UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Columbia Funds Series Trust I

(Name of Registrant as Specified in its Charter)

Payment of Filing Fee (Check the appropriate box):

[PRELIMINARY PROXY STATEMENT]STATEMENT

Columbia Funds Series Trust

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Funds Series Trust I

Columbia Contrarian Core Fund

Columbia Dividend Income Fund

Columbia Large Cap Growth Fund

Columbia Select Mid Cap Growth Fund

Columbia Funds Series Trust II

Columbia Disciplined Value Fund

290 Congress Street, Boston, Massachusetts 02210

JOINT SPECIAL MEETING OF CLASS V SHAREHOLDERS OF THE ABOVE-REFERENCED FUNDS

To be held on May 15,December 7, 2023

Columbia Adaptive Retirement 2020 Fund

Columbia Adaptive Retirement 2025 Fund

Columbia Adaptive Retirement 2030 Fund

Columbia Adaptive Retirement 2035 Fund

Columbia Adaptive Retirement 2040 Fund

Columbia Adaptive Retirement 2045 Fund

Columbia Adaptive Retirement 2050 Fund

Columbia Adaptive Retirement 2055 Fund

Columbia Adaptive Retirement 2060 Fund

IMPORTANT INFORMATION TO HELP YOU UNDERSTAND AND VOTE ON THE PROPOSAL

The following Questions and Answers provide a brief overview of the matter on which you are being asked to vote. The accompanying Proxy Statement contains more detailed information about the proposal, and we encourage you to read it in its entirety before voting.

YOUR VOTE IS IMPORTANT.

The Proposal would “bundle” the current fee structure of the Fundscombine Class V into a “unified fee” whereby the Investment Manager would pay all of the operating costs and expensesClass A of each Fund, other than taxes, interest, brokerage expenses, portfolio transaction expenses, fees pursuant to a 12b-1 plan, if any, and infrequent and/or unusual expenses, including but not limited to, litigation expenses. The “bundled fee” forso that Class Adv andV shareholders would receive Class Inst3 would be 0.55% and 0.30% of the average daily net assets of each class, respectively. The bundled fee structure would result in the reduction of the net annual Fund operating expenses payable by the current shareholders of each class ofA shares of the Funds. Additionally, in connectionsame Fund with an aggregate net asset value equal to the approvalaggregate net asset value of their Class V shares on the date of the proposal, the Investment Manager intends to cap the totalcombination. The combination would simplify each Fund’s share class structure, facilitate efficient administration of each Fund operating expenses borne by theand reduce each Fund’s existingblue sky and transfer agency expenses. If shareholders for so long as the Investment Manager manages the Fund (exclusive of the same fees and expenses that are excluded from the current unified fee) at an annual rate of 0.55% and 0.30% of a Fund’s average daily net assets for Class Adv and Class Inst3, respectively. Under the proposed expense cap, the Investment Manager would bear any acquired fund fees and expenses. None of the Funds’ operations or how the Investment Manager manages any of the Funds is expected to change ifapprove the Proposal, is approved by Fund shareholders. Other than the bundling of the fee arrangements and certain corresponding changes, the Management Agreement would remain the same in all respects.their total expense ratios will not change.

Comparisons of the fee rates for the Funds,fees and grossexpenses of Class V and net expense ratios,Class A shares of each Fund are included in the accompanying Proxy Statement.

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NOTICE OF A JOINT SPECIAL MEETING OF CLASS V SHAREHOLDERS

Columbia Adaptive Retirement 2020 Fund

Columbia Adaptive Retirement 2025 Fund

Columbia Adaptive Retirement 2030 Fund

Columbia Adaptive Retirement 2035 Fund

Columbia Adaptive Retirement 2040 Fund

Columbia Adaptive Retirement 2045 Fund

Columbia Adaptive Retirement 2050 Fund

Columbia Adaptive Retirement 2055 Fund

Columbia Adaptive Retirement 2060 Fund OF THE FOLLOWING FUNDS

(each a “Fund” and, collectively, the “Funds”)

Columbia Funds Series Trust

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Funds Series Trust I

Columbia Contrarian Core Fund

Columbia Dividend Income Fund

Columbia Large Cap Growth Fund

Columbia Select Mid Cap Growth Fund

Columbia Funds Series Trust II

Columbia Disciplined Value Fund

To be held on May 15,December 7, 2023

A Joint Special Meeting of Class V Shareholders (the “Meeting”) of each of the Funds each a series of Columbia Funds Series Trust I (the “Trust”), will be held at 290 Congress Street (6^th Floor), Boston, Massachusetts, 02210 at 10:2:00 a.m.p.m. local time on May 15,December 7, 2023. At the Meeting, shareholders of the Funds at the close of business on March 31,October 6, 2023 (the “Record Date”) will be asked to:

Proposal

Approve the combination of each Fund’s Class V shares with Class A shares of the same Fund, including, as part of such combination, the adoption with respect to Class V shares of a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”) identical to that currently in effect with respect to such Class A shares.

