Fund) seeks long-term capital appreciation.

Portfolio management

Columbia Management Investment Advisers, LLC

Thomas Galvin, CFA

Richard Carter

Todd Herget

Loomis, Sayles & Company, L.P.

Aziz Hamzaogullari, CFA

Los Angeles Capital Management and Equity Research, Inc.

Thomas Stevens, CFA

Hal Reynolds, CFA

Daniel Allen, CFA

Daniel Arche, CFA

Morningstar style box ^TM

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	5 Years	Life
Class A	04/20/12	10.80	10.94	13.12
Institutional Class*	01/03/17	11.09	11.09	13.23
Russell 1000 Growth Index		12.75	13.50	14.73

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 class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

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

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (April 20, 2012 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Multi-Manager Growth Strategies 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.

Top 10 holdings (%) (at March 31, 2019)
Amazon.com, Inc.	5.7
Facebook, Inc., Class A	4.8
Visa, Inc., Class A	4.3
Alibaba Group Holding Ltd., ADR	4.0
NVIDIA Corp.	2.9
Microsoft Corp.	2.8
Oracle Corp.	2.1
Salesforce.com, Inc.	1.9
Alphabet, Inc., Class C	1.8
Autodesk, Inc.	1.8

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.

Portfolio breakdown (%) (at March 31, 2019)
Common Stocks	99.4
Money Market Funds	0.6
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 March 31, 2019)
Communication Services	10.0
Consumer Discretionary	20.0
Consumer Staples	6.1
Energy	1.5
Financials	5.3
Health Care	18.4
Industrials	4.7
Information Technology	33.1
Materials	0.1
Real Estate	0.8
Total	100.0

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

4	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

Columbia Management Investment Advisers, LLC (CMIA) serves as the investment manager for the Fund and attempts to achieve the Fund’s objective by managing a portion of the Fund’s assets and selecting one or more subadvisers to manage other sleeves independently of each other and CMIA. A portion of the Fund’s assets is subadvised by Loomis, Sayles &Company, L.P. (Loomis Sayles) and Los Angeles Capital Management and Equity Research, Inc. (Los Angeles Capital). As of March 31, 2019, CMIA, Loomis Sayles and Los Angeles Capital managed approximately 38.6%, 38.5% and 22.9% of the portfolio, respectively.

For the 12-month period ended March 31, 2019, the Fund’s Class A shares returned 10.80%. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned 12.75% for the same time period. The CMIA segment lagged the benchmark while the Loomis Sayles and Los Angeles Capital segments outperformed.

Stocks advanced despite year-end sell-off

However, the rosy global picture dimmed as the period progressed. European economies transitioned to a slower pace, struggling with rising interest rates, trade tensions and uncertainty surrounding the U.K.’s departure from the European Union (Brexit). At the same time, China’s economic conditions weakened and emerging markets came under pressure, driven by trade concerns and a rising U.S dollar. In December, the Federal Reserve (the Fed) rattled investors when it raised the target range of its key short-term interest rate, the federal funds rate, to 2.25%-2.50%, the fourth such increase for the year. However, the Fed maintained this rate in its January 2019 meeting and announced that it would be patient moving forward.

As uncertainties rose late in 2018, investors backed away from stocks and other risky assets. However, markets rebounded early in 2019 as a patient Fed and hopes for progress on the trade front inspired confidence. During the 12-month period ended March 31, 2019, the S&P 500 Index, a broad measure of U.S. stock returns, gained 9.50% for the 12-month period. Investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.48%.

Contributors and detractors

CMIA : Our portion of the Fund’s portfolio lagged the benchmark in the consumer discretionary, information technology and communication services sectors. Health care was the strongest relative performer for the portfolio for the year. Positions in cardiovascular heart valve provider Edwards Lifesciences, genomic sequencing device leader Illumina and IDEXX Laboratories made strong contributions to the portfolio’s gains. Edwards Lifesciences delivered a solid year and increased its guidance with better-than-expected sales of its transcatheter heart valves product lines. Illumina shares moved higher, as the company executed well on its launch of NovaSeq, a new genetic sequencing system, and its consumables business lines. The primary business segment for IDEXX is companion animal diagnostics, which has strong secular growth trends and has largely been a recurring business.

In the consumer discretionary sector, our portion of the portfolio generated some solid results even though it lagged the benchmark overall. A position in specialty retailer Ulta Beauty was a notable contributor, as the company executed well. We sold the stock on strength as the shares neared our price objective. Positions in China-based ecommerce leader Alibaba and online travel leader CTrip.com detracted from relative results. Against the backdrop of U.S./China trade issues, Ctrip, China’s largest online travel company in the country’s fast-growing travel industry, underperformed as regulatory changes reduced air ticketing commission rates and a weak domestic economy further weighed on Ctrip shares. Alibaba shares failed to move higher, as investors ignored its solid revenue growth and focused instead on the company’s upcoming spending initiatives, which could weigh on short-term margins.

In the information technology sector, some of the period’s best performing names were in the software industry, including Service Now, Salesforce.com, Splunk and Adobe. However, their gains were offset by disappointments in Applied Materials and Nvidia in the semiconductor industry. As trade policy with China threatened to disrupt global supply chains and build-out of additional manufacturing capacity and lackluster iPhone production cycle weighed on sentiment, shares of Applied

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

Materials lost ground. Nvidia shares dropped sharply in the fourth quarter of 2018 as the company missed revenue and earnings estimates, mostly attributable to an inventory buildup in its gaming business. We believe the inventory issue has the potential to resolve itself. After trimming exposure to Nvidia earlier in the year, we added to our portion of the portfolio’s position on recent weakness. In the communication services sector, a position in video game developer Activision Blizzard was a notable detractor.

Late in the 2018, we exited Celgene, which faced a challenging environment as a key product faced patent expiration and the firm has struggled when bringing new products to market. We established a new position in the biotechnology industry in Exact Sciences, a molecular diagnostics company with a focus on early detection and prevention of colorectal cancer. The company’s non-invasive screening test addresses a major unmet need in the marketplace. A joint sales agreement with Pfizer further boosts the company’s prospects. Late in the 2018, we established a new position in Square, an innovative payment processor that targets small to medium-sized business owners.

Loomis Sayles : Stock selection in the consumer discretionary, industrials, health care and communication services generally accounted for our portion of the Fund’s performance advantage over the benchmark. Our portion of the portfolio’s allocation to the industrials and information technology sectors also benefited relative return. Stock selection in the information technology, financials, and energy sectors detracted from relative results. Returns from energy and financials were negative, while information technology generated gains for the period. Our portion of the portfolio was underweight in the consumer discretionary and industrials sectors and overweight relative to the benchmark in health care, which also detracted from relative results. Sector allocation is the result of stock selection.

Visa, Amazon and Autodesk were top individual contributors for the period. During the period, Visa reported revenue and earnings that were strong and in line with or better than market expectations. As the company continues to scale its businesses in regions around the world, we believe it has the potential to increase cash flow growth, expand margins and improve its return on invested capital. Amazon reported healthy fundamentals and revenue growth that remains strong despite some deceleration during the period. We believe Amazon’s growth in gross merchandise volume indicated that it continued to take market share from its competitors. Under the thoughtful leadership of founder Jeff Bezos, Amazon continued rapid investment in key areas that capitalize on its strength, focusing on businesses with high, durable growth prospects and strong financial returns. Autodesk, a global leader in 3D-design software and services, reported solid results during the period with annualized recurring revenue and earnings per share that exceeded consensus expectations. We believe Autodesk can generate attractive and sustainable revenue growth, operating margin expansion, and free cash flow growth, and that the shares of all three contributors continue to trade at significant discounts to our estimate of their intrinsic values and represent compelling reward-to-risk opportunities.

SEI Investments, Schlumberger and Monster Beverage were among the biggest detractors for the period. All three produced negative returns. SEI Investments is a leading wealth management and business process outsourcing provider to global financial institutions. SEI reported fundamentally solid results, but its shares declined in response to the company’s April 2018 announcement that its anticipated conversion of existing client Wells Fargo to its SEI Wealth Platform would be delayed. In addition, the company’s fees, which are based on assets under management, were pressured as a result of equity market weakness in the fourth quarter of 2018. We continued to believe in SEI’s long-term prospects and continued to hold the stock at the close of the reporting period. Schlumberger, the world’s largest oilfield service company, came under pressure along with the industry on concerns of slowing activity in North America, where record-setting production, coupled with insufficient takeaway capacity in the Permian basin, has led operators to delay well completions and downwardly revise 2019 spending outlooks. We believe that Schlumberger is well positioned to weather the current environment and continue to hold the stock. Monster Beverage, a leading global energy drink company, reported financial results that were generally in-line or better than consensus expectations during the period. However, the company’s U.S. market share declined slightly from an all-time high in the prior quarter due to faster growth in the "performance" energy drink category where it does not currently compete. We believe the shares of all three detractors trade at significant discounts to our estimate of their intrinsic value and represent compelling reward-to-risk opportunities.

During the period we purchased shares of Nvidia, the world leader in visual computing. We added to existing positions in Regeneron Pharmaceuticals, Yum China, Oracle, Starbucks and Cerner as near term price weaknesses created more attractive reward-to-risk opportunities. We trimmed an existing position in Amazon as it approached our maximum allowable position size. We sold United Parcel Service as it approached our estimate of intrinsic value.

6	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

Los Angeles Capital : Our portion of the portfolio outperformed its benchmark, as it tilted toward growth-oriented companies with higher management quality. The portfolio’s holdings in technology, health care and communication services were the strongest contributors to outperformance relative to the benchmark. Stock selection and sector allocation both figured into this performance advantage. The portfolio was, on average, overweight in technology and health care and underweight in communication services. Business and financial software company Intuit and electronic design automation software and engineering services company Cadence Designs were the strongest individual contributors to relative returns for the period. Both have high quality characteristics, and we believe they represent lower financial risk than peers in their industry. Our portion of the portfolio was underweight in Facebook, relative to the benchmark, which also aided relative performance as investors penalized large companies that derived a significant portion of their income from foreign markets.

Overweight positions in Nu Skin Enterprises and Western Alliance Bank and an underweight in Altria were the three biggest detractors from relative performance for the period. We favored Nu Skin Enterprises and Western Alliance Bank because of their defensive characteristics and lower price volatility. However, performance declined during the period in line with overall sector behavior. The portfolio’s underweight in Altria Group restrained performance as it struggled in the latter part of the period on slowing sales and the threat of regulation.

During the reporting period, the portfolio purchased shares of Analog Devices and Versum Materials, two technology companies that exhibited higher earnings quality and lower price volatility than their peers, attributes which investors rewarded over the period. We sold biotechnology firms Biogen and Abbvie, as both experienced higher price volatility and more leveraged balance sheets than their peers, which weighed on their share prices. We increased the portfolio’s exposure to real estate, health care and technology, while reducing exposure to communication services, business services and biotechnology.

At period’s end

CMIA : Even after the strong start to 2019, we believe our portion of the portfolio was well positioned with its high quality, high-growth stocks trading at attractive historical valuations. The market can be very inefficient over a short period. Yet, the types of companies in our portion of the portfolio, which have demonstrated the ability to generate sales and earnings regardless of the economic environment, have historically outperformed cyclical-oriented companies that need strong economic backdrops to drive their fundamentals.

Loomis Sayles : We remain committed to our long-term investment approach to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value. As of March 31, 2019, our portion of the portfolio was overweight in the consumer staples, consumer discretionary, health care, energy and financials sectors and underweight in the industrials, information technology and communication services sectors. The portfolio had no exposure to the real estate or materials sectors.

Los Angeles Capital : As of March 31, 2019, our portion of the portfolio held significant overweights in technology, health care, capital goods and real estate. The largest sector underweights at the end of the period were in biotechnology, consumer staples, transportation and basic materials.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Convertible securities are subject to issuer default risk. A rise in interest rates may result in a price decline of convertible securities held by the Fund. Falling rates may result in the Fund investing in lower yielding securities, lowering the Fund’s income and yield. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return. 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.

Multi-Manager Growth Strategies Fund | Annual Report 2019

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Manager Discussion of Fund Performance (continued)

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.

8	Multi-Manager Growth Strategies Fund \| Annual Report 2019

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.

October 1, 2018 — March 31, 2019
	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	990.50	1,019.25	5.66	5.74	1.14
Institutional Class	1,000.00	1,000.00	991.70	1,020.49	4.42	4.48	0.89

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

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Portfolio of Investments
March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.4%
Issuer	Shares	Value ($)
Communication Services 9.9%
Entertainment 1.6%
Activision Blizzard, Inc.	546,241	24,870,353
Electronic Arts, Inc. ^(a)	6,560	666,693
Netflix, Inc. ^(a)	14,061	5,013,590
Take-Two Interactive Software, Inc. ^(a)	5,860	553,008
Walt Disney Co. (The)	5,150	571,804
Total		31,675,448
Interactive Media & Services 8.3%
Alphabet, Inc., Class A ^(a)	29,025	34,159,232
Alphabet, Inc., Class C ^(a)	29,397	34,491,794
Facebook, Inc., Class A ^(a)	561,652	93,621,772
TripAdvisor, Inc. ^(a)	2,170	111,647
Twitter, Inc. ^(a)	35,510	1,167,569
Total		163,552,014
Media 0.0%
Cable One, Inc.	535	525,038
Total Communication Services		195,752,500
Consumer Discretionary 19.8%
Auto Components 0.0%
Aptiv PLC	1,120	89,029
Automobiles 0.0%
Tesla Motors, Inc. ^(a)	2,078	581,549
Distributors 0.1%
Pool Corp.	11,043	1,821,764
Diversified Consumer Services 1.4%
Grand Canyon Education, Inc. ^(a)	2,645	302,879
H&R Block, Inc.	19,845	475,089
New Oriental Education & Technology Group, Inc., ADR ^(a)	291,026	26,218,532
Total		26,996,500
Hotels, Restaurants & Leisure 3.1%
Chipotle Mexican Grill, Inc. ^(a)	546	387,829
Choice Hotels International, Inc.	20,405	1,586,285
Domino’s Pizza, Inc.	2,102	542,526
Dunkin’ Brands Group, Inc.	1,990	149,449

Common Stocks (continued)
Issuer	Shares	Value ($)
Hilton Grand Vacations, Inc. ^(a)	5,680	175,228
Las Vegas Sands Corp.	2,250	137,160
Marriott International, Inc., Class A	13,590	1,699,973
McDonald’s Corp.	8,510	1,616,049
Starbucks Corp.	365,387	27,162,870
Wynn Resorts Ltd.	620	73,978
Yum China Holdings, Inc.	265,076	11,904,563
Yum! Brands, Inc.	151,858	15,156,947
Total		60,592,857
Internet & Direct Marketing Retail 12.0%
Alibaba Group Holding Ltd., ADR ^(a)	429,723	78,402,961
Amazon.com, Inc. ^(a)	62,247	110,846,345
Booking Holdings, Inc. ^(a)	17,058	29,764,675
Expedia Group, Inc.	2,010	239,190
GrubHub, Inc. ^(a)	2,640	183,401
MercadoLibre, Inc. ^(a)	33,664	17,092,223
Total		236,528,795
Specialty Retail 0.7%
Burlington Stores, Inc. ^(a)	729	114,220
Home Depot, Inc. (The)	48,329	9,273,852
Lowe’s Companies, Inc.	23,060	2,524,378
O’Reilly Automotive, Inc. ^(a)	3,744	1,453,795
Ross Stores, Inc.	5,540	515,774
Ulta Beauty, Inc. ^(a)	228	79,510
Total		13,961,529
Textiles, Apparel & Luxury Goods 2.5%
Canada Goose Holdings, Inc. ^(a)	320,287	15,380,182
Carter’s, Inc.	11,507	1,159,791
Columbia Sportswear Co.	1,640	170,855
lululemon athletica, Inc. ^(a)	4,100	671,867
Nike, Inc., Class B	372,123	31,336,478
Skechers U.S.A., Inc., Class A ^(a)	15,340	515,577
Total		49,234,750
Total Consumer Discretionary		389,806,773

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

10	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 6.1%
Beverages 2.7%
Brown-Forman Corp., Class B	740	39,057
Coca-Cola Co. (The)	495,970	23,241,154
Monster Beverage Corp. ^(a)	492,719	26,892,603
PepsiCo, Inc.	30,200	3,701,010
Total		53,873,824
Food & Staples Retailing 0.3%
Costco Wholesale Corp.	23,931	5,794,652
Sprouts Farmers Market, Inc. ^(a)	10,470	225,524
Total		6,020,176
Food Products 1.1%
Danone SA, ADR	1,338,386	20,604,453
Household Products 1.9%
Colgate-Palmolive Co.	220,906	15,140,897
Procter & Gamble Co. (The)	217,612	22,642,529
Total		37,783,426
Personal Products 0.1%
Estee Lauder Companies, Inc. (The), Class A	1,830	302,957
Nu Skin Enterprises, Inc., Class A	32,325	1,547,074
Total		1,850,031
Tobacco 0.0%
Altria Group, Inc.	1,537	88,270
Total Consumer Staples		120,220,180
Energy 1.5%
Energy Equipment & Services 0.7%
Schlumberger Ltd.	301,263	13,126,029
Oil, Gas & Consumable Fuels 0.8%
Pioneer Natural Resources Co.	102,043	15,539,108
Total Energy		28,665,137
Financials 5.3%
Banks 0.2%
Synovus Financial Corp.	37,290	1,281,284
Western Alliance Bancorp ^(a)	44,765	1,837,156
Total		3,118,440

Common Stocks (continued)
Issuer	Shares	Value ($)
Capital Markets 4.6%
Cboe Global Markets, Inc.	28,550	2,724,812
Charles Schwab Corp. (The)	547,145	23,395,920
Eaton Vance Corp.	24,040	969,052
Evercore, Inc., Class A	24,830	2,259,530
Factset Research Systems, Inc.	58,924	14,629,061
LPL Financial Holdings, Inc.	30,470	2,122,236
Moody’s Corp.	5,590	1,012,293
MSCI, Inc.	116,878	23,240,022
S&P Global, Inc.	4,660	981,163
SEI Investments Co.	353,015	18,445,034
State Street Corp.	6,020	396,176
T. Rowe Price Group, Inc.	9,430	944,132
Total		91,119,431
Consumer Finance 0.5%
American Express Co.	79,979	8,741,705
OneMain Holdings, Inc.	7,750	246,062
Total		8,987,767
Insurance 0.0%
Aon PLC	520	88,764
Hanover Insurance Group, Inc. (The)	4,118	470,152
Total		558,916
Total Financials		103,784,554
Health Care 18.3%
Biotechnology 5.2%
AbbVie, Inc.	38,940	3,138,175
Alexion Pharmaceuticals, Inc. ^(a)	197,540	26,703,457
Alkermes PLC ^(a)	11,610	423,649
Amgen, Inc.	83,150	15,796,837
bluebird bio, Inc. ^(a)	1,280	201,382
Exact Sciences Corp. ^(a)	200,764	17,390,178
Gilead Sciences, Inc.	3,640	236,636
Incyte Corp. ^(a)	2,060	177,181
Neurocrine Biosciences, Inc. ^(a)	1,540	135,674
Regeneron Pharmaceuticals, Inc. ^(a)	62,129	25,511,410
Sage Therapeutics, Inc. ^(a)	460	73,163

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

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Sarepta Therapeutics, Inc. ^(a)	79,159	9,434,961
Vertex Pharmaceuticals, Inc. ^(a)	12,158	2,236,464
Total		101,459,167
Health Care Equipment & Supplies 5.6%
ABIOMED, Inc. ^(a)	1,336	381,548
Align Technology, Inc. ^(a)	83,421	23,719,093
Boston Scientific Corp. ^(a)	80,195	3,077,884
Cantel Medical Corp.	24,850	1,662,216
DexCom, Inc. ^(a)	6,400	762,240
Edwards Lifesciences Corp. ^(a)	130,444	24,957,850
ICU Medical, Inc. ^(a)	320	76,586
IDEXX Laboratories, Inc. ^(a)	122,365	27,360,814
Intuitive Surgical, Inc. ^(a)	7,839	4,472,777
Masimo Corp. ^(a)	4,260	589,073
ResMed, Inc.	23,446	2,437,681
Stryker Corp.	17,846	3,524,942
Varian Medical Systems, Inc. ^(a)	123,891	17,557,832
West Pharmaceutical Services, Inc.	3,705	408,291
Total		110,988,827
Health Care Providers & Services 1.1%
Chemed Corp.	3,310	1,059,432
UnitedHealth Group, Inc.	86,754	21,450,794
Total		22,510,226
Health Care Technology 1.0%
Cerner Corp. ^(a)	313,805	17,952,784
Veeva Systems Inc., Class A ^(a)	5,987	759,511
Total		18,712,295
Life Sciences Tools & Services 1.6%
Agilent Technologies, Inc.	6,895	554,220
Bruker Corp.	37,045	1,424,010
Charles River Laboratories International, Inc. ^(a)	2,680	389,270
Illumina, Inc. ^(a)	73,493	22,833,540
Mettler-Toledo International, Inc. ^(a)	2,508	1,813,284
Pra Health Sciences, Inc. ^(a)	829	91,430
Thermo Fisher Scientific, Inc.	7,826	2,142,133
Waters Corp. ^(a)	6,581	1,656,504
Total		30,904,391

Common Stocks (continued)
Issuer	Shares	Value ($)
Pharmaceuticals 3.8%
Bristol-Myers Squibb Co.	478,687	22,838,157
Eli Lilly & Co.	12,541	1,627,320
Johnson & Johnson	14,020	1,959,856
Merck & Co., Inc.	118,534	9,858,473
Novartis AG, ADR	144,245	13,867,714
Novo Nordisk A/S, ADR	422,192	22,084,863
Zoetis, Inc.	23,765	2,392,423
Total		74,628,806
Total Health Care		359,203,712
Industrials 4.7%
Aerospace & Defense 0.8%
Boeing Co. (The)	16,824	6,417,010
Curtiss-Wright Corp.	31,800	3,604,212
Harris Corp.	4,010	640,437
Hexcel Corp.	38,771	2,681,402
Lockheed Martin Corp.	1,060	318,170
Northrop Grumman Corp.	580	156,368
Raytheon Co.	12,810	2,332,445
Total		16,150,044
Air Freight & Logistics 1.1%
Expeditors International of Washington, Inc.	295,758	22,448,032
Building Products 0.1%
AO Smith Corp.	2,080	110,906
Armstrong World Industries, Inc.	18,380	1,459,739
Total		1,570,645
Commercial Services & Supplies 0.1%
Cintas Corp.	510	103,076
Rollins, Inc.	2,205	91,772
Waste Management, Inc.	23,315	2,422,662
Total		2,617,510
Construction & Engineering 0.1%
Quanta Services, Inc.	30,140	1,137,483
Electrical Equipment 0.2%
AMETEK, Inc.	24,970	2,071,761
Emerson Electric Co.	17,940	1,228,352
Rockwell Automation, Inc.	920	161,423
Total		3,461,536

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

12	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Industrial Conglomerates 0.5%
3M Co.	22,322	4,638,065
Honeywell International, Inc.	22,794	3,622,423
Roper Technologies, Inc.	2,100	718,137
Total		8,978,625
Machinery 1.3%
Deere & Co.	127,127	20,319,980
Fortive Corp.	9,158	768,265
Graco, Inc.	3,496	173,122
IDEX Corp.	10,344	1,569,598
Illinois Tool Works, Inc.	10,910	1,565,912
Lincoln Electric Holdings, Inc.	25,140	2,108,492
Total		26,505,369
Professional Services 0.0%
Equifax, Inc.	940	111,390
Road & Rail 0.3%
Landstar System, Inc.	14,810	1,620,066
Schneider National, Inc., Class B	59,790	1,258,579
Union Pacific Corp.	12,215	2,042,348
Total		4,920,993
Trading Companies & Distributors 0.2%
HD Supply Holdings, Inc. ^(a)	35,220	1,526,787
MSC Industrial Direct Co., Inc., Class A	19,690	1,628,560
W.W. Grainger, Inc.	1,201	361,417
Watsco, Inc.	4,080	584,297
Total		4,101,061
Total Industrials		92,002,688
Information Technology 32.9%
Communications Equipment 1.4%
Arista Networks, Inc. ^(a)	5,513	1,733,618
Cisco Systems, Inc.	455,284	24,580,783
Total		26,314,401

