Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04367

 

 

Columbia Funds Series Trust I

(Exact name of registrant as specified in charter)

 

 

225 Franklin Street

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

 

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, Massachusetts 02110

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (800) 345-6611

Date of fiscal year end: March 31

Date of reporting period: September 30, 2019

 

 

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

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

 

 

 

Table of Contents
Item 1.

Reports to Stockholders.

Table of Contents
SemiAnnual Report
September 30, 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

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Columbia Select Large Cap Growth Fund (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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-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 (the Investment Manager)
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 Select Large Cap Growth Fund  |  Semiannual Report 2019

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Table of Contents
Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Thomas Galvin, CFA
Lead Portfolio Manager
Managed Fund since 2003
Richard Carter
Portfolio Manager
Managed Fund since 2009
Todd Herget
Portfolio Manager
Managed Fund since 2009
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 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 September 30, 2019)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 09/28/07 -1.31 -4.79 9.37 13.14
  Including sales charges   -7.01 -10.28 8.08 12.46
Advisor Class* 11/08/12 -1.21 -4.62 9.64 13.41
Class C Excluding sales charges 09/28/07 -1.71 -5.59 8.54 12.29
  Including sales charges   -2.49 -6.24 8.54 12.29
Institutional Class 10/01/97 -1.18 -4.58 9.64 13.41
Institutional 2 Class* 11/08/12 -1.13 -4.47 9.77 13.51
Institutional 3 Class* 11/08/12 -1.11 -4.46 9.81 13.55
Class R 12/31/04 -1.44 -5.05 9.10 12.86
Russell 1000 Growth Index   6.20 3.71 13.39 14.94
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
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Table of Contents
Fund at a Glance   (continued)
(Unaudited)
Top 10 holdings (%) (at September 30, 2019)
Amazon.com, Inc. 4.9
Facebook, Inc., Class A 4.7
Alibaba Group Holding Ltd., ADR 4.7
Nike, Inc., Class B 4.5
Visa, Inc., Class A 4.3
Salesforce.com, Inc. 4.2
Activision Blizzard, Inc. 4.2
Adobe, Inc. 4.1
NVIDIA Corp. 4.1
ServiceNow, Inc. 3.9
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 September 30, 2019)
Common Stocks 99.7
Money Market Funds 0.3
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.
Equity sector breakdown (%) (at September 30, 2019)
Communication Services 11.6
Consumer Discretionary 25.7
Energy 2.3
Financials 5.7
Health Care 22.0
Information Technology 32.7
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  | Semiannual Report 2019

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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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 2019
  Account value at the
beginning of the
period ($) 		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 1,000.00 986.90 1,019.66 5.57 5.67 1.11
Advisor Class 1,000.00 1,000.00 987.90 1,020.93 4.32 4.39 0.86
Class C 1,000.00 1,000.00 982.90 1,015.82 9.37 9.53 1.87
Institutional Class 1,000.00 1,000.00 988.20 1,020.93 4.32 4.39 0.86
Institutional 2 Class 1,000.00 1,000.00 988.70 1,021.48 3.77 3.83 0.75
Institutional 3 Class 1,000.00 1,000.00 988.90 1,021.68 3.57 3.63 0.71
Class R 1,000.00 1,000.00 985.60 1,018.35 6.88 6.99 1.37
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 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
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Portfolio of Investments
September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.9%
Issuer Shares Value ($)
Communication Services 11.6%
Entertainment 6.9%
Activision Blizzard, Inc. 1,675,564 88,670,847
Walt Disney Co. (The) 440,703 57,432,415
Total   146,103,262
Interactive Media & Services 4.7%
Facebook, Inc., Class A(a) 565,274 100,663,994
Total Communication Services 246,767,256
Consumer Discretionary 25.7%
Diversified Consumer Services 3.2%
New Oriental Education & Technology Group, Inc., ADR(a) 615,512 68,174,109
Hotels, Restaurants & Leisure 1.6%
Planet Fitness, Inc., Class A(a) 595,125 34,439,884
Household Durables 0.9%
Roku, Inc.(a) 197,383 20,085,694
Internet & Direct Marketing Retail 12.8%
Alibaba Group Holding Ltd., ADR(a) 590,608 98,767,376
Amazon.com, Inc.(a) 59,505 103,295,325
Booking Holdings, Inc.(a) 35,173 69,030,881
Total   271,093,582
Textiles, Apparel & Luxury Goods 7.2%
Canada Goose Holdings, Inc.(a) 1,286,240 56,555,973
Nike, Inc., Class B 1,024,071 96,180,748
Total   152,736,721
Total Consumer Discretionary 546,529,990
Energy 2.3%
Oil, Gas & Consumable Fuels 2.3%
Pioneer Natural Resources Co. 381,190 47,942,266
Total Energy 47,942,266
Financials 5.7%
Capital Markets 5.7%
Charles Schwab Corp. (The) 1,340,961 56,092,399
MSCI, Inc. 294,566 64,141,746
Total   120,234,145
Total Financials 120,234,145
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 22.0%
Biotechnology 5.8%
Alexion Pharmaceuticals, Inc.(a) 731,220 71,615,687
Exact Sciences Corp.(a) 564,668 51,029,047
Total   122,644,734
Health Care Equipment & Supplies 8.3%
Align Technology, Inc.(a) 229,754 41,567,094
Edwards Lifesciences Corp.(a) 302,342 66,488,029
IDEXX Laboratories, Inc.(a) 254,114 69,101,220
Total   177,156,343
Health Care Providers & Services 3.5%
UnitedHealth Group, Inc. 337,339 73,310,511
Life Sciences Tools & Services 2.9%
Illumina, Inc.(a) 205,253 62,442,068
Pharmaceuticals 1.5%
Bristol-Myers Squibb Co. 636,390 32,271,337
Total Health Care 467,824,993
Information Technology 32.6%
IT Services 9.3%
PayPal Holdings, Inc.(a) 709,902 73,538,748
Square, Inc., Class A(a) 536,798 33,254,636
Visa, Inc., Class A 531,512 91,425,379
Total   198,218,763
Semiconductors & Semiconductor Equipment 7.8%
Applied Materials, Inc. 1,565,660 78,126,434
NVIDIA Corp. 500,942 87,198,974
Total   165,325,408
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Select Large Cap Growth Fund  | Semiannual Report 2019

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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Software 15.5%
Adobe, Inc.(a) 318,213 87,906,341
Salesforce.com, Inc.(a) 603,799 89,627,924
ServiceNow, Inc.(a) 328,350 83,351,647
Splunk, Inc.(a) 585,959 69,061,128
Total   329,947,040
Total Information Technology 693,491,211
Total Common Stocks
(Cost $1,140,259,160) 		2,122,789,861
Money Market Funds 0.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(b),(c) 7,105,747 7,105,037
Total Money Market Funds
(Cost $7,105,037) 		7,105,037
Total Investments in Securities
(Cost: $1,147,364,197) 		2,129,894,898
Other Assets & Liabilities, Net   (3,599,723)
Net Assets 2,126,295,175
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at September 30, 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 period ended September 30, 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, 2.073%
  17,479,387 548,900,638 (559,274,278) 7,105,747 1,353 — 495,773 7,105,037
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  | Semiannual Report 2019
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Fair value measurements  (continued)
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 246,767,256 — — 246,767,256
Consumer Discretionary 546,529,990 — — 546,529,990
Energy 47,942,266 — — 47,942,266
Financials 120,234,145 — — 120,234,145
Health Care 467,824,993 — — 467,824,993
Information Technology 693,491,211 — — 693,491,211
Total Common Stocks 2,122,789,861 — — 2,122,789,861
Money Market Funds 7,105,037 — — 7,105,037
Total Investments in Securities 2,129,894,898 — — 2,129,894,898
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Select Large Cap Growth Fund  | Semiannual Report 2019

Table of Contents
Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,140,259,160) $2,122,789,861
Affiliated issuers (cost $7,105,037) 7,105,037
Receivable for:  
Capital shares sold 594,606
Dividends 188,650
Prepaid expenses 14,378
Trustees’ deferred compensation plan 307,642
Other assets 25,455
Total assets 2,131,025,629
Liabilities  
Payable for:  
Capital shares purchased 3,960,064
Management services fees 120,052
Distribution and/or service fees 10,071
Transfer agent fees 261,155
Compensation of board members 3,190
Compensation of chief compliance officer 299
Other expenses 67,981
Trustees’ deferred compensation plan 307,642
Total liabilities 4,730,454
Net assets applicable to outstanding capital stock $2,126,295,175
Represented by  
Paid in capital 937,694,117
Total distributable earnings (loss)   1,188,601,058
Total - representing net assets applicable to outstanding capital stock $2,126,295,175
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
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Table of Contents
Statement of Assets and Liabilities  (continued)
September 30, 2019 (Unaudited)
Class A  
Net assets $185,004,016
Shares outstanding 15,167,903
Net asset value per share $12.20
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) $12.94
Advisor Class  
Net assets $26,942,670
Shares outstanding 2,018,201
Net asset value per share $13.35
Class C  
Net assets $72,159,057
Shares outstanding 7,093,539
Net asset value per share $10.17
Institutional Class  
Net assets $995,987,818
Shares outstanding 77,770,535
Net asset value per share $12.81
Institutional 2 Class  
Net assets $154,971,947
Shares outstanding 11,504,553
Net asset value per share $13.47
Institutional 3 Class  
Net assets $681,737,939
Shares outstanding 49,839,298
Net asset value per share $13.68
Class R  
Net assets $9,491,728
Shares outstanding 861,385
Net asset value per share $11.02
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Large Cap Growth Fund  | Semiannual Report 2019

Table of Contents
Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $4,912,179
Dividends — affiliated issuers 495,773
Interfund lending 423
Total income 5,408,375
Expenses:  
Management services fees 8,540,527
Distribution and/or service fees  
Class A 268,059
Class C 421,564
Class R 25,264
Transfer agent fees  
Class A 168,267
Advisor Class 24,750
Class C 66,143
Institutional Class 952,243
Institutional 2 Class 49,717
Institutional 3 Class 30,399
Class R 7,937
Compensation of board members 26,590
Custodian fees 10,866
Printing and postage fees 64,683
Registration fees 89,890
Audit fees 13,587
Legal fees 28,145
Interest on interfund lending 4,602
Compensation of chief compliance officer 517
Other 53,001
Total expenses 10,846,751
Fees waived by transfer agent  
Institutional 2 Class (14,958)
Institutional 3 Class (30,399)
Expense reduction (1,033)
Total net expenses 10,800,361
Net investment loss (5,391,986)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 214,571,077
Investments — affiliated issuers 1,353
Net realized gain 214,572,430
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (226,735,313)
Net change in unrealized appreciation (depreciation) (226,735,313)
Net realized and unrealized loss (12,162,883)
Net decrease in net assets resulting from operations $(17,554,869)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment loss $(5,391,986) $(14,196,934)
Net realized gain 214,572,430 752,677,667
Net change in unrealized appreciation (depreciation) (226,735,313) (470,386,332)
Net increase (decrease) in net assets resulting from operations (17,554,869) 268,094,401
Distributions to shareholders    
Net investment income and net realized gains    
Class A (38,430,536) (74,605,357)
Advisor Class (5,301,593) (12,297,162)
Class C (17,741,814) (22,228,260)
Institutional Class (212,466,072) (227,974,717)
Institutional 2 Class (28,974,319) (103,736,842)
Institutional 3 Class (130,799,607) (178,415,920)
Class R (1,925,586) (2,252,221)
Class T   (34,638)
Total distributions to shareholders   (435,639,527) (621,545,117)
Decrease in net assets from capital stock activity (87,780,175) (1,054,827,529)
Total decrease in net assets (540,974,571) (1,408,278,245)
Net assets at beginning of period 2,667,269,746 4,075,547,991
Net assets at end of period $2,126,295,175 $2,667,269,746
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Large Cap Growth Fund  | Semiannual Report 2019

Table of Contents
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,673,585 22,286,784 4,952,898 78,947,924
Distributions reinvested 2,798,742 35,012,262 4,837,927 70,523,801
Redemptions (4,021,536) (53,523,344) (19,251,767) (270,848,256)
Net increase (decrease) 450,791 3,775,702 (9,460,942) (121,376,531)
Advisor Class        
Subscriptions 209,961 3,089,606 1,602,921 27,454,762
Distributions reinvested 376,560 5,151,341 786,818 12,160,707
Redemptions (635,693) (9,228,596) (3,729,088) (55,410,090)
Net decrease (49,172) (987,649) (1,339,349) (15,794,621)
Class C        
Subscriptions 466,934 5,136,978 1,172,119 15,199,174
Distributions reinvested 1,421,542 14,855,110 1,462,378 18,910,875
Redemptions (1,738,501) (19,381,285) (4,148,187) (58,332,695)
Net increase (decrease) 149,975 610,803 (1,513,690) (24,222,646)
Institutional Class        
Subscriptions 8,594,013 123,986,170 33,629,858 477,701,547
Distributions reinvested 14,352,583 188,305,893 12,933,373 196,751,475
Redemptions (29,182,418) (407,458,797) (46,853,082) (740,631,650)
Net decrease (6,235,822) (95,166,734) (289,851) (66,178,628)
Institutional 2 Class        
Subscriptions 1,562,295 24,583,212 4,581,043 71,690,697
Distributions reinvested 2,098,900 28,964,820 6,375,710 103,560,936
Redemptions (2,400,354) (34,147,865) (42,453,067) (679,972,546)
Net increase (decrease) 1,260,841 19,400,167 (31,496,314) (504,720,913)
Institutional 3 Class        
Subscriptions 1,971,804 29,582,212 4,410,432 73,390,917
Distributions reinvested 2,615,836 36,647,871 3,237,791 53,471,855
Redemptions (5,425,215) (83,363,918) (24,957,239) (448,406,748)
Net decrease (837,575) (17,133,835) (17,309,016) (321,543,976)
Class R        
Subscriptions 38,323 482,325 145,905 2,207,737
Distributions reinvested 170,255 1,925,585 165,985 2,252,221
Redemptions (58,037) (686,539) (373,515) (5,303,544)
Net increase (decrease) 150,541 1,721,371 (61,625) (843,586)
Class T        
Distributions reinvested — — 2,350 34,213
Redemptions — — (13,655) (180,841)
Net decrease — — (11,305) (146,628)
Total net decrease (5,110,421) (87,780,175) (61,482,092) (1,054,827,529)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
13

Table of Contents
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 9/30/2019 (Unaudited) $15.01 (0.05) (0.08) (0.13) (2.68) (2.68)
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
Six Months Ended 9/30/2019 (Unaudited) $16.16 (0.03) (0.10) (0.13) (2.68) (2.68)
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
Six Months Ended 9/30/2019 (Unaudited) $13.00 (0.08) (0.07) (0.15) (2.68) (2.68)
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
Six Months Ended 9/30/2019 (Unaudited) $15.61 (0.03) (0.09) (0.12) (2.68) (2.68)
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)
Institutional 2 Class
Six Months Ended 9/30/2019 (Unaudited) $16.27 (0.02) (0.10) (0.12) (2.68) (2.68)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Large Cap Growth Fund  | Semiannual 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
Six Months Ended 9/30/2019 (Unaudited) $12.20 (1.31%) 1.11% (c),(d) 1.11% (c),(d),(e) (0.68%) (c) 11% $185,004
Year Ended 3/31/2019 $15.01 8.79% 1.07% (d) 1.07% (d),(e) (0.67%) 27% $220,858
Year Ended 3/31/2018 $16.93 23.42% 1.08% (f) 1.08% (e),(f) (0.50%) 44% $409,344
Year Ended 3/31/2017 $15.36 19.42% 1.08% 1.08% (e) (0.71%) 35% $856,339
Year Ended 3/31/2016 $14.58 (10.08%) 1.08% 1.08% (e) (0.72%) 56% $1,097,096
Year Ended 3/31/2015 $18.49 14.42% 1.09% (f) 1.09% (e),(f) (0.73%) 47% $1,466,541
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $13.35 (1.21%) 0.86% (c),(d) 0.86% (c),(d),(e) (0.43%) (c) 11% $26,943
Year Ended 3/31/2019 $16.16 9.04% 0.82% (d) 0.82% (d),(e) (0.42%) 27% $33,403
Year Ended 3/31/2018 $17.96 23.76% 0.83% (f) 0.83% (e),(f) (0.29%) 44% $61,176
Year Ended 3/31/2017 $16.18 19.72% 0.83% 0.83% (e) (0.46%) 35% $27,302
Year Ended 3/31/2016 $15.23 (9.89%) 0.83% 0.83% (e) (0.45%) 56% $31,199
Year Ended 3/31/2015 $19.22 14.76% 0.84% (f) 0.84% (e),(f) (0.52%) 47% $17,988
Class C
Six Months Ended 9/30/2019 (Unaudited) $10.17 (1.71%) 1.87% (c),(d) 1.87% (c),(d),(e) (1.43%) (c) 11% $72,159
Year Ended 3/31/2019 $13.00 7.93% 1.83% (d) 1.83% (d),(e) (1.42%) 27% $90,268
Year Ended 3/31/2018 $15.16 22.55% 1.83% (f) 1.83% (e),(f) (1.24%) 44% $128,181
Year Ended 3/31/2017 $13.99 18.52% 1.83% 1.83% (e) (1.46%) 35% $160,526
Year Ended 3/31/2016 $13.53 (10.79%) 1.83% 1.83% (e) (1.46%) 56% $218,181
Year Ended 3/31/2015 $17.32 13.62% 1.84% (f) 1.84% (e),(f) (1.49%) 47% $226,538
Institutional Class
Six Months Ended 9/30/2019 (Unaudited) $12.81 (1.18%) 0.86% (c),(d) 0.86% (c),(d),(e) (0.43%) (c) 11% $995,988
Year Ended 3/31/2019 $15.61 9.08% 0.83% (d) 0.83% (d),(e) (0.42%) 27% $1,311,174
Year Ended 3/31/2018 $17.45 23.66% 0.83% (f) 0.83% (e),(f) (0.20%) 44% $1,471,337
Year Ended 3/31/2017 $15.78 19.77% 0.83% 0.83% (e) (0.46%) 35% $2,661,832
Year Ended 3/31/2016 $14.89 (9.88%) 0.83% 0.83% (e) (0.46%) 56% $3,384,999
Year Ended 3/31/2015 $18.84 14.74% 0.84% (f) 0.84% (e),(f) (0.49%) 47% $4,275,296
Institutional 2 Class
Six Months Ended 9/30/2019 (Unaudited) $13.47 (1.13%) 0.76% (c),(d) 0.75% (c),(d) (0.32%) (c) 11% $154,972
Year Ended 3/31/2019 $16.27 9.14% 0.73% (d) 0.72% (d) (0.32%) 27% $166,669
Year Ended 3/31/2018 $18.05 23.87% 0.73% (f) 0.72% (f) (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% (f) 0.70% (f) (0.34%) 47% $754,744
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
15

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 3 Class
Six Months Ended 9/30/2019 (Unaudited) $16.48 (0.02) (0.10) (0.12) (2.68) (2.68)
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
Six Months Ended 9/30/2019 (Unaudited) $13.83 (0.06) (0.07) (0.13) (2.68) (2.68)
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) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Large Cap Growth Fund  | Semiannual Report 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 3 Class
Six Months Ended 9/30/2019 (Unaudited) $13.68 (1.11%) 0.71% (c),(d) 0.71% (c),(d) (0.27%) (c) 11% $681,738
Year Ended 3/31/2019 $16.48 9.24% 0.69% (d) 0.68% (d) (0.27%) 27% $835,068
Year Ended 3/31/2018 $18.23 23.86% 0.68% (f) 0.68% (f) (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% (f) 0.65% (f) (0.30%) 47% $27,581
Class R
Six Months Ended 9/30/2019 (Unaudited) $11.02 (1.44%) 1.37% (c),(d) 1.37% (c),(d),(e) (0.93%) (c) 11% $9,492
Year Ended 3/31/2019 $13.83 8.53% 1.33% (d) 1.33% (d),(e) (0.92%) 27% $9,830
Year Ended 3/31/2018 $15.87 23.09% 1.33% (f) 1.33% (e),(f) (0.75%) 44% $12,263
Year Ended 3/31/2017 $14.51 19.13% 1.33% 1.33% (e) (0.96%) 35% $13,963
Year Ended 3/31/2016 $13.90 (10.34%) 1.33% 1.33% (e) (0.97%) 56% $17,358
Year Ended 3/31/2015 $17.74 14.16% 1.34% (f) 1.34% (e),(f) (0.99%) 47% $23,092
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
17

Table of Contents
Notes to Financial Statements
September 30, 2019 (Unaudited)
Note 1. Organization
Columbia Select Large Cap Growth Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the 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.
18 Columbia Select Large Cap Growth Fund  | Semiannual Report 2019

Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
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 as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Columbia Select Large Cap Growth Fund  | Semiannual Report 2019
19

Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended September 30, 2019 was 0.68% 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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective through July 31, 2020, 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.
For the six months ended September 30, 2019, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.16
Advisor Class 0.16
Class C 0.16
Institutional Class 0.16
Institutional 2 Class 0.04
Institutional 3 Class 0.00
Class R 0.16
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended September 30, 2019, these minimum account balance fees reduced total expenses of the Fund by $1,033.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended September 30, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00 (a) 100,753
Class C — 1.00 (b) 2,837
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Fee rate(s) contractual
through
July 31, 2020
Class A 1.15%
Advisor Class 0.90
Class C 1.90
Institutional Class 0.90
Institutional 2 Class 0.78
Institutional 3 Class 0.74
Class R 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 through July 31, 2020, 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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
At September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,147,364,000 1,025,112,000 (42,581,000) 982,531,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at March 31, 2019 as arising on April 1, 2019.
Late year
ordinary losses ($) 		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 $273,198,489 and $786,792,892, respectively, for the six months ended September 30, 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.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
The Fund’s activity in the Interfund Program during the six months ended September 30, 2019 was as follows:
Borrower or lender Average loan
balance ($) 		Weighted average
interest rate (%) 		Number of days
with outstanding loans
Borrower 31,500,000 2.64 2
Lender 1,733,333 2.92 3
Interest income earned and interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at September 30, 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 six months ended September 30, 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.
Shareholder concentration risk
At September 30, 2019, one unaffiliated shareholder of record owned 28.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 22.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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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 Board Consideration and Approval of ManagementAgreement
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Select Large Cap Growth Fund (the Fund), a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreement.
In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Management Agreement at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement for the Fund.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement for the Fund included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by an independent third-party data provider, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by the independent third-party data provider;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund through July 31, 2020 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• The terms and conditions of the Management Agreement;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of distribution, transfer agency and shareholder services to the Fund;
• Descriptions of various functions performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
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Board Consideration and Approval of Management
Agreement  (continued)
     
• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.
Nature, extent and quality of services provided under the Management Agreement
The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with funds using an investment strategy similar to that used by the Investment Manager for the Fund. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Fund and coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks, information that compared the performance of the Fund to the performance of a group of comparable mutual funds as determined by the independent third-party data provider, and information and analysis provided by the independent fee consultant. The Committee and the Board also reviewed a description of the third party’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons. Although the Fund’s performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Committee and the Board concluded that other factors relevant to performance were sufficient, in light of other considerations, to support continuation of the Management Agreement. Those factors included one or more of the following: (i) that the Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Fund’s investment strategy and policies and that the Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Fund’s investment strategy; (iii) that the Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that the Investment Manager had taken or was taking steps designed to help improve the Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.
The Committee and the Board noted that, through December 31, 2018, the Fund’s performance was in the ninetieth, ninety-sixth and ninety-fifth percentile (where the best performance would be in the first percentile) of its category selected by the independent third-party data provider for the purposes of performance comparisons for the one-, three- and five-year periods, respectively.
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Board Consideration and Approval of Management
Agreement  (continued)
     
The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to support the continuation of the Management Agreement.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent third-party data provider and the independent fee consultant. The Committee and the Board noted that, as of December 31, 2018, the Fund’s actual management fee and net total expense ratio were ranked in the third and second quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against the Fund’s expense universe as determined by the independent third-party data provider for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Fund’s management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
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Board Consideration and Approval of Management
Agreement  (continued)
     
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Committee and the Board noted that the management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the continuation of the Management Agreement.
Other benefits to the Investment Manager
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager’s affiliates to provide distribution, transfer agency and shareholder services to the Fund. In this regard, among other matters, the Committee and the Board considered that the Fund’s distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement.
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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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR215_03_J01_(11/19)

Table of Contents
SemiAnnual Report
September 30, 2019
Multi-Manager Growth Strategies 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
Table of Contents
Multi-Manager Growth Strategies Fund (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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-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 (the Investment Manager)
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
Multi-Manager Growth Strategies Fund  |  Semiannual Report 2019

Table of Contents
Fund at a Glance
(Unaudited)
Investment objective
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 boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 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 September 30, 2019)
    Inception 6 Months
cumulative 		1 Year 5 Years Life
Class A 04/20/12 2.18 1.20 10.59 12.51
Institutional Class* 01/03/17 2.28 1.44 10.76 12.63
Russell 1000 Growth Index   6.20 3.71 13.39 14.59
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 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.
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.
Multi-Manager Growth Strategies Fund  | Semiannual Report 2019
3

Table of Contents
Fund at a Glance   (continued)
(Unaudited)
Top 10 holdings (%) (at September 30, 2019)
Amazon.com, Inc. 5.2
Facebook, Inc., Class A 4.7
Visa, Inc., Class A 4.5
Alibaba Group Holding Ltd., ADR 3.6
Microsoft Corp. 3.4
NVIDIA Corp. 2.8
Oracle Corp. 2.4
Apple, Inc. 1.7
Alphabet, Inc., Class C 1.7
Alphabet, Inc., Class A 1.7
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 September 30, 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 September 30, 2019)
Communication Services 10.5
Consumer Discretionary 20.2
Consumer Staples 7.1
Energy 1.2
Financials 5.6
Health Care 17.7
Industrials 4.3
Information Technology 32.5
Materials 0.3
Real Estate 0.6
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  | Semiannual 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
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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 2019
  Account value at the
beginning of the
period ($) 		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 1,021.80 1,019.92 5.42 5.41 1.06
Institutional Class 1,000.00 1,000.00 1,022.80 1,021.23 4.09 4.09 0.80
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 366.
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.
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.
Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until July 31, 2020, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses, subject to applicable exclusions, will not exceed 0.99% for Class A and 0.74% for Institutional Class. Any amounts waived will not be reimbursed by the Fund. This change was effective July 1, 2019. If this change had been in place for the entire six month period ended September 30, 2019, the actual expenses paid would have been $5.06 for Class A and $3.78 for Institutional Class; and the hypothetical expenses paid would have been $5.05 for Class A and $3.78 for Institutional Class.
Multi-Manager Growth Strategies Fund  | Semiannual Report 2019
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Table of Contents
Table of Contents
Portfolio of Investments
September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.1%
Issuer Shares Value ($)
Communication Services 10.5%
Entertainment 2.3%
Activision Blizzard, Inc. 535,957 28,362,844
Netflix, Inc.(a) 8,901 2,382,086
Take-Two Interactive Software, Inc.(a) 420 52,643
Walt Disney Co. (The) 138,908 18,102,490
Total   48,900,063
Interactive Media & Services 8.0%
Alphabet, Inc., Class A(a) 28,588 34,909,950
Alphabet, Inc., Class C(a) 28,861 35,181,559
Facebook, Inc., Class A(a) 545,709 97,179,859
Match Group, Inc. 1,010 72,154
TripAdvisor, Inc.(a) 2,170 83,936
Twitter, Inc.(a) 30,590 1,260,308
Total   168,687,766
Media 0.2%
Cable One, Inc. 535 671,265
Comcast Corp., Class A 48,230 2,174,208
Total   2,845,473
Total Communication Services 220,433,302
Consumer Discretionary 20.0%
Distributors 0.1%
Pool Corp. 11,043 2,227,373
Diversified Consumer Services 1.3%
Grand Canyon Education, Inc.(a) 2,645 259,739
H&R Block, Inc. 69,385 1,638,873
New Oriental Education & Technology Group, Inc., ADR(a) 237,751 26,333,301
Total   28,231,913
Hotels, Restaurants & Leisure 4.1%
Chipotle Mexican Grill, Inc.(a) 866 727,847
Domino’s Pizza, Inc. 3,362 822,312
Dunkin’ Brands Group, Inc. 14,880 1,180,877
Hilton Worldwide Holdings, Inc. 19,710 1,835,198
McDonald’s Corp. 6,290 1,350,526
Planet Fitness, Inc., Class A(a) 209,093 12,100,212
Starbucks Corp. 370,655 32,773,315
Common Stocks (continued)
Issuer Shares Value ($)
Yum China Holdings, Inc. 319,764 14,526,878
Yum! Brands, Inc. 179,054 20,310,095
Total   85,627,260
Household Durables 0.6%
NVR, Inc.(a) 1,119 4,159,715
Roku, Inc.(a) 75,832 7,716,664
Total   11,876,379
Internet & Direct Marketing Retail 10.2%
Alibaba Group Holding Ltd., ADR(a) 443,002 74,083,225
Amazon.com, Inc.(a) 62,064 107,737,518
Booking Holdings, Inc.(a) 16,326 32,041,571
Etsy, Inc.(a) 18,560 1,048,640
Total   214,910,954
Multiline Retail 0.2%
Dollar General Corp. 2,990 475,231
Target Corp. 28,220 3,017,000
Total   3,492,231
Specialty Retail 0.8%
AutoZone, Inc.(a) 4,210 4,566,250
Burlington Stores, Inc.(a) 329 65,741
Five Below, Inc.(a) 2,020 254,722
Home Depot, Inc. (The) 36,239 8,408,173
Lowe’s Companies, Inc. 15,540 1,708,778
TJX Companies, Inc. (The) 49,270 2,746,310
Total   17,749,974
Textiles, Apparel & Luxury Goods 2.7%
Canada Goose Holdings, Inc.(a) 467,068 20,536,980
Carter’s, Inc. 1,947 177,586
Columbia Sportswear Co. 1,640 158,900
lululemon athletica, Inc.(a) 7,910 1,522,912
Nike, Inc., Class B 370,073 34,757,256
Skechers U.S.A., Inc., Class A(a) 8,700 324,945
Total   57,478,579
Total Consumer Discretionary 421,594,663
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Multi-Manager Growth Strategies Fund  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples 7.0%
Beverages 3.1%
Coca-Cola Co. (The) 509,622 27,743,822
Monster Beverage Corp.(a) 551,138 31,999,072
PepsiCo, Inc. 35,950 4,928,745
Total   64,671,639
Food & Staples Retailing 0.2%
Costco Wholesale Corp. 16,771 4,831,893
Sprouts Farmers Market, Inc.(a) 10,470 202,490
Total   5,034,383
Food Products 1.2%
Danone SA, ADR 1,407,302 24,712,223
Hershey Co. (The) 1,450 224,736
Total   24,936,959
Household Products 2.4%
Church & Dwight Co., Inc. 20,000 1,504,800
Colgate-Palmolive Co. 243,621 17,908,580
Kimberly-Clark Corp. 180 25,569
Procter & Gamble Co. (The) 246,877 30,706,561
Total   50,145,510
Personal Products 0.1%
Estee Lauder Companies, Inc. (The), Class A 13,650 2,715,667
Total Consumer Staples 147,504,158
Energy 1.2%
Energy Equipment & Services 0.5%
Schlumberger Ltd. 316,777 10,824,270
Oil, Gas & Consumable Fuels 0.7%
Pioneer Natural Resources Co. 110,654 13,916,954
Total Energy 24,741,224
Financials 5.5%
Banks 0.1%
Western Alliance Bancorp 67,095 3,091,738
Capital Markets 4.7%
Charles Schwab Corp. (The) 547,145 22,887,075
Eaton Vance Corp. 24,140 1,084,610
Evercore, Inc., Class A 33,150 2,655,315
Factset Research Systems, Inc. 57,689 14,016,696
Common Stocks (continued)
Issuer Shares Value ($)
LPL Financial Holdings, Inc. 35,910 2,941,029
Moody’s Corp. 11,830 2,423,139
MSCI, Inc. 121,148 26,379,977
S&P Global, Inc. 21,270 5,210,725
SEI Investments Co. 360,541 21,363,857
Total   98,962,423
Consumer Finance 0.5%
American Express Co. 67,964 8,038,782
OneMain Holdings, Inc. 7,750 284,270
Synchrony Financial 91,140 3,106,962
Total   11,430,014
Insurance 0.2%
Aon PLC 1,010 195,506
Brown & Brown, Inc. 34,540 1,245,512
Hanover Insurance Group, Inc. (The) 238 32,259
Kemper Corp. 13,362 1,041,568
Progressive Corp. (The) 15,020 1,160,295
Total   3,675,140
Total Financials 117,159,315
Health Care 17.5%
Biotechnology 4.3%
AbbVie, Inc. 87,640 6,636,101
Alexion Pharmaceuticals, Inc.(a) 209,862 20,553,884
Amgen, Inc. 76,991 14,898,529
Biogen, Inc.(a) 590 137,364
Exact Sciences Corp.(a) 180,744 16,333,835
Incyte Corp.(a) 33,414 2,480,321
Regeneron Pharmaceuticals, Inc.(a) 72,058 19,988,889
Sarepta Therapeutics, Inc.(a) 102,912 7,751,332
Vertex Pharmaceuticals, Inc.(a) 11,648 1,973,404
Total   90,753,659
Health Care Equipment & Supplies 4.7%
Abbott Laboratories 32,230 2,696,684
Alcon, Inc.(a) 30,476 1,776,446
Align Technology, Inc.(a) 74,484 13,475,645
Baxter International, Inc. 830 72,600
Boston Scientific Corp.(a) 62,288 2,534,499
DexCom, Inc.(a) 5,350 798,434
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Growth Strategies Fund  | Semiannual Report 2019
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Edwards Lifesciences Corp.(a) 126,503 27,819,275
IDEXX Laboratories, Inc.(a) 110,700 30,102,651
Intuitive Surgical, Inc.(a) 6,979 3,768,171
Masimo Corp.(a) 1,052 156,527
Stryker Corp. 8,666 1,874,456
Varian Medical Systems, Inc.(a) 111,199 13,242,689
West Pharmaceutical Services, Inc. 7,961 1,129,029
Total   99,447,106
Health Care Providers & Services 1.5%
Anthem, Inc. 100 24,010
Chemed Corp. 6,342 2,648,229
HCA Healthcare, Inc. 9,900 1,192,158
UnitedHealth Group, Inc. 130,293 28,315,275
Total   32,179,672
Health Care Technology 0.9%
Cerner Corp. 262,659 17,905,464
Veeva Systems Inc., Class A(a) 10,807 1,650,121
Total   19,555,585
Life Sciences Tools & Services 1.5%
Bruker Corp. 51,745 2,273,158
Charles River Laboratories International, Inc.(a) 5,810 769,070
Illumina, Inc.(a) 85,539 26,022,674
Pra Health Sciences, Inc.(a) 829 82,262
Thermo Fisher Scientific, Inc. 8,206 2,390,161
Total   31,537,325
Pharmaceuticals 4.6%
Bristol-Myers Squibb Co. 586,262 29,729,346
Eli Lilly & Co. 30,341 3,393,034
Johnson & Johnson 11,460 1,482,695
Merck & Co., Inc. 210,441 17,714,923
Novartis AG, ADR 151,671 13,180,210
Novo Nordisk A/S, ADR 443,933 22,951,336
Roche Holding AG, ADR 176,921 6,449,655
Zoetis, Inc. 5,995 746,917
Total   95,648,116
Total Health Care 369,121,463
Common Stocks (continued)
Issuer Shares Value ($)
Industrials 4.3%
Aerospace & Defense 1.0%
Boeing Co. (The) 16,054 6,108,065
Curtiss-Wright Corp. 19,170 2,480,023
HEICO Corp. 18,570 2,319,021
HEICO Corp., Class A 100 9,731
Hexcel Corp. 48,301 3,966,961
L3 Harris Technologies, Inc. 6,350 1,324,864
Lockheed Martin Corp. 10,080 3,931,805
TransDigm Group, Inc. 180 93,721
Total   20,234,191
Air Freight & Logistics 1.1%
Expeditors International of Washington, Inc. 310,986 23,103,150
Airlines 0.0%
Delta Air Lines, Inc. 1,330 76,608
Building Products 0.1%
Armstrong World Industries, Inc. 25,850 2,499,695
Commercial Services & Supplies 0.1%
Cintas Corp. 1,460 391,426
Copart, Inc.(a) 13,730 1,102,931
Republic Services, Inc. 2,620 226,761
Rollins, Inc. 2,205 75,124
Waste Management, Inc. 9,345 1,074,675
Total   2,870,917
Construction & Engineering 0.0%
Quanta Services, Inc. 15,196 574,409
Electrical Equipment 0.1%
AMETEK, Inc. 25,460 2,337,737
Industrial Conglomerates 0.2%
Honeywell International, Inc. 19,894 3,366,065
Roper Technologies, Inc. 4,170 1,487,022
Total   4,853,087
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Multi-Manager Growth Strategies Fund  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 1.3%
Deere & Co. 133,673 22,547,962
Gardner Denver Holdings, Inc.(a) 11,840 334,953
IDEX Corp. 14,922 2,445,417
Illinois Tool Works, Inc. 6,100 954,589
Woodward, Inc. 2,230 240,461
Total   26,523,382
Professional Services 0.1%
Verisk Analytics, Inc. 6,630 1,048,468
Road & Rail 0.2%
Landstar System, Inc. 14,810 1,667,310
Union Pacific Corp. 17,455 2,827,361
Total   4,494,671
Trading Companies & Distributors 0.1%
MSC Industrial Direct Co., Inc., Class A 19,690 1,428,116
Total Industrials 90,044,431
Information Technology 32.2%
Communications Equipment 1.5%
Arista Networks, Inc.(a) 1,803 430,773
Cisco Systems, Inc. 602,027 29,746,154
Motorola Solutions, Inc. 3,950 673,119
Total   30,850,046
Electronic Equipment, Instruments & Components 0.4%
CDW Corp. 12,745 1,570,694
Jabil, Inc. 154,565 5,528,790
Keysight Technologies, Inc.(a) 2,780 270,355
National Instruments Corp. 1,182 49,632
Total   7,419,471
IT Services 8.8%
Accenture PLC, Class A 15,352 2,952,957
Akamai Technologies, Inc.(a) 13,475 1,231,346
Automatic Data Processing, Inc. 60,370 9,744,926
Black Knight, Inc.(a) 11,068 675,812
Booz Allen Hamilton Holdings Corp. 6,510 462,340
Fidelity National Information Services, Inc. 7,054 936,489
Fiserv, Inc.(a) 19,610 2,031,400
FleetCor Technologies, Inc.(a) 7,150 2,050,477
Global Payments, Inc. 2,360 375,240
Common Stocks (continued)
Issuer Shares Value ($)
MasterCard, Inc., Class A 37,260 10,118,698
Paychex, Inc. 12,530 1,037,108
PayPal Holdings, Inc.(a) 313,448 32,470,078
Square, Inc., Class A(a) 398,019 24,657,277
VeriSign, Inc.(a) 8,792 1,658,435
Visa, Inc., Class A 551,493 94,862,311
Total   185,264,894
Semiconductors & Semiconductor Equipment 6.1%
Analog Devices, Inc. 10,520 1,175,399
Applied Materials, Inc. 483,000 24,101,700
Broadcom, Inc. 9,520 2,628,186
Cypress Semiconductor Corp. 13,720 320,225
Entegris, Inc. 14,360 675,782
KLA Corp. 660 105,237
Lam Research Corp. 2,570 593,953
Monolithic Power Systems, Inc. 3,690 574,275
NVIDIA Corp. 334,063 58,150,346
QUALCOMM, Inc. 374,646 28,577,997
Teradyne, Inc. 58,210 3,370,941
Texas Instruments, Inc. 51,771 6,690,884
Universal Display Corp. 2,530 424,787
Xilinx, Inc. 6,550 628,145
Total   128,017,857
Software 13.7%
Adobe, Inc.(a) 124,767 34,466,884
Alteryx, Inc., Class A(a) 540 58,012
ANSYS, Inc.(a) 6,840 1,514,102
Autodesk, Inc.(a) 227,873 33,656,842
Cadence Design Systems, Inc.(a) 51,945 3,432,526
Fair Isaac Corp.(a) 4,664 1,415,617
Fortinet, Inc.(a) 19,340 1,484,538
HubSpot, Inc.(a) 640 97,030
Intuit, Inc. 12,464 3,314,676
Manhattan Associates, Inc.(a) 14,140 1,140,674
Microsoft Corp. 508,955 70,760,014
Oracle Corp. 902,814 49,681,855
Palo Alto Networks, Inc.(a) 2,718 554,010
Paycom Software, Inc.(a) 3,130 655,704
Proofpoint, Inc.(a) 4,620 596,211
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Multi-Manager Growth Strategies Fund  | Semiannual Report 2019
9

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
RingCentral, Inc., Class A(a) 2,100 263,886
Salesforce.com, Inc.(a) 225,465 33,468,025
ServiceNow, Inc.(a) 118,886 30,179,211
Splunk, Inc.(a) 184,069 21,694,372
Teradata Corp.(a) 6,150 190,650
Workday, Inc., Class A(a) 4,702 799,152
Total   289,423,991
Technology Hardware, Storage & Peripherals 1.7%
Apple, Inc. 161,377 36,143,607
Dell Technologies, Inc.(a) 14,035 727,855
Total   36,871,462
Total Information Technology 677,847,721
Materials 0.3%
Chemicals 0.2%
NewMarket Corp. 4,480 2,114,963
Scotts Miracle-Gro Co. (The), Class A 16,605 1,690,721
Sherwin-Williams Co. (The) 1,540 846,800
Total   4,652,484
Construction Materials 0.1%
Vulcan Materials Co. 8,333 1,260,283
Total Materials 5,912,767
Real Estate 0.6%
Equity Real Estate Investment Trusts (REITS) 0.6%
American Tower Corp. 23,260 5,143,484
Brookfield Property REIT, Inc. 990 20,186
Crown Castle International Corp. 6,710 932,757
CubeSmart 10,720 374,128
Common Stocks (continued)
Issuer Shares Value ($)
Equinix, Inc. 880 507,584
Equity LifeStyle Properties, Inc. 635 84,836
Life Storage, Inc. 6,020 634,568
Public Storage 4,040 990,891
SBA Communications Corp. 8,249 1,989,246
Simon Property Group, Inc. 4,011 624,312
Taubman Centers, Inc. 24,155 986,249
Total   12,288,241
Total Real Estate 12,288,241
Total Common Stocks
(Cost $1,558,697,950) 		2,086,647,285
Money Market Funds 0.7%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(b),(c) 15,404,784 15,403,244
Total Money Market Funds
(Cost $15,403,244) 		15,403,244
Total Investments in Securities
(Cost: $1,574,101,194) 		2,102,050,529
Other Assets & Liabilities, Net   4,773,184
Net Assets 2,106,823,713
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at September 30, 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 period ended September 30, 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, 2.073%
  12,497,720 166,131,648 (163,224,584) 15,404,784 (7) — 242,068 15,403,244
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
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.
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.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 220,433,302 — — 220,433,302
Consumer Discretionary 421,594,663 — — 421,594,663
Consumer Staples 122,791,935 24,712,223 — 147,504,158
Energy 24,741,224 — — 24,741,224
Financials 117,159,315 — — 117,159,315
Health Care 362,671,808 6,449,655 — 369,121,463
Industrials 90,044,431 — — 90,044,431
Information Technology 677,847,721 — — 677,847,721
Materials 5,912,767 — — 5,912,767
Real Estate 12,288,241 — — 12,288,241
Total Common Stocks 2,055,485,407 31,161,878 — 2,086,647,285
Money Market Funds 15,403,244 — — 15,403,244
Total Investments in Securities 2,070,888,651 31,161,878 — 2,102,050,529
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,558,697,950) $2,086,647,285
Affiliated issuers (cost $15,403,244) 15,403,244
Receivable for:  
Investments sold 14,290,772
Capital shares sold 2,280,315
Dividends 851,454
Foreign tax reclaims 145,442
Expense reimbursement due from Investment Manager 23,745
Prepaid expenses 12,210
Trustees’ deferred compensation plan 106,334
Total assets 2,119,760,801
Liabilities  
Payable for:  
Investments purchased 9,765,263
Capital shares purchased 2,560,629
Management services fees 119,004
Distribution and/or service fees 157
Transfer agent fees 264,748
Compensation of board members 2,387
Compensation of chief compliance officer 194
Other expenses 118,372
Trustees’ deferred compensation plan 106,334
Total liabilities 12,937,088
Net assets applicable to outstanding capital stock $2,106,823,713
Represented by  
Paid in capital 1,548,729,966
Total distributable earnings (loss)   558,093,747
Total - representing net assets applicable to outstanding capital stock $2,106,823,713
Class A  
Net assets $7,665,563
Shares outstanding 539,515
Net asset value per share $14.21
Institutional Class  
Net assets $2,099,158,150
Shares outstanding 149,255,587
Net asset value per share $14.06
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $9,211,202
Dividends — affiliated issuers 242,068
Foreign taxes withheld (116,759)
Total income 9,336,511
Expenses:  
Management services fees 7,368,066
Distribution and/or service fees  
Class A 10,313
Transfer agent fees  
Class A 6,212
Institutional Class 1,596,313
Compensation of board members 21,829
Custodian fees 16,412
Printing and postage fees 118,239
Registration fees 38,560
Audit fees 16,515
Legal fees 22,510
Compensation of chief compliance officer 394
Other 81,209
Total expenses 9,296,572
Fees waived or expenses reimbursed by Investment Manager and its affiliates (749,437)
Total net expenses 8,547,135
Net investment income 789,376
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 39,983,155
Investments — affiliated issuers (7)
Net realized gain 39,983,148
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 5,070,300
Net change in unrealized appreciation (depreciation) 5,070,300
Net realized and unrealized gain 45,053,448
Net increase in net assets resulting from operations $45,842,824
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment income $789,376 $429,416
Net realized gain 39,983,148 175,997,167
Net change in unrealized appreciation (depreciation) 5,070,300 47,386,606
Net increase in net assets resulting from operations 45,842,824 223,813,189
Distributions to shareholders    
Net investment income and net realized gains    
Class A (193,277) (1,395,410)
Institutional Class (51,201,601) (330,271,081)
Total distributions to shareholders   (51,394,878) (331,666,491)
Increase (decrease) in net assets from capital stock activity 146,610,515 (92,435,093)
Total increase (decrease) in net assets 141,058,461 (200,288,395)
Net assets at beginning of period 1,965,765,252 2,166,053,647
Net assets at end of period $2,106,823,713 $1,965,765,252
    
