Columbia Balanced Fund NCSR Certified annual shareholder report (management investment company)

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: July 31

Date of reporting period: July 31, 2018

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Annual Report
July 31, 2018

CMG Ultra Short Term Bond Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

The year 2017 was an extraordinary year in the financial markets. The S&P 500 Index didn’t experience a single down month and returned over 20%. Continuing this trend, January 2018 marked the fastest start for the index ever. Low volatility, which had been a feature of the U.S. equity market for several years, along with the surge in the S&P 500 Index, drove investor sentiment to very high levels. This arguably set the stage for an overdue correction, which we witnessed in February 2018.

A return to volatility

There have been few periods of market upheaval such as were experienced in the first part of 2018. While investors were taken by surprise by the sudden and pronounced market swings, the return to some level of volatility actually marked a resumption of relatively normal market conditions. Having said that, it’s important to distinguish between a good technical correction where excess enthusiasm in the marketplace is being let out, versus a real change in the underlying fundamentals – things like an underperforming economy or weaker corporate earnings. Our view is that the recent market volatility falls into the former category, and the fundamentals remain strong. We’re continuing to see improvements in global economic activity, and we’re seeing corporate earnings expectations continue to rise – and not just because of tax reform.

Consistency is more important than ever

It’s important to keep in mind that when it comes to long-term investing, it’s the destination, not the journey that matters most. If you have a financial goal that you’ve worked out with your financial advisor, and you have a good asset allocation plan to reach it, it’s a question of sticking with your plan rather than become focused on near-term volatility. Bouts of volatility are normal. After all, it’s hard to cross the ocean without hitting an occasional rough patch. You need to focus on the destination.

One final thought. In weathering volatility, it’s the consistency of the return that is essential. Investors who chase higher returns are usually the first to sell when an investment goes through a bad patch, and they therefore don’t tend to benefit from the recovery. More disciplined investors who perhaps panic less or not at all during periods of volatility, tend to have improved long-term results and are more likely to reach their financial goals. Nothing is more important to us than making sure those who have entrusted us to protect and grow their assets are able to do what matters most to them.

Your success is our priority. Talk to your financial advisor about how working with Columbia Threadneedle Investments may help you position your portfolio for consistent, sustainable outcomes, no matter the market conditions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Past performance is no guarantee of future results.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	16
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	28
Trustees and Officers	29
Board Consideration and Approval of Management Agreement	33
Additional Information	41

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Fund at a Glance

Investment objective

CMG Ultra Short Term Bond Fund (the Fund) seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

Portfolio management

Leonard Aplet, CFA*

Co-Portfolio Manager

Managed Fund since 2012

Gregory Liechty

Co-Portfolio Manager

Managed Fund since 2016

Ronald Stahl, CFA

Co-Portfolio Manager

Managed Fund since 2015

*Mr. Aplet expects to retire, effective December 31, 2018.

Average annual total returns (%) (for the period ended July 31, 2018)
	Inception	1 Year	5 Years	10 Years
CMG Ultra Short Term Bond Fund	03/08/04	1.40	0.85	1.14
Bloomberg Barclays U.S. Short-Term Government/Corporate Index		1.44	0.66	0.79

The Fund commenced operations on November 23, 2009. The returns shown for periods prior to November 23, 2009 are the returns of CMG Ultra Short Term Bond Fund, the predecessor to the Fund and a series of Columbia Funds Institutional Trust. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower. All results shown assume reinvestment of distributions. The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of shares.

The 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/institutional or calling 800.345.6611.

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

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.

2	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $3,000,000 investment (July 31, 2008 — July 31, 2018)

The chart above shows the change in value of a hypothetical $3,000,000 investment in CMG Ultra Short Term Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Portfolio breakdown (%) (at July 31, 2018)
Asset-Backed Securities — Non-Agency	25.3
Commercial Mortgage-Backed Securities - Non-Agency	3.4
Corporate Bonds & Notes	52.3
Foreign Government Obligations	0.6
Money Market Funds	4.0
Residential Mortgage-Backed Securities - Agency	0.0 ^(a)
Residential Mortgage-Backed Securities - Non-Agency	0.2
U.S. Government & Agency Obligations	7.1
U.S. Treasury Obligations	7.1
Total	100.0

(a)	Rounds to zero.

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

Quality breakdown (%) (at July 31, 2018)
AAA rating	42.8
AA rating	12.4
A rating	25.6
BBB rating	19.2
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds and derivatives, if any).

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended July 31, 2018, CMG Ultra Short Term Bond Fund returned 1.40%. The Fund slightly underperformed its benchmark, the Bloomberg Barclays U.S. Short-Term Government/Corporate Index, which returned 1.44% for the same period. Fees generally accounted for the Fund’s modest shortfall relative to the benchmark. An overweight in securitized and corporate securities aided performance as both outperformed similar-duration Treasuries. Positions in floating rate securities also benefited results, as the Federal Reserve (the Fed) raised its short-term target rate three times during the period.

Stocks rose, bonds fell as economy strengthened

In a 12-month period marked by political tumult and rising tensions with North Korea, Russia and Iran, investors focused on domestic issues, namely prospects for stronger economic growth and lower taxes. Equity markets moved higher over the 12-month period ended July 31, 2018. The S&P 500 Index, a broad-based measure of U.S. equity returns, gained 16.24%. Rising interest rates left most of the fixed-income market in the red but bolstered returns for short-term securities.

Economic growth picked up, powered by a massive infusion of fiscal stimulus. Strong job growth led unemployment down to 3.8%. Solid manufacturing activity, healthy consumer spending and modestly higher wage growth rounded out the positive news. Against this backdrop, most segments of the U.S. short-term bond market delivered excess returns relative to similar-duration Treasuries.

The Fed raised the target range on its key short-term interest rate, the federal funds rate, three times during the period, ending with a June 2018 rate hike to 1.75%-2.00%, citing solid job growth and the achievement of its 2.0% inflation target. After rising above 3.0% in mid-May, the yield on the 10-year U.S. Treasury ended the period at 2.96%. The yield curve flattened, as yields in the one- to three-year range rose more than shorter or longer term yields. Still-low inflation and a late second quarter flight to quality held rates down at the long end of the curve.

Contributors and detractors

An underweight in Treasury securities contributed to Fund performance, as most short-term spread sectors produced excess returns relative to similar maturing Treasury securities. An overweight in both corporates and asset-backed securities (ABS), the latter of which accounted for approximately 28% of Fund holdings, were the largest contributors, although their performance did not match the prior reporting period. The Bloomberg Barclays Short-Term Corporate Index outperformed similar-duration Treasuries by 42 basis points. The media, natural gas, and REIT subsectors were some of the larger contributors. The Bloomberg Barclays Asset-Backed Securities (ABS) AAA Index outperformed similar duration Treasuries by 32 basis points during the 12-month period. An overweight in BBB rated credits was also a plus for the Fund, as lower rated credits outperformed.

U.S. government securities (U.S. Treasuries and agency securities) accounted for approximately 14% of Fund holdings and were the most significant detractor from Fund performance. As investors sought to add yield in the low-rate environment, almost all spread products outperformed similar duration U.S. government securities. A smaller allocation to government securities would have boosted Fund performance but would have compromised the Fund’s diversification.

Fund strategy

The Fund is managed with a focus on seeking a high level of current income, consistent with the maintenance of liquidity and the preservation of capital. We take a conservative approach and apply it in an effort to achieve superior risk-adjusted returns. The portfolio managers and analysts perform in-depth qualitative and quantitative assessments of individual issues and issuers in seeking to build a highly diversified portfolio. Ongoing monitoring and risk management is a valued part of the investment process.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment

4	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance (continued)

opportunities and potential returns. Investing in derivatives is a specialized activity involves special risks, which may result in significant losses. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund. See the Fund’s prospectus for more information on these and other risks.

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which may include redemption fees. There are also ongoing 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.

February 1, 2018 — July 31, 2018
	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
CMG Ultra Short Term Bond Fund	1,000.00	1,000.00	1,009.30	1,023.55	1.25	1.25	0.25

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

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.

6	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments
July 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities — Non-Agency 25.2%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
AccessLex Institute^(a)
Series 2005-1 Class A3
3-month USD LIBOR + 0.150% 06/22/2022	2.482%	750,676	750,572
Ally Auto Receivables Trust
Series 20 16-3 Class A4
04/15/2021	1.720%	3,750,000	3,708,496
American Credit Acceptance Receivables Trust^(b)
Series 2017-2 Class A
07/13/2020	1.840%	177,747	177,715
Series 2017-3 Class A
03/10/2020	1.820%	766,076	765,680
Series 2017-4 Class A
07/10/2020	2.000%	1,439,227	1,436,380
AmeriCredit Automobile Receivables Trust
Series 2017-2 Class A2A
09/18/2020	1.650%	994,640	991,858
Series 2017-3 Class A2A
12/18/2020	1.690%	2,486,511	2,476,345
ARI Fleet Lease Trust^(b)
Series 2016-A Class A2
07/15/2024	1.820%	852,558	851,686
Ascentium Equipment Receivables Trust^(b)
Series 2017-1A Class A2
07/10/2019	1.870%	1,396,014	1,393,450
Series 2017-2A Class A2
05/11/2020	2.000%	7,000,000	6,958,562
Avis Budget Rental Car Funding AESOP LLC^(b)
Series 2013-1A Class A
09/20/2019	1.920%	1,936,000	1,933,910
CarMax Auto Owner Trust
Series 2015-3 Class A3
05/15/2020	1.630%	1,090,671	1,087,761
Series 2016-4 Class A2
11/15/2019	1.210%	150,358	150,290
Series 2017-3 Class A2A
09/15/2020	1.640%	2,988,071	2,976,135
CCG Receivables Trust^(b)
Series 20 18-1 Class A2
06/16/2025	2.500%	1,500,000	1,491,561
Series 2017-1 Class A2
11/14/2023	1.840%	3,701,136	3,669,856
Chesapeake Funding II LLC^(b)
Series 2016-1A Class A1
03/15/2028	2.110%	5,070,694	5,051,854

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016-2A Class A1
06/15/2028	1.880%	4,274,568	4,253,405
Series 2017-3A Class A1
08/15/2029	1.910%	6,807,378	6,722,043
Series 2017-4A Class A1
11/15/2029	2.120%	5,892,373	5,813,279
Chesapeake Funding II LLC^(a),(b)
Series 2017-2A Class A2
1-month USD LIBOR + 0.450% 05/15/2029	2.522%	5,450,189	5,458,814
CNH Equipment Trust
Series 20 16-C Class A3
12/15/2021	1.440%	7,085,000	6,987,908
Series 2015-B Class A3
07/15/2020	1.370%	538,675	537,242
Series 2016-C Class A2
02/18/2020	1.260%	618,733	618,250
DLL Securitization Trust^(b)
Series 2017-A Class A2
07/15/2020	1.890%	3,677,092	3,662,495
Drive Auto Receivables Trust
Series 2018-2 Class A1
05/15/2019	2.450%	5,093,424	5,093,745
DT Auto Owner Trust^(b)
Series 2017-2A Class A
05/15/2020	1.720%	208,863	208,791
Series 2017-3A Class A
08/17/2020	1.730%	1,418,195	1,415,603
Series 2018-2A Class A
09/15/2021	2.840%	4,647,242	4,643,413
Enterprise Fleet Financing LLC^(b)
Series 2016-2 Class A2
02/22/2022	1.740%	1,478,342	1,471,043
Series 2017-1 Class A2
07/20/2022	2.130%	2,630,839	2,615,082
Series 2017-3 Class A2
05/22/2023	2.130%	3,200,000	3,167,768
Exeter Automobile Receivables Trust^(b)
Series 2016-3A Class A
11/16/2020	1.840%	426,097	425,421
Series 2017-3A Class A
12/15/2021	2.050%	1,923,387	1,914,977
Series 2018-1A Class A
05/17/2021	2.210%	2,664,958	2,656,423

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Fifth Third Auto Trust
Series 2017-1 Class A4
07/15/2024	2.030%	5,500,000	5,361,924
First Investors Auto Owner Trust^(b)
Series 2015-1A Class A3
11/16/2020	1.710%	38,047	38,030
Series 2017-1A Class A1
04/15/2021	1.690%	575,302	573,325
Series 2017-2A Class A1
10/15/2021	1.860%	2,270,045	2,259,230
Ford Credit Auto Owner Trust^(b)
Series 2015-1 Class A
07/15/2026	2.120%	5,750,000	5,671,559
GM Financial Automobile Leasing Trust
Series 2016-3 Class A3
12/20/2019	1.610%	2,626,699	2,616,938
GreatAmerica Leasing Receivables Funding LLC^(b)
Series 20 18-1 Class A2
05/15/2020	2.350%	1,613,000	1,609,162
Series 2017-1 Class A2
04/22/2019	1.720%	902,227	901,253
Hertz Fleet Lease Funding LP^(a),(b)
Series 2015-1 Class A
1-month USD LIBOR + 0.570% 07/10/2029	2.656%	1,368,602	1,368,687
Series 2016-1 Class A1
1-month USD LIBOR + 1.100% 04/10/2030	3.186%	3,834,790	3,847,196
Series 2017-1 Class A1
1-month USD LIBOR + 0.650% 04/10/2031	2.736%	8,234,829	8,243,203
Hertz Fleet Lease Funding LP^(b)
Series 2016-1 Class A2
04/10/2030	1.960%	3,615,394	3,602,055
Hertz Vehicle Financing LLC^(b)
Series 2013-1A Class A2
08/25/2019	1.830%	1,000,000	999,345
Honda Auto Receivables Owner Trust
Series 2017-4 Class A2
01/21/2020	1.800%	989,159	986,055
Huntington Auto Trust
Series 2016-1 Class A3
11/16/2020	1.590%	12,211,622	12,150,214
Hyundai Auto Lease Securitization Trust^(b)
Series 2017-A Class A2A
07/15/2019	1.560%	603,385	602,878
Hyundai Floorplan Master Owner Trust^(b)
Series 2016-1A Class A2
03/15/2021	1.810%	4,000,000	3,977,961

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
John Deere Owner Trust
Series 20 16-A Class A4
01/17/2023	1.640%	985,000	975,372
Series 2017-B Class A2A
04/15/2020	1.590%	1,794,449	1,788,129
Kubota Credit Owner Trust^(b)
Series 20 18-1A Class A2
02/16/2021	2.800%	3,300,000	3,295,285
MMAF Equipment Finance LLC^(b)
Series 2017-B Class A2
10/15/2020	1.930%	3,550,000	3,528,386
Series 2018-A Class A1
06/10/2019	2.400%	6,142,096	6,141,579
Navient Private Education Refi Loan Trust^(b)
Series 2018-A Class A1
02/18/2042	2.530%	3,364,434	3,336,510
Navitas Equipment Receivables LLC^(b)
Series 2016-1 Class A2
06/15/2021	2.200%	4,160,039	4,150,746
New York City Tax Lien Trust^(b)
Series 2016-A Class A
11/10/2029	1.470%	154,459	153,209
Series 2017-A Class A
11/10/2030	1.870%	3,511,358	3,467,079
Nissan Auto Lease Trust
Series 2017-A Class A3
04/15/2020	1.910%	2,742,000	2,721,006
Nissan Master Owner Trust Receivables^(a)
Series 2017-A Class A
1-month USD LIBOR + 0.310% 04/15/2021	2.382%	9,250,000	9,257,293
Prestige Auto Receivables Trust^(b)
Series 2016-1A Class A3
06/15/2020	1.990%	1,291,657	1,290,380
Prosper Marketplace Issuance Trust^(b)
Series 2018-1A Class A
06/17/2024	3.110%	5,928,966	5,924,906
SCF Equipment Leasing LLC^(b)
Series 2018-1A Class A1
04/20/2021	2.810%	5,911,251	5,910,216
Securitized Term Auto Receivables Trust^(b)
Series 2017-2A Class A2A
01/27/2020	1.775%	3,353,000	3,340,235
SLM Student Loan Trust^(a),(b)
Series 2004-8A Class A5
3-month USD LIBOR + 0.500% 04/25/2024	2.835%	4,828,670	4,838,905

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

8	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
SoFi Consumer Loan Program LLC^(b)
Series 2017-4 Class A
05/26/2026	2.500%	2,790,998	2,751,505
SoFi Consumer Loan Program Trust^(b)
Series 2018-1 Class A1
02/25/2027	2.550%	1,686,945	1,679,529
SoFi Professional Loan Program LLC^(b)
Series 2016-C Class A2A
05/26/2031	1.480%	946,372	943,373
Series 2017-C Class A2A
07/25/2040	1.750%	1,738,666	1,723,388
Series 2017-F Class A1FX
01/25/2041	2.050%	2,717,744	2,691,481
Series 2018-A Class A2A
02/25/2042	2.390%	3,091,049	3,066,307
TCF Auto Receivables Owner Trust^(b)
Series 2016-PT1A Class A
06/15/2022	1.930%	4,287,341	4,243,267
United Auto Credit Securitization Trust^(b)
Series 2018-1 Class A
04/10/2020	2.260%	4,574,190	4,566,751
Verizon Owner Trust^(b)
Series 2016-1A Class A
01/20/2021	1.420%	7,654,000	7,612,134
Series 2016-2A Class A
05/20/2021	1.680%	10,210,000	10,107,270
Volvo Financial Equipment LLC^(b)
Series 20 18-1A Class A2
09/15/2020	2.260%	3,000,000	2,990,224
Series 2017-1A Class A2
10/15/2019	1.550%	2,142,451	2,138,283
Volvo Financial Equipment Master Owner Trust^(a),(b)
Series 2017-A Class A
1-month USD LIBOR + 0.500% 11/15/2022	2.572%	2,750,000	2,753,787
Wachovia Student Loan Trust^(a)
Series 2005-1 Class A5
3-month USD LIBOR + 0.130% 01/26/2026	2.465%	2,917,711	2,916,272
Westlake Automobile Receivables Trust^(b)
Series 2016-3A Class A2
10/15/2019	1.420%	39,142	39,127
Series 2017-1A Class A2
04/15/2020	1.780%	2,526,355	2,523,904
Series 2017-2A Class A2A
07/15/2020	1.800%	5,496,161	5,481,208
Series 2018-1A Class A2A
12/15/2020	2.240%	4,122,482	4,110,393

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Wheels SPV 2 LLC^(b)
Series 2018-1A Class A2
04/20/2027	3.060%	1,100,000	1,099,906
World Omni Auto Receivables Trust
Series 2017-A Class A3
09/15/2022	1.930%	6,000,000	5,930,005
World Omni Automobile Lease Securitization Trust
Series 20 18-A Class A2
11/16/2020	2.590%	4,500,000	4,490,127
Series 2016-A Class A3
08/15/2019	1.450%	697,730	695,603
Series 2017-A Class A2
12/16/2019	1.680%	1,539,057	1,534,408
Total Asset-Backed Securities — Non-Agency (Cost $285,628,199)			284,554,316

Commercial Mortgage-Backed Securities - Non-Agency 3.4%

CFCRE Commercial Mortgage Trust
Series 2016-C4 Class A1
05/10/2058	1.501%	1,832,466	1,795,656
Commercial Mortgage Trust
Series 2013-CR10 Class A2
08/10/2046	2.972%	798,433	798,052
Series 2013-LC13 Class A2
08/10/2046	3.009%	282,675	282,505
Series 2014-CR15 Class A2
02/10/2047	2.928%	5,242,154	5,242,260
Series 2014-CR19 Class A1
08/10/2047	1.415%	4,080,303	4,058,002
Series 2014-CR20 Class A1
11/10/2047	1.324%	3,846,127	3,816,151
GS Mortgage Securities Corp. II
Series 2015-GC30 Class A1
05/10/2050	1.439%	3,277,250	3,238,784
Home Partners of America Trust^(a),(b)
Series 2018-1 Class A
1-month USD LIBOR + 0.900% 07/17/2037	2.982%	5,451,460	5,448,315
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12 Class A2
07/15/2045	2.424%	296,153	295,837
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 Class A1
08/15/2047	1.551%	27,362	27,334
UBS Commercial Mortgage Trust
Series 2012-C1 Class AAB
05/10/2045	3.002%	7,410,357	7,393,117

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
WFRBS Commercial Mortgage Trust
Series 2012-C8 Class ASB
08/15/2045	2.559%	5,951,785	5,903,782
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $38,539,909)			38,299,795

Corporate Bonds & Notes 52.1%

Aerospace & Defense 1.2%
BAE Systems Holdings, Inc.^(b)
06/01/2019	6.375%	6,000,000	6,167,064
Lockheed Martin Corp.
11/23/2018	1.850%	7,000,000	6,986,805
Total			13,153,869
Automotive 1.8%
Daimler Finance North America LLC^(a),(b)
3-month USD LIBOR + 0.250% 11/05/2018	2.613%	5,000,000	5,002,735
Ford Motor Credit Co. LLC
10/05/2018	2.551%	9,435,000	9,434,330
Toyota Motor Credit Corp.
10/18/2019	1.550%	5,580,000	5,494,169
Total			19,931,234
Banking 16.6%
American Express Credit Corp.^(a)
3-month USD LIBOR + 0.550% 03/18/2019	2.885%	6,000,000	6,016,770
Australia & New Zealand Banking Group Ltd.^(a),(b)
3-month USD LIBOR + 0.660% 09/23/2019	2.995%	5,000,000	5,030,470
Bank of America Corp.^(a)
3-month USD LIBOR + 0.870% 04/01/2019	3.207%	10,000,000	10,054,330
Bank of Montreal^(a)
3-month USD LIBOR + 0.600% 12/12/2019	2.671%	5,000,000	5,027,385
Bank of New York Mellon Corp. (The)
05/15/2019	2.200%	6,000,000	5,980,362
Bank of Nova Scotia (The)^(a)
3-month USD LIBOR + 0.390% 07/14/2020	2.729%	6,000,000	6,015,648
Barclays Bank PLC
02/20/2019	2.500%	6,200,000	6,188,642
BB&T Corp.^(a)
3-month USD LIBOR + 0.660% 02/01/2019	3.003%	5,000,000	5,012,340

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Capital One NA^(a)
3-month USD LIBOR + 0.765% 09/13/2019	3.098%	6,085,000	6,114,829
Citigroup Inc.^(a)
3-month USD LIBOR + 0.790% 01/10/2020	3.121%	9,000,000	9,063,117
Commonwealth Bank of Australia
09/06/2019	2.300%	5,000,000	4,961,730
Cooperatieve Rabobank UA
01/14/2019	2.250%	5,000,000	4,989,800
Credit Suisse AG
05/28/2019	2.300%	6,000,000	5,977,074
Discover Bank
11/13/2018	2.600%	5,000,000	4,998,065
Fifth Third Bancorp
04/25/2019	2.375%	5,000,000	4,987,505
Goldman Sachs Group, Inc. (The)^(a)
3-month USD LIBOR + 1.160% 04/23/2020	3.507%	9,000,000	9,113,697
HSBC USA, Inc.
08/07/2018	2.000%	5,000,000	4,999,599
ING Bank NV^(a),(b)
3-month USD LIBOR + 1.130% 03/22/2019	3.462%	6,000,000	6,038,466
JPMorgan Chase & Co.^(a)
3-month USD LIBOR + 0.840% 03/22/2019	3.172%	7,000,000	7,028,707
KeyCorp
12/13/2018	2.300%	5,000,000	4,997,635
Lloyds Bank PLC
11/27/2018	2.300%	5,000,000	4,996,305
M&T Bank Corp.
07/25/2019	2.250%	4,000,000	3,980,952
Morgan Stanley^(a)
3-month USD LIBOR + 0.850% 01/24/2019	3.192%	7,000,000	7,021,910
PNC Bank NA^(a)
3-month USD LIBOR + 0.400% 12/07/2018	2.719%	7,000,000	7,008,897
Royal Bank of Canada^(a)
3-month USD LIBOR + 0.710% 04/15/2019	3.049%	7,000,000	7,033,544
SunTrust Banks, Inc.
05/01/2019	2.500%	5,164,000	5,156,827
Toronto-Dominion Bank (The)^(a)
3-month USD LIBOR + 0.840% 01/22/2019	3.202%	6,974,000	6,999,204

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

10	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
US Bank NA^(a)
3-month USD LIBOR + 0.250% 07/24/2020	2.597%	7,000,000	7,005,299
Wells Fargo & Co.^(a)
3-month USD LIBOR + 0.880% 07/22/2020	3.227%	8,000,000	8,089,560
Westpac Banking Corp.^(a)
3-month USD LIBOR + 0.430% 03/06/2020	2.744%	6,885,000	6,904,925
Total			186,793,594
Cable and Satellite 1.0%
NBCUniversal Enterprise, Inc.^(b)
04/15/2019	1.974%	5,735,000	5,705,390
Sky PLC^(b)
09/16/2019	2.625%	5,000,000	4,961,715
Total			10,667,105
Chemicals 0.6%
LyondellBasell Industries NV
04/15/2019	5.000%	7,000,000	7,058,709
Construction Machinery 1.3%
Caterpillar Financial Services^(a)
3-month USD LIBOR + 0.510% 01/10/2020	2.841%	8,000,000	8,043,120
John Deere Capital Corp.^(a)
3-month USD LIBOR + 0.180% 01/07/2020	2.556%	7,000,000	7,006,545
Total			15,049,665
Diversified Manufacturing 1.4%
General Electric Capital Corp.^(a)
3-month USD LIBOR + 0.620% 01/09/2020	2.959%	8,473,000	8,507,629
Honeywell International, Inc.^(a)
3-month USD LIBOR + 0.280% 10/30/2019	2.619%	1,875,000	1,880,306
United Technologies Corp.^(a)
3-month USD LIBOR + 0.350% 11/01/2019	2.693%	5,000,000	5,013,170
Total			15,401,105
Electric 3.3%
Dominion Energy, Inc.
08/15/2019	1.600%	5,000,000	4,928,660
Duke Energy Florida LLC
04/01/2020	4.550%	4,814,000	4,922,936
MidAmerican Energy Co.
03/15/2019	2.400%	6,500,000	6,490,380

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
National Rural Utilities Cooperative Finance Corp.
11/01/2019	1.500%	2,500,000	2,455,345
NextEra Energy Capital Holdings, Inc.
04/01/2019	2.300%	2,153,000	2,145,451
NextEra Energy Capital Holdings, Inc.^(a)
3-month USD LIBOR + 0.315% 09/03/2019	2.372%	4,755,000	4,763,954
Pacific Gas & Electric Co.^(a)
3-month USD LIBOR + 0.230% 11/28/2018	2.214%	6,000,000	5,983,134
Southern Power Co.
12/15/2019	1.950%	6,000,000	5,905,884
Total			37,595,744
Food and Beverage 2.7%
Anheuser-Busch InBev Finance, Inc.^(a)
3-month USD LIBOR + 0.400% 02/01/2019	2.743%	6,152,000	6,161,197
Diageo Capital PLC^(a)
3-month USD LIBOR + 0.240% 05/18/2020	2.566%	6,000,000	6,006,630
Kraft Heinz Foods Co.
02/10/2020	5.375%	5,298,000	5,478,259
Molson Coors Brewing Co.
03/15/2019	1.900%	6,000,000	5,970,336
PepsiCo, Inc.^(a)
3-month USD LIBOR + 0.040% 05/02/2019	2.403%	7,000,000	7,000,273
Total			30,616,695
Health Care 1.9%
Cardinal Health, Inc.
06/14/2019	1.948%	6,000,000	5,955,582
Express Scripts Holding Co.
06/15/2019	2.250%	5,000,000	4,971,050
McKesson Corp.
03/15/2019	2.284%	5,600,000	5,587,451
Medtronic, Inc.^(a)
3-month USD LIBOR + 0.800% 03/15/2020	3.141%	5,000,000	5,050,925
Total			21,565,008
Healthcare Insurance 1.6%
Aetna, Inc.
03/15/2019	2.200%	5,821,000	5,796,150
Anthem, Inc.
08/15/2019	2.250%	6,500,000	6,452,849

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
UnitedHealth Group, Inc.
03/15/2019	1.625%	6,000,000	5,961,204
Total			18,210,203
Integrated Energy 1.7%
BP Capital Markets PLC
05/03/2019	1.676%	8,000,000	7,941,336
Chevron Corp.^(a)
3-month USD LIBOR + 0.210% 03/03/2020	2.531%	5,640,000	5,654,557
Total Capital S.A.
08/10/2018	2.125%	5,082,000	5,081,567
Total			18,677,460
Life Insurance 2.3%
American International Group, Inc.
07/16/2019	2.300%	6,000,000	5,974,392
Metropolitan Life Global Funding I^(a),(b)
3-month USD LIBOR + 0.220% 09/19/2019	2.546%	6,000,000	6,009,360
New York Life Global Funding^(b)
01/02/2019	2.100%	1,415,000	1,412,726
Pricoa Global Funding I^(b)
09/21/2018	1.900%	7,000,000	6,993,901
Principal Life Global Funding II^(b)
01/10/2020	2.150%	6,000,000	5,919,924
Total			26,310,303
Media and Entertainment 1.0%
Discovery Communications LLC^(a)
3-month USD LIBOR + 0.710% 09/20/2019	3.035%	6,000,000	6,029,742
Thomson Reuters Corp.
10/15/2019	4.700%	4,806,000	4,887,318
Total			10,917,060
Midstream 1.5%
Enterprise Products Operating LLC
10/15/2019	2.550%	6,000,000	5,965,440
Kinder Morgan, Inc.
12/01/2019	3.050%	5,394,000	5,390,564
TransCanada PipeLines Ltd.
01/15/2019	3.125%	5,600,000	5,610,052
Total			16,966,056
Natural Gas 0.6%
Sempra Energy^(a)
3-month USD LIBOR + 0.250% 07/15/2019	2.589%	7,000,000	7,002,303

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pharmaceuticals 2.9%
AbbVie, Inc.
11/06/2018	2.000%	3,750,000	3,745,170
Allergan Funding SCS
06/15/2019	2.450%	6,092,000	6,064,336
Amgen, Inc.^(a)
3-month USD LIBOR + 0.320% 05/10/2019	2.673%	6,000,000	6,010,332
Gilead Sciences, Inc.
09/04/2018	1.850%	7,000,000	6,995,369
Merck & Co., Inc.^(a)
3-month USD LIBOR + 0.375% 02/10/2020	2.728%	1,570,000	1,578,051
Roche Holdings, Inc.^(a),(b)
3-month USD LIBOR + 0.340% 09/30/2019	2.674%	3,400,000	3,411,638
Shire Acquisitions Investments Ireland DAC
09/23/2019	1.900%	5,000,000	4,932,585
Total			32,737,481
Property & Casualty 1.2%
Berkshire Hathaway Finance Corp.^(a)
3-month USD LIBOR + 0.250% 01/11/2019	2.583%	7,000,000	7,008,904
Hartford Financial Services Group, Inc. (The)
01/15/2019	6.000%	5,875,000	5,961,686
Total			12,970,590
Retail REIT 0.4%
Simon Property Group LP
02/01/2019	2.200%	5,000,000	4,990,345
Retailers 1.5%
Lowe’s Companies, Inc.^(a)
3-month USD LIBOR + 0.600% 09/14/2018	2.936%	6,000,000	6,005,090
Target Corp.
06/26/2019	2.300%	5,000,000	4,985,015
Walmart, Inc.
10/09/2019	1.750%	5,715,000	5,652,758
Total			16,642,863
Technology 3.2%
Apple, Inc.^(a)
3-month USD LIBOR + 0.140% 08/02/2019	2.503%	10,000,000	10,012,620
Cisco Systems, Inc.^(a)
3-month USD LIBOR + 0.500% 03/01/2019	2.800%	8,000,000	8,023,800

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

12	CMG Ultra Short Term Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
IBM Credit LLC
09/06/2019	1.625%	7,000,000	6,915,608
Oracle Corp.^(a)
3-month USD LIBOR + 0.580% 01/15/2019	2.919%	8,000,000	8,021,592
QUALCOMM, Inc.^(a)
3-month USD LIBOR + 0.550% 05/20/2020	2.881%	3,347,000	3,359,906
Total			36,333,526
Transportation Services 0.4%
ERAC U.S.A. Finance LLC^(b)
10/15/2019	2.350%	5,000,000	4,953,655
Wirelines 2.0%
AT&T, Inc.
03/11/2019	2.300%	9,000,000	8,974,890
Deutsche Telekom International Finance BV
08/20/2018	6.750%	6,000,000	6,012,411
Orange SA
02/06/2019	2.750%	6,000,000	5,996,574
Verizon Communications, Inc.^(a)
3-month USD LIBOR + 1.750% 09/14/2018	3.857%	760,000	761,672
3-month USD LIBOR + 0.770% 06/17/2019	3.105%	925,000	930,388
Total			22,675,935
Total Corporate Bonds & Notes (Cost $587,434,223)			587,220,508

Foreign Government Obligations 0.6%

Canada 0.6%
Province of Ontario
01/18/2019	1.625%	7,000,000	6,973,323
Total Foreign Government Obligations (Cost $6,998,810)			6,973,323

Residential Mortgage-Backed Securities - Agency 0.0%

Federal Home Loan Mortgage Corp.^(a)
1-year CMT + 2.255% 02/01/2036	3.627%	143,819	151,949
Federal National Mortgage Association^(a)
12-month USD LIBOR + 2.130% 03/01/2034	4.255%	127,981	130,099
Total Residential Mortgage-Backed Securities - Agency (Cost $270,711)			282,048

Residential Mortgage-Backed Securities - Non-Agency 0.2%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
COLT Mortgage Loan Trust^(b),(c)
CMO Series 2016-2 Class A1
09/25/2046	2.750%	1,231,338	1,226,771
Mill City Mortgage Trust^(b)
CMO Series 2015-2 Class A1
09/25/2057	3.000%	808,779	806,989
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $2,044,393)			2,033,760

U.S. Government & Agency Obligations 7.1%

Federal Farm Credit Banks^(a)
1-month USD LIBOR + 0.050% 02/21/2020	2.131%	61,465,000	61,531,321
Federal Home Loan Banks
03/18/2019	1.375%	9,575,000	9,520,662
Federal Home Loan Mortgage Corp.
05/30/2019	1.750%	8,500,000	8,454,006
Total U.S. Government & Agency Obligations (Cost $79,444,212)			79,505,989

U.S. Treasury Obligations 7.0%

U.S. Treasury
08/31/2018	1.500%	32,725,000	32,713,308
11/30/2018	1.250%	35,425,000	35,325,453
07/31/2019	1.625%	11,350,000	11,256,849
Total U.S. Treasury Obligations (Cost $79,328,073)			79,295,610

Money Market Funds 3.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.035%^(d),(e)	44,442,065	44,437,621
Total Money Market Funds (Cost $44,437,621)		44,437,621
Total Investments in Securities (Cost: $1,124,126,151)		1,122,602,970
Other Assets & Liabilities, Net		5,472,682
Net Assets		1,128,075,652

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

CMG Ultra Short Term Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Notes to Portfolio of Investments

(a)	Variable rate security. The interest rate shown was the current rate as of July 31, 2018.
(b)	Represents privately placed and other securities and instruments exempt from SEC 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 July 31, 2018, the value of these securities amounted to $276,841,487, which represents 24.54% of net assets.
(c)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2018.
(d)	The rate shown is the seven-day current annualized yield at July 31, 2018.
(e)	As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended July 31, 2018 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, 2.035%
	60,146,968	992,164,895	(1,007,869,798)	44,442,065	7,458	(6,015)	744,903	44,437,621

Abbreviation Legend

CMO	Collateralized Mortgage Obligation

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.

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 Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

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

14	CMG Ultra Short Term Bond Fund \| Annual Report 2018

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Portfolio of Investments (continued)
July 31, 2018

Fair value measurements (continued)
additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Asset-Backed Securities — Non-Agency	—	284,554,316	—	—	284,554,316
Commercial Mortgage-Backed Securities - Non-Agency	—	38,299,795	—	—	38,299,795
Corporate Bonds & Notes	—	587,220,508	—	—	587,220,508
Foreign Government Obligations	—	6,973,323	—	—	6,973,323
Residential Mortgage-Backed Securities - Agency	—	282,048	—	—	282,048
Residential Mortgage-Backed Securities - Non-Agency	—	2,033,760	—	—	2,033,760
U.S. Government & Agency Obligations	—	79,505,989	—	—	79,505,989
U.S. Treasury Obligations	79,295,610	—	—	—	79,295,610
Money Market Funds	—	—	—	44,437,621	44,437,621
Total Investments in Securities	79,295,610	998,869,739	—	44,437,621	1,122,602,970

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.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

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

Transfers In		Transfers Out
Level 2 ($)	Level 3 ($)	Level 2 ($)	Level 3 ($)
8,299,655	—	—	8,299,655

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

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Statement of Assets and Liabilities
July 31, 2018

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,079,688,530)	$1,078,165,349
Affiliated issuers (cost $44,437,621)	44,437,621
Receivable for:
Investments sold	4,041,008
Capital shares sold	300,043
Dividends	73,757
Interest	3,960,954
Foreign tax reclaims	15,294
Expense reimbursement due from Investment Manager	188
Trustees’ deferred compensation plan	94,176
Total assets	1,131,088,390
Liabilities
Payable for:
Capital shares purchased	924,400
Distributions to shareholders	1,953,072
Management services fees	7,748
Other expenses	33,342
Trustees’ deferred compensation plan	94,176
Total liabilities	3,012,738
Net assets applicable to outstanding capital stock	$1,128,075,652
Represented by
Paid in capital	1,152,262,669
Undistributed net investment income	111,309
Accumulated net realized loss	(22,775,145)
Unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	(1,523,181)
Total - representing net assets applicable to outstanding capital stock	$1,128,075,652
Shares outstanding	125,320,164
Net asset value per share	9.00

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

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Statement of Operations
Year Ended July 31, 2018

Net investment income
Income:
Dividends — affiliated issuers	$744,903
Interest	24,215,560
Interfund lending	651
Total income	24,961,114
Expenses:
Management services fees	3,448,775
Compensation of board members	38,196
Audit fees	33,132
Legal fees	6,379
Total expenses	3,526,482
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(77,707)
Total net expenses	3,448,775
Net investment income	21,512,339
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	669,323
Investments — affiliated issuers	7,458
Net realized gain	676,781
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(2,923,495)
Investments — affiliated issuers	(6,015)
Net change in unrealized appreciation (depreciation)	(2,929,510)
Net realized and unrealized loss	(2,252,729)
Net increase in net assets resulting from operations	$19,259,610

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

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Statement of Changes in Net Assets

	Year Ended July 31, 2018	Year Ended July 31, 2017
Operations
Net investment income	$21,512,339	$18,678,447
Net realized gain	676,781	1,703,279
Net change in unrealized appreciation (depreciation)	(2,929,510)	(166,208)
Net increase in net assets resulting from operations	19,259,610	20,215,518
Distributions to shareholders
Net investment income	(21,812,017)	(18,609,464)
Total distributions to shareholders	(21,812,017)	(18,609,464)
Increase (decrease) in net assets from capital stock activity	(604,400,478)	261,062,137
Total increase (decrease) in net assets	(606,952,885)	262,668,191
Net assets at beginning of year	1,735,028,537	1,472,360,346
Net assets at end of year	$1,128,075,652	$1,735,028,537
Undistributed net investment income	$111,309	$224,004

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity

Subscriptions	41,832,597	376,869,925	169,147,941	1,523,749,110
Distributions reinvested	294,923	2,655,532	157,217	1,416,563
Redemptions	(109,224,275)	(983,925,935)	(140,309,938)	(1,264,103,536)
Total net increase (decrease)	(67,096,755)	(604,400,478)	28,995,220	261,062,137

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.