Common Stocks (continued)
Issuer	Shares	Value ($)
Electronic Equipment, Instruments & Components 1.2%
Amphenol Corp., Class A	5,980	564,751
CDW Corp.	14,535	1,400,738
Cognex Corp.	423,163	21,522,070
IPG Photonics Corp. ^(a)	480	72,855
National Instruments Corp.	17,122	759,532
Total		24,319,946
IT Services 8.9%
Accenture PLC, Class A	15,352	2,702,259
Akamai Technologies, Inc. ^(a)	10,605	760,485
Automatic Data Processing, Inc.	49,460	7,900,741
Black Knight, Inc. ^(a)	19,230	1,048,035
Broadridge Financial Solutions, Inc.	6,435	667,245
Cognizant Technology Solutions Corp., Class A	12,025	871,211
Fidelity National Information Services, Inc.	6,454	729,948
Fiserv, Inc. ^(a)	20,990	1,852,997
Gartner, Inc. ^(a)	9,100	1,380,288
Global Payments, Inc.	2,870	391,812
GoDaddy, Inc., Class A ^(a)	2,990	224,818
International Business Machines Corp.	10,950	1,545,045
Jack Henry & Associates, Inc.	10,607	1,471,615
MasterCard, Inc., Class A	41,000	9,653,450
PayPal Holdings, Inc. ^(a)	313,448	32,548,440
Square, Inc., Class A ^(a)	345,208	25,862,983
Teradata Corp. ^(a)	13,170	574,871
Total System Services, Inc.	12,005	1,140,595
VeriSign, Inc. ^(a)	3,162	574,093
Visa, Inc., Class A	533,327	83,300,344
Total		175,201,275
Semiconductors & Semiconductor Equipment 5.8%
Advanced Micro Devices, Inc. ^(a)	38,860	991,707
Analog Devices, Inc.	16,480	1,734,850
Applied Materials, Inc.	563,140	22,334,132
Broadcom, Inc.	2,250	676,598
Cypress Semiconductor Corp.	13,720	204,702
KLA-Tencor Corp.	750	89,558
Lam Research Corp.	7,320	1,310,353
Maxim Integrated Products, Inc.	2,270	120,696

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

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Microchip Technology, Inc.	6,090	505,226
Micron Technology, Inc. ^(a)	37,360	1,544,089
MKS Instruments, Inc.	4,780	444,779
Monolithic Power Systems, Inc.	3,690	499,958
NVIDIA Corp.	316,827	56,889,456
QUALCOMM, Inc.	333,383	19,012,833
Skyworks Solutions, Inc.	8,350	688,708
Teradyne, Inc.	11,640	463,738
Texas Instruments, Inc.	37,621	3,990,459
Versum Materials, Inc.	41,710	2,098,430
Xilinx, Inc.	5,910	749,329
Total		114,349,601
Software 14.0%
Adobe, Inc. ^(a)	124,251	33,111,649
ANSYS, Inc. ^(a)	6,320	1,154,727
Aspen Technology, Inc. ^(a)	450	46,917
Atlassian Corp. PLC, Class A ^(a)	3,530	396,737
Autodesk, Inc. ^(a)	219,743	34,240,354
Cadence Design Systems, Inc. ^(a)	53,055	3,369,523
Citrix Systems, Inc.	20,753	2,068,244
DocuSign, Inc. ^(a)	2,940	152,410
Fair Isaac Corp. ^(a)	4,664	1,266,882
Fortinet, Inc. ^(a)	9,340	784,280
Intuit, Inc.	16,894	4,416,261
LogMeIn, Inc.	10,650	853,065
Microsoft Corp.	461,318	54,407,845
Nutanix, Inc., Class A ^(a)	1,790	67,555
Oracle Corp.	777,112	41,738,686
Palo Alto Networks, Inc. ^(a)	9,818	2,384,596
Paycom Software, Inc. ^(a)	2,640	499,303
Proofpoint, Inc. ^(a)	4,150	503,934
Red Hat, Inc. ^(a)	8,515	1,555,690
RingCentral, Inc., Class A ^(a)	2,100	226,380
Salesforce.com, Inc. ^(a)	232,516	36,823,559
ServiceNow, Inc. ^(a)	119,917	29,558,341
Splunk, Inc. ^(a)	175,639	21,884,619
Tyler Technologies, Inc. ^(a)	5,940	1,214,136
Ultimate Software Group, Inc. (The) ^(a)	3,241	1,069,951
VMware, Inc., Class A	3,780	682,328

Common Stocks (continued)
Issuer	Shares	Value ($)
Workday, Inc., Class A ^(a)	4,702	906,781
Zendesk, Inc. ^(a)	930	79,050
Total		275,463,803
Technology Hardware, Storage & Peripherals 1.6%
Apple, Inc.	156,385	29,705,331
Dell Technologies, Inc. ^(a)	7,880	462,477
NetApp, Inc.	8,740	606,031
Total		30,773,839
Total Information Technology		646,422,865
Materials 0.1%
Chemicals 0.1%
Axalta Coating Systems Ltd. ^(a)	8,080	203,697
Linde PLC	283	49,788
Scotts Miracle-Gro Co. (The), Class A	470	36,933
Sherwin-Williams Co. (The)	1,440	620,222
WR Grace & Co.	7,920	618,077
Total		1,528,717
Metals & Mining 0.0%
Royal Gold, Inc.	1,000	90,930
Southern Copper Corp.	100	3,968
Total		94,898
Total Materials		1,623,615
Real Estate 0.8%
Equity Real Estate Investment Trusts (REITS) 0.8%
American Tower Corp.	24,050	4,739,293
Crown Castle International Corp.	8,198	1,049,344
CubeSmart	10,720	343,469
Equinix, Inc.	740	335,338
Equity LifeStyle Properties, Inc.	11,895	1,359,599
Extra Space Storage, Inc.	1,439	146,649
Hudson Pacific Properties, Inc.	44,510	1,532,034
Life Storage, Inc.	6,020	585,565
Public Storage	5,200	1,132,456
SBA Communications Corp. ^(a)	6,219	1,241,686

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

14	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Simon Property Group, Inc.	10,421	1,898,810
Taubman Centers, Inc.	24,255	1,282,604
Total		15,646,847
Total Real Estate		15,646,847
Total Common Stocks (Cost $1,430,249,836)		1,953,128,871

Money Market Funds 0.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(b),(c)	12,497,720	12,496,470
Total Money Market Funds (Cost $12,496,470)		12,496,470
Total Investments in Securities (Cost: $1,442,746,306)		1,965,625,341
Other Assets & Liabilities, Net		139,911
Net Assets		1,965,765,252

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.
(c)	As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.519%
	29,965,433	378,575,536	(396,043,249)	12,497,720	3,333	669	776,280	12,496,470

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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

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

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

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

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

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

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

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

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	195,752,500	—	—	—	195,752,500
Consumer Discretionary	389,806,773	—	—	—	389,806,773
Consumer Staples	99,615,727	20,604,453	—	—	120,220,180
Energy	28,665,137	—	—	—	28,665,137
Financials	103,784,554	—	—	—	103,784,554
Health Care	359,203,712	—	—	—	359,203,712
Industrials	92,002,688	—	—	—	92,002,688
Information Technology	646,422,865	—	—	—	646,422,865
Materials	1,623,615	—	—	—	1,623,615
Real Estate	15,646,847	—	—	—	15,646,847
Total Common Stocks	1,932,524,418	20,604,453	—	—	1,953,128,871
Money Market Funds	—	—	—	12,496,470	12,496,470
Total Investments in Securities	1,932,524,418	20,604,453	—	12,496,470	1,965,625,341

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.

16	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

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

There were no transfers of financial assets between Levels 2 and 3 during the period.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using observable market inputs rather than quoted prices for identical assets as of period end.

Transfers between levels are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The following table(s) show(s) transfers between levels of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	25,714,765	25,714,765	—

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

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Statement of Assets and Liabilities
March 31, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,430,249,836)	$1,953,128,871
Affiliated issuers (cost $12,496,470)	12,496,470
Cash	666
Receivable for:
Capital shares sold	2,014,068
Dividends	1,220,042
Foreign tax reclaims	121,533
Prepaid expenses	4,575
Trustees’ deferred compensation plan	93,438
Total assets	1,969,079,663
Liabilities
Payable for:
Capital shares purchased	2,791,665
Management services fees	37,162
Distribution and/or service fees	56
Transfer agent fees	240,401
Compensation of board members	1,525
Compensation of chief compliance officer	191
Other expenses	149,973
Trustees’ deferred compensation plan	93,438
Total liabilities	3,314,411
Net assets applicable to outstanding capital stock	$1,965,765,252
Represented by
Paid in capital	1,402,119,451
Total distributable earnings (loss) (Note 2)	563,645,801
Total - representing net assets applicable to outstanding capital stock	$1,965,765,252
Class A
Net assets	$8,303,675
Shares outstanding	582,901
Net asset value per share	$14.25
Institutional Class
Net assets	$1,957,461,577
Shares outstanding	138,943,363
Net asset value per share	$14.09

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

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Statement of Operations
Year Ended March 31, 2019

Net investment income
Income:
Dividends — unaffiliated issuers	$18,436,874
Dividends — affiliated issuers	776,280
Foreign taxes withheld	(422,865)
Total income	18,790,289
Expenses:
Management services fees	14,371,515
Distribution and/or service fees
Class A	22,672
Transfer agent fees
Class A	14,437
Institutional Class	3,292,257
Compensation of board members	46,811
Custodian fees	39,593
Printing and postage fees	276,810
Registration fees	80,465
Audit fees	31,051
Legal fees	47,093
Interest on interfund lending	184
Compensation of chief compliance officer	794
Other	137,191
Total expenses	18,360,873
Net investment income	429,416
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	175,993,834
Investments — affiliated issuers	3,333
Net realized gain	175,997,167
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	47,385,937
Investments — affiliated issuers	669
Net change in unrealized appreciation (depreciation)	47,386,606
Net realized and unrealized gain	223,383,773
Net increase in net assets resulting from operations	$223,813,189

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

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Statement of Changes in Net Assets

	Year Ended March 31, 2019	Year Ended March 31, 2018
Operations
Net investment income	$429,416	$2,270,050
Net realized gain	175,997,167	293,859,553
Net change in unrealized appreciation (depreciation)	47,386,606	215,563,001
Net increase in net assets resulting from operations	223,813,189	511,692,604
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,395,410)
Institutional Class	(330,271,081)
Net investment income
Institutional Class		(3,209,356)
Net realized gains
Class A		(591,064)
Institutional Class		(119,172,214)
Total distributions to shareholders (Note 2)	(331,666,491)	(122,972,634)
Decrease in net assets from capital stock activity	(92,435,093)	(447,046,244)
Total decrease in net assets	(200,288,395)	(58,326,274)
Net assets at beginning of year	2,166,053,647	2,224,379,921
Net assets at end of year	$1,965,765,252	$2,166,053,647
Undistributed (excess of distributions over) net investment income	$117,466	$(85,624)

	Year Ended		Year Ended
	March 31, 2019		March 31, 2018
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	295	3,924	30,014	401,399
Distributions reinvested	100,060	1,394,977	43,134	590,940
Redemptions	(210,266)	(3,054,721)	(658,856)	(9,130,469)
Net decrease	(109,911)	(1,655,820)	(585,708)	(8,138,130)
Institutional Class
Subscriptions	32,674,878	471,193,247	55,198,512	759,787,775
Distributions reinvested	23,950,456	330,270,597	9,009,807	122,381,426
Redemptions	(62,703,299)	(892,243,117)	(90,433,025)	(1,321,077,315)
Net decrease	(6,077,965)	(90,779,273)	(26,224,706)	(438,908,114)
Total net decrease	(6,187,876)	(92,435,093)	(26,810,414)	(447,046,244)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 3/31/2019	$15.04	(0.03)	1.51	1.48	—	(2.27)	(2.27)
Year Ended 3/31/2018	$13.04	(0.02)	2.67	2.65	—	(0.65)	(0.65)
Year Ended 3/31/2017	$12.14	(0.03)	1.94	1.91	—	(1.01)	(1.01)
Year Ended 3/31/2016	$13.79	(0.05)	(0.52)	(0.57)	—	(1.08)	(1.08)
Year Ended 3/31/2015	$13.95	(0.09)	1.75	1.66	—	(1.82)	(1.82)
Institutional Class
Year Ended 3/31/2019	$14.86	0.00 ^(e)	1.50	1.50	—	(2.27)	(2.27)
Year Ended 3/31/2018	$12.89	0.01	2.64	2.65	(0.02)	(0.66)	(0.68)
Year Ended 3/31/2017 ^(f)	$11.74	0.01	1.14	1.15	—	—	—

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)	Ratios include line of credit interest expense which is less than 0.01%.
(e)	Rounds to zero.
(f)	Institutional Class shares commenced operations on January 3, 2017. Per share data and total return reflect activity from that date.
(g)	Annualized.

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 3/31/2019	$14.25	10.80%	1.13% ^(c)	1.13% ^(c)	(0.23%)	41%	$8,304
Year Ended 3/31/2018	$15.04	20.83%	1.13%	1.13%	(0.17%)	50%	$10,420
Year Ended 3/31/2017	$13.04	16.45%	1.13%	1.13%	(0.25%)	48%	$16,678
Year Ended 3/31/2016	$12.14	(4.80%)	1.12% ^(d)	1.12% ^(d)	(0.39%)	39%	$2,553,169
Year Ended 3/31/2015	$13.79	13.24%	1.16%	1.16%	(0.64%)	48%	$1,833,649
Institutional Class
Year Ended 3/31/2019	$14.09	11.09%	0.88% ^(c)	0.88% ^(c)	0.02%	41%	$1,957,462
Year Ended 3/31/2018	$14.86	21.09%	0.85%	0.85%	0.09%	50%	$2,155,633
Year Ended 3/31/2017 ^(f)	$12.89	9.80%	0.89% ^(g)	0.89% ^(g)	0.38% ^(g)	48%	$2,207,702

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

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Notes to Financial Statements
March 31, 2019

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes identified below.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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Notes to Financial Statements (continued)
March 31, 2019

Security transactions

Income recognition

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

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

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Notes to Financial Statements (continued)
March 31, 2019

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 on the Statement of Assets and Liabilities.

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

Disclosure Update and Simplification

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Notes to Financial Statements (continued)
March 31, 2019

Note 3. Fees and other transactions with affiliates

Management services fees

Subadvisory agreement

The Investment Manager has entered into Subadvisory Agreements with Loomis, Sayles & Company, L.P. and Los Angeles Capital Management and Equity Research, Inc. each of which, together with the Investment Manager, manage a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board of Trustees. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.

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Notes to Financial Statements (continued)
March 31, 2019

For the year ended March 31, 2019, 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	0.16
Institutional Class	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended March 31, 2019, 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 shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares. However, the aggregate fee shall not exceed 0.25% of the Fund’s average daily net assets attributable to Class A shares.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through July 31, 2019
Class A	1.15%
Institutional Class	0.90

Note 4. Federal tax information

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Notes to Financial Statements (continued)
March 31, 2019

At March 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, re-characterization of distributions for investments, post-October capital losses, trustees’ deferred compensation, distribution reclassifications, non-deductible expenses and earnings and profits distributed to shareholders on the redemption of shares. 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 ($)	Accumulated net realized gain ($)	Paid in capital ($)
(226,326)	(14,147,934)	14,374,260

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 March 31, 2019			Year Ended March 31, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
45,287,743	286,378,748	331,666,491	9,372,586	113,600,048	122,972,634

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
212,143	50,670,060	—	515,204,629

At March 31, 2019, 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) ($)	Net unrealized appreciation ($)
1,450,420,712	539,150,982	(23,946,353)	515,204,629

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

Late year ordinary losses ($)	Post-October capital losses ($)
—	2,346,354

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Notes to Financial Statements (continued)
March 31, 2019

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $843,108,503 and $1,240,538,739, respectively, for the year ended March 31, 2019. 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 March 31, 2019 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
Borrower	2,400,000	2.76	1

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at March 31, 2019.

Note 8. Line of credit

The Fund had no borrowings during the year ended March 31, 2019.

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Notes to Financial Statements (continued)
March 31, 2019

Note 9. Significant risks

Shareholder concentration risk

At March 31, 2019, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Technology and technology-related investment risk

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 Multi-Manager Growth Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Multi-Manager Growth Strategies Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, 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 March 31, 2019, 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 March 31, 2019, 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

May 21, 2019

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)

Qualified dividend income	Dividends received deduction	Capital gain dividend
40.98%	37.13%	$187,866,291

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

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

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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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TRUSTEES AND OFFICERS (continued)

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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

38	Multi-Manager Growth Strategies Fund \| Annual Report 2019

Table of Contents

Additional information

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

Multi-Manager Growth Strategies Fund | Annual Report 2019

Table of Contents

Multi-Manager Growth Strategies Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN117_03_J01_(05/19)

Annual Report
March 31, 2019

Columbia Pacific/Asia Fund

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	6
Understanding Your Fund’s Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	36
Additional Information	41

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Fund at a Glance

Investment objective

Columbia Pacific/Asia Fund (the Fund) seeks long-term capital appreciation.

Portfolio management

Daisuke Nomoto, CMA (SAAJ)

Lead Portfolio Manager

Managed Fund since 2008

Jasmine (Weili) Huang*, CFA, CPA (U.S. and China), CFM

Portfolio Manager

Managed Fund since 2008

Christine Seng, CFA

Portfolio Manager

Managed Fund since 2014

*Jasmine Huang is on a medical leave of absence.

Morningstar style box ^TM

Average annual total returns (%) (for the period ended March 31, 2019)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	03/31/08	-6.85	7.27	11.04
	Including sales charges		-12.24	6.02	10.39
Advisor Class*		03/19/13	-6.54	7.55	11.36
Class C	Excluding sales charges	03/31/08	-7.52	6.47	10.24
	Including sales charges		-8.37	6.47	10.24
Institutional Class		12/31/92	-6.63	7.55	11.36
Institutional 3 Class*		03/01/17	-6.41	7.64	11.40
MSCI AC Asia Pacific Index (Net)			-5.14	5.49	9.68
MSCI EAFE Index (Net)			-3.71	2.33	8.96

The MSCI AC Asia Pacific Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance in 13 developed and emerging markets in the Asia Pacific region.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI AC Asia Pacific Index (Net) and the MSCI EAFE Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (March 31, 2009 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Pacific/Asia 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.

Top 10 holdings (%) (at March 31, 2019)
Tencent Holdings Ltd. (China)	4.5
Alibaba Group Holding Ltd., ADR (China)	4.4
Samsung Electronics Co., Ltd. (South Korea)	4.0
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	4.0
DBS Group Holdings Ltd. (Singapore)	2.7
Ping An Insurance Group Co. of China Ltd., Class H (China)	2.6
Link REIT (The) (Hong Kong)	2.5
China Construction Bank Corp., Class H (China)	2.4
PT Bank Rakyat Indonesia Persero Tbk (Indonesia)	2.4
AIA Group Ltd. (Hong Kong)	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.

Equity sector breakdown (%) (at March 31, 2019)
Communication Services	8.0
Consumer Discretionary	11.4
Consumer Staples	7.1
Energy	0.9
Financials	23.3
Health Care	11.0
Industrials	9.5
Information Technology	15.4
Materials	4.0
Real Estate	7.1
Utilities	2.3
Total	100.0

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

4	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Country breakdown (%) (at March 31, 2019)
Australia	10.6
China	19.7
Hong Kong	7.2
India	5.0
Indonesia	2.9
Japan	36.7
Philippines	0.8
Singapore	4.1
South Korea	3.9
Taiwan	3.9
Thailand	0.7
United Kingdom	2.3
United States ^(a)	2.2
Total	100.0

(a)	Includes investments in Money Market Funds.

Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

At March 31, 2019, approximately 84.08% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

For the 12-month period that ended March 31, 2019, the Fund’s Class A shares returned -6.85% excluding sales charges. The Fund lagged its benchmark, the MSCI AC Asia Pacific Index (Net), which returned -5.14%, and the broader MSCI EAFE Index (Net), which returned -3.71% for the same 12-month period. Stock selection in the industrials, communication services and consumer discretionary, as well as India and Japan detracted from overall results.

Mixed results from Asia Pacific equity markets

The Asia Pacific equity markets exhibited swings of volatility that drove stock prices down sharply near the end of 2018 but then reversed course in the first quarter of 2019. Japanese economic data was disappointing partly because of the slowdown of the global economy and a series of natural disasters in the summer. However, the Japanese yen weakened against the U.S. dollar during the period, which muted some of the negative sentiment. The period was a challenge for China’s equity market, as a market sell-off that began early in 2018 continued throughout the year. Headwinds from the ongoing U.S.–China trade tensions and concerns over the slowdown of the Chinese economy resulted in a sharp drop in China equities in 2018. China’s markets rebounded strongly in 2019, supported by receding macro risks: the U.S. Federal Reserve’s dovish stance on short-term interest rates, selective stimulus by China’s policymakers and increased probability of a U.S.-China trade deal.

Indian growth remained solid, and the Reserve Bank of India followed the global shift toward more accommodative monetary policy. Australian equities performed well, driven by mining stocks, which rallied after the collapse of a dam at a mine owned by Brazil’s Vale curtailed production. Export-oriented economies, such as South Korea and Taiwan, lagged given the weakening global economic outlook.

While utilities, real estate and energy were positive performers during the 12-month period, economically sensitive sectors such as consumer discretionary and information technology were the worst performers, given concerns over the growth outlook in a weakening macro backdrop.

Contributors and detractors

The Fund’s performance shortfall relative to the benchmark was driven primarily by individual stock selection and sector allocation. Country allocation also detracted, but to a lesser extent. Stock selection was strongest in the financials, health care, materials and utilities sectors and in Indonesia, Australia, Singapore and Hong Kong. Link Real Estate Investment Trust, Rio Tinto and Guangdon Investment were the Fund’s most notable contributors to performance. Link Real Estate Investment Trust, a Hong Kong-based developer of offices and shopping malls, successfully executed the disposal of non-core shopping mall assets and selectively acquired strategic properties. Rio Tinto, a major diversified mining company with leading iron ore, aluminum, copper, coal, diamonds, and mineral businesses, benefited from a sustained recovery in iron ore prices. Guangdong Investment, a Hong Kong-based utility company, continued to rise given the defensive nature of its business in the down market.

Stock selection was weakest in the industrials, communication services and consumer discretionary sectors, as well as in India and Japan. A position in CSPC Pharmaceutical Group, a leading pharmaceutical company in China, experienced a correction as regulators announced a pilot program for a centralized procurement system to reduce drug prices. Shares of Otsuka, a Japanese technology service provider, sold off as the company fell short of market expectations because of a sluggish copier business and weak product mix. Nihon M&A, a Japanese boutique mergers and acquisitions advisor focusing on small companies, declined after reporting a year-over-year earnings decline.

6	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

Portfolio activity and positioning

Given our cautious outlook on the global economy, we positioned the portfolio more defensively during the period by adding to the consumer staples sector and trimming exposure to the industrials sector. From a country allocation perspective, we reduced the Fund’s exposure to both Japan and China, which had been overweights in the portfolio, and rotated the proceeds into Australia and Hong Kong. We initiated Fund positions in companies whose cash flow generation we believe is relatively insensitive to global economic cycles, including Kao (Japanese personal care), Comture (Japanese IT service), Ansell (Australian medical glove manufacturer) and Nakanishi (Japanese dental equipment manufacturer). Given concerns of economic slowdown that could result from U.S.-China trade tensions, the Fund exited cyclical including Disco (Japanese semiconductor), Hikvision (Chinese surveillance products manufacturer), JCU (Japanese chemical), Komatsu (Japanese construction machinery), and Nexteer (Chinese auto parts).

