noodls browser compatibility check

The security settings of your browser are blocking the execution of scripts.

To use noodls, javascript support must be enabled. Please change your browser's security settings to enable javascript.

If you have changed your browser's security settings, you can click here.

related announcements

Finance

Company News

Columbia Funds Series Trust I

01/02/2026 | Press release | Distributed by Public on 01/02/2026 11:19

Semi-Annual Report by Investment Company (Form N-CSRS)

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)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Michael G. Clarke

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

Last Day of April

Date of reporting period:

October 31, 2025

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

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

Item 1. Reports to Stockholders

Columbia Small Cap Value Discovery Fund

Class A / CSMIX

Semi-Annual Shareholder Report | October 31, 2025

This semi-annual shareholder report contains important information about Columbia Small Cap Value Discovery Fund (the Fund) for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class A	$ 68	1.20 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, h

oldi

ngs,

fede

ral tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Class A | SSR287_01_(12/25)

Columbia Small Cap Value Discovery Fund

Class C / CSSCX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class C	$ 110	1.95 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

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 co

mpani

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Class C | SSR287_04_(12/25)

Columbia Small Cap Value Discovery Fund

Institutional Class / CSCZX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional Class	$ 54	0.95 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle I

nvestments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Institutional Class | SSR287_08_(12/25)

Columbia Small Cap Value Discovery Fund

Institutional 2 Class / CUURX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 2 Class	$ 48	0.86 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, f

edera

l tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Institutional 2 Class | SSR287_15_(12/25)

Columbia Small Cap Value Discovery Fund

Institutional 3 Class / CSVYX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 46	0.81 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, fe

der

al tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Institutional 3 Class | SSR287_17_(12/25)

Columbia Small Cap Value Discovery Fund

Class R / CSVRX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class R	$ 81	1.44 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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 Thre

adnee

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Class R | SSR287_12_(12/25)

Columbia Small Cap Value Discovery Fund

Class S / CSCQX

Semi-Annual Shareholder Report | October 31, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class S	$ 54	0.95 % (a)

(a)	Annualized.

Key Fund St

atist

ics

Fund net assets	$ 1,819,870,293
Total number of portfolio holdings	239
Portfolio turnover for the reporting period	42%

Graphical Representation of Fund Holdings

Top Holdings

Macerich Co. (The)	1.1 %
JBT Marel Corp.	1.1 %
Essent Group Ltd.	1.1 %
PBF Energy, Inc., Class A	1.0 %
Cushman & Wakefield PLC	1.0 %
Kirby Corp.	1.0 %
UFP Industries, Inc.	1.0 %
Vontier Corp.	1.0 %
Americold Realty Trust, Inc.	0.9 %
PennyMac Financial Services, Inc.	0.9 %

Asset Categories

Equity Sector

All

ocation

Availability of Additional Information

The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Columbia Small Cap Value Discovery Fund | Class S | SSR287_16_(12/25)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Columbia Small Cap Value Discovery Fund

Semi-Annual Financial Statements and Additional Information

October 31, 2025 (Unaudited)

Not FDIC or NCUA Insured

No Financial Institution Guarantee

May Lose Value

Table of Contents

Portfolio of Investments	3
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	20
Approval of Management Agreement	29

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments October 31, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.2%
Issuer	Shares	Value ($)
Communication Services 3.7%
Diversified Telecommunication Services 0.2%
Bandwidth, Inc., Class A(a)	228,622	3,692,245
Entertainment 0.4%
Gaia, Inc.(a),(b)	644,949	3,218,296
Playstudios, Inc.(a)	2,267,884	2,109,132
Vivid Seats, Inc., Class A(a)	204,176	2,533,824
Total		7,861,252
Interactive Media & Services 0.7%
Webtoon Entertainment, Inc.(a)	668,273	11,714,826
Media 1.5%
Cable One, Inc.	34,011	5,052,334
Criteo SA, ADR(a)	373,360	8,542,477
DoubleVerify Holdings, Inc.(a)	748,900	8,522,482
Ibotta, Inc.(a)	136,166	4,392,715
Total		26,510,008
Wireless Telecommunication Services 0.9%
Telephone and Data Systems, Inc.	439,124	17,046,793
Total Communication Services		66,825,124
Consumer Discretionary 11.5%
Automobile Components 1.3%
Gentherm, Inc.(a)	263,088	9,681,638
Visteon Corp.	137,562	14,741,144
Total		24,422,782
Automobiles 0.4%
Winnebago Industries, Inc.	200,840	7,573,677
Broadline Retail 0.4%
Savers Value Village, Inc.(a)	743,690	6,849,385
Distributors 0.3%
A-Mark Precious Metals, Inc.	191,810	5,098,310
Educational Development Corp.(a)	390,079	608,523
Total		5,706,833

Common Stocks (continued)
Issuer	Shares	Value ($)
Diversified Consumer Services 0.4%
American Public Education, Inc.(a)	106,731	3,574,421
Kindercare Learning Cos, Inc.(a)	699,028	4,124,265
Total		7,698,686
Hotels, Restaurants & Leisure 0.1%
Jack in the Box, Inc.	168,970	2,710,279
Household Durables 3.0%
Beazer Homes USA, Inc.(a)	185,330	4,151,392
Cavco Industries, Inc.(a)	14,847	7,865,940
Century Communities, Inc.	100,760	5,985,144
Hamilton Beach Brands Holding Co.	318,531	4,481,731
Helen of Troy Ltd.(a)	357,141	6,653,537
Hooker Furnishings Corp.	241,960	2,196,997
Legacy Housing Corp.(a)	293,186	6,583,492
Lifetime Brands, Inc.	642,447	2,177,895
Meritage Homes Corp.	172,400	11,647,344
Universal Electronics, Inc.(a)	608,465	2,366,929
Total		54,110,401
Leisure Products 1.6%
Malibu Boats, Inc., Class A(a)	221,385	6,170,000
Polaris, Inc.	241,228	15,945,171
YETI Holdings, Inc.(a)	186,836	6,350,555
Total		28,465,726
Specialty Retail 2.2%
Advance Auto Parts, Inc.	157,099	7,404,076
America's Car-Mart, Inc.(a)	126,870	2,821,589
Brilliant Earth Group, Inc., Class A	562,424	1,355,442
Designer Brands, Inc.	915,524	3,378,284
National Vision Holdings, Inc.(a)	544,332	14,016,549
Stitch Fix, Inc., Class A(a)	886,608	3,714,887
Zumiez, Inc.(a)	309,514	6,700,978
Total		39,391,805