	Year Ended July 31,
	2018	2017	2016	2015	2014
Per share data
Net asset value, beginning of period	$9.02	$9.01	$9.00	$9.00	$8.99
Income from investment operations:
Net investment income	0.14	0.10	0.06	0.03	0.04
Net realized and unrealized gain (loss)	(0.01)	0.01	0.01	(0.00) ^(a)	0.01
Total from investment operations	0.13	0.11	0.07	0.03	0.05
Less distributions to shareholders from:
Net investment income	(0.15)	(0.10)	(0.06)	(0.03)	(0.04)
Total distributions to shareholders	(0.15)	(0.10)	(0.06)	(0.03)	(0.04)
Net asset value, end of period	$9.00	$9.02	$9.01	$9.00	$9.00
Total return	1.40%	1.19%	0.77%	0.37%	0.52%
Ratios to average net assets
Total gross expenses^(b)	0.26%	0.26%	0.26%	0.26%	0.26%
Total net expenses^(b),(c)	0.25%	0.25%	0.25%	0.25%	0.25%
Net investment income	1.56%	1.08%	0.65%	0.37%	0.40%
Supplemental data
Portfolio turnover	66%	111%	82%	62%	68%
Net assets, end of period (in thousands)	$1,128,076	$1,735,029	$1,472,360	$1,519,180	$1,792,626

Notes to Financial Highlights
(a)	Rounds to zero.
(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)	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
July 31, 2018

Note 1. Organization

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

Shares of the Fund are available for purchase by institutional entities, including corporations, partnerships, trusts, foundations, endowments, affiliated funds, government entities or other similar organizations, and to certain qualifying advisory clients of Bank of America. Please see the Fund’s prospectus for further details, including applicable investment minimums.

Fund shares

The Trust may issue an unlimited number of shares (without par value), which are offered continuously at net asset value.

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.

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

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

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

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

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Notes to Financial Statements (continued)
July 31, 2018

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.

Asset- and mortgage-backed securities

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

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

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.

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.

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Notes to Financial Statements (continued)
July 31, 2018

Distributions to shareholders

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

Guarantees and indemnifications

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 2017-08 Premium Amortization on Purchased Callable Debt Securities

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

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 determines which securities will be purchased, held or sold. The Fund’s management fee is a unified fee. The Investment Manager, out of the unified fee it receives from the Fund, pays all operating costs and expenses of the Fund (other than the expenses described below or in the Fund’s prospectus), including accounting expenses (other than audit fees), legal fees for the Fund, transfer agent and custodian fees, and other expenses. The Fund pays the following expenses: disinterested trustees fees and expenses, including their legal counsel, auditing expense, interest on borrowings by the Fund, if any, portfolio transaction expenses, taxes and extraordinary expenses of the Fund. The unified fee is paid monthly to the Investment Manager at the annual rate of 0.25% 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 Plan) which may be terminated at any time. Obligations of the Plan will be paid solely out of the Fund’s assets, and all amounts payable under the Plan constitute a general unsecured obligation of the Fund.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. A portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated funds governed by the Board of Trustees, based on relative net assets. The expenses of the Chief Compliance Officer allocated to the Fund are payable by the Investment Manager.

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Notes to Financial Statements (continued)
July 31, 2018

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.

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 November 30, 2018, 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 0.25% 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 July 31, 2018, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation, distributions and principal and/or interest from fixed income securities. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
186,983	836,634	(1,023,617)

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

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Notes to Financial Statements (continued)
July 31, 2018

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

Year Ended July 31, 2018			Year Ended July 31, 2017
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
21,812,017	—	21,812,017	18,609,464	—	18,609,464

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

At July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
2,158,557	—	(22,775,145)	(1,523,181)

At July 31, 2018, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
1,124,126,151	758,852	(2,282,033)	(1,523,181)

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

The following capital loss carryforwards, determined at July 31, 2018, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused. In addition, for the year ended July 31, 2018, capital loss carryforwards utilized, expired unused and permanently lost, if any, were as follows:

2019 ($)	No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)	Expired ($)	Permanently lost ($)
11,369,928	3,746,428	7,658,789	22,775,145	489,798	1,023,617	—

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 $872,014,401 and $1,412,556,421, respectively, for the year ended July 31, 2018, of which $246,412,587 and $268,669,472, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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Notes to Financial Statements (continued)
July 31, 2018

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’s activity in the Interfund Program during the year ended July 31, 2018 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Days outstanding
Lender	9,400,000	2.49	1

Interest income earned by the Fund is recorded as interfund lending on the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2018.

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, 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 overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 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 amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.

The Fund had no borrowings during the year ended July 31, 2018.

Note 9. Significant risks

Credit risk

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

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.

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Notes to Financial Statements (continued)
July 31, 2018

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.

Mortgage- and other asset-backed securities risk

The value of any mortgage-backed and other asset-backed securities held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage or other asset may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

Shareholder concentration risk

At July 31, 2018, one unaffiliated shareholder of record owned 85.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 14.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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 below, there were no items requiring adjustment of the financial statements or additional disclosure.

In March 2018, the Board approved a proposal to amend the Fund’s existing management agreement to change the fee structure which compensates the Investment Manager for the services it provides to the Fund by unbundling the unified fee paid by the Fund to the Investment Manager. Approval of the fee structure change would allow the Fund to expand its distribution capability by enabling the Fund to offer other classes of shares that pay different fees for distribution, transfer agency and/or shareholder services. Shareholders of the Fund must and will vote on the proposed amended management agreement to change the Fund’s fee structure at a special meeting of shareholders to be held on October 17, 2018. If shareholders approve the proposal, the Fund’s fee structure change is expected to take place as soon as practicable after the shareholder meeting.

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Notes to Financial Statements (continued)
July 31, 2018

Note 11. Information regarding pending and settled legal proceedings

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

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

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of CMG Ultra Short Term Bond Fund (one of the funds constituting Columbia Funds Series Trust I, hereafter referred to as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the five years in the period ended July 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2018

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

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TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, members serve terms of indefinite duration.

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) since September 2007	70	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	70	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	70	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	70	Director, CSX Corporation; Genworth Financial, Inc. (financial and insurance products and services); PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	70	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	70	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	70	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds complex overseen	Other directorships held by Trustee during the past five years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	71	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	71	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	194	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

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

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

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TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s other officers are:

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Board Consideration and Approval of 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 6, 2018, April 26, 2018 and June 11, 2018 and at Board meetings held on March 7, 2018 and June 12, 2018. 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, 2018, the Committee recommended that the Board approve the continuation of the Management Agreement. On June 12, 2018, 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 November 30, 2018 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 and transfer agency 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 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 similarly-structured funds. 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, 2017, the Fund’s performance was in the sixtieth, sixtieth and fifty-eighth 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.

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Board Consideration and Approval of Management

Agreement (continued)

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, 2017, the Fund’s actual management fee and net total expense ratio were ranked in the third and first 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.

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 2017 to profitability levels realized in 2016. 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

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Board Consideration and Approval of Management

Agreement (continued)

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 and transfer agency 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.

Reasons for the proposal and Board deliberations

On March 7, 2018, the Board and the Independent Trustees unanimously approved a proposed amended management agreement (the “Proposed Management Agreement”) with the Investment Manager with respect to the Fund. As detailed below, the Board’s Product and Distribution Committee (the Committee) and the Board held meetings to review and discuss, among themselves and with the management team of the Investment Manager, materials provided by the Investment Manager before determining to approve the proposed changes to the fee structure payable by the Fund.

In connection with their deliberations regarding the Proposed Management Agreement, the Committee and the Board evaluated materials requested from the Investment Manager regarding the Fund and the Proposed Management Agreement with representatives of the Investment Manager at a Committee meeting held on March 6, 2018 and at a Board meeting held on March 7, 2018. The Board and its various committees consider matters bearing on the Existing 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. In addition, the Trustees considered the information that they had obtained in connection with consideration of the June 2017 continuance of the Fund’s existing management agreement (the “Existing Management Agreement”) and noted that they would be considering the continuance of the Existing Management Agreement at the June 2018 meeting. On March 6, 2018, the Committee recommended that the Board approve the Proposed Management Agreement. On March 7, 2018, the Board, including the Independent Trustees, voting separately, unanimously approved the Proposed Management Agreement for the Fund.

In addition, the Trustees considered that the Proposed Management Agreement was part of an effort to expand the distribution of the Fund by unbundling the Fund’s current unified fee structure (which combines the Fund’s management fee, other expenses, and transfer agency fees into a single fee) to enable the Fund to offer other classes of shares that pay different fees for distribution, transfer agency and/or shareholder services. The Board considered the Investment Manager’s contractual agreement to permanently limit for as long as the Investment Manager manages the Fund total operating expenses for the Fund’s existing shareholders (other than Independent Trustees’ fees and expenses, including their legal

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Board Consideration and Approval of Management

Agreement (continued)

counsel, auditing expenses, interest incurred on borrowing by the Fund, if any, portfolio transaction expenses, taxes and extraordinary expenses) to 0.25% of the Fund’s average daily net assets, which is intended to eliminate any adverse impact to existing Fund shareholders of the adoption of an unbundled fee structure. The Board noted that if the proposal is approved, the Fund’s operations and the manner in which the Investment Manager manages the Fund are not expected to change, and sales of other classes of the Fund’s shares could potentially result in economies of scale and lower expenses for all Fund shareholders. Finally, the Board noted that other than the termination of the bundled fee arrangement and the reduced management fee, the Proposed Management Agreement would remain the same as the Existing Management Agreement in all respects.

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 Proposed Management Agreement. The information and factors considered by the Committee and the Board in recommending for approval or approving the Proposed 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 impact of the proposed changes in fee structures on the gross and net expense ratios of the Fund, and the payment by the Fund of other fees and expenses, and the willingness of the Investment Manager to contractually agree to permanently limit for as long as the Investment Manager manages the Fund total operating expenses for the Fund’s existing shareholders;

•	The terms and conditions of the Proposed 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 and transfer agency services to the Fund;

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

•	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.

Nature, extent and quality of services provided under the proposed Management Agreement

The Committee and the Board considered the nature, extent and quality of services to be provided to the Fund by the Investment Manager and its affiliates under the Proposed Management Agreement and under separate agreements for the provision of transfer agency services, and the resources to be 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.

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Board Consideration and Approval of Management

Agreement (continued)

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 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 approval of the Proposed 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, 2016, the Fund’s performance was in the sixty-sixth, sixtieth and fifty-ninth percentile and that through December 31, 2017, the Fund’s performance was in the sixtieth, sixtieth and fifty-eighth 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.

Investment management fee rates and other expenses

The Committee and the Board considered the management fees to be charged to the Fund under the Proposed Management Agreement as well as the total expenses to be incurred by the Fund. In assessing the reasonableness of the fees under the Proposed 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, 2016, and as of December 31, 2017, the Fund’s actual management fee and net total expense ratio were ranked in the third and first 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.

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Board Consideration and Approval of Management

Agreement (continued)

Costs of services provided and profitability

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 2016 to profitability levels realized in 2015. 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.

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 also considered the possibility that enabling the Fund to offer other classes of shares that pay different fees for distribution, transfer agency and/or shareholder services could increase the Fund’s potential to achieve economies of scale and potentially to reduce Fund expenses in the future.

Other benefits to the Investment Manager

Conclusion

The Committee and the Board reviewed all of the above considerations in reaching their decisions to recommend or approve the Proposed 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

CMG Ultra Short Term Bond Fund | Annual Report 2018

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Board Consideration and Approval of Management

Agreement (continued)

advice of independent legal counsel, the Board, including the Independent Trustees, voting separately, unanimously approved the Proposed Management Agreement and unanimously recommended that shareholders of the Fund approve the Proposed Management Agreement.

40	CMG Ultra Short Term Bond Fund \| Annual Report 2018

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Additional information

The Fund mails 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 Fund holds investments consistent with the procedures as stated in the SAI. You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/institutional/; or searching the website of the 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/institutional/, 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. The Fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, 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/institutional/ 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.

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

CMG Ultra Short Term Bond Fund | Annual Report 2018

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CMG Ultra Short Term Bond Fund

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

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/institutional/. 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. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

columbiathreadneedleus .com/institutional/

ANN103_07_H01_(09/18)

Annual Report
July 31, 2018

Columbia AMT-Free Oregon Intermediate Muni Bond Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

A return to volatility

Consistency is more important than ever

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	17
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	36
Board Consideration and Approval of Management Agreement	40
Additional Information	44

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Fund at a Glance

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Co-portfolio manager

Managed Fund since 2016

Deborah Vargo

Co-portfolio manager

Managed Fund since December 2017

Average annual total returns (%) (for the period ended July 31, 2018)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/01/02	0.01	2.40	3.12
	Including sales charges		-3.03	1.78	2.81
Advisor Class*		03/19/13	0.25	2.65	3.38
Class C	Excluding sales charges	10/13/03	-0.44	1.94	2.69
	Including sales charges		-1.42	1.94	2.69
Institutional Class		07/02/84	0.25	2.64	3.38
Institutional 2 Class*		11/08/12	0.28	2.68	3.40
Institutional 3 Class*		03/01/17	0.26	2.64	3.38
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			0.56	3.18	4.10

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Effective November 1, 2017, Class R4, Class R5, Class Y and Class Z shares were renamed Advisor Class, Institutional 2 Class, Institutional 3 Class and Institutional Class shares, respectively. 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 class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

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Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (July 31, 2008 — July 31, 2018)

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

Quality breakdown (%) (at July 31, 2018)
AAA rating	9.8
AA rating	53.9
A rating	24.6
BBB rating	4.6
BB rating	0.7
C rating	1.7
Not rated	4.7
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds and derivatives, if any).

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Manager Discussion of Fund Performance

During the 12-month period ended July 31, 2018, Class A shares of the Fund returned 0.01% excluding sales charges. Institutional Class shares of the Fund returned 0.25% for the same time period. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 0.56%. The Fund’s modest shortfall relative to the benchmark reflects the weaker relative performance of Oregon’s municipal market compared to the national benchmark.

Market overview

The national municipal bond market posted a small gain in the 12 months ended July 31, 2018, as the contribution from income helped offset a moderate decline in prices. The period began on a positive note, reflecting the ongoing rebound from the post-election sell-off of late 2016. During this time, prices were supported by a generally upbeat tone to the financial markets, muted concerns about U.S. Federal Reserve (Fed) policy and a favorable balance of supply and demand stemming from strong mutual fund inflows and lower new issuance. The latter trend reflected issuers’ caution in bringing new debt to the market at a time of modest revenue growth and rising costs for both pensions and health care. Although unfunded pension liabilities and budgetary stress persisted among notable issuers such as Illinois, New Jersey, Pennsylvania, Connecticut and Kentucky, overall credit conditions for municipal bonds remained on sound footing.

The market landscape became more challenging in the autumn after Republican legislators unveiled a preliminary outline for overhauling the nation’s tax code. The initial proposals eliminated municipal issuers’ ability to advance-refund outstanding debt, and it stripped private-activity bonds (PABs) of their tax-exempt status. The surprise inclusion of the two provisions initially fueled a market rally as investors anticipated a dramatic reduction in future supply. However, municipalities responded to the proposed tax bill by pulling forward an estimated $35 billion of new issuance into December in an effort to beat any negative consequences from the potential changes. Fourth-quarter supply therefore jumped to the highest level in history, weighing on prices. The final bill, signed into law on December 22, spared PABs and only marginally reduced top personal tax rates.

Municipal bonds nevertheless remained under pressure in early 2018 as expectations for higher inflation weighed heavily on all segments of the fixed-income market. Investors worried that the introduction of fiscal stimulus, coming at a time when the economy appeared to be operating near full capacity, would force the Fed to raise interest rates further and faster than expected in order to tame inflation. The 10-year U.S. Treasury yield rose sharply during the first six weeks of 2018 as a result, and municipal yields followed suit. Although munis experienced their weakest first-quarter performance since 1996, the market began to find its footing in March and April as a dearth of new issuance contributed to a positive balance of supply and demand. Following the wave of issuance pulled into 2017 in anticipation of tax reform, first-quarter volume plummeted 31% from the same period a year earlier.

The favorable tone continued into the second calendar quarter, as concerns about European elections and U.S. trade policy led to a rebound in U.S. Treasuries and a corresponding rally in tax-exempt issues. Notably, the gains in bond prices occurred despite rising gross domestic product growth, low unemployment, and expectations for additional interest rate increases by the U.S. Federal Reserve (Fed). The favorable market conditions of the spring and summer helped the broad-based national indexes close roughly flat for the full 12 months despite the earlier sell-off.

Lower quality issues outpaced higher quality issues, reflecting investors’ ongoing search for yield. Short-term bonds, which have the highest degree of sensitivity to Fed policy, trailed their longer term counterparts.

Oregon’s municipal market lagged

Oregon’s intermediate-term municipal market underperformed the national intermediate market largely as a result of the state’s very high credit quality. Just under 90% of Oregon’s intermediate market is rated AA, which was a headwind given the underperformance for higher rated issues. The market’s longer maturity and duration profile (interest rate sensitivity) also pressured performance in the rising-rate environment.

Oregon’s economic fundamentals remained robust, with a continued expansion and job growth that has been strong enough to keep up with population gains. According to the credit-rating agency Moody’s, the state’s jobless rate is well below that of the country as a whole, and average hourly earnings have risen at twice the national pace since the start of 2015. However, given that China is now the top destination for the state’s exports, an intensifying trade war could eventually impact the state.

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Manager Discussion of Fund Performance (continued)

Contributors and detractors

The Fund’s allocation to local general obligation bonds, which made up approximately 36% of the portfolio at the end of July 2018, was the largest detractor from relative performance. The Fund’s sizable weighting in this area, which includes the general obligation debt of cities, counties, and school districts, reflects the underlying issuance in Oregon. These issues tend to have a very high quality profile and low yields. During times when higher quality bonds lag, this segment of the state’s market typically underperforms and detracts from the Fund’s performance.

The Fund had just under 10% of net assets in pre-refunded issues as of July 31, 2018. Most of these bonds mature in one to three years and are of the highest credit quality because they are backed by U.S. Treasury or Agency bonds. Since this portion of the portfolio is very low yielding, it contributed little to total return. However, it continued to provide a source of liquidity for cash management.

The Fund’s holdings in water and sewer issues underperformed the broader sector, since their lower coupons and longer durations translated to higher sensitivity to rising rates.

On the positive side, the Fund’s yield curve positioning contributed to performance. The portfolio had a pronounced barbell maturity profile, with overweights in bonds with maturities of zero to two years as well as those with maturities of eleven years and above. Conversely, the portfolio was underweight in bonds maturing in the four- to ten-year range. This positioning aided results given that the four- to eight-year segment experienced the weakest relative performance. The Fund further benefited from its investments in non-rated bonds (those not followed by the major rating agencies). Holdings in hospital issues, which represented the Fund’s second-largest overweight versus the benchmark, also produced strong returns.

Fund positioning

Our strategy was largely unchanged during the period, as we continued to look for opportunities in bonds that offered above-average income and the potential for higher total returns. We targeted a neutral duration profile — i.e., an interest-rate sensitivity in line with the benchmark — in order to maintain a balanced stance with respect to interest rates. The Fund maintained a barbell positioning on the expectation that the two- to ten-year segment of the curve was likely to underperform at a time of gradual Fed tightening and low inflation.

We reduced the Fund’s position in pre-refunded bonds, which reached a weighting as high as 17% of net assets. The increase in this allocation was the result of years of refinancing by issuers that sought to take advantage of the financing savings available to them in the lower rate environment. The Fund’s weighting in this area had fallen to approximately 9% at end of July 2018.

The Fund’s credit-quality profile remained largely unchanged during the period, although there was a slight decline in its weighting in BBB rated issues. Overall, the portfolio’s positioning with respect to credit quality remained similar to that of the benchmark.

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Manager Discussion of Fund Performance (continued)

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Understanding Your Fund’s Expenses
(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your Fund’s expenses

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

Compare with other funds

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

February 1, 2018 — July 31, 2018
	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	1,006.10	1,020.63	4.18	4.21	0.84
Advisor Class	1,000.00	1,000.00	1,007.30	1,021.87	2.94	2.96	0.59
Class C	1,000.00	1,000.00	1,003.80	1,018.40	6.41	6.46	1.29
Institutional Class	1,000.00	1,000.00	1,007.30	1,021.87	2.94	2.96	0.59
Institutional 2 Class	1,000.00	1,000.00	1,007.50	1,022.02	2.79	2.81	0.56
Institutional 3 Class	1,000.00	1,000.00	1,007.70	1,022.27	2.54	2.56	0.51

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

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 AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments
July 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 97.1%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 3.4%
Port of Portland
Refunding Revenue Bonds
Portland International Airport
Series 2015-23
07/01/2028	5.000%	1,240,000	1,422,119
07/01/2031	5.000%	1,750,000	1,983,380
07/01/2032	5.000%	2,000,000	2,262,700
Revenue Bonds
Passenger Facility Charge
Series 2011
07/01/2027	5.500%	6,635,000	7,283,107
Total			12,951,306
Charter Schools 0.2%
Oregon State Facilities Authority^(a)
Revenue Bonds
Redmond Proficiency Academy Project
Series 2015
06/15/2025	4.750%	200,000	203,864
06/15/2035	5.500%	540,000	552,350
Total			756,214
Higher Education 5.0%
City of Forest Grove
Refunding Revenue Bonds
Campus Improvement Pacific University Project
Series 2014
05/01/2034	5.250%	1,000,000	1,072,900
Series 2015
05/01/2030	5.000%	550,000	609,977
05/01/2036	5.000%	1,500,000	1,635,975
Oak Tree Foundation Project
Series 2017
03/01/2024	5.000%	250,000	276,053
03/01/2025	5.000%	200,000	222,962
Oregon Health & Science University^(b)
Revenue Bonds
Capital Appreciation-Independent School District
Series 1996A (NPFGC)
07/01/2021	0.000%	5,250,000	4,758,180
Oregon Health & Science University
Revenue Bonds
Series 2012E
07/01/2032	5.000%	7,000,000	7,692,370
Oregon State Facilities Authority
Refunding Revenue Bonds
Reed College Project
Series 2017A
07/01/2032	4.000%	250,000	268,613

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
University of Portland
Series 2015A
04/01/2030	5.000%	500,000	568,710
04/01/2031	5.000%	530,000	601,449
Revenue Bonds
Linfield College Project
Series 2015A
10/01/2024	5.000%	1,390,000	1,583,057
Total			19,290,246
Hospital 11.4%
Astoria Hospital Facilities Authority
Refunding Revenue Bonds
Columbia Memorial Hospital
Series 2012
08/01/2021	4.000%	725,000	762,439
08/01/2026	5.000%	1,200,000	1,304,388
08/01/2027	5.000%	1,260,000	1,365,626
08/01/2031	5.000%	2,860,000	3,067,264
Hospital Facilities Authority of Multnomah County
Revenue Bonds
Adventist Health West
Series 2009A
09/01/2021	5.000%	3,685,000	3,819,060
Klamath Falls Intercommunity Hospital Authority
Refunding Revenue Bonds
Sky Lakes Medical Center Project
Series 2012
09/01/2022	5.000%	500,000	554,140
Series 2016
09/01/2028	5.000%	265,000	304,003
09/01/2030	5.000%	830,000	943,843
09/01/2031	5.000%	500,000	566,290
09/01/2032	5.000%	270,000	304,358
Oregon Health & Science University
Refunding Revenue Bonds
Series 2016B
07/01/2034	5.000%	4,000,000	4,565,800
Oregon State Facilities Authority
Refunding Revenue Bonds
Legacy Health Project
Series 2011A
05/01/2020	5.250%	5,000,000	5,298,800
Series 2016A
06/01/2033	5.000%	1,600,000	1,805,104
06/01/2034	5.000%	3,185,000	3,583,889
PeaceHealth Project
Series 2009A
11/01/2019	5.000%	3,695,000	3,843,354

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

8	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2014A
11/15/2029	5.000%	1,600,000	1,789,472
Samaritan Health Services Project
Series 2010A
10/01/2022	5.000%	3,450,000	3,673,318
Series 2016
10/01/2031	5.000%	2,430,000	2,712,366
Salem Hospital Facility Authority
Refunding Revenue Bonds
Salem Health Project
Series 2016A
05/15/2030	5.000%	1,000,000	1,137,910
05/15/2031	5.000%	1,025,000	1,162,555
Salem Health Projects
Series 2016A
05/15/2029	5.000%	1,000,000	1,141,640
Total			43,705,619
Independent Power 1.6%
Western Generation Agency
Revenue Bonds
Wauna Cogeneration Project
Series 2006A
01/01/2020	5.000%	3,235,000	3,232,671
01/01/2021	5.000%	3,000,000	2,991,780
Total			6,224,451
Investor Owned 1.0%
Port of Morrow
Refunding Revenue Bonds
Portland General Electric
Series 1998A
05/01/2033	5.000%	3,750,000	4,001,625
Local General Obligation 36.0%
Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis^(b),(c)
Unlimited General Obligation Bonds
Series 2018A
06/15/2038	0.000%	500,000	527,035
Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis
Unlimited General Obligation Refunding Bonds
Series 2007 (AGM)
06/15/2020	5.000%	5,000,000	5,308,900
Blue Mountain Community College District
Unlimited General Obligation Bonds
Series 2015
06/15/2029	4.000%	1,000,000	1,075,790
Boardman Park & Recreation District
Unlimited General Obligation Bonds
Series 2015
06/15/2035	5.250%	3,400,000	3,667,750

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Canyonville South Umpqua Rural Fire Protection District
Unlimited General Obligation Bonds
Series 2001
07/01/2031	5.400%	610,000	610,604
Central Oregon Community College
Limited General Obligation Bonds
Series 2014
06/01/2029	5.000%	500,000	567,990
Unlimited General Obligation Bonds
Series 2010
06/15/2024	4.750%	2,580,000	2,719,733
Chemeketa Community College
Unlimited General Obligation Refunding Bonds
Series 2014
06/15/2026	5.000%	1,100,000	1,262,173
Chemeketa Community College District
Unlimited General Obligation Refunding Bonds
Series 2015
06/15/2026	4.000%	1,745,000	1,913,846
City of Hillsboro
Limited General Obligation Refunding Bonds
Series 2012
06/01/2025	4.000%	1,875,000	1,999,706
City of Lebanon
Unlimited General Obligation Refunding Bonds
Series 2015
06/01/2026	5.000%	1,675,000	1,928,444
06/01/2027	5.000%	1,715,000	1,967,551
City of Madras
Unlimited General Obligation Refunding Bonds
Series 2013
02/15/2024	4.000%	745,000	785,156
02/15/2027	4.500%	500,000	535,085
City of Portland
Limited General Obligation Bonds
Limited Tax Sellwood Bridge Project
Series 2014
06/01/2024	5.000%	1,985,000	2,300,476
Limited Tax General Obligation Refunding Bonds
Series 2011A
06/01/2023	5.000%	6,140,000	6,676,145
Unlimited General Obligation Refunding Bonds
Public Safety Projects and Emergency Facilities
Series 2014
06/15/2024	5.000%	1,885,000	2,185,337
City of Portland^(b)
Limited Tax General Obligation Bonds
Series 2001B
06/01/2019	0.000%	4,000,000	3,947,720
06/01/2020	0.000%	4,000,000	3,868,120

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Redmond
Limited General Obligation Bonds
Series 2014A
06/01/2027	5.000%	685,000	777,352
City of Salem
Unlimited General Obligation Refunding Bonds
Series 2017
06/01/2030	4.000%	2,000,000	2,181,640
City of Sisters
Limited General Obligation Refunding Bonds
Series 2016
12/01/2035	4.000%	620,000	650,504
Clackamas Community College District^(b)
Unlimited General Obligation Bonds
Convertible Deferred Interest
Series 2017A
06/15/2038	0.000%	760,000	787,231
Clackamas County School District No. 108 Estacada
Unlimited General Obligation Refunding Bonds
Series 2005 (AGM)
06/15/2025	5.500%	2,485,000	2,991,045
Clackamas County School District No. 12 North Clackamas
Unlimited General Obligation Bonds
Series 2017B
06/15/2033	5.000%	3,500,000	4,077,010
Unlimited General Obligation Refunding Bonds
Series 2014
06/15/2029	5.000%	1,500,000	1,710,525
Clackamas County School District No. 62
Limited General Obligation Refunding Bonds
Series 2014
06/01/2034	5.000%	1,770,000	1,989,214
Clackamas County School District No. 7J Lake Oswego
Unlimited General Obligation Bonds
Series 2017
06/01/2032	4.000%	2,140,000	2,291,127
Coos County School District No. 9 Coos Bay
Unlimited General Obligation Bonds
Series 2018
06/15/2034	5.000%	500,000	587,195
06/15/2035	5.000%	1,000,000	1,170,650
Deschutes & Jefferson Counties School District No. 2J Redmond^(b)
Unlimited General Obligation Bonds
Series 2004B (NPFGC)
06/15/2022	0.000%	2,335,000	2,159,455
Jackson County School District No. 4^(b)
Unlimited General Obligation Bonds
Series 2018A
06/15/2033	0.000%	1,000,000	570,460

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Jackson County School District No. 549C Medford
Unlimited General Obligation Refunding Bonds
Series 2015
12/15/2023	5.000%	1,000,000	1,145,960
Jackson County School District No. 9 Eagle Point
Unlimited General Obligation Refunding Bonds
Series 2005 (NPFGC)
06/15/2020	5.500%	1,000,000	1,069,800
06/15/2021	5.500%	1,410,000	1,551,070
Jefferson County School District No. 509J
Unlimited General Obligation Bonds
Madras
Series 2013B
06/15/2028	5.000%	2,095,000	2,358,237
Klamath Falls City Schools
Unlimited General Obligation Refunding Bonds
Series 2015A
06/15/2028	4.000%	500,000	534,985
Lane & Douglas Counties School District No. 45J3^(b)
Unlimited General Obligation Bonds
Deferred Interest
Series 2016A
06/15/2034	0.000%	1,000,000	548,770
06/15/2036	0.000%	1,000,000	495,070
Lane Community College
Unlimited General Obligation Bonds
Series 2012
06/15/2023	5.000%	1,000,000	1,114,700
Lane County School District No. 1 Pleasant Hill^(b)
Unlimited General Obligation Bonds
Series 2014B
06/15/2029	0.000%	1,775,000	1,251,641
Lane County School District No. 19 Springfield
Unlimited General Obligation Bonds
Series 2015A
06/15/2031	5.000%	2,000,000	2,297,420
Lane County School District No. 19 Springfield^(b)
Unlimited General Obligation Bonds
Series 2015B
06/15/2033	0.000%	3,770,000	2,188,900
Unlimited General Obligation Refunding Bonds
Series 2015D
06/15/2024	0.000%	2,305,000	1,994,540
06/15/2028	0.000%	1,480,000	1,088,229
Linn & Benton Counties School District No. 8J Greater Albany
Unlimited General Obligation Bonds
Series 2017
06/15/2030	5.000%	1,000,000	1,180,300

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

10	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Marion County School District No. 15 North Marion
Unlimited General Obligation Bonds
Series 2018B
06/15/2032	5.000%	1,000,000	1,176,270
06/15/2033	5.000%	240,000	281,182
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow^(b)
Unlimited General Obligation Bonds
Series 2017A
06/15/2033	0.000%	4,000,000	2,268,920
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow
Unlimited General Obligation Bonds
Series 2017B
06/15/2031	5.000%	3,000,000	3,520,230
Multnomah County School District No. 7 Reynolds^(b)
Unlimited General Obligation Bonds
Deferred Interest
Series 2015B
06/15/2030	0.000%	4,000,000	2,619,560
Polk Marion & Benton Counties School District No. 13J Central
Unlimited General Obligation Refunding Bonds
Series 2015
02/01/2027	4.000%	750,000	810,067
02/01/2028	4.000%	1,000,000	1,075,140
Portland Community College District
Unlimited General Obligation Bonds
Series 2018
06/15/2029	5.000%	1,000,000	1,171,330
Unlimited General Obligation Refunding Bonds
Series 2016
06/15/2027	5.000%	2,100,000	2,481,108
Salem-Keizer School District No. 24J
Unlimited General Obligation Bonds
Series 2018
06/15/2035	4.000%	1,000,000	1,057,660
Umatilla County School District No. 16R Pendleton
Unlimited General Obligation Bonds
Series 2014A
06/15/2030	5.000%	1,110,000	1,261,881
06/15/2031	5.000%	2,890,000	3,280,381
Umatilla County School District No. 8R Hermiston
Unlimited General Obligation Bonds
Series 2010
06/15/2029	4.500%	2,360,000	2,467,238
Union County School District No. 1 La Grande
Unlimited General Obligation Bonds
Series 2015
06/15/2030	4.000%	1,000,000	1,058,450
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin
Unlimited General Obligation Refunding Bonds
Series 2005 (NPFGC)
06/15/2021	5.000%	6,575,000	7,158,794

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington & Multnomah Counties School District No. 48J Beaverton
Unlimited General Obligation Bonds
Series 2014
06/15/2033	5.000%	4,000,000	4,517,000
Unlimited General Obligation Refunding Bonds
Series 2012-B
06/15/2023	4.000%	4,090,000	4,399,368
Washington Clackamas & Yamhill Counties School District No. 88J^(b)
Unlimited General Obligation Bonds
Deferred Interest
Series 2018A
06/15/2037	0.000%	3,500,000	1,667,785
Washington Clackamas & Yamhill Counties School District No. 88J
Unlimited General Obligation Bonds
Sherwood College
Series 2017B
06/15/2031	5.000%	4,500,000	5,280,345
Washington County School District No. 1 West Union
Unlimited General Obligation Bonds
Hillsboro School District No. 1J
Series 2017
06/15/2035	5.000%	2,500,000	2,895,200
Washington County School District No. 15 Forest Grove
Unlimited General Obligation Bonds
Series 2012A
06/15/2024	5.000%	1,780,000	1,984,166
Yamhill Clackamas & Washington Counties School District No. 29J Newberg
Unlimited General Obligation Refunding Bonds
Series 2005 (NPFGC)
06/15/2021	5.500%	1,000,000	1,101,230
Total			138,143,896
Multi-Family 1.1%
Oregon State Facilities Authority
Refunding Revenue Bonds
College Housing Northwest Projects
Series 2013A
10/01/2019	4.000%	780,000	797,566
10/01/2020	4.000%	810,000	840,100
10/01/2022	4.000%	875,000	924,087
Oregon State Facilities Authority^(a)
Revenue Bonds
College Housing Northwest Projects
Series 2016A
10/01/2026	4.000%	500,000	494,145
10/01/2036	5.000%	1,000,000	1,024,170
Total			4,080,068

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Municipal Power 1.9%
Central Lincoln People’s Utility District JATC, Inc.
Revenue Bonds
Series 2016
12/01/2033	5.000%	350,000	398,209
12/01/2034	5.000%	400,000	453,684
12/01/2035	5.000%	410,000	463,874
12/01/2036	5.000%	440,000	496,579
City of Eugene Electric Utility System
Revenue Bonds
Series 2017
08/01/2029	5.000%	530,000	627,727
08/01/2030	5.000%	420,000	495,604
08/01/2031	5.000%	450,000	529,038
08/01/2032	5.000%	250,000	292,825
Northern Wasco County Peoples Utility District
Revenue Bonds
Series 2016
12/01/2031	5.000%	1,455,000	1,654,248
12/01/2036	5.000%	1,545,000	1,731,296
Total			7,143,084
Pool / Bond Bank 0.6%
Oregon State Bond Bank
Refunding Revenue Bonds
Series 2018A
01/01/2028	5.000%	850,000	989,230
01/01/2029	5.000%	1,120,000	1,297,710
Total			2,286,940
Ports 1.0%
Port of Morrow
Limited General Obligation Refunding Bonds
Series 2016
12/01/2027	5.000%	615,000	679,513
12/01/2028	5.000%	645,000	711,738
12/01/2029	5.000%	340,000	374,211
12/01/2030	5.000%	335,000	367,753
12/01/2031	5.000%	375,000	411,131
12/01/2036	5.000%	1,160,000	1,269,017
Total			3,813,363
Refunded / Escrowed 9.4%
City of Eugene Electric Utility System
Prerefunded 08/01/21 Revenue Bonds
Series 2011A
08/01/2028	5.000%	2,200,000	2,405,194
08/01/2029	5.000%	3,410,000	3,728,051
City of Salem
Prerefunded 06/01/19 Limited General Obligation Bonds
Series 2009
06/01/2026	5.000%	3,315,000	3,410,339