At period’s end

We believe that the Fund’s current defensive positioning has the potential to weather the current uncertain environment. During the period, we increased the Fund’s exposure to consumer staples and real estate sectors, while we trimmed holdings in the financials and industrials sectors. We neutralized the Fund’s allocation in Japan from an overweight, as many Japanese stocks are tied to global cyclicality. We reduced the Fund’s China weight given the economic slowdown and rotated proceeds primarily into Australia, where we initiated positions in Ansell (medical glove manufacturer) and Newcrest Mining (gold miner) given the defensive characteristics of their businesses. We sold off Fund positions in cyclical companies including Komatsu (a machinery company). We also liquidated a Fund position in Tingy (an instant noodle maker), where we observed intensifying competition. We established new Fund positions in Kao (personal care) and Comture (Japanese IT service).

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Concentration in the Asia Pacific region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector that may be negatively affected by similar market or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund’s prospectus for more information on these and other risks.

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

October 1, 2018 — March 31, 2019
	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	973.00	1,017.50	7.33	7.49	1.49
Advisor Class	1,000.00	1,000.00	974.30	1,018.70	6.15	6.29	1.25
Class C	1,000.00	1,000.00	968.90	1,013.71	11.04	11.30	2.25
Institutional Class	1,000.00	1,000.00	974.20	1,018.70	6.15	6.29	1.25
Institutional 3 Class	1,000.00	1,000.00	975.20	1,019.65	5.22	5.34	1.06

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.

8	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments
March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 97.2%
Issuer	Shares	Value ($)
Australia 10.5%
Ansell Ltd.	117,079	2,115,277
Computershare Ltd.	221,809	2,696,364
CSL Ltd.	25,030	3,472,971
Macquarie Group Ltd.	37,408	3,445,127
Newcrest Mining Ltd.	135,543	2,454,687
Vicinity Centres	988,698	1,825,497
Westpac Banking Corp.	42,688	786,887
Total		16,796,810
China 19.6%
Alibaba Group Holding Ltd., ADR ^(a)	37,575	6,855,559
BeiGene Ltd., ADR ^(a)	4,717	622,644
China Construction Bank Corp., Class H	4,398,000	3,775,105
Foshan Haitian Flavouring & Food Co., Ltd., Class A	88,382	1,139,059
Guangdong Investment Ltd.	1,341,000	2,589,231
Kweichow Moutai Co., Ltd., Class A	20,172	2,558,434
NetEase, Inc., ADR	3,808	919,442
New Oriental Education & Technology Group, Inc., ADR ^(a)	19,173	1,727,296
Ping An Insurance Group Co. of China Ltd., Class H	361,800	4,073,223
Tencent Holdings Ltd.	152,800	7,026,936
Total		31,286,929
Hong Kong 7.2%
AIA Group Ltd.	370,200	3,701,915
BOC Hong Kong Holdings Ltd.	620,500	2,575,029
Hong Kong Exchanges and Clearing Ltd.	37,500	1,310,195
Link REIT (The)	332,000	3,886,944
Total		11,474,083
India 4.9%
Eicher Motors Ltd.	6,683	1,981,415
HDFC Bank Ltd., ADR	30,106	3,489,586
Indraprastha Gas Ltd.	239,585	1,055,197
Petronet LNG Ltd.	367,857	1,335,272
Total		7,861,470

Common Stocks (continued)
Issuer	Shares	Value ($)
Indonesia 2.9%
PT Ace Hardware Indonesia Tbk	7,291,000	911,912
PT Bank Rakyat Indonesia Persero Tbk	12,929,200	3,754,128
Total		4,666,040
Japan 36.5%
Aeon Delight Co., Ltd.	15,300	595,718
Amano Corp.	41,400	978,454
Asahi Intecc Co., Ltd.	23,400	1,102,016
Astellas Pharma, Inc.	132,700	1,993,922
Benefit One, Inc.	24,700	485,808
BrainPad, Inc. ^(a)	7,600	408,545
Comture Corp.	29,600	976,665
Dai-ichi Life Holdings, Inc.	79,100	1,101,177
Daiichi Sankyo Co., Ltd.	24,500	1,131,353
Daikin Industries Ltd.	17,000	1,998,260
Digital Arts, Inc.	7,200	590,154
Elecom Co., Ltd.	49,500	1,529,534
Hoya Corp.	36,600	2,424,284
ITOCHU Corp.	89,100	1,614,829
JustSystems Corp.	22,300	568,556
Kao Corp.	34,800	2,746,648
Katitas Co., Ltd.	30,500	1,050,172
Keyence Corp.	4,000	2,500,780
Kinden Corp.	66,500	1,103,509
Kirin Holdings Co., Ltd.	71,300	1,705,758
Koito Manufacturing Co., Ltd.	19,100	1,085,893
Lasertec Corp.	8,700	365,292
Maeda Kosen Co., Ltd.	40,100	885,871
Matsumotokiyoshi Holdings Co., Ltd.	20,100	671,599
Milbon Co., Ltd.	15,900	741,096
Mitsubishi Corp.	80,900	2,252,355
Mitsubishi UFJ Financial Group, Inc.	264,400	1,307,668
Nakanishi, Inc.	53,500	1,047,043
Nidec Corp.	10,900	1,387,951
Nihon M&A Center, Inc.	41,700	1,146,166
Nintendo Co., Ltd.	3,100	888,742
Nippon Telegraph & Telephone Corp.	54,800	2,336,184

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

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Common Stocks (continued)
Issuer	Shares	Value ($)
Obic Co., Ltd.	8,200	829,222
ORIX Corp.	106,390	1,528,570
ORIX JREIT, Inc.	518	888,885
PeptiDream, Inc. ^(a)	14,000	689,502
Pigeon Corp.	11,400	467,728
Recruit Holdings Co., Ltd.	53,200	1,525,269
Round One Corp.	20,000	253,724
Shimano, Inc.	4,300	700,113
Shoei Co., Ltd.	14,600	624,233
SoftBank Group Corp.	12,800	1,247,702
Solasto Corp.	35,900	405,773
Sony Corp.	35,300	1,490,409
Takeda Pharmaceutical Co., Ltd.	49,600	2,031,231
Takuma Co., Ltd.	145,800	1,744,064
Toyota Motor Corp.	35,300	2,079,551
Unicharm Corp.	29,400	974,675
Total		58,202,653
Philippines 0.8%
Ayala Land, Inc.	1,402,100	1,199,742
Singapore 4.0%
DBS Group Holdings Ltd.	227,500	4,246,715
Mapletree Commercial Trust	1,557,870	2,173,424
Total		6,420,139

Common Stocks (continued)
Issuer	Shares	Value ($)
South Korea 3.9%
Samsung Electronics Co., Ltd.	157,654	6,218,336
Taiwan 3.9%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	151,635	6,210,970
Thailand 0.7%
Tisco Financial Group PCL, Foreign Registered Shares	382,600	1,065,506
United Kingdom 2.3%
Rio Tinto PLC, ADR	62,442	3,674,712
Total Common Stocks (Cost $103,638,021)		155,077,390

Money Market Funds 2.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(b),(c)	3,513,234	3,512,882
Total Money Market Funds (Cost $3,512,882)		3,512,882
Total Investments in Securities (Cost $107,150,903)		158,590,272
Other Assets & Liabilities, Net		888,756
Net Assets		$159,479,028

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
5,079,000 AUD	3,577,902 USD	Morgan Stanley	05/07/2019	—	(30,923)
21,351,988,000 IDR	1,483,671 USD	Morgan Stanley	05/07/2019	—	(6,612)
34,910,000 JPY	316,930 USD	Morgan Stanley	05/07/2019	980	—
311,794,000 JPY	2,806,806 USD	Morgan Stanley	05/07/2019	—	(15,051)
2,115,000 SGD	1,561,143 USD	Morgan Stanley	05/07/2019	—	(504)
1,558,722 USD	10,489,000 CNY	Morgan Stanley	05/07/2019	1,996	—
4,820,626 USD	5,471,464,000 KRW	Morgan Stanley	05/07/2019	—	(5,853)
1,399,953 USD	44,431,000 THB	Morgan Stanley	05/07/2019	1,362	—
3,278,827 USD	101,240,000 TWD	Morgan Stanley	05/07/2019	5,370	—
Total				9,708	(58,943)

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

10	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.
(c)	As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.519%
	7,265,339	83,708,046	(87,460,151)	3,513,234	(305)	—	114,215	3,512,882

Abbreviation Legend

ADR	American Depositary Receipt

Currency Legend

AUD	Australian Dollar
CNY	China Yuan Renminbi
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
SGD	Singapore Dollar
THB	Thailand Baht
TWD	New Taiwan Dollar
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 accompanying Notes to Financial Statements are an integral part of this statement.

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Australia	—	16,796,810	—	—	16,796,810
China	10,124,941	21,161,988	—	—	31,286,929
Hong Kong	—	11,474,083	—	—	11,474,083
India	3,489,586	4,371,884	—	—	7,861,470
Indonesia	—	4,666,040	—	—	4,666,040
Japan	—	58,202,653	—	—	58,202,653
Philippines	—	1,199,742	—	—	1,199,742
Singapore	—	6,420,139	—	—	6,420,139
South Korea	—	6,218,336	—	—	6,218,336
Taiwan	6,210,970	—	—	—	6,210,970
Thailand	—	1,065,506	—	—	1,065,506
United Kingdom	3,674,712	—	—	—	3,674,712
Total Common Stocks	23,500,209	131,577,181	—	—	155,077,390
Money Market Funds	—	—	—	3,512,882	3,512,882
Total Investments in Securities	23,500,209	131,577,181	—	3,512,882	158,590,272
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	9,708	—	—	9,708
Liability
Forward Foreign Currency Exchange Contracts	—	(58,943)	—	—	(58,943)
Total	23,500,209	131,527,946	—	3,512,882	158,541,037

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

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

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

12	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
March 31, 2019

Fair value measurements (continued)
Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Statement of Assets and Liabilities
March 31, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $103,638,021)	$155,077,390
Affiliated issuers (cost $3,512,882)	3,512,882
Cash	15,615
Foreign currency (cost $3,067)	3,065
Unrealized appreciation on forward foreign currency exchange contracts	9,708
Receivable for:
Investments sold	2,052,595
Capital shares sold	887
Dividends	841,630
Foreign tax reclaims	38,636
Expense reimbursement due from Investment Manager	439
Prepaid expenses	450
Trustees’ deferred compensation plan	45,805
Total assets	161,599,102
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	58,943
Payable for:
Investments purchased	1,727,825
Capital shares purchased	202,727
Management services fees	4,130
Distribution and/or service fees	70
Transfer agent fees	1,995
Compensation of board members	135
Compensation of chief compliance officer	20
Other expenses	78,424
Trustees’ deferred compensation plan	45,805
Total liabilities	2,120,074
Net assets applicable to outstanding capital stock	$159,479,028
Represented by
Paid in capital	106,430,491
Total distributable earnings (loss) (Note 2)	53,048,537
Total - representing net assets applicable to outstanding capital stock	$159,479,028
Class A
Net assets	$5,185,718
Shares outstanding	525,522
Net asset value per share	$9.87
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.47
Advisor Class
Net assets	$1,599,472
Shares outstanding	160,987
Net asset value per share	$9.94
Class C
Net assets	$1,284,746
Shares outstanding	133,811
Net asset value per share	$9.60
Institutional Class
Net assets	$10,246,019
Shares outstanding	1,033,227
Net asset value per share	$9.92
Institutional 3 Class
Net assets	$141,163,073
Shares outstanding	14,408,147
Net asset value per share	$9.80

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

14	Columbia Pacific/Asia Fund \| Annual Report 2019

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Statement of Operations
Year Ended March 31, 2019

Net investment income
Income:
Dividends — unaffiliated issuers	$4,624,310
Dividends — affiliated issuers	114,215
Interfund lending	123
Foreign taxes withheld	(317,766)
Total income	4,420,882
Expenses:
Management services fees	1,823,339
Distribution and/or service fees
Class A	13,105
Class C	14,208
Class T	5
Transfer agent fees
Class A	10,352
Advisor Class	3,332
Class C	2,817
Institutional Class	69,139
Institutional 3 Class	10,837
Class T	4
Compensation of board members	15,706
Custodian fees	119,061
Printing and postage fees	15,790
Registration fees	88,895
Audit fees	51,110
Legal fees	4,408
Interest on collateral	650
Interest on interfund lending	173
Compensation of chief compliance officer	86
Other	16,840
Total expenses	2,259,857
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(104,313)
Expense reduction	(260)
Total net expenses	2,155,284
Net investment income	2,265,598
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	10,484,100
Investments — affiliated issuers	(305)
Foreign currency translations	(90,261)
Forward foreign currency exchange contracts	(867,582)
Net realized gain	9,525,952
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(28,984,793)
Foreign currency translations	(22,377)
Forward foreign currency exchange contracts	110,232
Net change in unrealized appreciation (depreciation)	(28,896,938)
Net realized and unrealized loss	(19,370,986)
Net decrease in net assets resulting from operations	$(17,105,388)

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

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Statement of Changes in Net Assets

	Year Ended March 31, 2019	Year Ended March 31, 2018
Operations
Net investment income	$2,265,598	$1,753,650
Net realized gain	9,525,952	25,179,855
Net change in unrealized appreciation (depreciation)	(28,896,938)	28,796,843
Net increase (decrease) in net assets resulting from operations	(17,105,388)	55,730,348
Distributions to shareholders
Net investment income and net realized gains
Class A	(442,748)
Advisor Class	(162,110)
Class C	(123,719)
Institutional Class	(2,911,627)
Institutional 3 Class	(13,490,977)
Class T	(144)
Net investment income
Class A		(32,606)
Advisor Class		(6,742)
Class C		(719)
Institutional Class		(464,736)
Institutional 3 Class		(1,895,598)
Class T		(25)
Net realized gains
Class A		(310,517)
Advisor Class		(43,902)
Class C		(97,336)
Institutional Class		(3,819,203)
Institutional 3 Class		(12,756,859)
Class T		(243)
Total distributions to shareholders (Note 2)	(17,131,325)	(19,428,486)
Decrease in net assets from capital stock activity	(46,718,709)	(9,662,201)
Total increase (decrease) in net assets	(80,955,422)	26,639,661
Net assets at beginning of year	240,434,450	213,794,789
Net assets at end of year	$159,479,028	$240,434,450
Excess of distributions over net investment income	$(1,738,700)	$(2,879,557)

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
	March 31, 2019		March 31, 2018
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	190,899	1,953,953	351,534	4,064,615
Distributions reinvested	43,824	435,300	30,196	336,458
Redemptions	(241,107)	(2,509,293)	(84,735)	(964,814)
Net increase (decrease)	(6,384)	(120,040)	296,995	3,436,259
Advisor Class
Subscriptions	239,754	2,580,887	77,499	915,479
Distributions reinvested	16,033	161,851	4,456	50,362
Redemptions	(172,948)	(1,646,588)	(6,190)	(68,688)
Net increase	82,839	1,096,150	75,765	897,153
Class C
Subscriptions	44,419	458,923	82,401	934,319
Distributions reinvested	12,710	123,719	8,987	98,054
Redemptions	(62,471)	(617,339)	(40,973)	(465,436)
Net increase (decrease)	(5,342)	(34,697)	50,415	566,937
Institutional Class
Subscriptions	1,298,587	13,507,313	1,560,832	18,369,243
Distributions reinvested	268,164	2,843,116	350,063	3,909,975
Redemptions	(5,487,044)	(55,301,662)	(3,445,416)	(37,171,866)
Net decrease	(3,920,293)	(38,951,233)	(1,534,521)	(14,892,648)
Institutional 3 Class
Subscriptions	236,849	2,335,907	2,359,369	25,339,405
Distributions reinvested	1,308,268	12,799,800	1,214,168	13,373,567
Redemptions	(2,303,954)	(23,842,034)	(3,464,303)	(38,382,874)
Net increase (decrease)	(758,837)	(8,706,327)	109,234	330,098
Class T
Redemptions	(276)	(2,562)	—	—
Net decrease	(276)	(2,562)	—	—
Total net decrease	(4,608,293)	(46,718,709)	(1,002,112)	(9,662,201)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 3/31/2019	$11.56	0.08	(0.89)	(0.81)	(0.02)	(0.86)	(0.88)
Year Ended 3/31/2018	$9.80	0.04	2.69	2.73	(0.09)	(0.88)	(0.97)
Year Ended 3/31/2017	$9.26	0.05	1.05	1.10	(0.02)	(0.54)	(0.56)
Year Ended 3/31/2016	$9.91	0.06	(0.64)	(0.58)	(0.04)	(0.03)	(0.07)
Year Ended 3/31/2015	$8.92	0.10	0.98	1.08	(0.09)	—	(0.09)
Advisor Class
Year Ended 3/31/2019	$11.63	0.11	(0.89)	(0.78)	(0.05)	(0.86)	(0.91)
Year Ended 3/31/2018	$9.86	0.05	2.71	2.76	(0.11)	(0.88)	(0.99)
Year Ended 3/31/2017	$9.31	0.14	0.99	1.13	(0.04)	(0.54)	(0.58)
Year Ended 3/31/2016	$9.96	0.07	(0.62)	(0.55)	(0.07)	(0.03)	(0.10)
Year Ended 3/31/2015	$8.96	0.12	0.98	1.10	(0.10)	—	(0.10)
Class C
Year Ended 3/31/2019	$11.32	0.00 ^(g)	(0.86)	(0.86)	—	(0.86)	(0.86)
Year Ended 3/31/2018	$9.63	(0.04)	2.62	2.58	(0.01)	(0.88)	(0.89)
Year Ended 3/31/2017	$9.15	(0.02)	1.04	1.02	(0.00) ^(g)	(0.54)	(0.54)
Year Ended 3/31/2016	$9.83	(0.01)	(0.64)	(0.65)	(0.00) ^(g)	(0.03)	(0.03)
Year Ended 3/31/2015	$8.86	0.03	0.97	1.00	(0.03)	—	(0.03)
Institutional Class
Year Ended 3/31/2019	$11.62	0.11	(0.90)	(0.79)	(0.05)	(0.86)	(0.91)
Year Ended 3/31/2018	$9.84	0.07	2.70	2.77	(0.11)	(0.88)	(0.99)
Year Ended 3/31/2017	$9.30	0.07	1.05	1.12	(0.04)	(0.54)	(0.58)
Year Ended 3/31/2016	$9.95	0.08	(0.63)	(0.55)	(0.07)	(0.03)	(0.10)
Year Ended 3/31/2015	$8.95	0.12	0.99	1.11	(0.11)	—	(0.11)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 3/31/2019	$9.87	(6.85%)	1.57% ^(c),(d)	1.51% ^(c),(d),(e)	0.81%	44%	$5,186
Year Ended 3/31/2018	$11.56	28.38%	1.55%	1.54% ^(e)	0.40%	49%	$6,147
Year Ended 3/31/2017	$9.80	12.50%	1.49% ^(f)	1.49% ^(e),(f)	0.48%	80%	$2,303
Year Ended 3/31/2016	$9.26	(5.88%)	1.52%	1.52% ^(e)	0.62%	73%	$3,190
Year Ended 3/31/2015	$9.91	12.17%	1.48%	1.48% ^(e)	1.03%	60%	$2,496
Advisor Class
Year Ended 3/31/2019	$9.94	(6.54%)	1.32% ^(c),(d)	1.26% ^(c),(d),(e)	1.11%	44%	$1,599
Year Ended 3/31/2018	$11.63	28.58%	1.32%	1.30% ^(e)	0.47%	49%	$909
Year Ended 3/31/2017	$9.86	12.82%	1.27% ^(f)	1.27% ^(e),(f)	1.53%	80%	$23
Year Ended 3/31/2016	$9.31	(5.61%)	1.25%	1.25% ^(e)	0.72%	73%	$4
Year Ended 3/31/2015	$9.96	12.42%	1.26%	1.26% ^(e)	1.28%	60%	$25
Class C
Year Ended 3/31/2019	$9.60	(7.52%)	2.32% ^(c),(d)	2.26% ^(c),(d),(e)	0.04%	44%	$1,285
Year Ended 3/31/2018	$11.32	27.27%	2.30%	2.29% ^(e)	(0.38%)	49%	$1,576
Year Ended 3/31/2017	$9.63	11.79%	2.24% ^(f)	2.24% ^(e),(f)	(0.25%)	80%	$854
Year Ended 3/31/2016	$9.15	(6.64%)	2.27%	2.27% ^(e)	(0.13%)	73%	$1,080
Year Ended 3/31/2015	$9.83	11.36%	2.23%	2.23% ^(e)	0.33%	60%	$368
Institutional Class
Year Ended 3/31/2019	$9.92	(6.63%)	1.29% ^(c),(d)	1.26% ^(c),(d),(e)	1.06%	44%	$10,246
Year Ended 3/31/2018	$11.62	28.76%	1.29%	1.28% ^(e)	0.67%	49%	$57,538
Year Ended 3/31/2017	$9.84	12.72%	1.24% ^(f)	1.24% ^(e),(f)	0.73%	80%	$63,870
Year Ended 3/31/2016	$9.30	(5.61%)	1.27%	1.27% ^(e)	0.81%	73%	$83,696
Year Ended 3/31/2015	$9.95	12.51%	1.23%	1.23% ^(e)	1.28%	60%	$78,236

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

Columbia Pacific/Asia Fund | Annual Report 2019

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 3/31/2019	$11.49	0.13	(0.89)	(0.76)	(0.07)	(0.86)	(0.93)
Year Ended 3/31/2018	$9.75	0.09	2.66	2.75	(0.13)	(0.88)	(1.01)
Year Ended 3/31/2017 ^(h)	$9.51	0.12	0.12	0.24	—	—	—

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)	Ratios include interfund lending expense which is less than 0.01%.
(e)	The benefits derived from expense reductions had an impact of less than 0.01%.
(f)	Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement.

Year Ended	Class A	Advisor Class	Class C	Institutional Class
03/31/2017	0.01%	0.01%	0.01%	0.01%

(g)	Rounds to zero.
(h)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(i)	Annualized.

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 3/31/2019	$9.80	(6.41%)	1.13% ^(c),(d)	1.07% ^(c),(d)	1.23%	44%	$141,163
Year Ended 3/31/2018	$11.49	28.82%	1.11%	1.11%	0.83%	49%	$174,262
Year Ended 3/31/2017 ^(h)	$9.75	2.52%	1.12% ⁽ⁱ⁾	1.12% ⁽ⁱ⁾	15.80% ⁽ⁱ⁾	80%	$146,742

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

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Notes to Financial Statements
March 31, 2019

Note 1. Organization

Columbia Pacific/Asia 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

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as 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.

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Notes to Financial Statements (continued)
March 31, 2019

Security valuation

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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

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

Columbia Pacific/Asia Fund | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

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, additional counterparty credit risk is failure of the clearinghouse or CCP. 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 brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically 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 instrument’s 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 are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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Notes to Financial Statements (continued)
March 31, 2019

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

Forward foreign currency exchange contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

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

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at March 31, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	9,708

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	58,943

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Notes to Financial Statements (continued)
March 31, 2019

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 March 31, 2019:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)
Foreign exchange risk	(867,582)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)
Foreign exchange risk	110,232

The following table is a summary of the average outstanding volume by derivative instrument for the year ended March 31, 2019:

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	99,123	(164,403)

*	Based on the ending quarterly outstanding amounts for the year ended March 31, 2019.

Offsetting of assets and liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of March 31, 2019:

	Morgan Stanley ($)
Assets
Forward foreign currency exchange contracts	9,708
Liabilities
Forward foreign currency exchange contracts	58,943
Total financial and derivative net assets	(49,235)
Total collateral received (pledged) ^(a)	-
Net amount ^(b)	(49,235)

(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

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Notes to Financial Statements (continued)
March 31, 2019

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Distributions from net investment income, if any, are declared and paid semi-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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

Columbia Pacific/Asia Fund | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

Disclosure Update and Simplification

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 0.95% to 0.72% as the Fund’s net assets increase. The effective management services fee rate for the year ended March 31, 2019 was 0.95% of the Fund’s average daily net assets.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates will provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund will pay no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

Compensation of board members

28	Columbia Pacific/Asia Fund \| Annual Report 2019

Table of Contents

Notes to Financial Statements (continued)
March 31, 2019

Compensation of Chief Compliance Officer

Transfer agency fees

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

For the year ended March 31, 2019, 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	0.20
Advisor Class	0.20
Class C	0.20
Institutional Class	0.20
Institutional 3 Class	0.01
Class T	0.13 ^(a)

(a)	Unannualized.