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Textiles, Apparel & Luxury Goods 1.8%
Carter's, Inc.	254,720	7,998,208
Culp, Inc.(a)	607,475	2,442,049
Fossil Group, Inc.(a)	1,057,474	2,199,546
Movado Group, Inc.	383,572	6,984,846
Steven Madden Ltd.	372,660	12,636,901
Total		32,261,550
Total Consumer Discretionary		209,191,124
Consumer Staples 4.3%
Beverages 0.8%
Boston Beer Co., Inc. (The), Class A(a)	38,616	7,993,126
MGP Ingredients, Inc.	243,277	5,887,303
Total		13,880,429
Consumer Staples Distribution & Retail 0.6%
Andersons, Inc. (The)	243,426	11,273,058
Food Products 1.8%
Dole PLC	689,051	8,778,510
Hain Celestial Group, Inc. (The)(a)	1,425,239	1,653,277
John B. Sanfilippo & Son, Inc.	84,150	5,282,937
Simply Good Foods Co. (The)(a)	473,060	9,257,784
TreeHouse Foods, Inc.(a)	392,310	7,140,042
Total		32,112,550
Personal Care Products 1.1%
Coty, Inc., Class A(a)	2,715,172	10,779,233
Edgewell Personal Care Co.	327,660	6,353,327
Honest Co., Inc. (The)(a)	987,460	3,367,239
Total		20,499,799
Total Consumer Staples		77,765,836
Energy 7.7%
Energy Equipment & Services 2.3%
Atlas Energy Solutions, Inc.	719,150	8,903,077
DMC Global Inc(a)	518,943	4,182,681
Natural Gas Services Group, Inc.	358,992	9,994,337
Pason Systems, Inc.	639,530	5,448,920
ProPetro Holding Corp.(a)	611,800	6,350,484
Tetra Technologies, Inc.(a)	1,039,312	7,337,543
Total		42,217,042

Common Stocks (continued)
Issuer	Shares	Value ($)
Oil, Gas & Consumable Fuels 5.4%
Ardmore Shipping Corp.	393,470	4,953,787
Delek U.S. Holdings, Inc.	372,100	14,050,496
Green Plains, Inc.(a)	546,790	5,621,001
Infinity Natural Resources, Inc., Class A(a)	330,530	3,794,485
PBF Energy, Inc., Class A	548,880	18,755,230
Ring Energy, Inc.(a)	3,534,606	3,375,195
Scorpio Tankers, Inc.	275,290	16,985,393
Talos Energy, Inc.(a)	1,165,830	11,436,793
Teekay Tankers Ltd., Class A	212,940	12,989,340
W&T Offshore, Inc.	2,774,163	5,825,742
Total		97,787,462
Total Energy		140,004,504
Financials 18.3%
Banks 7.4%
Banc of California, Inc.	850,540	14,433,664
Bank of Marin Bancorp	243,667	6,274,425
BankUnited, Inc.	396,126	15,876,730
Central Pacific Financial Corp.	178,254	5,082,021
CNB Financial Corp.	240,061	5,905,501
Columbia Banking System, Inc.	520,040	13,937,072
First Community Corp.	139,541	3,741,094
Hilltop Holdings, Inc.	353,958	11,432,843
Mechanics Bancorp(a)	406,238	5,439,527
MVB Financial Corp.	146,582	3,749,568
Northrim BanCorp, Inc.	182,052	4,001,503
Provident Financial Holdings, Inc.	206,832	3,230,716
Riverview Bancorp, Inc.	647,304	3,353,035
Southern First Bancshares, Inc.(a)	192,362	8,433,150
Towne Bank	326,402	10,611,329
WaFd, Inc.	445,699	12,938,642
Western New England Bancorp, Inc.	512,349	5,825,408
Total		134,266,228
Capital Markets 0.6%
StoneX Group, Inc.(a)	119,657	10,998,872
Consumer Finance 0.3%
PROG Holdings, Inc.	207,283	5,996,697

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Financial Services 5.7%
Alerus Financial Corp.	267,626	5,652,261
Banco Latinoamericano de Comercio Exterior SA, Class E	210,168	9,039,326
Essent Group Ltd.	327,790	19,854,240
EVERTEC, Inc.	305,924	8,709,656
Flywire Corp.(a)	748,730	9,973,083
Pagseguro Digital Ltd., Class A	814,700	7,812,973
Payoneer Global, Inc.(a)	1,750,648	10,136,252
PennyMac Financial Services, Inc.	135,570	17,056,062
Security National Financial Corp., Class A(a)	405,439	3,231,349
Western Union Co. (The)	1,419,590	13,244,775
Total		104,709,977
Insurance 2.3%
F&G Annuities & Life, Inc.	478,750	14,194,938
Global Indemnity Group LLC	236,244	6,910,113
Greenlight Capital Re Ltd., Class A(a)	454,143	5,504,213
Horace Mann Educators Corp.	239,841	10,723,291
Neptune Insurance Holdings, Inc., Class A(a)	163,821	4,206,923
Total		41,539,478
Mortgage Real Estate Investment Trusts (REITS) 2.0%
ARMOUR Residential REIT, Inc.	748,290	12,137,264
Dynex Capital, Inc.	780,590	10,335,011
Orchid Island Capital, Inc.	774,090	5,596,671
Two Harbors Investment Corp.	824,736	8,016,434
Total		36,085,380
Total Financials		333,596,632
Health Care 10.3%
Biotechnology 1.3%
Annexon, Inc.(a)	1,364,315	4,311,236
Apellis Pharmaceuticals, Inc.(a)	406,700	8,731,849
Atossa Therapeutics, Inc.(a)	2,673,414	2,378,269
Compass Pathways PLC, ADR(a)	394,410	2,492,671
Olema Pharmaceuticals, Inc.(a)	633,768	5,684,899
Total		23,598,924