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Clackamas County School District No. 46 Oregon Trail
Prerefunded 06/15/19 Unlimited General Obligation Bonds
Series 2009A
06/15/2025	5.000%	2,000,000	2,061,080
06/15/2026	5.000%	3,000,000	3,091,620
Columbia Multnomah & Washington Counties School District No. 1J
Prerefunded 06/15/19 Unlimited General Obligation Bonds
Scappoose School District 1J
Series 2009
06/15/2024	5.000%	1,165,000	1,200,579
06/15/2025	5.000%	1,275,000	1,313,939
County of Lane
Prerefunded 11/01/19 Limited General Obligation Bonds
Series 2009A
11/01/2025	5.000%	1,140,000	1,188,655
Deschutes County Hospital Facilities Authority
Prerefunded 01/01/19 Revenue Bonds
Cascade Health Services, Inc.
Series 2008
01/01/2023	7.375%	2,000,000	2,049,280
Oregon State Lottery
Prerefunded 04/01/19 Revenue Bonds
Series 2009A
04/01/2027	5.000%	4,000,000	4,094,760
Puerto Rico Public Finance Corp.^(d)
Unrefunded Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity
08/01/2026	6.000%	5,000,000	6,208,150
Tri-County Metropolitan Transportation District of Oregon
Prerefunded 10/01/21 Revenue Bonds
Capital Grant Receipt
Series 2011A
10/01/2025	5.000%	4,775,000	5,211,960
Total			35,963,607
Retirement Communities 3.1%
Clackamas County Hospital Facility Authority
Revenue Bonds
Mary’s Woods at Marylhurst, Inc.
Series 2018
05/15/2025	3.200%	765,000	767,088
05/15/2038	5.000%	220,000	236,826
Hospital Facilities Authority of Multnomah County
Refunding Revenue Bonds
Mirabella at South Waterfront
Series 2014A
10/01/2034	5.125%	4,000,000	4,209,960
Terwilliger Plaza, Inc.
Series 2012
12/01/2020	5.000%	960,000	993,792
12/01/2022	5.000%	500,000	544,975

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

12	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016
12/01/2030	5.000%	325,000	360,692
12/01/2036	5.000%	900,000	983,853
Medford Hospital Facilities Authority
Refunding Revenue Bonds
Rogue Valley Manor
Series 2013
10/01/2022	5.000%	625,000	690,837
10/01/2023	5.000%	645,000	722,639
10/01/2024	5.000%	455,000	505,805
Polk County Hospital Facility Authority
Revenue Bonds
Dallas Retirement Village Project
Series 2015A
07/01/2035	5.125%	1,240,000	1,288,546
Yamhill County Hospital Authority
Refunding Revenue Bonds
Friendsview Retirement Community
Series 2016
11/15/2026	4.000%	500,000	514,675
Total			11,819,688
Single Family 1.5%
State of Oregon Housing & Community Services Department
Revenue Bonds
Series 2017D
07/01/2032	3.150%	2,940,000	2,852,653
Single Family Mortgage Program
Series 2010A
07/01/2027	5.250%	125,000	125,659
Series 2011A
07/01/2025	5.250%	2,310,000	2,413,372
Series 2011B
07/01/2028	5.250%	435,000	451,800
Total			5,843,484
Special Non Property Tax 4.9%
Metro
Revenue Bonds
Convention Center Hotel
Series 2017
06/15/2030	5.000%	435,000	506,714
06/15/2031	5.000%	725,000	841,450
06/15/2032	5.000%	780,000	901,984
Oregon State Lottery
Refunding Revenue Bonds
Series 2014B
04/01/2027	5.000%	1,750,000	2,000,530
Series 2015D
04/01/2027	5.000%	2,500,000	2,903,025

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Oregon Department of Transportation
Refunding Revenue Bonds
Senior Lien
Series 2017B
11/15/2026	5.000%	4,000,000	4,787,080
Senior Lien User Tax
Series 2017C
11/15/2026	5.000%	1,000,000	1,196,770
Tri-County Metropolitan Transportation District of Oregon
Refunding Revenue Bonds
Senior Lien
Series 2016
09/01/2031	4.000%	1,000,000	1,085,470
09/01/2032	4.000%	1,250,000	1,345,587
Revenue Bonds
Senior Lien Payroll Tax
Series 2017A
09/01/2032	5.000%	1,595,000	1,855,926
Series 2018A
09/01/2034	5.000%	550,000	644,012
09/01/2035	5.000%	800,000	933,952
Total			19,002,500
Special Property Tax 3.5%
City of Keizer
Special Assessment Bonds
Keizer Station Area
Series 2008A
06/01/2031	5.200%	2,620,000	2,627,414
City of Portland
Refunding Tax Allocation Bonds
Senior Lien-Oregon Convention Center
Series 2011
06/15/2020	5.000%	2,000,000	2,122,040
Series 2015
06/15/2024	5.000%	1,480,000	1,604,912
Tax Allocation Bonds
Central Eastside
Series 2011B
06/15/2026	5.000%	1,580,000	1,698,216
06/15/2027	5.000%	1,370,000	1,472,503
Lents Town Center
Series 2010B
06/15/2025	5.000%	1,550,000	1,638,691
06/15/2026	5.000%	1,440,000	1,521,850
Veneta Urban Renewal Agency
Revenue Bonds
Urban Renewal
Series 2001
02/15/2021	5.625%	695,000	695,612
Total			13,381,238

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State General Obligation 2.5%
State of Oregon
Unlimited General Obligation Bonds
Article XI-Q State Project
Series 2017A
05/01/2026	5.000%	1,250,000	1,485,275
Series 2015F
05/01/2030	5.000%	5,565,000	6,419,951
Unlimited General Obligation Notes
Higher Education
Series 2016C
08/01/2033	5.000%	750,000	868,657
Series 2016A
08/01/2031	3.500%	500,000	516,580
08/01/2032	3.500%	500,000	514,785
Total			9,805,248
Transportation 2.9%
Tri-County Metropolitan Transportation District of Oregon
Refunding Revenue Bonds
Series 2017
10/01/2026	5.000%	1,235,000	1,440,837
10/01/2027	5.000%	1,485,000	1,747,400
Revenue Bonds
Series 2018A
10/01/2032	5.000%	6,800,000	7,822,448
Total			11,010,685
Water & Sewer 6.1%
City of Albany
Limited General Obligation Refunding Bonds
Series 2013
08/01/2022	4.000%	1,240,000	1,332,839
08/01/2023	4.000%	1,290,000	1,403,146
City of Beaverton Water
Revenue Bonds
Series 2018
04/01/2034	5.000%	1,125,000	1,323,855
City of Eugene Water Utility System
Refunding Revenue Bonds
Utility System
Series 2016
08/01/2032	4.000%	500,000	532,385

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Portland Water System
Refunding Revenue Bonds
1st Lien
Series 2016A
04/01/2030	4.000%	7,375,000	7,944,424
Revenue Bonds
Series 2014A
05/01/2028	4.000%	3,390,000	3,649,233
City of Springfield Sewer System
Refunding Revenue Bonds
Series 2017
04/01/2025	4.000%	200,000	220,240
04/01/2026	4.000%	250,000	276,368
04/01/2027	4.000%	270,000	298,925
City of Woodburn Wastewater
Refunding Revenue Bonds
Series 2011A
03/01/2022	5.000%	4,620,000	5,062,966
Clackamas River Water
Revenue Bonds
Series 2016
11/01/2032	5.000%	200,000	227,136
11/01/2033	5.000%	265,000	300,083
11/01/2034	5.000%	250,000	282,115
11/01/2035	5.000%	225,000	253,316
11/01/2036	5.000%	200,000	224,650
Total			23,331,681
Total Municipal Bonds (Cost $364,294,794)			372,554,943

Money Market Funds 0.2%
	Shares	Value ($)
Dreyfus Tax-Exempt Cash Management Fund, Institutional Shares, 0.920%^(e)	854,693	854,693
Total Money Market Funds (Cost $854,692)		854,693
Total Investments in Securities (Cost: $365,149,486)		373,409,636
Other Assets & Liabilities, Net		10,483,534
Net Assets		383,893,170

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

14	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

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Portfolio of Investments (continued)
July 31, 2018

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from SEC 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 July 31, 2018, the value of these securities amounted to $2,274,529, which represents 0.59% of net assets.
(b)	Zero coupon bond.
(c)	Represents a security purchased on a forward commitment basis.
(d)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At July 31, 2018, the value of these securities amounted to $6,208,150, which represents 1.62% of net assets.
(e)	The rate shown is the seven-day current annualized yield at July 31, 2018.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

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

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

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Total ($)
Investments in Securities
Municipal Bonds	—	372,554,943	—	372,554,943
Money Market Funds	854,693	—	—	854,693
Total Investments in Securities	854,693	372,554,943	—	373,409,636

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

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

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

16	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

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Statement of Assets and Liabilities
July 31, 2018

Assets
Investments in securities, at value
Unaffiliated issuers (cost $365,149,486)	$373,409,636
Cash	2,476,349
Receivable for:
Investments sold	5,623,055
Capital shares sold	748,461
Interest	3,478,864
Prepaid expenses	2,741
Trustees’ deferred compensation plan	73,592
Total assets	385,812,698
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	531,535
Capital shares purchased	344,923
Distributions to shareholders	899,285
Management services fees	4,920
Distribution and/or service fees	552
Transfer agent fees	24,451
Compensation of chief compliance officer	14
Other expenses	40,256
Trustees’ deferred compensation plan	73,592
Total liabilities	1,919,528
Net assets applicable to outstanding capital stock	$383,893,170
Represented by
Paid in capital	374,804,994
Undistributed net investment income	336,818
Accumulated net realized gain	491,208
Unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	8,260,150
Total - representing net assets applicable to outstanding capital stock	$383,893,170

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Statement of Assets and Liabilities (continued)
July 31, 2018

Class A
Net assets	$39,896,332
Shares outstanding	3,286,707
Net asset value per share	$12.14
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$12.52
Advisor Class
Net assets	$659,715
Shares outstanding	54,349
Net asset value per share	$12.14
Class C
Net assets	$14,529,702
Shares outstanding	1,196,863
Net asset value per share	$12.14
Institutional Class
Net assets	$293,484,999
Shares outstanding	24,177,258
Net asset value per share	$12.14
Institutional 2 Class
Net assets	$31,451,481
Shares outstanding	2,594,929
Net asset value per share	$12.12
Institutional 3 Class
Net assets	$3,870,941
Shares outstanding	318,473
Net asset value per share	$12.15

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

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Statement of Operations
Year Ended July 31, 2018

Net investment income
Income:
Dividends — unaffiliated issuers	$20,609
Interest	13,889,832
Total income	13,910,441
Expenses:
Management services fees	1,936,652
Distribution and/or service fees
Class A	101,416
Class C	210,216
Transfer agent fees
Class A	36,821
Advisor Class	587
Class C	19,077
Institutional Class	282,123
Institutional 2 Class	21,868
Institutional 3 Class	278
Compensation of board members	21,227
Custodian fees	3,779
Printing and postage fees	24,243
Registration fees	10,537
Audit fees	32,083
Legal fees	9,778
Compensation of chief compliance officer	161
Other	18,902
Total expenses	2,729,748
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(86)
Fees waived by distributor
Class C	(63,065)
Expense reduction	(580)
Total net expenses	2,666,017
Net investment income	11,244,424
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	1,438,852
Net realized gain	1,438,852
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(12,012,467)
Net change in unrealized appreciation (depreciation)	(12,012,467)
Net realized and unrealized loss	(10,573,615)
Net increase in net assets resulting from operations	$670,809

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Statement of Changes in Net Assets

	Year Ended July 31, 2018	Year Ended July 31, 2017 ^(a)
Operations
Net investment income	$11,244,424	$12,562,590
Net realized gain (loss)	1,438,852	(777,596)
Net change in unrealized appreciation (depreciation)	(12,012,467)	(13,893,314)
Net increase (decrease) in net assets resulting from operations	670,809	(2,108,320)
Distributions to shareholders
Net investment income
Class A	(1,023,646)	(1,266,590)
Advisor Class	(17,973)	(13,955)
Class B	(2)	(191)
Class C	(434,858)	(549,384)
Institutional Class	(8,614,649)	(9,693,553)
Institutional 2 Class	(1,057,248)	(958,763)
Institutional 3 Class	(85,509)	(119)
Total distributions to shareholders	(11,233,885)	(12,482,555)
Decrease in net assets from capital stock activity	(49,946,991)	(19,416,530)
Total decrease in net assets	(60,510,067)	(34,007,405)
Net assets at beginning of year	444,403,237	478,410,642
Net assets at end of year	$383,893,170	$444,403,237
Undistributed net investment income	$336,818	$326,345

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	852,699	10,424,739	1,906,297	23,941,317
Distributions reinvested	81,921	1,003,849	99,655	1,238,210
Redemptions	(1,132,314)	(13,889,439)	(2,478,963)	(30,472,617)
Net decrease	(197,694)	(2,460,851)	(473,011)	(5,293,090)
Advisor Class
Subscriptions	27,082	332,076	34,317	426,822
Distributions reinvested	1,466	17,973	1,125	13,954
Redemptions	(27,543)	(338,174)	(6,015)	(74,511)
Net increase	1,005	11,875	29,427	366,265
Class B
Distributions reinvested	—	—	15	191
Redemptions	(838)	(10,465)	(46)	(564)
Net decrease	(838)	(10,465)	(31)	(373)
Class C
Subscriptions	146,660	1,803,274	267,322	3,345,615
Distributions reinvested	32,949	403,964	40,437	502,520
Redemptions	(936,705)	(11,465,559)	(571,110)	(7,062,878)
Net decrease	(757,096)	(9,258,321)	(263,351)	(3,214,743)
Institutional Class
Subscriptions	1,605,164	19,718,945	2,352,832	29,099,132
Distributions reinvested	536,443	6,573,596	585,573	7,275,425
Redemptions	(4,734,172)	(58,181,728)	(5,336,134)	(65,941,293)
Net decrease	(2,592,565)	(31,889,187)	(2,397,729)	(29,566,736)
Institutional 2 Class
Subscriptions	1,234,296	15,174,745	2,127,825	26,151,061
Distributions reinvested	86,278	1,056,972	77,327	958,177
Redemptions	(2,158,353)	(26,518,434)	(712,437)	(8,827,091)
Net increase (decrease)	(837,779)	(10,286,717)	1,492,715	18,282,147
Institutional 3 Class
Subscriptions	369,381	4,578,378	813	10,000
Distributions reinvested	6,973	85,219	—	—
Redemptions	(58,694)	(716,922)	—	—
Net increase	317,660	3,946,675	813	10,000
Total net decrease	(4,067,307)	(49,946,991)	(1,611,167)	(19,416,530)

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2018	$12.45	0.31	(0.31)	0.00 ^(c)	(0.31)	—	(0.31)
Year Ended 7/31/2017	$12.82	0.32	(0.37)	(0.05)	(0.32)	—	(0.32)
Year Ended 7/31/2016	$12.54	0.33	0.28	0.61	(0.33)	—	(0.33)
Year Ended 7/31/2015	$12.61	0.34	(0.07)	0.27	(0.34)	—	(0.34)
Year Ended 7/31/2014	$12.30	0.35	0.31	0.66	(0.35)	(0.00) ^(c)	(0.35)
Advisor Class
Year Ended 7/31/2018	$12.45	0.34	(0.31)	0.03	(0.34)	—	(0.34)
Year Ended 7/31/2017	$12.82	0.35	(0.37)	(0.02)	(0.35)	—	(0.35)
Year Ended 7/31/2016	$12.54	0.36	0.28	0.64	(0.36)	—	(0.36)
Year Ended 7/31/2015	$12.60	0.37	(0.06)	0.31	(0.37)	—	(0.37)
Year Ended 7/31/2014	$12.30	0.38	0.30	0.68	(0.38)	(0.00) ^(c)	(0.38)
Class C
Year Ended 7/31/2018	$12.45	0.25	(0.31)	(0.06)	(0.25)	—	(0.25)
Year Ended 7/31/2017	$12.83	0.26	(0.38)	(0.12)	(0.26)	—	(0.26)
Year Ended 7/31/2016	$12.54	0.27	0.29	0.56	(0.27)	—	(0.27)
Year Ended 7/31/2015	$12.61	0.29	(0.07)	0.22	(0.29)	—	(0.29)
Year Ended 7/31/2014	$12.31	0.30	0.30	0.60	(0.30)	(0.00) ^(c)	(0.30)
Institutional Class
Year Ended 7/31/2018	$12.45	0.34	(0.31)	0.03	(0.34)	—	(0.34)
Year Ended 7/31/2017	$12.82	0.35	(0.37)	(0.02)	(0.35)	—	(0.35)
Year Ended 7/31/2016	$12.54	0.36	0.28	0.64	(0.36)	—	(0.36)
Year Ended 7/31/2015	$12.61	0.37	(0.07)	0.30	(0.37)	—	(0.37)
Year Ended 7/31/2014	$12.31	0.38	0.30	0.68	(0.38)	(0.00) ^(c)	(0.38)
Institutional 2 Class
Year Ended 7/31/2018	$12.43	0.34	(0.31)	0.03	(0.34)	—	(0.34)
Year Ended 7/31/2017	$12.81	0.35	(0.38)	(0.03)	(0.35)	—	(0.35)
Year Ended 7/31/2016	$12.53	0.37	0.28	0.65	(0.37)	—	(0.37)
Year Ended 7/31/2015	$12.59	0.38	(0.06)	0.32	(0.38)	—	(0.38)
Year Ended 7/31/2014	$12.29	0.38	0.30	0.68	(0.38)	(0.00) ^(c)	(0.38)

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

22	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2018	$12.14	0.01%	0.84%	0.84% ^(d)	2.53%	10%	$39,896
Year Ended 7/31/2017	$12.45	(0.39%)	0.83% ^(e)	0.83% ^(d),(e)	2.53%	15%	$43,387
Year Ended 7/31/2016	$12.82	4.92%	0.86%	0.85% ^(d)	2.60%	9%	$50,750
Year Ended 7/31/2015	$12.54	2.17%	0.87%	0.83% ^(d)	2.71%	11%	$41,121
Year Ended 7/31/2014	$12.61	5.43%	0.86%	0.81% ^(d)	2.81%	9%	$37,935
Advisor Class
Year Ended 7/31/2018	$12.14	0.25%	0.59%	0.59% ^(d)	2.78%	10%	$660
Year Ended 7/31/2017	$12.45	(0.14%)	0.59% ^(e)	0.59% ^(d),(e)	2.80%	15%	$664
Year Ended 7/31/2016	$12.82	5.18%	0.61%	0.61% ^(d)	2.85%	9%	$307
Year Ended 7/31/2015	$12.54	2.50%	0.62%	0.58% ^(d)	2.97%	11%	$130
Year Ended 7/31/2014	$12.60	5.58%	0.62%	0.56% ^(d)	3.08%	9%	$77
Class C
Year Ended 7/31/2018	$12.14	(0.44%)	1.59%	1.29% ^(d)	2.07%	10%	$14,530
Year Ended 7/31/2017	$12.45	(0.91%)	1.58% ^(e)	1.28% ^(d),(e)	2.09%	15%	$24,330
Year Ended 7/31/2016	$12.83	4.53%	1.61%	1.30% ^(d)	2.15%	9%	$28,438
Year Ended 7/31/2015	$12.54	1.73%	1.62%	1.26% ^(d)	2.27%	11%	$24,863
Year Ended 7/31/2014	$12.61	4.93%	1.61%	1.21% ^(d)	2.41%	9%	$23,694
Institutional Class
Year Ended 7/31/2018	$12.14	0.25%	0.59%	0.59% ^(d)	2.77%	10%	$293,485
Year Ended 7/31/2017	$12.45	(0.14%)	0.58% ^(e)	0.58% ^(d),(e)	2.79%	15%	$333,321
Year Ended 7/31/2016	$12.82	5.18%	0.61%	0.60% ^(d)	2.85%	9%	$374,062
Year Ended 7/31/2015	$12.54	2.42%	0.62%	0.58% ^(d)	2.96%	11%	$366,351
Year Ended 7/31/2014	$12.61	5.61%	0.61%	0.56% ^(d)	3.06%	9%	$370,871
Institutional 2 Class
Year Ended 7/31/2018	$12.12	0.28%	0.56%	0.56%	2.80%	10%	$31,451
Year Ended 7/31/2017	$12.43	(0.18%)	0.55% ^(e)	0.55% ^(e)	2.85%	15%	$42,681
Year Ended 7/31/2016	$12.81	5.24%	0.55%	0.55%	2.90%	9%	$24,844
Year Ended 7/31/2015	$12.53	2.54%	0.55%	0.55%	3.00%	11%	$18,712
Year Ended 7/31/2014	$12.59	5.64%	0.56%	0.53%	3.09%	9%	$8,092

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2018	$12.47	0.35	(0.32)	0.03	(0.35)	—	(0.35)
Year Ended 7/31/2017^(f)	$12.30	0.15	0.17 ^(g)	0.32	(0.15)	—	(0.15)

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)	Rounds to zero.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	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	Institutional 2 Class
07/31/2017	0.02 %	0.01 %	0.02 %	0.02 %	0.01 %

(f)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(h)	Annualized.

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2018	$12.15	0.26%	0.51%	0.51%	2.90%	10%	$3,871
Year Ended 7/31/2017^(f)	$12.47	2.59%	0.53% ^(h)	0.53% ^(h)	2.84% ^(h)	15%	$10

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

Columbia AMT-Free Oregon Intermediate Muni Bond Fund | Annual Report 2018

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Notes to Financial Statements
July 31, 2018

Note 1. Organization

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

Fund shares

The Trust may issue an unlimited number of shares (without par value). Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure. The Fund offers each of the share classes identified below.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge are subject to a contingent deferred sales charge (CDSC) of 0.75% on certain investments of $500,000 or more if redeemed within 12 months after purchase.

Advisor Class shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus. Prior to November 1, 2017, Advisor Class shares were known as Class R4 shares.

Effective July 17, 2017, Class B shares of the Fund were no longer offered. On August 4, 2017, the capital owned by Columbia Management Investment Advisers, LLC in Class B shares was redeemed without a CDSC.

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

Institutional Class shares are not subject to sales charges and are generally available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus. Prior to November 1, 2017, Institutional Class shares were known as Class Z shares.

Institutional 2 Class shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans as described in the Fund’s prospectus. Prior to November 1, 2017, Institutional 2 Class shares were known as Class R5 shares.

Institutional 3 Class shares are not subject to sales charges and are available to institutional and certain other investors as described in the Fund’s prospectus. Prior to November 1, 2017, Institutional 3 Class shares were known as Class Y shares.

Note 2. Summary of significant accounting policies

Basis of preparation

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

26	Columbia AMT-Free Oregon Intermediate Muni Bond Fund \| Annual Report 2018

Table of Contents

Notes to Financial Statements (continued)
July 31, 2018

Security valuation

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

Delayed delivery securities

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

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

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Notes to Financial Statements (continued)
July 31, 2018

Determination of class net asset value

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

Federal income tax status

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

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

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Notes to Financial Statements (continued)
July 31, 2018

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated funds governed by the Board of Trustees, based on relative net assets.

Transfer agency fees

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

For the year ended July 31, 2018, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

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

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2018, these minimum account balance fees reduced total expenses of the Fund by $580.

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 0.10% and 0.75% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively.

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Notes to Financial Statements (continued)
July 31, 2018

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

The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the distribution fee does not exceed 0.45% annually of the average daily net assets attributable to Class C shares. This arrangement may be modified or terminated by the Distributor at any time.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2018, if any, are listed below:

	Amount ($)
Class A	37,484
Class C	726

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:

	November 1, 2017 through November 30, 2018	Prior to November 1, 2017
Class A	0.84%	0.85%
Advisor Class	0.59	0.60
Class C	1.59	1.60
Institutional Class	0.59	0.60
Institutional 2 Class	0.56	0.58
Institutional 3 Class	0.52	0.53

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. Class C distribution fees waived by the Distributor, as discussed above, are in addition to the waiver/reimbursement commitment under the agreement.

Note 4. Federal tax information

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Notes to Financial Statements (continued)
July 31, 2018

At July 31, 2018, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions and market discount. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
(66)	67	(1)

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

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

Year Ended July 31, 2018				Year Ended July 31, 2017
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
9	11,233,876	—	11,233,885	9,277	12,473,278	—	12,482,555

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

At July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	491,208	—	8,305,671

At July 31, 2018, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
365,103,965	9,931,307	(1,625,636)	8,305,671

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

2019 ($)	No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)	Expired ($)	Permanently lost ($)
—	—	—	—	947,711	—	—

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Notes to Financial Statements (continued)
July 31, 2018

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $41,243,689 and $94,309,151, respectively, for the year ended July 31, 2018. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2018.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2018.

Note 8. Significant risks

Credit risk

Geographic concentration risk

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

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Notes to Financial Statements (continued)
July 31, 2018

Interest rate risk

Liquidity risk

Shareholder concentration risk

At July 31, 2018, one unaffiliated shareholder of record owned 15.9% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. 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 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust I and Shareholders of Columbia AMT-Free Oregon Intermediate Muni Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia AMT-Free Oregon Intermediate Muni Bond Fund (one of the funds constituting Columbia Funds Series Trust I, hereafter referred to as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2018

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

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Federal Income Tax Information
(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended July 31, 2018. Shareholders will be notified in early 2019 of the amounts for use in preparing 2018 income tax returns.

Capital gain dividend	Exempt- interest dividends
$515,768	100.00%

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

Exempt-interest dividends. The percentage of net investment income distributed during the fiscal year that qualifies as exempt-interest dividends for federal income tax purposes.

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) since September 2007	70	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	70	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	70	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	70	Director, CSX Corporation; Genworth Financial, Inc. (financial and insurance products and services); PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	70	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	70	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	70	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds complex overseen	Other directorships held by Trustee during the past five years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	71	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	71	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	194	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

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

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TRUSTEES AND OFFICERS (continued)

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Board Consideration and Approval of Management

Agreement

On June 12, 2018, 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 AMT-Free Oregon Intermediate Muni Bond 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.

•	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 November 30, 2018 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.

Investment performance

The Committee and the Board noted that, through December 31, 2017, the Fund’s performance was in the forty-eighth, fortieth and thirty-second 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.

Investment management fee rates and other expenses

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Board Consideration and Approval of Management

Agreement (continued)

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.

Costs of services provided and profitability

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.

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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

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Additional information

The Fund mails 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 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 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

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia AMT-Free Oregon Intermediate Muni Bond Fund

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus .com/investor/

ANN207_07_H01_(09/18)

Annual Report
July 31, 2018

Columbia Large Cap Growth Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

A return to volatility

Consistency is more important than ever

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	32
Federal Income Tax Information	33
Trustees and Officers	34
Board Consideration and Approval of Management Agreement	38
Additional Information	42

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Fund at a Glance

Investment objective

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

Portfolio management

John Wilson, CFA

Lead Portfolio Manager

Managed Fund since 2005

Tchintcia Barros, CFA

Portfolio Manager

Managed Fund since 2015

Effective June 30, 2018, Peter Deininger no longer serves as a portfolio manager of the Fund.

Morningstar style box^TM

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

© 2018 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Average annual total returns (%) (for the period ended July 31, 2018)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/01/98	17.26	14.62	10.84
	Including sales charges		10.51	13.27	10.19
Advisor Class*		11/08/12	17.52	14.92	11.12
Class C	Excluding sales charges	11/18/02	16.37	13.77	10.02
	Including sales charges		15.37	13.77	10.02
Class E	Excluding sales charges	09/22/06	17.14	14.51	10.73
	Including sales charges		11.86	13.46	10.22
Institutional Class		12/14/90	17.54	14.91	11.12
Institutional 2 Class*		03/07/11	17.63	15.02	11.23
Institutional 3 Class*		07/15/09	17.65	15.09	11.29
Class R*		09/27/10	16.96	14.34	10.56
Class T*	Excluding sales charges	09/27/10	17.28	14.63	10.87
	Including sales charges		14.35	14.06	10.59
Class V	Excluding sales charges	12/14/90	17.25	14.60	10.81
	Including sales charges		10.50	13.25	10.15
Russell 1000 Growth Index			22.84	15.83	12.37

Returns for Class A and Class V are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge for the first year only. Returns for Class E are shown with and without the maximum sales charge of 4.50%. Returns for Class T shares are shown with and without the maximum initial sales charge of 2.50% per transaction. The Fund’s other classes are not subject to sales charges and have limited eligibility. Effective November 1, 2017, Class R4, Class R5, Class Y and Class Z shares were renamed Advisor Class, Institutional 2 Class, Institutional 3 Class and Institutional Class shares, respectively. 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 class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

The 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.

2	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (July 31, 2008 — July 31, 2018)

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

Top 10 holdings (%) (at July 31, 2018)
Microsoft Corp.	6.7
Amazon.com, Inc.	6.1
Apple, Inc.	5.8
Facebook, Inc., Class A	3.5
Alphabet, Inc., Class C	3.5
Alphabet, Inc., Class A	3.4
Visa, Inc., Class A	3.1
Adobe Systems, Inc.	2.6
NVIDIA Corp.	1.9
Booking Holdings, Inc.	1.8

Percentages indicated are based upon total investments (excluding Money Market Funds and 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 July 31, 2018)
Common Stocks	98.8
Money Market Funds	1.2
Total	100.0

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

Equity sector breakdown (%) (at July 31, 2018)
Consumer Discretionary	16.1
Consumer Staples	4.7
Energy	1.4
Financials	4.0
Health Care	14.9
Industrials	8.9
Information Technology	45.9
Materials	1.4
Real Estate	2.7
Total	100.0

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended July 31, 2018, the Fund’s Class A shares returned 17.26% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned 22.84% over the same period. In a year of strong equity returns, disappointing results from consumer discretionary and biotechnology holdings, mostly in the fourth quarter of 2017, generally accounted for the Fund’s shortfall relative to the benchmark. An overweight in information technology made a significant contribution to Fund gains, as the sector was a performance leader during the period.

Strong earnings, lower taxes pushed equity markets higher

U.S. equities delivered solid gains for the 12-month period that ended July 31, 2018, hitting record highs along the way. Buoyant corporate earnings, especially in the information technology sector, along with a strengthening domestic economy and an improving global economy, boosted investor sentiment. Consumer confidence was high, and jobs data remained strong, as the unemployment rate declined to 3.9%. Tax cuts approved by Congress late in 2017 had a favorable impact on corporate earnings and helped fuel investor optimism. Concerns that interest rates and inflation might rise faster than expected put a damper on equity markets midway through the period, the first decline of such magnitude in two years. However, the pullback was short lived, and equities recovered their lost ground by the end of the period. For the 12 months ended July 31, 2018, the S&P 500 Index — which measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance — gained 16.24%. Growth stocks substantially outperformed value stocks. The yield on the 10-Year U.S. Treasury ended the period at 2.96%. After three Federal Reserve rate increases, the federal funds target rate stood at 1.75%-2.00%.

Contributors and detractors

Holdings in the materials sector led the Fund’s relative returns. Even though the materials sector is a small sector within the benchmark, the Fund did well with positions in Eastman Chemical and Lyondell and benefited from no exposure to some of the sector’s big losers, namely DowDupont, PPG and Ecolab. In the consumer staples sector, we also did well to avoid losers, with no exposure to Coca Cola and Altria, both of which lagged during the period. In addition, a position in Costco benefited returns, as the company had strong top and bottom line results. Information technology was the biggest contributor to Fund gains, and overweights in Micron, Adobe, ServiceNow and NVIDIA aided returns.

Gains from these sectors were partially offset by losses from biotechnology holdings in the health care sector and disappointments from industrials and consumer discretionary positions. Biotechnology accounted for most of the Fund’s shortfall relative to the benchmark, with underperformance from Celgene, Gilead, Alexion and Intercept Pharmaceuticals. Within the consumer discretionary sector, overweight positions in Dish Networks, Newell, Mohawk and Expedia weighed on relative results. An overweight in Amazon boosted returns but those gains were offset by Netflix, which the Fund did not own.

At period’s end

During the period, we pruned from the Fund’s information technology holdings, as we believed that several stocks had moved closer to their individual stock targets. Our strategy remains unchanged: we continue to look for ideas where our internal research conviction is high and where we can find a differentiated research view combined with strong management and an attractive risk/return profile. We seek opportunities in companies that we believe have the potential to drive organic revenue and earnings growth consistently although that growth may be underestimated by the market.