Distribution and service fees

Columbia Pacific/Asia Fund | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

attributable to Class C and Class T shares of the Fund, respectively. As a result of all Class T shares of the Fund being redeemed or converted to Class A shares, December 14, 2018 was the last day the Fund paid a distribution and shareholder services fee for Class T shares.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended March 31, 2019, if any, are listed below:

	Amount ($)
Class A	30,960
Class C	849

Expenses waived/reimbursed by the Investment Manager and its affiliates

	August 1, 2018 through July 31, 2019	Prior to August 1, 2018
Class A	1.50%	1.55%
Advisor Class	1.25	1.30
Class C	2.25	2.30
Institutional Class	1.25	1.30
Institutional 3 Class	1.06	1.19

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

Note 4. Federal tax information

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Notes to Financial Statements (continued)
March 31, 2019

At March 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (PFIC) holdings, derivative investments, trustees’ deferred compensation, foreign currency transactions and distribution reclassifications. 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 ($)
(47,035)	47,035	—

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 March 31, 2019			Year Ended March 31, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
1,699,870	15,431,455	17,131,325	2,598,759	16,829,727	19,428,486

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
1,420,127	4,096,693	—	47,575,681

At March 31, 2019, 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) ($)	Net unrealized appreciation ($)
110,965,356	49,013,361	(1,437,680)	47,575,681

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $82,311,711 and $140,454,386, respectively, for the year ended March 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Columbia Pacific/Asia Fund | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended March 31, 2019 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
Borrower	1,150,000	2.60	2
Lender	400,000	2.77	4

Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at March 31, 2019.

Note 8. Line of credit

The Fund had no borrowings during the year ended March 31, 2019.

Note 9. Significant risks

Asia Pacific region risk

Because the Fund concentrates its investments in the Asia Pacific region, the Fund may be particularly susceptible to economic, political or regulatory events affecting companies and countries within the Asia Pacific region. Many of the countries in the Asia Pacific region are considered underdeveloped or developing, including from a political economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and place.

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Notes to Financial Statements (continued)
March 31, 2019

Financial sector risk

The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

Foreign securities and emerging market countries risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Shareholder concentration risk

At March 31, 2019, affiliated shareholders of record owned 86.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

Columbia Pacific/Asia Fund | Annual Report 2019

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia Pacific/Asia Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Pacific/Asia Fund (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statement of changes in net assets for each of the two years in the period ended March 31, 2019, 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 March 31, 2019, 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 March 31, 2019, 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

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 March 31, 2019 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

May 21, 2019

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)

Qualified dividend income	Capital gain dividend	Foreign taxes paid to foreign countries	Foreign taxes paid per share to foreign countries	Foreign source income	Foreign source income per share
98.20%	$10,179,952	$307,177	$0.02	$4,624,251	$0.28

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.

Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.

Columbia Pacific/Asia Fund | Annual Report 2019

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

Columbia Pacific/Asia Fund | Annual Report 2019

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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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TRUSTEES AND OFFICERS (continued)

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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

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TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Additional information

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Pacific/Asia Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN209_03_J01_(05/19)

Annual Report
March 31, 2019

Columbia Solutions Aggressive Portfolio

Not FDIC Insured • No bank guarantee • May lose value

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	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	30
Federal Income Tax Information	31
Trustees and Officers	32
Additional Information	37

Columbia Solutions Aggressive Portfolio | Annual Report 2019

Table of Contents

Fund at a Glance

Investment objective

Columbia Solutions Aggressive Portfolio (the Fund) pursues consistent total returns by seeking to allocate risks across multiple asset classes.

Portfolio management

Joshua Kutin, CFA

Co-Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Columbia Solutions Aggressive Portfolio	10/24/17	8.05	6.67
MSCI ACWI with Developed Markets 100% Hedged to USD Index		5.71	5.22

The MSCI ACWI with Developed Markets 100% Hedged to USD Index represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the “home” currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid-cap stocks across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries.

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

Columbia Solutions Aggressive Portfolio | Annual Report 2019

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Columbia Solutions Aggressive Portfolio 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 March 31, 2019)
Foreign Government Obligations	22.0
Money Market Funds	60.5
U.S. Treasury Obligations	17.5
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.

Market exposure through derivatives investments (% of notional exposure) (at March 31, 2019) ^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	44.7	(3.1)	41.6
Equity Derivative Contracts	109.3	–	109.3
Foreign Currency Derivative Contracts	3.2	(54.1)	(50.9)
Total Notional Market Value of Derivative Contracts	157.2	(57.2)	100.0

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

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Manager Discussion of Fund Performance

At March 31, 2019, approximately 99.84% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

Columbia Solutions Aggressive Portfolio returned 8.05% for the 12-month period ended March 31, 2019. The Fund outperformed its benchmark, the MSCI ACWI with Developed Markets 100% Hedged to USD Index, which returned 5.71% over the same period.

U.S. led global equity markets

Positive global economic conditions spurred investor confidence at the outset of the 12-month period ended March 31, 2019. However, growth stalled in most regions outside the United States during the period. The U.K. was weighed down by the disorderly process of breaking with the European Union. Euro area growth was dragged down by softening demand. China’s economy was beset by softening demand and the impact of the ongoing trade impasse with the United States. Japan’s economy showed some life in the fourth quarter of 2018, but uncertainty tilted prospects to the downside. Across the globe, trade policy was the single greatest risk facing major economies at the end of the period.

Although foreign markets staged a broad recovery early in 2019, stock prices were down for most of the period in all major markets except the United States, where economic growth was also the most resilient. The MSCI ACWI ex USA Index (Net) returned -4.22%. The MSCI EAFE Index (Net), a broad measure of stock markets in the developed markets of Europe, Australasia and the Far East, returned -3.71%. The S&P 500 Index, a broad measure of U.S. stock performance, gained 9.50%. In response to heightened financial market volatility and slowing growth, major central banks, including the U.S. Federal Reserve, have put interest rate hikes on hold.

Significant performance factors

Positioning in U.S. equities aided relative performance during the period. Emerging market debt and U.S. high-yield bonds also benefited results. U.S. Treasuries and U.S. investment-grade bonds also figured into a performance advantage over the Fund’s benchmark. International sovereign debt, equity holdings outside the U.S. market, including both developed and emerging market equities, and commodities detracted from relative performance.

Portfolio activity

We made two major shifts in positioning over the 12-month period ended March 31, 2019. In June 2018, we increased the Fund’s equity exposure because of neutral bond market conditions and favorable stock market conditions. In August and September 2018, we took steps to emphasize capital preservation because of negative bond market conditions.

We used derivative securities, including forward foreign currency exchange contracts, futures and swap contracts, to gain exposure to the equity markets and to certain fixed income sectors. Overall, these derivatives positions generated positive results for the period, mostly due to positive equity market performance.

At period’s end

At the end of the period, two competing forces coexisted in the market: 1) equity momentum, which helped push the needle on the Fund’s market state signal into bullish territory; 2) weakening economic conditions, which argue for caution in our positioning. Acknowledging the tension between these forces, we moved the Fund to a neutral position on equities, the bullish signal notwithstanding. Even though expectations of additional Federal Reserve rate hikes have diminished, we believe that a modest underweight in fixed-income exposure is also appropriate, with a neutral view to higher volatility segments of the fixed-income markets. Fund positioning also reflects a constructive view on alternative securities, such as commodities, which traded downward through much of 2018. We continue to believe that alternative securities offer valuable diversification potential to complement traditional asset classes in portfolios where investment policy guidelines allow for inclusion.

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Manager Discussion of Fund Performance (continued)

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Commodity investments may be affected by the overall market and industry- and commodity-specific factors, and may be more volatile and less liquid than other investments. Short positions (where the underlying asset is not owned) can create unlimited risk. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Fixed-income securities present issuer default risk . Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Interest payments on inflation-protected securities may be more volatile than interest payments on ordinary bonds. In periods of deflation, these securities may provide no income. As a non-diversified fund, fewer investments could have a greater effect on performance. 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. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the Fund to achieve its objective. Like real estate, REITs are subject to illiquidity, valuation and financing complexities, taxes, default, bankruptcy and other economic, political or regulatory occurrences. See the Fund’s prospectus for more information on these and other risks.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.

Compare with other funds

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

October 1, 2018 — March 31, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Columbia Solutions Aggressive Portfolio	1,000.00	1,000.00	1,026.50	1,024.88	0.05	0.05	0.01

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

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

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Portfolio of Investments
March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Foreign Government Obligations ^(a),(b) 19.6%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Austria 0.5%
Republic of Austria Government Bond ^(c)
10/20/2026	0.750%	EUR	27,000	32,093
Belgium 1.2%
Kingdom of Belgium Government Bond ^(c)
06/22/2024	2.600%	EUR	37,000	47,666
06/22/2027	0.800%	EUR	25,000	29,494
Total				77,160
France 2.1%
French Republic Government Bond OAT ^(c)
10/25/2027	2.750%	EUR	60,000	82,699
05/25/2045	3.250%	EUR	17,000	27,924
05/25/2048	2.000%	EUR	18,000	23,657
Total				134,280
Italy 1.8%
Italy Buoni Poliennali Del Tesoro ^(c)
09/01/2028	4.750%	EUR	67,000	90,062
09/01/2046	3.250%	EUR	22,000	24,151
Total				114,213
Japan 5.0%
Japan Government 10-Year Bond
03/20/2028	0.100%	JPY	18,000,000	165,980
Japan Government 30-Year Bond
03/20/2048	0.800%	JPY	7,900,000	76,940
06/20/2048	0.700%	JPY	4,350,000	41,348
09/20/2048	0.900%	JPY	3,800,000	37,927
Total				322,195
Mexico 2.5%
Mexican Bonos
06/10/2021	6.500%	MXN	800,000	40,129
06/03/2027	7.500%	MXN	2,400,000	119,798
Total				159,927
South Africa 2.2%
Republic of South Africa Government Bond
12/21/2026	10.500%	ZAR	1,850,000	141,763

Foreign Government Obligations ^(a),(b) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Spain 3.4%
Spain Government Bond ^(c)
10/31/2024	2.750%	EUR	81,000	103,127
04/30/2028	1.400%	EUR	23,000	26,882
04/30/2029	1.450%	EUR	50,000	57,979
07/30/2040	4.900%	EUR	20,000	34,153
Total				222,141
Sweden 0.6%
Sweden Government Bond
03/30/2039	3.500%	SEK	235,000	37,881
United Kingdom 0.3%
United Kingdom Gilt ^(c)
01/22/2045	3.500%	GBP	10,000	18,366
Total Foreign Government Obligations (Cost $1,258,416)				1,260,019

U.S. Treasury Obligations 15.6%

U.S. Treasury
11/30/2024	2.125%		90,000	89,245
08/15/2027	2.250%		263,000	260,498
11/15/2027	2.250%		188,000	186,018
02/15/2028	2.750%		180,000	185,148
05/15/2028	2.875%		174,000	180,752
11/15/2028	3.125%		93,000	98,659
Total U.S. Treasury Obligations (Cost $972,909)				1,000,320

Money Market Funds 53.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(d),(e)	3,456,754	3,456,409
Total Money Market Funds (Cost $3,456,448)		3,456,409
Total Investments in Securities (Cost: $5,687,773)		5,716,748
Other Assets & Liabilities, Net		717,091
Net Assets		6,433,839

At March 31, 2019, securities and/or cash totaling $359,687 were pledged as collateral.

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

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Portfolio of Investments (continued)
March 31, 2019

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
317,000 GBP	419,860 USD	HSBC	04/24/2019	6,525	—
40,000 GBP	52,122 USD	HSBC	04/24/2019	—	(34)
95,498,000 JPY	870,199 USD	HSBC	04/24/2019	6,823	—
6,121,000 JPY	55,326 USD	HSBC	04/24/2019	—	(13)
3,078,000 MXN	160,457 USD	HSBC	04/24/2019	2,441	—
138,000 NOK	16,165 USD	HSBC	04/24/2019	151	—
895,000 SEK	97,070 USD	HSBC	04/24/2019	648	—
37,000 SGD	27,415 USD	HSBC	04/24/2019	103	—
57,867 USD	6,401,000 JPY	HSBC	04/24/2019	3	—
234 USD	2,000 NOK	HSBC	04/24/2019	—	(2)
2,174,000 ZAR	150,645 USD	HSBC	04/24/2019	369	—
199,000 AUD	141,403 USD	Morgan Stanley	04/24/2019	42	—
27,000 AUD	19,173 USD	Morgan Stanley	04/24/2019	—	(7)
198,000 CHF	199,863 USD	Morgan Stanley	04/24/2019	601	—
266,000 DKK	40,341 USD	Morgan Stanley	04/24/2019	294	—
1,206,043 EUR	1,367,188 USD	Morgan Stanley	04/24/2019	11,789	—
13,000 GBP	17,226 USD	Morgan Stanley	04/24/2019	275	—
6,708 USD	9,000 CAD	Morgan Stanley	04/24/2019	31	—
70,804 USD	63,000 EUR	Morgan Stanley	04/24/2019	—	(2)
76,769 USD	59,000 GBP	Morgan Stanley	04/24/2019	160	—
Total				30,255	(58)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
10-Year Mini JGB	1	06/2019	JPY	15,328,000	531	—
Euro-BTP	1	06/2019	EUR	129,470	3,684	—
Long Gilt	1	06/2019	GBP	129,370	2,726	—
MSCI EAFE Index Future	24	06/2019	USD	2,239,680	26,340	—
MSCI Emerging Markets Index	16	06/2019	USD	845,920	7,934	—
S&P 500 E-mini	28	06/2019	USD	3,972,920	106,913	—
S&P/TSX 60 Index	2	06/2019	CAD	382,840	988	—
U.S. Treasury 10-Year Note	5	06/2019	USD	621,094	8,706	—
U.S. Treasury 5-Year Note	1	06/2019	USD	115,828	1,154	—
U.S. Treasury Ultra 10-Year Note	2	06/2019	USD	265,563	5,865	—
Total					164,841	—

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Canadian Government 10-Year Bond	(1)	06/2019	CAD	(139,040)	—	(2,039)

Cleared interest rate swap contracts
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
3-Month NZD LIBOR	Fixed rate of 2.495%	Receives Quarterly, Pays SemiAnnually	Morgan Stanley	03/07/2029	NZD	156,000	(3,375)	—	—	—	(3,375)

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

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Portfolio of Investments (continued)
March 31, 2019

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX North America High Yield Index, Series 32	Morgan Stanley	06/20/2024	5.000	Quarterly	3.481	USD	913,000	6,590	—	—	6,590	—
Markit CDX North America Investment Grade Index, Series 32	Morgan Stanley	06/20/2024	1.000	Quarterly	0.634	USD	637,000	538	—	—	538	—
Total								7,128	—	—	7,128	—

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

Reference index and values for swap contracts as of period end
Reference index		Reference rate
3-Month NZD LIBOR	London Interbank Offered Rate	1.850%

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Principal and interest may not be guaranteed by the government.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2019, the total value of these securities amounted to $598,253, which represents 9.30% of total net assets.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2019.
(e)	As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.519%
	3,619,330	10,528,784	(10,691,360)	3,456,754	(193)	203	74,228	3,456,409

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar
ZAR	South African Rand

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

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Portfolio of Investments (continued)
March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Foreign Government Obligations	—	1,260,019	—	—	1,260,019
U.S. Treasury Obligations	1,000,320	—	—	—	1,000,320
Money Market Funds	—	—	—	3,456,409	3,456,409
Total Investments in Securities	1,000,320	1,260,019	—	3,456,409	5,716,748
Investments in Derivatives

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

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Portfolio of Investments (continued)
March 31, 2019

Fair value measurements (continued)

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Asset
Forward Foreign Currency Exchange Contracts	—	30,255	—	—	30,255
Futures Contracts	164,841	—	—	—	164,841
Swap Contracts	—	7,128	—	—	7,128
Liability
Forward Foreign Currency Exchange Contracts	—	(58)	—	—	(58)
Futures Contracts	(2,039)	—	—	—	(2,039)
Swap Contracts	—	(3,375)	—	—	(3,375)
Total	1,163,122	1,293,969	—	3,456,409	5,913,500

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

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

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Statement of Assets and Liabilities
March 31, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,231,325)	$2,260,339
Affiliated issuers (cost $3,456,448)	3,456,409
Foreign currency (cost $8,352)	8,433
Margin deposits on:
Futures contracts	312,075
Swap contracts	47,612
Unrealized appreciation on forward foreign currency exchange contracts	30,255
Receivable for:
Investments sold	426,442
Dividends	6,729
Interest	19,934
Foreign tax reclaims	459
Variation margin for futures contracts	35,420
Variation margin for swap contracts	24,118
Expense reimbursement due from Investment Manager	347
Prepaid expenses	13
Trustees’ deferred compensation plan	8,116
Total assets	6,636,701
Liabilities
Due to custodian	10,359
Unrealized depreciation on forward foreign currency exchange contracts	58
Payable for:
Investments purchased	95,465
Capital shares purchased	24,135
Variation margin for futures contracts	5,031
Compensation of board members	168
Compensation of chief compliance officer	1
Audit fees	44,483
Custodian fees	14,757
Other expenses	289
Trustees’ deferred compensation plan	8,116
Total liabilities	202,862
Net assets applicable to outstanding capital stock	$6,433,839
Represented by
Paid in capital	6,311,055
Total distributable earnings (loss) (Note 2)	122,784
Total - representing net assets applicable to outstanding capital stock	$6,433,839
Shares outstanding	635,609
Net asset value per share	10.12

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

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Statement of Operations
Year Ended March 31, 2019

Net investment income
Income:
Dividends — affiliated issuers	$74,228
Interest	62,596
Foreign taxes withheld	(566)
Total income	136,258
Expenses:
Compensation of board members	13,145
Custodian fees	48,072
Printing and postage fees	3,040
Audit fees	45,683
Legal fees	148
Compensation of chief compliance officer	3
Other	5,817
Total expenses	115,908
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(115,257)
Total net expenses	651
Net investment income	135,607
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(77,143)
Investments — affiliated issuers	(193)
Foreign currency translations	(2,811)
Forward foreign currency exchange contracts	298,590
Futures contracts	(360,934)
Swap contracts	36,450
Net realized loss	(106,041)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	25,023
Investments — affiliated issuers	203
Foreign currency translations	(1,529)
Forward foreign currency exchange contracts	16,698
Futures contracts	401,555
Swap contracts	4,160
Net change in unrealized appreciation (depreciation)	446,110
Net realized and unrealized gain	340,069
Net increase in net assets resulting from operations	$475,676

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

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Statement of Changes in Net Assets

	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)
Operations
Net investment income	$135,607	$43,138
Net realized gain (loss)	(106,041)	300,026
Net change in unrealized appreciation (depreciation)	446,110	(221,155)
Net increase in net assets resulting from operations	475,676	122,009
Distributions to shareholders
Net investment income and net realized gains	(419,443)
Net realized gains		(55,458)
Total distributions to shareholders (Note 2)	(419,443)	(55,458)
Increase (decrease) in net assets from capital stock activity	(179,727)	6,480,782
Total increase (decrease) in net assets	(123,494)	6,547,333
Net assets at beginning of year	6,557,333	10,000
Net assets at end of year	$6,433,839	$6,557,333
Undistributed (excess of distributions over) net investment income	$29,681	$(44,194)

	Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity

Subscriptions	372,365	3,733,960	706,637	7,068,308
Distributions reinvested	47,806	418,784	5,387	55,374
Redemptions	(435,536)	(4,332,471)	(62,050)	(642,900)
Total net increase (decrease)	(15,365)	(179,727)	649,974	6,480,782

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.

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

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Financial Highlights

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

	Year Ended March 31,
	2019	2018 ^(a)
Per share data
Net asset value, beginning of period	$10.07	$10.00
Income from investment operations:
Net investment income	0.21	0.07
Net realized and unrealized gain	0.50	0.08
Total from investment operations	0.71	0.15
Less distributions to shareholders from:
Net investment income	(0.51)	—
Net realized gains	(0.15)	(0.08)
Total distributions to shareholders	(0.66)	(0.08)
Net asset value, end of period	$10.12	$10.07
Total return	8.05%	1.53%
Ratios to average net assets
Total gross expenses ^(b)	1.78%	1.10% ^(c)
Total net expenses ^(b),(d)	0.01%	0.01% ^(c)
Net investment income	2.08%	1.49% ^(c)
Supplemental data
Portfolio turnover	149%	24%
Net assets, end of period (in thousands)	$6,434	$6,557

Notes to Financial Highlights
(a)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(b)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(c)	Annualized.
(d)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Notes to Financial Statements
March 31, 2019

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund is sold only to the Columbia Adaptive Retirement Funds and certain collective investment trusts.

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 by pricing services approved by the Board of Trustees based upon 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 cost value, unless this method results in a valuation that management believes does not approximate market value.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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

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

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

Columbia Solutions Aggressive Portfolio | Annual Report 2019

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Notes to Financial Statements (continued)
March 31, 2019

Foreign currency transactions and translations

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, 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.

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Notes to Financial Statements (continued)
March 31, 2019

under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

Forward foreign currency exchange contracts

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

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears 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

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Notes to Financial Statements (continued)
March 31, 2019

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 recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Swap contracts

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

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

Credit default swap contracts

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

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

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

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Notes to Financial Statements (continued)
March 31, 2019

agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

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

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

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

Interest rate swap contracts

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

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

Effects of derivative transactions in the financial statements

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Notes to Financial Statements (continued)
March 31, 2019

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at March 31, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	7,128*
Equity risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	142,175*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	30,255
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	22,666*
Total		202,224

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	58
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	2,039*
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	3,375*
Total		5,472

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	36,879	36,879
Equity risk	—	(436,064)	—	(436,064)
Foreign exchange risk	298,590	—	—	298,590
Interest rate risk	—	75,130	(429)	74,701
Total	298,590	(360,934)	36,450	(25,894)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	7,535	7,535
Equity risk	—	399,666	—	399,666
Foreign exchange risk	16,698	—	—	16,698
Interest rate risk	—	1,889	(3,375)	(1,486)
Total	16,698	401,555	4,160	422,413

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Notes to Financial Statements (continued)
March 31, 2019

The following table is a summary of the average outstanding volume by derivative instrument for the year ended March 31, 2019:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	8,662,190
Futures contracts — short	153,656
Credit default swap contracts — sell protection	996,000

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	35,066*	(11,120)*
Interest rate swap contracts	8**	(203)**

*	Based on the ending quarterly outstanding amounts for the year ended March 31, 2019.
**	Based on the ending daily outstanding amounts for the year ended March 31, 2019.

Offsetting of assets and liabilities

	HSBC ($)	Morgan Stanley ($) ^(a)	Morgan Stanley ($) ^(a)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(b)	-	-	23,570	23,570
Centrally cleared interest rate swap contracts ^(b)	-	-	547	547
Forward foreign currency exchange contracts	17,063	13,192	-	30,255
Total assets	17,063	13,192	24,117	54,372
Liabilities
Forward foreign currency exchange contracts	49	9	-	58
Total financial and derivative net assets	17,014	13,183	24,117	54,314
Total collateral received (pledged) ^(c)	-	-	-	-
Net amount ^(d)	17,014	13,183	24,117	54,314

(a)	Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b)	Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

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

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

Dividend income is recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
March 31, 2019

Expenses

Federal income tax status

Foreign taxes

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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

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Notes to Financial Statements (continued)
March 31, 2019

Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement disclosures, if any.

Disclosure Update and Simplification

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, subject to the policies set by the Board of Trustees, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Fund does not pay a management fee for the investment advisory or administrative services provided to the Fund, but it may pay taxes, brokerage commissions and nonadvisory expenses.

Other expenses

Other expenses include offering costs which were incurred prior to the shares of the Fund being offered. Offering costs include printing costs. The Fund amortizes offering costs over a period of 12 months from the commencement of operations.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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

Distribution and service fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.

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Notes to Financial Statements (continued)
March 31, 2019

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through July 31, 2021, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rate of 0.01% of the Fund’s average daily net assets.