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care Equipment & Supplies 2.2%
Avanos Medical, Inc.(a)	342,700	3,807,397
Embecta Corp.	415,709	5,545,558
Inogen, Inc.(a)	566,911	4,671,346
Neogen Corp.(a)	1,629,570	10,054,447
Teleflex, Inc.	132,740	16,522,148
Total		40,600,896
Health Care Providers & Services 3.2%
Acadia Healthcare Co., Inc.(a)	385,340	8,284,810
Ardent Health, Inc.(a)	747,617	10,885,304
Astrana Health, Inc.(a)	223,040	6,961,078
Castle Biosciences, Inc.(a)	168,647	4,300,498
Enhabit, Inc.(a)	607,493	4,938,918
Fulgent Genetics, Inc.(a)	348,779	7,830,089
PACS Group, Inc.(a)	955,178	11,538,550
Viemed Healthcare, Inc.(a)	498,230	3,218,566
Total		57,957,813
Health Care Technology 0.7%
Teladoc Health, Inc.(a)	1,048,110	9,045,189
TruBridge, Inc.(a)	205,071	3,941,465
Total		12,986,654
Life Sciences Tools & Services 1.6%
Azenta, Inc.(a)	288,620	8,716,324
Bruker Corp.	266,980	10,396,201
Codexis, Inc.(a)	1,706,390	4,044,144
Maravai LifeSciences Holdings, Inc., Class A(a)	1,153,383	3,621,623
Quanterix Corp.(a)	571,346	3,050,988
Total		29,829,280
Pharmaceuticals 1.3%
ANI Pharmaceuticals, Inc.(a)	78,584	7,119,710
Perrigo Co. PLC	543,859	11,279,636
Phathom Pharmaceuticals, Inc.(a)	314,231	4,257,830
Total		22,657,176
Total Health Care		187,630,743

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Industrials 15.8%
Aerospace & Defense 1.6%
Astronics Corp.(a)	248,710	12,231,558
Moog, Inc., Class A	82,132	16,824,740
Total		29,056,298
Air Freight & Logistics 0.3%
Radiant Logistics, Inc.(a)	943,554	5,708,502
Building Products 1.0%
UFP Industries, Inc.	193,945	17,868,153
Commercial Services & Supplies 1.2%
ACCO Brands Corp.	788,952	2,966,460
Healthcare Services Group, Inc.(a)	512,506	9,158,482
HNI Corp.	223,532	9,146,929
Total		21,271,871
Electrical Equipment 1.2%
GrafTech International Ltd.(a)	243,910	3,292,793
Shoals Technologies Group, Inc., Class A(a)	1,106,230	11,626,477
Thermon(a)	246,546	7,083,267
Total		22,002,537
Ground Transportation 2.7%
ArcBest Corp.	164,220	12,204,830
Heartland Express, Inc.	554,066	4,321,715
Knight-Swift Transportation Holdings, Inc.	358,990	16,197,629
Marten Transport Ltd.	592,470	6,072,818
Werner Enterprises, Inc.	405,020	10,611,524
Total		49,408,516
Machinery 4.2%
Energy Recovery, Inc.(a)	326,146	5,580,358
Gates Industrial Corp. PLC(a)	684,130	15,105,590
Greenbrier Companies, Inc. (The)	156,056	6,518,459
Hurco Companies, Inc.(a)	188,435	3,382,408
JBT Marel Corp.	161,740	20,395,414
Mayville Engineering Co., Inc.(a)	243,930	4,346,833
Nano Dimension Ltd., ADR(a)	3,394,689	5,872,812
Omega Flex, Inc.	120,836	3,341,115
Taylor Devices, Inc.(a)	71,170	3,257,451

Common Stocks (continued)
Issuer	Shares	Value ($)
Twin Disc, Inc.	295,660	4,630,036
Wabash National Corp.	589,390	4,726,908
Total		77,157,384
Marine Transportation 1.8%
Costamare Bulkers Holdings Ltd.(a)	262,424	3,395,767
Costamare, Inc.	564,570	6,899,045
Kirby Corp.(a)	173,651	17,969,405
Safe Bulkers, Inc.	886,997	4,160,016
Total		32,424,233
Passenger Airlines 0.3%
Sun Country Airlines Holdings, Inc.(a)	463,876	5,696,397
Professional Services 1.2%
IBEX Ltd.(a)	195,082	7,290,214
Korn/Ferry International	220,725	14,280,908
Total		21,571,122
Trading Companies & Distributors 0.3%
BlueLinx Holdings, Inc.(a)	68,627	4,490,951
Total Industrials		286,655,964
Information Technology 6.9%
Communications Equipment 0.5%
Applied Optoelectronics, Inc.(a)	276,750	9,841,230
Electronic Equipment, Instruments & Components 4.1%
Airgain, Inc.(a)	491,106	2,111,756
Littelfuse, Inc.	62,130	15,116,850
Luna Innovations, Inc.(a)	1,559,039	2,728,318
Methode Electronics, Inc.	507,219	3,413,584
Powerfleet, Inc.(a)	791,944	4,038,915
Rogers Corp.(a)	104,620	9,158,435
Vishay Intertechnology, Inc.	816,490	13,864,000
Vishay Precision Group, Inc.(a)	160,813	6,024,055
Vontier Corp.	451,370	17,377,745
Total		73,833,658
IT Services 0.9%
ASGN, Inc.(a)	268,129	12,001,454
Grid Dynamics Holdings, Inc.(a)	481,560	4,497,770
Total		16,499,224