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

4	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance (continued)

update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

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

February 1, 2018 — July 31, 2018
	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	1,026.20	1,019.64	5.22	5.21	1.04
Advisor Class	1,000.00	1,000.00	1,027.40	1,020.88	3.97	3.96	0.79
Class C	1,000.00	1,000.00	1,022.30	1,015.92	8.98	8.95	1.79
Class E	1,000.00	1,000.00	1,025.60	1,019.14	5.73	5.71	1.14
Institutional Class	1,000.00	1,000.00	1,027.50	1,020.88	3.97	3.96	0.79
Institutional 2 Class	1,000.00	1,000.00	1,027.70	1,021.22	3.62	3.61	0.72
Institutional 3 Class	1,000.00	1,000.00	1,027.90	1,021.42	3.42	3.41	0.68
Class R	1,000.00	1,000.00	1,025.00	1,018.40	6.48	6.46	1.29
Class T	1,000.00	1,000.00	1,026.10	1,019.64	5.22	5.21	1.04
Class V	1,000.00	1,000.00	1,026.00	1,019.64	5.22	5.21	1.04

6	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments
July 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.4%
Issuer	Shares	Value ($)
Consumer Discretionary 15.8%
Hotels, Restaurants & Leisure 1.7%
Norwegian Cruise Line Holdings Ltd.^(a)	510,768	25,553,723
Yum China Holdings, Inc.	241,464	8,712,021
Yum! Brands, Inc.	387,587	30,731,774
Total		64,997,518
Internet & Direct Marketing Retail 7.8%
Amazon.com, Inc.^(a)	126,505	224,855,047
Booking Holdings, Inc.^(a)	32,094	65,109,740
Total		289,964,787
Media 1.3%
Comcast Corp., Class A	835,876	29,907,643
DISH Network Corp., Class A^(a)	619,448	19,549,779
Total		49,457,422
Specialty Retail 3.1%
Burlington Stores, Inc.^(a)	228,900	34,978,209
O’Reilly Automotive, Inc.^(a)	127,100	38,892,600
Ulta Beauty, Inc.^(a)	173,300	42,352,787
Total		116,223,596
Textiles, Apparel & Luxury Goods 1.9%
Canada Goose Holdings, Inc.^(a)	378,624	21,744,376
PVH Corp.	330,000	50,661,600
Total		72,405,976
Total Consumer Discretionary		593,049,299
Consumer Staples 4.6%
Food & Staples Retailing 3.1%
Costco Wholesale Corp.	281,000	61,457,510
SYSCO Corp.	420,328	28,250,245
Walmart, Inc.	281,000	25,073,630
Total		114,781,385
Food Products 0.8%
Tyson Foods, Inc., Class A	548,800	31,638,320
Tobacco 0.7%
Philip Morris International, Inc.	301,495	26,019,018
Total Consumer Staples		172,438,723

Common Stocks (continued)
Issuer	Shares	Value ($)
Energy 1.4%
Energy Equipment & Services 0.5%
TechnipFMC PLC	551,600	17,954,580
Oil, Gas & Consumable Fuels 0.9%
Cimarex Energy Co.	183,500	18,093,100
Diamondback Energy, Inc.	116,100	15,319,395
Total		33,412,495
Total Energy		51,367,075
Financials 3.9%
Banks 0.9%
Citigroup, Inc.	459,500	33,033,455
Capital Markets 3.0%
Bank of New York Mellon Corp. (The)	894,470	47,827,311
BlackRock, Inc.	71,039	35,715,568
Charles Schwab Corp. (The)	587,100	29,977,326
Total		113,520,205
Total Financials		146,553,660
Health Care 14.7%
Biotechnology 5.2%
Alexion Pharmaceuticals, Inc.^(a)	335,134	44,559,417
Biogen, Inc.^(a)	178,570	59,708,451
BioMarin Pharmaceutical, Inc.^(a)	297,200	29,886,432
Clovis Oncology, Inc.^(a)	139,400	6,153,116
Sage Therapeutics, Inc.^(a)	44,000	6,350,080
Vertex Pharmaceuticals, Inc.^(a)	270,465	47,344,898
Total		194,002,394
Health Care Equipment & Supplies 3.4%
Align Technology, Inc.^(a)	99,000	35,308,350
Edwards Lifesciences Corp.^(a)	275,467	39,240,274
IDEXX Laboratories, Inc.^(a)	46,900	11,487,217
Medtronic PLC	476,200	42,967,526
Total		129,003,367
Health Care Providers & Services 1.1%
Humana, Inc.	137,900	43,325,422

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Common Stocks (continued)
Issuer	Shares	Value ($)
Life Sciences Tools & Services 2.7%
Illumina, Inc.^(a)	159,200	51,638,112
Thermo Fisher Scientific, Inc.	205,648	48,230,625
Total		99,868,737
Pharmaceuticals 2.3%
Bristol-Myers Squibb Co.	659,400	38,739,750
Johnson & Johnson	354,300	46,951,836
Total		85,691,586
Total Health Care		551,891,506
Industrials 8.8%
Aerospace & Defense 2.9%
L3 Technologies, Inc.	267,900	57,448,476
Northrop Grumman Corp.	167,300	50,271,977
Total		107,720,453
Air Freight & Logistics 1.5%
FedEx Corp.	233,450	57,398,351
Electrical Equipment 0.8%
AMETEK, Inc.	368,000	28,630,400
Industrial Conglomerates 1.4%
Honeywell International, Inc.	320,400	51,151,860
Machinery 2.2%
Ingersoll-Rand PLC	452,700	44,595,477
Xylem, Inc.	506,600	38,785,296
Total		83,380,773
Total Industrials		328,281,837
Information Technology 45.2%
Electronic Equipment, Instruments & Components 0.6%
Zebra Technologies Corp., Class A^(a)	170,311	23,490,996
Internet Software & Services 11.7%
Alibaba Group Holding Ltd., ADR^(a)	304,442	57,000,676
Alphabet, Inc., Class A^(a)	101,619	124,708,869
Alphabet, Inc., Class C^(a)	104,973	127,779,434
Facebook, Inc., Class A^(a)	749,973	129,430,340
Total		438,919,319

Common Stocks (continued)
Issuer	Shares	Value ($)
IT Services 7.1%
FleetCor Technologies, Inc.^(a)	234,800	50,951,600
Pagseguro Digital Ltd., Class A^(a)	996,500	26,825,780
PayPal Holdings, Inc.^(a)	685,600	56,315,184
Square, Inc., Class A^(a)	276,000	17,843,400
Visa, Inc., Class A	834,026	114,044,715
Total		265,980,679
Semiconductors & Semiconductor Equipment 6.6%
Broadcom, Inc.	264,631	58,687,217
Lam Research Corp.	229,200	43,694,688
MACOM Technology Solutions Holdings, Inc.^(a)	912,000	18,996,960
Micron Technology, Inc.^(a)	988,500	52,182,915
NVIDIA Corp.	291,460	71,366,896
Total		244,928,676
Software 13.5%
Adobe Systems, Inc.^(a)	394,100	96,428,388
Electronic Arts, Inc.^(a)	418,805	53,921,144
Microsoft Corp.	2,335,938	247,796,303
Salesforce.com, Inc.^(a)	474,705	65,105,791
ServiceNow, Inc.^(a)	242,067	42,594,109
Total		505,845,735
Technology Hardware, Storage & Peripherals 5.7%
Apple, Inc.	1,123,462	213,783,584
Total Information Technology		1,692,948,989
Materials 1.3%
Chemicals 1.3%
Eastman Chemical Co.	486,559	50,417,244
Total Materials		50,417,244
Real Estate 2.7%
Equity Real Estate Investment Trusts (REITS) 2.7%
American Tower Corp.	288,000	42,693,120
Equinix, Inc.	132,000	57,984,960
Total		100,678,080
Total Real Estate		100,678,080
Total Common Stocks (Cost $2,151,989,474)		3,687,626,413

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

8	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Money Market Funds 1.2%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.035%^(b),(c)	44,882,689	44,878,201
Total Money Market Funds (Cost $44,882,551)		44,878,201
Total Investments in Securities (Cost: $2,196,872,025)		3,732,504,614
Other Assets & Liabilities, Net		14,359,448
Net Assets		3,746,864,062

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at July 31, 2018.
(c)	As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended July 31, 2018 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, 2.035%
	110,369,809	579,256,610	(644,743,730)	44,882,689	255	(4,316)	728,391	44,878,201

Abbreviation Legend

ADR	American Depositary Receipt

Fair value measurements

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

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

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

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

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

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 following table is a summary of the inputs used to value the Fund’s investments at July 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Investments measured at net asset value ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	593,049,299	—	—	—	593,049,299
Consumer Staples	172,438,723	—	—	—	172,438,723
Energy	51,367,075	—	—	—	51,367,075
Financials	146,553,660	—	—	—	146,553,660
Health Care	551,891,506	—	—	—	551,891,506
Industrials	328,281,837	—	—	—	328,281,837
Information Technology	1,692,948,989	—	—	—	1,692,948,989
Materials	50,417,244	—	—	—	50,417,244
Real Estate	100,678,080	—	—	—	100,678,080
Total Common Stocks	3,687,626,413	—	—	—	3,687,626,413
Money Market Funds	—	—	—	44,878,201	44,878,201
Total Investments in Securities	3,687,626,413	—	—	44,878,201	3,732,504,614

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

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

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

10	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Statement of Assets and Liabilities
July 31, 2018

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,151,989,474)	$3,687,626,413
Affiliated issuers (cost $44,882,551)	44,878,201
Receivable for:
Investments sold	30,004,861
Capital shares sold	1,261,288
Dividends	582,329
Foreign tax reclaims	3,454
Prepaid expenses	26,513
Trustees’ deferred compensation plan	302,334
Other assets	43,170
Total assets	3,764,728,563
Liabilities
Payable for:
Investments purchased	12,753,933
Capital shares purchased	4,323,567
Management services fees	67,002
Distribution and/or service fees	17,336
Transfer agent fees	245,828
Compensation of board members	5,463
Compensation of chief compliance officer	121
Other expenses	148,917
Trustees’ deferred compensation plan	302,334
Total liabilities	17,864,501
Net assets applicable to outstanding capital stock	$3,746,864,062
Represented by
Paid in capital	2,018,676,061
Excess of distributions over net investment income	(3,685,921)
Accumulated net realized gain	196,241,697
Unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	1,535,636,939
Investments - affiliated issuers	(4,350)
Foreign currency translations	(364)
Total - representing net assets applicable to outstanding capital stock	$3,746,864,062

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Statement of Assets and Liabilities (continued)
July 31, 2018

Class A
Net assets	$1,976,096,514
Shares outstanding	45,057,244
Net asset value per share	$43.86
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)	$46.54
Advisor Class
Net assets	$14,629,112
Shares outstanding	314,387
Net asset value per share	$46.53
Class C
Net assets	$75,872,201
Shares outstanding	2,067,387
Net asset value per share	$36.70
Class E
Net assets	$16,877,459
Shares outstanding	386,697
Net asset value per share	$43.65
Maximum sales charge	4.50%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class E shares)	$45.71
Institutional Class
Net assets	$996,844,668
Shares outstanding	21,881,762
Net asset value per share	$45.56
Institutional 2 Class
Net assets	$12,715,340
Shares outstanding	278,920
Net asset value per share	$45.59
Institutional 3 Class
Net assets	$428,818,655
Shares outstanding	9,382,538
Net asset value per share	$45.70
Class R
Net assets	$15,911,155
Shares outstanding	365,891
Net asset value per share	$43.49
Class T
Net assets	$769,618
Shares outstanding	17,513
Net asset value per share	$43.95
Maximum sales charge	2.50%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge per transaction for Class T shares)	$45.08
Class V
Net assets	$208,329,340
Shares outstanding	4,792,335
Net asset value per share	$43.47
Maximum sales charge	5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares)	$46.12

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

12	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Statement of Operations
Year Ended July 31, 2018

Net investment income
Income:
Dividends — unaffiliated issuers	$32,728,611
Dividends — affiliated issuers	728,391
Total income	33,457,002
Expenses:
Management services fees	24,015,095
Distribution and/or service fees
Class A	4,726,569
Class C	1,023,500
Class E	58,289
Class R	115,149
Class T	2,150
Class V	504,801
Transfer agent fees
Class A	2,258,613
Advisor Class	18,232
Class C	122,352
Class E	19,897
Institutional Class	1,149,112
Institutional 2 Class	14,628
Institutional 3 Class	32,143
Class K	26
Class R	27,631
Class T	1,030
Class V	241,213
Plan administration fees
Class K	111
Compensation of board members	71,426
Custodian fees	24,636
Printing and postage fees	253,561
Registration fees	192,383
Audit fees	33,020
Legal fees	86,578
Compensation of chief compliance officer	1,437
Other	103,397
Total expenses	35,096,979
Expense reduction	(23,798)
Total net expenses	35,073,181
Net investment loss	(1,616,179)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	251,806,770
Investments — affiliated issuers	255
Net realized gain	251,807,025
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	333,935,829
Investments — affiliated issuers	(4,316)
Foreign currency translations	(44)
Net change in unrealized appreciation (depreciation)	333,931,469
Net realized and unrealized gain	585,738,494
Net increase in net assets resulting from operations	$584,122,315

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Statement of Changes in Net Assets

	Year Ended July 31, 2018	Year Ended July 31, 2017
Operations
Net investment income (loss)	$(1,616,179)	$7,778,264
Net realized gain	251,807,025	179,034,473
Net change in unrealized appreciation (depreciation)	333,931,469	414,874,157
Net increase in net assets resulting from operations	584,122,315	601,686,894
Distributions to shareholders
Net investment income
Class A	—	(3,773,406)
Advisor Class	(22,659)	(36,249)
Class E	—	(17,540)
Class I	—	(832,323)
Institutional Class	(1,508,466)	(4,107,006)
Institutional 2 Class	(62,104)	(118,814)
Institutional 3 Class	(1,081,036)	(161,094)
Class K	—	(264)
Class T	—	(235,725)
Class V	—	(387,489)
Net realized gains
Class A	(112,241,817)	(23,427,982)
Advisor Class	(855,291)	(107,340)
Class B	—	(122,752)
Class C	(7,326,924)	(1,596,310)
Class E	(992,652)	(194,021)
Class F	—	(12,821)
Class I	—	(1,875,904)
Institutional Class	(53,828,606)	(12,161,703)
Institutional 2 Class	(1,668,444)	(290,954)
Institutional 3 Class	(24,933,309)	(363,076)
Class K	(4,285)	(1,140)
Class R	(1,580,732)	(363,455)
Class T	(52,395)	(1,463,521)
Class V	(12,101,679)	(2,405,763)
Total distributions to shareholders	(218,260,399)	(54,056,652)
Decrease in net assets from capital stock activity	(152,557,783)	(451,983,087)
Total increase in net assets	213,304,133	95,647,155
Net assets at beginning of year	3,533,559,929	3,437,912,774
Net assets at end of year	$3,746,864,062	$3,533,559,929
Undistributed (excess of distributions over) net investment income	$(3,685,921)	$604,936

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

14	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	2,102,312	89,098,132	1,858,549	66,183,811
Distributions reinvested	2,745,341	107,425,195	783,217	26,049,800
Redemptions	(5,885,043)	(243,404,688)	(10,056,662)	(354,574,767)
Net decrease	(1,037,390)	(46,881,361)	(7,414,896)	(262,341,156)
Advisor Class
Subscriptions	208,562	9,112,391	113,750	4,295,741
Distributions reinvested	19,245	797,718	3,564	125,032
Redemptions	(188,110)	(8,398,940)	(100,858)	(3,671,647)
Net increase	39,697	1,511,169	16,456	749,126
Class B
Subscriptions	—	—	1,429	42,572
Distributions reinvested	—	—	4,275	121,714
Redemptions	(74)	(2,385)	(341,522)	(10,784,195)
Net decrease	(74)	(2,385)	(335,818)	(10,619,909)
Class C
Subscriptions	400,529	14,085,343	390,516	11,829,087
Distributions reinvested	209,315	6,886,462	48,169	1,372,803
Redemptions	(1,535,106)	(55,326,412)	(1,199,784)	(36,443,871)
Net decrease	(925,262)	(34,354,607)	(761,099)	(23,241,981)
Class E
Subscriptions	1,585	66,866	26,223	1,035,220
Distributions reinvested	25,479	992,652	6,380	211,561
Redemptions	(55,739)	(2,298,436)	(56,278)	(1,988,067)
Net decrease	(28,675)	(1,238,918)	(23,675)	(741,286)
Class F
Subscriptions	—	—	2,022	62,499
Distributions reinvested	—	—	450	12,821
Redemptions	(76)	(2,621)	(30,173)	(1,020,501)
Net decrease	(76)	(2,621)	(27,701)	(945,181)
Class I
Subscriptions	—	—	37,383	1,364,426
Distributions reinvested	—	—	78,633	2,708,134
Redemptions	—	—	(4,390,298)	(162,075,514)
Net decrease	—	—	(4,274,282)	(158,002,954)
Institutional Class
Subscriptions	1,902,143	81,613,462	4,675,026	173,981,906
Distributions reinvested	1,257,477	51,028,399	322,796	11,100,945
Redemptions	(8,751,776)	(363,040,287)	(4,894,529)	(178,362,203)
Net increase (decrease)	(5,592,156)	(230,398,426)	103,293	6,720,648
Institutional 2 Class
Subscriptions	212,123	9,197,173	161,545	6,022,121
Distributions reinvested	42,628	1,730,288	11,913	409,681
Redemptions	(604,968)	(26,497,611)	(166,488)	(5,993,228)
Net increase (decrease)	(350,217)	(15,570,150)	6,970	438,574
Institutional 3 Class
Subscriptions	6,212,215	254,221,819	4,148,501	153,913,582
Distributions reinvested	292,172	11,885,552	15,209	524,120
Redemptions	(1,583,443)	(68,842,946)	(400,991)	(15,530,281)
Net increase	4,920,944	197,264,425	3,762,719	138,907,421

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017
	Shares	Dollars ($)	Shares	Dollars ($)
Class K
Distributions reinvested	101	4,118	40	1,356
Redemptions	(1,805)	(80,309)	(803)	(27,744)
Net decrease	(1,704)	(76,191)	(763)	(26,388)
Class R
Subscriptions	138,681	5,589,740	233,767	8,131,219
Distributions reinvested	5,896	229,133	1,641	54,360
Redemptions	(530,901)	(21,760,491)	(223,851)	(8,023,192)
Net increase (decrease)	(386,324)	(15,941,618)	11,557	162,387
Class T
Subscriptions	—	—	129,151	4,368,519
Distributions reinvested	1,332	52,258	50,981	1,699,204
Redemptions	(10,607)	(435,208)	(3,852,540)	(133,790,607)
Net decrease	(9,275)	(382,950)	(3,672,408)	(127,722,884)
Class V
Subscriptions	88,665	3,488,181	45,105	1,551,127
Distributions reinvested	232,297	9,008,492	63,154	2,083,438
Redemptions	(462,579)	(18,980,823)	(538,273)	(18,954,069)
Net decrease	(141,617)	(6,484,150)	(430,014)	(15,319,504)
Total net decrease	(3,512,129)	(152,557,783)	(13,039,661)	(451,983,087)

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

16	Columbia Large Cap Growth Fund \| Annual Report 2018

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Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2018	$39.81	(0.05)	6.62	6.57	—	(2.52)	(2.52)
Year Ended 7/31/2017	$33.82	0.06	6.47	6.53	(0.08)	(0.46)	(0.54)
Year Ended 7/31/2016	$37.69	0.00 ^(d)	(0.36)	(0.36)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$34.51	0.03	7.24	7.27	(0.09)	(4.00)	(4.09)
Year Ended 7/31/2014	$31.25	0.06	4.90	4.96	(0.08)	(1.62)	(1.70)
Advisor Class
Year Ended 7/31/2018	$42.06	0.05	7.00	7.05	(0.06)	(2.52)	(2.58)
Year Ended 7/31/2017	$35.69	0.15	6.84	6.99	(0.16)	(0.46)	(0.62)
Year Ended 7/31/2016	$39.49	0.07	(0.36)	(0.29)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$35.98	0.06	7.63	7.69	(0.18)	(4.00)	(4.18)
Year Ended 7/31/2014	$32.48	0.15	5.10	5.25	(0.15)	(1.62)	(1.77)
Class C
Year Ended 7/31/2018	$33.95	(0.30)	5.57	5.27	—	(2.52)	(2.52)
Year Ended 7/31/2017	$29.06	(0.18)	5.53	5.35	—	(0.46)	(0.46)
Year Ended 7/31/2016	$33.11	(0.21)	(0.33)	(0.54)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$30.90	(0.21)	6.42	6.21	—	(4.00)	(4.00)
Year Ended 7/31/2014	$28.27	(0.17)	4.42	4.25	—	(1.62)	(1.62)
Class E
Year Ended 7/31/2018	$39.67	(0.10)	6.60	6.50	—	(2.52)	(2.52)
Year Ended 7/31/2017	$33.70	0.02	6.45	6.47	(0.04)	(0.46)	(0.50)
Year Ended 7/31/2016	$37.60	(0.03)	(0.36)	(0.39)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$34.44	(0.00) ^(d)	7.22	7.22	(0.06)	(4.00)	(4.06)
Year Ended 7/31/2014	$31.19	0.03	4.89	4.92	(0.05)	(1.62)	(1.67)
Institutional Class
Year Ended 7/31/2018	$41.23	0.06	6.86	6.92	(0.07)	(2.52)	(2.59)
Year Ended 7/31/2017	$35.00	0.15	6.70	6.85	(0.16)	(0.46)	(0.62)
Year Ended 7/31/2016	$38.79	0.09	(0.37)	(0.28)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$35.41	0.13	7.43	7.56	(0.18)	(4.00)	(4.18)
Year Ended 7/31/2014	$32.01	0.15	5.03	5.18	(0.16)	(1.62)	(1.78)
Institutional 2 Class
Year Ended 7/31/2018	$41.25	0.08	6.87	6.95	(0.09)	(2.52)	(2.61)
Year Ended 7/31/2017	$35.02	0.18	6.70	6.88	(0.19)	(0.46)	(0.65)
Year Ended 7/31/2016	$38.77	0.09	(0.33)	(0.24)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$35.39	0.09	7.51	7.60	(0.22)	(4.00)	(4.22)
Year Ended 7/31/2014	$32.00	0.19	5.02	5.21	(0.20)	(1.62)	(1.82)

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

18	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Financial Highlights (continued)

	Reimbursement from affiliate	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2018	—	$43.86	17.26%	1.05%	1.05% ^(c)	(0.13%)	32%	$1,976,097
Year Ended 7/31/2017	—	$39.81	19.61%	1.09%	1.09% ^(c)	0.16%	29%	$1,835,075
Year Ended 7/31/2016	—	$33.82	(0.99%)	1.10%	1.10% ^(c)	0.01%	45%	$1,809,727
Year Ended 7/31/2015	—	$37.69	22.51%	1.11%	1.11% ^(c)	0.09%	59%	$1,870,452
Year Ended 7/31/2014	—	$34.51	16.29%	1.14%	1.14% ^(c)	0.18%	88%	$1,581,112
Advisor Class
Year Ended 7/31/2018	—	$46.53	17.52%	0.80%	0.80% ^(c)	0.12%	32%	$14,629
Year Ended 7/31/2017	—	$42.06	19.92%	0.84%	0.84% ^(c)	0.40%	29%	$11,552
Year Ended 7/31/2016	—	$35.69	(0.76%)	0.85%	0.85% ^(c)	0.21%	45%	$9,217
Year Ended 7/31/2015	—	$39.49	22.80%	0.86%	0.86% ^(c)	0.17%	59%	$6,506
Year Ended 7/31/2014	0.02	$35.98	16.67% ^(e)	0.89%	0.89% ^(c)	0.42%	88%	$766
Class C
Year Ended 7/31/2018	—	$36.70	16.37%	1.80%	1.80% ^(c)	(0.87%)	32%	$75,872
Year Ended 7/31/2017	—	$33.95	18.72%	1.84%	1.84% ^(c)	(0.58%)	29%	$101,600
Year Ended 7/31/2016	—	$29.06	(1.73%)	1.86%	1.86% ^(c)	(0.74%)	45%	$109,092
Year Ended 7/31/2015	—	$33.11	21.59%	1.86%	1.86% ^(c)	(0.67%)	59%	$85,724
Year Ended 7/31/2014	—	$30.90	15.45%	1.89%	1.89% ^(c)	(0.57%)	88%	$63,200
Class E
Year Ended 7/31/2018	—	$43.65	17.14%	1.15%	1.15% ^(c)	(0.23%)	32%	$16,877
Year Ended 7/31/2017	—	$39.67	19.50%	1.19%	1.19% ^(c)	0.06%	29%	$16,478
Year Ended 7/31/2016	—	$33.70	(1.08%)	1.20%	1.20% ^(c)	(0.09%)	45%	$14,797
Year Ended 7/31/2015	—	$37.60	22.37%	1.21%	1.21% ^(c)	(0.00%) ^(d)	59%	$16,539
Year Ended 7/31/2014	—	$34.44	16.18%	1.24%	1.24% ^(c)	0.08%	88%	$15,333
Institutional Class
Year Ended 7/31/2018	—	$45.56	17.54%	0.80%	0.80% ^(c)	0.13%	32%	$996,845
Year Ended 7/31/2017	—	$41.23	19.92%	0.84%	0.84% ^(c)	0.40%	29%	$1,132,702
Year Ended 7/31/2016	—	$35.00	(0.74%)	0.85%	0.85% ^(c)	0.26%	45%	$957,955
Year Ended 7/31/2015	—	$38.79	22.80%	0.86%	0.86% ^(c)	0.34%	59%	$1,049,380
Year Ended 7/31/2014	—	$35.41	16.61%	0.89%	0.89% ^(c)	0.43%	88%	$889,169
Institutional 2 Class
Year Ended 7/31/2018	—	$45.59	17.63%	0.73%	0.73%	0.19%	32%	$12,715
Year Ended 7/31/2017	—	$41.25	20.02%	0.74%	0.74%	0.49%	29%	$25,954
Year Ended 7/31/2016	—	$35.02	(0.64%)	0.76%	0.76%	0.28%	45%	$21,789
Year Ended 7/31/2015	—	$38.77	22.95%	0.75%	0.75%	0.25%	59%	$3,879
Year Ended 7/31/2014	—	$35.39	16.74%	0.75%	0.75%	0.57%	88%	$195

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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2018	$41.35	0.09	6.88	6.97	(0.10)	(2.52)	(2.62)
Year Ended 7/31/2017	$35.10	0.16	6.76	6.92	(0.21)	(0.46)	(0.67)
Year Ended 7/31/2016	$38.83	0.13	(0.35)	(0.22)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$35.44	0.07	7.57	7.64	(0.25)	(4.00)	(4.25)
Year Ended 7/31/2014	$32.03	0.22	5.03	5.25	(0.22)	(1.62)	(1.84)
Class R
Year Ended 7/31/2018	$39.59	(0.14)	6.56	6.42	—	(2.52)	(2.52)
Year Ended 7/31/2017	$33.65	(0.04)	6.44	6.40	—	(0.46)	(0.46)
Year Ended 7/31/2016	$37.60	(0.07)	(0.37)	(0.44)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$34.44	(0.07)	7.24	7.17	(0.01)	(4.00)	(4.01)
Year Ended 7/31/2014	$31.18	(0.02)	4.89	4.87	(0.00) ^(d)	(1.62)	(1.62)
Class T
Year Ended 7/31/2018	$39.88	(0.05)	6.64	6.59	—	(2.52)	(2.52)
Year Ended 7/31/2017	$33.89	0.09	6.44	6.53	(0.08)	(0.46)	(0.54)
Year Ended 7/31/2016	$37.75	0.01	(0.36)	(0.35)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$34.57	0.03	7.24	7.27	(0.09)	(4.00)	(4.09)
Year Ended 7/31/2014	$31.26	0.06	4.91	4.97	(0.06)	(1.62)	(1.68)
Class V
Year Ended 7/31/2018	$39.48	(0.05)	6.56	6.51	—	(2.52)	(2.52)
Year Ended 7/31/2017	$33.55	0.06	6.41	6.47	(0.08)	(0.46)	(0.54)
Year Ended 7/31/2016	$37.41	0.00 ^(d)	(0.35)	(0.35)	—	(3.51)	(3.51)
Year Ended 7/31/2015	$34.27	0.03	7.19	7.22	(0.08)	(4.00)	(4.08)
Year Ended 7/31/2014	$31.05	0.04	4.87	4.91	(0.07)	(1.62)	(1.69)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Rounds to zero.
(e)	The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.05%.
(f)	The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.02%.
(g)	The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.06%.

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

20	Columbia Large Cap Growth Fund \| Annual Report 2018

Table of Contents

Financial Highlights (continued)

	Reimbursement from affiliate	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2018	—	$45.70	17.65%	0.69%	0.69%	0.20%	32%	$428,819
Year Ended 7/31/2017	—	$41.35	20.09%	0.69%	0.69%	0.41%	29%	$184,471
Year Ended 7/31/2016	—	$35.10	(0.58%)	0.69%	0.69%	0.39%	45%	$24,530
Year Ended 7/31/2015	—	$38.83	23.03%	0.71%	0.71%	0.19%	59%	$2,750
Year Ended 7/31/2014	—	$35.44	16.84%	0.70%	0.70%	0.66%	88%	$3
Class R
Year Ended 7/31/2018	—	$43.49	16.96%	1.30%	1.30% ^(c)	(0.35%)	32%	$15,911
Year Ended 7/31/2017	—	$39.59	19.29%	1.34%	1.34% ^(c)	(0.10%)	29%	$29,781
Year Ended 7/31/2016	—	$33.65	(1.22%)	1.36%	1.36% ^(c)	(0.22%)	45%	$24,920
Year Ended 7/31/2015	—	$37.60	22.20%	1.36%	1.36% ^(c)	(0.20%)	59%	$5,421
Year Ended 7/31/2014	0.01	$34.44	16.06% ^(f)	1.39%	1.39% ^(c)	(0.06%)	88%	$1,534
Class T
Year Ended 7/31/2018	—	$43.95	17.28%	1.05%	1.05% ^(c)	(0.11%)	32%	$770
Year Ended 7/31/2017	—	$39.88	19.57%	1.09%	1.09% ^(c)	0.27%	29%	$1,068
Year Ended 7/31/2016	—	$33.89	(0.96%)	1.10%	1.10% ^(c)	0.02%	45%	$125,354
Year Ended 7/31/2015	—	$37.75	22.47%	1.11%	1.11% ^(c)	0.09%	59%	$144,250
Year Ended 7/31/2014	0.02	$34.57	16.39% ^(g)	1.14%	1.14% ^(c)	0.18%	88%	$125,509
Class V
Year Ended 7/31/2018	—	$43.47	17.25%	1.05%	1.05% ^(c)	(0.13%)	32%	$208,329
Year Ended 7/31/2017	—	$39.48	19.59%	1.09%	1.09% ^(c)	0.16%	29%	$194,803
Year Ended 7/31/2016	—	$33.55	(0.97%)	1.11%	1.11% ^(c)	0.01%	45%	$179,935
Year Ended 7/31/2015	—	$37.41	22.49%	1.13%	1.13% ^(c)	0.08%	59%	$197,026
Year Ended 7/31/2014	—	$34.27	16.21%	1.19%	1.19% ^(c)	0.13%	88%	$172,830

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

Columbia Large Cap Growth Fund | Annual Report 2018

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Notes to Financial Statements
July 31, 2018

Note 1. Organization

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

Fund shares

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

Class E shares are trust shares which are held in an irrevocable trust until the specified trust termination date. Class E shares are subject to a maximum front-end sales charge of 4.50% based on the investment amount. Class E shares purchased without an initial sales charge in accounts aggregating $1 million to $5 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are sold within one year after purchase. Class E shares are closed to new investors and new accounts.

Effective July 17, 2017, Class F shares of the Fund were no longer offered. On August 4, 2017, the capital owned by Columbia Management Investment Advisers, LLC in Class F shares was redeemed without a CDSC.

The Fund no longer accepts investments by existing investors in Class K shares. When available, Class K shares were not subject to sales charges and were made available only to existing investors in Class K shares. On March 9, 2018, Class K shares were redeemed or exchanged for Advisor Class shares of the Fund in a tax free transaction that had no impact on fees and expenses paid by the shareholders.

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Notes to Financial Statements (continued)
July 31, 2018

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

Class T shares are subject to a maximum front-end sales charge of 2.50% per transaction and must be purchased through financial intermediaries that, by written agreement with Columbia Management Investment Distributors, Inc., are specifically authorized to sell Class T shares.

Class V shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class V shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a CDSC if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase. Class V shares are available only to investors who received (and who have continuously held) Class V shares in connection with previous fund reorganizations.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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

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

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Notes to Financial Statements (continued)
July 31, 2018

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.

Security transactions

Income recognition

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

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

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

Expenses

Determination of class net asset value

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Notes to Financial Statements (continued)
July 31, 2018

Federal income tax status

Foreign taxes

Distributions to shareholders

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

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

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Notes to Financial Statements (continued)
July 31, 2018

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

For the year ended July 31, 2018, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.12
Advisor Class	0.12
Class C	0.12
Class E	0.12
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class K	0.04 ^(a)
Class R	0.12
Class T	0.12
Class V	0.12

(a)	Unannualized.

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds’ former transfer agent.

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Notes to Financial Statements (continued)
July 31, 2018

The lease and the Guaranty expire in January 2019. At July 31, 2018, the Fund’s total potential future obligation over the life of the Guaranty is $24,312. The liability remaining at July 31, 2018 for non-recurring charges associated with the lease amounted to $715 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund’s ownership interest in SDC at July 31, 2018 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $43,170, which approximates the fair value of the ownership interest.

Plan administration fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund paid an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. As a result of all Class K shares of the Fund being redeemed or exchanged for Advisor Class shares, March 9, 2018 was the last day the Fund paid a plan administration fee for Class K shares.

Distribution and service fees

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

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

Shareholder services fees

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

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Notes to Financial Statements (continued)
July 31, 2018

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2018, if any, are listed below:

	Amount ($)
Class A	604,556
Class C	4,541
Class E	828
Class V	17,361

Expenses waived/reimbursed by the Investment Manager and its affiliates

	November 1, 2017 through November 30, 2018	Prior to November 1, 2017
Class A	1.19%	1.20%
Advisor Class	0.94	0.95
Class C	1.94	1.95
Class E	1.29	1.30
Institutional Class	0.94	0.95
Institutional 2 Class	0.87	0.89
Institutional 3 Class	0.83	0.84
Class R	1.44	1.45
Class T	1.19	1.20
Class V	1.19	1.20

Note 4. Federal tax information

At July 31, 2018, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, late-year ordinary losses, trustees’ deferred compensation and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

In the Statement of Assets and Liabilities the following reclassifications were made:

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Notes to Financial Statements (continued)
July 31, 2018

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
(413)	413	—

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

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

Year Ended July 31, 2018			Year Ended July 31, 2017
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
7,462,707	210,797,692	218,260,399	9,669,910	44,386,742	54,056,652

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

At July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	200,938,554	—	1,530,935,732

At July 31, 2018, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
2,201,568,882	1,601,264,195	(70,328,463)	1,530,935,732

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

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of July 31, 2018, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on August 1, 2018.

Late year ordinary losses ($)	Post-October capital losses ($)
3,374,960	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,133,021,529 and $1,464,456,231, respectively, for the year ended July 31, 2018. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Columbia Large Cap Growth Fund | Annual Report 2018

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Notes to Financial Statements (continued)
July 31, 2018

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

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2018.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2018.

Note 9. Significant risks

Shareholder concentration risk

At July 31, 2018, one unaffiliated shareholder of record owned 10.1% 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 41.3% 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.

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.

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Notes to Financial Statements (continued)
July 31, 2018

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

Note 11. Information regarding pending and settled legal proceedings

Columbia Large Cap Growth Fund | Annual Report 2018

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Growth Fund (one of the funds constituting Columbia Funds Series Trust I, hereafter referred to as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2018

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

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Federal Income Tax Information
(Unaudited)

Qualified dividend income	Dividends received deduction	Capital gain dividend
100.00%	100.00%	$264,166,319

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

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

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

Columbia Large Cap Growth Fund | Annual Report 2018

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) since September 2007	70	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	70	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	70	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	70	Director, CSX Corporation; Genworth Financial, Inc. (financial and insurance products and services); PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	70	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	70	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	70	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds complex overseen	Other directorships held by Trustee during the past five years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	71	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	71	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	194	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

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

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

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TRUSTEES AND OFFICERS (continued)

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Board Consideration and Approval of Management

Agreement

•	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 November 30, 2018 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.

Investment performance

The Committee and the Board noted that, through December 31, 2017, the Fund’s performance was in the sixty-fifth, forty-second and forty-sixth 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.

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Board Consideration and Approval of Management

Agreement (continued)

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, 2017, 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.

Costs of services provided and profitability

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.

40	Columbia Large Cap Growth Fund \| Annual Report 2018

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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

Columbia Large Cap Growth Fund | Annual Report 2018

Table of Contents

Additional information

The Fund mails 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

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Large Cap Growth Fund

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus .com/investor/

ANN174_07_H01_(09/18)

Annual Report
July 31, 2018

Columbia Tax-Exempt Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

A return to volatility

Consistency is more important than ever

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	32
Statement of Operations	34
Statement of Changes in Net Assets	35
Financial Highlights	38
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	52
Federal Income Tax Information	53
Trustees and Officers	54
Board Consideration and Approval of Management Agreement	58
Additional Information	62

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Fund at a Glance

Investment objective

Columbia Tax-Exempt Fund (the Fund) ) seeks total return, consisting of current income exempt from federal income tax and of capital appreciation, consistent with moderate fluctuation of principal.

Portfolio management

Kimberly Campbell

Lead Portfolio Manager

Managed Fund since 2002

Catherine Stienstra

Portfolio Manager

Managed Fund since May 2018

Average annual total returns (%) (for the period ended July 31, 2018)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/21/78	2.08	4.12	4.61
	Including sales charges		-0.98	3.50	4.30
Advisor Class*		03/19/13	2.29	4.35	4.73
Class C	Excluding sales charges	08/01/97	1.42	3.52	4.00
	Including sales charges		0.44	3.52	4.00
Institutional Class		09/16/05	2.29	4.33	4.81
Institutional 2 Class*		12/11/13	2.29	4.36	4.73
Institutional 3 Class*		03/01/17	2.35	4.20	4.65
Bloomberg Barclays Municipal Bond Index			0.99	3.76	4.41

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

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

2	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (July 31, 2008 — July 31, 2018)

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

Quality breakdown (%) (at July 31, 2018)
AAA rating	5.6
AA rating	17.7
A rating	37.2
BBB rating	25.7
BB rating	3.4
B rating	1.0
C rating	0.1
D rating	0.1
Not rated	9.2
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds and derivatives, if any).

Top Ten States/Territories (%) (at July 31, 2018)
Illinois	16.1
Texas	9.5
California	9.2
Pennsylvania	8.0
Florida	6.7
Michigan	4.4
New York	3.9
New Jersey	3.2
Louisiana	3.0
Minnesota	2.8

Percentages indicated are based upon total investments (excluding Money Market Funds and 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.

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended July 31, 2018, the Fund’s Class A shares returned 2.08% excluding sales charges. Institutional Class shares of the Fund returned 2.29%. The Fund outperformed the Bloomberg Barclays Municipal Bond Index, which returned 0.99% over the same period. The Fund benefited from its yield curve and credit positioning, security selection and its emphasis on revenue bonds, especially hospitals, transportation and education bonds.

Rising interest rates, tax reform shaped municipal market

During the 12-month period, rising interest rates constrained the municipal bond market. Short-term rates rose as the Federal Reserve (Fed) lifted the federal funds rate three times, bringing the target for this key short-term interest rate to 1.75%-2.00%. Long-term rates rose, especially in the second half of the period, reflecting investor expectations for higher inflation and a continued strong employment outlook. As short-term rates rose more than long-term rates, the municipal yield curve flattened during the period. The Fed has signaled the possibility for two additional rate hikes yet to come in 2018.

Tax reform also shaped the municipal market during the period, as it drove speculation that the tax exemption for private activity bonds and for advance refunding of municipal bonds would be eliminated. (An advance refunding occurs when an issuer borrows money more than 90 days ahead of the nearest call or maturity date, to pre-refund the future principal payment. The proceeds from the new bond issuance are puts into an escrow account generally secured by U.S. Treasury or Agency securities, which have the highest credit quality.) As a result of the latter, many issuers accelerated their financing needs for 2018, pulling them into the fourth quarter of 2017 and attracting investors who foresaw a drop in supply if the exemption was eliminated, which it was, as part of the Tax Cut and Jobs Act of 2017. The surge in issuance and demand sparked a rally for municipals late in 2017, then served to dampen performance for the first quarter of 2018. The tax exemption for private activity bonds was maintained.

Contributors and Detractors

The Fund’s positioning along the yield curve was a positive contributor to relative results. An underweight in the one- to 10-year range and an overweight in the 15- to 30-year range helped performance as shorter maturities were hurt more by the Fed’s rate increases. Credit positioning was another significant contributor to results relative to the benchmark. Overweights in A and BBB rated securities and a sizeable position in below-investment-grade securities aided performance as yield spreads tightened. BBB rated and below-investment-grade securities were the best performers for the period. Security selection was an additional plus for the Fund, which outperformed the benchmark in every category. The Fund’s emphasis on revenue versus general obligation bonds also aided performance, and positive security selection further bolstered results. Bonds in the hospitals sector delivered solid returns as did education bonds, where we targeted charter schools. An overweight in transportation benefited performance as did security selection within the sector, where we believed that fundamentals stood to benefit from an improving economy. Even though the Fund was underweight in general obligation bonds (GOs), security selection aided results from GOs, mostly because of Illinois-related credits. For the first time in years, Illinois passed an on-time budget, and it reflects higher revenues spending restraint and a reduction in the backlog of bills payable. Exposure to Chicago GO bonds, in particular, helped the Fund’s return.

A few detractors put a modest dent in the period’s solid results. Even though the Fund outperformed the benchmark in the leasing sector, an underweight detracted from relative returns. An overweight in pre-refunded bonds also detracted from relative returns as the category was one of the weakest performers for the period.

At period end

We continue to believe that active management is key to navigating the municipal market in an environment of shifting interest rates and uncertain Fed actions. We remain focused on income as an important driver of total return. To that end, the Fund has maintained an overweight in bonds with maturities of 15 or more years for the additional income it offers. Long-term bonds have higher yields and tend to be less vulnerable to Fed interest rate hikes than short maturity bonds.

We are mindful that credit spreads have tightened, but we see the potential for them to narrow even further. We rely on our expert research and analytical professionals to identify opportunities, especially in the lower quality segments of the market, and to remain diligent in actively analyzing relative value, examining bond covenants, and suggesting covenant enhancements to meet our rigorous criteria.

4	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance (continued)

During the period, we boosted exposure to airport, toll roads and port authorities in the transportation sector; to hospital issues and continuing care retirement communities and to single-family housing bonds, tobacco and education. We also increased exposure to bonds subject to the alternative minimum tax (AMT), which currently offer a yield advantage as well as the potential for a price boost.