Under the agreement governing this fee waiver and/or expense reimbursement arrangement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, 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

At March 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, swap investments 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 ($)
260,348	(260,348)	—

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 March 31, 2019			Year Ended March 31, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
327,159	92,284	419,443	35,155	20,303	55,458

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
85,587	13,943	—	24,026

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Notes to Financial Statements (continued)
March 31, 2019

At March 31, 2019, 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) ($)	Net unrealized appreciation ($)
5,889,474	42,041	(18,015)	24,026

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $4,011,790 and $4,162,885, respectively, for the year ended March 31, 2019, of which $1,270,068 and $1,913,874, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended March 31, 2019.

Note 8. Line of credit

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Notes to Financial Statements (continued)
March 31, 2019

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 December unless extended or renewed.

The Fund had no borrowings during the year ended March 31, 2019.

Note 9. Significant risks

Credit risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies), commodity, currency or 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 and liquidity risk.

Foreign securities and emerging market countries risk

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in 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.

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.

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

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Notes to Financial Statements (continued)
March 31, 2019

Shareholder concentration risk

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 Solutions Aggressive Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Solutions Aggressive Portfolio (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019 and the statement of changes in net assets and the financial highlights for the year ended March 31, 2019 and for the period October 24, 2017 (commencement of operations) through March 31, 2018, including the related notes (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 March 31, 2019, the results of its operations for the year ended March 31, 2019, and the changes in its net assets and the financial highlights for the year ended March 31, 2019 and for the period October 24, 2017 (commencement of operations) through March 31, 2018 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 March 31, 2019 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

May 21, 2019

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)

Capital gain dividend
$15,689

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.

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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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TRUSTEES AND OFFICERS (continued)

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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

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TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Additional information

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Solutions Aggressive Portfolio

P.O. Box 219104

Kansas City, MO 64121-9104

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus, which contains this and other important information about the Fund, go to columbiathreadneedleus.com/investor/ . The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN296_03_J01_(05/19)

Annual Report
March 31, 2019

Columbia Solutions Conservative Portfolio

Not FDIC Insured • No bank guarantee • May lose value

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	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	30
Federal Income Tax Information	31
Trustees and Officers	32
Additional Information	37

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Fund at a Glance

Investment objective

Columbia Solutions Conservative Portfolio (the Fund) pursues consistent total returns by seeking to allocate risks across multiple asset classes.

Portfolio management

Joshua Kutin, CFA

Co-Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Co-Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Columbia Solutions Conservative Portfolio	10/24/17	5.85	4.70
Bloomberg Barclays Global Aggregate Hedged USD Index		4.93	3.86
Blended Benchmark		5.31	4.36

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

The Blended Benchmark consists of 25% MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) and 75% Bloomberg Barclays Global Aggregate Hedged USD Index. The MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net) represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the “home” currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid-cap stocks across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries.

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

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Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Columbia Solutions Conservative Portfolio 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 March 31, 2019)
Foreign Government Obligations	12.6
Money Market Funds ^(a)	75.5
U.S. Treasury Obligations	11.9
Total	100.0

(a)

Includes investments in Money Market Funds (amounting to $5.8 million) which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements.

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

Market exposure through derivatives investments (% of notional exposure) (at March 31, 2019) ^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	78.5	(7.7)	70.8
Equity Derivative Contracts	72.1	-	72.1
Foreign Currency Derivative Contracts	8.1	(51.0)	(42.9)
Total Notional Market Value of Derivative Contracts	158.7	(58.7)	100.0

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

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Manager Discussion of Fund Performance

At March 31, 2019, approximately 99.88% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.

Columbia Solutions Conservative Portfolio returned 5.85% for the 12-month period ended March 31, 2019. The Fund outperformed its benchmark, the Bloomberg Barclays Global Aggregate Hedged USD Index, which returned 4.93% over the same period. The Fund also outperformed its Blended Benchmark, which returned 5.31%.

U.S. led global equity markets

Significant performance factors

Positioning in U.S. equities aided relative performance during the period. U.S. high-yield bonds, U.S. Treasuries and U.S. investment-grade bonds also figured into a performance advantage over the Fund’s benchmark. International sovereign debt and equity holdings outside the U.S. market detracted from relative performance.

Portfolio activity

At period’s end

At the end of the period, two competing forces coexisted in the market: 1) equity momentum, which helped push the needle on the fund’s market state signal into bullish territory; and 2) weakening economic conditions, which argue for caution in our positioning. Acknowledging the tension between these forces, we moved the Fund to a neutral position on equities, the bullish signal notwithstanding. Even though expectations of additional Fed rate hikes have diminished, we believe that a modest underweight in fixed-income exposure is also appropriate with a neutral view to higher volatility segments of the fixed-income markets.

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Manager Discussion of Fund Performance (continued)

volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Fixed-income securities present issuer default risk . Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Interest payments on inflation-protected securities may be more volatile than interest payments on ordinary bonds. In periods of deflation, these securities may provide no income. As a non-diversified fund, fewer investments could have a greater effect on performance. 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. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the Fund to achieve its objective. Like real estate, REITs are subject to illiquidity, valuation and financing complexities, taxes, default, bankruptcy and other economic, political or regulatory occurrences. See the Fund’s prospectus for more information on these and other risks.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

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

October 1, 2018 — March 31, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Columbia Solutions Conservative Portfolio	1,000.00	1,000.00	1,037.90	1,024.88	0.05	0.05	0.01

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

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Portfolio of Investments
March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Foreign Government Obligations ^(a),(b) 11.6%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Austria 0.4%
Republic of Austria Government Bond ^(c)
10/20/2026	0.750%	EUR	28,000	33,281
Belgium 0.7%
Kingdom of Belgium Government Bond ^(c)
06/22/2024	2.600%	EUR	29,000	37,359
06/22/2027	0.800%	EUR	20,000	23,596
Total				60,955
France 1.1%
French Republic Government Bond OAT ^(c)
10/25/2027	2.750%	EUR	35,000	48,241
05/25/2045	3.250%	EUR	15,000	24,639
05/25/2048	2.000%	EUR	16,000	21,028
Total				93,908
Italy 1.6%
Italy Buoni Poliennali Del Tesoro ^(c)
09/01/2028	4.750%	EUR	43,000	57,801
09/01/2044	4.750%	EUR	16,000	21,828
09/01/2046	3.250%	EUR	24,000	26,346
03/01/2047	2.700%	EUR	30,000	29,857
Total				135,832
Japan 2.5%
Japan Government 10-Year Bond
03/20/2028	0.100%	JPY	9,500,000	87,601
Japan Government 30-Year Bond
03/20/2048	0.800%	JPY	5,950,000	57,949
06/20/2048	0.700%	JPY	3,750,000	35,644
09/20/2048	0.900%	JPY	3,000,000	29,942
Total				211,136
Mexico 1.2%
Mexican Bonos
06/10/2021	6.500%	MXN	200,000	10,032
06/03/2027	7.500%	MXN	1,800,000	89,849
Total				99,881
South Africa 1.4%
Republic of South Africa Government Bond
12/21/2026	10.500%	ZAR	1,500,000	114,943

Foreign Government Obligations ^(a),(b) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Spain 2.2%
Spain Government Bond ^(c)
10/31/2024	2.750%	EUR	49,000	62,386
04/30/2028	1.400%	EUR	38,000	44,415
04/30/2029	1.450%	EUR	43,000	49,862
07/30/2040	4.900%	EUR	13,000	22,199
Total				178,862
Sweden 0.5%
Sweden Government Bond
03/30/2039	3.500%	SEK	240,000	38,686
Total Foreign Government Obligations (Cost $964,500)				967,484

U.S. Treasury Obligations 10.9%

U.S. Treasury
11/30/2024	2.125%		196,000	194,357
08/15/2027	2.250%		154,000	152,535
11/15/2027	2.250%		151,000	149,408
02/15/2028	2.750%		155,000	159,433
05/15/2028	2.875%		150,000	155,820
11/15/2028	3.125%		95,000	100,781
Total U.S. Treasury Obligations (Cost $889,507)				912,334

Money Market Funds 69.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(d),(e)	5,780,090	5,779,512
Total Money Market Funds (Cost $5,779,720)		5,779,512
Total Investments in Securities (Cost: $7,633,727)		7,659,330
Other Assets & Liabilities, Net		703,285
Net Assets		8,362,615

At March 31, 2019, securities and/or cash totaling $186,223 were pledged as collateral.

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

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Portfolio of Investments (continued)
March 31, 2019

Investments in derivatives

Forward foreign currency exchange contracts
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
123,000 GBP	162,911 USD	HSBC	04/24/2019	2,532	—
38,000 GBP	49,516 USD	HSBC	04/24/2019	—	(33)
53,618,000 JPY	488,579 USD	HSBC	04/24/2019	3,831	—
6,989,000 JPY	63,172 USD	HSBC	04/24/2019	—	(14)
2,727,000 MXN	142,159 USD	HSBC	04/24/2019	2,163	—
60,000 NOK	6,973 USD	HSBC	04/24/2019	10	—
1,000 NZD	690 USD	HSBC	04/24/2019	9	—
588,000 SEK	63,762 USD	HSBC	04/24/2019	414	—
12,000 SGD	8,891 USD	HSBC	04/24/2019	33	—
5,000 SGD	3,691 USD	HSBC	04/24/2019	—	—
119,694 USD	13,240,000 JPY	HSBC	04/24/2019	6	—
40,861 USD	797,000 MXN	HSBC	04/24/2019	55	—
1,762,000 ZAR	122,096 USD	HSBC	04/24/2019	299	—
68,000 AUD	48,319 USD	Morgan Stanley	04/24/2019	14	—
27,000 AUD	19,173 USD	Morgan Stanley	04/24/2019	—	(7)
82,000 CHF	82,728 USD	Morgan Stanley	04/24/2019	206	—
111,000 DKK	16,818 USD	Morgan Stanley	04/24/2019	107	—
835,000 EUR	946,332 USD	Morgan Stanley	04/24/2019	7,926	—
5,962 USD	8,000 CAD	Morgan Stanley	04/24/2019	27	—
140,484 USD	125,000 EUR	Morgan Stanley	04/24/2019	—	(4)
45,541 USD	35,000 GBP	Morgan Stanley	04/24/2019	95	—
Total				17,727	(58)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
10-Year Mini JGB	1	06/2019	JPY	15,328,000	531	—
Long Gilt	1	06/2019	GBP	129,370	2,727	—
MSCI EAFE Index Future	10	06/2019	USD	933,200	8,732	—
MSCI Emerging Markets Index	7	06/2019	USD	370,090	2,824	—
S&P 500 E-mini	12	06/2019	USD	1,702,680	38,392	—
S&P/TSX 60 Index	1	06/2019	CAD	191,420	—	(77)
U.S. Treasury 10-Year Note	5	06/2019	USD	621,094	8,705	—
U.S. Treasury 5-Year Note	2	06/2019	USD	231,656	2,934	—
U.S. Treasury Ultra 10-Year Note	2	06/2019	USD	265,563	5,865	—
Total					70,710	(77)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Canadian Government 10-Year Bond	(1)	06/2019	CAD	(139,040)	—	(2,039)
Euro-Schatz	(1)	06/2019	EUR	(111,975)	—	(142)
Total					—	(2,181)

Cleared interest rate swap contracts
Fund receives	Fund pays	Payment frequency	Counterparty	Maturity date	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
3-Month NZD LIBOR	Fixed rate of 2.495%	Receives Quarterly, Pays SemiAnnually	Morgan Stanley	03/07/2029	NZD	160,000	(3,462)	—	—	—	(3,462)

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

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Portfolio of Investments (continued)
March 31, 2019

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX North America High Yield Index, Series 32	Morgan Stanley	06/20/2024	5.000	Quarterly	3.481	USD	1,182,000	8,692	—	—	8,692	—
Markit CDX North America Investment Grade Index, Series 32	Morgan Stanley	06/20/2024	1.000	Quarterly	0.634	USD	825,000	705	—	—	705	—
Total								9,397	—	—	9,397	—

Reference index and values for swap contracts as of period end
Reference index		Reference rate
3-Month NZD LIBOR	London Interbank Offered Rate	1.850%

Notes to Portfolio of Investments

(a)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(b)	Principal and interest may not be guaranteed by the government.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2019, the total value of these securities amounted to $502,838, which represents 6.01% of total net assets.
(d)	The rate shown is the seven-day current annualized yield at March 31, 2019.
(e)	As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.519%
	5,553,757	6,598,039	(6,371,706)	5,780,090	(293)	303	121,632	5,779,512

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

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

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Portfolio of Investments (continued)
March 31, 2019

Currency Legend (continued)

ZAR	South African Rand

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Foreign Government Obligations	—	967,484	—	—	967,484
U.S. Treasury Obligations	912,334	—	—	—	912,334
Money Market Funds	—	—	—	5,779,512	5,779,512
Total Investments in Securities	912,334	967,484	—	5,779,512	7,659,330

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

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Portfolio of Investments (continued)
March 31, 2019

Fair value measurements (continued)

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	17,727	—	—	17,727
Futures Contracts	70,710	—	—	—	70,710
Swap Contracts	—	9,397	—	—	9,397
Liability
Forward Foreign Currency Exchange Contracts	—	(58)	—	—	(58)
Futures Contracts	(2,258)	—	—	—	(2,258)
Swap Contracts	—	(3,462)	—	—	(3,462)
Total	980,786	991,088	—	5,779,512	7,751,386

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

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

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

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Statement of Assets and Liabilities
March 31, 2019

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,854,007)	$1,879,818
Affiliated issuers (cost $5,779,720)	5,779,512
Foreign currency (cost $6,894)	6,960
Margin deposits on:
Futures contracts	124,312
Swap contracts	61,911
Unrealized appreciation on forward foreign currency exchange contracts	17,727
Receivable for:
Investments sold	557,979
Capital shares sold	17,227
Dividends	11,301
Interest	16,726
Foreign tax reclaims	419
Variation margin for futures contracts	13,127
Variation margin for swap contracts	29,831
Expense reimbursement due from Investment Manager	348
Prepaid expenses	16
Trustees’ deferred compensation plan	8,126
Total assets	8,525,340
Liabilities
Due to custodian	13,988
Unrealized depreciation on forward foreign currency exchange contracts	58
Payable for:
Investments purchased	75,232
Variation margin for futures contracts	5,680
Compensation of board members	168
Compensation of chief compliance officer	1
Audit fees	44,483
Custodian fees	14,698
Other expenses	291
Trustees’ deferred compensation plan	8,126
Total liabilities	162,725
Net assets applicable to outstanding capital stock	$8,362,615
Represented by
Paid in capital	8,180,851
Total distributable earnings (loss) (Note 2)	181,764
Total - representing net assets applicable to outstanding capital stock	$8,362,615
Shares outstanding	816,538
Net asset value per share	10.24

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

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Statement of Operations
Year Ended March 31, 2019

Net investment income
Income:
Dividends — affiliated issuers	$121,632
Interest	49,192
Foreign taxes withheld	(413)
Total income	170,411
Expenses:
Compensation of board members	13,166
Custodian fees	48,178
Printing and postage fees	3,038
Audit fees	45,683
Legal fees	182
Compensation of chief compliance officer	4
Other	5,766
Total expenses	116,017
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(115,215)
Total net expenses	802
Net investment income	169,609
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(53,446)
Investments — affiliated issuers	(293)
Foreign currency translations	(2,667)
Forward foreign currency exchange contracts	163,856
Futures contracts	(42,638)
Swap contracts	47,257
Net realized gain	112,069
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	28,102
Investments — affiliated issuers	303
Foreign currency translations	(1,060)
Forward foreign currency exchange contracts	10,114
Futures contracts	128,993
Swap contracts	6,435
Net change in unrealized appreciation (depreciation)	172,887
Net realized and unrealized gain	284,956
Net increase in net assets resulting from operations	$454,565

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

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Statement of Changes in Net Assets

	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)
Operations
Net investment income	$169,609	$48,543
Net realized gain	112,069	70,445
Net change in unrealized appreciation (depreciation)	172,887	(55,588)
Net increase in net assets resulting from operations	454,565	63,400
Distributions to shareholders
Net investment income and net realized gains	(304,126)
Net investment income		(21,515)
Net realized gains		(10,560)
Total distributions to shareholders (Note 2)	(304,126)	(32,075)
Increase in net assets from capital stock activity	274,062	7,896,789
Total increase in net assets	424,501	7,928,114
Net assets at beginning of year	7,938,114	10,000
Net assets at end of year	$8,362,615	$7,938,114
Undistributed (excess of distributions over) net investment income	$38,293	$(26,481)

	Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity

Subscriptions	481,412	4,834,527	792,438	7,929,455
Distributions reinvested	31,411	303,750	3,175	32,035
Redemptions	(486,456)	(4,864,215)	(6,442)	(64,701)
Total net increase	26,367	274,062	789,171	7,896,789

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.

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

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Financial Highlights

	Year Ended March 31,
	2019	2018 ^(a)
Per share data
Net asset value, beginning of period	$10.05	$10.00
Income from investment operations:
Net investment income	0.21	0.06
Net realized and unrealized gain	0.36	0.03
Total from investment operations	0.57	0.09
Less distributions to shareholders from:
Net investment income	(0.30)	(0.03)
Net realized gains	(0.08)	(0.01)
Total distributions to shareholders	(0.38)	(0.04)
Net asset value, end of period	$10.24	$10.05
Total return	5.85%	0.90%
Ratios to average net assets
Total gross expenses ^(b)	1.44%	0.95% ^(c)
Total net expenses ^(b),(d)	0.01%	0.01% ^(c)
Net investment income	2.11%	1.45% ^(c)
Supplemental data
Portfolio turnover	141%	30%
Net assets, end of period (in thousands)	$8,363	$7,938

Notes to Financial Highlights
(a)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(b)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(c)	Annualized.
(d)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Notes to Financial Statements
March 31, 2019

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund is sold only to the Columbia Adaptive Retirement Funds and certain collective investment trusts.

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, including money market funds, are valued at their latest net asset value.

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

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

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Notes to Financial Statements (continued)
March 31, 2019

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
March 31, 2019

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

Forward foreign currency exchange contracts

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

Futures contracts

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Notes to Financial Statements (continued)
March 31, 2019

Swap contracts

Credit default swap contracts

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Notes to Financial Statements (continued)
March 31, 2019

Interest rate swap contracts

Effects of derivative transactions in the financial statements

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Notes to Financial Statements (continued)
March 31, 2019

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at March 31, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized appreciation on swap contracts	9,397*
Equity risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	49,948*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	17,727
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	20,762*
Total		97,834

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	77*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	58
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	2,181*
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	3,462*
Total		5,778

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	47,704	47,704
Equity risk	—	(124,128)	—	(124,128)
Foreign exchange risk	163,856	—	—	163,856
Interest rate risk	—	81,490	(447)	81,043
Total	163,856	(42,638)	47,257	168,475

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	9,897	9,897
Equity risk	—	130,305	—	130,305
Foreign exchange risk	10,114	—	—	10,114
Interest rate risk	—	(1,312)	(3,462)	(4,774)
Total	10,114	128,993	6,435	145,542

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Notes to Financial Statements (continued)
March 31, 2019

The following table is a summary of the average outstanding volume by derivative instrument for the year ended March 31, 2019:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	4,582,251
Futures contracts — short	223,016
Credit default swap contracts — sell protection	1,249,000

Derivative instrument	Average unrealized appreciation ($)	Average unrealized depreciation ($)
Forward foreign currency exchange contracts	19,333*	(6,650)*
Interest rate swap contracts	8**	(210)**

*	Based on the ending quarterly outstanding amounts for the year ended March 31, 2019.
**	Based on the ending daily outstanding amounts for the year ended March 31, 2019.

Offsetting of assets and liabilities

	HSBC ($)	Morgan Stanley ($) ^(a)	Morgan Stanley ($) ^(a)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(b)	-	-	29,270	29,270
Centrally cleared interest rate swap contracts ^(b)	-	-	561	561
Forward foreign currency exchange contracts	9,352	8,375	-	17,727
Total assets	9,352	8,375	29,831	47,558
Liabilities
Forward foreign currency exchange contracts	47	11	-	58
Total financial and derivative net assets	9,305	8,364	29,831	47,500
Total collateral received (pledged) ^(c)	-	-	-	-
Net amount ^(d)	9,305	8,364	29,831	47,500

(a)	Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b)	Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

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Notes to Financial Statements (continued)
March 31, 2019

Expenses

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

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Notes to Financial Statements (continued)
March 31, 2019

Disclosure Update and Simplification

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, subject to the policies set by the Board of Trustees, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Fund does not pay a management fee for the investment advisory or administrative services provided to the Fund, but it may pay taxes, brokerage commissions and nonadvisory expenses.

Other expenses

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

Distribution and service fees

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Notes to Financial Statements (continued)
March 31, 2019

Expenses waived/reimbursed by the Investment Manager and its affiliates

Note 4. Federal tax information

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
132,177	(132,177)	—

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 March 31, 2019			Year Ended March 31, 2018
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
271,148	32,978	304,126	21,515	10,560	32,075

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
113,710	43,371	—	25,005

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Notes to Financial Statements (continued)
March 31, 2019

At March 31, 2019, 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) ($)	Net unrealized appreciation ($)
7,726,381	38,989	(13,984)	25,005

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,157,942 and $3,424,902, respectively, for the year ended March 31, 2019, of which $984,321 and $1,520,774, 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 did not borrow or lend money under the Interfund Program during the year ended March 31, 2019.

Note 8. Line of credit

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Notes to Financial Statements (continued)
March 31, 2019

The Fund had no borrowings during the year ended March 31, 2019.

Note 9. Significant risks

Credit risk

Derivatives risk

Interest rate risk

Liquidity risk

Non-diversification risk

Shareholder concentration risk

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Notes to Financial Statements (continued)
March 31, 2019

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 Solutions Conservative Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Solutions Conservative Portfolio (one of the funds constituting Columbia Funds Series Trust I, referred to hereafter as the "Fund") as of March 31, 2019, the related statement of operations for the year ended March 31, 2019 and the statement of changes in net assets and the financial highlights for the year ended March 31, 2019 and for the period October 24, 2017 (commencement of operations) through March 31, 2018, including the related notes (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 March 31, 2019, the results of its operations for the year ended March 31, 2019, and the changes in its net assets and the financial highlights for the year ended March 31, 2019 and for the period October 24, 2017 (commencement of operations) through March 31, 2018 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 March 31, 2019 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

May 21, 2019

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)

Capital gain dividend
$50,785

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.

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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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TRUSTEES AND OFFICERS (continued)

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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

Columbia Solutions Conservative Portfolio | Annual Report 2019

Table of Contents

TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

36	Columbia Solutions Conservative Portfolio \| Annual Report 2019

Table of Contents

Additional information

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Solutions Conservative Portfolio | Annual Report 2019

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Columbia Solutions Conservative Portfolio

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN296_03_J01_(05/19)

Annual Report
March 31, 2019

Columbia Adaptive Retirement Funds

Columbia Adaptive Retirement 2020 Fund

Columbia Adaptive Retirement 2025 Fund

Columbia Adaptive Retirement 2030 Fund

Columbia Adaptive Retirement 2035 Fund

Columbia Adaptive Retirement 2040 Fund

Columbia Adaptive Retirement 2045 Fund

Columbia Adaptive Retirement 2050 Fund

Columbia Adaptive Retirement 2055 Fund

Columbia Adaptive Retirement 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Funds, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800.345.6611 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Funds.