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Semiconductors & Semiconductor Equipment 0.7%
Ichor Holdings Ltd.(a)	196,910	4,465,919
inTEST Corp.(a)	366,063	3,104,214
MagnaChip Semiconductor Corp.(a)	1,023,373	3,172,456
Valens Semiconductor Ltd.(a)	1,043,250	1,909,148
Total		12,651,737
Software 0.7%
Cognyte Software Ltd.(a)	528,272	4,411,071
Expensify, Inc., Class A(a)	1,307,514	2,131,248
Mitek Systems, Inc.(a)	473,530	4,361,211
Upland Software, Inc.(a)	944,793	1,965,170
Total		12,868,700
Total Information Technology		125,694,549
Materials 7.3%
Chemicals 1.7%
Chemours Co. LLC (The)	552,960	7,404,134
Ecovyst, Inc.(a)	916,030	7,502,286
Koppers Holdings, Inc.	151,058	4,262,857
Minerals Technologies, Inc.	213,340	12,107,045
Total		31,276,322
Containers & Packaging 0.9%
Greif, Inc., Class A	176,917	10,064,808
Myers Industries, Inc.	402,150	6,969,260
Total		17,034,068
Metals & Mining 4.4%
Ampco-Pittsburgh Corp.(a)	817,785	1,717,348
Capstone Copper Corp.(a)	1,691,461	15,098,992
Centerra Gold, Inc.	883,540	10,350,121
Compass Minerals International, Inc.(a)	246,040	4,266,334
ERO Copper Corp.(a)	462,744	9,881,418
Ferroglobe PLC	1,336,235	6,480,740
Metallus, Inc.(a)	413,128	7,266,922
Olympic Steel, Inc.	14,794	547,378
Ryerson Holding Corp.	101,174	2,231,898
Torex Gold Resources, Inc.(a)	353,172	14,589,701
Vizsla Silver Corp.(a)	1,747,477	7,151,630
Total		79,582,482

Common Stocks (continued)
Issuer	Shares	Value ($)
Paper & Forest Products 0.3%
Clearwater Paper Corp.(a)	155,783	2,749,570
Magnera Corp.(a)	285,937	2,599,167
Total		5,348,737
Total Materials		133,241,609
Real Estate 12.2%
Diversified REITs 0.8%
American Assets Trust, Inc.	490,750	9,378,232
Armada Hoffler Properties, Inc.	666,790	4,360,807
Total		13,739,039
Health Care REITs 0.5%
Community Healthcare Trust, Inc.	297,470	4,360,910
Universal Health Realty Income Trust	104,744	4,003,316
Total		8,364,226
Hotel & Resort REITs 1.2%
Chatham Lodging Trust	653,760	4,184,064
Park Hotels & Resorts, Inc.	956,880	9,846,295
RLJ Lodging Trust	1,231,720	8,375,696
Total		22,406,055
Industrial REITs 0.9%
Americold Realty Trust, Inc.	1,323,544	17,060,482
Office REITs 3.7%
Brandywine Realty Trust	1,969,339	6,754,833
COPT Defense Properties	523,030	14,733,755
Empire State Realty Trust, Inc., Class A	1,284,780	9,494,524
Highwoods Properties, Inc.	444,160	12,716,301
Kilroy Realty Corp.	240,970	10,180,983
Peakstone Realty Trust	304,018	4,107,283
Piedmont Realty Trust, Inc.	1,046,391	8,433,911
Total		66,421,590
Real Estate Management & Development 2.4%
Cushman & Wakefield PLC(a)	1,151,607	18,080,230
Douglas Elliman, Inc.(a)	1,334,451	3,296,094
Forestar Group, Inc.(a)	322,856	8,397,485
Newmark Group, Inc., Class A	827,542	14,755,074
Total		44,528,883

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Retail REITs 1.7%
FrontView REIT, Inc.	349,620	4,649,946
Macerich Co. (The)	1,197,440	20,536,096
Saul Centers, Inc.	193,848	5,739,839
Total		30,925,881
Specialized REITs 1.0%
PotlatchDeltic Corp.	300,599	12,023,960
Rayonier, Inc.	305,473	6,741,789
Total		18,765,749
Total Real Estate		222,211,905
Utilities 1.2%
Gas Utilities 1.2%
National Fuel Gas Co.	100,460	7,927,299
RGC Resources, Inc.	284,537	5,892,761
UGI Corp.	264,650	8,847,249
Total		22,667,309
Total Utilities		22,667,309
Total Common Stocks (Cost $1,501,136,547)		1,805,485,299

Exchange-Traded Equity Funds 0.5%
	Shares	Value ($)
U.S. Small Cap 0.5%
iShares Russell 2000 Value ETF	51,580	9,136,366
Total Exchange-Traded Equity Funds (Cost $9,066,202)		9,136,366

Money Market Funds 0.1%

Columbia Short-Term Cash Fund, 4.220%(b),(c)	2,315,183	2,314,488
Total Money Market Funds (Cost $2,314,035)		2,314,488
Total Investments in Securities (Cost: $1,512,516,784)		1,816,936,153
Other Assets & Liabilities, Net		2,934,140
Net Assets		1,819,870,293

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	Under 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. The value of the holdings and transactions in these affiliated companies during the period ended October 31, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.220%
	134,632	302,968,914	(300,789,506 )	448	2,314,488	3,461	189,475	2,315,183
Gaia, Inc.†
	5,768,386	42,423	(3,357,399 )	(337,505 )	-	(1,204,787 )	-	-
Total	5,903,018			(337,057 )	2,314,488	(1,201,326 )	189,475

†	Issuer was not an affiliate at the end of period.

(c)	The rate shown is the seven-day current annualized yield at October 31, 2025.