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

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

February 1, 2018 — July 31, 2018
	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	1,010.50	1,021.22	3.59	3.61	0.72
Advisor Class	1,000.00	1,000.00	1,012.20	1,022.22	2.59	2.61	0.52
Class C	1,000.00	1,000.00	1,008.00	1,018.00	6.82	6.85	1.37
Institutional Class	1,000.00	1,000.00	1,011.50	1,022.22	2.59	2.61	0.52
Institutional 2 Class	1,000.00	1,000.00	1,011.50	1,022.27	2.54	2.56	0.51
Institutional 3 Class	1,000.00	1,000.00	1,012.60	1,022.51	2.30	2.31	0.46

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

6	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments
July 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.9%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Colorado 0.2%
City & County of Denver^(a),(b)
Refunding Certificate of Participation
Series 2008A-3 (JPMorgan Chase Bank)
12/01/2031	1.500%	7,355,000	7,355,000
Indiana 0.1%
Indiana Finance Authority^(a),(b)
Unrefunded Revenue Bonds
Lease Appropriation
Series 2009A-2 (JPMorgan Chase Bank)
02/01/2037	1.500%	3,000,000	3,000,000
New York 0.4%
City of New York^(a),(b)
Unlimited General Obligation Bonds
Fiscal 2015
Subordinated Series 2015 (JPMorgan Chase Bank)
06/01/2044	1.500%	5,000,000	5,000,000
New York City Water & Sewer System^(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	1.500%	2,000,000	2,000,000
Series 2013DD-2 (JPMorgan Chase Bank)
06/15/2043	1.500%	1,250,000	1,250,000
Series 2016BB (State Street Bank and Trust Co.)
06/15/2049	1.400%	6,000,000	6,000,000
Total			14,250,000
Pennsylvania 0.2%
Geisinger Authority^(a),(b)
Revenue Bonds
Geisinger Health System
Series 2013 (Wells Fargo Bank)
10/01/2043	1.420%	5,000,000	5,000,000
Total Floating Rate Notes (Cost $29,605,000)			29,605,000

Municipal Bonds 98.2%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 0.8%
Lower Alabama Gas District (The)
Revenue Bonds
Series 2016A
09/01/2046	5.000%	22,385,000	26,822,379

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alaska 0.7%
City of Koyukuk
Prerefunded 10/01/19 Revenue Bonds
Tanana Chiefs Conference Health Care
Series 2011
10/01/2032	7.500%	18,330,000	19,547,295
10/01/2041	7.750%	4,350,000	4,651,325
Total			24,198,620
Arizona 2.0%
Arizona Health Facilities Authority
Refunding Revenue Bonds
Scottsdale Lincoln Hospital Project
Series 2014
12/01/2042	5.000%	7,000,000	7,703,920
Revenue Bonds
Banner Health
Series 2014A
01/01/2044	5.000%	15,000,000	16,417,800
Glendale Industrial Development Authority
Revenue Bonds
Midwestern University
Series 2010
05/15/2035	5.000%	13,750,000	14,437,638
Industrial Development Authority of the County of Pima (The)^(c)
Refunding Revenue Bonds
American Leadership Academy
Series 2015
06/15/2045	5.625%	2,680,000	2,843,319
Industrial Development Authority of the County of Pima (The)^(d)
Revenue Bonds
GNMA Mortgage-Backed Securities
Series 1989 Escrowed to Maturity AMT
09/01/2021	8.200%	6,255,000	6,925,661
Maricopa County Industrial Development Authority^(c)
Revenue Bonds
Christian Care Surprise, Inc.
Series 2016
01/01/2036	5.750%	2,000,000	2,025,140
Maricopa County Pollution Control Corp.
Refunding Revenue Bonds
Southern California Edison Co.
Series 2000B
06/01/2035	5.000%	9,775,000	10,259,547
Salt Verde Financial Corp.
Revenue Bonds
Series 2007
12/01/2032	5.000%	7,170,000	8,355,918

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tempe Industrial Development Authority^(c)
Revenue Bonds
Mirabella at ASU Project
Series 2017A
10/01/2052	6.125%	1,400,000	1,528,534
Total			70,497,477
Arkansas 0.3%
Pulaski County Public Facilities Board
Revenue Bonds
Series 2014
12/01/2039	5.000%	8,725,000	9,503,357
12/01/2042	5.000%	2,000,000	2,174,860
Total			11,678,217
California 9.1%
ABAG Finance Authority for Nonprofit Corps.
Prerefunded 08/01/19 Revenue Bonds
Sharp Healthcare
Series 2009
08/01/2039	6.250%	4,000,000	4,195,120
Refunding Revenue Bonds
Episcopal Senior Communities
Series 2011
07/01/2026	6.125%	3,420,000	3,814,223
07/01/2041	6.125%	7,015,000	7,661,081
California Health Facilities Financing Authority
Refunding Revenue Bonds
Sutter Health
Series 2016B
11/15/2041	4.000%	10,000,000	10,320,200
Revenue Bonds
Kaiser Permanente
Subordinated Series 2017A-2
11/01/2044	4.000%	15,000,000	15,467,700
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2036	5.000%	1,500,000	1,673,490
02/01/2037	5.000%	1,000,000	1,111,760
California Municipal Finance Authority^(d)
Revenue Bonds
Senior Lien
Series 2018A AMT
12/31/2043	5.000%	500,000	560,115
California Municipal Finance Authority^(c),(d),(e)
Revenue Bonds
UTS Renewable Energy-Waste Water Facilities
Series 2011 AMT
12/01/2032	0.000%	1,830,000	274,500

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Public Finance Authority
Refunding Revenue Bonds
Sharp Healthcare
Series 2017A
08/01/2047	4.000%	10,000,000	10,214,300
California School Finance Authority^(c)
Revenue Bonds
River Springs Charter School Project
Series 2015
07/01/2046	6.375%	3,000,000	3,361,170
07/01/2046	6.375%	405,000	453,758
California State Public Works Board
Revenue Bonds
Various Capital Projects
Series 2012A
04/01/2037	5.000%	4,660,000	5,106,428
Various Correctional Facilities
Series 2014A
09/01/2039	5.000%	7,000,000	7,880,390
California Statewide Communities Development Authority^(c)
Refunding Revenue Bonds
899 Charleston Project
Series 2014A
11/01/2029	5.000%	1,650,000	1,756,260
11/01/2034	5.000%	3,700,000	3,894,176
California Statewide Communities Development Authority^(c),(d)
Revenue Bonds
California Baptist University
Series 2014A AMT
11/01/2033	6.125%	1,560,000	1,786,793
11/01/2043	6.375%	1,035,000	1,186,048
Lancer Plaza Project
Series 2013 AMT
11/01/2043	5.875%	1,875,000	2,077,181
California Statewide Communities Development Authority
Revenue Bonds
Loma Linda University Medical Center
Series 2014
12/01/2044	5.250%	3,500,000	3,750,425
Castaic Lake Water Agency^(f)
Certificate of Participation
Capital Appreciation-Water System Improvement Project
Series 1999 (AMBAC)
08/01/2024	0.000%	9,445,000	8,103,810
Chino Public Financing Authority
Refunding Special Tax Bonds
Series 2012
09/01/2022	4.000%	1,500,000	1,593,945
09/01/2025	5.000%	790,000	861,021
09/01/2026	5.000%	1,230,000	1,335,116
09/01/2027	5.000%	1,280,000	1,386,816

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

8	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Los Angeles Department of Airports^(d)
Revenue Bonds
Subordinated Series 2017A AMT
05/15/2042	5.000%	4,375,000	4,916,756
City of Pomona
Refunding Revenue Bonds
Mortgage-Backed Securities
Series 1990A Escrowed to Maturity (GNMA / FNMA)
05/01/2023	7.600%	4,265,000	4,845,680
Foothill-Eastern Transportation Corridor Agency
Refunding Revenue Bonds
Junior Lien
Series 2014C
01/15/2033	6.250%	3,845,000	4,469,197
Series 2014A
01/15/2046	5.750%	19,005,000	21,513,470
Golden State Tobacco Securitization Corp.
Refunding Revenue Bonds
Series 2018A-1
06/01/2047	5.000%	1,000,000	1,026,550
Los Angeles County Schools Regionalized Business Services Corp.^(f)
Certificate of Participation
Capital Appreciation-Pooled Financing
Series 1999A (AMBAC)
08/01/2022	0.000%	2,180,000	1,973,903
Norwalk-La Mirada Unified School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2005B (NPFGC)
08/01/2023	0.000%	9,790,000	8,685,394
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2036	5.000%	4,605,000	4,975,887
Perris Community Facilities District
Special Tax Bonds
Series 1991-90-2 Escrowed to Maturity
10/01/2021	8.750%	6,165,000	7,506,566
San Francisco City & County Airport Commission - San Francisco International Airport^(d)
Revenue Bonds
Series 2014A AMT
05/01/2044	5.000%	24,000,000	26,435,760
San Francisco City & County Redevelopment Agency
Prerefunded 08/01/19 Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2009D
08/01/2039	6.625%	1,500,000	1,578,735

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of California
Unlimited General Obligation Bonds
Various Purpose
Series 2009
04/01/2031	5.750%	32,500,000	33,410,325
11/01/2039	5.500%	15,520,000	16,252,234
Series 2010
03/01/2033	6.000%	5,000,000	5,344,350
03/01/2040	5.500%	17,200,000	18,198,116
Series 2012
04/01/2035	5.250%	19,275,000	21,325,860
Series 2016
09/01/2035	4.000%	3,895,000	4,140,930
Unlimited General Obligation Refunding Bonds
Series 2007
08/01/2030	4.500%	300,000	300,657
Unrefunded Unlimited General Obligation Bonds
Series 2004
04/01/2029	5.300%	6,000	6,020
Various Purpose
Series 2009
04/01/2035	6.000%	8,670,000	8,922,470
04/01/2038	6.000%	14,520,000	14,938,902
Temecula Public Financing Authority
Refunding Special Tax Bonds
Wolf Creek Community Facilities District
Series 2012
09/01/2027	5.000%	1,275,000	1,368,164
09/01/2028	5.000%	1,315,000	1,403,802
09/01/2029	5.000%	1,405,000	1,494,344
09/01/2030	5.000%	1,480,000	1,570,635
09/01/2031	5.000%	1,555,000	1,647,180
West Contra Costa Unified School District
Unlimited General Obligation Refunding Bonds
Series 2001B (NPFGC)
08/01/2024	6.000%	2,025,000	2,259,455
Total			320,337,168
Colorado 1.8%
Colorado Educational & Cultural Facilities Authority^(c)
Improvement Refunding Revenue Bonds
Skyview Charter School
Series 2014
07/01/2034	5.125%	1,525,000	1,558,855
07/01/2044	5.375%	2,100,000	2,153,823
07/01/2049	5.500%	925,000	952,195
Colorado Educational & Cultural Facilities Authority
Refunding Revenue Bonds
Student Housing-Campus Village Apartments LLC
Series 2008
06/01/2033	5.500%	2,000,000	2,005,000
06/01/2038	5.500%	6,000,000	6,015,000

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Colorado Health Facilities Authority
Refunding Revenue Bonds
Covenant Retirement Communities
Series 2012A
12/01/2033	5.000%	5,500,000	5,871,910
Series 2015
12/01/2035	5.000%	3,800,000	4,109,852
Evangelical Lutheran Good Samaritan Society
Series 2017
06/01/2047	5.000%	4,445,000	4,845,228
Revenue Bonds
Catholic Health Initiatives
Series 2013A
01/01/2045	5.250%	7,000,000	7,476,070
Colorado High Performance Transportation Enterprise
Revenue Bonds
C-470 Express Lanes
Series 2017
12/31/2051	5.000%	2,500,000	2,703,850
12/31/2056	5.000%	2,300,000	2,482,896
Colorado Housing & Finance Authority^(g)
Revenue Bonds
Series 2018 (GNMA)
11/01/2038	3.600%	5,000,000	4,908,100
E-470 Public Highway Authority^(f)
Revenue Bonds
Capital Appreciation
Series 1997B (NPFGC)
09/01/2022	0.000%	6,515,000	5,915,424
University of Colorado Hospital Authority
Refunding Revenue Bonds
Series 2009A
11/15/2029	6.000%	5,000,000	5,261,700
Revenue Bonds
Series 2012A
11/15/2042	5.000%	7,325,000	8,042,777
Total			64,302,680
Connecticut 0.6%
Bridgeport Housing Authority
Revenue Bonds
Custodial Receipts Energy Performance
Series 2009
06/01/2030	5.600%	1,000,000	988,460
City of New Haven
Unlimited General Obligation Bonds
Series 2002C Escrowed to Maturity (NPFGC)
11/01/2020	5.000%	10,000	10,031

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Connecticut State Health & Educational Facility Authority
Prerefunded 07/01/21 Revenue Bonds
Middlesex Hospital
Series 2011N
07/01/2024	5.000%	425,000	459,153
Revenue Bonds
Connecticut College
Series 2011H-1
07/01/2041	5.000%	1,625,000	1,731,844
Loomis Chaffe School
Series 2005F (AMBAC)
07/01/2025	5.250%	2,035,000	2,375,598
07/01/2026	5.250%	1,045,000	1,232,076
Western Connecticut Health
Series 2011M
07/01/2041	5.375%	1,500,000	1,606,020
Connecticut State Health & Educational Facility Authority^(c)
Revenue Bonds
Church Home of Hartford, Inc.
Series 2016
09/01/2046	5.000%	1,250,000	1,301,362
Harbor Point Infrastructure Improvement District
Prerefunded 04/01/20 Tax Allocation Bonds
Harbor Point Project
Series 2010A
04/01/2039	7.875%	8,750,000	9,624,825
Total			19,329,369
Delaware 0.3%
Delaware State Economic Development Authority
Refunding Revenue Bonds
Gas Facilities-Delmarva Power
Series 2010
02/01/2031	5.400%	5,000,000	5,300,150
Revenue Bonds
Newark Charter School
Series 2012
09/01/2032	4.625%	2,000,000	2,070,960
09/01/2042	5.000%	1,350,000	1,402,339
Total			8,773,449
District of Columbia 0.4%
District of Columbia
Prerefunded 07/01/23 Revenue Bonds
KIPP Charter School
Series 2013
07/01/2033	6.000%	250,000	295,933
07/01/2048	6.000%	1,150,000	1,361,289
Refunding Revenue Bonds
Children’s Hospital
Series 2015
07/15/2044	5.000%	9,090,000	9,971,275

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

10	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Friendship Public Charter School
Series 2016
06/01/2046	5.000%	1,385,000	1,488,820
Revenue Bonds
Ingleside RockCreek Project
Series 2017
07/01/2037	5.000%	500,000	526,805
07/01/2042	5.000%	1,000,000	1,049,830
Total			14,693,952
Florida 6.6%
Capital Trust Agency, Inc.^(c)
Revenue Bonds
1st Mortgage Tallahassee Tapestry Senior Housing Project
Series 2015
12/01/2045	7.000%	1,665,000	1,742,323
Central Florida Expressway Authority
Refunding Revenue Bonds
Senior Lien
Series 2016B
07/01/2039	4.000%	10,500,000	10,808,595
City of Lakeland
Revenue Bonds
Lakeland Regional Health
Series 2015
11/15/2045	5.000%	22,000,000	23,976,040
County of Broward Airport System^(d)
Revenue Bonds
Series 2015A AMT
10/01/2045	5.000%	14,000,000	15,431,640
County of Miami-Dade Aviation^(d)
Refunding Revenue Bonds
Series 2014A AMT
10/01/2033	5.000%	15,000,000	16,747,800
10/01/2036	5.000%	21,400,000	23,778,610
Series 2017B AMT
10/01/2040	5.000%	11,250,000	12,732,300
Florida Development Finance Corp.^(c)
Revenue Bonds
Miami Arts Charter School Project
Series 2014A
06/15/2034	5.875%	420,000	398,987
06/15/2044	6.000%	3,100,000	2,863,222
Renaissance Charter School
Series 2015
06/15/2046	6.125%	3,920,000	4,069,626
Renaissance Charter School Inc. Projects
Series 2015
06/15/2035	6.000%	4,000,000	4,208,640

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Florida Development Finance Corp.
Revenue Bonds
Renaissance Charter School
Series 2012A
06/15/2022	5.500%	1,150,000	1,198,553
06/15/2032	6.000%	4,000,000	4,182,280
06/15/2043	6.125%	5,000,000	5,197,100
Renaissance Charter School Projects
Series 2013A
06/15/2044	8.500%	15,000,000	17,138,550
Florida Housing Finance Corp.^(g)
Revenue Bonds
Series 2018 (GNMA)
07/01/2043	3.800%	6,565,000	6,533,357
Greater Orlando Aviation Authority^(d)
Revenue Bonds
Priority
Subordinated Series 2017A AMT
10/01/2047	5.000%	7,665,000	8,572,153
Hillsborough County Aviation Authority
Revenue Bonds
Tampa International Airport
Series 2015A
10/01/2044	5.000%	11,115,000	12,167,146
Miami-Dade County Expressway Authority
Revenue Bonds
Series 2014A
07/01/2044	5.000%	5,000,000	5,509,600
Mid-Bay Bridge Authority
Prerefunded 10/01/21 Revenue Bonds
Series 2011A
10/01/2040	7.250%	7,000,000	8,120,980
Refunding Revenue Bonds
Series 2015A
10/01/2035	5.000%	3,765,000	4,147,524
Revenue Bonds
Series 1991A Escrowed to Maturity
10/01/2022	6.875%	2,000,000	2,203,020
Orange County Industrial Development Authority^(c),(d),(e)
Revenue Bonds
VITAG Florida LLC Project
Series 2014 AMT
07/01/2036	0.000%	12,000,000	6,979,560
Palm Beach County Health Facilities Authority
Refunding Revenue Bonds
Boca Raton Community Hospital Obligation Group
Series 2014
12/01/2031	5.000%	1,500,000	1,629,360
Revenue Bonds
Sinai Residences of Boca Raton
Series 2014
06/01/2034	7.250%	685,000	782,167

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Putnam County Development Authority
Refunding Revenue Bonds
Seminole Project
Series 2018A
03/15/2042	5.000%	6,665,000	7,472,598
Sarasota County Public Hospital District
Refunding Revenue Bonds
Sarasota Memorial Hospital
Series 1998B (NPFGC)
07/01/2028	5.500%	6,980,000	8,217,764
Tampa Sports Authority
Sales Tax Revenue Bonds
Tampa Bay Arena Project
Series 1995 (NPFGC)
10/01/2025	5.750%	2,500,000	2,831,250
Tampa-Hillsborough County Expressway Authority
Refunding Revenue Bonds
Series 2017B
07/01/2042	4.000%	12,785,000	13,132,624
Total			232,773,369
Georgia 0.7%
DeKalb County Hospital Authority
Revenue Bonds
DeKalb Medical Center, Inc. Project
Series 2010
09/01/2040	6.125%	6,250,000	6,630,500
Fulton County Development Authority
Revenue Bonds
RAC Series 2017
04/01/2047	5.000%	3,000,000	3,300,690
Fulton County Residential Care Facilities for the Elderly Authority
Refunding Revenue Bonds
Lenbrook Square Foundation, Inc.
Series 2016
07/01/2036	5.000%	3,500,000	3,830,260
Gainesville & Hall County Hospital Authority
Unrefunded Revenue Bonds
Northeast Georgia Health System, Inc. Project
Series 2010A
02/15/2045	5.500%	6,925,000	7,282,261
Georgia State Road & Tollway Authority^(c),(f)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014
06/01/2024	0.000%	625,000	447,887
Glynn-Brunswick Memorial Hospital Authority
Revenue Bonds
SE Georgia Health System Anticipation Certificates
Series 2017
08/01/2047	5.000%	2,145,000	2,337,900

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Atlanta Rapid Transit Authority
Refunding Revenue Bonds
Series 1992P Escrowed to Maturity (AMBAC)
07/01/2020	6.250%	990,000	1,047,588
Series 2007A (AMBAC)
07/01/2026	5.250%	1,000,000	1,204,290
Total			26,081,376
Hawaii 0.3%
State of Hawaii Department of Budget & Finance
Prerefunded 11/15/19 Revenue Bonds
15 Craigside Project
Series 2009A
11/15/2029	8.750%	885,000	956,508
11/15/2044	9.000%	3,000,000	3,280,140
Refunding Revenue Bonds
Special Purpose - Kahala Nui
Series 2012
11/15/2032	5.125%	1,300,000	1,432,275
11/15/2037	5.250%	1,945,000	2,140,259
Revenue Bonds
Hawaii Pacific University
Series 2013A
07/01/2043	6.875%	1,795,000	1,885,683
Total			9,694,865
Idaho 0.7%
Idaho Health Facilities Authority^(g)
Refunding Revenue Bonds
St. Luke’s Health System Project
Series 2018
03/01/2038	4.000%	3,650,000	3,652,920
Idaho Health Facilities Authority
Revenue Bonds
Terraces of Boise Project
Series 2014A
10/01/2034	7.750%	9,135,000	10,216,493
10/01/2044	8.000%	5,635,000	6,368,677
10/01/2049	8.125%	4,365,000	4,949,342
Total			25,187,432
Illinois 15.9%
Chicago Board of Education^(c)
Unlimited General Obligation Bonds
Dedicated
Series 2017A
12/01/2046	7.000%	10,765,000	12,859,761
Chicago Board of Education
Unlimited General Obligation Bonds
Dedicated
Series 2017H
12/01/2046	5.000%	4,000,000	4,089,560

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

12	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Unlimited General Obligation Refunding Bonds
Series 2018A (AGM)
12/01/2033	5.000%	1,000,000	1,108,910
Chicago Midway International Airport^(d)
Refunding Revenue Bonds
2nd Lien
Series 2014A AMT
01/01/2041	5.000%	10,000,000	10,805,400
Series 2016A AMT
01/01/2033	4.000%	3,500,000	3,569,720
Chicago O’Hare International Airport^(d)
Revenue Bonds
General Senior Lien
Series 2017D AMT
01/01/2047	5.000%	7,000,000	7,610,400
01/01/2052	5.000%	17,620,000	19,090,389
Series 2015C AMT
01/01/2046	5.000%	12,525,000	13,543,283
TriPs Obligated Group
Series 2018 AMT
07/01/2048	5.000%	2,400,000	2,619,384
Chicago O’Hare International Airport
Revenue Bonds
Series 2015D
01/01/2046	5.000%	7,310,000	8,014,026
Chicago Park District
Limited General Obligation Bonds
Series 2016A
01/01/2033	5.000%	1,000,000	1,096,490
01/01/2034	5.000%	1,000,000	1,092,400
01/01/2036	5.000%	1,000,000	1,086,290
City of Chicago
Unlimited General Obligation Bonds
Project
Series 2011A
01/01/2040	5.000%	27,625,000	27,892,410
Series 2012A
01/01/2033	5.000%	7,000,000	7,180,600
01/01/2034	5.000%	10,510,000	10,764,342
Series 2009C
01/01/2040	5.000%	21,730,000	21,857,120
Series 2015A
01/01/2033	5.500%	8,350,000	8,964,226
01/01/2039	5.500%	1,500,000	1,595,580
Series 2017A
01/01/2038	6.000%	13,080,000	14,733,704

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Unlimited General Obligation Refunding Bonds
Project
Series 2014A
01/01/2030	5.250%	4,200,000	4,444,776
01/01/2033	5.250%	10,250,000	10,776,133
01/01/2035	5.000%	4,000,000	4,141,640
01/01/2036	5.000%	17,860,000	18,466,168
Series 2005D
01/01/2040	5.500%	2,000,000	2,126,300
Series 2007E
01/01/2042	5.500%	1,000,000	1,062,000
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2015C
01/01/2034	5.000%	1,250,000	1,350,875
01/01/2039	5.000%	2,970,000	3,188,562
Revenue Bonds
2nd Lien
Series 2014
01/01/2039	5.000%	4,000,000	4,277,160
01/01/2044	5.000%	4,000,000	4,252,880
City of Chicago Waterworks
Refunding Revenue Bonds
2nd Lien
Series 2016
11/01/2026	5.000%	935,000	1,068,481
Revenue Bonds
2nd Lien
Series 2014
11/01/2034	5.000%	1,000,000	1,084,050
11/01/2039	5.000%	2,000,000	2,144,880
11/01/2044	5.000%	2,850,000	3,054,801
Series 2016
11/01/2030	5.000%	1,000,000	1,116,460
Cook County Community College District No. 508
Unlimited General Obligation Bonds
Chicago City Colleges
Series 2017 (BAM)
12/01/2047	5.000%	9,400,000	10,102,744
County of Champaign
Unlimited General Obligation Bonds
Public Safety Sales Tax
Series 1999 (NPFGC)
01/01/2020	8.250%	1,015,000	1,103,721
01/01/2023	8.250%	1,420,000	1,765,898
Illinois Development Finance Authority^(f)
Subordinated Revenue Bonds
Regency
Series 1990-RMK Escrowed to Maturity
04/15/2020	0.000%	68,000,000	65,878,400

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Illinois Finance Authority
Prerefunded 02/15/20 Revenue Bonds
Swedish Covenant
Series 2010A
08/15/2038	6.000%	12,505,000	13,291,189
Prerefunded 04/01/21 Revenue Bonds
CHF-Normal LLC-Illinois State University
Series 2011
04/01/2043	7.000%	5,550,000	6,281,657
Prerefunded 08/15/19 Revenue Bonds
Silver Cross & Medical Centers
Series 2009
08/15/2038	6.875%	39,300,000	41,421,414
Prerefunded 11/15/19 Revenue Bonds
Riverside Health System
Series 2009
11/15/2035	6.250%	4,940,000	5,229,138
Refunding Revenue Bonds
Northwest Community Hospital
Series 2016A
07/01/2038	4.000%	5,000,000	4,945,700
Rush University Medical Center
Series 2015A
11/15/2038	5.000%	20,145,000	22,133,916
Series 2015B
11/15/2039	5.000%	6,590,000	7,232,261
Silver Cross Hospital & Medical Centers
Series 2015C
08/15/2044	5.000%	9,400,000	10,054,616
Revenue Bonds
Series 2013
10/01/2049	4.000%	5,575,000	5,617,259
Unrefunded Revenue Bonds
Riverside Health System
Series 2009
11/15/2035	6.250%	3,260,000	3,435,355
Illinois State Toll Highway Authority
Revenue Bonds
Series 2014C
01/01/2036	5.000%	5,000,000	5,530,200
01/01/2039	5.000%	5,000,000	5,502,750
Metropolitan Pier & Exposition Authority
Revenue Bonds
McCormick Place Expansion Project
Series 2017
06/15/2057	5.000%	7,725,000	8,223,881
Metropolitan Water Reclamation District of Greater Chicago
Limited General Obligation Refunding Bonds
Series 2007C
12/01/2033	5.250%	13,210,000	15,812,106

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Railsplitter Tobacco Settlement Authority
Prerefunded 06/01/21 Revenue Bonds
Series 2010
06/01/2028	6.000%	15,000,000	16,717,350
Regional Transportation Authority
Revenue Bonds
Series 1994C (NPFGC)
06/01/2020	7.750%	1,930,000	2,074,345
Series 2002A (NPFGC)
07/01/2031	6.000%	5,400,000	6,942,564
State of Illinois
Revenue Bonds
1st Series 2002 (NPFGC)
06/15/2023	6.000%	4,000,000	4,576,760
Unlimited General Obligation Bonds
1st Series 2001 (NPFGC)
11/01/2026	6.000%	3,000,000	3,365,280
Series 2013
07/01/2038	5.500%	4,125,000	4,342,016
Series 2013A
04/01/2036	5.000%	8,000,000	8,250,960
Series 2014
02/01/2039	5.000%	15,000,000	15,494,400
Series 2017D
11/01/2027	5.000%	20,220,000	21,882,691
Total			559,337,732
Indiana 0.2%
Indiana Finance Authority
Revenue Bonds
BHI Senior Living
Series 2011
11/15/2031	5.500%	1,175,000	1,261,645
11/15/2041	5.750%	5,655,000	6,097,447
Unrefunded Revenue Bonds
Series 2009
05/01/2031	5.750%	1,175,000	1,212,471
Indianapolis Airport Authority^(d),(e)
Revenue Bonds
Special Facilities-United Air Lines Project
Series 1995A AMT
11/15/2031	0.000%	1,022,832	10
Total			8,571,573

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

14	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Iowa 0.2%
Iowa Student Loan Liquidity Corp.^(d)
Revenue Bonds
Series 2011A-2 AMT
12/01/2026	5.600%	2,905,000	3,018,586
12/01/2027	5.700%	1,995,000	2,070,710
Total			5,089,296
Kansas 1.2%
City of Overland Park
Revenue Bonds
Prairiefire Lionsgate Project
Series 2012
12/15/2029	5.250%	11,000,000	9,172,240
University of Kansas Hospital Authority
Improvement Refunding Revenue Bonds
Kansas University Health System
Series 2015
09/01/2045	5.000%	29,000,000	31,993,090
Total			41,165,330
Kentucky 1.0%
Kentucky Economic Development Finance Authority
Prerefunded 06/01/20 Revenue Bonds
Owensboro Medical Health System
Series 2010A
03/01/2045	6.500%	14,550,000	15,783,840
Series 2010B
03/01/2040	6.375%	5,800,000	6,278,848
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2041	5.000%	1,750,000	1,861,597
Kentucky Municipal Power Agency
Refunding Revenue Bonds
Series 2015A
09/01/2042	5.000%	6,600,000	7,246,338
Kentucky State Property & Building Commission
Revenue Bonds
Project #119
Series 2018 (BAM)
05/01/2034	5.000%	2,000,000	2,261,720
Paducah Electric Plant Board
Refunding Revenue Bonds
Series 2016A (AGM)
10/01/2033	5.000%	2,045,000	2,262,629
Total			35,694,972

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Louisiana 3.0%
Louisiana Local Government Environmental Facilities & Community Development Authority
Revenue Bonds
Westlake Chemical Corp.
Series 2010A-2
11/01/2035	6.500%	6,250,000	6,821,437
Louisiana Public Facilities Authority
Prerefunded 05/15/26 Revenue Bonds
Ochsner Clinic Foundation Project
Series 2016
05/15/2035	4.000%	25,000	27,750
05/15/2041	4.000%	25,000	27,750
05/15/2047	5.000%	15,000	17,708
Refunding Revenue Bonds
Ochsner Clinic Foundation Project
Series 2016
05/15/2035	4.000%	2,475,000	2,511,308
05/15/2047	5.000%	1,185,000	1,297,551
Series 2017
05/15/2036	5.000%	1,750,000	1,945,580
05/15/2046	5.000%	15,000,000	16,533,300
Revenue Bonds
Provident Group - Flagship Properties
Series 2017
07/01/2047	5.000%	1,400,000	1,521,562
07/01/2052	5.000%	1,600,000	1,722,656
Louisiana Public Facilities Authority^(d)
Revenue Bonds
Impala Warehousing LLC Project
Series 2013 AMT
07/01/2036	6.500%	18,465,000	20,418,412
New Orleans Aviation Board
Revenue Bonds
Consolidated Rental Car
Series 2009A
01/01/2030	6.250%	5,250,000	5,338,725
01/01/2040	6.500%	20,400,000	20,744,148
New Orleans Aviation Board^(d)
Revenue Bonds
General Airport-North Terminal
Series 2017B AMT
01/01/2048	5.000%	3,725,000	4,094,893
Series 2015B AMT
01/01/2045	5.000%	21,150,000	22,920,043
Total			105,942,823

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Maryland 1.0%
City of Brunswick
Special Tax Bonds
Brunswick Crossing Special Taxing
Series 2006
07/01/2036	5.500%	6,299,000	6,302,528
Maryland Economic Development Corp.
Revenue Bonds
Salisbury University Project
Series 2012
06/01/2030	5.000%	400,000	422,052
Towson University Project
Series 2012
07/01/2029	5.000%	650,000	698,399
Maryland Health & Higher Educational Facilities Authority
Prerefunded 07/01/19 Revenue Bonds
Anne Arundel Health System
Series 2009A
07/01/2039	6.750%	5,000,000	5,233,050
Refunding Revenue Bonds
Mercy Medical Center
Series 2016A
07/01/2042	4.000%	5,250,000	5,178,180
Meritus Medical Center Issue
Series 2015
07/01/2045	5.000%	3,000,000	3,222,660
Western Maryland Health System
Series 2014
07/01/2034	5.250%	6,885,000	7,531,088
Revenue Bonds
University of Maryland Medical System
Series 2017
07/01/2048	4.000%	7,335,000	7,426,761
Total			36,014,718
Massachusetts 2.3%
Commonwealth of Massachusetts
Refunding Revenue Bonds
Series 2005 (NPFGC)
01/01/2027	5.500%	4,500,000	5,442,570
01/01/2030	5.500%	2,500,000	3,089,300
Massachusetts Bay Transportation Authority
Revenue Bonds
Series 2005B (NPFGC)
07/01/2026	5.500%	1,500,000	1,833,315
Series 2008B
07/01/2027	5.250%	710,000	865,767
Unrefunded Revenue Bonds
General Transportation
Series 1991 (NPFGC)
03/01/2021	7.000%	575,000	621,397

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts Clean Water Trust (The)
Refunding Revenue Bonds
Pool Program
Series 2006
08/01/2030	5.250%	1,000,000	1,255,170
Massachusetts Development Finance Agency
Prerefunded 07/01/20 Revenue Bonds
Foxborough Regional Charter School
Series 2010A
07/01/2042	7.000%	1,000,000	1,100,570
Prerefunded 07/01/22 Revenue Bonds
Boston Medical Center
Series 2012
07/01/2029	5.000%	80,000	88,958
Refunding Revenue Bonds
1st Mortgage-VOA Concord
Series 2007
11/01/2041	5.200%	1,145,000	1,145,046
South Shore Hospital
Series 2016I
07/01/2036	4.000%	1,250,000	1,249,963
Revenue Bonds
Adventcare Project
Series 2007A
10/15/2028	6.650%	5,000,000	5,009,250
Boston College
Series 2009Q-2
07/01/2029	5.000%	10,000	10,306
UMass Boston Student Housing Project
Series 2016
10/01/2048	5.000%	4,500,000	4,859,370
WGBH Educational Foundation
Series 2002A (AMBAC)
01/01/2042	5.750%	2,000,000	2,648,760
Unrefunded Revenue Bonds
Suffolk University
Series 2009
07/01/2030	6.250%	360,000	371,614
Massachusetts Development Finance Agency^(f)
Revenue Bonds
Linden Ponds, Inc. Facility
Subordinated Series 2011B
11/15/2056	0.000%	767,588	156,319
Massachusetts Educational Financing Authority^(d)
Refunding Revenue Bonds
Issue K
Subordinated Series 2017B AMT
07/01/2046	4.250%	4,500,000	4,572,495
Series 2016J AMT
07/01/2033	3.500%	4,875,000	4,835,708

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

16	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Education Loan
Series 2014-I AMT
01/01/2025	5.000%	6,000,000	6,800,040
01/01/2027	5.000%	3,000,000	3,332,850
Issue I
Series 2010B AMT
01/01/2031	5.700%	4,445,000	4,602,264
Series 2011J AMT
07/01/2033	5.625%	990,000	1,040,193
Series 2012J AMT
07/01/2025	4.625%	3,240,000	3,335,515
07/01/2028	4.900%	430,000	443,756
Massachusetts Educational Financing Authority
Revenue Bonds
Series 2009I
01/01/2028	6.000%	310,000	320,329
Massachusetts Health & Educational Facilities Authority
Revenue Bonds
Milford Regional Medical Center
Series 2007E
07/15/2022	5.000%	1,020,000	1,029,353
07/15/2037	5.000%	500,000	504,530
Tufts University
Series 2009M
02/15/2028	5.500%	1,000,000	1,242,570
Massachusetts Housing Finance Agency^(d)
Revenue Bonds
Housing
Series 2011A AMT
12/01/2036	5.250%	905,000	929,679
Series 2010C AMT
12/01/2030	5.000%	400,000	404,496
Massachusetts Housing Finance Agency
Revenue Bonds
Special Obligations
Series 2017D
12/01/2047	3.850%	10,000,000	9,826,800
Massachusetts Port Authority^(d)
Revenue Bonds
Bosfuel Project
Series 2007 (NPFGC) AMT
07/01/2032	5.000%	2,000,000	2,004,800
Massachusetts State College Building Authority^(f)
Revenue Bonds
Capital Appreciation
Series 1999A Escrowed to Maturity (NPFGC)
05/01/2023	0.000%	3,000,000	2,687,580

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts Water Resources Authority
Revenue Bonds
Series 1992A Escrowed to Maturity
07/15/2019	6.500%	375,000	392,704
Metropolitan Boston Transit Parking Corp.
Revenue Bonds
Series 2011
07/01/2036	5.250%	3,000,000	3,251,520
Total			81,304,857
Michigan 4.4%
City of Detroit Sewage Disposal System
Refunding Revenue Bonds
Senior Lien
Series 2012A
07/01/2039	5.250%	11,925,000	12,959,136
City of Detroit Water Supply System
Revenue Bonds
Senior Lien
Series 2011A
07/01/2036	5.000%	4,105,000	4,337,056
07/01/2041	5.250%	8,765,000	9,422,813
Unrefunded Revenue Bonds
Senior Lien
Series 2003A (NPFGC)
07/01/2034	5.000%	5,000	5,013
Grand Traverse Academy
Refunding Revenue Bonds
Series 2007
11/01/2022	5.000%	750,000	750,450
11/01/2032	4.750%	1,170,000	1,145,021
Grand Traverse County Hospital Finance Authority
Revenue Bonds
Munson Healthcare
Series 2014A
07/01/2047	5.000%	1,200,000	1,296,696
Great Lakes Water Authority Water Supply System
Revenue Bonds
2nd Lien
Series 2016B
07/01/2046	5.000%	15,385,000	16,900,884
Michigan Finance Authority
Refunding Revenue Bonds
Henry Ford Health System
Series 2016
11/15/2046	4.000%	9,420,000	9,403,703
Senior Lien - Great Lakes Water Authority
Series 2014C-6
07/01/2033	5.000%	1,070,000	1,172,388
Trinity Health Corp.
Series 2017
12/01/2036	4.000%	2,000,000	2,061,240