Please take some time to read the enclosed Proxy Statement, which discusses this proposalProposal in more detail. If you were a Class V shareholder of a Fund at the close of business on the Record Date, you may vote at the Meeting or at any adjournment or postponement of the Meeting on the proposal.Proposal. You are welcome to attend the Meeting in person. If you cannot attend the Meeting in person to cast your vote, please vote by mail, telephone or internet. Just follow the instructions on the enclosed Proxy Card(s). If you have questions, please call the Funds’ proxy solicitor, Computershare Fund Services, toll free at 866-492-5763.866-875-8612. It is important that you vote. The Board of Trustees of theeach Trust unanimously recommends that you vote FOR the proposal.Proposal.

By order of the Board of Trustees,

Ryan C. Larrenaga, Secretary

_____________,[    ], 2023

Columbia Funds Series Trust

Columbia Funds Series Trust I

290 Congress Street, Boston, Massachusetts 02210

Columbia Adaptive Retirement 2020Contrarian Core Fund

Columbia Adaptive Retirement 2025Dividend Income Fund

Columbia Adaptive Retirement 2030Large Cap Growth Fund

Columbia Adaptive Retirement 2035Select Mid Cap Growth Fund

Columbia Adaptive Retirement 2040 FundFunds Series Trust II

Columbia Adaptive Retirement 2045 Fund

Columbia Adaptive Retirement 2050 Fund

Columbia Adaptive Retirement 2055 Fund

Columbia Adaptive Retirement 2060Disciplined Value Fund

(each a “Fund” and, collectively, the “Funds”)

290 Congress Street, Boston, Massachusetts 02210

PRELIMINARY PROXY STATEMENT

JOINT SPECIAL MEETING OF CLASS V SHAREHOLDERS

to be held on May 15,December 7, 2023

This Proxy Statement is furnished to you in connection with the solicitation of proxies by the Board of Trustees (the “Board”) of Columbia Funds Series Trust I, (theColumbia Funds Series Trust and Columbia Funds Series Trust II (each a “Trust” and together the “Trusts”), relating to a Joint Special Meeting of Class V Shareholders (the “Meeting”) of each Fund each a series of the Trust, to be held at 290 Congress Street, (6^th Floor), Boston, Massachusetts, 02210 on May 15,December 7, 2023 at 10:2:00 a.m.p.m. local time. It is expected that this Proxy Statement will be mailed to shareholders on or about April 17,[    ], 2023.

The purpose of the Meeting is to ask Fundeach Fund’s Class V shareholders as of the close of business on March 31,October 6, 2023 (the “Record Date”) to:

Approve the combination of each Fund’s Class V shares with Class A shares of the same Fund, including, as part of such combination, the adoption with respect to Class V shares of a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”) identical to that currently in effect with respect to such Class A shares.

Additional information about each Fund is available in its prospectus, statement of additional information and semi-annual and annual reports to shareholders. Each Fund’s most recent semi-annual and annual reports previously have been mailed to shareholders. Additional copies of any of these documents are available without charge upon request by writing Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or by calling (800) 345-6611. All of these documents also are filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at www.sec.gov.

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TABLE OF CONTENTS

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GENERAL OVERVIEW

Proposal 1: Approve Amendment to Management Agreement

The shareholders of each Fund are being asked to approve a proposed amendment to the Management Agreement between the Trust, on behalf of the Funds, and the Funds’ investment adviser, Columbia Management Investment Advisers, LLC (“Columbia Management” or the “Investment Manager”). The proposed amendment would bundle the Fund’s current fee structure and make certain corresponding changes to the Management Agreement¹. The Proposal would reduce the net annual fund operating expenses payable by the current shareholders of each class of shares of each Fund.