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Columbia Adaptive Retirement 2020 Fund Fund at a Glance	3
Columbia Adaptive Retirement 2025 Fund Fund at a Glance	5
Columbia Adaptive Retirement 2030 Fund Fund at a Glance	7
Columbia Adaptive Retirement 2035 Fund Fund at a Glance	9
Columbia Adaptive Retirement 2040 Fund Fund at a Glance	11
Columbia Adaptive Retirement 2045 Fund Fund at a Glance	13
Columbia Adaptive Retirement 2050 Fund Fund at a Glance	15
Columbia Adaptive Retirement 2055 Fund Fund at a Glance	17
Columbia Adaptive Retirement 2060 Fund Fund at a Glance	19
Manager Discussion of Fund Performance	21
Understanding Your Fund’s Expenses	23
Portfolio of Investments	25
Statement of Assets and Liabilities	43
Statement of Operations	46
Statement of Changes in Net Assets	49
Financial Highlights	54
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	83
Federal Income Tax Information	84
Trustees and Officers	85
Additional Information	90

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2020 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Advisor Class	10/24/17	5.41	4.26
Institutional 3 Class	10/24/17	5.41	4.26
Dow Jones Target 2020 Index		2.61	3.24

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2020 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	13.0
Money Market Funds	3.9
Multi-Asset/Tactical Strategies Funds	77.3
Total	100.0

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

4	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Fund at a Glance
Columbia Adaptive Retirement 2025 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	Life
Advisor Class	04/04/18	5.71
Institutional 3 Class	04/04/18	5.71
Dow Jones Target 2025 Index		3.07

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (April 04, 2018 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2025 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	12.9
Money Market Funds	4.6
Multi-Asset/Tactical Strategies Funds	76.7
Total	100.0

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

6	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2030 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Advisor Class	10/24/17	6.19	4.91
Institutional 3 Class	10/24/17	6.31	4.99
Dow Jones Target 2030 Index		3.12	4.19

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2030 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	13.0
Money Market Funds	4.3
Multi-Asset/Tactical Strategies Funds	76.9
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.

8	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2035 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	Life
Advisor Class	04/04/18	6.31
Institutional 3 Class	04/04/18	6.31
Dow Jones Target 2035 Index		3.45

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (April 04, 2018 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2035 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 March 31, 2019)
Alternative Strategies Funds	5.6
Exchange-Traded Funds	12.7
Money Market Funds	6.3
Multi-Asset/Tactical Strategies Funds	75.4
Total	100.0

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

10	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Fund at a Glance
Columbia Adaptive Retirement 2040 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Advisor Class	10/24/17	6.54	5.22
Institutional 3 Class	10/24/17	6.55	5.23
Dow Jones Target 2040 Index		3.26	4.73

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2040 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	12.9
Money Market Funds	4.4
Multi-Asset/Tactical Strategies Funds	76.9
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.

12	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Fund at a Glance
Columbia Adaptive Retirement 2045 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	Life
Advisor Class	04/04/18	6.89
Institutional 3 Class	04/04/18	6.89
Dow Jones Target 2045 Index		3.55

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (April 04, 2018 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2045 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 March 31, 2019)
Alternative Strategies Funds	5.6
Exchange-Traded Funds	12.7
Money Market Funds	6.1
Multi-Asset/Tactical Strategies Funds	75.6
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.

14	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Fund at a Glance
Columbia Adaptive Retirement 2050 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Advisor Class	10/24/17	7.01	5.63
Institutional 3 Class	10/24/17	7.01	5.63
Dow Jones Target 2050 Index		3.20	4.89

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2050 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	13.0
Money Market Funds	4.0
Multi-Asset/Tactical Strategies Funds	77.2
Total	100.0

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

16	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Fund at a Glance
Columbia Adaptive Retirement 2055 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2018

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	Life
Advisor Class	04/04/18	7.05
Institutional 3 Class	04/04/18	7.05
Dow Jones Target 2055 Index		3.52

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (April 04, 2018 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2055 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 March 31, 2019)
Alternative Strategies Funds	5.6
Exchange-Traded Funds	12.7
Money Market Funds	6.1
Multi-Asset/Tactical Strategies Funds	75.6
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.

18	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Fund at a Glance
Columbia Adaptive Retirement 2060 Fund

Investment objective

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

Portfolio management

Joshua Kutin, CFA

Lead Portfolio Manager

Managed Fund since 2017

Alexander Wilkinson, CFA, CAIA

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended March 31, 2019)
	Inception	1 Year	Life
Advisor Class	10/24/17	6.93	5.60
Institutional 3 Class	10/24/17	6.93	5.60
Dow Jones Target 2060 Index		3.19	4.89

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

Performance of a hypothetical $10,000 investment (October 24, 2017 — March 31, 2019)

The chart above shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of Columbia Adaptive Retirement 2060 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 March 31, 2019)
Alternative Strategies Funds	5.8
Exchange-Traded Funds	12.9
Money Market Funds	4.2
Multi-Asset/Tactical Strategies Funds	77.1
Total	100.0

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

20	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance

All returns listed below are for Institutional 3 shares excluding sales charges. We attribute relative performance to strong results from asset class allocation.

•	Columbia Adaptive Retirement 2020 Fund returned 5.41% for the 12 months ended March 31, 2019. The Fund outperformed the Dow Jones Target 2020 Index, which returned 2.61% for the same period.

•	Columbia Adaptive Retirement 2025 Fund returned 5.71% from the Fund’s inception on April 4, 2018 through March 31, 2019. The Fund outperformed the Dow Jones Target 2025 Index, which returned 3.07% over the same period.

•	Columbia Adaptive Retirement 2030 Fund returned 6.31% for the 12 months ended March 31, 2019. The Fund outperformed the Dow Jones Target 2030 Index, which returned 3.12% for the same period.

•	Columbia Adaptive Retirement 2035 Fund returned 6.31% from the Fund’s inception on April 4, 2018 through March 31, 2019. The Fund outperformed the Dow Jones Target 2035 Index, which returned 3.45% over the same period.

•	Columbia Adaptive Retirement 2040 Fund returned 6.55% for the 12 months ended March 31, 2019. The Fund outperformed the Dow Jones Target 2040 Index, which returned 3.26% for the same period.

•	Columbia Adaptive Retirement 2045 Fund returned 6.89% from the Fund’s inception on April 4, 2018 through March 31, 2019. The Fund outperformed the Dow Jones Target 2045 Index, which returned 3.55% over the same period.

•	Columbia Adaptive Retirement 2050 Fund returned 7.01% for the 12 months ended March 31, 2019. The Fund outperformed the Dow Jones Target 2050 Index, which returned 3.20% for the same period.

•	Columbia Adaptive Retirement 2055 Fund returned 7.05% from the Fund’s inception on April 4, 2018 through March 31, 2019. The Fund outperformed the Dow Jones Target 2055 Index, which returned 3.52% over the same period.

•	Columbia Adaptive Retirement 2060 Fund returned 6.93% for the 12 months ended March 31, 2019. The Fund outperformed the Dow Jones Target 2060 Index, which returned 3.19% for the same period.

U.S. led global equity markets

Positive global economic conditions spurred investor confidence at the outset of the 12-month period ended March 31, 2019. However, growth stalled in most regions outside the United States during the period. The U.K. was weighed down by the disorderly process of breaking with the European Union (Brexit). Euro area growth was dragged down by softening demand. China’s economy was beset by softening demand and the impact of the ongoing trade impasse with the United States. Japan’s economy showed some life in the fourth quarter of 2018, but uncertainty tilted prospects to the downside. Across the globe, trade policy was the single greatest risk facing major economies at the end of the period.

Although foreign markets staged a broad recovery early in 2019, stock prices were down for most of the period in all major markets except the United States, where economic growth was also the most resilient. The MSCI All World Index ex US (Net) returned -4.22%. The MSCI EAFE Index (Net), a broad measure of stock markets in the developed markets of Europe, Australasia and the Far East, returned -3.71%. The S&P 500 Index, a broad measure of U.S. stock performance, gained 9.50%. In response to heightened financial market volatility and slowing growth, major central banks, including the U.S. Federal Reserve, put interest rate hikes on hold.

Significant performance factors

Positioning in U.S. equities aided relative performance during the period. Emerging market debt and U.S. high-yield bonds benefited results. U.S. Treasuries and U.S. investment-grade bonds also figured into a performance advantage over respective benchmarks for all the funds.

International sovereign debt, equity holdings outside the U.S. market, including both developed and emerging market equities, and commodities detracted from relative performance.

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Manager Discussion of Fund Performance (continued)

Portfolio activity

We made two major shifts in positioning over the 12-month period ended March 31, 2019. In June 2018, we raised the Funds’ equity exposure because of neutral bond market conditions and favorable stock market conditions. In August and September 2018, we took steps to emphasize capital preservation because of negative bond market conditions.

At period’s end

At the end of the period, two competing forces coexisted in the market: 1) equity momentum, which helped push the needle on the Funds’ market state signal into bullish territory; 2) weakening economic conditions, which argue for caution in our positioning. Acknowledging the tension between these forces, we moved the Funds to a neutral position on equities, the bullish signal notwithstanding. Even though expectations of additional Fed rate hikes have diminished, we believe that a modest underweight in fixed-income exposure is also appropriate, with a neutral view to higher volatility segments of the fixed-income markets. Fund positioning also reflects a constructive view on alternative securities, such as commodities, which traded downward through much of 2018. We continue to believe that alternative securities offer valuable diversification potential to complement traditional asset classes in portfolios where investment policy guidelines allow for inclusion.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The principal value of the Funds’ is not guaranteed at any time, including the target date . The Funds’ i nvestment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. Asset allocation does not assure a profit or protect against loss. Investing in derivatives is a specialized activity that involves special risks that subject the Funds’ to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Commodity investments may be affected by the overall market and industry- and commodity-specific factors, and may be more volatile and less liquid than other investments. Short positions (where the underlying asset is not owned) can create unlimited risk. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the Funds’, negatively impacting its performance and NAV. Falling rates may result in the Funds’ investing in lower yielding debt instruments, lowering the Funds income and yield. These risks may be heightened for longer maturity and duration securities. Interest payments on i nflation-protected securities may be more volatile than interest payments on ordinary bonds. In periods of deflation, these securities may provide no income. As a non-diversified fund, fewer investments could have a greater effect on performance. 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 Funds sells a holding, the greater the risk of loss or decline of value to the fund. The Funds’ use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the Fund to achieve its objective. Like real estate, REITs are subject to illiquidity, valuation and financing complexities, taxes, default, bankruptcy and other economic, political or regulatory occurrences. See the Funds’ prospectus for more information on these and other risks.

22	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

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

Compare with other funds

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

October 1, 2018 — March 31, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Columbia Adaptive Retirement 2020 Fund
Advisor Class	1,000.00	1,000.00	1,032.50	1,022.89	2.08	2.07	0.41	2.43	2.42	0.48
Institutional 3 Class	1,000.00	1,000.00	1,032.50	1,022.89	2.08	2.07	0.41	2.43	2.42	0.48
Columbia Adaptive Retirement 2025 Fund
Advisor Class	1,000.00	1,000.00	1,031.30	1,022.84	2.13	2.12	0.42	2.48	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,031.30	1,022.84	2.13	2.12	0.42	2.48	2.47	0.49
Columbia Adaptive Retirement 2030 Fund
Advisor Class	1,000.00	1,000.00	1,030.20	1,022.69	2.28	2.27	0.45	2.63	2.62	0.52
Institutional 3 Class	1,000.00	1,000.00	1,030.30	1,022.84	2.13	2.12	0.42	2.48	2.47	0.49
Columbia Adaptive Retirement 2035 Fund
Advisor Class	1,000.00	1,000.00	1,028.20	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,028.20	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

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

October 1, 2018 — March 31, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)	Effective expenses paid during the period ($)		Fund’s effective annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual	Actual	Hypothetical	Actual
Columbia Adaptive Retirement 2040 Fund
Advisor Class	1,000.00	1,000.00	1,026.60	1,022.79	2.17	2.17	0.43	2.53	2.52	0.50
Institutional 3 Class	1,000.00	1,000.00	1,026.70	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49
Columbia Adaptive Retirement 2045 Fund
Advisor Class	1,000.00	1,000.00	1,025.80	1,022.84	2.12	2.12	0.42	2.47	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,025.80	1,022.84	2.12	2.12	0.42	2.47	2.47	0.49
Columbia Adaptive Retirement 2050 Fund
Advisor Class	1,000.00	1,000.00	1,026.20	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,026.20	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49
Columbia Adaptive Retirement 2055 Fund
Advisor Class	1,000.00	1,000.00	1,025.40	1,022.84	2.12	2.12	0.42	2.47	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,025.40	1,022.84	2.12	2.12	0.42	2.47	2.47	0.49
Columbia Adaptive Retirement 2060 Fund
Advisor Class	1,000.00	1,000.00	1,026.50	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49
Institutional 3 Class	1,000.00	1,000.00	1,026.50	1,022.84	2.12	2.12	0.42	2.48	2.47	0.49

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

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

24	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2020 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.0%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	102,780	457,369
Total Alternative Strategies Funds (Cost $517,577)		457,369

Exchange-Traded Funds 13.5%

iShares JPMorgan USD Emerging Markets Bond ETF	1,386	152,543
iShares TIPS Bond ETF	2,701	305,402
iShares U.S. Real Estate ETF	5,250	456,960
Vanguard Mortgage-Backed Securities ETF	2,183	114,302
Total Exchange-Traded Funds (Cost $1,006,034)		1,029,207

Multi-Asset/Tactical Strategies Funds 80.2%

Columbia Solutions Aggressive Portfolio ^(a)	93,945	950,720
Columbia Solutions Conservative Portfolio ^(a)	503,642	5,157,298
Total Multi-Asset/Tactical Strategies Funds (Cost $5,963,742)		6,108,018

Money Market Funds 4.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	305,155	305,125
Total Money Market Funds (Cost $305,125)		305,125
Total Investments in Securities (Cost: $7,792,478)		7,899,719
Other Assets & Liabilities, Net		(282,452)
Net Assets		7,617,267

Notes to Portfolio of Investments

(a)

As defined in the Investment Company Act of 1940, 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. Holdings and transactions in these affiliated companies during the year ended March 31, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	35,035	147,232	(79,487)	102,780	—	(10,220)	(64,068)	44,823	457,369
Columbia Short-Term Cash Fund, 2.519%
	214,131	1,895,911	(1,804,887)	305,155	—	(31)	21	8,156	305,125
Columbia Solutions Aggressive Portfolio
	68,473	50,715	(25,243)	93,945	14,571	(2,971)	15,972	48,200	950,720
Columbia Solutions Conservative Portfolio
	329,657	222,578	(48,593)	503,642	41,406	(14,356)	108,254	146,227	5,157,298
Total					55,977	(27,578)	60,179	247,406	6,870,512

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2020 Fund, March 31, 2019

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).

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Solutions Portfolios serve as investment vehicles for the Columbia Adaptive Retirement Funds and each pursues consistent total returns by seeking to allocate risks across multiple asset classes. Investments in the Columbia Solutions Portfolios may be redeemed on a daily basis without restriction. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	457,369	—	—	—	457,369
Exchange-Traded Funds	1,029,207	—	—	—	1,029,207
Multi-Asset/Tactical Strategies Funds	—	—	—	6,108,018	6,108,018
Money Market Funds	—	—	—	305,125	305,125
Total Investments in Securities	1,486,576	—	—	6,413,143	7,899,719

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

There were no transfers of financial assets between levels during the period.

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

26	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2025 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.0%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	47,677	212,164
Total Alternative Strategies Funds (Cost $240,089)		212,164

Exchange-Traded Funds 13.4%

iShares JPMorgan USD Emerging Markets Bond ETF	643	70,769
iShares TIPS Bond ETF	1,253	141,677
iShares U.S. Real Estate ETF	2,436	212,029
Vanguard Mortgage-Backed Securities ETF	1,012	52,988
Total Exchange-Traded Funds (Cost $465,113)		477,463

Multi-Asset/Tactical Strategies Funds 79.9%

Columbia Solutions Aggressive Portfolio ^(a)	76,096	770,088
Columbia Solutions Conservative Portfolio ^(a)	201,621	2,064,600
Total Multi-Asset/Tactical Strategies Funds (Cost $2,776,281)		2,834,688

Money Market Funds 4.8%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	170,520	170,503
Total Money Market Funds (Cost $170,503)		170,503
Total Investments in Securities (Cost: $3,651,986)		3,694,818
Other Assets & Liabilities, Net		(145,012)
Net Assets		3,549,806

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	—	84,783	(37,106)	47,677	—	(5,831)	(27,925)	20,779	212,164
Columbia Short-Term Cash Fund, 2.519%
	—	1,356,249	(1,185,729)	170,520	—	(2)	—	3,802	170,503
Columbia Solutions Aggressive Portfolio
	—	93,956	(17,860)	76,096	11,794	(2,908)	13,745	39,015	770,088
Columbia Solutions Conservative Portfolio
	—	225,502	(23,881)	201,621	16,549	(6,687)	44,662	58,443	2,064,600
Total					28,343	(15,428)	30,482	122,039	3,217,355

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2025 Fund, March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	212,164	—	—	—	212,164
Exchange-Traded Funds	477,463	—	—	—	477,463
Multi-Asset/Tactical Strategies Funds	—	—	—	2,834,688	2,834,688
Money Market Funds	—	—	—	170,503	170,503
Total Investments in Securities	689,627	—	—	3,005,191	3,694,818

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

There were no transfers of financial assets between levels during the period.

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

28	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2030 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.0%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	15,584	69,351
Total Alternative Strategies Funds (Cost $78,305)		69,351

Exchange-Traded Funds 13.6%

iShares JPMorgan USD Emerging Markets Bond ETF	210	23,113
iShares TIPS Bond ETF	410	46,359
iShares U.S. Real Estate ETF	796	69,284
Vanguard Mortgage-Backed Securities ETF	331	17,331
Total Exchange-Traded Funds (Cost $152,922)		156,087

Multi-Asset/Tactical Strategies Funds 81.0%

Columbia Solutions Aggressive Portfolio ^(a)	38,636	390,998
Columbia Solutions Conservative Portfolio ^(a)	52,358	536,144
Total Multi-Asset/Tactical Strategies Funds (Cost $904,819)		927,142

Money Market Funds 4.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	52,252	52,246
Total Money Market Funds (Cost $52,246)		52,246
Total Investments in Securities (Cost: $1,188,292)		1,204,826
Other Assets & Liabilities, Net		(60,063)
Net Assets		1,144,763

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	71,124	20,414	(75,954)	15,584	—	2,654	(16,789)	6,884	69,351
Columbia Short-Term Cash Fund, 2.519%
	419,440	337,191	(704,379)	52,252	—	(31)	32	1,449	52,246
Columbia Solutions Aggressive Portfolio
	359,923	5,814	(327,101)	38,636	6,069	12,100	(15,484)	20,075	390,998
Columbia Solutions Conservative Portfolio
	443,047	12,335	(403,024)	52,358	4,345	9,755	(5,162)	15,345	536,144
Total					10,414	24,478	(37,403)	43,753	1,048,739

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2030 Fund, March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	69,351	—	—	—	69,351
Exchange-Traded Funds	156,087	—	—	—	156,087
Multi-Asset/Tactical Strategies Funds	—	—	—	927,142	927,142
Money Market Funds	—	—	—	52,246	52,246
Total Investments in Securities	225,438	—	—	979,388	1,204,826

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

There were no transfers of financial assets between levels during the period.

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

30	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2035 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 5.9%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	13,509	60,116
Total Alternative Strategies Funds (Cost $67,951)		60,116

Exchange-Traded Funds 13.3%

iShares JPMorgan USD Emerging Markets Bond ETF	182	20,031
iShares TIPS Bond ETF	355	40,140
iShares U.S. Real Estate ETF	690	60,057
Vanguard Mortgage-Backed Securities ETF	287	15,027
Total Exchange-Traded Funds (Cost $131,717)		135,255

Multi-Asset/Tactical Strategies Funds 79.4%

Columbia Solutions Aggressive Portfolio ^(a)	47,133	476,984
Columbia Solutions Conservative Portfolio ^(a)	31,957	327,245
Total Multi-Asset/Tactical Strategies Funds (Cost $788,608)		804,229

Money Market Funds 6.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	67,378	67,371
Total Money Market Funds (Cost $67,371)		67,371
Total Investments in Securities (Cost: $1,055,647)		1,066,971
Other Assets & Liabilities, Net		(53,680)
Net Assets		1,013,291

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	—	24,246	(10,737)	13,509	—	(1,670)	(7,835)	5,873	60,116
Columbia Short-Term Cash Fund, 2.519%
	—	493,092	(425,714)	67,378	—	2	—	1,128	67,371
Columbia Solutions Aggressive Portfolio
	—	56,732	(9,599)	47,133	7,286	(2,999)	8,422	24,102	476,984
Columbia Solutions Conservative Portfolio
	—	37,912	(5,955)	31,957	2,611	(1,659)	7,199	9,222	327,245
Total					9,897	(6,326)	7,786	40,325	931,716

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2035 Fund, March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	60,116	—	—	—	60,116
Exchange-Traded Funds	135,255	—	—	—	135,255
Multi-Asset/Tactical Strategies Funds	—	—	—	804,229	804,229
Money Market Funds	—	—	—	67,371	67,371
Total Investments in Securities	195,371	—	—	871,600	1,066,971

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

There were no transfers of financial assets between levels during the period.

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

32	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2040 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.1%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	14,083	62,670
Total Alternative Strategies Funds (Cost $70,666)		62,670

Exchange-Traded Funds 13.6%

iShares JPMorgan USD Emerging Markets Bond ETF	190	20,911
iShares TIPS Bond ETF	370	41,836
iShares U.S. Real Estate ETF	719	62,582
Vanguard Mortgage-Backed Securities ETF	299	15,656
Total Exchange-Traded Funds (Cost $138,152)		140,985

Multi-Asset/Tactical Strategies Funds 81.1%

Columbia Solutions Aggressive Portfolio ^(a)	63,510	642,723
Columbia Solutions Conservative Portfolio ^(a)	19,165	196,243
Total Multi-Asset/Tactical Strategies Funds (Cost $820,008)		838,966

Money Market Funds 4.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	47,862	47,857
Total Money Market Funds (Cost $47,857)		47,857
Total Investments in Securities (Cost: $1,076,683)		1,090,478
Other Assets & Liabilities, Net		(56,110)
Net Assets		1,034,368

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	6,939	18,448	(11,304)	14,083	—	(1,531)	(8,762)	6,147	62,670
Columbia Short-Term Cash Fund, 2.519%
	44,129	340,160	(336,427)	47,862	—	(4)	4	1,203	47,857
Columbia Solutions Aggressive Portfolio
	63,588	9,936	(10,014)	63,510	9,650	(4,783)	10,011	31,922	642,723
Columbia Solutions Conservative Portfolio
	16,467	6,302	(3,604)	19,165	1,545	(1,166)	4,163	5,459	196,243
Total					11,195	(7,484)	5,416	44,731	949,493

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2040 Fund, March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	62,670	—	—	—	62,670
Exchange-Traded Funds	140,985	—	—	—	140,985
Multi-Asset/Tactical Strategies Funds	—	—	—	838,966	838,966
Money Market Funds	—	—	—	47,857	47,857
Total Investments in Securities	203,655	—	—	886,823	1,090,478

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

There were no transfers of financial assets between levels during the period.

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

34	Columbia Adaptive Retirement Funds \| Annual Report 2019

Table of Contents

Portfolio of Investments
Columbia Adaptive Retirement 2045 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 5.9%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	13,484	60,005
Total Alternative Strategies Funds (Cost $67,741)		60,005

Exchange-Traded Funds 13.3%

iShares JPMorgan USD Emerging Markets Bond ETF	182	20,031
iShares TIPS Bond ETF	354	40,027
iShares U.S. Real Estate ETF	689	59,970
Vanguard Mortgage-Backed Securities ETF	286	14,975
Total Exchange-Traded Funds (Cost $131,438)		135,003

Multi-Asset/Tactical Strategies Funds 79.4%

Columbia Solutions Aggressive Portfolio ^(a)	72,550	734,199
Columbia Solutions Conservative Portfolio ^(a)	6,794	69,573
Total Multi-Asset/Tactical Strategies Funds (Cost $788,639)		803,772

Money Market Funds 6.5%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	65,198	65,191
Total Money Market Funds (Cost $65,191)		65,191
Total Investments in Securities (Cost: $1,053,009)		1,063,971
Other Assets & Liabilities, Net		(51,511)
Net Assets		1,012,460

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	—	24,427	(10,943)	13,484	—	(1,772)	(7,736)	5,856	60,005
Columbia Short-Term Cash Fund, 2.519%
	—	493,788	(428,590)	65,198	—	2	—	1,120	65,191
Columbia Solutions Aggressive Portfolio
	—	84,766	(12,216)	72,550	11,073	(6,644)	13,703	36,631	734,199
Columbia Solutions Conservative Portfolio
	—	8,194	(1,400)	6,794	573	(562)	1,430	2,021	69,573
Total					11,646	(8,976)	7,397	45,628	928,968

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2045 Fund, March 31, 2019

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 March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	60,005	—	—	—	60,005
Exchange-Traded Funds	135,003	—	—	—	135,003
Multi-Asset/Tactical Strategies Funds	—	—	—	803,772	803,772
Money Market Funds	—	—	—	65,191	65,191
Total Investments in Securities	195,008	—	—	868,963	1,063,971

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

There were no transfers of financial assets between levels during the period.