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Beaumont Health Credit Group
Series 2016S
11/01/2044	5.000%	16,760,000	18,367,284
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2034	5.000%	7,095,000	7,743,341
07/01/2035	5.000%	4,830,000	5,274,457
Senior Lien - Great Lakes Water Authority
Series 2014C-1
07/01/2044	5.000%	2,000,000	2,151,220
Michigan Finance Authority^(d)
Revenue Bonds
Senior Lien - Great Lakes Water Authority
Series 2014C-2 AMT
07/01/2044	5.000%	1,500,000	1,598,550
Michigan State Housing Development Authority
Revenue Bonds
Series 2018A
10/01/2048	4.050%	5,000,000	4,991,100
Michigan Strategic Fund
Refunding Revenue Bonds
Collateral Detroit Fund-Pollution
Series 1991BB (AMBAC)
05/01/2021	7.000%	2,505,000	2,824,438
Paw Paw Public Schools
Unlimited General Obligation Refunding Bonds
Series 1998 (NPFGC) (Qualified School Board Loan Fund)
05/01/2025	5.000%	1,020,000	1,145,572
Royal Oak Hospital Finance Authority
Refunding Revenue Bonds
William Beaumont Hospital
Series 2014D
09/01/2039	5.000%	9,425,000	10,305,672
St. John’s Public Schools
Unlimited General Obligation Refunding Bonds
Series 1998 (NPFGC) (Qualified School Bond Loan Fund)
05/01/2025	5.100%	1,790,000	2,027,461
Wayne County Airport Authority^(d)
Refunding Revenue Bonds
Series 2015F AMT
12/01/2033	5.000%	11,495,000	12,797,269
Revenue Bonds
Series 2017B AMT
12/01/2047	5.000%	1,000,000	1,105,890
Wayne County Airport Authority
Revenue Bonds
Series 2015D
12/01/2045	5.000%	21,445,000	23,874,504

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Williamston Community School District
Unlimited General Obligation Bonds
Series 1996 (NPFGC) (Qualified School Bond Loan Fund)
05/01/2025	5.500%	710,000	788,455
Total			154,449,613
Minnesota 2.8%
City of Blaine
Refunding Revenue Bonds
Crest View Senior Community Project
Series 2015
07/01/2045	6.125%	11,775,000	11,613,800
City of Brooklyn Center
Revenue Bonds
Sanctuary Brooklyn Center Project
Series 2016
11/01/2035	5.500%	4,000,000	4,005,320
Housing & Redevelopment Authority of The City of St. Paul
Prerefunded 11/15/25 Revenue Bonds
HealthEast Care System Project
Series 2015
11/15/2030	5.000%	900,000	1,058,166
11/15/2040	5.000%	935,000	1,099,317
Refunding Revenue Bonds
Fairview Health Services
Series 2017
11/15/2047	5.000%	3,000,000	3,371,700
Perham Hospital District
Prerefunded 03/01/20 Revenue Bonds
Perham Memorial Hospital & Home
Series 2010
03/01/2035	6.350%	4,000,000	4,286,200
03/01/2040	6.500%	2,800,000	3,006,836
Southern Minnesota Municipal Power Agency^(f)
Revenue Bonds
Capital Appreciation
Series 1994A (NPFGC)
01/01/2022	0.000%	27,500,000	25,460,600
01/01/2023	0.000%	26,500,000	23,830,655
01/01/2025	0.000%	17,500,000	14,687,925
St. Cloud Housing & Redevelopment Authority
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016A
08/01/2036	5.250%	7,135,000	6,384,684
Total			98,805,203
Mississippi 0.2%
County of Lowndes
Refunding Revenue Bonds
Weyerhaeuser Co. Project
Series 1992A
04/01/2022	6.800%	2,470,000	2,802,437

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

18	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Medical Center Educational Building Corp.
Refunding Revenue Bonds
University of Mississippi Medical Center
Series 1998B (AMBAC)
12/01/2023	5.500%	4,660,000	5,108,152
Total			7,910,589
Missouri 2.0%
Cape Girardeau County Industrial Development Authority
Refunding Revenue Bonds
SoutheastHEALTH
Series 2017
03/01/2032	5.000%	500,000	547,015
03/01/2036	5.000%	1,250,000	1,339,988
City of Manchester
Refunding Tax Allocation Bonds
Highway 141/Manchester Road Project
Series 2010
11/01/2025	6.000%	595,000	593,554
11/01/2039	6.875%	1,500,000	1,510,500
Health & Educational Facilities Authority of the State of Missouri
Revenue Bonds
Lutheran Senior Services
Series 2010
02/01/2042	5.500%	2,000,000	2,067,320
Series 2011
02/01/2031	5.750%	1,730,000	1,853,557
02/01/2041	6.000%	2,600,000	2,781,792
Series 2014
02/01/2035	5.000%	7,350,000	7,866,631
02/01/2044	5.000%	12,725,000	13,476,157
Kirkwood Industrial Development Authority
Prerefunded 05/15/20 Revenue Bonds
Aberdeen Heights Project
Series 2010A
05/15/2039	8.250%	12,000,000	13,344,960
Refunding Revenue Bonds
Aberdeen Heights Project
Series 2017
05/15/2037	5.250%	2,205,000	2,355,116
05/15/2042	5.250%	2,290,000	2,437,293
Missouri Development Finance Board^(d)
Revenue Bonds
Procter & Gamble Paper Products
Series 1999 AMT
03/15/2029	5.200%	6,385,000	7,489,094
Missouri Joint Municipal Electric Utility Commission
Refunding Revenue Bonds
Series 2016A
12/01/2041	4.000%	10,000,000	10,346,400

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
St. Louis County Industrial Development Authority
Revenue Bonds
Friendship Village Sunset Hills
Series 2013A
09/01/2033	5.500%	2,750,000	3,068,917
Total			71,078,294
Montana 0.0%
City of Kalispell
Refunding Revenue Bonds
Immanuel Lutheran Corp. Project
Series 2017
05/15/2052	5.250%	1,080,000	1,123,848
Nebraska 1.1%
Douglas County Hospital Authority No. 2
Revenue Bonds
Health Facilities-Immanuel Obligation Group
Series 2010
01/01/2040	5.625%	875,000	909,011
Madonna Rehabilitation Hospital
Series 2014
05/15/2028	5.000%	2,025,000	2,209,336
05/15/2029	5.000%	2,125,000	2,309,089
05/15/2030	5.000%	2,000,000	2,164,520
05/15/2036	5.000%	1,000,000	1,066,560
05/15/2044	5.000%	6,400,000	6,771,328
Douglas County Hospital Authority No. 3
Refunding Revenue Bonds
Health Facilities - Nebraska Methodist Health System
Series 2015
11/01/2045	5.000%	12,500,000	13,615,250
Nebraska Elementary & Secondary School Finance Authority
Prerefunded 09/01/18 Revenue Bonds
Boys Town Project
Series 2008
09/01/2028	4.750%	6,800,000	6,819,176
Nebraska Investment Finance Authority
Refunding Revenue Bonds
Series 2017A (GNMA)
09/01/2032	3.125%	4,345,000	4,245,456
Total			40,109,726
Nevada 0.9%
Carson City
Refunding Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2012
09/01/2033	5.000%	2,500,000	2,666,850

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Carson City
Refunding Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2042	5.000%	1,120,000	1,227,778
Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2047	5.000%	2,320,000	2,530,192
City of Sparks^(c)
Tax Anticipation Revenue Bonds
Sales
Series 2008A
06/15/2028	6.750%	2,000,000	2,001,960
County of Clark Department of Aviation
Revenue Bonds
Las Vegas-McCarran International Airport
Series 2010A
07/01/2034	5.125%	18,750,000	19,618,875
State of Nevada Department of Business & Industry^(c)
Revenue Bonds
Somerset Academy
Series 2015A
12/15/2035	5.000%	1,025,000	1,059,389
Series 2018A
12/15/2038	5.000%	835,000	859,315
Total			29,964,359
New Hampshire 0.2%
New Hampshire Health & Education Facilities Authority Act
Refunding Revenue Bonds
Elliot Hospital
Series 2016
10/01/2038	5.000%	3,150,000	3,403,827
New Hampshire Health and Education Facilities Authority Act
Revenue Bonds
Hillside Village
Series 2017A
07/01/2037	6.125%	1,750,000	1,868,072
07/01/2042	6.250%	1,000,000	1,071,880
Total			6,343,779
New Jersey 3.1%
City of Atlantic City
Unlimited General Obligation Bonds
Tax Appeal
Series 2017B (AGM)
03/01/2037	5.000%	910,000	1,004,713

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Middlesex County Improvement Authority^(e)
Revenue Bonds
Heldrich Center Hotel
Series 2005C
01/01/2037	0.000%	1,500,000	15
Subordinated Revenue Bonds
Heldrich Center Hotel
Series 2005B
01/01/2037	0.000%	4,000,000	42,000
New Jersey Economic Development Authority
Refunding Revenue Bonds
School Facilities Construction
Series 2005N-1 (AGM)
09/01/2025	5.500%	14,500,000	16,876,985
Series 2005N-1 (NPFGC)
09/01/2027	5.500%	5,000,000	5,852,600
Subordinated Series 2017A
07/01/2034	4.000%	1,750,000	1,745,870
Revenue Bonds
Lions Gate Project
Series 2014
01/01/2034	5.000%	1,000,000	1,030,040
01/01/2044	5.250%	750,000	778,193
Provident Group-Rowan Properties LLC
Series 2015
01/01/2048	5.000%	7,200,000	7,599,384
Series 2015WW
06/15/2040	5.250%	2,750,000	2,970,000
Series 2017DDD
06/15/2042	5.000%	1,250,000	1,349,287
New Jersey Economic Development Authority^(d)
Revenue Bonds
Continental Airlines, Inc. Project
Series 1999 AMT
09/15/2023	5.125%	5,000,000	5,414,550
09/15/2029	5.250%	2,500,000	2,717,150
New Jersey Health Care Facilities Financing Authority
Revenue Bonds
Virtua Health
Series 2009
07/01/2033	5.750%	750,000	778,740
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Federal Highway Reimbursement
Series 2018
06/15/2031	5.000%	5,500,000	6,082,945
Revenue Bonds
Transportation System
Series 2011B
06/15/2031	5.500%	7,250,000	7,670,717

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

20	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Jersey Turnpike Authority
Refunding Revenue Bonds
Series 2005A (AGM)
01/01/2030	5.250%	2,000,000	2,460,440
Series 2017G
01/01/2043	4.000%	12,000,000	12,487,200
Revenue Bonds
Series 2004C-2 (AMBAC)
01/01/2025	5.500%	2,500,000	2,966,275
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2046	5.000%	7,220,000	7,931,026
06/01/2046	5.250%	2,000,000	2,239,420
Subordinated Series 2018B
06/01/2046	5.000%	3,845,000	4,119,225
Union County Utilities Authority^(d)
Refunding Revenue Bonds
Covanta Union
Series 2011 AMT
12/01/2031	5.250%	15,000,000	16,430,700
Total			110,547,475
New York 3.4%
Build NYC Resource Corp.^(c),(d)
Refunding Revenue Bonds
Pratt Paper, Inc. Project
Series 2014 AMT
01/01/2025	4.500%	500,000	545,890
Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2017G
11/01/2042	3.600%	4,000,000	3,929,880
New York City Industrial Development Agency
Revenue Bonds
Pilot-Yankee Stadium-Payment I
Series 2006I (FGIC)
03/01/2046	5.000%	2,000,000	2,011,320
New York Counties Tobacco Trust VI
Tobacco Settlement Pass-Through Bonds
Series 2016
06/01/2045	5.000%	1,860,000	1,981,309
New York State Dormitory Authority
Revenue Bonds
Consolidated City University System 2nd Generation
Series 1993A
07/01/2020	6.000%	13,350,000	14,132,310
Independent School District-Educational Housing Services
Series 2005 (AMBAC)
07/01/2030	5.250%	3,000,000	3,515,190

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York Transportation Development Corp.^(d)
Revenue Bonds
Delta Air Lines, Inc., LaGuardia
Series 2018 AMT
01/01/2036	5.000%	2,000,000	2,221,840
LaGuardia Airport Terminal B Redevelopment
Series 2016 AMT
07/01/2041	4.000%	10,000,000	10,020,600
Laguardia Airport Terminal B Redevelopment Project
Series 2016 AMT
01/01/2050	5.250%	7,500,000	8,120,475
LaGuardia Airport Terminal B Redevelopment Project
Series 2016 AMT
07/01/2046	4.000%	14,000,000	13,976,200
Port Authority of New York & New Jersey^(d)
Revenue Bonds
5th Installment-Special Project
Series 1996-4 AMT
10/01/2019	6.750%	2,300,000	2,406,053
JFK International Air Terminal Special Project
Series 1997 (NPFGC) AMT
12/01/2022	5.750%	6,500,000	6,784,440
Port Authority of New York & New Jersey
Revenue Bonds
JFK International Air Terminal
Series 2010
12/01/2036	6.000%	7,000,000	7,637,630
State of New York Mortgage Agency
Refunding Revenue Bonds
Series 2018-211
10/01/2043	3.750%	11,620,000	11,507,286
Suffolk County Industrial Development Agency^(d)
Revenue Bonds
Nissequogue Cogen Partners Facility
Series 1998 AMT
01/01/2023	5.500%	4,735,000	4,736,941
Triborough Bridge & Tunnel Authority
Revenue Bonds
General Purpose
Series 1992Y Escrowed to Maturity
01/01/2021	6.125%	10,285,000	10,828,048
Ulster County Capital Resource Corp.^(c)
Refunding Revenue Bonds
Woodland Pond at New Paltz
Series 2017
09/15/2042	5.250%	2,480,000	2,483,398
09/15/2047	5.250%	3,025,000	3,011,388
09/15/2053	5.250%	6,240,000	6,150,955

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Westchester County Local Development Corp.
Refunding Revenue Bonds
Westchester Medical Center
Series 2016
11/01/2046	5.000%	4,000,000	4,280,440
Total			120,281,593
North Carolina 0.5%
Durham Housing Authority^(d)
Revenue Bonds
Magnolia Pointe Apartments
Series 2005 AMT
02/01/2038	5.650%	2,998,043	3,094,341
North Carolina Department of Transportation^(d)
Revenue Bonds
I-77 Hot Lanes Project
Series 2015 AMT
06/30/2054	5.000%	10,000,000	10,679,200
North Carolina Eastern Municipal Power Agency
Prerefunded 01/01/22 Revenue Bonds
Series 1988A
01/01/2026	6.000%	1,940,000	2,205,819
North Carolina Turnpike Authority^(f)
Revenue Bonds
Series 2017C
07/01/2030	0.000%	445,000	271,383
07/01/2034	0.000%	1,135,000	555,877
Total			16,806,620
North Dakota 0.3%
County of McLean
Revenue Bonds
Great River Energy
Series 2010B
07/01/2040	5.150%	7,900,000	8,261,504
North Dakota Housing Finance Agency
Revenue Bonds
Housing Finance Program
Series 2017 (FHA)
07/01/2037	3.450%	2,370,000	2,327,885
Total			10,589,389
Ohio 2.5%
American Municipal Power, Inc.
Revenue Bonds
AMP Fremont Energy Center Project
Series 2012
02/15/2037	5.000%	13,220,000	14,247,987
Buckeye Tobacco Settlement Financing Authority
Asset-Backed Senior Turbo Revenue Bonds
Series 2007A-2
06/01/2047	5.875%	19,000,000	19,163,400

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Lakewood Water System
Revenue Bonds
Mortgage
Series 1995 Escrowed to Maturity (AMBAC) Escrowed to Maturity
07/01/2020	5.850%	460,000	484,352
City of Middleburg Heights
Revenue Bonds
Southwest General Facilities
Series 2011
08/01/2036	5.250%	2,380,000	2,593,058
08/01/2041	5.250%	6,900,000	7,502,991
Cleveland Department of Public Utilities Division of Water
Refunding Revenue Bonds
1st Mortgage
Series 1993G (NPFGC)
01/01/2021	5.500%	2,150,000	2,252,254
Lake County Port & Economic Development Authority^(c)
Revenue Bonds
1st Mortgage - Tapestry Wickliffe LLC
Series 2017
12/01/2037	6.500%	6,000,000	6,294,360
Ohio Air Quality Development Authority^(c),(d)
Revenue Bonds
Pratt Paper LLC Project
Series 2017 AMT
01/15/2038	4.250%	1,000,000	1,021,080
Ohio Housing Finance Agency
Revenue Bonds
Mortgage-Backed Securities Program
Series 2017D (GNMA)
09/01/2047	3.625%	2,710,000	2,636,207
Ohio Turnpike & Infrastructure Commission
Refunding Revenue Bonds
Series 1998A (NPFGC)
02/15/2026	5.500%	3,000,000	3,542,250
State of Ohio
Refunding Revenue Bonds
Cleveland Clinic Health System
Series 2017
01/01/2036	4.000%	4,500,000	4,715,865
State of Ohio^(d)
Revenue Bonds
Portsmouth Bypass Project
Series 2015 AMT
06/30/2053	5.000%	9,835,000	10,708,151
Toledo-Lucas County Port Authority
Refunding Revenue Bonds
CSX Transportation, Inc. Project
Series 1992
12/15/2021	6.450%	3,950,000	4,489,412

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

22	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
University of Toledo Project
Series 2014
07/01/2046	5.000%	5,000,000	5,170,300
Special Assessment Bonds
Town Square - Levis Commons Project
Series 2016
11/01/2036	5.400%	1,603,132	1,567,975
Total			86,389,642
Oklahoma 0.1%
Tulsa County Industrial Authority
Refunding Revenue Bonds
Montereau, Inc. Project
Series 2017
11/15/2045	5.250%	2,000,000	2,199,880
Oregon 0.4%
City of Forest Grove
Refunding Revenue Bonds
Campus Improvement Pacific University Project
Series 2014
05/01/2040	5.000%	1,500,000	1,586,940
Hospital Facilities Authority of Multnomah County
Refunding Revenue Bonds
Mirabella at South Waterfront
Series 2014A
10/01/2044	5.400%	3,225,000	3,438,463
Port of Portland Airport^(d)
Revenue Bonds
Series 2017-24B AMT
07/01/2033	5.000%	1,000,000	1,131,830
07/01/2034	5.000%	1,355,000	1,529,361
07/01/2042	5.000%	2,000,000	2,227,740
State of Oregon Housing & Community Services Department
Revenue Bonds
Series 2017D
01/01/2038	3.450%	5,565,000	5,441,401
Total			15,355,735
Pennsylvania 7.8%
Butler County Hospital Authority
Prerefunded 07/01/19 Revenue Bonds
Butler Health Systems Project
Series 2009
07/01/2039	7.250%	7,000,000	7,357,910
City of Philadelphia Airport^(d)
Refunding Revenue Bonds
Series 2017B AMT
07/01/2047	5.000%	3,000,000	3,322,560

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2034	5.000%	1,000,000	1,119,400
Commonwealth of Pennsylvania
Refunding Certificate of Participation
Series 2018A
07/01/2043	5.000%	2,500,000	2,754,000
Cumberland County Municipal Authority
Refunding Revenue Bonds
Diakon Lutheran Ministries
Series 2015
01/01/2038	5.000%	8,840,000	9,553,388
Dauphin County Industrial Development Authority^(d)
Revenue Bonds
Dauphin Consolidated Water Supply
Series 1992A AMT
06/01/2024	6.900%	3,400,000	4,134,706
Delaware Valley Regional Finance Authority
Revenue Bonds
Series 1997C (AMBAC)
07/01/2027	7.750%	1,000,000	1,355,970
Geisinger Authority
Refunding Revenue Bonds
Geisinger Health System
Series 2017
02/15/2039	4.000%	6,000,000	6,121,860
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Albert Einstein HealthCare Network
Series 2015
01/15/2045	5.250%	11,150,000	11,876,868
Northampton County General Purpose Authority
Refunding Revenue Bonds
St. Luke’s University Health Network
Series 2018
08/15/2048	4.000%	20,000,000	20,049,000
Pennsylvania Economic Development Financing Authority
Refunding Revenue Bonds
Series 2017A
11/15/2042	4.000%	30,000,000	30,300,300
Revenue Bonds
Philadelphia Biosolids Facility
Series 2009
01/01/2032	6.250%	5,325,000	5,564,146
Pennsylvania Economic Development Financing Authority^(c)
Refunding Revenue Bonds
Tapestry Moon Senior Housing Project
Series 2018
12/01/2053	6.750%	6,000,000	6,215,880

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania Economic Development Financing Authority^(d)
Revenue Bonds
PA Bridges Finco LP
Series 2015 AMT
12/31/2038	5.000%	1,625,000	1,769,853
06/30/2042	5.000%	29,375,000	31,909,475
Proctor & Gamble Paper Project
Series 2001 AMT
03/01/2031	5.375%	1,000,000	1,198,490
Pennsylvania Housing Finance Agency
Refunding Revenue Bonds
Series 2017-124B
10/01/2037	3.500%	20,255,000	19,893,043
Pennsylvania Turnpike Commission
Refunding Subordinated Revenue Bonds
Series 2015A-1
12/01/2045	5.250%	25,295,000	28,307,634
Series 2016A-1
12/01/2046	5.000%	10,000,000	10,840,900
Revenue Bonds
Series 2014B
12/01/2044	5.250%	10,000,000	11,135,600
Series 2017A-1
12/01/2047	5.000%	5,000,000	5,592,400
Subordinated Series 2017B-1
06/01/2042	5.000%	15,000,000	16,421,250
Subordinated Series 2018B
12/01/2043	5.000%	7,000,000	7,800,520
Subordinated Revenue Bonds
Series 2014A-1
12/01/2043	5.000%	16,940,000	18,431,059
Philadelphia Authority for Industrial Development
Refunding Revenue Bonds
Wesley Enhanced Living
Series 2017
07/01/2042	5.000%	2,000,000	2,123,980
Revenue Bonds
First Philadelphia Preparatory Charter School
Series 2014
06/15/2043	7.250%	5,475,000	6,204,489
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2037	5.000%	1,000,000	1,115,660
Series 2018B
09/01/2043	5.000%	985,000	1,090,149

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Westmoreland County Municipal Authority^(f)
Revenue Bonds
Capital Appreciation
Series 1999A (NPFGC)
08/15/2022	0.000%	2,000,000	1,804,860
Total			275,365,350
Puerto Rico 0.3%
Puerto Rico Electric Power Authority^(h)
Refunding Revenue Bonds
Series 2007UU (AGM)
07/01/2023	5.000%	1,000,000	1,029,120
Revenue Bonds
Series 2003NN (NPFGC)
07/01/2021	5.250%	3,500,000	3,668,175
Puerto Rico Highway & Transportation Authority^(h)
Refunding Revenue Bonds
Series 2003AA (NPFGC)
07/01/2020	5.500%	180,000	187,895
Puerto Rico Public Finance Corp.^(h)
Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity (AMBAC)
08/01/2027	5.500%	450,000	550,854
Unrefunded Revenue Bonds
Commonwealth Appropriation
Series 2002E Escrowed to Maturity
08/01/2026	6.000%	2,470,000	3,066,826
Series 2002E Escrowed to Maturity (AMBAC)
08/01/2027	5.500%	1,050,000	1,285,326
Total			9,788,196
South Carolina 1.2%
Piedmont Municipal Power Agency
Refunding Revenue Bonds
Electric
Series 1991 (NPFGC)
01/01/2021	6.250%	1,250,000	1,375,175
Unrefunded Revenue Bonds
Series 1993 (NPFGC)
01/01/2025	5.375%	11,070,000	12,641,719
South Carolina Jobs-Economic Development Authority
Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2023	5.750%	795,000	820,670
11/01/2033	7.000%	910,000	964,973
11/01/2045	7.250%	3,935,000	4,187,627
South Carolina Ports Authority^(d)
Revenue Bonds
Series 2015 AMT
07/01/2050	5.250%	13,675,000	15,194,976

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

24	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2018 AMT
07/01/2048	5.000%	4,260,000	4,791,265
07/01/2055	5.000%	1,380,000	1,530,130
Total			41,506,535
South Dakota 0.5%
South Dakota Health & Educational Facilities Authority
Refunding Revenue Bonds
Sanford Obligated Group
Series 2015
11/01/2035	5.000%	2,500,000	2,780,350
11/01/2045	5.000%	6,920,000	7,583,628
Revenue Bonds
Regional Health
Series 2017
09/01/2040	5.000%	6,500,000	7,247,305
Total			17,611,283
Tennessee 0.6%
Chattanooga Health Educational & Housing Facility Board
Refunding Revenue Bonds
Student Housing - CDFI Phase I
Series 2015
10/01/2032	5.000%	1,300,000	1,415,674
10/01/2035	5.000%	645,000	692,691
Greeneville Health & Educational Facilities Board
Refunding Revenue Bonds
Ballad Health Obligation Group
Series 2018
07/01/2035	5.000%	1,000,000	1,128,280
07/01/2040	4.000%	7,200,000	7,223,256
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
Vanderbilt University Medical Center
Series 2016
07/01/2046	5.000%	6,800,000	7,460,144
Series 2017A
07/01/2048	5.000%	1,665,000	1,834,680
Tennessee Housing Development Agency
Revenue Bonds
3rd Issue
Series 2017
07/01/2037	3.400%	1,135,000	1,114,740
07/01/2042	3.600%	750,000	742,853
Total			21,612,318

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Texas 9.4%
Bexar County Health Facilities Development Corp.
Unrefunded Revenue Bonds
Army Retirement Residence
Series 2010
07/01/2030	5.875%	215,000	226,531
Capital Area Cultural Education Facilities Finance Corp.
Revenue Bonds
Roman Catholic Diocese
Series 2005B
04/01/2045	6.125%	13,450,000	14,205,352
Central Texas Regional Mobility Authority
Prerefunded 01/01/21 Revenue Bonds
Senior Lien
Series 2011
01/01/2041	6.000%	8,620,000	9,445,537
Refunding Revenue Bonds
Senior Lien
Series 2013A
01/01/2033	5.000%	2,700,000	2,919,294
Series 2016
01/01/2046	5.000%	9,835,000	10,703,627
Revenue Bonds
Senior Lien
Series 2015A
01/01/2045	5.000%	3,000,000	3,258,780
Central Texas Regional Mobility Authority^(f)
Revenue Bonds
Capital Appreciation
Series 2010
01/01/2025	0.000%	2,000,000	1,627,440
Central Texas Turnpike System
Refunding Revenue Bonds
1st Tier
Series 2012A
08/15/2041	5.000%	16,075,000	17,237,866
Subordinated Series 2015C
08/15/2042	5.000%	14,730,000	15,872,754
Subordinated Refunding Revenue Bonds
Series 2015C
08/15/2037	5.000%	10,000,000	10,821,000
City of Austin Airport System^(d)
Revenue Bonds
Series 2017B AMT
11/15/2041	5.000%	1,000,000	1,110,830
11/15/2046	5.000%	3,000,000	3,321,090
City of Houston Airport System
Refunding Revenue Bonds
Senior Lien
Series 2009A
07/01/2034	5.500%	10,500,000	10,522,155

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Houston Airport System^(d)
Refunding Revenue Bonds
Special Facilities-United Airlines
Series 2011A AMT
07/15/2030	6.500%	5,555,000	6,057,672
United Airlines, Inc.
Series 2014 AMT
07/01/2029	5.000%	4,000,000	4,324,560
Subordinated Refunding Revenue Bonds
Lien
Series 2012A AMT
07/01/2031	5.000%	5,000,000	5,430,100
Clifton Higher Education Finance Corp.
Prerefunded 08/15/21 Revenue Bonds
Idea Public Schools
Series 2011
08/15/2041	5.750%	2,000,000	2,217,360
Revenue Bonds
Idea Public Schools
Series 2012
08/15/2032	5.000%	2,165,000	2,300,464
08/15/2042	5.000%	5,575,000	5,867,855
Series 2013
08/15/2033	6.000%	990,000	1,112,592
International Leadership
Series 2015
08/15/2038	5.750%	5,810,000	6,016,894
International Leadership of Texas
Series 2015
08/15/2045	5.750%	10,500,000	10,811,535
Series 2015A
12/01/2035	5.000%	2,200,000	2,362,888
12/01/2045	5.000%	1,100,000	1,170,532
Dallas Love Field^(d)
Revenue Bonds
Series 2017 AMT
11/01/2034	5.000%	750,000	841,365
11/01/2035	5.000%	1,000,000	1,119,520
Dallas/Fort Worth International Airport^(d)
Refunding Revenue Bonds
Series 2014A AMT
11/01/2032	5.000%	3,400,000	3,722,524
Deaf Smith County Hospital District
Limited General Obligation Refunding Bonds
Series 2017
03/01/2030	5.000%	1,000,000	1,118,180
03/01/2031	5.000%	1,195,000	1,327,777
03/01/2034	5.000%	645,000	711,132
03/01/2040	4.000%	2,945,000	2,890,576

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Prerefunded 03/01/20 Limited General Obligation Bonds
Series 2010A
03/01/2040	6.500%	4,000,000	4,292,240
Harris County Health Facilities Development Corp.
Prerefunded 12/01/18 Revenue Bonds
Memorial Hermann Healthcare System
Series 2008B
12/01/2035	7.250%	8,800,000	8,971,600
Revenue Bonds
St. Luke’s Episcopal Hospital Project
Series 1991 Escrowed to Maturity
02/15/2021	6.750%	1,260,000	1,313,600
Harris County Toll Road Authority (The)
Refunding Revenue Bonds
Senior Lien
Series 2018A
08/15/2048	4.000%	4,000,000	4,095,640
Houston Higher Education Finance Corp.
Prerefunded 05/15/21 Revenue Bonds
Harmony Public Schools
Series 2011A
05/15/2041	6.875%	4,045,000	4,587,232
La Vernia Higher Education Finance Corp.
Prerefunded 08/15/19 Revenue Bonds
Kipp, Inc.
Series 2009A
08/15/2044	6.375%	7,500,000	7,862,475
Matagorda County Navigation District No. 1
Refunding Revenue Bonds
Central Power & Light Co. Project
Series 2001A
11/01/2029	6.300%	2,800,000	2,962,624
Mission Economic Development Corp.^(d)
Revenue Bonds
Dallas Clean Energy McCommas
Series 2011 AMT
12/01/2024	6.875%	14,140,000	14,153,857
New Hope Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Texas Children’s Health System
Series 2017A
08/15/2040	4.000%	7,015,000	7,175,293
Revenue Bonds
Cardinal Bay, Inc. - Village on the Park
Series 2016
07/01/2031	4.000%	1,000,000	1,012,170
07/01/2046	5.000%	4,600,000	4,864,500
07/01/2051	4.750%	2,715,000	2,816,405
Collegiate Housing College Station
Series 2014
04/01/2046	5.000%	7,250,000	7,677,895

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

26	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Collegiate Housing Tarleton State University
Series 2015
04/01/2047	5.000%	2,995,000	3,208,334
Texas A&M University - Corpus Christi
Series 2017
04/01/2042	5.000%	2,000,000	2,178,740
New Hope Cultural Education Facilities Finance Corp.^(c)
Revenue Bonds
Jubilee Academic Center Project
Series 2017
08/15/2037	5.000%	940,000	947,341
North Texas Tollway Authority
Refunding Revenue Bonds
1st Tier
Series 2011
01/01/2038	5.000%	5,500,000	5,828,020
Series 2012B
01/01/2042	5.000%	12,845,000	13,771,638
Series 2017A
01/01/2043	5.000%	6,500,000	7,354,035
2nd Tier
Series 2015A
01/01/2038	5.000%	9,230,000	10,225,732
Pottsboro Higher Education Finance Corp.
Revenue Bonds
Series 2016A
08/15/2036	5.000%	390,000	396,841
Red River Health Facilities Development Corp.
Revenue Bonds
MRC Crossings Project
Series 2014A
11/15/2034	7.500%	2,000,000	2,281,680
11/15/2044	7.750%	2,800,000	3,209,024
San Juan Higher Education Finance Authority
Prerefunded 08/15/20 Revenue Bonds
Idea Public Schools
Series 2010A
08/15/2040	6.700%	2,700,000	2,963,304
Sanger Industrial Development Corp.^(c),(d),(e)
Revenue Bonds
Texas Pellets Project
Series 2012B AMT
07/01/2038	0.000%	34,645,000	8,314,800
Tarrant County Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Trinity Terrace Project
Series 2014
10/01/2044	5.000%	2,500,000	2,657,700
10/01/2049	5.000%	1,870,000	1,982,686

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Buckner Senior Living Ventana Project
Series 2017
11/15/2047	6.750%	3,665,000	4,074,857
CC Young Memorial Home
Series 2009A
02/15/2038	8.000%	4,000,000	4,223,120
Texas City Industrial Development Corp.
Refunding Revenue Bonds
Arco Pipe Line Co. Project
Series 1990
10/01/2020	7.375%	2,000,000	2,219,700
Texas Private Activity Bond Surface Transportation Corp.^(d)
Revenue Bonds
Senior Lien - Blueridge Transportation
Series 2016 AMT
12/31/2050	5.000%	7,750,000	8,330,165
12/31/2055	5.000%	13,250,000	14,215,395
Total			330,844,425
Utah 0.5%
Salt Lake City Corp. Airport^(d)
Revenue Bonds
Series 2017A AMT
07/01/2036	5.000%	4,000,000	4,508,160
07/01/2047	5.000%	11,500,000	12,820,085
Total			17,328,245
Virginia 1.4%
Chesapeake Bay Bridge & Tunnel District
Revenue Bonds
1st Tier General Resolution
Series 2016
07/01/2046	5.000%	3,500,000	3,885,595
07/01/2051	5.000%	2,700,000	2,988,198
City of Chesapeake Expressway Toll Road
Revenue Bonds
Transportation System
Series 2012A
07/15/2047	5.000%	7,505,000	8,017,141
Fairfax County Industrial Development Authority
Refunding Revenue Bonds
Inova Health System Project
Series 1993
08/15/2023	5.000%	10,000,000	11,039,700
Fredericksburg Economic Development Authority
Refunding Revenue Bonds
Mary Washington Healthcare Obligation
Series 2014
06/15/2030	5.000%	1,000,000	1,102,900
06/15/2031	5.000%	800,000	880,968
06/15/2033	5.000%	500,000	548,075

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Mosaic District Community Development Authority
Special Assessment Bonds
Series 2011A
03/01/2026	6.625%	2,145,000	2,314,455
Virginia Small Business Financing Authority^(d)
Revenue Bonds
Transform 66 P3 Project
Series 2017 AMT
12/31/2056	5.000%	15,300,000	16,700,562
Total			47,477,594
Washington 2.7%
Greater Wenatchee Regional Events Center Public Facilities District
Revenue Bonds
Series 2012A
09/01/2027	5.000%	1,540,000	1,579,316
09/01/2032	5.250%	1,000,000	1,022,400
King County Housing Authority
Refunding Revenue Bonds
Series 2018
05/01/2038	3.750%	2,915,000	2,855,038
King County Public Hospital District No. 4
Revenue Bonds
Series 2015A
12/01/2035	6.000%	1,300,000	1,302,158
12/01/2045	6.250%	2,500,000	2,515,775
Port of Seattle^(d)
Refunding Revenue Bonds
Intermediate Lien
Series 2017 AMT
05/01/2036	5.000%	9,000,000	10,117,440
05/01/2042	5.000%	7,500,000	8,370,975
Revenue Bonds
Series 2018A AMT
05/01/2043	5.000%	8,000,000	8,922,640
Snohomish County Public Utility District No. 1
Refunding Revenue Bonds
Generation System
Series 1986A Escrowed to Maturity
01/01/2020	5.000%	12,000,000	12,555,960
Washington Health Care Facilities Authority
Refunding Revenue Bonds
Multicare Health System
Series 2017B
08/15/2041	4.000%	10,500,000	10,674,930
Virginia Mason Medical Center
Series 2017
08/15/2042	4.000%	3,335,000	3,334,867

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington State Housing Finance Commission
Prerefunded 01/01/23 Revenue Bonds
Presbyterian Retirement
Series 2013
01/01/2028	5.000%	985,000	1,109,671
Refunding Revenue Bonds
Presbyterian Retirement
Series 2013 Escrowed to Maturity
01/01/2023	5.000%	500,000	538,895
Revenue Bonds
Heron’s Key
Series 2015A
07/01/2030	6.500%	480,000	520,752
07/01/2035	6.750%	550,000	596,624
07/01/2045	7.000%	1,800,000	1,952,352
Washington State Housing Finance Commission^(c)
Refunding Revenue Bonds
Bayview Manor Homes
Series 2016A
07/01/2046	5.000%	2,475,000	2,559,868
Nonprofit Housing-Mirabella
Series 2012
10/01/2032	6.500%	9,700,000	10,451,265
10/01/2047	6.750%	1,000,000	1,084,880
Skyline 1st Hill Project
Series 2015
01/01/2020	4.125%	255,000	255,281
01/01/2025	5.000%	770,000	763,724
01/01/2035	5.750%	575,000	581,101
01/01/2045	6.000%	2,325,000	2,359,410
Unrefunded Revenue Bonds
Presbyterian Retirement
Series 2013
01/01/2023	5.000%	500,000	527,960
01/01/2028	5.000%	1,030,000	1,095,683
01/01/2033	5.000%	1,315,000	1,386,181
01/01/2043	5.250%	3,870,000	4,081,457
Total			93,116,603
West Virginia 0.6%
West Virginia Economic Development Authority
Refunding Revenue Bonds
Appalachian Power Co.-Amos Project
Series 2010A
12/01/2038	5.375%	3,850,000	4,106,179
West Virginia Hospital Finance Authority
Revenue Bonds
West Virginia University Health System Obligation
Series 2018
06/01/2052	5.000%	15,000,000	16,542,000
Total			20,648,179