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions — — 295 3,924
Distributions reinvested 13,616 193,210 100,060 1,394,977
Redemptions (57,002) (824,393) (210,266) (3,054,721)
Net decrease (43,386) (631,183) (109,911) (1,655,820)
Institutional Class        
Subscriptions 19,869,226 285,425,151 32,674,878 471,193,247
Distributions reinvested 3,646,838 51,201,601 23,950,456 330,270,597
Redemptions (13,203,840) (189,385,054) (62,703,299) (892,243,117)
Net increase (decrease) 10,312,224 147,241,698 (6,077,965) (90,779,273)
Total net increase (decrease) 10,268,838 146,610,515 (6,187,876) (92,435,093)
The accompanying Notes to Financial Statements are an integral part of this statement.
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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
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 9/30/2019 (Unaudited) $14.25 (0.01) 0.32 0.31 — (0.35) (0.35)
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
Six Months Ended 9/30/2019 (Unaudited) $14.09 0.01 0.31 0.32 (0.00) (f) (0.35) (0.35)
Year Ended 3/31/2019 $14.86 0.00 (f) 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(g) $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) Annualized.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) Rounds to zero.
(g) Institutional Class shares commenced operations on January 3, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 9/30/2019 (Unaudited) $14.21 2.18% 1.12% (c) 1.06% (c) (0.18%) (c) 13% $7,666
Year Ended 3/31/2019 $14.25 10.80% 1.13% (d) 1.13% (d) (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% (e) 1.12% (e) (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
Six Months Ended 9/30/2019 (Unaudited) $14.06 2.28% 0.87% (c) 0.80% (c) 0.08% (c) 13% $2,099,158
Year Ended 3/31/2019 $14.09 11.09% 0.88% (d) 0.88% (d) 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(g) $12.89 9.80% 0.89% (c) 0.89% (c) 0.38% (c) 48% $2,207,702
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Notes to Financial Statements
September 30, 2019 (Unaudited)
Note 1. Organization
Multi-Manager Growth Strategies Fund (the Fund), a series of Columbia Funds Series Trust I (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Trust may issue an unlimited number of shares (without par value). The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates. The Fund offers each of the share classes listed in the Statement of Assets and Liabilities which are not subject to any front-end sales charge or contingent deferred sales charge. During the fourth quarter of 2019, the Fund will commence operations of Institutional 3 Class shares. During the first quarter of 2020, Class A shares will merge, in a tax-free transaction, into Institutional Class shares and Class A shares will no longer be 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.
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the 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, if available.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended September 30, 2019 was 0.69% of the Fund’s average daily net assets.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.
For the six months ended September 30, 2019, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.15
Institutional Class 0.15
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended September 30, 2019, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A 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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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:
  July 1, 2019
through
July 31, 2020 		Prior to
July 1, 2019
Class A 0.99% 1.15%
Institutional Class 0.74 0.90
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. 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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
1,574,101,000 584,953,000 (57,003,000) 527,950,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at March 31, 2019 as arising on April 1, 2019.
Late year
ordinary losses ($) 		Post-October
capital losses ($)
— 2,346,354
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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $349,438,582 and $260,436,722, respectively, for the six months ended September 30, 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.
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 did not borrow or lend money under the Interfund Program during the six months ended September 30, 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 six months ended September 30, 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Shareholder concentration risk
At September 30, 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
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. Other than as noted in Note 1 above, there were 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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 Board Consideration and Approval of Managementand Subadvisory Agreements
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) and the Subadvisory Agreements (the Subadvisory Agreements) between the Investment Manager and Loomis, Sayles & Company, L.P. and Los Angeles Capital Management and Equity Research, Inc. (the Subadvisers) with respect to Multi-Manager Growth Strategies Fund (the Fund), a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreement and the Subadvisory Agreements (collectively, the Agreements).
In connection with their deliberations regarding the continuation of the Management Agreement and the Subadvisory Agreements, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Agreements at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreement and the Subadvisory Agreements. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements for the Fund.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreement and the Subadvisory Agreements. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement and the Subadvisory Agreements for the Fund included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by an independent third-party data provider, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by the independent third-party data provider;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund through July 31, 2020 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• The terms and conditions of the Agreements;
• The subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of distribution, transfer agency and shareholder services to the Fund;
• Descriptions of various functions performed by the Investment Manager and the Subadvisers under the Agreements, including portfolio management and portfolio trading practices;
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Board Consideration and Approval of Management
and Subadvisory Agreements  (continued)
     
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
• Information regarding the reputation, regulatory history and resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;
• Information regarding the capabilities of the Investment Manager and the Subadvisers with respect to compliance monitoring services, including an assessment of the Investment Manager’s and the Subadvisers’ compliance systems by the Fund’s Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.
Nature, extent and quality of services provided under the Agreements
The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates under the Agreements and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager, the Subadvisers and the Investment Manager’s affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s and the Subadvisers’ investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager and the Subadvisers, which included consideration of the Investment Manager’s and the Subadvisers’ experience with funds using an investment strategy similar to that used by the Investment Manager and the Subadvisers for the Fund. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Fund and coordinate the activities of the Fund’s other service providers. The Board also noted that, based on information provided by the Investment Manager, the Board had approved each Subadviser’s code of ethics and compliance program, and that the Chief Compliance Officer of the Funds reports to the Trustees on each Subadviser’s compliance program.
The Committee and the Board considered the diligence and selection process undertaken by the Investment Manager to select each Subadviser, including the Investment Manager’s rationale for recommending the continuation of the Subadvisory Agreements, and the process for monitoring each Subadviser’s ongoing performance of services for the Fund. As part of these deliberations, the Committee and the Board considered the ability of the Investment Manager, subject to the approval of the Board, to modify or enter into new subadvisory agreements without a shareholder vote pursuant to an exemptive order of the Securities and Exchange Commission. The Committee and the Board also considered the scope of services provided to the Fund by the Investment Manager that are distinct from and in addition to those provided by the Subadvisers, including cash flow management, treasury services, risk oversight, investment oversight and Subadviser selection, oversight and transition management. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Agreements supported the continuation of the Management Agreement and the Subadvisory Agreements.
Investment performance
The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks, information that compared the performance of the Fund to the performance of a group of comparable mutual funds as determined by the independent third-party data provider, and information and analysis provided by the independent fee consultant. The Committee and the Board also reviewed a description of the third party’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons. Although
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Board Consideration and Approval of Management
and Subadvisory Agreements  (continued)
     
the Fund’s performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Committee and the Board concluded that other factors relevant to performance were sufficient, in light of other considerations, to support continuation of the Management Agreement and the Subadvisory Agreement. Those factors included one or more of the following: (i) that the Fund’s performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Fund’s investment strategy and policies and that the Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Fund’s investment strategy; (iii) that the Fund’s performance was competitive when compared to other relevant performance benchmarks or peer groups; and (iv) that the Investment Manager had taken or was taking steps designed to help improve the Fund’s investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.
The Committee and the Board noted that, through December 31, 2018, the Fund’s performance was in the seventy-eighth, ninety-second and eightieth percentile (where the best performance would be in the first percentile) of its category selected by the independent third-party data provider for the purposes of performance comparisons for the one-, three- and five-year periods, respectively.
The Committee and the Board also considered the Investment Manager’s and Subadvisers’ performance and reputation generally, the Investment Manager’s evaluation of each Subadviser’s contribution to the Fund’s broader investment mandate, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers were sufficient, in light of other considerations, to support the continuation of the Management Agreement and the Subadvisory Agreements.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Fund under the Management Agreement and the Subadvisory Agreements, as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent third-party data provider and the independent fee consultant. The Committee and the Board noted that, as of December 31, 2018, the Fund’s actual management fee and net total expense ratio were ranked in the fourth and third quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against the Fund’s expense universe as determined by the independent third-party data provider for purposes of expense comparison. The Committee and the Board also considered the fees that the Subadvisers charge to their other clients and noted that the Investment Manager pays the fees of the Subadvisers. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Fund’s management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreements.
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Board Consideration and Approval of Management
and Subadvisory Agreements  (continued)
     
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Fund, including with respect to funds for which unaffiliated subadvisers provide services, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant. Because the Subadvisory Agreements were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Committee and the Board did not consider the profitability to each Subadviser from its relationship with the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Committee and the Board noted that the management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.
The Committee and the Board noted that the breakpoints, if any, in the Subadvisory Agreements did not occur at the same levels as the breakpoints in the Management Agreement. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreements. The Committee and the Board also noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context, and the effect that capacity constraints on a subadviser’s ability to manage assets could potentially have on the ability of the Investment Manager to achieve economies of scale, as new subadvisers may need to be added as the Fund grows, increasing the Investment Manager’s cost of compensating and overseeing the Fund’s subadvisers.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreements.
Other benefits to the Investment Manager and Subadvisers
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager’s affiliates to provide distribution, transfer agency and shareholder services to the Fund. In this regard, among other matters, the Committee and the Board considered that the Fund’s distributor retains a portion of the distribution
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Board Consideration and Approval of Management
and Subadvisory Agreements  (continued)
     
fees from the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager and the Subadvisers by reason of brokerage commissions generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreement and the Subadvisory Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory Agreements.
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Multi-Manager Growth Strategies 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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR117_03_J01_(11/19)

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SemiAnnual Report
September 30, 2019
Columbia Pacific/Asia 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

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Table of Contents
Columbia Pacific/Asia Fund (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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-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 (the Investment Manager)
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 Pacific/Asia Fund  |  Semiannual Report 2019

Table of Contents
Fund at a Glance
(Unaudited)
Investment objective
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 boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 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 September 30, 2019)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 03/31/08 2.22 -0.53 6.99 6.87
  Including sales charges   -3.64 -6.22 5.74 6.23
Advisor Class* 03/19/13 2.37 -0.26 7.24 7.17
Class C Excluding sales charges 03/31/08 1.89 -1.28 6.18 6.10
  Including sales charges   0.90 -2.20 6.18 6.10
Institutional Class 12/31/92 2.38 -0.26 7.25 7.17
Institutional 3 Class* 03/01/17 2.45 -0.09 7.35 7.22
MSCI AC Asia Pacific Index (Net)   -0.55 -2.91 4.71 5.43
MSCI EAFE Index (Net)   2.57 -1.34 3.27 4.90
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 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  | Semiannual Report 2019
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Table of Contents
Fund at a Glance   (continued)
(Unaudited)
Top 10 holdings (%) (at September 30, 2019)
Alibaba Group Holding Ltd., ADR (China) 4.5
Samsung Electronics Co., Ltd. (South Korea) 4.4
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) 4.2
Tencent Holdings Ltd. (China) 4.2
Ping An Insurance Group Co. of China Ltd., Class H (China) 2.8
AIA Group Ltd. (Hong Kong) 2.6
CSL Ltd. (Australia) 2.4
Macquarie Group Ltd. (Australia) 2.3
DBS Group Holdings Ltd. (Singapore) 2.2
Link REIT (The) (Hong Kong) 2.2
Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Equity sector breakdown (%) (at September 30, 2019)
Communication Services 9.9
Consumer Discretionary 13.1
Consumer Staples 5.5
Energy 1.1
Financials 21.6
Health Care 9.2
Industrials 8.8
Information Technology 16.6
Materials 3.8
Real Estate 8.3
Utilities 2.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at September 30, 2019)
Australia 8.9
China 18.5
Hong Kong 7.0
India 6.3
Indonesia 2.6
Japan 37.3
Philippines 1.1
Singapore 4.8
South Korea 4.3
Taiwan 4.1
Thailand 0.9
United Kingdom 2.0
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.
 
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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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 2019
  Account value at the
beginning of the
period ($) 		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 1,022.20 1,017.59 7.77 7.75 1.52
Advisor Class 1,000.00 1,000.00 1,023.70 1,018.80 6.55 6.53 1.28
Class C 1,000.00 1,000.00 1,018.90 1,013.80 11.58 11.55 2.27
Institutional Class 1,000.00 1,000.00 1,023.80 1,018.80 6.55 6.53 1.28
Institutional 3 Class 1,000.00 1,000.00 1,024.50 1,019.76 5.58 5.56 1.09
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 366.
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 Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until July 31, 2020, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses, subject to applicable exclusions, will not exceed 1.60% for Class A, 1.35% for Advisor Class, 2.35% for Class C, 1.35% for Institutional Class and 1.16% for Institutional 3 Class. Any amounts waived will not be reimbursed by the Fund. This change was effective August 1, 2019. If this change had been in place for the entire six month period ended September 30, 2019, the actual expenses paid would have been $8.07 for Class A, $6.85 for Advisor Class, $11.94 for Class C, $6.80 for Institutional Class and $5.83 for Institutional 3 Class; and the hypothetical expenses paid would have been $8.06 for Class A, $6.84 for Advisor Class, $11.91 for Class C, $6.79 for Institutional Class and $5.82 for Institutional 3 Class.
Columbia Pacific/Asia Fund  | Semiannual Report 2019
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Table of Contents
Portfolio of Investments
September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.5%
Issuer Shares Value ($)
Australia 8.9%
Ansell Ltd. 124,029 2,295,951
CSL Ltd. 23,539 3,721,796
Macquarie Group Ltd. 41,073 3,640,799
Newcrest Mining Ltd. 116,660 2,692,007
Vicinity Centres 1,087,159 1,886,206
Total 14,236,759
China 18.4%
Alibaba Group Holding Ltd., ADR(a) 41,394 6,922,319
BeiGene Ltd., ADR(a) 6,323 774,314
China Construction Bank Corp., Class H 1,650,000 1,257,233
Foshan Haitian Flavouring & Food Co., Ltd., Class A 111,542 1,720,095
Guangdong Investment Ltd. 929,000 1,818,168
Kweichow Moutai Co., Ltd., Class A 12,072 1,946,235
NetEase, Inc., ADR 7,610 2,025,630
New Oriental Education & Technology Group, Inc., ADR(a) 18,624 2,062,794
Ping An Insurance Group Co. of China Ltd., Class H 382,800 4,399,795
Tencent Holdings Ltd. 154,800 6,474,962
Total 29,401,545
Hong Kong 7.0%
AIA Group Ltd. 429,600 4,051,579
BOC Hong Kong Holdings Ltd. 440,500 1,494,713
Hong Kong Exchanges and Clearing Ltd. 74,700 2,189,460
Link REIT (The) 305,000 3,364,414
Total 11,100,166
India 6.3%
Eicher Motors Ltd. 5,489 1,377,900
HDFC Bank Ltd., ADR 55,104 3,143,683
Indraprastha Gas Ltd. 298,543 1,474,293
Petronet LNG Ltd. 440,027 1,614,872
Tata Consultancy Services Ltd. 79,458 2,353,732
Total 9,964,480
Indonesia 2.6%
PT Ace Hardware Indonesia Tbk 9,970,100 1,243,552
PT Bank Rakyat Indonesia Persero Tbk 9,718,100 2,821,795
Total 4,065,347
Common Stocks (continued)
Issuer Shares Value ($)
Japan 37.2%
Amano Corp. 40,600 1,241,623
Asahi Intecc Co., Ltd. 25,200 664,866
Bandai Namco Holdings, Inc. 14,200 885,478
Benefit One, Inc. 18,000 341,695
BrainPad, Inc.(a) 9,300 529,228
Comture Corp. 43,200 818,124
Dai-ichi Life Holdings, Inc. 132,900 2,020,465
Daiichi Sankyo Co., Ltd. 31,300 1,977,828
Daikin Industries Ltd. 19,100 2,519,083
Elecom Co., Ltd. 46,900 1,843,606
Hoya Corp. 28,200 2,309,662
ITOCHU Corp. 104,700 2,168,716
JustSystems Corp. 20,500 779,285
Kao Corp. 38,400 2,848,394
Katitas Co., Ltd. 18,800 775,740
Keyence Corp. 4,200 2,614,316
Kinden Corp. 79,400 1,180,761
Kirin Holdings Co., Ltd. 36,000 766,074
Koito Manufacturing Co., Ltd. 22,200 1,092,771
Koshidaka Holdings Co., Ltd. 43,200 688,618
Lasertec Corp. 24,100 1,522,986
Milbon Co., Ltd. 11,800 583,781
Mitsubishi Corp. 60,300 1,484,762
Mitsubishi UFJ Financial Group, Inc. 287,600 1,464,707
Nakanishi, Inc. 25,500 403,019
Nidec Corp. 10,800 1,462,552
Nihon M&A Center, Inc. 35,500 1,004,184
Nintendo Co., Ltd. 5,500 2,048,730
Nippon Telegraph & Telephone Corp. 55,700 2,664,895
Obic Co., Ltd. 6,600 756,305
ORIX Corp. 106,390 1,591,488
ORIX JREIT, Inc. 482 1,052,792
PeptiDream, Inc.(a) 20,600 984,664
Recruit Holdings Co., Ltd. 58,700 1,793,491
Shoei Co., Ltd. 15,300 643,847
SoftBank Group Corp. 39,500 1,558,687
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Pacific/Asia Fund  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Sony Corp. 36,700 2,169,270
Takeda Pharmaceutical Co., Ltd. 35,800 1,228,501
Takuma Co., Ltd. 152,900 1,739,714
Tokio Marine Holdings, Inc. 9,600 515,013
Toyota Motor Corp. 41,900 2,814,014
Unicharm Corp. 22,600 718,319
ValueCommerce Co., Ltd. 41,800 663,288
ZOZO, Inc. 20,500 474,863
Total 59,410,205
Philippines 1.1%
Ayala Land, Inc. 1,866,110 1,781,018
Singapore 4.7%
CapitaLand Ltd. 656,400 1,677,873
DBS Group Holdings Ltd. 192,800 3,487,967
Mapletree Commercial Trust 1,449,970 2,403,621
Total 7,569,461
South Korea 4.3%
Samsung Electronics Co., Ltd. 166,886 6,832,990
Common Stocks (continued)
Issuer Shares Value ($)
Taiwan 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 139,510 6,484,425
Thailand 0.9%
Tisco Financial Group PCL, Foreign Registered Shares 437,800 1,467,318
United Kingdom 2.0%
Rio Tinto PLC, ADR 62,199 3,239,946
Total Common Stocks
(Cost $104,631,858) 		155,553,660
Money Market Funds 2.2%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(b),(c) 3,511,754 3,511,403
Total Money Market Funds
(Cost $3,511,403) 		3,511,403
Total Investments in Securities
(Cost $108,143,261) 		159,065,063
Other Assets & Liabilities, Net   465,446
Net Assets $159,530,509
 
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
2,454,000 AUD 1,670,722 USD State Street 10/30/2019 12,609 —
11,348,000 CNY 1,588,244 USD State Street 10/30/2019 — (4,885)
260,000 GBP 317,616 USD State Street 10/30/2019 — (2,467)
11,336,466,000 IDR 802,908 USD State Street 10/30/2019 5,852 —
201,782,000 JPY 1,877,449 USD State Street 10/30/2019 7,394 —
191,182,000 KRW 158,578 USD State Street 10/30/2019 — (1,023)
4,620,000 SGD 3,338,044 USD State Street 10/30/2019 — (5,726)
2,282,721 USD 70,246,000 TWD State Street 10/30/2019 — (14,791)
Total       25,855 (28,892)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Pacific/Asia Fund  | Semiannual Report 2019
7