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

36	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Portfolio of Investments
Columbia Adaptive Retirement 2050 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.1%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	13,813	61,470
Total Alternative Strategies Funds (Cost $69,259)		61,470

Exchange-Traded Funds 13.6%

iShares JPMorgan USD Emerging Markets Bond ETF	186	20,471
iShares TIPS Bond ETF	363	41,044
iShares U.S. Real Estate ETF	706	61,450
Vanguard Mortgage-Backed Securities ETF	293	15,342
Total Exchange-Traded Funds (Cost $135,493)		138,307

Multi-Asset/Tactical Strategies Funds 81.2%

Columbia Solutions Aggressive Portfolio ^(a)	81,391	823,677
Total Multi-Asset/Tactical Strategies Funds (Cost $804,746)		823,677

Money Market Funds 4.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	42,947	42,942
Total Money Market Funds (Cost $42,942)		42,942
Total Investments in Securities (Cost: $1,052,440)		1,066,396
Other Assets & Liabilities, Net		(51,303)
Net Assets		1,015,093

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	6,839	18,039	(11,065)	13,813	—	(1,485)	(8,542)	5,980	61,470
Columbia Short-Term Cash Fund, 2.519%
	43,120	297,751	(297,924)	42,947	—	(4)	4	1,157	42,942
Columbia Solutions Aggressive Portfolio
	78,810	13,132	(10,551)	81,391	12,309	(8,045)	13,632	40,717	823,677
Total					12,309	(9,534)	5,094	47,854	928,089

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

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

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

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Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2050 Fund, March 31, 2019

Fair value measurements (continued)

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

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

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	61,470	—	—	—	61,470
Exchange-Traded Funds	138,307	—	—	—	138,307
Multi-Asset/Tactical Strategies Funds	—	—	—	823,677	823,677
Money Market Funds	—	—	—	42,942	42,942
Total Investments in Securities	199,777	—	—	866,619	1,066,396

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

There were no transfers of financial assets between levels during the period.

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

38	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Portfolio of Investments
Columbia Adaptive Retirement 2055 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 5.9%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	13,480	59,989
Total Alternative Strategies Funds (Cost $67,700)		59,989

Exchange-Traded Funds 13.3%

iShares JPMorgan USD Emerging Markets Bond ETF	182	20,031
iShares TIPS Bond ETF	354	40,027
iShares U.S. Real Estate ETF	689	59,971
Vanguard Mortgage-Backed Securities ETF	286	14,975
Total Exchange-Traded Funds (Cost $131,432)		135,004

Multi-Asset/Tactical Strategies Funds 79.4%

Columbia Solutions Aggressive Portfolio ^(a)	79,431	803,840
Total Multi-Asset/Tactical Strategies Funds (Cost $788,628)		803,840

Money Market Funds 6.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	64,292	64,285
Total Money Market Funds (Cost $64,285)		64,285
Total Investments in Securities (Cost: $1,052,045)		1,063,118
Other Assets & Liabilities, Net		(50,627)
Net Assets		1,012,491

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	—	24,468	(10,988)	13,480	—	(1,796)	(7,711)	5,852	59,989
Columbia Short-Term Cash Fund, 2.519%
	—	497,819	(433,527)	64,292	—	2	—	1,118	64,285
Columbia Solutions Aggressive Portfolio
	—	92,042	(12,611)	79,431	12,094	(7,922)	15,212	40,008	803,840
Total					12,094	(9,716)	7,501	46,978	928,114

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

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

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

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Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2055 Fund, March 31, 2019

Fair value measurements (continued)

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

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

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	59,989	—	—	—	59,989
Exchange-Traded Funds	135,004	—	—	—	135,004
Multi-Asset/Tactical Strategies Funds	—	—	—	803,840	803,840
Money Market Funds	—	—	—	64,285	64,285
Total Investments in Securities	194,993	—	—	868,125	1,063,118

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

There were no transfers of financial assets between levels during the period.

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

40	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Portfolio of Investments
Columbia Adaptive Retirement 2060 Fund, March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 6.1%
	Shares	Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class ^(a)	13,903	61,868
Total Alternative Strategies Funds (Cost $69,702)		61,868

Exchange-Traded Funds 13.6%

iShares JPMorgan USD Emerging Markets Bond ETF	188	20,691
iShares TIPS Bond ETF	365	41,271
iShares U.S. Real Estate ETF	710	61,798
Vanguard Mortgage-Backed Securities ETF	295	15,446
Total Exchange-Traded Funds (Cost $136,373)		139,206

Multi-Asset/Tactical Strategies Funds 81.1%

Columbia Solutions Aggressive Portfolio ^(a)	81,919	829,018
Total Multi-Asset/Tactical Strategies Funds (Cost $810,003)		829,018

Money Market Funds 4.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.519% ^(a),(b)	45,164	45,160
Total Money Market Funds (Cost $45,160)		45,160
Total Investments in Securities (Cost: $1,061,238)		1,075,252
Other Assets & Liabilities, Net		(53,500)
Net Assets		1,021,752

Notes to Portfolio of Investments

(a)

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Capital gain distributions — affiliated issuers ($)	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
	6,875	18,137	(11,109)	13,903	—	(1,482)	(8,592)	6,007	61,868
Columbia Short-Term Cash Fund, 2.519%
	43,294	299,896	(298,026)	45,164	—	(4)	4	1,165	45,160
Columbia Solutions Aggressive Portfolio
	79,180	13,078	(10,339)	81,919	12,365	(7,994)	13,691	40,905	829,018
Total					12,365	(9,480)	5,103	48,077	936,046

(b)	The rate shown is the seven-day current annualized yield at March 31, 2019.

Fair value measurements

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

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

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

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Table of Contents

Portfolio of Investments (continued)
Columbia Adaptive Retirement 2060 Fund, March 31, 2019

Fair value measurements (continued)

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

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

The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	61,868	—	—	—	61,868
Exchange-Traded Funds	139,206	—	—	—	139,206
Multi-Asset/Tactical Strategies Funds	—	—	—	829,018	829,018
Money Market Funds	—	—	—	45,160	45,160
Total Investments in Securities	201,074	—	—	874,178	1,075,252

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

There were no transfers of financial assets between levels during the period.

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

42	Columbia Adaptive Retirement Funds \| Annual Report 2019

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Statement of Assets and Liabilities
March 31, 2019

	Columbia Adaptive Retirement 2020 Fund	Columbia Adaptive Retirement 2025 Fund	Columbia Adaptive Retirement 2030 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,006,034, $465,113, $152,922, respectively)	$1,029,207	$477,463	$156,087
Affiliated issuers (cost $6,786,444, $3,186,873, $1,035,370, respectively)	6,870,512	3,217,355	1,048,739
Receivable for:
Investments sold	43,513	20,416	6,682
Dividends	602	294	100
Expense reimbursement due from Investment Manager	236	920	232
Prepaid expenses	15	6	2
Trustees’ deferred compensation plan	8,116	3,854	8,098
Total assets	7,952,201	3,720,308	1,219,940
Liabilities
Due to custodian	—	—	12
Payable for:
Investments purchased	309,516	149,414	49,398
Management services fees	94	44	14
Transfer agent fees	5	3	16
Compensation of board members	168	169	672
Compensation of chief compliance officer	1	—	—
Audit fees	15,655	15,655	15,655
Other expenses	1,379	1,363	1,312
Trustees’ deferred compensation plan	8,116	3,854	8,098
Total liabilities	334,934	170,502	75,177
Net assets applicable to outstanding capital stock	$7,617,267	$3,549,806	$1,144,763
Represented by
Paid in capital	7,499,674	3,499,772	1,127,676
Total distributable earnings (loss) (Note 2)	117,593	50,034	17,087
Total - representing net assets applicable to outstanding capital stock	$7,617,267	$3,549,806	$1,144,763
Advisor Class
Net assets	$3,808,635	$1,774,902	$645,255
Shares outstanding	374,626	175,000	65,085
Net asset value per share	$10.17	$10.14	$9.91
Institutional 3 Class
Net assets	$3,808,632	$1,774,904	$499,508
Shares outstanding	374,626	175,000	50,338
Net asset value per share	$10.17	$10.14	$9.92

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Statement of Assets and Liabilities (continued)
March 31, 2019

	Columbia Adaptive Retirement 2035 Fund	Columbia Adaptive Retirement 2040 Fund	Columbia Adaptive Retirement 2045 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $131,717, $138,152, $131,438, respectively)	$135,255	$140,985	$135,003
Affiliated issuers (cost $923,930, $938,531, $921,571, respectively)	931,716	949,493	928,968
Receivable for:
Investments sold	7,425	5,373	7,253
Dividends	91	91	88
Expense reimbursement due from Investment Manager	917	227	917
Prepaid expenses	3	3	3
Trustees’ deferred compensation plan	3,841	8,072	3,841
Total assets	1,079,248	1,104,244	1,076,073
Liabilities
Due to custodian	5	5	4
Payable for:
Investments purchased	44,926	44,140	42,578
Management services fees	13	13	13
Transfer agent fees	1	4	1
Compensation of board members	169	672	169
Audit fees	15,655	15,655	15,655
Other expenses	1,347	1,315	1,352
Trustees’ deferred compensation plan	3,841	8,072	3,841
Total liabilities	65,957	69,876	63,613
Net assets applicable to outstanding capital stock	$1,013,291	$1,034,368	$1,012,460
Represented by
Paid in capital	999,281	1,018,460	999,934
Total distributable earnings (loss) (Note 2)	14,010	15,908	12,526
Total - representing net assets applicable to outstanding capital stock	$1,013,291	$1,034,368	$1,012,460
Advisor Class
Net assets	$506,645	$526,661	$506,229
Shares outstanding	50,000	51,868	50,000
Net asset value per share	$10.13	$10.15	$10.12
Institutional 3 Class
Net assets	$506,646	$507,707	$506,231
Shares outstanding	50,000	50,000	50,000
Net asset value per share	$10.13	$10.15	$10.12

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

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Statement of Assets and Liabilities (continued)
March 31, 2019

	Columbia Adaptive Retirement 2050 Fund	Columbia Adaptive Retirement 2055 Fund	Columbia Adaptive Retirement 2060 Fund
Assets
Investments in securities, at value
Unaffiliated issuers (cost $135,493, $131,432, $136,373, respectively)	$138,307	$135,004	$139,206
Affiliated issuers (cost $916,947, $920,613, $924,865, respectively)	928,089	928,114	936,046
Receivable for:
Investments sold	8,241	7,508	6,438
Dividends	84	86	87
Expense reimbursement due from Investment Manager	226	918	227
Prepaid expenses	3	3	2
Trustees’ deferred compensation plan	8,071	3,841	8,072
Total assets	1,083,021	1,075,474	1,090,078
Liabilities
Due to custodian	5	4	5
Payable for:
Investments purchased	42,220	41,947	42,595
Management services fees	13	13	13
Transfer agent fees	1	1	2
Compensation of board members	672	169	672
Audit fees	15,655	15,655	15,655
Other expenses	1,291	1,353	1,312
Trustees’ deferred compensation plan	8,071	3,841	8,072
Total liabilities	67,928	62,983	68,326
Net assets applicable to outstanding capital stock	$1,015,093	$1,012,491	$1,021,752
Represented by
Paid in capital	999,926	999,306	1,006,211
Total distributable earnings (loss) (Note 2)	15,167	13,185	15,541
Total - representing net assets applicable to outstanding capital stock	$1,015,093	$1,012,491	$1,021,752
Advisor Class
Net assets	$507,545	$506,245	$514,060
Shares outstanding	50,000	50,000	50,629
Net asset value per share	$10.15	$10.12	$10.15
Institutional 3 Class
Net assets	$507,548	$506,246	$507,692
Shares outstanding	50,000	50,000	50,000
Net asset value per share	$10.15	$10.12	$10.15

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

Columbia Adaptive Retirement Funds | Annual Report 2019

Table of Contents

Statement of Operations
Year Ended March 31, 2019

	Columbia Adaptive Retirement 2020 Fund	Columbia Adaptive Retirement 2025 Fund ^(a)	Columbia Adaptive Retirement 2030 Fund
Net investment income
Income:
Dividends — unaffiliated issuers	$28,728	$12,809	$6,420
Dividends — affiliated issuers	247,406	122,039	43,753
Total income	276,134	134,848	50,173
Expenses:
Management services fees	33,998	15,637	5,976
Transfer agent fees
Advisor Class	79	59	236
Institutional 3 Class	79	59	53
Compensation of board members	13,152	11,055	13,592
Custodian fees	3,859	3,198	3,906
Printing and postage fees	4,955	5,567	4,928
Registration fees	39,166	32,054	39,166
Audit fees	15,656	15,655	15,655
Legal fees	169	78	33
Offering costs	21,674	39,397	21,597
Compensation of chief compliance officer	3	1	1
Other	7,280	6,207	7,171
Total expenses	140,070	128,967	112,314
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(108,784)	(114,501)	(106,538)
Total net expenses	31,286	14,466	5,776
Net investment income	244,848	120,382	44,397
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	12,453	12,053	(30,337)
Investments — affiliated issuers	(27,578)	(15,428)	24,478
Capital gain distributions from underlying affiliated funds	55,977	28,343	10,414
Net realized gain	40,852	24,968	4,555
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	39,898	12,350	37,246
Investments — affiliated issuers	60,179	30,482	(37,403)
Net change in unrealized appreciation (depreciation)	100,077	42,832	(157)
Net realized and unrealized gain	140,929	67,800	4,398
Net increase in net assets resulting from operations	$385,777	$188,182	$48,795

(a)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Operations (continued)
Year Ended March 31, 2019

	Columbia Adaptive Retirement 2035 Fund ^(a)	Columbia Adaptive Retirement 2040 Fund	Columbia Adaptive Retirement 2045 Fund ^(a)
Net investment income
Income:
Dividends — unaffiliated issuers	$3,598	$4,014	$3,608
Dividends — affiliated issuers	40,325	44,731	45,628
Total income	43,923	48,745	49,236
Expenses:
Management services fees	4,465	4,681	4,461
Transfer agent fees
Advisor Class	48	90	48
Institutional 3 Class	48	48	48
Compensation of board members	11,025	13,567	11,025
Custodian fees	3,198	3,909	3,205
Printing and postage fees	5,567	4,927	5,567
Registration fees	32,054	39,166	32,054
Audit fees	15,655	15,655	15,655
Legal fees	22	23	22
Offering costs	39,242	21,598	39,242
Other	6,164	7,157	6,164
Total expenses	117,488	110,821	117,491
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(113,287)	(106,387)	(113,294)
Total net expenses	4,201	4,434	4,197
Net investment income	39,722	44,311	45,039
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	3,415	651	3,126
Investments — affiliated issuers	(6,326)	(7,484)	(8,976)
Capital gain distributions from underlying affiliated funds	9,897	11,195	11,646
Net realized gain	6,986	4,362	5,796
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	3,538	6,275	3,565
Investments — affiliated issuers	7,786	5,416	7,397
Net change in unrealized appreciation (depreciation)	11,324	11,691	10,962
Net realized and unrealized gain	18,310	16,053	16,758
Net increase in net assets resulting from operations	$58,032	$60,364	$61,797

(a)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

Columbia Adaptive Retirement Funds | Annual Report 2019

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Statement of Operations (continued)
Year Ended March 31, 2019

	Columbia Adaptive Retirement 2050 Fund	Columbia Adaptive Retirement 2055 Fund ^(a)	Columbia Adaptive Retirement 2060 Fund
Net investment income
Income:
Dividends — unaffiliated issuers	$3,917	$3,610	$3,937
Dividends — affiliated issuers	47,854	46,978	48,077
Total income	51,771	50,588	52,014
Expenses:
Management services fees	4,560	4,459	4,583
Transfer agent fees
Advisor Class	49	48	59
Institutional 3 Class	49	48	48
Compensation of board members	13,566	11,025	13,566
Custodian fees	3,866	3,205	3,913
Printing and postage fees	4,869	5,742	4,926
Registration fees	39,166	32,054	39,166
Audit fees	15,655	15,655	15,655
Legal fees	23	22	23
Offering costs	21,598	39,242	21,598
Other	7,157	6,166	7,157
Total expenses	110,558	117,666	110,694
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(106,275)	(113,470)	(106,381)
Total net expenses	4,283	4,196	4,313
Net investment income	47,488	46,392	47,701
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	452	3,061	458
Investments — affiliated issuers	(9,534)	(9,716)	(9,480)
Capital gain distributions from underlying affiliated funds	12,309	12,094	12,365
Net realized gain	3,227	5,439	3,343
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	6,227	3,572	6,261
Investments — affiliated issuers	5,094	7,501	5,103
Net change in unrealized appreciation (depreciation)	11,321	11,073	11,364
Net realized and unrealized gain	14,548	16,512	14,707
Net increase in net assets resulting from operations	$62,036	$62,904	$62,408

(a)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets

	Columbia Adaptive Retirement 2020 Fund		Columbia Adaptive Retirement 2025 Fund
	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)	Year Ended March 31, 2019 ^(b)
Operations
Net investment income	$244,848	$12,589	$120,382
Net realized gain	40,852	14,346	24,968
Net change in unrealized appreciation (depreciation)	100,077	7,164	42,832
Net increase in net assets resulting from operations	385,777	34,099	188,182
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	(143,482)		(69,188)
Institutional 3 Class	(143,482)		(69,188)
Net investment income
Advisor Class		(7,822)
Institutional 3 Class		(7,823)
Total distributions to shareholders (Note 2)	(286,964)	(15,645)	(138,376)
Increase in net assets from capital stock activity	2,500,000	—	3,490,000
Total increase in net assets	2,598,813	18,454	3,539,806
Net assets at beginning of year	5,018,454	5,000,000	10,000
Net assets at end of year	$7,617,267	$5,018,454	$3,549,806
Excess of distributions over net investment income	$—	$(254)	$(1,100)

	Columbia Adaptive Retirement 2020 Fund				Columbia Adaptive Retirement 2025 Fund
	Year Ended		Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)		March 31, 2019 ^(b)
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	124,626	1,250,000	—	—	174,500	1,745,000
Net increase	124,626	1,250,000	—	—	174,500	1,745,000
Institutional 3 Class
Subscriptions	124,626	1,250,000	—	—	174,500	1,745,000
Net increase	124,626	1,250,000	—	—	174,500	1,745,000
Total net increase	249,252	2,500,000	—	—	349,000	3,490,000

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.
(b)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2030 Fund		Columbia Adaptive Retirement 2035 Fund
	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)	Year Ended March 31, 2019 ^(b)
Operations
Net investment income	$44,397	$28,975	$39,722
Net realized gain	4,555	37,988	6,986
Net change in unrealized appreciation (depreciation)	(157)	16,691	11,324
Net increase in net assets resulting from operations	48,795	83,654	58,032
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	(44,148)		(22,370)
Institutional 3 Class	(34,784)		(22,371)
Net investment income
Advisor Class		(18,711)
Institutional 3 Class		(18,343)
Total distributions to shareholders (Note 2)	(78,932)	(37,054)	(44,741)
Increase (decrease) in net assets from capital stock activity	(8,954,327)	102,627	990,000
Total increase (decrease) in net assets	(8,984,464)	149,227	1,003,291
Net assets at beginning of year	10,129,227	9,980,000	10,000
Net assets at end of year	$1,144,763	$10,129,227	$1,013,291
Excess of distributions over net investment income	$—	$(256)	$—

	Columbia Adaptive Retirement 2030 Fund				Columbia Adaptive Retirement 2035 Fund
	Year Ended		Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)		March 31, 2019 ^(b)
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	3,574	36,232	10,083	102,260	49,500	495,000
Distributions reinvested	1,054	9,441	36	367	—	—
Redemptions	(448,662)	(4,500,000)	—	—	—	—
Net increase (decrease)	(444,034)	(4,454,327)	10,119	102,627	49,500	495,000
Institutional 3 Class
Subscriptions	—	—	—	—	49,500	495,000
Redemptions	(448,662)	(4,500,000)	—	—	—	—
Net increase (decrease)	(448,662)	(4,500,000)	—	—	49,500	495,000
Total net increase (decrease)	(892,696)	(8,954,327)	10,119	102,627	99,000	990,000

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.
(b)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2040 Fund		Columbia Adaptive Retirement 2045 Fund
	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)	Year Ended March 31, 2019 ^(b)
Operations
Net investment income	$44,311	$3,171	$45,039
Net realized gain	4,362	4,770	5,796
Net change in unrealized appreciation (depreciation)	11,691	2,104	10,962
Net increase in net assets resulting from operations	60,364	10,045	61,797
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	(25,316)		(24,668)
Institutional 3 Class	(24,501)		(24,669)
Net investment income
Advisor Class		(2,140)
Institutional 3 Class		(2,079)
Net realized gains
Advisor Class		(274)
Institutional 3 Class		(266)
Total distributions to shareholders (Note 2)	(49,817)	(4,759)	(49,337)
Increase (decrease) in net assets from capital stock activity	(10,134)	28,669	990,000
Total increase in net assets	413	33,955	1,002,460
Net assets at beginning of year	1,033,955	1,000,000	10,000
Net assets at end of year	$1,034,368	$1,033,955	$1,012,460
Excess of distributions over net investment income	$(208)	$(253)	$(652)

	Columbia Adaptive Retirement 2040 Fund				Columbia Adaptive Retirement 2045 Fund
	Year Ended		Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)		March 31, 2019 ^(b)
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	1,926	19,000	2,844	28,600	49,500	495,000
Distributions reinvested	97	866	7	69	—	—
Redemptions	(3,006)	(30,000)	—	—	—	—
Net increase (decrease)	(983)	(10,134)	2,851	28,669	49,500	495,000
Institutional 3 Class
Subscriptions	—	—	—	—	49,500	495,000
Net increase	—	—	—	—	49,500	495,000
Total net increase (decrease)	(983)	(10,134)	2,851	28,669	99,000	990,000

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.
(b)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2050 Fund		Columbia Adaptive Retirement 2055 Fund
	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)	Year Ended March 31, 2019 ^(b)
Operations
Net investment income	$47,488	$3,360	$46,392
Net realized gain	3,227	4,794	5,439
Net change in unrealized appreciation (depreciation)	11,321	2,635	11,073
Net increase in net assets resulting from operations	62,036	10,789	62,904
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	(26,420)		(25,206)
Institutional 3 Class	(26,420)		(25,207)
Net investment income
Advisor Class		(2,446)
Institutional 3 Class		(2,446)
Total distributions to shareholders (Note 2)	(52,840)	(4,892)	(50,413)
Increase in net assets from capital stock activity	—	—	990,000
Total increase in net assets	9,196	5,897	1,002,491
Net assets at beginning of year	1,005,897	1,000,000	10,000
Net assets at end of year	$1,015,093	$1,005,897	$1,012,491
Excess of distributions over net investment income	$(208)	$(253)	$—

	Columbia Adaptive Retirement 2050 Fund				Columbia Adaptive Retirement 2055 Fund
	Year Ended		Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)		March 31, 2019 ^(b)
	Shares	Dollars ($)	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	—	—	—	—	49,500	495,000
Net increase	—	—	—	—	49,500	495,000
Institutional 3 Class
Subscriptions	—	—	—	—	49,500	495,000
Net increase	—	—	—	—	49,500	495,000
Total net increase	—	—	—	—	99,000	990,000

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.
(b)	Based on operations from April 4, 2018 (fund commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Columbia Adaptive Retirement 2060 Fund
	Year Ended March 31, 2019	Year Ended March 31, 2018 ^(a)
Operations
Net investment income	$47,701	$3,373
Net realized gain	3,343	4,726
Net change in unrealized appreciation (depreciation)	11,364	2,650
Net increase in net assets resulting from operations	62,408	10,749
Distributions to shareholders
Net investment income and net realized gains
Advisor Class	(26,389)
Institutional 3 Class	(26,128)
Net investment income
Advisor Class		(2,309)
Institutional 3 Class		(2,286)
Net realized gains
Advisor Class		(291)
Institutional 3 Class		(288)
Total distributions to shareholders (Note 2)	(52,517)	(5,174)
Increase in net assets from capital stock activity	1,260	5,026
Total increase in net assets	11,151	10,601
Net assets at beginning of year	1,010,601	1,000,000
Net assets at end of year	$1,021,752	$1,010,601
Excess of distributions over net investment income	$(208)	$(253)

	Columbia Adaptive Retirement 2060 Fund
	Year Ended		Year Ended
	March 31, 2019		March 31, 2018 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Advisor Class
Subscriptions	100	999	496	5,000
Distributions reinvested	30	261	3	26
Net increase	130	1,260	499	5,026
Total net increase	130	1,260	499	5,026

(a)	Based on operations from October 24, 2017 (fund commencement of operations) through the stated period end.