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

28	Columbia Tax-Exempt Fund \| Annual Report 2018

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Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Wisconsin 2.0%
City of La Crosse^(d)
Refunding Revenue Bonds
Northern States Power Co. Project
Series 1996 AMT
11/01/2021	6.000%	6,000,000	6,708,540
Public Finance Authority^(d)
Refunding Revenue Bonds
Celanese Project
Series 2016B AMT
12/01/2025	5.000%	4,500,000	5,069,205
TRIPS Senior Obligation Group
Series 2012B AMT
07/01/2028	5.250%	4,000,000	4,306,920
07/01/2042	5.000%	2,000,000	2,111,020
Public Finance Authority^(c)
Refunding Revenue Bonds
Mary’s Woods at Marylhurst
Series 2017
05/15/2042	5.250%	820,000	892,873
05/15/2047	5.250%	1,105,000	1,199,754
Wisconsin Health & Educational Facilities Authority
Prerefunded 02/15/19 Revenue Bonds
ProHealth Care, Inc. Obligation Group
Series 2009
02/15/2039	6.625%	6,000,000	6,165,180
Prerefunded 09/15/19 Revenue Bonds
St. John’s Community, Inc.
Series 2009A
09/15/2029	7.250%	1,000,000	1,062,410
09/15/2039	7.625%	1,000,000	1,066,550
Refunding Revenue Bonds
Ascension Health Credit Group
Series 2016
11/15/2046	4.000%	5,000,000	5,083,500
Revenue Bonds
Aurora Health Care, Inc.
Series 2010A
04/15/2039	5.625%	6,100,000	6,443,918
Beaver Dam Community Hospitals
Series 2013A
08/15/2028	5.125%	6,750,000	7,172,213
08/15/2034	5.250%	8,000,000	8,440,720

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Covenant Communities, Inc. Project
Series 2018A
07/01/2048	4.000%	2,335,000	2,279,147
07/01/2053	4.125%	5,000,000	4,877,750
Series 2018B
07/01/2038	4.375%	1,250,000	1,219,900
07/01/2043	4.500%	1,375,000	1,350,676
07/01/2048	5.000%	500,000	515,130
St. John’s Communities, Inc. Project
Series 2018A
09/15/2050	5.000%	3,750,000	3,913,050
Unrefunded Revenue Bonds
Medical College of Wisconsin
Series 2008A
12/01/2035	5.250%	1,365,000	1,381,871
Total			71,260,327
Wyoming 0.2%
County of Campbell
Revenue Bonds
Basin Electric Power Cooperative
Series 2009A
07/15/2039	5.750%	7,900,000	8,187,244
Total Municipal Bonds (Cost $3,341,375,998)			3,454,193,698

Money Market Funds 0.5%
	Shares	Value ($)
Dreyfus Tax-Exempt Cash Management Fund, Institutional Shares, 0.920%⁽ⁱ⁾	18,243,166	18,243,166
Total Money Market Funds (Cost $18,243,144)		18,243,166
Total Investments in Securities (Cost $3,389,224,142)		3,502,041,864
Other Assets & Liabilities, Net		15,124,730
Net Assets		$3,517,166,594

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of July 31, 2018.
(c)	Represents privately placed and other securities and instruments exempt from SEC 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 July 31, 2018, the value of these securities amounted to $126,868,313, which represents 3.61% of net assets.
(d)	Income from this security may be subject to alternative minimum tax.
(e)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At July 31, 2018, the value of these securities amounted to $15,610,885, which represents 0.44% of net assets.
(f)	Zero coupon bond.
(g)	Represents a security purchased on a when-issued basis.
(h)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At July 31, 2018, the value of these securities amounted to $9,788,196, which represents 0.28% of net assets.
(i)	The rate shown is the seven-day current annualized yield at July 31, 2018.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
BAM	Build America Mutual Assurance Co.
FGIC	Financial Guaranty Insurance Corporation
FHA	Federal Housing Authority
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

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

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

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

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Portfolio of Investments (continued)
July 31, 2018

Fair value measurements (continued)
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 July 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	29,605,000	—	29,605,000
Municipal Bonds	—	3,454,193,698	—	3,454,193,698
Money Market Funds	18,243,166	—	—	18,243,166
Total Investments in Securities	18,243,166	3,483,798,698	—	3,502,041,864

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

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

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

Columbia Tax-Exempt Fund | Annual Report 2018

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Statement of Assets and Liabilities
July 31, 2018

Assets
Investments in securities, at value
Unaffiliated issuers (cost $3,389,224,142)	$3,502,041,864
Cash	301,429
Receivable for:
Investments sold	2,530,192
Capital shares sold	9,911,836
Interest	35,191,621
Prepaid expenses	24,999
Trustees’ deferred compensation plan	500,104
Total assets	3,550,502,045
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	15,220,913
Capital shares purchased	5,814,825
Distributions to shareholders	11,400,274
Management services fees	42,198
Distribution and/or service fees	16,137
Transfer agent fees	168,678
Compensation of board members	43,438
Compensation of chief compliance officer	121
Other expenses	128,763
Trustees’ deferred compensation plan	500,104
Total liabilities	33,335,451
Net assets applicable to outstanding capital stock	$3,517,166,594
Represented by
Paid in capital	3,391,431,814
Undistributed net investment income	19,384,999
Accumulated net realized loss	(6,467,941)
Unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	112,817,722
Total - representing net assets applicable to outstanding capital stock	$3,517,166,594

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

32	Columbia Tax-Exempt Fund \| Annual Report 2018

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Statement of Assets and Liabilities (continued)
July 31, 2018

Class A
Net assets	$2,642,008,547
Shares outstanding	197,900,494
Net asset value per share	$13.35
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$13.76
Advisor Class
Net assets	$13,745,269
Shares outstanding	1,029,783
Net asset value per share	$13.35
Class C
Net assets	$72,133,672
Shares outstanding	5,405,008
Net asset value per share	$13.35
Institutional Class
Net assets	$775,309,111
Shares outstanding	58,066,048
Net asset value per share	$13.35
Institutional 2 Class
Net assets	$6,238,737
Shares outstanding	467,271
Net asset value per share	$13.35
Institutional 3 Class
Net assets	$7,731,258
Shares outstanding	577,428
Net asset value per share	$13.39

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Statement of Operations
Year Ended July 31, 2018

Net investment income
Income:
Dividends — unaffiliated issuers	$53,781
Interest	170,354,669
Total income	170,408,450
Expenses:
Management services fees	15,993,714
Distribution and/or service fees
Class A	5,525,059
Class C	924,887
Transfer agent fees
Class A	1,862,166
Advisor Class	6,911
Class C	65,597
Institutional Class	530,471
Institutional 2 Class	2,300
Institutional 3 Class	572
Compensation of board members	75,894
Custodian fees	23,335
Printing and postage fees	146,734
Registration fees	139,232
Audit fees	46,858
Legal fees	86,748
Compensation of chief compliance officer	1,420
Other	115,626
Total expenses	25,547,524
Fees waived by distributor
Class C	(97,357)
Expense reduction	(3,640)
Total net expenses	25,446,527
Net investment income	144,961,923
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	24,698,727
Futures contracts	(1,784,245)
Net realized gain	22,914,482
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(91,368,820)
Net change in unrealized appreciation (depreciation)	(91,368,820)
Net realized and unrealized loss	(68,454,338)
Net increase in net assets resulting from operations	$76,507,585

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

34	Columbia Tax-Exempt Fund \| Annual Report 2018

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Statement of Changes in Net Assets

	Year Ended July 31, 2018	Year Ended July 31, 2017 ^(a)
Operations
Net investment income	$144,961,923	$160,356,010
Net realized gain (loss)	22,914,482	(15,859,466)
Net change in unrealized appreciation (depreciation)	(91,368,820)	(185,401,413)
Net increase (decrease) in net assets resulting from operations	76,507,585	(40,904,869)
Distributions to shareholders
Net investment income
Class A	(108,098,896)	(121,531,849)
Advisor Class	(423,016)	(337,662)
Class B	—	(21,849)
Class C	(3,173,964)	(3,788,765)
Institutional Class	(32,367,202)	(33,163,934)
Institutional 2 Class	(160,991)	(42,704)
Institutional 3 Class	(272,644)	(1,045)
Total distributions to shareholders	(144,496,713)	(158,887,808)
Decrease in net assets from capital stock activity	(218,543,884)	(305,297,981)
Total decrease in net assets	(286,533,012)	(505,090,658)
Net assets at beginning of year	3,803,699,606	4,308,790,264
Net assets at end of year	$3,517,166,594	$3,803,699,606
Undistributed net investment income	$19,384,999	$23,607,913

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.

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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	7,507,417	101,344,454	8,485,284	116,278,227
Distributions reinvested	7,467,365	100,639,378	8,003,012	108,989,520
Redemptions	(28,969,561)	(390,960,942)	(39,274,938)	(531,821,040)
Net decrease	(13,994,779)	(188,977,110)	(22,786,642)	(306,553,293)
Advisor Class
Subscriptions	693,016	9,354,381	533,497	7,405,846
Distributions reinvested	31,402	422,347	24,763	336,873
Redemptions	(209,142)	(2,826,783)	(416,035)	(5,615,989)
Net increase	515,276	6,949,945	142,225	2,126,730
Class B
Subscriptions	—	—	55	758
Distributions reinvested	—	—	1,471	20,070
Redemptions	(724)	(9,858)	(74,515)	(1,011,236)
Net decrease	(724)	(9,858)	(72,989)	(990,408)
Class C
Subscriptions	660,041	8,913,325	1,166,247	16,064,610
Distributions reinvested	214,497	2,890,039	238,948	3,253,946
Redemptions	(3,197,926)	(42,987,361)	(2,103,212)	(28,526,604)
Net decrease	(2,323,388)	(31,183,997)	(698,017)	(9,208,048)
Institutional Class
Subscriptions	8,184,215	110,330,571	14,652,700	197,981,095
Distributions reinvested	942,893	12,705,430	788,153	10,730,328
Redemptions	(10,401,231)	(140,508,503)	(14,845,965)	(200,603,463)
Net increase (decrease)	(1,274,123)	(17,472,502)	594,888	8,107,960
Institutional 2 Class
Subscriptions	455,530	6,146,184	105,982	1,446,381
Distributions reinvested	11,949	160,579	3,104	42,280
Redemptions	(146,558)	(1,982,948)	(25,392)	(339,838)
Net increase	320,921	4,323,815	83,694	1,148,823
Institutional 3 Class
Subscriptions	750,262	10,228,851	5,199	69,977
Distributions reinvested	20,175	272,065	64	871
Redemptions	(198,228)	(2,675,093)	(44)	(593)
Net increase	572,209	7,825,823	5,219	70,255
Total net decrease	(16,184,608)	(218,543,884)	(22,731,622)	(305,297,981)

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (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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Columbia Tax-Exempt Fund | Annual Report 2018

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 7/31/2018	$13.60	0.53	(0.25)	0.28	(0.53)	(0.53)
Year Ended 7/31/2017	$14.25	0.55	(0.66)	(0.11)	(0.54)	(0.54)
Year Ended 7/31/2016	$13.84	0.56	0.41	0.97	(0.56)	(0.56)
Year Ended 7/31/2015	$13.82	0.59	0.02	0.61	(0.59)	(0.59)
Year Ended 7/31/2014	$13.38	0.60	0.43	1.03	(0.59)	(0.59)
Advisor Class
Year Ended 7/31/2018	$13.60	0.56	(0.25)	0.31	(0.56)	(0.56)
Year Ended 7/31/2017	$14.25	0.57	(0.65)	(0.08)	(0.57)	(0.57)
Year Ended 7/31/2016	$13.84	0.59	0.41	1.00	(0.59)	(0.59)
Year Ended 7/31/2015	$13.82	0.62	0.01	0.63	(0.61)	(0.61)
Year Ended 7/31/2014	$13.37	0.63	0.44	1.07	(0.62)	(0.62)
Class C
Year Ended 7/31/2018	$13.60	0.44	(0.25)	0.19	(0.44)	(0.44)
Year Ended 7/31/2017	$14.24	0.46	(0.65)	(0.19)	(0.45)	(0.45)
Year Ended 7/31/2016	$13.84	0.47	0.40	0.87	(0.47)	(0.47)
Year Ended 7/31/2015	$13.82	0.51	0.01	0.52	(0.50)	(0.50)
Year Ended 7/31/2014	$13.37	0.54	0.44	0.98	(0.53)	(0.53)
Institutional Class
Year Ended 7/31/2018	$13.60	0.56	(0.25)	0.31	(0.56)	(0.56)
Year Ended 7/31/2017	$14.25	0.57	(0.65)	(0.08)	(0.57)	(0.57)
Year Ended 7/31/2016	$13.84	0.59	0.41	1.00	(0.59)	(0.59)
Year Ended 7/31/2015	$13.82	0.62	0.01	0.63	(0.61)	(0.61)
Year Ended 7/31/2014	$13.38	0.63	0.43	1.06	(0.62)	(0.62)
Institutional 2 Class
Year Ended 7/31/2018	$13.60	0.56	(0.25)	0.31	(0.56)	(0.56)
Year Ended 7/31/2017	$14.25	0.58	(0.66)	(0.08)	(0.57)	(0.57)
Year Ended 7/31/2016	$13.84	0.60	0.41	1.01	(0.60)	(0.60)
Year Ended 7/31/2015	$13.82	0.63	0.01	0.64	(0.62)	(0.62)
Year Ended 7/31/2014^(h)	$13.27	0.41	0.54	0.95	(0.40)	(0.40)

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

38	Columbia Tax-Exempt Fund \| Annual Report 2018

Table of Contents

Financial Highlights (continued)

	Proceeds from regulatory settlements	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2018	—	$13.35	2.08%	0.72%	0.72% ^(c)	3.93%	17%	$2,642,009
Year Ended 7/31/2017	—	$13.60	(0.70%)	0.72% ^(d),(e)	0.72% ^(c),(d),(e)	3.98%	13%	$2,882,268
Year Ended 7/31/2016	—	$14.25	7.19%	0.76% ^(d)	0.76% ^(c),(d)	4.04%	14%	$3,344,274
Year Ended 7/31/2015	0.00 ^(f)	$13.84	4.41% ^(g)	0.77% ^(d)	0.77% ^(c),(d)	4.21%	13%	$3,238,956
Year Ended 7/31/2014	—	$13.82	7.89%	0.77% ^(d)	0.77% ^(c),(d)	4.44%	10%	$3,314,256
Advisor Class
Year Ended 7/31/2018	—	$13.35	2.29%	0.52%	0.52% ^(c)	4.16%	17%	$13,745
Year Ended 7/31/2017	—	$13.60	(0.50%)	0.52% ^(d),(e)	0.52% ^(c),(d),(e)	4.20%	13%	$6,997
Year Ended 7/31/2016	—	$14.25	7.40%	0.56% ^(d)	0.56% ^(c),(d)	4.23%	14%	$5,303
Year Ended 7/31/2015	0.00 ^(f)	$13.84	4.62% ^(g)	0.57% ^(d)	0.57% ^(c),(d)	4.42%	13%	$1,634
Year Ended 7/31/2014	—	$13.82	8.18%	0.57% ^(d)	0.57% ^(c),(d)	4.63%	10%	$1,340
Class C
Year Ended 7/31/2018	—	$13.35	1.42%	1.47%	1.37% ^(c)	3.27%	17%	$72,134
Year Ended 7/31/2017	—	$13.60	(1.27%)	1.47% ^(d),(e)	1.37% ^(c),(d),(e)	3.33%	13%	$105,081
Year Ended 7/31/2016	—	$14.24	6.42%	1.51% ^(d)	1.41% ^(c),(d)	3.38%	14%	$120,031
Year Ended 7/31/2015	0.00 ^(f)	$13.84	3.80% ^(g)	1.52% ^(d)	1.36% ^(c),(d)	3.63%	13%	$99,273
Year Ended 7/31/2014	—	$13.82	7.48%	1.52% ^(d)	1.22% ^(c),(d)	3.99%	10%	$92,689
Institutional Class
Year Ended 7/31/2018	—	$13.35	2.29%	0.52%	0.52% ^(c)	4.13%	17%	$775,309
Year Ended 7/31/2017	—	$13.60	(0.50%)	0.52% ^(d),(e)	0.52% ^(c),(d),(e)	4.18%	13%	$807,282
Year Ended 7/31/2016	—	$14.25	7.40%	0.56% ^(d)	0.56% ^(c),(d)	4.24%	14%	$837,239
Year Ended 7/31/2015	0.00 ^(f)	$13.84	4.62% ^(g)	0.57% ^(d)	0.57% ^(c),(d)	4.41%	13%	$752,369
Year Ended 7/31/2014	—	$13.82	8.10%	0.57% ^(d)	0.57% ^(c),(d)	4.63%	10%	$569,243
Institutional 2 Class
Year Ended 7/31/2018	—	$13.35	2.29%	0.51%	0.51%	4.16%	17%	$6,239
Year Ended 7/31/2017	—	$13.60	(0.47%)	0.51% ^(d),(e)	0.51% ^(d),(e)	4.21%	13%	$1,990
Year Ended 7/31/2016	—	$14.25	7.47%	0.50% ^(d)	0.50% ^(d)	4.30%	14%	$893
Year Ended 7/31/2015	0.00 ^(f)	$13.84	4.69% ^(g)	0.50% ^(d)	0.50% ^(d)	4.51%	13%	$622
Year Ended 7/31/2014^(h)	—	$13.82	7.24%	0.51% ^(d),(i)	0.51% ^(d),(i)	4.69% ⁽ⁱ⁾	10%	$312

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2018	$13.64	0.57	(0.26)	0.31	(0.56)	(0.56)
Year Ended 7/31/2017^(j)	$13.45	0.23	0.19 ^(k)	0.42	(0.23)	(0.23)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Ratios include interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.
(e)	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	Institutional 2 Class
07/31/2017	0.01 %	0.01 %	0.01 %	0.01 %	0.01 %

(f)	Rounds to zero.
(g)	The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.03%.
(h)	Institutional 2 Class shares commenced operations on December 11, 2013. Per share data and total return reflect activity from that date.
(i)	Annualized.
(j)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(k)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(l)	Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income

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

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Financial Highlights (continued)

	Proceeds from regulatory settlements	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2018	—	$13.39	2.35%	0.47%	0.47%	4.25%	17%	$7,731
Year Ended 7/31/2017^(j)	—	$13.64	3.17%	0.49% ^(i),(l)	0.49% ^(i),(l)	4.19% ⁽ⁱ⁾	13%	$71

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

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Notes to Financial Statements
July 31, 2018

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

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Notes to Financial Statements (continued)
July 31, 2018

Security valuation

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

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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Notes to Financial Statements (continued)
July 31, 2018

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.

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 produce incremental earnings and to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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.

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Notes to Financial Statements (continued)
July 31, 2018

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 indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended July 31, 2018:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(1,784,245)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2018:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	18,454,649

*	Based on the ending daily outstanding amounts for the year ended July 31, 2018.

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

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Notes to Financial Statements (continued)
July 31, 2018

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

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Notes to Financial Statements (continued)
July 31, 2018

Compensation of Chief Compliance Officer

Transfer agency fees

For the year ended July 31, 2018, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.07
Advisor Class	0.07
Class C	0.07
Institutional Class	0.07
Institutional 2 Class	0.06
Institutional 3 Class	0.01

The lease and the Guaranty expire in January 2019. At July 31, 2018, the Fund’s total potential future obligation over the life of the Guaranty is $66,743. The liability remaining at July 31, 2018 for non-recurring charges associated with the lease amounted to $13,156 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

Distribution and service fees

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Notes to Financial Statements (continued)
July 31, 2018

Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.20% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.

The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the distribution fee does not exceed 0.65% annually of the average daily net assets attributable to Class C shares. This arrangement may be modified or terminated by the Distributor at any time.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2018, if any, are listed below:

	Amount ($)
Class A	674,636
Class C	4,289

Expenses waived/reimbursed by the Investment Manager and its affiliates

	November 1, 2017 through November 30, 2018	Prior to November 1, 2017
Class A	0.80%	0.83%
Advisor Class	0.60	0.63
Class C	1.55	1.58
Institutional Class	0.60	0.63
Institutional 2 Class	0.59	0.63
Institutional 3 Class	0.55	0.58

Note 4. Federal tax information

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Notes to Financial Statements (continued)
July 31, 2018

At July 31, 2018, these differences were primarily due to differing treatment for tax straddles, trustees’ deferred compensation, distributions and principal and/or interest from fixed income securities. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(4,688,124)	768,174	3,919,950

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

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

Year Ended July 31, 2018				Year Ended July 31, 2017
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
1,986,538	142,510,175	—	144,496,713	2,531,011	156,356,797	—	158,887,808

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

At July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	36,396,498	1,495,980	—	99,789,161

At July 31, 2018, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
3,402,252,703	145,356,392	(45,567,231)	99,789,161

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

2019 ($)	No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)	Expired ($)	Permanently lost ($)
—	—	—	—	22,626,624	—	—

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Notes to Financial Statements (continued)
July 31, 2018

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $612,989,167 and $817,366,461, respectively, for the year ended July 31, 2018. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2018.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2018.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

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Notes to Financial Statements (continued)
July 31, 2018

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.

Shareholder concentration risk

At July 31, 2018, one unaffiliated shareholder of record owned 10.9% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 38.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Tax-Exempt Fund (one of the funds constituting Columbia Funds Series Trust I, hereafter referred to as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2018

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

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Federal Income Tax Information
(Unaudited)

Capital gain dividend	Exempt- interest dividends
$1,570,779	98.63%

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

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

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) since September 2007	70	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	70	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	70	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	70	Director, CSX Corporation; Genworth Financial, Inc. (financial and insurance products and services); PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	70	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	70	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	70	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds complex overseen	Other directorships held by Trustee during the past five years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	71	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	71	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	194	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

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

56	Columbia Tax-Exempt Fund \| Annual Report 2018

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TRUSTEES AND OFFICERS (continued)

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Board Consideration and Approval of Management

Agreement

•	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 November 30, 2018 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.

Investment performance

The Committee and the Board noted that, through December 31, 2017, the Fund’s performance was in the twenty-sixth, thirty-fifth and thirtieth 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.

Investment management fee rates and other expenses

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Board Consideration and Approval of Management

Agreement (continued)

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.

Costs of services provided and profitability

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.

60	Columbia Tax-Exempt Fund \| Annual Report 2018

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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

Columbia Tax-Exempt Fund | Annual Report 2018

Table of Contents

Additional information

The Fund mails 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

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia Tax-Exempt Fund

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus .com/investor/

ANN233_07_H01_(09/18)

Annual Report
July 31, 2018

Columbia U.S. Social Bond Fund

Not FDIC Insured • No bank guarantee • May lose value

President’s Message

Dear Shareholders,

A return to volatility

Consistency is more important than ever

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Fund at a Glance	2
Manager Discussion of Fund Performance	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	17
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	35
Federal Income Tax Information	36
Trustees and Officers	37
Board Consideration and Approval of Management Agreement and Subadvisory Agreement	41
Additional Information	46

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Fund at a Glance

Investment objective

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

Portfolio management

Chad Farrington, CFA

Lead Portfolio Manager

Managed Fund since 2015

Tom Murphy, CFA

Portfolio Manager

Managed Fund since 2015

Average annual total returns (%) (for the period ended July 31, 2018)
		Inception	1 Year	Life
Class A	Excluding sales charges	03/26/15	1.10	2.05
	Including sales charges		-1.88	1.12
Advisor Class		03/26/15	1.36	2.31
Class C	Excluding sales charges	03/26/15	0.45	1.32
	Including sales charges		-0.54	1.32
Institutional Class		03/26/15	1.36	2.31
Institutional 2 Class		03/26/15	1.46	2.32
Institutional 3 Class*		03/01/17	1.49	2.19
Bloomberg Barclays Municipal Bond Index			0.99	2.35

Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the applicable contingent deferred sales charge of 1.00% in the first year. The Fund’s other classes are not subject to sales charges and have limited eligibility. Effective November 1, 2017, Class R4, Class R5, Class Y and Class Z shares were renamed Advisor Class, Institutional 2 Class, Institutional 3 Class and Institutional Class shares, respectively. 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 class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

2	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Fund at a Glance (continued)

Performance of a hypothetical $10,000 investment (March 26, 2015 — July 31, 2018)

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

Portfolio breakdown (%) (at July 31, 2018)
Corporate Bonds & Notes	11.2
Floating Rate Notes	0.3
Municipal Bonds	88.5
Total	100.0

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

Quality breakdown (%) (at July 31, 2018)
AAA rating	3.8
AA rating	34.5
A rating	27.1
BBB rating	24.8
BB rating	2.5
B rating	0.7
Not rated	6.6
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds and derivatives, if any).

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance

For the 12-month period that ended July 31, 2018, Class A shares of the Fund returned 1.10% excluding sales charges. Institutional Class shares of the Fund returned 1.36% for the same time period. The Fund’s benchmark, the Bloomberg Barclays Municipal Bond Index, returned 0.99%. The Fund’s performance versus its benchmark was aided by an overweight to below-investment-grade and non-rated issues, as well by overweight exposure to the housing sector. Exposure to corporate and taxable municipal bonds and a lack of exposure to New Jersey tax exempt issues detracted from relative return.

Market overview

Stronger economic growth and limited inflationary pressures kept the U.S. Federal Reserve (the Fed) on its path of gradual tightening over the period. Municipal bond yields moved higher and prices declined along the yield curve, with the upward shift in yields more pronounced in shorter maturities as the curve flattened in response to Fed increases in its benchmark overnight lending rate. To illustrate, the one-year municipal bond yield finished the period more than 60 basis points higher, while the 30-year bond yield was up 25 basis points (100 basis points equals one percentage point).

Record municipal issuance in December 2017 ahead of U.S. tax code changes failed to derail the relative outperformance of municipals versus other fixed-income asset classes. Municipal demand has remained strong and supply was lower over the first part of 2018 relative to the prior year, partly due to the post-tax reform restriction on issuing advance refunded bonds. A strong fundamental backdrop for credit and ongoing investor demand for yield resulted in credit spread tightening and outperformance by lower rated municipals.

Contributors and detractors

Due to the social and environmental impact focus of the Fund, we typically have overweights to sectors such as health care, housing, education and water/sewer. In broad terms, the Fund’s exposure to non-rated and below-investment-grade issues helped performance versus the benchmark, as credit spreads tightened and lower quality segments generally outperformed. In this vein, the Fund’s performance benefited from allocations to lower rated charter school issues and non-rated redevelopment district bonds. In terms of individual holdings, positions in an Arizona charter school and a Texas hospital district led positive contributions.

An overweight to the housing sector contributed to relative performance, as the relatively defensive sector performed well in a period of rising interest rates. The Fund was overweight in bonds in the 10-year and longer maturity range, adding to relative performance as these issues provided incremental income and their prices were less impacted by rising rates than shorter maturity municipals. The Fund’s positioning with respect to overall portfolio duration and corresponding interest rate sensitivity was essentially a neutral factor in performance.

On the downside, exposure to corporate and taxable municipal bonds detracted from relative performance, as these segments lagged the tax-exempt market. A lack of exposure to New Jersey issues also acted as a constraint on return, as that market rallied in the period. Finally, a somewhat elevated cash position detracted slightly.

The Fund maintained a short position in U.S. Treasury futures to offset duration from new purchases with longer call dates that have created a long structural bias versus the benchmark due to the relatively recent launch of the Fund. The short positioning was utilized solely as a hedge and not as a speculative call on future interest rate moves. The hedge positively contributed to performance as U.S. Treasury rates moved higher.

Fund positioning

State and local government finances have recovered from the financial crisis and have generally remained stable, with reserves having been gradually rebuilt. Unlike in recent years, all but one state passed an on-time budget for fiscal year 2019, which began July 1, 2018. Illinois, which went without a complete budget for 2016, 2017 and part of 2018, arrived at an on-time budget and has received a stable outlook from the rating agencies. We continue to believe that situations involving stressed municipal finances remain rare and associated with somewhat unique circumstances. State and local governments largely have the capability to deal with their budgetary challenges and we believe default rates may remain extremely low.

4	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Manager Discussion of Fund Performance (continued)

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

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

February 1, 2018 — July 31, 2018
	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	1,008.20	1,021.32	3.49	3.51	0.70
Advisor Class	1,000.00	1,000.00	1,009.40	1,022.56	2.24	2.26	0.45
Class C	1,000.00	1,000.00	1,004.50	1,017.60	7.21	7.25	1.45
Institutional Class	1,000.00	1,000.00	1,009.40	1,022.56	2.24	2.26	0.45
Institutional 2 Class	1,000.00	1,000.00	1,010.50	1,022.61	2.19	2.21	0.44
Institutional 3 Class	1,000.00	1,000.00	1,010.50	1,022.66	2.14	2.16	0.43

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.

6	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments
July 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in securities

Corporate Bonds & Notes 10.7%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Mexico 0.6%
Grupo Bimbo SAB de CV^(a)
01/25/2022	4.500%	300,000	307,544
United States 10.1%
Apple, Inc.
Green Bond
02/23/2023	2.850%	250,000	246,599
AT&T, Inc.
06/30/2022	3.000%	250,000	243,651
Capital One Financial Corp.
01/30/2023	3.200%	500,000	485,466
Cardinal Health, Inc.
06/15/2022	2.616%	400,000	382,430
ConAgra Foods, Inc.
01/25/2023	3.200%	446,000	431,100
CSX Corp.
06/01/2021	4.250%	250,000	256,018
CVS Health Corp.
06/01/2021	2.125%	250,000	241,482
03/09/2023	3.700%	250,000	248,931
Discovery Communications LLC^(a)
06/15/2020	2.800%	500,000	493,893
Five Corners Funding Trust^(a)
11/15/2023	4.419%	500,000	514,773
Kellogg Co.
12/01/2023	2.650%	300,000	285,186
Local Initiatives Support Corp.
03/01/2037	4.649%	400,000	394,781
St. Joseph’s Hospital & Medical Center
07/01/2027	4.584%	300,000	297,348
Sysco Corp.
07/15/2021	2.500%	250,000	244,353
Verizon Communications, Inc.
11/01/2022	2.450%	250,000	239,110
Total			5,005,121
Total Corporate Bonds & Notes (Cost $5,381,686)			5,312,665

Floating Rate Notes 0.3%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Pennsylvania 0.3%
Geisinger Authority^(b),(c)
Revenue Bonds
Geisinger Health System
Series 2013 (Wells Fargo Bank)
10/01/2043	1.420%	125,000	125,000
Total Floating Rate Notes (Cost $125,000)			125,000

Municipal Bonds 84.8%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 2.2%
Alabama Special Care Facilities Financing Authority
Refunding Revenue Bonds
Children’s Hospital of Alabama
Series 2015
06/01/2027	5.000%	250,000	283,970
Butler County Board of Education
Refunding Revenue Bonds
Series 2015 (AGM)
07/01/2026	5.000%	250,000	283,335
Calhoun County Board of Education
Special Tax Bonds
School Warrants
Series 2016 (BAM)
02/01/2029	5.000%	250,000	282,987
Tuscaloosa City Board of Education
Revenue Bonds
Series 2016
08/01/2030	5.000%	200,000	230,866
Total			1,081,158
Alaska 0.6%
Alaska Industrial Development & Export Authority
Revenue Bonds
Yukon-Kuskokwim Health Corp. Project
Series 2017
12/01/2020	3.500%	300,000	304,446
Arizona 1.8%
Industrial Development Authority of the County of Pima (The)^(a)
Refunding Revenue Bonds
American Leadership Academy
Series 2015
06/15/2035	5.375%	250,000	264,537

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
La Paz County Industrial Development Authority
Revenue Bonds
Charter School Solutions - Harmony Public
Series 2016
02/15/2036	5.000%	100,000	104,857
02/15/2046	5.000%	210,000	218,140
Pinal County Union High School District No. 82 Casa Grande
Unlimited General Obligation Refunding Bonds
Series 2015 (AGM)
07/01/2026	5.000%	250,000	287,910
Total			875,444
California 7.7%
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2037	5.000%	300,000	333,528
Harbor Regional Center Project
Series 2015
11/01/2024	5.000%	250,000	288,590
California Municipal Finance Authority^(d)
Revenue Bonds
Senior Lien
Series 2018A AMT
12/31/2034	5.000%	500,000	568,170
California School Finance Authority^(a)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
08/01/2036	5.000%	250,000	269,077
Revenue Bonds
Green Dot Public School Project
Series 2015A
08/01/2025	4.000%	250,000	262,610
California Statewide Communities Development Authority
Refunding Revenue Bonds
Adventist Health System West
Series 2015
03/01/2025	5.000%	250,000	289,840
Lammersville Joint Unified School District
Refunding Special Tax Bonds
Community Facilities District #2002
Series 2017
09/01/2033	5.000%	400,000	445,988
Monterey Regional Waste Management Authority^(d)
Revenue Bonds
Series 2015B AMT
04/01/2021	4.000%	250,000	265,718

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pajaro Valley Water Management Agency
Refunding Revenue Bonds
Series 2015 (AGM)
03/01/2022	5.000%	250,000	276,792
Placer County Public Financing Authority
Refunding Taxable Revenue Bonds
mPOWER Program
Series 2018 (BAM)
10/01/2038	4.875%	500,000	519,040
San Francisco City & County Redevelopment Agency
Refunding Tax Allocation Bonds
Mission Bay Housing Project
Subordinated Series 2017 (AGM)
08/01/2025	3.250%	300,000	288,975
Total			3,808,328
Colorado 0.6%
Colorado Health Facilities Authority
Refunding Revenue Bonds
Parkview Medical Center
Series 2015B
09/01/2026	5.000%	250,000	284,755
Connecticut 0.5%
Connecticut Housing Finance Authority
Refunding Revenue Bonds
Subordinated Series 2018B-1
05/15/2045	4.000%	225,000	227,318
District of Columbia 0.5%
District of Columbia
Refunding Revenue Bonds
Friendship Public Charter School
Series 2016
06/01/2041	5.000%	250,000	269,615
Florida 2.5%
City of Tallahassee
Revenue Bonds
Tallahassee Memorial Healthcare, Inc. Project
Series 2016
12/01/2055	5.000%	250,000	265,898
Florida Development Finance Corp.^(a)
Revenue Bonds
Renaissance Charter School Inc. Projects
Series 2015
06/15/2025	5.000%	100,000	103,100
Miami-Dade County Health Facilities Authority
Refunding Revenue Bonds
Nicklaus Childrens Hospital
Series 2017
08/01/2037	5.000%	500,000	559,095

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

8	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
School District of Broward County
Refunding Certificate of Participation
Series 2016A
07/01/2032	5.000%	250,000	285,172
Total			1,213,265
Georgia 2.2%
Cedartown Polk County Hospital Authority
Revenue Bonds
RAC Series 2016
07/01/2039	5.000%	250,000	269,622
Georgia Housing & Finance Authority^(d)
Refunding Revenue Bonds
Series 2015A-2 AMT
06/01/2020	2.000%	500,000	500,980
Georgia Housing & Finance Authority
Revenue Bonds
Single Family Mortgage Bonds
Series 2017C
12/01/2038	3.500%	300,000	296,544
Total			1,067,146
Idaho 1.0%
Idaho Health Facilities Authority
Refunding Revenue Bonds
Madison Memorial Hospital
Series 2016
09/01/2028	5.000%	250,000	273,245
Idaho Housing & Finance Association
Revenue Bonds
Series 2015A-1
07/01/2025	3.200%	225,000	231,730
Total			504,975
Illinois 6.6%
Chicago Board of Education
Unlimited General Obligation Bonds
Dedicated
Series 2017H
12/01/2036	5.000%	335,000	345,824
Chicago Park District
Limited General Obligation Bonds
Series 2016A
01/01/2032	5.000%	300,000	330,183
Chicago Transit Authority
Refunding Revenue Bonds
Series 2015
06/01/2021	5.000%	250,000	268,387

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Chicago Wastewater Transmission
Revenue Bonds
Second Lien
Series 2017A
01/01/2031	5.000%	300,000	330,933
City of Chicago Waterworks
Refunding Revenue Bonds
2nd Lien
Series 2001 (AMBAC)
11/01/2030	5.750%	585,000	666,684
Cook County Community College District No. 508
Unlimited General Obligation Bonds
Chicago City Colleges
Series 2017 (BAM)
12/01/2047	5.000%	100,000	107,476
Cook County Community High School District No. 212 Leyden
Revenue Bonds
Series 2016C (BAM)
12/01/2034	5.000%	250,000	274,390
Illinois Finance Authority
Refunding Revenue Bonds
Southern Illinois Healthcare, Inc.
Series 2017
03/01/2034	5.000%	150,000	166,667
Illinois Housing Development Authority
Revenue Bonds
Series 2016A
10/01/2036	3.450%	240,000	236,798
Metropolitan Water Reclamation District of Greater Chicago
Unlimited General Obligation Bonds
Green Bond
Series 2016E
12/01/2035	5.000%	500,000	554,150
Total			3,281,492
Indiana 2.2%
Ball State University
Revenue Bonds
Housing and Dining
Series 2018
07/01/2038	5.000%	500,000	575,930
Indiana Finance Authority
Taxable Revenue Bonds
Series 2016A
07/01/2027	2.816%	250,000	232,890
Northern Indiana Commuter Transportation District
Revenue Bonds
Series 2016
07/01/2032	5.000%	250,000	281,792
Total			1,090,612