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at September 30, 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 period ended September 30, 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, 2.073%
  3,513,234 28,259,719 (28,261,199) 3,511,754 (2) — 57,272 3,511,403
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
CNY China Yuan Renminbi
GBP British Pound
IDR Indonesian Rupiah
JPY Japanese Yen
KRW South Korean Won
SGD Singapore Dollar
TWD New Taiwan Dollar
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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 accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Fair value measurements  (continued)
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia — 14,236,759 — 14,236,759
China 11,785,057 17,616,488 — 29,401,545
Hong Kong — 11,100,166 — 11,100,166
India 3,143,683 6,820,797 — 9,964,480
Indonesia — 4,065,347 — 4,065,347
Japan — 59,410,205 — 59,410,205
Philippines — 1,781,018 — 1,781,018
Singapore — 7,569,461 — 7,569,461
South Korea — 6,832,990 — 6,832,990
Taiwan 6,484,425 — — 6,484,425
Thailand — 1,467,318 — 1,467,318
United Kingdom 3,239,946 — — 3,239,946
Total Common Stocks 24,653,111 130,900,549 — 155,553,660
Money Market Funds 3,511,403 — — 3,511,403
Total Investments in Securities 28,164,514 130,900,549 — 159,065,063
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 25,855 — 25,855
Liability        
Forward Foreign Currency Exchange Contracts — (28,892) — (28,892)
Total 28,164,514 130,897,512 — 159,062,026
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.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $104,631,858) $155,553,660
Affiliated issuers (cost $3,511,403) 3,511,403
Unrealized appreciation on forward foreign currency exchange contracts 25,855
Receivable for:  
Investments sold 559,123
Capital shares sold 34,473
Dividends 570,196
Foreign tax reclaims 31,466
Prepaid expenses 905
Trustees’ deferred compensation plan 50,133
Other assets 11,210
Total assets 160,348,424
Liabilities  
Foreign currency (cost $543) 542
Unrealized depreciation on forward foreign currency exchange contracts 28,892
Payable for:  
Investments purchased 540,186
Capital shares purchased 65,972
Foreign capital gains taxes deferred 23
Management services fees 12,403
Distribution and/or service fees 207
Transfer agent fees 3,943
Compensation of board members 1,143
Compensation of chief compliance officer 19
Custodian fees 92,401
Other expenses 22,051
Trustees’ deferred compensation plan 50,133
Total liabilities 817,915
Net assets applicable to outstanding capital stock $159,530,509
Represented by  
Paid in capital 108,016,775
Total distributable earnings (loss)   51,513,734
Total - representing net assets applicable to outstanding capital stock $159,530,509
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities  (continued)
September 30, 2019 (Unaudited)
Class A  
Net assets $5,439,582
Shares outstanding 558,304
Net asset value per share $9.74
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) $10.33
Advisor Class  
Net assets $2,252,485
Shares outstanding 229,399
Net asset value per share $9.82
Class C  
Net assets $1,199,148
Shares outstanding 126,865
Net asset value per share $9.45
Institutional Class  
Net assets $16,672,470
Shares outstanding 1,701,591
Net asset value per share $9.80
Institutional 3 Class  
Net assets $133,966,824
Shares outstanding 13,835,582
Net asset value per share $9.68
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $2,387,555
Dividends — affiliated issuers 57,272
Foreign taxes withheld (183,694)
Total income 2,261,133
Expenses:  
Management services fees 761,961
Distribution and/or service fees  
Class A 6,649
Class C 6,237
Transfer agent fees  
Class A 5,363
Advisor Class 1,704
Class C 1,265
Institutional Class 12,098
Institutional 3 Class 5,345
Compensation of board members 8,751
Custodian fees 59,982
Printing and postage fees 5,733
Registration fees 42,635
Audit fees 15,326
Legal fees 1,719
Interest on collateral 510
Compensation of chief compliance officer 30
Other 7,721
Total expenses 943,029
Fees waived or expenses reimbursed by Investment Manager and its affiliates (41,857)
Expense reduction (300)
Total net expenses 900,872
Net investment income 1,360,261
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 3,497,656
Investments — affiliated issuers (2)
Foreign currency translations (42,335)
Forward foreign currency exchange contracts (296,696)
Net realized gain 3,158,623
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (517,567)
Foreign currency translations 3,580
Forward foreign currency exchange contracts 46,198
Foreign capital gains tax (23)
Net change in unrealized appreciation (depreciation) (467,812)
Net realized and unrealized gain 2,690,811
Net increase in net assets resulting from operations $4,051,072
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment income $1,360,261 $2,265,598
Net realized gain 3,158,623 9,525,952
Net change in unrealized appreciation (depreciation) (467,812) (28,896,938)
Net increase (decrease) in net assets resulting from operations 4,051,072 (17,105,388)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (173,098) (442,748)
Advisor Class (57,139) (162,110)
Class C (40,501) (123,719)
Institutional Class (356,301) (2,911,627)
Institutional 3 Class (4,958,836) (13,490,977)
Class T   (144)
Total distributions to shareholders   (5,585,875) (17,131,325)
Increase (decrease) in net assets from capital stock activity 1,586,284 (46,718,709)
Total increase (decrease) in net assets 51,481 (80,955,422)
Net assets at beginning of period 159,479,028 240,434,450
Net assets at end of period $159,530,509 $159,479,028
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 206,221 2,028,484 190,899 1,953,953
Distributions reinvested 17,862 170,941 43,824 435,300
Redemptions (191,301) (1,885,995) (241,107) (2,509,293)
Net increase (decrease) 32,782 313,430 (6,384) (120,040)
Advisor Class        
Subscriptions 72,828 720,354 239,754 2,580,887
Distributions reinvested 5,923 57,040 16,033 161,851
Redemptions (10,339) (100,630) (172,948) (1,646,588)
Net increase 68,412 676,764 82,839 1,096,150
Class C        
Subscriptions 14,619 141,026 44,419 458,923
Distributions reinvested 4,355 40,501 12,710 123,719
Redemptions (25,920) (247,453) (62,471) (617,339)
Net decrease (6,946) (65,926) (5,342) (34,697)
Institutional Class        
Subscriptions 728,928 7,037,526 1,298,587 13,507,313
Distributions reinvested 34,345 330,054 268,164 2,843,116
Redemptions (94,909) (929,905) (5,487,044) (55,301,662)
Net increase (decrease) 668,364 6,437,675 (3,920,293) (38,951,233)
Institutional 3 Class        
Subscriptions 27,590 268,185 236,849 2,335,907
Distributions reinvested 519,343 4,928,565 1,308,268 12,799,800
Redemptions (1,119,498) (10,972,409) (2,303,954) (23,842,034)
Net decrease (572,565) (5,775,659) (758,837) (8,706,327)
Class T        
Redemptions — — (276) (2,562)
Net decrease — — (276) (2,562)
Total net increase (decrease) 190,047 1,586,284 (4,608,293) (46,718,709)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Columbia Pacific/Asia Fund  | Semiannual Report 2019
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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
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 9/30/2019 (Unaudited) $9.87 0.06 0.15 0.21 (0.08) (0.26) (0.34)
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
Six Months Ended 9/30/2019 (Unaudited) $9.94 0.09 0.14 0.23 (0.09) (0.26) (0.35)
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
Six Months Ended 9/30/2019 (Unaudited) $9.60 0.03 0.15 0.18 (0.07) (0.26) (0.33)
Year Ended 3/31/2019 $11.32 0.00 (h) (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) (h) (0.54) (0.54)
Year Ended 3/31/2016 $9.83 (0.01) (0.64) (0.65) (0.00) (h) (0.03) (0.03)
Year Ended 3/31/2015 $8.86 0.03 0.97 1.00 (0.03) — (0.03)
Institutional Class
Six Months Ended 9/30/2019 (Unaudited) $9.92 0.08 0.15 0.23 (0.09) (0.26) (0.35)
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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Table of Contents
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 9/30/2019 (Unaudited) $9.74 2.22% 1.58% (c),(d) 1.52% (c),(d),(e) 1.30% (c) 20% $5,440
Year Ended 3/31/2019 $9.87 (6.85%) 1.57% (d),(f) 1.51% (d),(e),(f) 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% (g) 1.49% (e),(g) 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
Six Months Ended 9/30/2019 (Unaudited) $9.82 2.37% 1.34% (c),(d) 1.28% (c),(d),(e) 1.72% (c) 20% $2,252
Year Ended 3/31/2019 $9.94 (6.54%) 1.32% (d),(f) 1.26% (d),(e),(f) 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% (g) 1.27% (e),(g) 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
Six Months Ended 9/30/2019 (Unaudited) $9.45 1.89% 2.34% (c),(d) 2.27% (c),(d),(e) 0.54% (c) 20% $1,199
Year Ended 3/31/2019 $9.60 (7.52%) 2.32% (d),(f) 2.26% (d),(e),(f) 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% (g) 2.24% (e),(g) (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
Six Months Ended 9/30/2019 (Unaudited) $9.80 2.38% 1.33% (c),(d) 1.28% (c),(d),(e) 1.62% (c) 20% $16,672
Year Ended 3/31/2019 $9.92 (6.63%) 1.29% (d),(f) 1.26% (d),(e),(f) 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% (g) 1.24% (e),(g) 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.
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Table of Contents
Financial Highlights  (continued)
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $9.80 0.09 0.14 0.23 (0.09) (0.26) (0.35)
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(i) $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) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include interfund lending expense which is less than 0.01%.
(g) 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%
    
(h) Rounds to zero.
(i) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $9.68 2.45% 1.14% (c),(d) 1.09% (c),(d) 1.73% (c) 20% $133,967
Year Ended 3/31/2019 $9.80 (6.41%) 1.13% (d),(f) 1.07% (d),(f) 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(i) $9.75 2.52% 1.12% (c) 1.12% (c) 15.80% (c) 80% $146,742
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Notes to Financial Statements
September 30, 2019 (Unaudited)
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
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals, to omnibus retirement plans or to institutional investors and certain other investors as described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 September 30, 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 25,855
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 28,892
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended September 30, 2019:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Foreign exchange risk (296,696)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Foreign exchange risk 46,198
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2019:
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 77,034 (44,417)
    
* Based on the ending quarterly outstanding amounts for the six months ended September 30, 2019.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of September 30, 2019:
  State
Street ($)
Assets  
Forward foreign currency exchange contracts 25,855
Liabilities  
Forward foreign currency exchange contracts 28,892
Total financial and derivative net assets (3,037)
Total collateral received (pledged) (a) -
Net amount (b) (3,037)
    
(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
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.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
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
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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 annualized effective management services fee rate for the six months ended September 30, 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 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 pays 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, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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
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 for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
For the six months ended September 30, 2019, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.20
Advisor Class 0.20
Class C 0.20
Institutional Class 0.20
Institutional 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended September 30, 2019, these minimum account balance fees reduced total expenses of the Fund by $300.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended September 30, 2019, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00 (a) 4,713
Class C — 1.00 (b) 585
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  August 1, 2019
through
July 31, 2020 		Prior to
August 1, 2019
Class A 1.60% 1.50%
Advisor Class 1.35 1.25
Class C 2.35 2.25
Institutional 2 Class 1.35 1.25
Institutional 3 Class 1.16 1.06
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. 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
108,143,000 52,917,000 (1,998,000) 50,919,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $31,181,482 and $33,685,301, respectively, for the six months ended September 30, 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.
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 did not borrow or lend money under the Interfund Program during the six months ended September 30, 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
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 six months ended September 30, 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 price.
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 involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Shareholder concentration risk
At September 30, 2019, affiliated shareholders of record owned 82.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates 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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 Board Consideration and Approval of ManagementAgreement
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Pacific/Asia Fund (the Fund), a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreement.
In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Management Agreement at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement for the Fund.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement for the Fund included the following:
• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by an independent third-party data provider, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by the independent third-party data provider;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund through July 31, 2020 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• The terms and conditions of the Management Agreement;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of distribution, transfer agency and shareholder services to the Fund;
• Descriptions of various functions performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
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Table of Contents
Board Consideration and Approval of Management
Agreement  (continued)
     
• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.
Nature, extent and quality of services provided under the Management Agreement
The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with funds using an investment strategy similar to that used by the Investment Manager for the Fund. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Fund and coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks, information that compared the performance of the Fund to the performance of a group of comparable mutual funds as determined by the independent third-party data provider, and information and analysis provided by the independent fee consultant. The Committee and the Board also reviewed a description of the third party’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Committee and the Board noted that, through December 31, 2018, the Fund’s performance was in the fortieth, fortieth, and fortieth percentile (where the best performance would be in the first percentile) of its category selected by the independent third-party data provider for the purposes of performance comparisons for the one-, three- and five-year periods, respectively.
The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to support the continuation of the Management Agreement.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the independent third-party data provider and the independent fee consultant. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
32 Columbia Pacific/Asia Fund  | Semiannual Report 2019

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Board Consideration and Approval of Management
Agreement  (continued)
     
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Fund’s management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Committee and the Board noted that the management fee schedules for the Fund contained breakpoints that would reduce the fee rate on assets above specified threshold levels.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the continuation of the Management Agreement.
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Table of Contents
Board Consideration and Approval of Management
Agreement  (continued)
     
Other benefits to the Investment Manager
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager’s affiliates to provide distribution, transfer agency and shareholder services to the Fund. In this regard, among other matters, the Committee and the Board considered that the Fund’s distributor retains a portion of the distribution fees from the Fund and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement.
34 Columbia Pacific/Asia Fund  | Semiannual Report 2019

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Table of Contents
Columbia Pacific/Asia 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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR209_03_J01_(11/19)

Table of Contents
SemiAnnual Report
September 30, 2019
Columbia Solutions Aggressive Portfolio
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
Table of Contents
Columbia Solutions Aggressive Portfolio (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.
You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
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 Aggressive Portfolio  |  Semiannual Report 2019

Table of Contents
Fund at a Glance
(Unaudited)
Investment objective
The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.
Portfolio management
Joshua Kutin, CFA
Co-Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Columbia Solutions Aggressive Portfolio 10/24/17 7.41 10.25 8.85
MSCI ACWI with Developed Markets 100% Hedged to USD Index (Net)   4.56 3.18 6.26
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 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.
Columbia Solutions Aggressive Portfolio  | Semiannual Report 2019
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Table of Contents
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at September 30, 2019)
Foreign Government Obligations 14.4
Money Market Funds 64.3
Options Purchased Calls 0.2
U.S. Treasury Obligations 21.1
Total 100.0
Percentages indicated are based upon total investments including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Market exposure through derivatives investments (% of notional exposure) (at September 30, 2019)(a)
  Long Short Net
Fixed Income Derivative Contracts 41.8 — 41.8
Equity Derivative Contracts 93.2 — 93.2
Foreign Currency Derivative Contracts 6.8 (41.8) (35.0)
Total Notional Market Value of Derivative Contracts 141.8 (41.8) 100.0
(a) The Fund has market exposure (long and/or short) to fixed income, equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.
 
4 Columbia Solutions Aggressive Portfolio  | Semiannual 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
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 2019
  Account value at the
beginning of the
period ($) 		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 1,074.10 1,025.22 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 366.
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 Solutions Aggressive Portfolio  | Semiannual Report 2019
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Table of Contents
Portfolio of Investments
September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Foreign Government Obligations(a),(b) 11.7%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canada 0.8%
Canadian Government Bond
06/01/2027 1.000% CAD 28,000 20,565
06/01/2028 2.000% CAD 41,000 32,541
Total 53,106
France 0.8%
French Republic Government Bond OAT(c)
10/25/2027 2.750% EUR 19,000 26,141
11/25/2028 0.750% EUR 18,000 21,565
05/25/2048 2.000% EUR 5,000 7,664
Total 55,370
Italy 0.9%
Italy Buoni Poliennali Del Tesoro(c)
09/01/2028 4.750% EUR 27,000 39,811
09/01/2046 3.250% EUR 16,000 22,921
Total 62,732
Japan 2.7%
Japan Government 20-Year Bond
06/20/2039 0.300% JPY 1,750,000 16,488
Japan Government 30-Year Bond
03/20/2048 0.800% JPY 4,350,000 44,984
06/20/2048 0.700% JPY 2,900,000 29,424
09/20/2048 0.900% JPY 3,800,000 40,495
03/20/2049 0.500% JPY 4,050,000 38,882
06/20/2049 0.400% JPY 1,850,000 17,244
Total 187,517
New Zealand 1.7%
New Zealand Government Bond
04/15/2025 2.750% NZD 68,000 46,840
04/20/2029 3.000% NZD 43,000 31,565
New Zealand Government Bond(c)
04/15/2027 4.500% NZD 48,000 37,689
Total 116,094
South Africa 2.4%
Republic of South Africa Government Bond
12/21/2026 10.500% ZAR 1,150,000 84,752
01/31/2030 8.000% ZAR 1,335,000 82,280
Total 167,032
Foreign Government Obligations(a),(b) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
South Korea 1.6%
Korea Treasury Bond
12/10/2028 2.375% KRW 71,000,000 64,443
06/10/2029 1.875% KRW 50,000,000 43,607
Total 108,050
United Kingdom 0.8%
United Kingdom Gilt(c)
10/22/2028 1.625% GBP 27,000 36,802
01/22/2045 3.500% GBP 11,000 21,197
Total 57,999
Total Foreign Government Obligations
(Cost $796,959) 		807,900
U.S. Treasury Obligations 17.2%
U.S. Treasury
08/31/2026 1.375%   295,000 290,252
08/15/2027 2.250%   101,000 105,592
11/15/2027 2.250%   98,000 102,533
02/15/2028 2.750%   93,000 100,978
05/15/2028 2.875%   90,000 98,789
11/15/2028 3.125%   85,000 95,439
02/15/2029 2.625%   84,000 90,930
05/15/2029 2.375%   83,000 88,162
08/15/2029 1.625%   211,000 210,044
Total U.S. Treasury Obligations
(Cost $1,138,664) 		1,182,719
    
Options Purchased Calls 0.1%
        Value ($)
(Cost $9,113) 8,925
    
Money Market Funds 52.1%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(d),(e) 3,597,174 3,596,814
Total Money Market Funds
(Cost $3,596,835) 		3,596,814
Total Investments in Securities
(Cost: $5,541,571) 		5,596,358
Other Assets & Liabilities, Net   1,302,887
Net Assets 6,899,245
At September 30, 2019, securities and/or cash totaling $392,984 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Solutions Aggressive Portfolio  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
52,775,000 KRW 44,317 USD Citi 10/11/2019 217 —
76,133,000 KRW 62,775 USD Citi 10/11/2019 — (844)
333,000 GBP 408,396 USD HSBC 10/11/2019 — (1,209)
105,084,000 JPY 988,865 USD HSBC 10/11/2019 16,343 —
138,000 NOK 15,392 USD HSBC 10/11/2019 221 —
185,000 NZD 118,134 USD HSBC 10/11/2019 2,262 —
582,000 SEK 60,307 USD HSBC 10/11/2019 1,146 —
96,000 SEK 9,756 USD HSBC 10/11/2019 — (3)
50,000 SGD 36,054 USD HSBC 10/11/2019 — (125)
166,695 USD 17,886,000 JPY HSBC 10/11/2019 — (1,166)
551 USD 11,000 MXN HSBC 10/11/2019 5 —
223 USD 2,000 NOK HSBC 10/11/2019 — (3)
8,895 USD 87,000 SEK HSBC 10/11/2019 — (51)
5,765 USD 8,000 SGD HSBC 10/11/2019 23 —
1,373,000 ZAR 89,790 USD HSBC 10/11/2019 — (750)
260,000 AUD 176,009 USD Morgan Stanley 10/11/2019 461 —
37,000 AUD 24,972 USD Morgan Stanley 10/11/2019 — (10)
113,000 CAD 84,919 USD Morgan Stanley 10/11/2019 — (386)
218,000 CHF 222,648 USD Morgan Stanley 10/11/2019 4,034 —
29,000 CHF 29,078 USD Morgan Stanley 10/11/2019 — (3)
269,000 DKK 40,098 USD Morgan Stanley 10/11/2019 797 —
954,043 EUR 1,058,804 USD Morgan Stanley 10/11/2019 18,169 —
104,000 EUR 113,416 USD Morgan Stanley 10/11/2019 — (23)
144,000 GBP 175,318 USD Morgan Stanley 10/11/2019 — (1,810)
652,000 HKD 83,126 USD Morgan Stanley 10/11/2019 — (75)
17,515 USD 26,000 AUD Morgan Stanley 10/11/2019 40 —
38,539 USD 51,000 CAD Morgan Stanley 10/11/2019 — (38)
24,308 USD 24,000 CHF Morgan Stanley 10/11/2019 — (240)
243,790 USD 223,000 EUR Morgan Stanley 10/11/2019 — (550)
125,134 USD 102,000 GBP Morgan Stanley 10/11/2019 330 —
6,122 USD 48,000 HKD Morgan Stanley 10/11/2019 3 —
1,210,000 ZAR 79,680 USD Morgan Stanley 10/11/2019 — (111)
Total       44,051 (7,397)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
10-Year Mini JGB 3 12/2019 JPY 46,482,000 182 —
Australian 10-Year Bond 2 12/2019 AUD 294,699 877 —
Canadian Government 10-Year Bond 1 12/2019 CAD 142,600 — (1,454)
Long Gilt 1 12/2019 GBP 134,240 425 —
MSCI EAFE Index Future 25 12/2019 USD 2,373,000 — (27,352)
MSCI Emerging Markets Index 17 12/2019 USD 851,615 — (28,769)
S&P 500 E-mini 30 12/2019 USD 4,467,750 — (47,942)
S&P/TSX 60 Index 1 12/2019 CAD 199,220 513 —
S&P/TSX 60 Index 1 12/2019 CAD 199,220 — (203)
U.S. Treasury 10-Year Note 5 12/2019 USD 651,563 — (5,635)
U.S. Treasury 5-Year Note 6 12/2019 USD 714,891 — (4,504)
Total         1,997 (115,859)
    
Call option contracts purchased
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Cost ($) Value ($)
S&P 500 E-mini JPMorgan USD 744,625 5 3,070.00 12/20/2019 9,113 8,925
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
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 33 Morgan Stanley 12/20/2024 5.000 Quarterly 3.504 USD 974,000 1,357 — — 1,357 —
Markit CDX North America Investment Grade Index, Series 33 Morgan Stanley 12/20/2024 1.000 Quarterly 0.600 USD 255,000 29 — — 29 —
Markit CDX North America Investment Grade Index, Series 33 Morgan Stanley 12/20/2024 1.000 Quarterly 0.600 USD 424,000 (95) — — — (95)
Total               1,291 — — 1,386 (95)
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) Principal amounts are denominated in United States Dollars unless otherwise noted.
(b) Principal and interest may not be guaranteed by a governmental entity.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 September 30, 2019, the total value of these securities amounted to $213,790, which represents 3.10% of total net assets.
(d) The rate shown is the seven-day current annualized yield at September 30, 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 period ended September 30, 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, 2.073%
  3,456,754 6,345,220 (6,204,800) 3,597,174 (27) 18 46,959 3,596,814
Currency Legend
AUD Australian Dollar
CAD Canada Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
JPY Japanese Yen
KRW South Korean Won
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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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Foreign Government Obligations — 807,900 — 807,900
U.S. Treasury Obligations 1,182,719 — — 1,182,719
Options Purchased Calls 8,925 — — 8,925
Money Market Funds 3,596,814 — — 3,596,814
Total Investments in Securities 4,788,458 807,900 — 5,596,358
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 44,051 — 44,051
Futures Contracts 1,997 — — 1,997
Swap Contracts — 1,386 — 1,386
Liability        
Forward Foreign Currency Exchange Contracts — (7,397) — (7,397)
Futures Contracts (115,859) — — (115,859)
Swap Contracts — (95) — (95)
Total 4,674,596 845,845 — 5,520,441
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.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,935,623) $1,990,619
Affiliated issuers (cost $3,596,835) 3,596,814
Options purchased (cost $9,113) 8,925
Foreign currency (cost $414) 413
Margin deposits on:  
Futures contracts 341,897
Swap contracts 51,087
Unrealized appreciation on forward foreign currency exchange contracts 44,051
Receivable for:  
Investments sold 1,016,776
Dividends 6,628
Interest 11,834
Foreign tax reclaims 248
Variation margin for futures contracts 31,276
Variation margin for swap contracts 22,419
Expense reimbursement due from Investment Manager 846
Prepaid expenses 39
Trustees’ deferred compensation plan 7,768
Total assets 7,131,640
Liabilities  
Unrealized depreciation on forward foreign currency exchange contracts 7,397
Payable for:  
Investments purchased 20,091
Capital shares purchased 142,210
Variation margin for futures contracts 3,396
Compensation of board members 1,093
Compensation of chief compliance officer 1
Audit fees 17,387
Custodian fees 32,720
Other expenses 332
Trustees’ deferred compensation plan 7,768
Total liabilities 232,395
Net assets applicable to outstanding capital stock $6,899,245
Represented by  
Paid in capital 6,289,091
Total distributable earnings (loss)   610,154
Total - representing net assets applicable to outstanding capital stock $6,899,245
Shares outstanding 634,579
Net asset value per share 10.87
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
Net investment income  
Income:  
Dividends — affiliated issuers $46,959
Interest 27,602
Foreign taxes withheld (161)
Total income 74,400
Expenses:  
Compensation of board members 7,602
Custodian fees 21,515
Printing and postage fees 2,449
Audit fees 18,662
Legal fees 72
Compensation of chief compliance officer 1
Other 2,505
Total expenses 52,806
Fees waived or expenses reimbursed by Investment Manager and its affiliates (52,467)
Total net expenses 339
Net investment income 74,061
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 72,548
Investments — affiliated issuers (27)
Foreign currency translations (3,107)
Forward foreign currency exchange contracts 76,777
Futures contracts 503,276
Options purchased (7,801)
Swap contracts 18,173
Net realized gain 659,839
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 25,982
Investments — affiliated issuers 18
Foreign currency translations 327
Forward foreign currency exchange contracts 6,457
Futures contracts (276,664)
Options purchased (188)
Swap contracts (2,462)
Net change in unrealized appreciation (depreciation) (246,530)
Net realized and unrealized gain 413,309
Net increase in net assets resulting from operations $487,370
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Changes in Net Assets
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment income $74,061 $135,607
Net realized gain (loss) 659,839 (106,041)
Net change in unrealized appreciation (depreciation) (246,530) 446,110
Net increase in net assets resulting from operations 487,370 475,676
Distributions to shareholders    
Net investment income and net realized gains   (419,443)
Total distributions to shareholders   — (419,443)
Decrease in net assets from capital stock activity (21,964) (179,727)
Total increase (decrease) in net assets 465,406 (123,494)
Net assets at beginning of period 6,433,839 6,557,333
Net assets at end of period $6,899,245 $6,433,839
    