Abbreviation Legend

ADR	American Depositary Receipt

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

Columbia Small Cap Value Discovery Fund | 2025

Portfolio of Investments (continued) October 31, 2025 (Unaudited)

Fair value measurements

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

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

■

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

■

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

■

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

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

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

The Fund's Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

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

The following table is a summary of the inputs used to value the Fund's investments at October 31, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	66,825,124	-	-	66,825,124
Consumer Discretionary	209,191,124	-	-	209,191,124
Consumer Staples	77,765,836	-	-	77,765,836
Energy	140,004,504	-	-	140,004,504
Financials	333,596,632	-	-	333,596,632
Health Care	187,630,743	-	-	187,630,743
Industrials	286,655,964	-	-	286,655,964
Information Technology	125,694,549	-	-	125,694,549
Materials	133,241,609	-	-	133,241,609
Real Estate	222,211,905	-	-	222,211,905
Utilities	22,667,309	-	-	22,667,309
Total Common Stocks	1,805,485,299	-	-	1,805,485,299
Exchange-Traded Equity Funds	9,136,366	-	-	9,136,366
Money Market Funds	2,314,488	-	-	2,314,488
Total Investments in Securities	1,816,936,153	-	-	1,816,936,153

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

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

Columbia Small Cap Value Discovery Fund | 2025

Statement of Assets and Liabilities October 31, 2025 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,510,202,749)	$1,814,621,665
Affiliated issuers (cost $2,314,035)	2,314,488
Receivable for:
Investments sold	143,892
Capital shares sold	3,894,777
Dividends	959,990
Foreign tax reclaims	40,838
Expense reimbursement due from Investment Manager	1,034
Prepaid expenses	7,107
Deferred compensation of board members	450,800
Other assets	50,090
Total assets	1,822,484,681
Liabilities
Payable for:
Capital shares redeemed	1,850,368
Management services fees	39,277
Distribution and/or service fees	2,278
Transfer agent fees	189,033
Compensation of chief compliance officer	147
Compensation of board members	2,012
Other expenses	29,262
Deferred compensation of board members	502,011
Total liabilities	2,614,388
Net assets applicable to outstanding capital stock	$1,819,870,293
Represented by
Paid in capital	1,358,628,314
Total distributable earnings (loss)	461,241,979
Total - representing net assets applicable to outstanding capital stock	$1,819,870,293

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

Columbia Small Cap Value Discovery Fund | 2025

Statement of Assets and Liabilities (continued) October 31, 2025 (Unaudited)

Class A
Net assets	$293,750,177
Shares outstanding	6,398,532
Net asset value per share	$45.91
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)	$48.71
Class C
Net assets	$8,555,193
Shares outstanding	399,335
Net asset value per share	$21.42
Institutional Class
Net assets	$981,308,014
Shares outstanding	17,980,520
Net asset value per share	$54.58
Institutional 2 Class
Net assets	$201,110,050
Shares outstanding	3,514,310
Net asset value per share	$57.23
Institutional 3 Class
Net assets	$312,800,894
Shares outstanding	5,671,786
Net asset value per share	$55.15
Class R
Net assets	$2,612,488
Shares outstanding	57,485
Net asset value per share	$45.45
Class S
Net assets	$19,733,477
Shares outstanding	361,610
Net asset value per share	$54.57

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

Columbia Small Cap Value Discovery Fund | 2025

Statement of Operations Six Months Ended October 31, 2025 (Unaudited)

Net investment income
Income:
Dividends - unaffiliated issuers	$18,081,271
Dividends - affiliated issuers	189,475
Non-cash dividends - unaffiliated issuers	1,222,064
Foreign taxes withheld	(55,700 )
Total income	19,437,110
Expenses:
Management services fees	6,682,502
Distribution and/or service fees
Class A	352,856
Class C	41,332
Class R	4,675
Transfer agent fees
Class A	201,587
Class C	5,907
Institutional Class	637,317
Institutional 2 Class	54,844
Institutional 3 Class	7,255
Class R	1,331
Class S	13,911
Custodian fees	14,413
Printing and postage fees	83,565
Registration fees	81,075
Accounting services fees	28,257
Legal fees	19,830
Interest on interfund lending	2,450
Compensation of chief compliance officer	127
Compensation of board members	14,163
Deferred compensation of board members	10,245
Other	30,789
Total expenses	8,288,431
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(211,833 )
Expense reduction	(1,721 )
Total net expenses	8,074,877
Net investment income	11,362,233
Realized and unrealized gain (loss) - net
Net realized gain (loss) on:
Investments - unaffiliated issuers	194,674,212
Investments - affiliated issuers	(1,201,326 )
Foreign currency translations	2,252
Net realized gain	193,475,138
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers	133,471,210
Investments - affiliated issuers	(337,057 )
Foreign currency translations	(762 )
Net change in unrealized appreciation (depreciation)	133,133,391
Net realized and unrealized gain	326,608,529
Net increase in net assets resulting from operations	$337,970,762

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

Columbia Small Cap Value Discovery Fund | 2025

Statement of Changes in Net Assets

	Six Months Ended October 31, 2025 (Unaudited)	Year Ended April 30, 2025
Operations
Net investment income	$11,362,233	$11,445,060
Net realized gain	193,475,138	46,207,587
Net change in unrealized appreciation (depreciation)	133,133,391	(85,605,095 )
Net increase (decrease) in net assets resulting from operations	337,970,762	(27,952,448 )
Distributions to shareholders
Net investment income and net realized gains
Class A	(8,789,380 )	(18,458,649 )
Advisor Class	-	(3,286,249 )
Class C	(494,131 )	(1,010,256 )
Institutional Class	(23,070,228 )	(42,739,246 )
Institutional 2 Class	(5,324,922 )	(9,759,436 )
Institutional 3 Class	(7,025,816 )	(13,471,796 )
Class R	(52,602 )	(126,510 )
Class S	(535,202 )	(627,934 )
Total distributions to shareholders	(45,292,281 )	(89,480,076 )
Increase in net assets from capital stock activity	90,264,469	167,947,848
Total increase in net assets	382,942,950	50,515,324
Net assets at beginning of period	1,436,927,343	1,386,412,019
Net assets at end of period	$1,819,870,293	$1,436,927,343