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kentucky 1.3%
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2026	5.000%	350,000	387,184
Kentucky Housing Corp.
Taxable Refunding Revenue Bonds
Series 2016A
07/01/2031	3.499%	250,000	237,043
Total			624,227
Louisiana 3.6%
City of Shreveport Water & Sewer
Revenue Bonds
Junior Lien
Series 2017B (AGM)
12/01/2041	5.000%	400,000	446,716
Louisiana Local Government Environmental Facilities & Community Development Authority
Refunding Revenue Bonds
Act 391 Project
Series 2017 (BAM)
10/01/2028	5.000%	300,000	355,683
Ragin’ Cajun Facilities, Inc. - Student Housing
Series 2017 (AGM)
10/01/2039	5.000%	300,000	335,505
Revenue Bonds
Ragin Cajun Facilities, Inc. Student Housing
Series 2018
10/01/2043	5.000%	200,000	221,518
Louisiana Public Facilities Authority
Refunding Revenue Bonds
Ochsner Clinic Foundation Project
Series 2017
05/15/2034	5.000%	400,000	447,272
Total			1,806,694
Maine 1.0%
Maine State Housing Authority
Revenue Bonds
Series 2016A
11/15/2035	3.300%	250,000	243,548
Series 2018B
11/15/2038	3.750%	250,000	245,110
Total			488,658

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Maryland 3.5%
City of Baltimore
Refunding Revenue Bonds
East Baltimore Research Park
Series 2017
09/01/2038	5.000%	300,000	320,523
Howard County Housing Commission
Revenue Bonds
Woodfield Oxford Square Apartments
Series 2017
12/01/2037	5.000%	300,000	336,051
Maryland Economic Development Corp.^(d)
Revenue Bonds
Purple Line Light Rail Project
Series 2016 AMT
03/31/2036	5.000%	250,000	275,850
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Meritus Medical Center Issue
Series 2015
07/01/2023	5.000%	250,000	278,115
Revenue Bonds
MedStar Health
Series 1998A (AGM)
08/15/2038	5.250%	425,000	514,114
Total			1,724,653
Massachusetts 3.1%
Martha’s Vineyard Land Bank
Refunding Revenue Bonds
Green Bonds
Series 2017 (BAM)
05/01/2036	5.000%	300,000	343,365
Massachusetts Development Finance Agency
Revenue Bonds
Green Bond Boston Medical Center
Series 2017
07/01/2028	5.000%	200,000	227,058
Green Bonds - Boston Medical Center
Series 2015
07/01/2044	5.000%	250,000	270,135
Massachusetts Housing Finance Agency
Refunding Revenue Bonds
Series 2016-181
12/01/2036	3.600%	205,000	205,363
Revenue Bonds
Special Obligations
Series 2017D
12/01/2042	3.750%	500,000	488,265
Total			1,534,186

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

10	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan 3.7%
Karegnondi Water Authority
Refunding Revenue Bonds
Series 2018
11/01/2045	5.000%	400,000	439,728
Michigan Finance Authority
Revenue Bonds
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2032	5.000%	250,000	276,075
Local Government Loan Program-Great Lakes
Series 2015 (BAM)
07/01/2033	5.000%	250,000	279,185
Michigan State Housing Development Authority
Revenue Bonds
Series 2018A
10/01/2033	3.550%	500,000	498,820
12/01/2033	3.600%	325,000	325,478
Total			1,819,286
Minnesota 2.9%
City of Minneapolis
Revenue Bonds
Housing - 1500 Nicollet Apartments Project
Series 2017
05/01/2021	3.000%	100,000	99,483
Dakota County Community Development Agency
Revenue Bonds
Sanctuary at West St. Paul Project
Series 2015
08/01/2030	5.750%	100,000	98,639
Housing & Redevelopment Authority of The City of St. Paul
Revenue Bonds
Millberry Apartments Project
Series 2018B
03/01/2021	3.750%	500,000	500,435
Union Flats Apartments Project
Series 2017B
02/01/2022	2.750%	250,000	248,055
Northwest Multi-County Housing & Redevelopment Authority
Refunding Revenue Bonds
Pooled Housing Program
Series 2015
07/01/2024	4.000%	250,000	248,302
St. Cloud Housing & Redevelopment Authority
Taxable Revenue Bonds
Sanctuary St. Cloud Project
Series 2016
08/01/2036	6.000%	250,000	231,270
Total			1,426,184

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Mississippi 2.9%
Biloxi Public School District
Revenue Bonds
Trust Certificates
Series 2016 (BAM)
04/01/2029	5.000%	250,000	284,362
City of Gulfport
Unlimited General Obligation Refunding Bonds
Water & Sewer
Series 2015
07/01/2021	5.000%	250,000	270,458
Mississippi Development Bank
Revenue Bonds
Mississippi Gulf Coast Community College District
Series 2016F
12/01/2032	4.000%	300,000	314,283
West Rankin Utility Authority
Revenue Bonds
Series 2018 (AGM)
01/01/2036	5.000%	500,000	557,320
Total			1,426,423
Missouri 1.2%
Cape Girardeau County Industrial Development Authority
Refunding Revenue Bonds
SoutheastHEALTH
Series 2017
03/01/2031	5.000%	400,000	439,152
Missouri Housing Development Commission
Revenue Bonds
1st Place Homeownership Loan Project
Series 2015
11/01/2027	3.250%	155,000	156,872
Total			596,024
Nebraska 0.9%
Nebraska Investment Finance Authority
Revenue Bonds
Series 2018A
09/01/2033	3.550%	200,000	200,584
Single Family Housing Revenue Bonds
Series 2015 (GNMA / FNMA)
09/01/2030	3.450%	250,000	253,840
Total			454,424
Nevada 1.1%
City of Reno
Revenue Bonds
Reno Transportation 2nd Lien
Series 2018 (AGM)
06/01/2038	5.000%	250,000	281,110

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Nevada Department of Business & Industry^(a)
Revenue Bonds
Somerset Academy
Series 2018A
12/15/2038	5.000%	250,000	257,280
Total			538,390
New Hampshire 0.9%
New Hampshire Health and Education Facilities Authority Act
Refunding Revenue Bonds
Dartmouth-Hitchcock Obligation
Series 2018
08/01/2036	5.000%	400,000	447,440
New Jersey 0.6%
New Jersey Housing & Mortgage Finance Agency^(d)
Refunding Revenue Bonds
Series 2017D AMT
11/01/2032	3.900%	300,000	298,362
New Mexico 0.5%
New Mexico Hospital Equipment Loan Council
Revenue Bonds
Presbyterian Healthcare Services
Series 2015
08/01/2021	5.000%	250,000	271,713
New York 6.5%
Build NYC Resource Corp.
Revenue Bonds
Series 2015
07/01/2028	5.000%	250,000	286,547
Housing Development Corp.
Refunding Revenue Bonds
Sustainable Neighborhood
Series 2015S
05/01/2026	3.400%	500,000	515,540
Revenue Bonds
Sustainable Neighborhood Bonds
Series 2016
11/01/2031	3.600%	300,000	304,008
Metropolitan Transportation Authority
Refunding Revenue Bonds
Series 2015D-1
11/15/2026	5.000%	250,000	289,402
Revenue Bonds
Green Bonds
Series 2016A-1
11/15/2033	5.000%	250,000	282,625
New York City Water & Sewer System
Refunding Revenue Bonds
Series 2017EE
06/15/2037	5.000%	300,000	343,146

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York State Housing Finance Agency
Revenue Bonds
Green Bond - Affordable Housing
Series 2017 (GNMA)
11/01/2042	4.000%	300,000	307,017
Niagara Falls Public Water Authority
Refunding Revenue Bonds
Series 2016A
07/15/2027	5.000%	300,000	349,314
Onondaga Civic Development Corp.
Refunding Revenue Bonds
Community College Housing Bonds
Series 2015
10/01/2023	5.000%	250,000	282,683
State of New York Mortgage Agency^(d)
Refunding Revenue Bonds
Series 2016-196 AMT
10/01/2035	3.650%	250,000	246,848
Total			3,207,130
North Carolina 1.3%
County of Scotland
Refunding Revenue Bonds
School Facilities
Series 2017
12/01/2030	5.000%	250,000	290,200
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
The Arc of North Carolina
Series 2017
10/01/2028	5.000%	300,000	343,353
Total			633,553
North Dakota 0.7%
North Dakota Housing Finance Agency
Revenue Bonds
Housing Finance Program-Home Mortgage Financing
Series 2017
07/01/2034	3.700%	365,000	368,741
Ohio 1.5%
Columbus City School District
Unlimited General Obligation Refunding Bonds
School Facilities Construction & Improvement
Series 2016
12/01/2032	5.000%	250,000	287,288
Miami Valley Career Technology Center
Unlimited General Obligation Bonds
Series 2018
12/01/2044	5.000%	400,000	454,876
Total			742,164

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

12	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania 3.9%
Capital Region Water
Refunding Revenue Bonds
Series 2016A (BAM)
07/15/2029	5.000%	250,000	286,090
City of Philadelphia Water & Wastewater
Refunding Revenue Bonds
Series 2016
10/01/2028	5.000%	300,000	357,141
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Albert Einstein HealthCare Network
Series 2015
01/15/2022	5.000%	250,000	266,872
Pennsylvania Turnpike Commission
Refunding Subordinated Revenue Bonds
Mass Transit Projects
Series 2016A-1
12/01/2041	5.000%	200,000	217,890
Redevelopment Authority of the City of Philadelphia
Refunding Revenue Bonds
Series 2015A
04/15/2028	5.000%	250,000	275,515
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2036	5.000%	100,000	112,015
Scranton School District
Limited General Obligation Refunding Bonds
Series 2017D (NPFGC)
06/01/2037	4.250%	250,000	256,247
Series 2017E BAM
12/01/2035	5.000%	150,000	167,267
Total			1,939,037
Rhode Island 1.2%
Rhode Island Health & Educational Building Corp.
Refunding Revenue Bonds
Woonsocket Schools
Series 2017A (AGM)
05/15/2028	5.000%	300,000	341,061
Rhode Island Housing & Mortgage Finance Corp.^(d)
Refunding Revenue Bonds
Homeownership Opportunity
Series 2015 AMT
10/01/2025	3.550%	250,000	257,238
Total			598,299

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina 1.1%
SCAGO Educational Facilities Corp. for Colleton School District
Refunding Revenue Bonds
Series 2015
12/01/2020	5.000%	250,000	266,930
South Carolina Jobs-Economic Development Authority^(a)
Revenue Bonds
Royal Live Oaks Academy Project
Series 2018
08/01/2020	3.000%	300,000	301,092
Total			568,022
Tennessee 2.3%
Greeneville Health & Educational Facilities Board
Refunding Revenue Bonds
Ballad Health Obligation Group
Series 2018
07/01/2037	5.000%	500,000	561,020
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
College Housing Oakwood Flats Apartments
Series 2018
04/01/2021	2.100%	350,000	351,473
Tennessee Housing Development Agency
Revenue Bonds
Series 2015-1C
01/01/2022	2.450%	215,000	216,544
Total			1,129,037
Texas 3.9%
Arlington Higher Education Finance Corp.
Revenue Bonds
Harmony Public Schools
Series 2016A
02/15/2031	5.000%	250,000	285,307
Austin Community College District Public Facility Corp.
Refunding Revenue Bonds
Series 2015
08/01/2019	5.000%	250,000	258,655
Bexar County Hospital District
Limited General Obligation Bonds
Series 2018
02/15/2043	4.000%	300,000	307,860
Deaf Smith County Hospital District
Limited General Obligation Refunding Bonds
Series 2017
03/01/2034	5.000%	500,000	551,265

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Hope Cultural Education Facilities Finance Corp.
Revenue Bonds
Cardinal Bay, Inc. - Village on the Park
Series 2016
07/01/2046	5.000%	250,000	264,375
Texas State Technical College
Refunding Revenue Bonds
Improvements
Series 2016 (AGM)
10/15/2030	4.000%	250,000	266,178
Total			1,933,640
Virginia 0.8%
Virginia Housing Development Authority
Revenue Bonds
Series 2018A
03/01/2043	3.650%	400,000	393,604
Washington 3.0%
Energy Northwest
Wind Project Refunding Revenue Bonds
Series 2015
07/01/2029	4.000%	250,000	260,262
King County Housing Authority
Refunding Revenue Bonds
Series 2018
05/01/2038	3.750%	400,000	391,772
King County Public Hospital District No. 4
Revenue Bonds
Series 2015A
12/01/2035	6.000%	200,000	200,332
Seattle Housing Authority
Refunding Revenue Bonds
Pooled Housing
Series 2018
12/01/2047	3.750%	300,000	293,193
Washington Health Care Facilities Authority
Revenue Bonds
Seattle Childrens Hospital
Series 2017
10/01/2047	5.000%	300,000	337,257
Total			1,482,816

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Wisconsin 2.0%
Milwaukee Redevelopment Authority
Revenue Bonds
Milwaukee Public Schools
Series 2016A
11/15/2026	5.000%	220,000	258,049
Series 2017
11/15/2033	5.000%	250,000	281,932
Public Finance Authority
Revenue Bonds
FFAH NC & MO Portfolio
Series 2015
12/01/2035	4.750%	250,000	261,313
Wisconsin Health & Educational Facilities Authority
Revenue Bonds
Covenant Communities, Inc. Project
Series 2018B
07/01/2053	5.000%	100,000	102,026
Tomah Memorial Hospital, Inc.
BAN Series 2017A
11/01/2020	2.650%	100,000	99,889
Total			1,003,209
Wyoming 1.0%
Wyoming Community Development Authority
Refunding Revenue Bonds
Series 2018-1
12/01/2038	3.900%	500,000	505,575
Total Municipal Bonds (Cost $41,818,500)			41,970,045

Total Investments in Securities (Cost $47,325,186)		47,407,710
Other Assets & Liabilities, Net		2,066,491
Net Assets		$49,474,201

At July 31, 2018, securities and/or cash totaling $52,500 were pledged as collateral.

Investments in derivatives

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 10-Year Note	(50)	09/2018	USD	(6,008,044)	—	(5,227)

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

14	Columbia U.S. Social Bond Fund \| Annual Report 2018

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Portfolio of Investments (continued)
July 31, 2018

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from SEC 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 July 31, 2018, the value of these securities amounted to $2,773,906, which represents 5.61% of net assets.
(b)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(c)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of July 31, 2018.
(d)	Income from this security may be subject to alternative minimum tax.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
BAM	Build America Mutual Assurance Co.
BAN	Bond Anticipation Note
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Currency Legend

USD

US Dollar

Fair value measurements

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

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

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

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

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Portfolio of Investments (continued)
July 31, 2018

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)	Level 2 other significant observable inputs ($)	Level 3 significant unobservable inputs ($)	Total ($)
Investments in Securities
Corporate Bonds & Notes	—	5,312,665	—	5,312,665
Floating Rate Notes	—	125,000	—	125,000
Municipal Bonds	—	41,970,045	—	41,970,045
Total Investments in Securities	—	47,407,710	—	47,407,710
Investments in Derivatives
Liability
Futures Contracts	(5,227)	—	—	(5,227)
Total	(5,227)	47,407,710	—	47,402,483

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

16	Columbia U.S. Social Bond Fund \| Annual Report 2018

Table of Contents

Statement of Assets and Liabilities
July 31, 2018

Assets
Investments in securities, at value
Unaffiliated issuers (cost $47,325,186)	$47,407,710
Cash	1,301,628
Margin deposits on:
Futures contracts	52,500
Receivable for:
Investments sold	5,041
Capital shares sold	443,519
Interest	447,887
Expense reimbursement due from Investment Manager	625
Prepaid expenses	338
Trustees’ deferred compensation plan	13,823
Total assets	49,673,071
Liabilities
Payable for:
Capital shares purchased	23,868
Distributions to shareholders	113,848
Variation margin for futures contracts	2,344
Management services fees	645
Distribution and/or service fees	88
Transfer agent fees	1,593
Compensation of chief compliance officer	1
Audit fees	34,292
Other expenses	8,368
Trustees’ deferred compensation plan	13,823
Total liabilities	198,870
Net assets applicable to outstanding capital stock	$49,474,201
Represented by
Paid in capital	49,528,945
Undistributed net investment income	13,188
Accumulated net realized loss	(145,229)
Unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	82,524
Futures contracts	(5,227)
Total - representing net assets applicable to outstanding capital stock	$49,474,201

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

Columbia U.S. Social Bond Fund | Annual Report 2018

Table of Contents

Statement of Assets and Liabilities (continued)
July 31, 2018

Class A
Net assets	$7,029,897
Shares outstanding	699,239
Net asset value per share	$10.05
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.36
Advisor Class
Net assets	$85,642
Shares outstanding	8,519
Net asset value per share	$10.05
Class C
Net assets	$1,470,443
Shares outstanding	146,299
Net asset value per share	$10.05
Institutional Class
Net assets	$36,887,001
Shares outstanding	3,669,233
Net asset value per share	$10.05
Institutional 2 Class
Net assets	$1,581,498
Shares outstanding	157,249
Net asset value per share	$10.06
Institutional 3 Class
Net assets	$2,419,720
Shares outstanding	239,864
Net asset value per share	$10.09

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

18	Columbia U.S. Social Bond Fund \| Annual Report 2018

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Statement of Operations
Year Ended July 31, 2018

Net investment income
Income:
Interest	$1,394,446
Total income	1,394,446
Expenses:
Management services fees	215,813
Distribution and/or service fees
Class A	14,820
Class C	13,490
Transfer agent fees
Class A	2,401
Advisor Class	10
Class C	545
Institutional Class	14,003
Institutional 2 Class	398
Institutional 3 Class	106
Compensation of board members	15,129
Custodian fees	17,920
Printing and postage fees	11,475
Registration fees	91,650
Audit fees	34,293
Legal fees	1,080
Compensation of chief compliance officer	18
Other	20,158
Total expenses	453,309
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(222,942)
Fees waived by transfer agent
Institutional 2 Class	(142)
Total net expenses	230,225
Net investment income	1,164,221
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(56,421)
Futures contracts	204,909
Net realized gain	148,488
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(709,576)
Futures contracts	9,403
Net change in unrealized appreciation (depreciation)	(700,173)
Net realized and unrealized loss	(551,685)
Net increase in net assets resulting from operations	$612,536

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

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Statement of Changes in Net Assets

	Year Ended July 31, 2018	Year Ended July 31, 2017 ^(a)
Operations
Net investment income	$1,164,221	$818,410
Net realized gain (loss)	148,488	(279,017)
Net change in unrealized appreciation (depreciation)	(700,173)	(365,239)
Net increase in net assets resulting from operations	612,536	174,154
Distributions to shareholders
Net investment income
Class A	(141,700)	(79,245)
Advisor Class	(540)	(239)
Class C	(22,108)	(10,091)
Institutional Class	(923,541)	(700,784)
Institutional 2 Class	(35,585)	(19,378)
Institutional 3 Class	(34,473)	(103)
Total distributions to shareholders	(1,157,947)	(809,840)
Increase in net assets from capital stock activity	8,269,974	10,986,569
Total increase in net assets	7,724,563	10,350,883
Net assets at beginning of year	41,749,638	31,398,755
Net assets at end of year	$49,474,201	$41,749,638
Undistributed net investment income	$13,188	$6,913

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2018		July 31, 2017 ^(a)
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	428,122	4,320,938	596,251	6,005,695
Distributions reinvested	13,922	140,715	7,778	78,275
Redemptions	(252,274)	(2,543,644)	(372,715)	(3,694,507)
Net increase	189,770	1,918,009	231,314	2,389,463
Advisor Class
Subscriptions	7,492	75,332	—	—
Distributions reinvested	27	273	—	—
Net increase	7,519	75,605	—	—
Class C
Subscriptions	43,276	437,946	99,846	996,648
Distributions reinvested	2,171	21,931	990	9,946
Redemptions	(13,679)	(137,807)	(9,156)	(91,039)
Net increase	31,768	322,070	91,680	915,555
Institutional Class
Subscriptions	1,717,307	17,371,272	1,002,491	10,022,825
Distributions reinvested	29,904	302,022	8,983	90,620
Redemptions	(1,444,318)	(14,625,922)	(346,430)	(3,471,033)
Net increase	302,893	3,047,372	665,044	6,642,412
Institutional 2 Class
Subscriptions	43,482	440,813	101,410	1,010,000
Distributions reinvested	3,493	35,318	1,911	19,139
Redemptions	(13)	(129)	—	—
Net increase	46,962	476,002	103,321	1,029,139
Institutional 3 Class
Subscriptions	245,888	2,502,353	1,006	10,000
Distributions reinvested	3,381	34,202	—	—
Redemptions	(10,411)	(105,639)	—	—
Net increase	238,858	2,430,916	1,006	10,000
Total net increase	817,770	8,269,974	1,092,365	10,986,569

(a)	Institutional 3 Class shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 7/31/2018	$10.18	0.24	(0.13)	0.11	(0.24)	(0.24)
Year Ended 7/31/2017	$10.43	0.22	(0.26)	(0.04)	(0.21)	(0.21)
Year Ended 7/31/2016	$9.94	0.17	0.48	0.65	(0.16)	(0.16)
Year Ended 7/31/2015^(c)	$10.00	0.02	(0.06)	(0.04)	(0.02)	(0.02)
Advisor Class
Year Ended 7/31/2018	$10.18	0.28	(0.14)	0.14	(0.27)	(0.27)
Year Ended 7/31/2017	$10.43	0.24	(0.25)	(0.01)	(0.24)	(0.24)
Year Ended 7/31/2016	$9.94	0.19	0.49	0.68	(0.19)	(0.19)
Year Ended 7/31/2015^(c)	$10.00	0.03	(0.06)	(0.03)	(0.03)	(0.03)
Class C
Year Ended 7/31/2018	$10.17	0.17	(0.12)	0.05	(0.17)	(0.17)
Year Ended 7/31/2017	$10.43	0.14	(0.26)	(0.12)	(0.14)	(0.14)
Year Ended 7/31/2016	$9.94	0.09	0.48	0.57	(0.08)	(0.08)
Year Ended 7/31/2015^(c)	$10.00	0.01	(0.06)	(0.05)	(0.01)	(0.01)
Institutional Class
Year Ended 7/31/2018	$10.18	0.27	(0.13)	0.14	(0.27)	(0.27)
Year Ended 7/31/2017	$10.43	0.24	(0.25)	(0.01)	(0.24)	(0.24)
Year Ended 7/31/2016	$9.94	0.19	0.49	0.68	(0.19)	(0.19)
Year Ended 7/31/2015^(c)	$10.00	0.04	(0.07)	(0.03)	(0.03)	(0.03)
Institutional 2 Class
Year Ended 7/31/2018	$10.18	0.27	(0.12)	0.15	(0.27)	(0.27)
Year Ended 7/31/2017	$10.43	0.25	(0.26)	(0.01)	(0.24)	(0.24)
Year Ended 7/31/2016	$9.94	0.19	0.48	0.67	(0.18)	(0.18)
Year Ended 7/31/2015^(c)	$10.00	0.03	(0.06)	(0.03)	(0.03)	(0.03)
Institutional 3 Class
Year Ended 7/31/2018	$10.21	0.27	(0.12)	0.15	(0.27)	(0.27)
Year Ended 7/31/2017^(e)	$9.94	0.10	0.27 ^(f)	0.37	(0.10)	(0.10)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	The Fund commenced operations on March 26, 2015. Per share data and total return reflect activity from that date.
(d)	Annualized.
(e)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2018	$10.05	1.10%	1.20%	0.70%	2.40%	21%	$7,030
Year Ended 7/31/2017	$10.18	(0.31%)	1.31%	0.72%	2.12%	20%	$5,184
Year Ended 7/31/2016	$10.43	6.60%	1.72%	0.81%	1.72%	26%	$2,901
Year Ended 7/31/2015^(c)	$9.94	(0.38%)	1.72% ^(d)	0.80% ^(d)	0.67% ^(d)	11%	$10
Advisor Class
Year Ended 7/31/2018	$10.05	1.36%	0.94%	0.45%	2.76%	21%	$86
Year Ended 7/31/2017	$10.18	(0.06%)	1.06%	0.47%	2.38%	20%	$10
Year Ended 7/31/2016	$10.43	6.87%	1.47%	0.56%	1.83%	26%	$10
Year Ended 7/31/2015^(c)	$9.94	(0.29%)	1.47% ^(d)	0.55% ^(d)	0.92% ^(d)	11%	$10
Class C
Year Ended 7/31/2018	$10.05	0.45%	1.95%	1.45%	1.65%	21%	$1,470
Year Ended 7/31/2017	$10.17	(1.16%)	2.05%	1.46%	1.42%	20%	$1,165
Year Ended 7/31/2016	$10.43	5.80%	2.47%	1.56%	0.93%	26%	$238
Year Ended 7/31/2015^(c)	$9.94	(0.54%)	2.47% ^(d)	1.45% ^(d)	0.02% ^(d)	11%	$10
Institutional Class
Year Ended 7/31/2018	$10.05	1.36%	0.95%	0.45%	2.65%	21%	$36,887
Year Ended 7/31/2017	$10.18	(0.06%)	1.06%	0.47%	2.39%	20%	$34,257
Year Ended 7/31/2016	$10.43	6.86%	1.48%	0.56%	1.85%	26%	$28,176
Year Ended 7/31/2015^(c)	$9.94	(0.29%)	1.47% ^(d)	0.55% ^(d)	1.14% ^(d)	11%	$19,949
Institutional 2 Class
Year Ended 7/31/2018	$10.06	1.46%	0.93%	0.44%	2.67%	21%	$1,581
Year Ended 7/31/2017	$10.18	(0.05%)	1.10%	0.44%	2.48%	20%	$1,123
Year Ended 7/31/2016	$10.43	6.82%	1.51%	0.60%	1.85%	26%	$73
Year Ended 7/31/2015^(c)	$9.94	(0.31%)	1.52% ^(d)	0.60% ^(d)	0.87% ^(d)	11%	$10
Institutional 3 Class
Year Ended 7/31/2018	$10.09	1.49%	0.90%	0.43%	2.72%	21%	$2,420
Year Ended 7/31/2017^(e)	$10.21	3.76%	1.02% ^(d)	0.44% ^(d)	2.46% ^(d)	20%	$10

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

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Notes to Financial Statements
July 31, 2018

Note 1. Organization

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

Fund shares

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Note 2. Summary of significant accounting policies

Basis of preparation

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

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Notes to Financial Statements (continued)
July 31, 2018

Security valuation

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.

Derivative instruments

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Notes to Financial Statements (continued)
July 31, 2018

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.

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

Futures contracts

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

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Notes to Financial Statements (continued)
July 31, 2018

Effects of derivative transactions in the financial statements

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2018:

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	5,227*

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

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	204,909

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	9,403

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2018:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	4,782,023

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2018.

Security transactions

Income recognition

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Notes to Financial Statements (continued)
July 31, 2018

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

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Notes to Financial Statements (continued)
July 31, 2018

Subadvisory agreement

The Fund’s Board of Trustees has approved a subadvisory agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of July 31, 2018, Threadneedle is not providing services to the Fund pursuant to the subadvisory agreement.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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. Effective November 1, 2017 through November 30, 2018, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 2 Class shares. Prior to November 1, 2017, Institutional 2 Class shares were subject to a contractual transfer agency fee waiver of 0.05% of the average daily net assets attributable to Institutional 2 Class shares.

For the year ended July 31, 2018, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.04
Advisor Class	0.05
Class C	0.04
Institutional Class	0.04
Institutional 2 Class	0.02
Institutional 3 Class	0.01

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Notes to Financial Statements (continued)
July 31, 2018

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended July 31, 2018, no minimum account balance fees were charged by the Fund.

Distribution and service fees

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

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2018, if any, are listed below:

	Amount ($)
Class A	51,294
Class C	246

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rates contractual through November 30, 2018
Class A	0.70%
Advisor Class	0.45
Class C	1.45
Institutional Class	0.45
Institutional 2 Class	0.44
Institutional 3 Class	0.44

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level

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Notes to Financial Statements (continued)
July 31, 2018

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. Reflected in the contractual cap commitment, effective November 1, 2017 through November 30, 2018, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.02% for Institutional 2 Class of the average daily net assets attributable to Institutional 2 Class shares. Also reflected in the contractual cap commitment, prior to November 1, 2017, the Investment Manager had a contractual agreement to waive 0.05% of its Institutional 2 Class transfer agency fees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At July 31, 2018, these differences were primarily due to differing treatment for tax straddles, capital loss carryforwards, trustees’ deferred compensation and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications.

In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
1	—	(1)

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

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

Year Ended July 31, 2018				Year Ended July 31, 2017
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
151,034	1,006,913	—	1,157,947	99,885	709,955	—	809,840

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

At July 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	135,055	—	(121,161)	59,503

At July 31, 2018, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
47,342,980	397,934	(338,431)	59,503

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

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Notes to Financial Statements (continued)
July 31, 2018

2019 ($)	No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)	Expired ($)	Permanently lost ($)
—	—	121,161	121,161	136,864	—	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $19,887,237 and $9,215,888, respectively, for the year ended July 31, 2018. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2018.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2018.

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Notes to Financial Statements (continued)
July 31, 2018

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Non-diversification risk

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

Shareholder concentration risk

At July 31, 2018, one unaffiliated shareholder of record owned 10.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 47.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Social impact risk

Social impact investing may increase risk due to the limitations and constraints involved in investment selection and, as a result, the Fund may underperform other funds that do not consider the social impact.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
July 31, 2018

that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia U.S. Social Bond Fund (one of the funds constituting Columbia Funds Series Trust I, hereafter referred to as the "Fund") as of July 31, 2018, the related statement of operations for the year ended July 31, 2018, the statement of changes in net assets for each of the two years in the period ended July 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 21, 2018

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

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Federal Income Tax Information
(Unaudited)

Exempt- interest dividends
86.96%

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TRUSTEES AND OFFICERS

Independent trustees

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1957	Trustee 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company) since September 2007	70	None
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1955	Trustee and Chairman of the Board 1996	Independent business executive since May 2006; Executive Vice President — Strategy of United Airlines from December 2002 to May 2006; President of UAL Loyalty Services (airline marketing company) from September 2001 to December 2002; Executive Vice President and Chief Financial Officer of United Airlines from July 1999 to September 2001	70	Spartan Nash Company, (food distributor); Nash Finch Company (food distributor) from 2005 to 2013; Aircastle Limited (aircraft leasing); SeaCube Container Leasing Ltd. (container leasing) from 2010 to 2013; and Travelport Worldwide Limited (travel information technology)
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1956	Trustee 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser) from 1997 to 2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools) from 2007 to 2010; Director, Wellington Trust Company, NA and other Wellington affiliates from 1997 to 2010	70	None
David M. Moffett c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1952	Trustee 2011	Retired. Consultant to Bridgewater and Associates	70	Director, CSX Corporation; Genworth Financial, Inc. (financial and insurance products and services); PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
John J. Neuhauser c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1943	Trustee 1984	President, Saint Michael’s College since August 2007; Director or Trustee of several non-profit organizations, including University of Vermont Medical Center; Academic Vice President and Dean of Faculties, Boston College from August 1999 to October 2005; University Professor, Boston College from November 2005 to August 2007	70	Liberty All-Star Equity Fund and Liberty All- Star Growth Fund (closed-end funds)

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TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Fund Complex overseen	Other directorships held by Trustee during the past five years
Patrick J. Simpson c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1944	Trustee 2000	Of Counsel, Perkins Coie LLP (law firm) since 2015; Partner, Perkins Coie LLP from 1988 to 2014	70	None
Anne-Lee Verville c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Mail Drop BX32 05228 Boston, MA 02110 1945	Trustee 1998	Retired. General Manager, Global Education Industry from 1994 to 1997, President – Application Systems Division from 1991 to 1994, Chief Financial Officer – US Marketing & Services from 1988 to 1991, and Chief Information Officer from 1987 to 1988, IBM Corporation (computer and technology)	70	Enesco Group, Inc. (producer of giftware and home and garden decor products) from 2001 to 2006

Consultants to the Independent Trustees*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds complex overseen	Other directorships held by Trustee during the past five years
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1964	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since March 2016; Adjunct Professor of Finance, Bentley University since November 2017; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC from May 2010 to February 2015; President, Columbia Funds from 2009 to 2015; and senior officer of Columbia Funds and affiliated funds from 2003 to 2015	71	Director, The Autism Project since March 2015; former Trustee, New Century Portfolios, March 2015-December 2017; formerly on Board of Governors, Gateway Healthcare, January 2016 – December 2017
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street Mail Drop BX32 05228, Boston, MA 02110 1967	Independent Trustee Consultant 2016	Independent Trustee Consultant, Columbia Funds since September 2016; Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services) since January 2016; Director of Investments, Casey Family Programs from April 2016 to September 2016; Senior Vice President and Chief Investment Officer, Calvert Investments from August 2008 to January 2016; Section Head and Portfolio Manager, General Motors Asset Management from June 1997 to August 2008	71	Director, Health Services for Children with Special Needs, Inc.; Director, Guidewell Financial Solutions

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TRUSTEES AND OFFICERS (continued)

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Trust and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
William F. Truscott c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 1960	Trustee 2012	Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012	194	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006 - January 2013

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

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TRUSTEES AND OFFICERS (continued)

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel, January 2010 - December 2014; officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011) and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously, Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously, Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010 - 2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

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Board Consideration and Approval of Management Agreement and Subadvisory Agreement

On June 12, 2018, 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 Agreement and, to more closely conform the Subadvisory Agreement to a revised form of subadvisory agreement with the same material terms, an amendment to the Subadvisory Agreement (together, the Subadvisory Agreement) between the Investment Manager and Threadneedle International Limited (the Subadviser) with respect to Columbia U.S. Social Bond 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 Agreement (collectively, the Agreements).

In connection with their deliberations regarding the continuation of the Management Agreement and the Subadvisory Agreement, 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 6, 2018, April 26, 2018 and June 11, 2018 and at Board meetings held on March 7, 2018 and June 12, 2018. 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, 2018, the Committee recommended that the Board approve the continuation of the Management Agreement and the Subadvisory Agreement. On June 12, 2018, the Board, including the Independent Trustees, voting separately, unanimously approved the continuation of the Management Agreement and the Subadvisory 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 and the Subadvisory Agreement. 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 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 November 30, 2018 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 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;

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Board Consideration and Approval of Management Agreement and Subadvisory Agreement (continued)

•	Descriptions of various functions performed by the Investment Manager and the Subadviser under the 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;

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

•	Information regarding the capabilities of the Investment Manager and the Subadviser with respect to compliance monitoring services, including an assessment of the Investment Manager’s and the Subadviser’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 Agreements

The Committee and the Board considered the nature, extent and quality of services provided to the Fund by the Investment Manager, the Subadviser 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 Subadviser 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 Subadviser’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 and the Subadviser, which included consideration of the Investment Manager’s and the Subadviser’s experience with similarly-structured funds. 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 the Board had approved the Subadviser’s code of ethics and compliance program, and that the Chief Compliance Officer of the Funds reports to the Trustees on the Subadviser’s compliance program.

The Committee and the Board considered the diligence and selection process undertaken by the Investment Manager to select the Subadviser, including the Investment Manager’s rationale for recommending the continuation of the Subadvisory Agreement, and the process for monitoring the 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 would be distinct from and in addition to those provided by the Subadviser in the event that the Investment Manager, in the future, were to allocate investments for management by the Subadviser, 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 Agreement.

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Board Consideration and Approval of Management Agreement and Subadvisory Agreement (continued)

Investment performance

The Committee and the Board noted that, through December 31, 2017, the 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 independent third-party data provider for the purposes of performance comparisons for the one-year period.

The Committee and the Board also considered the Investment Manager’s and Subadviser’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, the Investment Manager and the Subadviser were sufficient, in light of other considerations, to support the continuation of the Management Agreement and the Subadvisory 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 and the Subadvisory 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, 2017, the Fund’s actual management fee and net total expense ratio were both ranked in the first quintile (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 that the Investment Manager pays the fees of the Subadviser. The Committee and the Board noted that the Subadviser was not currently expected to manage any assets under its Subadvisory Agreement, but that the Investment Manager could, in the future, allocate investments to be managed by the Subadviser. 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.

Costs of Services Provided and Profitability

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Board Consideration and Approval of Management Agreement and Subadvisory Agreement (continued)

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 2017 to profitability levels realized in 2016. 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 Agreement was negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Committee and the Board did not consider the profitability to the Subadviser of its relationship with the Fund.

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 Subadvisory Agreement did not contain breakpoints. The Committee and the Board noted that absent a shareholder vote, the Investment Manager would bear any increase in fees payable under the Subadvisory Agreement. 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.

Other Benefits to the Investment Manager and Subadviser

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 and the Subadviser 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.

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Board Consideration and Approval of Management Agreement and Subadvisory Agreement (continued)

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 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 and the Subadvisory Agreement.

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Additional information

The Fund mails 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

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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Columbia U.S. Social Bond Fund

Through October 31, 2018:

P.O. Box 8081

Boston, MA 02266-8081

Effective November 1, 2018:

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus .com/investor/

ANN262_07_H01_(09/18)

Item 2. Code of Ethics.

(a)

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)

During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c)

During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Douglas A. Hacker, David M. Moffett and Anne-Lee Verville, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Hacker, Mr. Moffett and Ms. Verville are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

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

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$156,400		$148,100

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

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$0		$8,500

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In fiscal year 2017, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports. Fiscal year 2017 also includes agreed-upon procedures for a fund merger.

During the fiscal years ended July 31, 2018 and July 31, 2017, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$23,400		$16,400

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

During the fiscal years ended July 31, 2018 and July 31, 2017, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$0		$0

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

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$225,000		$225,000

In fiscal years 2018 and 2017, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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(e)(2) 100% of the services performed for items (b) through (d) above during 2018 and 2017 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant during the fiscal years ended July 31, 2018 and July 31, 2017 are approximately as follows:


2018		2017
$248,400		$250,000

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

Item 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 July 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 date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material 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 registrant’s second fiscal quarter of 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 attached hereto as Exhibit 99.CODE ETH.

(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.

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		September 21, 2018

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		September 21, 2018


By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer


Date		September 21, 2018

Columbia Balanced Fund (CBALX) N-CSRCertified annual shareholder report (management investment company)