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
         
Subscriptions 40,780 423,993 372,365 3,733,960
Distributions reinvested — — 47,806 418,784
Redemptions (41,810) (445,957) (435,536) (4,332,471)
Total net decrease (1,030) (21,964) (15,365) (179,727)
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, portfolio turnover rate may be higher.
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended March 31,
2019 2018 (a)
Per share data      
Net asset value, beginning of period $10.12 $10.07 $10.00
Income from investment operations:      
Net investment income 0.12 0.21 0.07
Net realized and unrealized gain 0.63 0.50 0.08
Total from investment operations 0.75 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 $10.87 $10.12 $10.07
Total return 7.41% 8.05% 1.53%
Ratios to average net assets      
Total gross expenses(b) 1.55% (c) 1.78% 1.10% (c)
Total net expenses(b),(d) 0.01% (c) 0.01% 0.01% (c)
Net investment income 2.18% (c) 2.08% 1.49% (c)
Supplemental data      
Portfolio turnover 116% 149% 24%
Net assets, end of period (in thousands) $6,899 $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
September 30, 2019 (Unaudited)
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 Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued 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.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, 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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms 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.
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.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to decrease the Fund’s exposure to equity market risk, to increase return on investments and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option 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 option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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
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 September 30, 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 1,386*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 513*
Equity risk Investments, at value — Options Purchased 8,925
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 44,051
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 1,484*
Total   56,359
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 95*
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 104,266*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 7,397
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 11,593*
Total   123,351
    
* 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended September 30, 2019:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — 20,678 20,678
Equity risk — 384,163 (7,801) — 376,362
Foreign exchange risk 76,777 — — — 76,777
Interest rate risk — 119,113 — (2,505) 116,608
Total 76,777 503,276 (7,801) 18,173 590,425
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — (5,837) (5,837)
Equity risk — (245,928) (188) — (246,116)
Foreign exchange risk 6,457 — — — 6,457
Interest rate risk — (30,736) — 3,375 (27,361)
Total 6,457 (276,664) (188) (2,462) (272,857)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2019:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 9,774,542
Credit default swap contracts — sell protection 1,371,500
    
Derivative instrument Average
value ($)*
Options contracts — purchased 4,463
    
Derivative instrument Average unrealized
appreciation ($) 		Average unrealized
depreciation ($)
Forward foreign currency exchange contracts 23,938* (11,419)*
Interest rate swap contracts —** (175)**
    
* Based on the ending quarterly outstanding amounts for the six months ended September 30, 2019.
** Based on the ending daily outstanding amounts for the six months ended September 30, 2019.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of September 30, 2019:
  Citi ($) HSBC ($) JPMorgan ($) Morgan
Stanley ($)(a) 		Morgan
Stanley ($)(a) 		Total ($)
Assets            
Centrally cleared credit default swap contracts (b) - - - - 22,419 22,419
Forward foreign currency exchange contracts 217 20,000 - 23,834 - 44,051
Options purchased calls - - 8,925 - - 8,925
Total assets 217 20,000 8,925 23,834 22,419 75,395
Liabilities            
Forward foreign currency exchange contracts 844 3,307 - 3,246 - 7,397
Total liabilities 844 3,307 - 3,246 - 7,397
Total financial and derivative net assets (627) 16,693 8,925 20,588 22,419 67,998
Total collateral received (pledged) (c) - - - - - -
Net amount (d) (627) 16,693 8,925 20,588 22,419 67,998
    
(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
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
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.
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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
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.
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, 2029, 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
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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
(depreciation) ($)
5,542,000 125,000 (147,000) (22,000)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 $2,799,217 and $3,163,983, respectively, for the six months ended September 30, 2019, of which $1,460,283 and $1,328,477, 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
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended September 30, 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 six months ended September 30, 2019.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency 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, liquidity risk and pricing 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. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At September 30, 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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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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Table of Contents
 Board Consideration and Approval of ManagementAgreement
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Solutions Aggressive Portfolio (the Fund), a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreement.
In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Management Agreement at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement for the Fund.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement for the Fund included the following:
• Information on the investment performance of the Fund, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund through July 31, 2021 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• The terms and conditions of the Management Agreement;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
• Descriptions of various functions performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.
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Board Consideration and Approval of Management
Agreement  (continued)
     
Nature, extent and quality of services provided under the Management Agreement
The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with funds using an investment strategy similar to that used by the Investment Manager for the Fund. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Fund and coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information and analysis provided by the independent fee consultant.
The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to support the continuation of the Management Agreement.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Fund’s management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
28 Columbia Solutions Aggressive Portfolio  | Semiannual Report 2019

Table of Contents
Board Consideration and Approval of Management
Agreement  (continued)
     
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the continuation of the Management Agreement.
Other benefits to the Investment Manager
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager’s affiliates to provide transfer agency and shareholder services to the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement.
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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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR296_03_J01_(11/19)

Table of Contents
SemiAnnual Report
September 30, 2019
Columbia Solutions Conservative Portfolio
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
Table of Contents
Columbia Solutions Conservative Portfolio (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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-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 (the Investment Manager)
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  |  Semiannual Report 2019

Table of Contents
Fund at a Glance
(Unaudited)
Investment objective
The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.
Portfolio management
Joshua Kutin, CFA
Co-Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Columbia Solutions Conservative Portfolio 10/24/17 3.71 7.64 5.43
Bloomberg Barclays Global Aggregate Hedged USD Index   5.59 10.65 5.78
Blended Benchmark   5.45 9.03 6.08
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 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.
Columbia Solutions Conservative Portfolio  | Semiannual Report 2019
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Table of Contents
Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at September 30, 2019)
Foreign Government Obligations 11.3
Money Market Funds(a) 73.6
Options Purchased Calls 0.1
U.S. Treasury Obligations 15.0
Total 100.0
    
(a) Includes investments in Money Market Funds (amounting to $5.4 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 including options purchased and excluding all other investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Market exposure through derivatives investments (% of notional exposure) (at September 30, 2019)(a)
  Long Short Net
Fixed Income Derivative Contracts 62.0 (1.9) 60.1
Equity Derivative Contracts 70.3 0.0 70.3
Foreign Currency Derivative Contracts 10.6 (41.0) (30.4)
Total Notional Market Value of Derivative Contracts 142.9 (42.9) 100.0
(a) The Fund has market exposure (long and/or short) to fixed income, equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.
 
4 Columbia Solutions Conservative Portfolio  | Semiannual 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
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 2019
  Account value at the
beginning of the
period ($) 		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 1,037.10 1,025.22 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 366.
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 Solutions Conservative Portfolio  | Semiannual Report 2019
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Table of Contents
Portfolio of Investments
September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Foreign Government Obligations(a),(b) 9.4%
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
Canada 0.3%
Canadian Government Bond
06/01/2027 1.000% CAD 35,000 25,706
France 0.5%
French Republic Government Bond OAT(c)
10/25/2027 2.750% EUR 15,000 20,638
11/25/2028 0.750% EUR 15,000 17,971
05/25/2048 2.000% EUR 5,000 7,664
Total 46,273
Italy 0.8%
Italy Buoni Poliennali Del Tesoro(c)
09/01/2028 4.750% EUR 30,000 44,234
09/01/2046 3.250% EUR 15,000 21,489
Total 65,723
Japan 2.6%
Japan Government 10-Year Bond
03/20/2028 0.100% JPY 9,500,000 91,071
Japan Government 20-Year Bond
06/20/2039 0.300% JPY 2,650,000 24,967
Japan Government 30-Year Bond
03/20/2048 0.800% JPY 2,450,000 25,336
06/20/2048 0.700% JPY 2,250,000 22,829
09/20/2048 0.900% JPY 2,150,000 22,912
03/20/2049 0.500% JPY 2,250,000 21,601
06/20/2049 0.400% JPY 1,800,000 16,778
Total 225,494
New Zealand 1.0%
New Zealand Government Bond
04/15/2025 2.750% NZD 52,000 35,819
04/20/2029 3.000% NZD 31,000 22,756
New Zealand Government Bond(c)
04/15/2027 4.500% NZD 36,000 28,267
Total 86,842
South Africa 1.6%
Republic of South Africa Government Bond
12/21/2026 10.500% ZAR 1,200,000 88,437
01/31/2030 8.000% ZAR 896,000 55,223
Total 143,660
Foreign Government Obligations(a),(b) (continued)
Issuer Coupon
Rate 		  Principal
Amount ($) 		Value ($)
South Korea 1.2%
Korea Treasury Bond
12/10/2028 2.375% KRW 70,000,000 63,535
06/10/2029 1.875% KRW 49,560,000 43,224
Total 106,759
United Kingdom 1.4%
United Kingdom Gilt(c)
10/22/2028 1.625% GBP 43,000 58,611
06/07/2032 4.250% GBP 17,000 30,173
01/22/2044 3.250% GBP 9,000 16,528
01/22/2045 3.500% GBP 10,000 19,270
Total 124,582
Total Foreign Government Obligations
(Cost $817,378) 		825,039
U.S. Treasury Obligations 12.4%
U.S. Treasury
11/30/2024 2.125%   124,000 127,352
08/31/2026 1.375%   242,000 238,105
08/15/2027 2.250%   83,000 86,774
11/15/2027 2.250%   81,000 84,746
02/15/2028 2.750%   77,000 83,605
05/15/2028 2.875%   74,000 81,227
11/15/2028 3.125%   69,000 77,474
02/15/2029 2.625%   69,000 74,693
05/15/2029 2.375%   68,000 72,229
08/15/2029 1.625%   173,000 172,216
Total U.S. Treasury Obligations
(Cost $1,057,062) 		1,098,421
    
Options Purchased Calls 0.1%
        Value ($)
(Cost $10,935) 10,710
    
Money Market Funds 61.2%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(d),(e) 5,401,432 5,400,892
Total Money Market Funds
(Cost $5,401,020) 		5,400,892
Total Investments in Securities
(Cost: $7,286,395) 		7,335,062
Other Assets & Liabilities, Net   1,496,425
Net Assets 8,831,487
The accompanying Notes to Financial Statements are an integral part of this statement.
6 Columbia Solutions Conservative Portfolio  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
At September 30, 2019, securities and/or cash totaling $190,564 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
52,311,000 KRW 43,928 USD Citi 10/11/2019 215 —
75,061,000 KRW 61,891 USD Citi 10/11/2019 — (832)
192,000 GBP 235,472 USD HSBC 10/11/2019 — (697)
71,800,000 JPY 675,295 USD HSBC 10/11/2019 10,807 —
60,000 NOK 6,692 USD HSBC 10/11/2019 96 —
139,000 NZD 88,760 USD HSBC 10/11/2019 1,699 —
233,000 SEK 24,143 USD HSBC 10/11/2019 459 —
103,000 SEK 10,467 USD HSBC 10/11/2019 — (3)
17,000 SGD 12,253 USD HSBC 10/11/2019 — (48)
159,359 USD 17,089,000 JPY HSBC 10/11/2019 — (1,206)
301 USD 6,000 MXN HSBC 10/11/2019 3 —
8,076 USD 79,000 SEK HSBC 10/11/2019 — (46)
1,429,000 ZAR 93,452 USD HSBC 10/11/2019 — (781)
117,000 AUD 79,207 USD Morgan Stanley 10/11/2019 210 —
42,000 AUD 28,346 USD Morgan Stanley 10/11/2019 — (11)
98,000 CAD 73,587 USD Morgan Stanley 10/11/2019 — (395)
87,000 CHF 88,855 USD Morgan Stanley 10/11/2019 1,610 —
36,000 CHF 36,097 USD Morgan Stanley 10/11/2019 — (4)
108,000 DKK 16,099 USD Morgan Stanley 10/11/2019 320 —
517,000 EUR 573,017 USD Morgan Stanley 10/11/2019 9,093 —
116,000 EUR 126,502 USD Morgan Stanley 10/11/2019 — (26)
178,000 GBP 216,662 USD Morgan Stanley 10/11/2019 — (2,286)
330,000 HKD 42,078 USD Morgan Stanley 10/11/2019 — (33)
22,231 USD 33,000 AUD Morgan Stanley 10/11/2019 50 —
54,408 USD 72,000 CAD Morgan Stanley 10/11/2019 — (54)
25,320 USD 25,000 CHF Morgan Stanley 10/11/2019 — (250)
221,101 USD 202,000 EUR Morgan Stanley 10/11/2019 — (767)
152,125 USD 124,000 GBP Morgan Stanley 10/11/2019 401 —
8,163 USD 64,000 HKD Morgan Stanley 10/11/2019 4 —
26,502 USD 402,000 ZAR Morgan Stanley 10/11/2019 7 —
1,193,000 ZAR 78,561 USD Morgan Stanley 10/11/2019 — (110)
Total       24,974 (7,549)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
10-Year Mini JGB 2 12/2019 JPY 30,988,000 121 —
Australian 10-Year Bond 2 12/2019 AUD 294,699 877 —
Canadian Government 10-Year Bond 1 12/2019 CAD 142,600 — (1,454)
MSCI EAFE Index Future 11 12/2019 USD 1,044,120 — (8,712)
MSCI Emerging Markets Index 6 12/2019 USD 300,570 — (8,992)
S&P 500 E-mini 14 12/2019 USD 2,084,950 — (16,095)
S&P/TSX 60 Index 1 12/2019 CAD 199,220 — (203)
U.S. Treasury 10-Year Note 4 12/2019 USD 521,250 — (4,508)
U.S. Treasury 5-Year Note 6 12/2019 USD 714,891 — (4,340)
Total         998 (44,304)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Short Term Euro-BTP (1) 12/2019 EUR (112,690) — (229)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Call option contracts purchased
Description Counterparty Trading
currency 		Notional
amount 		Number of
contracts 		Exercise
price/Rate 		Expiration
date 		Cost ($) Value ($)
S&P 500 E-mini JPMorgan USD 893,550 6 3,070.00 12/20/2019 10,935 10,710
    
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 33 Morgan Stanley 12/20/2024 5.000 Quarterly 3.504 USD 1,249,000 1,723 — — 1,723 —
Markit CDX North America Investment Grade Index, Series 33 Morgan Stanley 12/20/2024 1.000 Quarterly 0.600 USD 329,000 37 — — 37 —
Markit CDX North America Investment Grade Index, Series 33 Morgan Stanley 12/20/2024 1.000 Quarterly 0.600 USD 541,000 (122) — — — (122)
Total               1,638 — — 1,760 (122)
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) Principal amounts are denominated in United States Dollars unless otherwise noted.
(b) Principal and interest may not be guaranteed by a governmental entity.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 September 30, 2019, the total value of these securities amounted to $264,845, which represents 3.00% of total net assets.
(d) The rate shown is the seven-day current annualized yield at September 30, 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 period ended September 30, 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, 2.073%
  5,780,090 4,224,167 (4,602,825) 5,401,432 (78) 80 71,606 5,400,892
Currency Legend
AUD Australian Dollar
CAD Canada Dollar
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
JPY Japanese Yen
KRW South Korean Won
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Solutions Conservative Portfolio  | Semiannual Report 2019

Table of Contents
Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Currency Legend  (continued)
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
SGD Singapore Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Foreign Government Obligations — 825,039 — 825,039
U.S. Treasury Obligations 1,098,421 — — 1,098,421
Options Purchased Calls 10,710 — — 10,710
Money Market Funds 5,400,892 — — 5,400,892
Total Investments in Securities 6,510,023 825,039 — 7,335,062
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 24,974 — 24,974
Futures Contracts 998 — — 998
Swap Contracts — 1,760 — 1,760
The accompanying Notes to Financial Statements are an integral part of this statement.
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Portfolio of Investments  (continued)
September 30, 2019 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Liability        
Forward Foreign Currency Exchange Contracts — (7,549) — (7,549)
Futures Contracts (44,533) — — (44,533)
Swap Contracts — (122) — (122)
Total 6,466,488 844,102 — 7,310,590
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.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,874,440) $1,923,460
Affiliated issuers (cost $5,401,020) 5,400,892
Options purchased (cost $10,935) 10,710
Foreign currency (cost $277) 277
Margin deposits on:  
Futures contracts 125,681
Swap contracts 64,883
Unrealized appreciation on forward foreign currency exchange contracts 24,974
Receivable for:  
Investments sold 1,342,038
Capital shares sold 1,100
Dividends 9,744
Interest 11,450
Foreign tax reclaims 119
Variation margin for futures contracts 10,204
Variation margin for swap contracts 29,417
Expense reimbursement due from Investment Manager 844
Prepaid expenses 50
Trustees’ deferred compensation plan 7,783
Total assets 8,963,626
Liabilities  
Unrealized depreciation on forward foreign currency exchange contracts 7,549
Payable for:  
Investments purchased 26,512
Capital shares purchased 35,510
Variation margin for futures contracts 3,391
Compensation of board members 1,094
Compensation of chief compliance officer 1
Audit fees 17,387
Custodian fees 32,575
Other expenses 337
Trustees’ deferred compensation plan 7,783
Total liabilities 132,139
Net assets applicable to outstanding capital stock $8,831,487
Represented by  
Paid in capital 8,339,995
Total distributable earnings (loss)   491,492
Total - representing net assets applicable to outstanding capital stock $8,831,487
Shares outstanding 831,642
Net asset value per share 10.62
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
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Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
Net investment income  
Income:  
Dividends — affiliated issuers $71,606
Interest 26,401
Foreign taxes withheld (212)
Total income 97,795
Expenses:  
Compensation of board members 7,616
Custodian fees 21,429
Printing and postage fees 2,450
Audit fees 18,662
Legal fees 93
Compensation of chief compliance officer 2
Other 2,526
Total expenses 52,778
Fees waived or expenses reimbursed by Investment Manager and its affiliates (52,340)
Total net expenses 438
Net investment income 97,357
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 63,661
Investments — affiliated issuers (78)
Foreign currency translations (2,648)
Forward foreign currency exchange contracts 44,289
Futures contracts 184,818
Options purchased (10,402)
Swap contracts 26,068
Net realized gain 305,708
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 23,209
Investments — affiliated issuers 80
Foreign currency translations 127
Forward foreign currency exchange contracts (244)
Futures contracts (111,987)
Options purchased (225)
Swap contracts (4,297)
Net change in unrealized appreciation (depreciation) (93,337)
Net realized and unrealized gain 212,371
Net increase in net assets resulting from operations $309,728
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Changes in Net Assets
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment income $97,357 $169,609
Net realized gain 305,708 112,069
Net change in unrealized appreciation (depreciation) (93,337) 172,887
Net increase in net assets resulting from operations 309,728 454,565
Distributions to shareholders    
Net investment income and net realized gains   (304,126)
Total distributions to shareholders   — (304,126)
Increase in net assets from capital stock activity 159,144 274,062
Total increase in net assets 468,872 424,501
Net assets at beginning of period 8,362,615 7,938,114
Net assets at end of period $8,831,487 $8,362,615
    
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
         
Subscriptions 34,310 359,768 481,412 4,834,527
Distributions reinvested — — 31,411 303,750
Redemptions (19,206) (200,624) (486,456) (4,864,215)
Total net increase 15,104 159,144 26,367 274,062
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 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.
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended March 31,
2019 2018 (a)
Per share data      
Net asset value, beginning of period $10.24 $10.05 $10.00
Income from investment operations:      
Net investment income 0.12 0.21 0.06
Net realized and unrealized gain 0.26 0.36 0.03
Total from investment operations 0.38 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 $10.62 $10.24 $10.05
Total return 3.71% 5.85% 0.90%
Ratios to average net assets      
Total gross expenses(b) 1.21% (c) 1.44% 0.95% (c)
Total net expenses(b),(d) 0.01% (c) 0.01% 0.01% (c)
Net investment income 2.24% (c) 2.11% 1.45% (c)
Supplemental data      
Portfolio turnover 133% 141% 30%
Net assets, end of period (in thousands) $8,831 $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
September 30, 2019 (Unaudited)
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 Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued 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.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, 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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms 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.
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.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to decrease the Fund’s exposure to equity risk, to increase return on investments and to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option 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 option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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
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 September 30, 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 1,760*
Equity risk Investments, at value — Options Purchased 10,710
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 24,974
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 998*
Total   38,442
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized depreciation on swap contracts 122*
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 34,002*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 7,549
Interest rate risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 10,531*
Total   52,204
    
* 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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended September 30, 2019:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — 28,638 28,638
Equity risk — 89,056 (10,402) — 78,654
Foreign exchange risk 44,289 — — — 44,289
Interest rate risk — 95,762 — (2,570) 93,192
Total 44,289 184,818 (10,402) 26,068 244,773
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Options
contracts
purchased
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — — (7,759) (7,759)
Equity risk — (83,873) (225) — (84,098)
Foreign exchange risk (244) — — — (244)
Interest rate risk — (28,114) — 3,462 (24,652)
Total (244) (111,987) (225) (4,297) (116,753)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2019:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 5,068,341
Futures contracts — short 188,646
Credit default swap contracts — sell protection 1,780,500
    
Derivative instrument Average
value ($)*
Options contracts — purchased 5,355
    
Derivative instrument Average unrealized
appreciation ($) 		Average unrealized
depreciation ($)
Forward foreign currency exchange contracts 13,503* (8,482)*
Interest rate swap contracts —** (142)**
    
* Based on the ending quarterly outstanding amounts for the six months ended September 30, 2019.
** Based on the ending daily outstanding amounts for the six months ended September 30, 2019.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of September 30, 2019:
  Citi ($) HSBC ($) JPMorgan ($) Morgan
Stanley ($)(a) 		Morgan
Stanley ($)(a) 		Total ($)
Assets            
Centrally cleared credit default swap contracts (b) - - - - 29,417 29,417
Forward foreign currency exchange contracts 215 13,064 - 11,695 - 24,974
Options purchased calls - - 10,710 - - 10,710
Total assets 215 13,064 10,710 11,695 29,417 65,101
Liabilities            
Forward foreign currency exchange contracts 832 2,781 - 3,936 - 7,549
Total liabilities 832 2,781 - 3,936 - 7,549
Total financial and derivative net assets (617) 10,283 10,710 7,759 29,417 57,552
Total collateral received (pledged) (c) - - - - - -
Net amount (d) (617) 10,283 10,710 7,759 29,417 57,552
    
(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
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
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.
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.
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.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
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.
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, 2029, 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
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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) 		Gross unrealized
appreciation ($) 		Gross unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
7,286,000 99,000 (75,000) 24,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 $3,256,769 and $3,296,266, respectively, for the six months ended September 30, 2019, of which $1,900,161 and $1,762,089, 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
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended September 30, 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 six months ended September 30, 2019.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency 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, liquidity risk and pricing 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. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At September 30, 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.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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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Table of Contents
 Board Consideration and Approval of ManagementAgreement
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreement (the Management Agreement) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Solutions Conservative Portfolio (the Fund), a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreement.
In connection with their deliberations regarding the continuation of the Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Management Agreement, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Management Agreement at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement for the Fund.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreement for the Fund included the following:
• Information on the investment performance of the Fund, as well as performance relative to benchmarks;
• Information on the Fund’s management fees and total expenses;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund through July 31, 2021 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
• The terms and conditions of the Management Agreement;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
• Descriptions of various functions performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Fund’s Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Fund.
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Board Consideration and Approval of Management
Agreement  (continued)
     