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

Columbia Small Cap Value Discovery Fund | 2025

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2025 (Unaudited)		April 30, 2025
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	347,466	14,881,638	812,070	34,453,823
Distributions reinvested	186,508	7,641,253	390,730	16,462,053
Shares redeemed	(529,858 )	(22,946,490 )	(1,175,488 )	(49,632,792 )
Net increase (decrease)	4,116	(423,599 )	27,312	1,283,084
Advisor Class
Shares sold	-	-	597,811	31,444,309
Distributions reinvested	-	-	61,704	3,048,768
Shares redeemed	-	-	(2,257,812 )	(128,945,734 )
Net decrease	-	-	(1,598,297 )	(94,452,657 )
Class C
Shares sold	38,307	775,945	86,423	1,779,493
Distributions reinvested	23,486	450,221	42,779	878,545
Shares redeemed	(60,179 )	(1,212,837 )	(103,150 )	(2,144,810 )
Net increase	1,614	13,329	26,052	513,228
Institutional Class
Shares sold	3,858,571	197,290,978	8,473,910	439,850,100
Distributions reinvested	333,326	16,219,663	719,080	35,935,761
Shares redeemed	(2,987,188 )	(151,670,912 )	(6,046,481 )	(298,706,077 )
Net increase	1,204,709	61,839,729	3,146,509	177,079,784
Institutional 2 Class
Shares sold	1,174,637	62,799,828	1,792,830	93,216,433
Distributions reinvested	104,350	5,322,874	186,139	9,752,895
Shares redeemed	(1,491,930 )	(82,040,849 )	(1,221,122 )	(61,632,521 )
Net increase (decrease)	(212,943 )	(13,918,147 )	757,847	41,336,807
Institutional 3 Class
Shares sold	1,719,812	92,154,542	1,678,208	85,253,324
Distributions reinvested	89,117	4,380,096	189,654	9,541,166
Shares redeemed	(1,013,168 )	(52,710,873 )	(1,429,153 )	(72,388,303 )
Net increase	795,761	43,823,765	438,709	22,406,187
Class R
Shares sold	19,526	882,508	7,023	297,302
Distributions reinvested	1,292	52,466	3,050	126,235
Shares redeemed	(3,126 )	(137,094 )	(19,634 )	(828,666 )
Net increase (decrease)	17,692	797,880	(9,561 )	(405,129 )
Class S
Shares sold	8,321	417,605	606,380	30,745,026
Distributions reinvested	10,999	535,202	11,551	627,934
Shares redeemed	(56,110 )	(2,821,295 )	(219,531 )	(11,186,416 )
Net increase (decrease)	(36,790 )	(1,868,488 )	398,400	20,186,544
Total net increase	1,774,159	90,264,469	3,186,971	167,947,848

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

Columbia Small Cap Value Discovery Fund | 2025

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Small Cap Value Discovery Fund | 2025

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 10/31/2025 (Unaudited)	$38.46	0.25	8.57	8.82	(0.19 )	(1.18 )	(1.37 )
Year Ended 4/30/2025	$41.57	0.22	(0.43 )	(0.21 )	(0.23 )	(2.67 )	(2.90 )
Year Ended 4/30/2024	$38.06	0.17	6.58	6.75	(0.24 )	(3.00 )	(3.24 )
Year Ended 4/30/2023	$40.91	0.14	(0.69 )	(0.55 )	(0.13 )	(2.17 )	(2.30 )
Year Ended 4/30/2022	$49.30	0.02	(2.46 )	(2.44 )	(0.07 )	(5.88 )	(5.95 )
Year Ended 4/30/2021	$26.90	0.19	22.41	22.60	(0.17 )	(0.03 )	(0.20 )
Class C
Six Months Ended 10/31/2025 (Unaudited)	$18.57	0.04	4.07	4.11	(0.08 )	(1.18 )	(1.26 )
Year Ended 4/30/2025	$21.43	(0.05 )	(0.14 )	(0.19 )	-	(2.67 )	(2.67 )
Year Ended 4/30/2024	$20.98	(0.08 )	3.53	3.45	-	(3.00 )	(3.00 )
Year Ended 4/30/2023	$23.70	(0.08 )	(0.47 )	(0.55 )	-	(2.17 )	(2.17 )
Year Ended 4/30/2022	$31.15	(0.20 )	(1.37 )	(1.57 )	-	(5.88 )	(5.88 )
Year Ended 4/30/2021	$17.06	(0.04 )	14.16	14.12	-	(0.03 )	(0.03 )
Institutional Class
Six Months Ended 10/31/2025 (Unaudited)	$45.46	0.35	10.18	10.53	(0.23 )	(1.18 )	(1.41 )
Year Ended 4/30/2025	$48.60	0.39	(0.54 )	(0.15 )	(0.32 )	(2.67 )	(2.99 )
Year Ended 4/30/2024	$44.01	0.32	7.62	7.94	(0.35 )	(3.00 )	(3.35 )
Year Ended 4/30/2023	$46.87	0.27	(0.76 )	(0.49 )	(0.20 )	(2.17 )	(2.37 )
Year Ended 4/30/2022	$55.63	0.15	(2.82 )	(2.67 )	(0.21 )	(5.88 )	(6.09 )
Year Ended 4/30/2021	$30.33	0.33	25.25	25.58	(0.25 )	(0.03 )	(0.28 )
Institutional 2 Class
Six Months Ended 10/31/2025 (Unaudited)	$47.60	0.39	10.67	11.06	(0.25 )	(1.18 )	(1.43 )
Year Ended 4/30/2025	$50.75	0.46	(0.58 )	(0.12 )	(0.36 )	(2.67 )	(3.03 )
Year Ended 4/30/2024	$45.81	0.38	7.95	8.33	(0.39 )	(3.00 )	(3.39 )
Year Ended 4/30/2023	$48.68	0.32	(0.79 )	(0.47 )	(0.23 )	(2.17 )	(2.40 )
Year Ended 4/30/2022	$57.55	0.21	(2.94 )	(2.73 )	(0.26 )	(5.88 )	(6.14 )
Year Ended 4/30/2021	$31.36	0.40	26.11	26.51	(0.29 )	(0.03 )	(0.32 )
Institutional 3 Class
Six Months Ended 10/31/2025 (Unaudited)	$45.92	0.40	10.26	10.66	(0.25 )	(1.18 )	(1.43 )
Year Ended 4/30/2025	$49.06	0.46	(0.54 )	(0.08 )	(0.39 )	(2.67 )	(3.06 )
Year Ended 4/30/2024	$44.38	0.38	7.72	8.10	(0.42 )	(3.00 )	(3.42 )
Year Ended 4/30/2023	$47.23	0.33	(0.77 )	(0.44 )	(0.24 )	(2.17 )	(2.41 )
Year Ended 4/30/2022	$56.01	0.23	(2.84 )	(2.61 )	(0.29 )	(5.88 )	(6.17 )
Year Ended 4/30/2021	$30.53	0.39	25.43	25.82	(0.31 )	(0.03 )	(0.34 )