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

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Financial Highlights
Columbia Adaptive Retirement 2020 Fund

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

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019	$10.04	0.33	0.18	0.51	(0.35)	(0.03)	(0.38)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.04	0.07	(0.03)	—	(0.03)
Institutional 3 Class
Year Ended 3/31/2019	$10.04	0.33	0.18	0.51	(0.35)	(0.03)	(0.38)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.04	0.07	(0.03)	—	(0.03)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2020 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019	$10.17	5.41%	1.87%	0.42%	3.27%	26%	$3,809
Year Ended 3/31/2018 ^(c)	$10.04	0.71%	2.14% ^(d)	0.41% ^(d)	0.58% ^(d)	8%	$2,509
Institutional 3 Class
Year Ended 3/31/2019	$10.17	5.41%	1.87%	0.42%	3.27%	26%	$3,809
Year Ended 3/31/2018 ^(c)	$10.04	0.71%	2.14% ^(d)	0.41% ^(d)	0.58% ^(d)	8%	$2,509

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

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Financial Highlights
Columbia Adaptive Retirement 2025 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.00	0.34	0.20	0.54	(0.38)	(0.02)	(0.40)
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.00	0.34	0.20	0.54	(0.38)	(0.02)	(0.40)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2025 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.14	5.71%	3.75% ^(d)	0.42% ^(d)	3.50% ^(d)	28%	$1,775
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.14	5.71%	3.75% ^(d)	0.42% ^(d)	3.50% ^(d)	28%	$1,775

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

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Financial Highlights
Columbia Adaptive Retirement 2030 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019	$10.05	0.35	0.20	0.55	(0.41)	(0.28)	(0.69)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.06	0.09	(0.04)	—	(0.04)
Institutional 3 Class
Year Ended 3/31/2019	$10.05	0.34	0.22	0.56	(0.41)	(0.28)	(0.69)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.06	0.09	(0.04)	—	(0.04)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2030 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019	$9.91	6.19%	8.55%	0.45%	3.40%	23%	$645
Year Ended 3/31/2018 ^(c)	$10.05	0.86%	1.29% ^(d)	0.41% ^(d)	0.67% ^(d)	9%	$5,115
Institutional 3 Class
Year Ended 3/31/2019	$9.92	6.31%	8.52%	0.43%	3.34%	23%	$500
Year Ended 3/31/2018 ^(c)	$10.05	0.86%	1.29% ^(d)	0.41% ^(d)	0.66% ^(d)	9%	$5,014

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

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Financial Highlights
Columbia Adaptive Retirement 2035 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.00	0.40	0.18	0.58	(0.43)	(0.02)	(0.45)
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.00	0.40	0.18	0.58	(0.43)	(0.02)	(0.45)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2035 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.13	6.31%	11.96% ^(d)	0.43% ^(d)	4.04% ^(d)	32%	$507
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.13	6.31%	11.96% ^(d)	0.43% ^(d)	4.04% ^(d)	32%	$507

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

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Financial Highlights
Columbia Adaptive Retirement 2040 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019	$10.05	0.43	0.16	0.59	(0.45)	(0.04)	(0.49)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.07	0.10	(0.04)	(0.01)	(0.05)
Institutional 3 Class
Year Ended 3/31/2019	$10.05	0.44	0.15	0.59	(0.45)	(0.04)	(0.49)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.07	0.10	(0.04)	(0.01)	(0.05)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2040 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019	$10.15	6.54%	10.76%	0.43%	4.26%	30%	$527
Year Ended 3/31/2018 ^(c)	$10.05	0.96%	8.70% ^(d)	0.42% ^(d)	0.72% ^(d)	9%	$531
Institutional 3 Class
Year Ended 3/31/2019	$10.15	6.55%	10.75%	0.43%	4.34%	30%	$508
Year Ended 3/31/2018 ^(c)	$10.05	0.96%	8.69% ^(d)	0.42% ^(d)	0.72% ^(d)	9%	$503

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

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Financial Highlights
Columbia Adaptive Retirement 2045 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.00	0.45	0.16	0.61	(0.46)	(0.03)	(0.49)
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.00	0.45	0.16	0.61	(0.46)	(0.03)	(0.49)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2045 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.12	6.89%	11.97% ^(d)	0.43% ^(d)	4.59% ^(d)	30%	$506
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.12	6.89%	11.98% ^(d)	0.43% ^(d)	4.59% ^(d)	30%	$506

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

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Financial Highlights
Columbia Adaptive Retirement 2050 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019	$10.06	0.47	0.15	0.62	(0.49)	(0.04)	(0.53)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.08	0.11	(0.05)	—	(0.05)
Institutional 3 Class
Year Ended 3/31/2019	$10.06	0.47	0.15	0.62	(0.49)	(0.04)	(0.53)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.08	0.11	(0.05)	—	(0.05)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2050 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019	$10.15	7.01%	11.02%	0.43%	4.73%	27%	$508
Year Ended 3/31/2018 ^(c)	$10.06	1.08%	8.76% ^(d)	0.42% ^(d)	0.77% ^(d)	8%	$503
Institutional 3 Class
Year Ended 3/31/2019	$10.15	7.01%	11.02%	0.43%	4.73%	27%	$508
Year Ended 3/31/2018 ^(c)	$10.06	1.08%	8.76% ^(d)	0.42% ^(d)	0.77% ^(d)	8%	$503

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

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Financial Highlights
Columbia Adaptive Retirement 2055 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.00	0.47	0.15	0.62	(0.47)	(0.03)	(0.50)
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.00	0.47	0.15	0.62	(0.47)	(0.03)	(0.50)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2055 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019 ^(c)	$10.12	7.05%	12.00% ^(d)	0.43% ^(d)	4.73% ^(d)	29%	$506
Institutional 3 Class
Year Ended 3/31/2019 ^(c)	$10.12	7.05%	12.00% ^(d)	0.43% ^(d)	4.73% ^(d)	29%	$506

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

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Financial Highlights
Columbia Adaptive Retirement 2060 Fund

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Advisor Class
Year Ended 3/31/2019	$10.06	0.47	0.14	0.61	(0.49)	(0.03)	(0.52)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.08	0.11	(0.04)	(0.01)	(0.05)
Institutional 3 Class
Year Ended 3/31/2019	$10.06	0.47	0.14	0.61	(0.49)	(0.03)	(0.52)
Year Ended 3/31/2018 ^(c)	$10.00	0.03	0.08	0.11	(0.04)	(0.01)	(0.05)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
(d)	Annualized.

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

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Financial Highlights (continued)
Columbia Adaptive Retirement 2060 Fund

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets ^(a)	Total net expense ratio to average net assets ^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Advisor Class
Year Ended 3/31/2019	$10.15	6.93%	10.98%	0.43%	4.73%	26%	$514
Year Ended 3/31/2018 ^(c)	$10.06	1.11%	8.73% ^(d)	0.42% ^(d)	0.77% ^(d)	7%	$508
Institutional 3 Class
Year Ended 3/31/2019	$10.15	6.93%	10.97%	0.43%	4.73%	26%	$508
Year Ended 3/31/2018 ^(c)	$10.06	1.11%	8.73% ^(d)	0.42% ^(d)	0.77% ^(d)	7%	$503

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

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Notes to Financial Statements
March 31, 2019

Note 1. Organization

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

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

On April 3, 2018, seed money from Columbia Adaptive Retirement 2030 Fund was redistributed to the following funds: $10,000 in Columbia Adaptive Retirement 2025 Fund (500 shares for Advisor Class and 500 shares for Institutional 3 Class); $10,000 in Columbia Adaptive Retirement 2035 Fund (500 shares for Advisor Class and 500 shares for Institutional 3 Class); $10,000 in Columbia Adaptive Retirement 2045 Fund (500 shares for Advisor Class and 500 shares for Institutional 3 Class) and $10,000 in Columbia Adaptive Retirement 2055 Fund (500 shares for Advisor Class and 500 shares for Institutional 3 Class), which represented the initial capital for each class at $10 per share.

On April 4, 2018, seed money from Columbia Adaptive Retirement 2030 Fund was redistributed to the following funds: $3,490,000 in Columbia Adaptive Retirement 2025 Fund (174,500 shares for Advisor Class and 174,500 shares for Institutional 3 Class); $990,000 in Columbia Adaptive Retirement 2035 Fund (49,500 shares for Advisor Class and 49,500 shares for Institutional 3 Class); $990,000 in Columbia Adaptive Retirement 2045 Fund (49,500 shares for Advisor Class and 49,500 shares for Institutional 3 Class) and $990,000 in Columbia Adaptive Retirement 2055 Fund (49,500 shares for Advisor Class and 49,500 shares for Institutional 3 Class). Shares of Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2045 Fund and Columbia Adaptive Retirement 2055 Fund were first offered to the public on April 5, 2018.

For Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2045 Fund and Columbia Adaptive Retirement 2055 Fund, the financial statements cover the period from April 4, 2018 (commencement of operations) through March 31, 2019. All references to the year ended March 31, 2019 for these funds refer to the period from April 4, 2018 through March 31, 2019.

Fund shares

The Trust may issue an unlimited number of shares (without par value). 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. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure. Each Fund offers each of the share classes identified below.

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Funds’ prospectus.

Institutional 3 Class shares are not subject to sales charges and are generally available only to certain retirement plans as described in the Funds’ prospectus.

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Notes to Financial Statements (continued)
March 31, 2019

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Security valuation

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange. Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Investments in the Underlying Funds, with the exception of exchange-traded funds, are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.

Security transactions

Income recognition

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

The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on 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 the Fund’s management. Management’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.

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Notes to Financial Statements (continued)
March 31, 2019

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

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

Distributions to shareholders

Guarantees and indemnifications

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

Recent accounting pronouncements

Accounting Standards Update 2017-08 Premium Amortization on Purchased Callable Debt Securities

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

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Notes to Financial Statements (continued)
March 31, 2019

Disclosure Update and Simplification

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund fees

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

The effective management services fee rates based on each Fund’s average daily net assets for the year ended March 31, 2019 were as follows:

	Effective management services fee rate (%)
Columbia Adaptive Retirement 2020 Fund	0.45
Columbia Adaptive Retirement 2025 Fund	0.45 ^(a)
Columbia Adaptive Retirement 2030 Fund	0.45
Columbia Adaptive Retirement 2035 Fund	0.45 ^(a)
Columbia Adaptive Retirement 2040 Fund	0.45
Columbia Adaptive Retirement 2045 Fund	0.45 ^(a)
Columbia Adaptive Retirement 2050 Fund	0.45
Columbia Adaptive Retirement 2055 Fund	0.45 ^(a)
Columbia Adaptive Retirement 2060 Fund	0.45

(a)	Annualized.

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

Offering costs

Offering costs were incurred prior to the shares of the Funds being offered. Offering costs include, among other things, state registration filing fees and printing costs. Each Fund amortizes offering costs over a period of 12 months from the commencement of operations.

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Notes to Financial Statements (continued)
March 31, 2019

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. These members of the Board of Trustees may participate in a Deferred Compensation Plan (the Deferred Plan) which may be terminated at any time. Obligations of the Deferred Plan will be paid solely out of each Fund’s assets, and all amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds.

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

For the year ended March 31, 2019, the Funds’ effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Advisor Class (%)	Institutional 3 Class (%)
Columbia Adaptive Retirement 2020 Fund	0.00	0.00
Columbia Adaptive Retirement 2025 Fund	0.00 ^(a)	0.00 ^(a)
Columbia Adaptive Retirement 2030 Fund	0.03	0.01
Columbia Adaptive Retirement 2035 Fund	0.01 ^(a)	0.01 ^(a)
Columbia Adaptive Retirement 2040 Fund	0.02	0.01
Columbia Adaptive Retirement 2045 Fund	0.01 ^(a)	0.01 ^(a)
Columbia Adaptive Retirement 2050 Fund	0.01	0.01
Columbia Adaptive Retirement 2055 Fund	0.01 ^(a)	0.01 ^(a)
Columbia Adaptive Retirement 2060 Fund	0.01	0.01

^(a)	Annualized.

Distribution and service fees

The Funds have an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Funds do not pay the Distributor a fee for the distribution services it provides to the Funds.

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Notes to Financial Statements (continued)
March 31, 2019

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	Fee Rate Contractual through July 31, 2021
	Advisor Class (%)	Institutional 3 Class (%)
Columbia Adaptive Retirement 2020 Fund	0.68	0.50
Columbia Adaptive Retirement 2025 Fund	0.68	0.50
Columbia Adaptive Retirement 2030 Fund	0.68	0.50
Columbia Adaptive Retirement 2035 Fund	0.68	0.50
Columbia Adaptive Retirement 2040 Fund	0.68	0.50
Columbia Adaptive Retirement 2045 Fund	0.68	0.50
Columbia Adaptive Retirement 2050 Fund	0.68	0.50
Columbia Adaptive Retirement 2055 Fund	0.68	0.50
Columbia Adaptive Retirement 2060 Fund	0.68	0.50

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

Note 4. Federal tax information

At March 31, 2019, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, re-characterization of distributions for investments, post-October capital losses, late-year ordinary losses, distribution reclassifications and non-deductible expenses. 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:

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Notes to Financial Statements (continued)
March 31, 2019

Fund	Undistributed net investment income ($)	Accumulated net realized gain (loss) ($)	Paid in capital decrease ($)
Columbia Adaptive Retirement 2020 Fund	23,466	(23,466)	—
Columbia Adaptive Retirement 2025 Fund	9,260	(9,032)	(228)
Columbia Adaptive Retirement 2030 Fund	3,034	(3,034)	—
Columbia Adaptive Retirement 2035 Fund	2,657	(1,938)	(719)
Columbia Adaptive Retirement 2040 Fund	1,834	(1,834)	—
Columbia Adaptive Retirement 2045 Fund	1,128	(1,062)	(66)
Columbia Adaptive Retirement 2050 Fund	1,377	(1,377)	—
Columbia Adaptive Retirement 2055 Fund	1,514	(820)	(694)
Columbia Adaptive Retirement 2060 Fund	1,380	(1,380)	—

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

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

	Year Ended March 31, 2019			Year Ended March 31, 2018
Fund	Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
Columbia Adaptive Retirement 2020 Fund	278,813	8,151	286,964	15,645	—	15,645
Columbia Adaptive Retirement 2025 Fund	138,374	2	138,376	—	—	—
Columbia Adaptive Retirement 2030 Fund	61,247	17,685	78,932	37,054	—	37,054
Columbia Adaptive Retirement 2035 Fund	44,411	330	44,741	—	—	—
Columbia Adaptive Retirement 2040 Fund	47,214	2,603	49,817	4,759	—	4,759
Columbia Adaptive Retirement 2045 Fund	48,894	443	49,337	—	—	—
Columbia Adaptive Retirement 2050 Fund	49,384	3,456	52,840	4,892	—	4,892
Columbia Adaptive Retirement 2055 Fund	49,974	439	50,413	—	—	—
Columbia Adaptive Retirement 2060 Fund	49,317	3,200	52,517	5,174	—	5,174

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

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
Columbia Adaptive Retirement 2020 Fund	—	26,463	—	104,962
Columbia Adaptive Retirement 2025 Fund	—	19,058	—	42,029
Columbia Adaptive Retirement 2030 Fund	—	3,740	—	15,577
Columbia Adaptive Retirement 2035 Fund	—	7,751	—	10,454
Columbia Adaptive Retirement 2040 Fund	—	4,397	—	12,676
Columbia Adaptive Retirement 2045 Fund	—	10,292	—	9,246
Columbia Adaptive Retirement 2050 Fund	—	5,706	—	11,774
Columbia Adaptive Retirement 2055 Fund	—	10,811	—	8,680
Columbia Adaptive Retirement 2060 Fund	—	6,234	—	11,847

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Notes to Financial Statements (continued)
March 31, 2019

At March 31, 2019, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Fund	Tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
Columbia Adaptive Retirement 2020 Fund	7,794,757	169,737	(64,775)	104,962
Columbia Adaptive Retirement 2025 Fund	3,652,789	70,957	(28,928)	42,029
Columbia Adaptive Retirement 2030 Fund	1,189,249	25,379	(9,802)	15,577
Columbia Adaptive Retirement 2035 Fund	1,056,517	18,560	(8,106)	10,454
Columbia Adaptive Retirement 2040 Fund	1,077,802	21,477	(8,801)	12,676
Columbia Adaptive Retirement 2045 Fund	1,054,725	17,254	(8,008)	9,246
Columbia Adaptive Retirement 2050 Fund	1,054,622	20,344	(8,570)	11,774
Columbia Adaptive Retirement 2055 Fund	1,054,438	16,663	(7,983)	8,680
Columbia Adaptive Retirement 2060 Fund	1,063,405	20,467	(8,620)	11,847

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 March 31, 2019, the Funds will elect to treat the following late-year ordinary losses and post-October capital losses as arising on April 1, 2019.

Fund	Late year ordinary losses ($)	Post-October capital losses ($)
Columbia Adaptive Retirement 2020 Fund	—	13,832
Columbia Adaptive Retirement 2025 Fund	1,100	9,953
Columbia Adaptive Retirement 2030 Fund	—	2,230
Columbia Adaptive Retirement 2035 Fund	—	4,195
Columbia Adaptive Retirement 2040 Fund	208	957
Columbia Adaptive Retirement 2045 Fund	652	6,360
Columbia Adaptive Retirement 2050 Fund	207	2,106
Columbia Adaptive Retirement 2055 Fund	—	6,306
Columbia Adaptive Retirement 2060 Fund	208	2,332

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

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Notes to Financial Statements (continued)
March 31, 2019

Note 5. Portfolio information

For the year ended March 31, 2019, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:

	Purchases ($)	Proceeds from sales ($)
Columbia Adaptive Retirement 2020 Fund	4,517,325	1,803,991
Columbia Adaptive Retirement 2025 Fund	4,399,469	914,611
Columbia Adaptive Retirement 2030 Fund	404,087	8,947,194
Columbia Adaptive Retirement 2035 Fund	1,292,048	300,861
Columbia Adaptive Retirement 2040 Fund	357,107	287,475
Columbia Adaptive Retirement 2045 Fund	1,276,973	283,009
Columbia Adaptive Retirement 2050 Fund	320,496	253,954
Columbia Adaptive Retirement 2055 Fund	1,267,851	273,141
Columbia Adaptive Retirement 2060 Fund	321,053	252,511

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

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

The Funds did not borrow or lend money under the Interfund Program during the year ended March 31, 2019.

Note 8. Line of credit

Each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate 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 December unless extended or renewed.

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Notes to Financial Statements (continued)
March 31, 2019

No Fund had borrowings during the year ended March 31, 2019.

Note 9. Significant risks

Alternative strategies investment and multi-asset/tactical strategies risk

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

Non-diversification risk

Shareholder concentration risk

At March 31, 2019, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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

Fund	Number of unaffiliated accounts	Percentage of shares outstanding held — unaffiliated (%)	Percentage of shares outstanding held — affiliated (%)
Columbia Adaptive Retirement 2020 Fund	—	—	100.0
Columbia Adaptive Retirement 2025 Fund	—	—	100.0
Columbia Adaptive Retirement 2030 Fund	1	12.8	87.2
Columbia Adaptive Retirement 2035 Fund	—	—	100.0
Columbia Adaptive Retirement 2040 Fund	—	—	98.2
Columbia Adaptive Retirement 2045 Fund	—	—	100.0
Columbia Adaptive Retirement 2050 Fund	—	—	100.0
Columbia Adaptive Retirement 2055 Fund	—	—	100.0
Columbia Adaptive Retirement 2060 Fund	—	—	99.4

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
March 31, 2019

to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, 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.

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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 each of the Funds listed below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the Funds listed below (nine of the funds constituting Columbia Funds Series Trust I, hereafter collectively referred to as the "Funds") as of March 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated below, 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 each of the Funds as of March 31, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Columbia Adaptive Retirement 2020 Fund ⁽¹⁾
Columbia Adaptive Retirement 2025 Fund ⁽²⁾
Columbia Adaptive Retirement 2030 Fund ⁽¹⁾
Columbia Adaptive Retirement 2035 Fund ⁽²⁾
Columbia Adaptive Retirement 2040 Fund ⁽¹⁾
Columbia Adaptive Retirement 2045 Fund ⁽²⁾
Co lumbia Adaptive Retirement 2050 Fund ⁽¹⁾
C olumbia Adaptive Retirement 2055 Fund ⁽²⁾
Columbia Adaptive Retirement 2060 Fund ⁽¹⁾

⁽¹⁾ The statement of operations for the year ended March 31, 2019, and the statements of changes in net assets for the year ended March 31, 2019 and for the period October 24, 2017 (commencement of operations) through March 31, 2018

⁽²⁾ The statement of operations for the year ended March 31, 2019, and the statement of changes in net assets for the period April 4, 2018 (commencement of operations) through March 31, 2019

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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 March 31, 2019 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 opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

May 21, 2019

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 Funds hereby designate the following tax attributes for the fiscal year ended March 31, 2019. Shareholders will be notified in early 2020 of the amounts for use in preparing 2019 income tax returns.

	Capital gain dividend
Columbia Adaptive Retirement 2020 Fund	$29,459
Columbia Adaptive Retirement 2025 Fund	$20,013
Columbia Adaptive Retirement 2030 Fund	$4,401
Columbia Adaptive Retirement 2035 Fund	$8,485
Columbia Adaptive Retirement 2040 Fund	$5,081
Columbia Adaptive Retirement 2045 Fund	$11,272
Columbia Adaptive Retirement 2050 Fund	$7,096
Columbia Adaptive Retirement 2055 Fund	$11,813
Columbia Adaptive Retirement 2060 Fund	$7,368

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.

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TRUSTEES AND OFFICERS

The Board oversees the Funds’ 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 Funds’ Trustees as of February 19, 2019, 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, members serve terms of indefinite duration.

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) from September 2007 to October 2018	69	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	69	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	69	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	69	Director, CSX Corporation (transportation suppliers); Genworth Financial, Inc. (financial and insurance products and services); 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

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College from August 2007 to June 2018; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	69	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	69	M Fund, Inc. (M Funds mutual fund family)
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	69	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust 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
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	69	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	69	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust 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
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	192	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

*	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 Funds’ 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)

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 Funds as of February 19, 2019, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Funds’ 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
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Chief Financial Officer (Principal Financial Officer) (2009) and Senior Vice President (2019)	Vice President — Accounting and Tax, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009-January 2019 and December 2015-January 2019, respectively).
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019)	Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously, Vice President — Pricing and Corporate Actions, May 2010-March 2017).
Paul B. Goucher 485 Lexington Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 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); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).

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TRUSTEES AND OFFICERS (continued)

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
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Additional information

The Funds mail one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

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

Quarterly schedule of investments

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Funds’ Form N-Q or Form N-PORT is available on the SEC’s website at sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Adaptive Retirement Funds

P.O. Box 219104

Kansas City, MO 64121-9104

Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Funds, go to
columbiathreadneedleus.com/investor/. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN295_03_J01_(05/19)



By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer



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


		Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers


Applicable Regulatory Authority		Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR

Related Policies		Overview and Implementation of Compliance Program Policy

Requires Annual Board Approval		No but Covered Officers Must provide annual certification

Last Reviewed by AMC		June 2018


Date: May 21, 2019						/s/ Christopher O. Petersen
						Christopher O. Petersen, President and Principal Executive Officer