Nature, extent and quality of services provided under the Management Agreement
The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager and its affiliates under the Management Agreement and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Fund and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with funds using an investment strategy similar to that used by the Investment Manager for the Fund. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Fund and coordinate the activities of the Fund’s other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Committee and the Board reviewed information about the performance of the Fund over various time periods, including performance information relative to benchmarks and information and analysis provided by the independent fee consultant.
The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to support the continuation of the Management Agreement.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Fund under the Management Agreement as well as the total expenses incurred by the Fund. In assessing the reasonableness of the fees under the Management Agreement, the Committee and the Board considered, among other information, the Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Fund’s management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Fund.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
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Table of Contents
Board Consideration and Approval of Management
Agreement  (continued)
     
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Fund. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Fund, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the performance of the Fund, and the expense ratio of the Fund. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Fund supported the continuation of the Management Agreement.
Other benefits to the Investment Manager
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Fund, such as the engagement of the Investment Manager’s affiliates to provide transfer agency and shareholder services to the Fund. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Fund’s securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreement. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement.
30 Columbia Solutions Conservative Portfolio  | Semiannual Report 2019

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Columbia Solutions Conservative 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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR296_03_J01_(11/19)

Table of Contents
SemiAnnual Report
September 30, 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

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Columbia Adaptive Retirement Funds  |  Semiannual Report 2019

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2020 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2020 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 10/24/17 3.74 7.11 5.11
Institutional 3 Class 10/24/17 3.74 7.11 5.11
Dow Jones Target 2020 Index   3.90 6.23 4.44
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.8
Exchange-Traded Funds 13.5
Money Market Funds 3.8
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.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
3

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2025 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2025 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2018
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2018
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 04/04/18 4.14 7.40 6.66
Institutional 3 Class 04/04/18 4.14 7.40 6.66
Dow Jones Target 2025 Index   3.77 5.50 4.62
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.8
Exchange-Traded Funds 13.5
Money Market Funds 3.8
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.
4 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2030 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2030 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 10/24/17 4.64 7.80 6.08
Institutional 3 Class 10/24/17 4.64 7.81 6.13
Dow Jones Target 2030 Index   3.59 4.48 4.99
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.8
Exchange-Traded Funds 13.6
Money Market Funds 3.7
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.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
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Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2035 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2035 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2018
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2018
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 04/04/18 5.23 8.20 7.82
Institutional 3 Class 04/04/18 5.23 8.20 7.82
Dow Jones Target 2035 Index   3.38 3.38 4.61
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.4
Money Market Funds 4.3
Multi-Asset/Tactical Strategies Funds 76.6
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.
6 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2040 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2040 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 10/24/17 5.71 8.52 6.87
Institutional 3 Class 10/24/17 5.71 8.53 6.87
Dow Jones Target 2040 Index   3.16 2.44 5.16
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.4
Money Market Funds 4.2
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.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
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Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2045 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2045 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2018
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2018
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 04/04/18 6.13 8.86 8.83
Institutional 3 Class 04/04/18 6.13 8.86 8.83
Dow Jones Target 2045 Index   2.99 1.66 4.41
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.4
Money Market Funds 4.7
Multi-Asset/Tactical Strategies Funds 76.2
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.
8 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2050 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2050 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 10/24/17 6.40 9.19 7.54
Institutional 3 Class 10/24/17 6.40 9.19 7.54
Dow Jones Target 2050 Index   2.88 1.22 5.13
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.5
Money Market Funds 4.0
Multi-Asset/Tactical Strategies Funds 76.8
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
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Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2055 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2055 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2018
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2018
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 04/04/18 6.42 9.12 9.14
Institutional 3 Class 04/04/18 6.42 9.12 9.14
Dow Jones Target 2055 Index   2.86 1.16 4.30
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.3
Money Market Funds 4.7
Multi-Asset/Tactical Strategies Funds 76.3
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.
10 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Fund at a Glance
Columbia Adaptive Retirement 2060 Fund (Unaudited)
Investment objective
Columbia Adaptive Retirement 2060 Fund (the Fund) seeks capital appreciation and current income.
Portfolio management
Joshua Kutin, CFA
Lead Portfolio Manager
Managed Fund since 2017
Alexander Wilkinson, CFA, CAIA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended September 30, 2019)
    Inception 6 Months
cumulative 		1 Year Life
Advisor Class 10/24/17 6.40 9.22 7.51
Institutional 3 Class 10/24/17 6.40 9.22 7.51
Dow Jones Target 2060 Index   2.86 1.16 5.12
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 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.
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.
Portfolio breakdown (%) (at September 30, 2019)
Alternative Strategies Funds 5.7
Exchange-Traded Funds 13.5
Money Market Funds 4.0
Multi-Asset/Tactical Strategies Funds 76.8
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
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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
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.
In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the “Effective expenses paid during the period” column.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
April 1, 2019 — September 30, 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 1,037.40 1,023.15 2.16 2.15 0.42 2.57 2.56 0.50
Institutional 3 Class 1,000.00 1,000.00 1,037.40 1,023.15 2.16 2.15 0.42 2.57 2.56 0.50
Columbia Adaptive Retirement 2025 Fund
Advisor Class 1,000.00 1,000.00 1,041.40 1,023.15 2.17 2.15 0.42 2.58 2.56 0.50
Institutional 3 Class 1,000.00 1,000.00 1,041.40 1,023.15 2.17 2.15 0.42 2.58 2.56 0.50
Columbia Adaptive Retirement 2030 Fund
Advisor Class 1,000.00 1,000.00 1,046.40 1,022.95 2.38 2.35 0.46 2.79 2.76 0.54
Institutional 3 Class 1,000.00 1,000.00 1,046.40 1,023.15 2.17 2.15 0.42 2.59 2.56 0.50
Columbia Adaptive Retirement 2035 Fund
Advisor Class 1,000.00 1,000.00 1,052.30 1,023.05 2.28 2.25 0.44 2.70 2.66 0.52
Institutional 3 Class 1,000.00 1,000.00 1,052.30 1,023.15 2.18 2.15 0.42 2.59 2.56 0.50
12 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Understanding Your Fund’s Expenses  (continued)
(Unaudited)
April 1, 2019 — September 30, 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 1,057.10 1,023.05 2.29 2.25 0.44 2.70 2.66 0.52
Institutional 3 Class 1,000.00 1,000.00 1,057.10 1,023.15 2.18 2.15 0.42 2.60 2.56 0.50
Columbia Adaptive Retirement 2045 Fund
Advisor Class 1,000.00 1,000.00 1,061.30 1,023.10 2.24 2.20 0.43 2.66 2.61 0.51
Institutional 3 Class 1,000.00 1,000.00 1,061.30 1,023.15 2.19 2.15 0.42 2.60 2.56 0.50
Columbia Adaptive Retirement 2050 Fund
Advisor Class 1,000.00 1,000.00 1,064.00 1,023.10 2.24 2.20 0.43 2.66 2.61 0.51
Institutional 3 Class 1,000.00 1,000.00 1,064.00 1,023.15 2.19 2.15 0.42 2.61 2.56 0.50
Columbia Adaptive Retirement 2055 Fund
Advisor Class 1,000.00 1,000.00 1,064.20 1,023.10 2.24 2.20 0.43 2.66 2.61 0.51
Institutional 3 Class 1,000.00 1,000.00 1,064.20 1,023.15 2.19 2.15 0.42 2.61 2.56 0.50
Columbia Adaptive Retirement 2060 Fund
Advisor Class 1,000.00 1,000.00 1,064.00 1,023.10 2.24 2.20 0.43 2.66 2.61 0.51
Institutional 3 Class 1,000.00 1,000.00 1,064.00 1,023.15 2.19 2.15 0.42 2.61 2.56 0.50
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 366.
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.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
13

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2020 Fund, September 30, 2019 (Unaudited)
(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) 108,818 472,270
Total Alternative Strategies Funds
(Cost $476,722) 		472,270
Exchange-Traded Funds 14.0%
iShares JPMorgan USD Emerging Markets Bond ETF 1,385 156,990
iShares TIPS Bond ETF 2,723 316,657
iShares U.S. Real Estate ETF 5,092 476,306
Vanguard Mortgage-Backed Securities ETF 2,980 158,715
Total Exchange-Traded Funds
(Cost $1,049,948) 		1,108,668
Multi-Asset/Tactical Strategies Funds 79.5%
Columbia Solutions Aggressive Portfolio(a) 87,094 946,712
Columbia Solutions Conservative Portfolio(a) 503,791 5,350,261
Total Multi-Asset/Tactical Strategies Funds
(Cost $5,897,122) 		6,296,973
Money Market Funds 3.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 306,916 306,886
Total Money Market Funds
(Cost $306,886) 		306,886
Total Investments in Securities
(Cost: $7,730,678) 		8,184,797
Other Assets & Liabilities, Net   (267,867)
Net Assets 7,916,930
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 period ended September 30, 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
  102,780 76,623 (70,585) 108,818 — (72,309) 55,756 — 472,270
Columbia Short-Term Cash Fund, 2.073%
  305,155 718,729 (716,968) 306,916 — 2 — 1,923 306,886
Columbia Solutions Aggressive Portfolio
  93,945 4,688 (11,539) 87,094 — 6,559 65,233 — 946,712
Columbia Solutions Conservative Portfolio
  503,642 9,095 (8,946) 503,791 — 730 190,342 — 5,350,261
Total         — (65,018) 311,331 1,923 7,076,129
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2020 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 472,270 — — — 472,270
Exchange-Traded Funds 1,108,668 — — — 1,108,668
Multi-Asset/Tactical Strategies Funds — — — 6,296,973 6,296,973
Money Market Funds 306,886 — — — 306,886
Total Investments in Securities 1,887,824 — — 6,296,973 8,184,797
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
15

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2025 Fund, September 30, 2019 (Unaudited)
(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) 51,105 221,794
Total Alternative Strategies Funds
(Cost $223,859) 		221,794
Exchange-Traded Funds 14.1%
iShares JPMorgan USD Emerging Markets Bond ETF 648 73,451
iShares TIPS Bond ETF 1,279 148,735
iShares U.S. Real Estate ETF 2,391 223,654
Vanguard Mortgage-Backed Securities ETF 1,395 74,297
Total Exchange-Traded Funds
(Cost $490,919) 		520,137
Multi-Asset/Tactical Strategies Funds 80.0%
Columbia Solutions Aggressive Portfolio(a) 72,675 789,976
Columbia Solutions Conservative Portfolio(a) 204,178 2,168,368
Total Multi-Asset/Tactical Strategies Funds
(Cost $2,768,568) 		2,958,344
Money Market Funds 4.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 147,347 147,333
Total Money Market Funds
(Cost $147,333) 		147,333
Total Investments in Securities
(Cost: $3,630,679) 		3,847,608
Other Assets & Liabilities, Net   (150,315)
Net Assets 3,697,293
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 period ended September 30, 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
  47,677 36,573 (33,145) 51,105 — (33,600) 25,860 — 221,794
Columbia Short-Term Cash Fund, 2.073%
  170,520 360,346 (383,519) 147,347 — 1 — 911 147,333
Columbia Solutions Aggressive Portfolio
  76,096 3,240 (6,661) 72,675 — 3,627 54,529 — 789,976
Columbia Solutions Conservative Portfolio
  201,621 7,115 (4,558) 204,178 — (51) 76,840 — 2,168,368
Total         — (30,023) 157,229 911 3,327,471
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2025 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 221,794 — — — 221,794
Exchange-Traded Funds 520,137 — — — 520,137
Multi-Asset/Tactical Strategies Funds — — — 2,958,344 2,958,344
Money Market Funds 147,333 — — — 147,333
Total Investments in Securities 889,264 — — 2,958,344 3,847,608
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
17

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2030 Fund, September 30, 2019 (Unaudited)
(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) 16,936 73,503
Total Alternative Strategies Funds
(Cost $74,171) 		73,503
Exchange-Traded Funds 14.0%
iShares JPMorgan USD Emerging Markets Bond ETF 218 24,710
iShares TIPS Bond ETF 424 49,307
iShares U.S. Real Estate ETF 792 74,084
Vanguard Mortgage-Backed Securities ETF 468 24,926
Total Exchange-Traded Funds
(Cost $164,149) 		173,027
Multi-Asset/Tactical Strategies Funds 79.3%
Columbia Solutions Aggressive Portfolio(a) 37,732 410,140
Columbia Solutions Conservative Portfolio(a) 53,759 570,921
Total Multi-Asset/Tactical Strategies Funds
(Cost $910,204) 		981,061
Money Market Funds 3.8%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 47,445 47,440
Total Money Market Funds
(Cost $47,440) 		47,440
Total Investments in Securities
(Cost: $1,195,964) 		1,275,031
Other Assets & Liabilities, Net   (37,085)
Net Assets 1,237,946
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 period ended September 30, 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
  15,584 12,675 (11,323) 16,936 — (10,888) 8,284 — 73,503
Columbia Short-Term Cash Fund, 2.073%
  52,252 183,702 (188,509) 47,445 — 1 — 321 47,440
Columbia Solutions Aggressive Portfolio
  38,636 1,882 (2,786) 37,732 — 1,438 28,232 — 410,140
Columbia Solutions Conservative Portfolio
  52,358 4,028 (2,627) 53,759 — 56 20,304 — 570,921
Total         — (9,393) 56,820 321 1,102,004
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2030 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 73,503 — — — 73,503
Exchange-Traded Funds 173,027 — — — 173,027
Multi-Asset/Tactical Strategies Funds — — — 981,061 981,061
Money Market Funds 47,440 — — — 47,440
Total Investments in Securities 293,970 — — 981,061 1,275,031
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
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19

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2035 Fund, September 30, 2019 (Unaudited)
(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) 18,398 79,848
Total Alternative Strategies Funds
(Cost $80,508) 		79,848
Exchange-Traded Funds 14.2%
iShares JPMorgan USD Emerging Markets Bond ETF 232 26,297
iShares TIPS Bond ETF 460 53,493
iShares U.S. Real Estate ETF 861 80,538
Vanguard Mortgage-Backed Securities ETF 498 26,524
Total Exchange-Traded Funds
(Cost $177,970) 		186,852
Multi-Asset/Tactical Strategies Funds 80.9%
Columbia Solutions Aggressive Portfolio(a) 57,945 629,858
Columbia Solutions Conservative Portfolio(a) 41,136 436,869
Total Multi-Asset/Tactical Strategies Funds
(Cost $1,001,447) 		1,066,727
Money Market Funds 4.5%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 59,219 59,213
Total Money Market Funds
(Cost $59,213) 		59,213
Total Investments in Securities
(Cost: $1,319,138) 		1,392,640
Other Assets & Liabilities, Net   (74,088)
Net Assets 1,318,552
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 period ended September 30, 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
  13,509 15,262 (10,373) 18,398 — (9,654) 7,175 — 79,848
Columbia Short-Term Cash Fund, 2.073%
  67,378 213,814 (221,973) 59,219 — 1 — 309 59,213
Columbia Solutions Aggressive Portfolio
  47,133 13,143 (2,331) 57,945 — 345 36,870 — 629,858
Columbia Solutions Conservative Portfolio
  31,957 10,925 (1,746) 41,136 — (38) 12,789 — 436,869
Total         — (9,346) 56,834 309 1,205,788
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2035 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 79,848 — — — 79,848
Exchange-Traded Funds 186,852 — — — 186,852
Multi-Asset/Tactical Strategies Funds — — — 1,066,727 1,066,727
Money Market Funds 59,213 — — — 59,213
Total Investments in Securities 325,913 — — 1,066,727 1,392,640
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
21

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2040 Fund, September 30, 2019 (Unaudited)
(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) 16,031 69,576
Total Alternative Strategies Funds
(Cost $70,222) 		69,576
Exchange-Traded Funds 13.9%
iShares JPMorgan USD Emerging Markets Bond ETF 202 22,897
iShares TIPS Bond ETF 401 46,632
iShares U.S. Real Estate ETF 751 70,248
Vanguard Mortgage-Backed Securities ETF 435 23,168
Total Exchange-Traded Funds
(Cost $154,681) 		162,945
Multi-Asset/Tactical Strategies Funds 79.4%
Columbia Solutions Aggressive Portfolio(a) 65,437 711,303
Columbia Solutions Conservative Portfolio(a) 20,624 219,023
Total Multi-Asset/Tactical Strategies Funds
(Cost $854,447) 		930,326
Money Market Funds 4.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 51,073 51,068
Total Money Market Funds
(Cost $51,068) 		51,068
Total Investments in Securities
(Cost: $1,130,418) 		1,213,915
Other Assets & Liabilities, Net   (42,063)
Net Assets 1,171,852
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 period ended September 30, 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
  14,083 11,673 (9,725) 16,031 — (9,667) 7,351 — 69,576
Columbia Short-Term Cash Fund, 2.073%
  47,862 149,987 (146,776) 51,073 — 1 — 302 51,068
Columbia Solutions Aggressive Portfolio
  63,510 6,131 (4,204) 65,437 — 1,601 49,359 — 711,303
Columbia Solutions Conservative Portfolio
  19,165 2,409 (950) 20,624 — 52 7,561 — 219,023
Total         — (8,013) 64,271 302 1,050,970
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2040 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 69,576 — — — 69,576
Exchange-Traded Funds 162,945 — — — 162,945
Multi-Asset/Tactical Strategies Funds — — — 930,326 930,326
Money Market Funds 51,068 — — — 51,068
Total Investments in Securities 283,589 — — 930,326 1,213,915
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
23

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2045 Fund, September 30, 2019 (Unaudited)
(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) 15,035 65,251
Total Alternative Strategies Funds
(Cost $65,816) 		65,251
Exchange-Traded Funds 14.2%
iShares JPMorgan USD Emerging Markets Bond ETF 190 21,537
iShares TIPS Bond ETF 376 43,725
iShares U.S. Real Estate ETF 704 65,852
Vanguard Mortgage-Backed Securities ETF 409 21,783
Total Exchange-Traded Funds
(Cost $144,177) 		152,897
Multi-Asset/Tactical Strategies Funds 81.2%
Columbia Solutions Aggressive Portfolio(a) 73,274 796,490
Columbia Solutions Conservative Portfolio(a) 7,154 75,970
Total Multi-Asset/Tactical Strategies Funds
(Cost $799,848) 		872,460
Money Market Funds 5.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 53,851 53,846
Total Money Market Funds
(Cost $53,846) 		53,846
Total Investments in Securities
(Cost: $1,063,687) 		1,144,454
Other Assets & Liabilities, Net   (70,212)
Net Assets 1,074,242
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 period ended September 30, 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
  13,484 11,638 (10,087) 15,035 — (9,453) 7,172 — 65,251
Columbia Short-Term Cash Fund, 2.073%
  65,198 135,885 (147,232) 53,851 — 1 — 302 53,846
Columbia Solutions Aggressive Portfolio
  72,550 3,589 (2,865) 73,274 — 655 54,878 — 796,490
Columbia Solutions Conservative Portfolio
  6,794 737 (377) 7,154 — (19) 2,600 — 75,970
Total         — (8,816) 64,650 302 991,557
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2045 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 65,251 — — — 65,251
Exchange-Traded Funds 152,897 — — — 152,897
Multi-Asset/Tactical Strategies Funds — — — 872,460 872,460
Money Market Funds 53,846 — — — 53,846
Total Investments in Securities 271,994 — — 872,460 1,144,454
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
25

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2050 Fund, September 30, 2019 (Unaudited)
(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) 14,805 64,254
Total Alternative Strategies Funds
(Cost $64,822) 		64,254
Exchange-Traded Funds 14.0%
iShares JPMorgan USD Emerging Markets Bond ETF 190 21,537
iShares TIPS Bond ETF 371 43,144
iShares U.S. Real Estate ETF 693 64,823
Vanguard Mortgage-Backed Securities ETF 405 21,570
Total Exchange-Traded Funds
(Cost $143,248) 		151,074
Multi-Asset/Tactical Strategies Funds 79.4%
Columbia Solutions Aggressive Portfolio(a) 79,094 859,749
Total Multi-Asset/Tactical Strategies Funds
(Cost $781,715) 		859,749
Money Market Funds 4.2%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 45,244 45,239
Total Money Market Funds
(Cost $45,239) 		45,239
Total Investments in Securities
(Cost: $1,035,024) 		1,120,316
Other Assets & Liabilities, Net   (38,239)
Net Assets 1,082,077
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 period ended September 30, 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
  13,813 11,164 (10,172) 14,805 — (9,522) 7,221 — 64,254
Columbia Short-Term Cash Fund, 2.073%
  42,947 141,704 (139,407) 45,244 — 1 — 277 45,239
Columbia Solutions Aggressive Portfolio
  81,391 1,864 (4,161) 79,094 — 1,972 59,103 — 859,749
Total         — (7,549) 66,324 277 969,242
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2050 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
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.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 64,254 — — — 64,254
Exchange-Traded Funds 151,074 — — — 151,074
Multi-Asset/Tactical Strategies Funds — — — 859,749 859,749
Money Market Funds 45,239 — — — 45,239
Total Investments in Securities 260,567 — — 859,749 1,120,316
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2055 Fund, September 30, 2019 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 6.1%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 15,074 65,418
Total Alternative Strategies Funds
(Cost $65,980) 		65,418
Exchange-Traded Funds 14.2%
iShares JPMorgan USD Emerging Markets Bond ETF 190 21,536
iShares TIPS Bond ETF 377 43,841
iShares U.S. Real Estate ETF 705 65,946
Vanguard Mortgage-Backed Securities ETF 410 21,837
Total Exchange-Traded Funds
(Cost $144,430) 		153,160
Multi-Asset/Tactical Strategies Funds 81.2%
Columbia Solutions Aggressive Portfolio(a) 80,471 874,723
Total Multi-Asset/Tactical Strategies Funds
(Cost $799,259) 		874,723
Money Market Funds 5.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 53,703 53,698
Total Money Market Funds
(Cost $53,698) 		53,698
Total Investments in Securities
(Cost: $1,063,367) 		1,146,999
Other Assets & Liabilities, Net   (70,085)
Net Assets 1,076,914
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 period ended September 30, 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
  13,480 11,735 (10,141) 15,074 — (9,437) 7,149 — 65,418
Columbia Short-Term Cash Fund, 2.073%
  64,292 138,303 (148,892) 53,703 — 1 — 295 53,698
Columbia Solutions Aggressive Portfolio
  79,431 3,945 (2,905) 80,471 — 510 60,252 — 874,723
Total         — (8,926) 67,401 295 993,839
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2055 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
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.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 65,418 — — — 65,418
Exchange-Traded Funds 153,160 — — — 153,160
Multi-Asset/Tactical Strategies Funds — — — 874,723 874,723
Money Market Funds 53,698 — — — 53,698
Total Investments in Securities 272,276 — — 874,723 1,146,999
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
29