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

Columbia Small Cap Value Discovery Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000's)
Class A
Six Months Ended 10/31/2025 (Unaudited)	$45.91	23.37%	1.22% (c)	1.20% (c),(d)	1.12%	42%	$293,750
Year Ended 4/30/2025	$38.46	(1.02% )	1.23% (c)	1.21% (c),(d)	0.51%	72%	$245,921
Year Ended 4/30/2024	$41.57	18.34%	1.25% (c)	1.25% (c),(d)	0.41%	79%	$264,662
Year Ended 4/30/2023	$38.06	(0.90% )	1.24% (c)	1.24% (c),(d)	0.36%	72%	$233,599
Year Ended 4/30/2022	$40.91	(5.94% )	1.26% (c)	1.26% (c),(d)	0.04%	58%	$250,665
Year Ended 4/30/2021	$49.30	84.29%	1.33% (c)	1.31% (c),(d)	0.53%	43%	$286,411
Class C
Six Months Ended 10/31/2025 (Unaudited)	$21.42	22.91%	1.97% (c)	1.95% (c),(d)	0.38%	42%	$8,555
Year Ended 4/30/2025	$18.57	(1.76% )	1.98% (c)	1.96% (c),(d)	(0.23% )	72%	$7,387
Year Ended 4/30/2024	$21.43	17.41%	2.01% (c)	2.00% (c),(d)	(0.34% )	79%	$7,965
Year Ended 4/30/2023	$20.98	(1.62% )	1.99% (c)	1.99% (c),(d)	(0.39% )	72%	$6,018
Year Ended 4/30/2022	$23.70	(6.66% )	2.01% (c)	2.01% (c),(d)	(0.71% )	58%	$7,269
Year Ended 4/30/2021	$31.15	82.90%	2.08% (c)	2.05% (c),(d)	(0.19% )	43%	$8,516
Institutional Class
Six Months Ended 10/31/2025 (Unaudited)	$54.58	23.55%	0.97% (c)	0.95% (c),(d)	1.37%	42%	$981,308
Year Ended 4/30/2025	$45.46	(0.77% )	0.98% (c)	0.96% (c),(d)	0.77%	72%	$762,678
Year Ended 4/30/2024	$48.60	18.60%	1.00% (c)	1.00% (c),(d)	0.66%	79%	$662,416
Year Ended 4/30/2023	$44.01	(0.64% )	0.99% (c)	0.99% (c),(d)	0.60%	72%	$612,677
Year Ended 4/30/2022	$46.87	(5.70% )	1.01% (c)	1.01% (c),(d)	0.30%	58%	$537,447
Year Ended 4/30/2021	$55.63	84.72%	1.07% (c)	1.05% (c),(d)	0.77%	43%	$440,126
Institutional 2 Class
Six Months Ended 10/31/2025 (Unaudited)	$57.23	23.59%	0.88% (c)	0.86% (c)	1.43%	42%	$201,110
Year Ended 4/30/2025	$47.60	(0.67% )	0.89% (c)	0.87% (c)	0.87%	72%	$177,421
Year Ended 4/30/2024	$50.75	18.74%	0.91% (c)	0.91% (c)	0.76%	79%	$150,708
Year Ended 4/30/2023	$45.81	(0.59% )	0.90% (c)	0.90% (c)	0.68%	72%	$138,905
Year Ended 4/30/2022	$48.68	(5.60% )	0.91% (c)	0.91% (c)	0.39%	58%	$105,229
Year Ended 4/30/2021	$57.55	84.97%	0.95% (c)	0.93% (c)	0.93%	43%	$116,249
Institutional 3 Class
Six Months Ended 10/31/2025 (Unaudited)	$55.15	23.61%	0.83% (c)	0.81% (c)	1.51%	42%	$312,801
Year Ended 4/30/2025	$45.92	(0.63% )	0.84% (c)	0.82% (c)	0.90%	72%	$223,893
Year Ended 4/30/2024	$49.06	18.81%	0.86% (c)	0.86% (c)	0.80%	79%	$217,677
Year Ended 4/30/2023	$44.38	(0.53% )	0.85% (c)	0.85% (c)	0.74%	72%	$176,273
Year Ended 4/30/2022	$47.23	(5.55% )	0.86% (c)	0.86% (c)	0.44%	58%	$184,850
Year Ended 4/30/2021	$56.01	85.03%	0.90% (c)	0.88% (c)	0.96%	43%	$178,586

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

Columbia Small Cap Value Discovery Fund | 2025

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
Class R
Six Months Ended 10/31/2025 (Unaudited)	$38.10	0.18	8.50	8.68	(0.15 )	(1.18 )	(1.33 )
Year Ended 4/30/2025	$41.23	0.11	(0.42 )	(0.31 )	(0.15 )	(2.67 )	(2.82 )
Year Ended 4/30/2024	$37.79	0.07	6.52	6.59	(0.15 )	(3.00 )	(3.15 )
Year Ended 4/30/2023	$40.66	0.04	(0.68 )	(0.64 )	(0.06 )	(2.17 )	(2.23 )
Year Ended 4/30/2022	$49.08	(0.09 )	(2.45 )	(2.54 )	-	(5.88 )	(5.88 )
Year Ended 4/30/2021	$26.79	0.11	22.30	22.41	(0.09 )	(0.03 )	(0.12 )
Class S
Six Months Ended 10/31/2025 (Unaudited)	$45.46	0.36	10.16	10.52	(0.23 )	(1.18 )	(1.41 )
Year Ended 4/30/2025(e)	$50.45	0.22	(4.08 )	(3.86 )	(0.32 )	(0.81 )	(1.13 )

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.
(e)	Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date.