Table of Contents
Portfolio of Investments
Columbia Adaptive Retirement 2060 Fund, September 30, 2019 (Unaudited)
(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) 14,954 64,898
Total Alternative Strategies Funds
(Cost $65,472) 		64,898
Exchange-Traded Funds 14.0%
iShares JPMorgan USD Emerging Markets Bond ETF 192 21,763
iShares TIPS Bond ETF 374 43,493
iShares U.S. Real Estate ETF 700 65,478
Vanguard Mortgage-Backed Securities ETF 409 21,783
Total Exchange-Traded Funds
(Cost $144,625) 		152,517
Multi-Asset/Tactical Strategies Funds 79.5%
Columbia Solutions Aggressive Portfolio(a) 79,857 868,051
Total Multi-Asset/Tactical Strategies Funds
(Cost $789,330) 		868,051
Money Market Funds 4.1%
  Shares Value ($)
Columbia Short-Term Cash Fund, 2.073%(a),(b) 45,315 45,311
Total Money Market Funds
(Cost $45,311) 		45,311
Total Investments in Securities
(Cost: $1,044,738) 		1,130,777
Other Assets & Liabilities, Net   (38,338)
Net Assets 1,092,439
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 period ended September 30, 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
  13,903 11,301 (10,250) 14,954 — (9,580) 7,261 — 64,898
Columbia Short-Term Cash Fund, 2.073%
  45,164 142,205 (142,054) 45,315 — 1 — 279 45,311
Columbia Solutions Aggressive Portfolio
  81,919 2,297 (4,359) 79,857 — 1,850 59,705 — 868,051
Total         — (7,729) 66,966 279 978,260
    
(b) The rate shown is the seven-day current annualized yield at September 30, 2019.
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Portfolio of Investments   (continued)
Columbia Adaptive Retirement 2060 Fund, September 30, 2019 (Unaudited)
Fair value measurements  (continued)
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
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.
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.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:
  Level 1 ($) Level 2 ($) Level 3 ($) Assets at NAV ($) Total ($)
Investments in Securities          
Alternative Strategies Funds 64,898 — — — 64,898
Exchange-Traded Funds 152,517 — — — 152,517
Multi-Asset/Tactical Strategies Funds — — — 868,051 868,051
Money Market Funds 45,311 — — — 45,311
Total Investments in Securities 262,726 — — 868,051 1,130,777
See the Portfolio of Investments for all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
31

Table of Contents
Statement of Assets and Liabilities
September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2020 Fund 		Columbia
Adaptive
Retirement
2025 Fund 		Columbia
Adaptive
Retirement
2030 Fund
Assets      
Investments in securities, at value      
Unaffiliated issuers (cost $1,049,948, $490,919, $164,149, respectively) $1,108,668 $520,137 $173,027
Affiliated issuers (cost $6,680,730, $3,139,760, $1,031,815, respectively) 7,076,129 3,327,471 1,102,004
Receivable for:      
Investments sold 70,000 32,300 17,390
Capital shares sold — — 3,081
Dividends 499 234 75
Expense reimbursement due from Investment Manager 463 813 439
Prepaid expenses 45 21 6
Trustees’ deferred compensation plan 7,771 5,609 7,737
Other assets 10,235 — 10,235
Total assets 8,273,810 3,886,585 1,313,994
Liabilities      
Payable for:      
Investments purchased 331,891 153,505 51,063
Management services fees 294 137 46
Transfer agent fees 6 3 20
Compensation of board members 2,213 1,092 2,457
Compensation of chief compliance officer 1 — —
Audit fees 10,950 11,237 10,950
State registration fees — 14,404 —
Other expenses 3,754 3,305 3,775
Trustees’ deferred compensation plan 7,771 5,609 7,737
Total liabilities 356,880 189,292 76,048
Net assets applicable to outstanding capital stock $7,916,930 $3,697,293 $1,237,946
Represented by      
Paid in capital 7,509,674 3,499,772 1,166,762
Total distributable earnings (loss)   407,256 197,521 71,184
Total - representing net assets applicable to outstanding capital stock $7,916,930 $3,697,293 $1,237,946
Advisor Class      
Net assets $3,963,544 $1,848,632 $715,342
Shares outstanding 375,592 175,000 68,980
Net asset value per share $10.55 $10.56 $10.37
Institutional 3 Class      
Net assets $3,953,386 $1,848,661 $522,604
Shares outstanding 374,626 175,000 50,338
Net asset value per share $10.55 $10.56 $10.38
The accompanying Notes to Financial Statements are an integral part of this statement.
32 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Statement of Assets and Liabilities  (continued)
September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2035 Fund 		Columbia
Adaptive
Retirement
2040 Fund 		Columbia
Adaptive
Retirement
2045 Fund
Assets      
Investments in securities, at value      
Unaffiliated issuers (cost $177,970, $154,681, $144,177, respectively) $186,852 $162,945 $152,897
Affiliated issuers (cost $1,141,168, $975,737, $919,510, respectively) 1,205,788 1,050,970 991,557
Receivable for:      
Investments sold 10,140 11,610 6,260
Dividends 86 80 79
Expense reimbursement due from Investment Manager 778 466 778
Prepaid expenses 7 7 7
Trustees’ deferred compensation plan 5,590 7,710 5,590
Other assets — 10,235 —
Total assets 1,409,241 1,244,023 1,157,168
Liabilities      
Payable for:      
Investments purchased 54,309 48,251 46,553
Management services fees 49 43 40
Transfer agent fees 8 11 2
Compensation of board members 2,205 2,457 2,205
Audit fees 10,950 9,900 10,950
State registration fees 13,802 — 13,802
Other expenses 3,776 3,799 3,784
Trustees’ deferred compensation plan 5,590 7,710 5,590
Total liabilities 90,689 72,171 82,926
Net assets applicable to outstanding capital stock $1,318,552 $1,171,852 $1,074,242
Represented by      
Paid in capital 1,250,931 1,093,460 999,934
Total distributable earnings (loss)   67,621 78,392 74,308
Total - representing net assets applicable to outstanding capital stock $1,318,552 $1,171,852 $1,074,242
Advisor Class      
Net assets $785,690 $635,273 $537,108
Shares outstanding 73,727 59,205 50,000
Net asset value per share $10.66 $10.73 $10.74
Institutional 3 Class      
Net assets $532,862 $536,579 $537,134
Shares outstanding 50,000 50,000 50,000
Net asset value per share $10.66 $10.73 $10.74
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
33

Table of Contents
Statement of Assets and Liabilities  (continued)
September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2050 Fund 		Columbia
Adaptive
Retirement
2055 Fund 		Columbia
Adaptive
Retirement
2060 Fund
Assets      
Investments in securities, at value      
Unaffiliated issuers (cost $143,248, $144,430, $144,625, respectively) $151,074 $153,160 $152,517
Affiliated issuers (cost $891,776, $918,937, $900,113, respectively) 969,242 993,839 978,260
Receivable for:      
Investments sold 12,060 5,600 12,360
Dividends 69 77 69
Expense reimbursement due from Investment Manager 437 778 438
Prepaid expenses 7 7 7
Trustees’ deferred compensation plan 7,710 5,590 7,710
Other assets 10,234 — 10,235
Total assets 1,150,833 1,159,051 1,161,596
Liabilities      
Payable for:      
Investments purchased 43,871 45,763 44,216
Management services fees 40 40 40
Transfer agent fees 2 2 3
Compensation of board members 2,457 2,205 2,457
Audit fees 10,950 10,950 10,950
State registration fees — 13,801 —
Other expenses 3,726 3,786 3,781
Trustees’ deferred compensation plan 7,710 5,590 7,710
Total liabilities 68,756 82,137 69,157
Net assets applicable to outstanding capital stock $1,082,077 $1,076,914 $1,092,439
Represented by      
Paid in capital 1,002,226 999,306 1,011,703
Total distributable earnings (loss)   79,851 77,608 80,736
Total - representing net assets applicable to outstanding capital stock $1,082,077 $1,076,914 $1,092,439
Advisor Class      
Net assets $542,178 $538,445 $552,369
Shares outstanding 50,213 50,000 51,143
Net asset value per share $10.80 $10.77 $10.80
Institutional 3 Class      
Net assets $539,899 $538,469 $540,070
Shares outstanding 50,000 50,000 50,000
Net asset value per share $10.80 $10.77 $10.80
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2020 Fund 		Columbia
Adaptive
Retirement
2025 Fund 		Columbia
Adaptive
Retirement
2030 Fund
Net investment income      
Income:      
Dividends — unaffiliated issuers $14,665 $6,837 $2,273
Dividends — affiliated issuers 1,923 911 321
Total income 16,588 7,748 2,594
Expenses:      
Management services fees 17,649 8,238 2,740
Transfer agent fees      
Advisor Class 38 27 154
Institutional 3 Class 33 26 20
Compensation of board members 8,730 7,579 8,424
Custodian fees 1,605 1,612 1,660
Printing and postage fees 2,773 2,746 2,834
Registration fees 19,088 25,146 19,088
Audit fees 9,050 11,437 9,050
Legal fees 84 39 13
Compensation of chief compliance officer 2 1 —
Other 3,417 2,919 3,350
Total expenses 62,469 59,770 47,333
Fees waived or expenses reimbursed by Investment Manager and its affiliates (45,952) (52,053) (44,627)
Total net expenses 16,517 7,717 2,706
Net investment income (loss) 71 31 (112)
Realized and unrealized gain (loss) — net      
Net realized gain (loss) on:      
Investments — unaffiliated issuers 7,732 3,382 1,069
Investments — affiliated issuers (65,018) (30,023) (9,393)
Net realized loss (57,286) (26,641) (8,324)
Net change in unrealized appreciation (depreciation) on:      
Investments — unaffiliated issuers 35,547 16,868 5,713
Investments — affiliated issuers 311,331 157,229 56,820
Net change in unrealized appreciation (depreciation) 346,878 174,097 62,533
Net realized and unrealized gain 289,592 147,456 54,209
Net increase in net assets resulting from operations $289,663 $147,487 $54,097
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Adaptive Retirement Funds  | Semiannual Report 2019
35

Table of Contents
Statement of Operations  (continued)
Six Months Ended September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2035 Fund 		Columbia
Adaptive
Retirement
2040 Fund 		Columbia
Adaptive
Retirement
2045 Fund
Net investment income      
Income:      
Dividends — unaffiliated issuers $2,119 $2,093 $1,968
Dividends — affiliated issuers 309 302 302
Total income 2,428 2,395 2,270
Expenses:      
Management services fees 2,522 2,510 2,372
Transfer agent fees      
Advisor Class 56 67 21
Institutional 3 Class 20 20 21
Compensation of board members 8,674 8,423 8,674
Custodian fees 1,655 1,698 1,661
Printing and postage fees 2,747 2,811 2,746
Registration fees 24,543 19,088 24,544
Audit fees 9,050 10,100 9,050
Legal fees 12 12 11
Other 3,348 3,349 3,348
Total expenses 52,627 48,078 52,448
Fees waived or expenses reimbursed by Investment Manager and its affiliates (50,222) (45,667) (50,217)
Total net expenses 2,405 2,411 2,231
Net investment income (loss) 23 (16) 39
Realized and unrealized gain (loss) — net      
Net realized gain (loss) on:      
Investments — unaffiliated issuers 756 811 754
Investments — affiliated issuers (9,346) (8,013) (8,816)
Net realized loss (8,590) (7,202) (8,062)
Net change in unrealized appreciation (depreciation) on:      
Investments — unaffiliated issuers 5,344 5,431 5,155
Investments — affiliated issuers 56,834 64,271 64,650
Net change in unrealized appreciation (depreciation) 62,178 69,702 69,805
Net realized and unrealized gain 53,588 62,500 61,743
Net increase in net assets resulting from operations $53,611 $62,484 $61,782
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Statement of Operations  (continued)
Six Months Ended September 30, 2019 (Unaudited)
  Columbia
Adaptive
Retirement
2050 Fund 		Columbia
Adaptive
Retirement
2055 Fund 		Columbia
Adaptive
Retirement
2060 Fund
Net investment income      
Income:      
Dividends — unaffiliated issuers $1,968 $1,967 $1,985
Dividends — affiliated issuers 277 295 279
Total income 2,245 2,262 2,264
Expenses:      
Management services fees 2,382 2,375 2,403
Transfer agent fees      
Advisor Class 21 21 30
Institutional 3 Class 21 21 21
Compensation of board members 8,423 8,674 8,422
Custodian fees 1,660 1,661 1,677
Printing and postage fees 2,790 2,747 2,812
Registration fees 19,088 24,543 19,088
Audit fees 9,050 9,050 9,050
Legal fees 11 11 11
Other 3,349 3,348 3,347
Total expenses 46,795 52,451 46,861
Fees waived or expenses reimbursed by Investment Manager and its affiliates (44,553) (50,217) (44,593)
Total net expenses 2,242 2,234 2,268
Net investment income (loss) 3 28 (4)
Realized and unrealized gain (loss) — net      
Net realized gain (loss) on:      
Investments — unaffiliated issuers 894 762 903
Investments — affiliated issuers (7,549) (8,926) (7,729)
Net realized loss (6,655) (8,164) (6,826)
Net change in unrealized appreciation (depreciation) on:      
Investments — unaffiliated issuers 5,012 5,158 5,059
Investments — affiliated issuers 66,324 67,401 66,966
Net change in unrealized appreciation (depreciation) 71,336 72,559 72,025
Net realized and unrealized gain 64,681 64,395 65,199
Net increase in net assets resulting from operations $64,684 $64,423 $65,195
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Columbia Adaptive Retirement
2020 Fund 		Columbia Adaptive Retirement
2025 Fund
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 		Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 (a)
Operations        
Net investment income $71 $244,848 $31 $120,382
Net realized gain (loss) (57,286) 40,852 (26,641) 24,968
Net change in unrealized appreciation (depreciation) 346,878 100,077 174,097 42,832
Net increase in net assets resulting from operations 289,663 385,777 147,487 188,182
Distributions to shareholders        
Net investment income and net realized gains        
Advisor Class — (143,482) — (69,188)
Institutional 3 Class — (143,482) — (69,188)
Total distributions to shareholders   — (286,964) — (138,376)
Increase in net assets from capital stock activity 10,000 2,500,000 — 3,490,000
Total increase in net assets 299,663 2,598,813 147,487 3,539,806
Net assets at beginning of period 7,617,267 5,018,454 3,549,806 10,000
Net assets at end of period $7,916,930 $7,617,267 $3,697,293 $3,549,806
    
  Columbia Adaptive Retirement
2020 Fund 		Columbia Adaptive Retirement
2025 Fund
  Six Months Ended Year Ended Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019 September 30, 2019 (Unaudited) March 31, 2019 (a)
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Advisor Class                
Subscriptions 966 10,000 124,626 1,250,000 — — 174,500 1,745,000
Net increase 966 10,000 124,626 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 966 10,000 249,252 2,500,000 — — 349,000 3,490,000
    
(a) Based on operations from April 4, 2018 (the Fund’s 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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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Adaptive Retirement
2030 Fund 		Columbia Adaptive Retirement
2035 Fund
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 		Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 (a)
Operations        
Net investment income (loss) $(112) $44,397 $23 $39,722
Net realized gain (loss) (8,324) 4,555 (8,590) 6,986
Net change in unrealized appreciation (depreciation) 62,533 (157) 62,178 11,324
Net increase in net assets resulting from operations 54,097 48,795 53,611 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)
Total distributions to shareholders   — (78,932) — (44,741)
Increase (decrease) in net assets from capital stock activity 39,086 (8,954,327) 251,650 990,000
Total increase (decrease) in net assets 93,183 (8,984,464) 305,261 1,003,291
Net assets at beginning of period 1,144,763 10,129,227 1,013,291 10,000
Net assets at end of period $1,237,946 $1,144,763 $1,318,552 $1,013,291
    
  Columbia Adaptive Retirement
2030 Fund 		Columbia Adaptive Retirement
2035 Fund
  Six Months Ended Year Ended Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019 September 30, 2019 (Unaudited) March 31, 2019 (a)
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Advisor Class                
Subscriptions 3,895 39,086 3,574 36,232 23,727 251,650 49,500 495,000
Distributions reinvested — — 1,054 9,441 — — — —
Redemptions — — (448,662) (4,500,000) — — — —
Net increase (decrease) 3,895 39,086 (444,034) (4,454,327) 23,727 251,650 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) 3,895 39,086 (892,696) (8,954,327) 23,727 251,650 99,000 990,000
    
(a) Based on operations from April 4, 2018 (the Fund’s 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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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Adaptive Retirement
2040 Fund 		Columbia Adaptive Retirement
2045 Fund
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 		Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 (a)
Operations        
Net investment income (loss) $(16) $44,311 $39 $45,039
Net realized gain (loss) (7,202) 4,362 (8,062) 5,796
Net change in unrealized appreciation (depreciation) 69,702 11,691 69,805 10,962
Net increase in net assets resulting from operations 62,484 60,364 61,782 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)
Total distributions to shareholders   — (49,817) — (49,337)
Increase (decrease) in net assets from capital stock activity 75,000 (10,134) — 990,000
Total increase in net assets 137,484 413 61,782 1,002,460
Net assets at beginning of period 1,034,368 1,033,955 1,012,460 10,000
Net assets at end of period $1,171,852 $1,034,368 $1,074,242 $1,012,460
    
  Columbia Adaptive Retirement
2040 Fund 		Columbia Adaptive Retirement
2045 Fund
  Six Months Ended Year Ended Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019 September 30, 2019 (Unaudited) March 31, 2019 (a)
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Advisor Class                
Subscriptions 7,337 75,000 1,926 19,000 — — 49,500 495,000
Distributions reinvested — — 97 866 — — — —
Redemptions — — (3,006) (30,000) — — — —
Net increase (decrease) 7,337 75,000 (983) (10,134) — — 49,500 495,000
Institutional 3 Class                
Subscriptions — — — — — — 49,500 495,000
Net increase — — — — — — 49,500 495,000
Total net increase (decrease) 7,337 75,000 (983) (10,134) — — 99,000 990,000
    
(a) Based on operations from April 4, 2018 (the Fund’s 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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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Adaptive Retirement
2050 Fund 		Columbia Adaptive Retirement
2055 Fund
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 		Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019 (a)
Operations        
Net investment income $3 $47,488 $28 $46,392
Net realized gain (loss) (6,655) 3,227 (8,164) 5,439
Net change in unrealized appreciation (depreciation) 71,336 11,321 72,559 11,073
Net increase in net assets resulting from operations 64,684 62,036 64,423 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)
Total distributions to shareholders   — (52,840) — (50,413)
Increase in net assets from capital stock activity 2,300 — — 990,000
Total increase in net assets 66,984 9,196 64,423 1,002,491
Net assets at beginning of period 1,015,093 1,005,897 1,012,491 10,000
Net assets at end of period $1,082,077 $1,015,093 $1,076,914 $1,012,491
    
  Columbia Adaptive Retirement
2050 Fund 		Columbia Adaptive Retirement
2055 Fund
  Six Months Ended Year Ended Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019 September 30, 2019 (Unaudited) March 31, 2019 (a)
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Advisor Class                
Subscriptions 213 2,300 — — — — 49,500 495,000
Net increase 213 2,300 — — — — 49,500 495,000
Institutional 3 Class                
Subscriptions — — — — — — 49,500 495,000
Net increase — — — — — — 49,500 495,000
Total net increase 213 2,300 — — — — 99,000 990,000
    
(a) Based on operations from April 4, 2018 (the Fund’s 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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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Adaptive Retirement
2060 Fund
  Six Months Ended
September 30, 2019
(Unaudited) 		Year Ended
March 31, 2019
Operations    
Net investment income (loss) $(4) $47,701
Net realized gain (loss) (6,826) 3,343
Net change in unrealized appreciation (depreciation) 72,025 11,364
Net increase in net assets resulting from operations 65,195 62,408
Distributions to shareholders    
Net investment income and net realized gains    
Advisor Class — (26,389)
Institutional 3 Class — (26,128)
Total distributions to shareholders   — (52,517)
Increase in net assets from capital stock activity 5,492 1,260
Total increase in net assets 70,687 11,151
Net assets at beginning of period 1,021,752 1,010,601
Net assets at end of period $1,092,439 $1,021,752
    
  Columbia Adaptive Retirement
2060 Fund
  Six Months Ended Year Ended
  September 30, 2019 (Unaudited) March 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Advisor Class        
Subscriptions 514 5,492 100 999
Distributions reinvested — — 30 261
Net increase 514 5,492 130 1,260
Total net increase 514 5,492 130 1,260
The accompanying Notes to Financial Statements are an integral part of this statement.
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43

Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.17 0.00 (c) 0.38 0.38 — — —
Year Ended 3/31/2019 $10.04 0.33 0.18 0.51 (0.35) (0.03) (0.38)
Year Ended 3/31/2018(e) $10.00 0.03 0.04 0.07 (0.03) — (0.03)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.17 0.00 (c) 0.38 0.38 — — —
Year Ended 3/31/2019 $10.04 0.33 0.18 0.51 (0.35) (0.03) (0.38)
Year Ended 3/31/2018(e) $10.00 0.03 0.04 0.07 (0.03) — (0.03)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Adaptive Retirement 2020 Fund
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $10.55 3.74% 1.59% (d) 0.42% (d) 0.00% (c),(d) 12% $3,964
Year Ended 3/31/2019 $10.17 5.41% 1.87% 0.42% 3.27% 26% $3,809
Year Ended 3/31/2018(e) $10.04 0.71% 2.14% (d) 0.41% (d) 0.58% (d) 8% $2,509
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.55 3.74% 1.59% (d) 0.42% (d) 0.00% (c),(d) 12% $3,953
Year Ended 3/31/2019 $10.17 5.41% 1.87% 0.42% 3.27% 26% $3,809
Year Ended 3/31/2018(e) $10.04 0.71% 2.14% (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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.14 0.00 (c) 0.42 0.42 — — —
Year Ended 3/31/2019(e) $10.00 0.34 0.20 0.54 (0.38) (0.02) (0.40)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.14 0.00 (c) 0.42 0.42 — — —
Year Ended 3/31/2019(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.56 4.14% 3.26% (d) 0.42% (d) 0.00% (c),(d) 12% $1,849
Year Ended 3/31/2019(e) $10.14 5.71% 3.75% (d) 0.42% (d) 3.50% (d) 28% $1,775
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.56 4.14% 3.26% (d) 0.42% (d) 0.00% (c),(d) 12% $1,849
Year Ended 3/31/2019(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $9.91 (0.00) (c) 0.46 0.46 — — —
Year Ended 3/31/2019 $10.05 0.35 0.20 0.55 (0.41) (0.28) (0.69)
Year Ended 3/31/2018(e) $10.00 0.03 0.06 0.09 (0.04) — (0.04)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $9.92 0.00 (c) 0.46 0.46 — — —
Year Ended 3/31/2019 $10.05 0.34 0.22 0.56 (0.41) (0.28) (0.69)
Year Ended 3/31/2018(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $10.37 4.64% 7.77% (d) 0.46% (d) (0.04%) (d) 14% $715
Year Ended 3/31/2019 $9.91 6.19% 8.55% 0.45% 3.40% 23% $645
Year Ended 3/31/2018(e) $10.05 0.86% 1.29% (d) 0.41% (d) 0.67% (d) 9% $5,115
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.38 4.64% 7.73% (d) 0.42% (d) 0.01% (d) 14% $523
Year Ended 3/31/2019 $9.92 6.31% 8.52% 0.43% 3.34% 23% $500
Year Ended 3/31/2018(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.13 (0.00) (c) 0.53 0.53 — — —
Year Ended 3/31/2019(e) $10.00 0.40 0.18 0.58 (0.43) (0.02) (0.45)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.13 0.00 (c) 0.53 0.53 — — —
Year Ended 3/31/2019(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.66 5.23% 9.37% (d) 0.44% (d) (0.00%) (c),(d) 13% $786
Year Ended 3/31/2019(e) $10.13 6.31% 11.96% (d) 0.43% (d) 4.04% (d) 32% $507
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.66 5.23% 9.35% (d) 0.42% (d) 0.01% (d) 13% $533
Year Ended 3/31/2019(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.15 (0.00) (c) 0.58 0.58 — — —
Year Ended 3/31/2019 $10.05 0.43 0.16 0.59 (0.45) (0.04) (0.49)
Year Ended 3/31/2018(e) $10.00 0.03 0.07 0.10 (0.04) (0.01) (0.05)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.15 0.00 (c) 0.58 0.58 — — —
Year Ended 3/31/2019 $10.05 0.44 0.15 0.59 (0.45) (0.04) (0.49)
Year Ended 3/31/2018(e) $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 the underlying funds in which the Fund invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $10.73 5.71% 8.59% (d) 0.44% (d) (0.01%) (d) 14% $635
Year Ended 3/31/2019 $10.15 6.54% 10.76% 0.43% 4.26% 30% $527
Year Ended 3/31/2018(e) $10.05 0.96% 8.70% (d) 0.42% (d) 0.72% (d) 9% $531
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.73 5.71% 8.60% (d) 0.42% (d) 0.00% (c),(d) 14% $537
Year Ended 3/31/2019 $10.15 6.55% 10.75% 0.43% 4.34% 30% $508
Year Ended 3/31/2018(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.12 0.00 (c) 0.62 0.62 — — —
Year Ended 3/31/2019(e) $10.00 0.45 0.16 0.61 (0.46) (0.03) (0.49)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.12 0.00 (c) 0.62 0.62 — — —
Year Ended 3/31/2019(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.74 6.13% 9.92% (d) 0.43% (d) 0.00% (c),(d) 13% $537
Year Ended 3/31/2019(e) $10.12 6.89% 11.97% (d) 0.43% (d) 4.59% (d) 30% $506
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.74 6.13% 9.92% (d) 0.42% (d) 0.01% (d) 13% $537
Year Ended 3/31/2019(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.15 (0.00) (c) 0.65 0.65 — — —
Year Ended 3/31/2019 $10.06 0.47 0.15 0.62 (0.49) (0.04) (0.53)
Year Ended 3/31/2018(e) $10.00 0.03 0.08 0.11 (0.05) — (0.05)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.15 0.00 (c) 0.65 0.65 — — —
Year Ended 3/31/2019 $10.06 0.47 0.15 0.62 (0.49) (0.04) (0.53)
Year Ended 3/31/2018(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Adaptive Retirement Funds  | Semiannual Report 2019

Table of Contents
Financial Highlights  (continued)
Columbia Adaptive Retirement 2050 Fund
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $10.80 6.40% 8.81% (d) 0.43% (d) (0.00%) (c),(d) 13% $542
Year Ended 3/31/2019 $10.15 7.01% 11.02% 0.43% 4.73% 27% $508
Year Ended 3/31/2018(e) $10.06 1.08% 8.76% (d) 0.42% (d) 0.77% (d) 8% $503
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.80 6.40% 8.81% (d) 0.42% (d) 0.00% (c),(d) 13% $540
Year Ended 3/31/2019 $10.15 7.01% 11.02% 0.43% 4.73% 27% $508
Year Ended 3/31/2018(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.12 0.00 (c) 0.65 0.65 — — —
Year Ended 3/31/2019(e) $10.00 0.47 0.15 0.62 (0.47) (0.03) (0.50)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.12 0.00 (c) 0.65 0.65 — — —
Year Ended 3/31/2019(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on April 4, 2018. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.77 6.42% 9.91% (d) 0.43% (d) 0.00% (c),(d) 12% $538
Year Ended 3/31/2019(e) $10.12 7.05% 12.00% (d) 0.43% (d) 4.73% (d) 29% $506
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.77 6.42% 9.91% (d) 0.42% (d) 0.01% (d) 12% $538
Year Ended 3/31/2019(e) $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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Table of Contents
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
Six Months Ended 9/30/2019 (Unaudited) $10.15 (0.00) (c) 0.65 0.65 — — —
Year Ended 3/31/2019 $10.06 0.47 0.14 0.61 (0.49) (0.03) (0.52)
Year Ended 3/31/2018(e) $10.00 0.03 0.08 0.11 (0.04) (0.01) (0.05)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.15 0.00 (c) 0.65 0.65 — — —
Year Ended 3/31/2019 $10.06 0.47 0.14 0.61 (0.49) (0.03) (0.52)
Year Ended 3/31/2018(e) $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) Rounds to zero.
(d) Annualized.
(e) The Fund commenced operations on October 24, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
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 (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited) $10.80 6.40% 8.75% (d) 0.43% (d) (0.01%) (d) 13% $552
Year Ended 3/31/2019 $10.15 6.93% 10.98% 0.43% 4.73% 26% $514
Year Ended 3/31/2018(e) $10.06 1.11% 8.73% (d) 0.42% (d) 0.77% (d) 7% $508
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited) $10.80 6.40% 8.75% (d) 0.42% (d) 0.00% (c),(d) 13% $540
Year Ended 3/31/2019 $10.15 6.93% 10.97% 0.43% 4.73% 26% $508
Year Ended 3/31/2018(e) $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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Table of Contents
Notes to Financial Statements
September 30, 2019 (Unaudited)
Note 1. Organization
Columbia Funds Series Trust I, (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust I is organized as a Massachusetts business trust. Information presented in these financial statements pertains to the following series of the Trust (each, a Fund and collectively, the Funds): Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2045 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund and Columbia Adaptive Retirement 2060 Fund. Each Fund currently operates as a 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.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
Advisor Class and Institutional 3 Class shares are available for purchase through authorized investment professionals, to omnibus retirement plans or to institutional and to certain other investors as described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.
Security valuation
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 official closing price on the principal exchange or market on which they trade. 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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds’ 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 recorded on the ex-dividend date.
The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Funds and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncement
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. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.
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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
The annualized effective management services fee rates based on each Fund’s average daily net assets for the six months ended September 30, 2019 were as follows:
  Effective management services fee rate (%)
Columbia Adaptive Retirement 2020 Fund 0.45
Columbia Adaptive Retirement 2025 Fund 0.45
Columbia Adaptive Retirement 2030 Fund 0.45
Columbia Adaptive Retirement 2035 Fund 0.45
Columbia Adaptive Retirement 2040 Fund 0.45
Columbia Adaptive Retirement 2045 Fund 0.45
Columbia Adaptive Retirement 2050 Fund 0.45
Columbia Adaptive Retirement 2055 Fund 0.45
Columbia Adaptive Retirement 2060 Fund 0.45
In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. 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 for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
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 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
For the six months ended September 30, 2019, the Funds’ annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
Fund Advisor
Class (%) 		Institutional 3
Class (%)
Columbia Adaptive Retirement 2020 Fund 0.00 0.00
Columbia Adaptive Retirement 2025 Fund 0.00 0.00
Columbia Adaptive Retirement 2030 Fund 0.04 0.01
Columbia Adaptive Retirement 2035 Fund 0.02 0.01
Columbia Adaptive Retirement 2040 Fund 0.02 0.01
Columbia Adaptive Retirement 2045 Fund 0.01 0.01
Columbia Adaptive Retirement 2050 Fund 0.01 0.01
Columbia Adaptive Retirement 2055 Fund 0.01 0.01
Columbia Adaptive Retirement 2060 Fund 0.01 0.01
Distribution and service fees
The Funds have an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Funds do not pay the Distributor a fee for the distribution services it provides to the Funds.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund’s net operating expenses, including indirect expenses of the Underlying Funds, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Fee Rate Contractual through July 31, 2029
  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.
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Table of Contents
Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Fund Tax cost ($) Gross
unrealized
appreciation ($) 		Gross
unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
Columbia Adaptive Retirement 2020 Fund 7,731,000 458,000 (4,000) 454,000
Columbia Adaptive Retirement 2025 Fund 3,631,000 219,000 (2,000) 217,000
Columbia Adaptive Retirement 2030 Fund 1,196,000 80,000 (1,000) 79,000
Columbia Adaptive Retirement 2035 Fund 1,319,000 74,000 (1,000) 73,000
Columbia Adaptive Retirement 2040 Fund 1,130,000 85,000 (1,000) 84,000
Columbia Adaptive Retirement 2045 Fund 1,064,000 81,000 (1,000) 80,000
Columbia Adaptive Retirement 2050 Fund 1,035,000 86,000 (1,000) 85,000
Columbia Adaptive Retirement 2055 Fund 1,063,000 85,000 (1,000) 84,000
Columbia Adaptive Retirement 2060 Fund 1,045,000 87,000 (1,000) 86,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Funds will elect to treat the following late-year ordinary losses and post-October capital losses at March 31, 2019 as arising on April 1, 2019.
Fund Late year
ordinary losses ($) 		Post-October
capital losses ($)
Columbia Adaptive Retirement 2020 Fund — 13,832
Columbia Adaptive Retirement 2025 Fund 1,100 9,953
Columbia Adaptive Retirement 2030 Fund — 2,230
Columbia Adaptive Retirement 2035 Fund — 4,195
Columbia Adaptive Retirement 2040 Fund 208 957
Columbia Adaptive Retirement 2045 Fund 652 6,360
Columbia Adaptive Retirement 2050 Fund 207 2,106
Columbia Adaptive Retirement 2055 Fund — 6,306
Columbia Adaptive Retirement 2060 Fund 208 2,332
Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
Note 5. Portfolio information
For the six months ended September 30, 2019, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:
  Purchases
($) 		Proceeds
from sales
($)
Columbia Adaptive Retirement 2020 Fund 887,320 893,593
Columbia Adaptive Retirement 2025 Fund 462,793 434,289
Columbia Adaptive Retirement 2030 Fund 188,217 167,416
Columbia Adaptive Retirement 2035 Fund 421,913 141,674
Columbia Adaptive Retirement 2040 Fund 203,579 145,852
Columbia Adaptive Retirement 2045 Fund 160,133 130,048
Columbia Adaptive Retirement 2050 Fund 130,652 143,709
Columbia Adaptive Retirement 2055 Fund 157,512 127,438
Columbia Adaptive Retirement 2060 Fund 136,431 146,256
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.
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 Funds did not borrow or lend money under the Interfund Program during the six months ended September 30, 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)
September 30, 2019 (Unaudited)
No Fund had borrowings during the six months ended September 30, 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
A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.
Shareholder concentration risk
At September 30, 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 — — 99.9
Columbia Adaptive Retirement 2025 Fund — — 100.0
Columbia Adaptive Retirement 2030 Fund 1 15.4 84.6
Columbia Adaptive Retirement 2035 Fund 1 19.2 80.8
Columbia Adaptive Retirement 2040 Fund — — 91.6
Columbia Adaptive Retirement 2045 Fund — — 100.0
Columbia Adaptive Retirement 2050 Fund — — 99.8
Columbia Adaptive Retirement 2055 Fund — — 100.0
Columbia Adaptive Retirement 2060 Fund — — 98.9
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 Funds are not currently the subject of, and
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Notes to Financial Statements  (continued)
September 30, 2019 (Unaudited)
that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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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Board Consideration and Approval of Management
Agreements
On June 12, 2019, the Board of Trustees (the Board) and the Trustees who are not interested persons (as defined in the Investment Company Act of 1940) (the Independent Trustees) of Columbia Funds Series Trust I (the Trust) unanimously approved the continuation of the Management Agreements (the Management Agreements) with Columbia Management Investment Advisers, LLC (the Investment Manager) with respect to Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2045 Fund, Columbia Adaptive Retirement 2050 Fund, Columbia Adaptive Retirement 2055 Fund and Columbia Adaptive Retirement 2060 Fund (the Funds), each a series of the Trust. As detailed below, the Board’s Advisory Fees and Expenses Committee (the Committee) and the Board met on multiple occasions to review and discuss, among themselves, with the management team of the Investment Manager and with an independent fee consultant, materials provided by the Investment Manager, the independent fee consultant and others before determining to approve the continuation of the Management Agreements.
In connection with their deliberations regarding the continuation of the Management Agreements, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Funds and the Management Agreements, and discussed these materials with representatives of the Investment Manager at Committee meetings held on March 5, 2019, April 25, 2019 and June 11, 2019 and at Board meetings held on March 6, 2019 and June 12, 2019. In addition, the Board and its various committees consider matters bearing on the Management Agreements at other meetings throughout the year and in prior years and meet regularly with senior management of the Trust and the Investment Manager. Through the Board’s Investment Oversight Committees, Trustees also meet with selected portfolio managers of the funds the Trustees oversee and with other investment personnel at various times throughout the year. The Committee and the Board also consulted with the independent fee consultant, Fund counsel and the Independent Trustees’ independent legal counsel, who advised on various matters with respect to the Committee’s and the Board’s considerations and otherwise assisted the Committee and the Board in their deliberations. On June 11, 2019, the Committee recommended that the Board approve the continuation of the Management Agreements. On June 12, 2019, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreements for the Funds.
The Committee and the Board considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the continuation of the Management Agreements. The information and factors considered by the Committee and the Board in recommending for approval or approving the continuation of the Management Agreements for the Funds included the following:
• Information on the investment performance of the Funds relative to the performance of a group of mutual funds determined to be comparable to the Funds by the Investment Manager, as well as performance relative to benchmarks;
• Information on the Funds’ management fees and total expenses, including information comparing the Funds’ expenses to those of a group of comparable mutual funds, as determined by the Investment Manager;
• The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Funds through July 31, 2020 so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of each Fund’s net assets;
• The terms and conditions of the Management Agreements;
• The current and proposed terms and conditions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Funds, including agreements with respect to the provision of transfer agency and shareholder services to the Funds;
• Descriptions of various functions performed by the Investment Manager under the Management Agreements, including portfolio management and portfolio trading practices;
• Information regarding the management fees of similarly-managed portfolios of other clients of the Investment Manager, including institutional accounts and collective trusts;
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Board Consideration and Approval of Management
Agreements  (continued)
• Information regarding the reputation, regulatory history and resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services, including an assessment of the Investment Manager’s compliance system by the Funds’ Chief Compliance Officer; and
• The profitability to the Investment Manager and its affiliates from their relationships with the Funds.
Nature, extent and quality of services provided under the Management Agreements
The Committee and the Board considered the nature, extent and quality of services provided to the Funds by the Investment Manager and its affiliates under the Management Agreements and under separate agreements for the provision of transfer agency and shareholder services, and the resources dedicated to the Funds and the other Columbia Funds by the Investment Manager and its affiliates. The Committee and the Board considered, among other things, the Investment Manager’s ability to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, and the quality of the Investment Manager’s investment research capabilities and trade execution services. The Committee and the Board also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services.
The Committee and the Board also considered the professional experience and qualifications of the senior personnel of the Investment Manager, which included consideration of the Investment Manager’s experience with funds using an investment strategy similar to that used by the Investment Manager for the Funds. The Committee and the Board noted the compliance programs of and the compliance-related resources provided to the Funds by the Investment Manager and its affiliates and the resources dedicated by the Investment Manager and its affiliates to risk management, and considered the Investment Manager’s ability to provide administrative services to the Funds and coordinate the activities of the Funds’ other service providers. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Funds under the Management Agreements supported the continuation of the Management Agreements.
Investment performance
The Committee and the Board reviewed information about the performance of the Funds over various time periods, including performance information relative to benchmarks, information that compared the performance of the Funds to the performance of a group of comparable mutual funds as determined by the Investment Manager, and information and analysis provided by the independent fee consultant. The Committee and the Board also reviewed a description of the Investment Manager’s methodology for identifying the Funds’ peer groups for purposes of performance and expense comparisons.
The Committee and the Board noted that, through December 31, 2018, Columbia Adaptive Retirement 2020 Fund’s performance was in the fourth percentile, Columbia Adaptive Retirement 2030 Fund’s performance was in the third percentile, Columbia Adaptive Retirement 2040 Fund’s performance was in the fifteenth percentile, Columbia Adaptive Retirement 2050 Fund’s performance was in the thirty-second percentile and Columbia Adaptive Retirement 2060 Fund’s performance was in the thirty-first percentile (where the best performance would be in the first percentile) of its category selected by the Investment Manager for the purposes of performance comparisons for the one-year period. The Committee and the Board noted that, through December 31, 2018 Columbia Adaptive Retirement 2025 Fund’s performance was in the fourth percentile, Columbia Adaptive Retirement 2035 Fund’s performance was in the first percentile, Columbia Adaptive Retirement 2045 Fund’s performance was in the third percentile, Columbia Adaptive Retirement 2055 Fund’s performance was in the third percentile (where the best performance would be in the first percentile) of its category selected by the Investment Manager for the purposes of performance comparisons for the since-inception period.
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Board Consideration and Approval of Management
Agreements  (continued)
The Committee and the Board also considered the Investment Manager’s performance and reputation generally, the Investment Manager’s historical responsiveness to Board concerns about performance, and the Investment Manager’s willingness to take steps intended to improve performance. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager was sufficient, in light of other considerations, to support the continuation of the Management Agreements.
Investment management fee rates and other expenses
The Committee and the Board considered the management fees charged to the Funds under the Management Agreements as well as the total expenses incurred by the Funds. In assessing the reasonableness of the fees under the Management Agreements, the Committee and the Board considered, among other information, each Fund’s total expense ratio as a percentage of average daily net assets. The Committee and the Board considered data provided by the Investment Manager and the independent fee consultant. The Committee and the Board noted that, as of December 31, 2018, Columbia Adaptive Retirement 2020 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2025 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2030 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2035 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2040 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2045 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2050 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2055 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, Columbia Adaptive Retirement 2060 Fund’s actual management fee and net total expense ratio were ranked in the first and second quintiles, respectively, (where the lowest fees and expenses would be in the first quintile) against each Fund’s expense universe as determined by the Investment Manager for purposes of expense comparison. The Committee and the Board also took into account the fee waiver and expense limitation arrangements agreed to by the Investment Manager, as noted above.
The Committee and the Board also received and considered information about the management fees charged by the Investment Manager to institutional accounts. In considering the fees charged to those accounts, the Committee and the Board took into account, among other things, the Investment Manager’s representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for the Investment Manager and the additional resources required to manage mutual funds effectively. The Committee and the Board also received and considered information about the fees charged by the Investment Manager for sub-advisory services it provides to comparable unaffiliated funds. In evaluating the Funds’ management fees, the Committee and the Board also took into account the demands, complexity and quality of the investment management of the Funds.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the management fee rates and expenses of the Funds, in light of other considerations, supported the continuation of the Management Agreements.
Costs of services provided and profitability
The Committee and the Board also took note of the costs the Investment Manager and its affiliates incur in connection with the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Funds, and the efforts undertaken by the Investment Manager and its affiliates to manage efficiently their costs to provide such services.
The Committee and the Board also considered the compensation directly or indirectly received by the Investment Manager’s affiliates in connection with their relationships with the Funds. The Committee and the Board reviewed information provided by management as to the profitability to the Investment Manager and its affiliates of their relationships with the Funds, information about the allocation of expenses used to calculate profitability, and comparisons of profitability levels realized in 2018 to profitability levels realized in 2017. When reviewing profitability, the Committee and the Board also considered court cases in which adviser profitability was an issue in whole or in part, the performance of similarly managed funds, the
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Board Consideration and Approval of Management
Agreements  (continued)
performance of the Funds, and the expense ratios of the Funds. In addition, the Committee and the Board considered information provided by the Investment Manager regarding the Investment Manager’s financial condition and comparing its profitability to that of other asset management firms that are, or are subsidiaries of, publicly traded companies. In this regard, the Committee and the Board also considered data provided by the independent fee consultant.
After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Funds supported the continuation of the Management Agreements.
Economies of scale
The Committee and the Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Funds, to groups of related funds, and to the Investment Manager’s investment advisory clients as a whole, and whether those economies of scale were shared with the Funds through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources.
In considering these matters, the Committee and the Board also considered the costs of the services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Funds, as noted above. After reviewing these and related factors, the Committee and the Board concluded, within the context of their overall conclusions, that the extent to which any economies of scale were expected to be shared with the Funds supported the continuation of the Management Agreements.
Other benefits to the Investment Manager
The Committee and the Board received and considered information regarding “fall-out” or ancillary benefits received by the Investment Manager and its affiliates as a result of their relationships with the Funds, such as the engagement of the Investment Manager’s affiliates to provide transfer agency and shareholder services to the Funds. The Committee and the Board also considered the benefits of research made available to the Investment Manager by reason of brokerage commissions generated by the Funds’ securities transactions, and reviewed information about the Investment Manager’s practices with respect to considering brokerage and research services when allocating portfolio transactions. In this connection, the Board also noted that the amount of research made available to the Investment Manager by reason of brokerage commissions had been declining over time, and may decline further. The Committee and the Board recognized that the Investment Manager’s profitability would be somewhat lower without these benefits.
Conclusion
The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the continuation of the Management Agreements. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreements.
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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-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Funds’ Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-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
  
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.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2019 Columbia Management Investment Advisers, LLC.
SAR295_03_J01_(11/19)

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Item 2.

Code of Ethics.

Not applicable for semiannual reports.

 

Item 3.

Audit Committee Financial Expert.

Not applicable for semiannual reports.

 

Item 4.

Principal Accountant Fees and Services.

Not applicable for semiannual reports.

 

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

 

Item 6.

Investments

 

  (a)

The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

 

  (b)

Not applicable.

 

Item 7.

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

Not applicable.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9.

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

Not applicable.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

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

 

Item 11.

Controls and Procedures.

 

  (a)

The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a

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  date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

  (b)

There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

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

Not applicable.

 

Item 13.

Exhibits.

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

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

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SIGNATURES

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

 

(registrant)                                      Columbia Funds Series Trust I                                                                       
By (Signature and Title)                /s/ Christopher O. Petersen                                                                                              
                                        Christopher O. Petersen, President and Principal Executive Officer
Date                                                 November 22, 2019                                                                                                        

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

 

By (Signature and Title)                /s/ Christopher O. Petersen                                                                                              
                                        Christopher O. Petersen, President and Principal Executive Officer
Date                                                 November 22, 2019                                                                                        
By (Signature and Title)                /s/ Michael G. Clarke                                                                                                      
                                                        Michael G. Clarke, Chief Financial Officer
Date                                                 November 22, 2019                                                                                        

I, Christopher O. Petersen, certify that:

 

1.

I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 22, 2019      

/s/ Christopher O. Petersen

      Christopher O. Petersen, President and Principal Executive Officer

I, Michael G. Clarke, certify that:

 

1.

I have reviewed this report on Form N-CSR of Columbia Funds Series Trust I;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 22, 2019      

/s/ Michael G. Clarke

      Michael G. Clarke, Chief Financial Officer

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the “Trust”) on Form N-CSR for the period ending September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

 

  1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

 

Date: November 22, 2019      

/s/ Christopher O. Petersen

      Christopher O. Petersen, President and Principal Executive Officer
Date: November 22, 2019      

/s/ Michael G. Clarke

      Michael G. Clarke, Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.