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

Columbia Small Cap Value Discovery Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000's)
Class R
Six Months Ended 10/31/2025 (Unaudited)	$45.45	23.21%	1.47% (c)	1.44% (c),(d)	0.82%	42%	$2,612
Year Ended 4/30/2025	$38.10	(1.25% )	1.48% (c)	1.46% (c),(d)	0.26%	72%	$1,516
Year Ended 4/30/2024	$41.23	18.01%	1.50% (c)	1.50% (c),(d)	0.16%	79%	$2,035
Year Ended 4/30/2023	$37.79	(1.14% )	1.49% (c)	1.49% (c),(d)	0.11%	72%	$1,731
Year Ended 4/30/2022	$40.66	(6.17% )	1.51% (c)	1.51% (c),(d)	(0.20% )	58%	$2,003
Year Ended 4/30/2021	$49.08	83.85%	1.58% (c)	1.56% (c),(d)	0.30%	43%	$2,521
Class S
Six Months Ended 10/31/2025 (Unaudited)	$54.57	23.53%	0.97% (c)	0.95% (c),(d)	1.38%	42%	$19,733
Year Ended 4/30/2025 (e)	$45.46	(8.01% )	0.99% (c)	0.95% (c)	0.75%	72%	$18,111

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

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements October 31, 2025 (Unaudited)

Note 1. Organization

Columbia Small Cap Value Discovery Fund (formerly known as Columbia Small Cap Value Fund I) (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.

Effective September 1, 2025, Columbia Small Cap Value Fund I was renamed Columbia Small Cap Value Discovery Fund.

Fund shares

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

As described in the Fund's prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

Basis of preparation

The 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.

Segment reporting

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

Security valuation

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

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

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

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

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

Income recognition

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

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

Foreign taxes

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

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

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

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 ManagementAgreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.85% to 0.73% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended October 31, 2025 was 0.79% of the Fund's average daily net assets.

Compensation of Board members

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

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

For the six months ended October 31, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.14
Class C	0.14
Institutional Class	0.14
Institutional 2 Class	0.05
Institutional 3 Class	0.01
Class R	0.14
Class S	0.14

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended October 31, 2025, these minimum account balance fees reduced total expenses of the Fund by $1,721.

Distribution and service fees

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

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

Sales charges

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended October 31, 2025, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00 (a)	96,996
Class C	-	1.00 (b)	875

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

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

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	September 1, 2025 through August 31, 2026 (%)	Prior to September 1, 2025 (%)
Class A	1.20	1.20
Class C	1.95	1.95
Institutional Class	0.95	0.95
Institutional 2 Class	0.85	0.87
Institutional 3 Class	0.81	0.82
Class R	1.45	1.45
Class S	0.95	0.95

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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 October 31, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
1,512,517,000	399,872,000	(95,453,000 )	304,419,000

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

The following capital loss carryforwards, determined at April 30, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
(5,221,344 )	-	(5,221,344 )

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at April 30, 2025 as arising on May 1, 2025.

Late year ordinary losses ($)	Post-October capital losses ($)
-	31,500,000

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 $748,157,042 and $691,200,031, respectively, for the six months ended October 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

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 six months ended October 31, 2025 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	2,262,500	4.88	8

Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at October 31, 2025.

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the six months ended October 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events - or the potential for such events - could have a significant negative impact on global economic and market conditions.

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Additional risk factors of the Fund are described more fully in the Fund's Prospectus and Statement of Additional Information.

Shareholder concentration risk

At October 31, 2025, two unaffiliated shareholders of record owned 44.4% 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. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Columbia Small Cap Value Discovery Fund | 2025

Notes to Financial Statements (continued) October 31, 2025 (Unaudited)

The Board of Trustees of the Fund approved a custody agreement with State Street Bank and Trust Company (State Street). The transition of custody services to State Street is expected to be completed by December 2026. In addition, the Board approved the engagement by the Investment Manager of State Street as sub-administrator. In such capacity, and subject to the supervision and direction of the Investment Manager, State Street will provide certain sub-administration services to the Fund, including fund accounting and financial reporting services.

Note 11. Information regarding pending and settled legal proceedings

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

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Columbia Small Cap Value Discovery Fund | 2025

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Small Cap Value Discovery Fund (formerly Columbia Small Cap Value Fund I) (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•

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

•

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

•

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

•

Terms of the Management Agreement;

•

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

•

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

•

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

•

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

•

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

•

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

Columbia Small Cap Value Discovery Fund | 2025

Approval of Management Agreement (continued) (Unaudited)

•

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

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

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

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

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

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

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

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

Investment performance

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

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

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

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

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses

Columbia Small Cap Value Discovery Fund | 2025

Approval of Management Agreement (continued) (Unaudited)

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehiclesmanaged by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

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

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

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

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

Conclusion

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

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Small Cap Value Discovery Fund | 2025

Columbia Small Cap Value Discovery Fund

P.O. Box 219104

Kansas City, MO 64121-9104

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

columbiathreadneedleus.com/investor/

SAR287_04_R01_(12/25)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The fees and expenses of the independent trustees are included in "Compensation of board members" and "Deferred compensation of board members" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in "Compensation of chief compliance officer" on each Fund's Statement of Operations as part of the Registrant's financial statements filed under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

Item 16. 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 effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

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/ Michael G. Clarke
	Michael G. Clarke, President and Principal Executive Officer

Date	December 19, 2025

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/ Michael G. Clarke
	Michael G. Clarke, President and Principal Executive Officer

Date	December 19, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Financial Officer, Chief Accounting
	Officer and Principal Financial Officer

Date	December 19, 2025

Columbia Funds Series Trust I published this content on January 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 02, 2026 at 17:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]