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PROPOSAL 1 – APPROVE AMENDMENT TO MANAGEMENT AGREEMENTSHARE CLASS COMBINATION

Background and Description of Distribution Plans

The Board has unanimously approved, an amendmentsubject to approval by Class V shareholders, the management agreement (the “Management Agreement”) betweencombination of each Fund’s Class V shares with its Class A shares, including, as part of such combination, the Investment Manager and the Trust, on behalfadoption with respect to Class V shares of the Funds. Undera distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, Act, as amended (the “1940 Act”), shareholder approval is required beforeidentical to the Funds can implementClass A distribution plan currently in effect for that Fund (together, the proposed amendment.“Distribution Plans”). If approved by shareholders, the combination of each Fund’s Class V shares with its Class A shares will be accomplished by effecting a stock split (or reverse stock split) to the extent necessary to cause the net asset value of the Funds do not approveFund’s Class V shares to equal the proposed amendment,net asset value of its Class A shares, making applicable to such Class V shares the Funds will continue operating pursuantDistribution Plans and shareholder servicing arrangements that are currently applicable to the Management Agreement currently in effect.such Class A shares, and redesignating such Class V shares as Class A shares.

The proposed amendment to the Management Agreement would “bundle” the current fee structure into a “unified fee.” Under the unified feeDistribution Plans, a Fund may compensate the Investment Manager would pay all of the operating costs and expenses of each Fund other than, taxes, interest, brokerage expenses, portfolio transaction expenses, fees pursuant to a 12b-1 plan, if any, and infrequent and/or unusual expenses, including but not limited to, litigation expenses. The “bundled fee” for Class Adv and Class Inst 3 would be 0.55% and 0.30% of the average daily net assets of each class, respectively. Under the proposed amendment, the Funds would continue to be managed byFund’s distributor, Columbia Management Investment Distributors, Inc., and are expectedfinancial intermediaries for providing marketing, distribution and/or shareholder servicing for the Fund. The Distribution Plans provide that for activities relating to receivethese services, that are the same as the services provided under the current terms of the management agreement.

The bundled fee structure would result in the reduction of the net annuala Fund operating expenses payable by the current shareholders of each class of shares of each Fund. Additionally, in connection with the approval of the proposal, the Investment Manager intends to cap the total Fund operating expenses borne by the Fund’s existing shareholders for so long as the Investment Manager manages the Fund (exclusive of the samewill pay fees and expenses that are excluded from the current unified fee) at an annual rate of 0.55%up to either 0.10% (for each of Columbia Contrarian Core Fund, Columbia Dividend Income Fund, Columbia Large Cap Growth Fund and 0.30%Columbia Select Mid Cap Growth Fund) or 0.25% (for each of Columbia Disciplined Value Fund and Columbia Capital Allocation Moderate Aggressive Portfolio) of its daily net assets attributable to Class A shares. Class A shares of Columbia Contrarian Core Fund, Columbia Dividend Income Fund, Columbia Large Cap Growth Fund and Columbia Select Mid Cap Growth Fund are also subject to a shareholder servicing plan under which each Fund may pay fees at an annual rate that, together with the fees payable under their Distribution Plan, does not exceed 0.25% of such Fund’s average daily net assets forattributable to Class Adv and Class Inst3, respectively. Under the proposed expense cap, the Investment Manager would bear any acquired fund fees and expenses.

A description of key terms and provisions of the Management Agreement follows.

Description of Currently Effective Management Agreement and Changes Contemplated by the Proposal

shares. The current management agreement is dated as of October 25, 2016 and was lastBoard has approved by shareholders of Columbia Adaptive Retirement 2020 Fund, Columbia Adaptive Retirement 2030 Fund, Columbia Adaptive Retirement 2040 Fund, Columbia Adaptive Retirement 2050 Fund and Columbia Adaptive Retirement 2060 Fund on October 23, 2017 and shareholders of Columbia Adaptive Retirement 2025 Fund, Columbia Adaptive Retirement 2035 Fund, Columbia Adaptive Retirement 2045 Fund and Columbia Adaptive Retirement 2055 Fund on April 2, 2018.

The Management Agreement generally provides that, subject to oversight by the Board and the authorized officers of the Trust, Columbia Management agrees to: furnish the Funds continuously with investment advice; determine, consistent with the Funds’ investment objectives, strategies and policies, which investments, in the Investment Manager’s discretion, shall be purchased, held or sold and execute or cause the execution of purchase or sell orders; recommend changes to investment objectives, strategies and policies to the Board, as the Investment Manager deems appropriate; perform investment research and prepare and make available to the Funds research and statistical data in connection therewith and furnish all other services of whatever nature that the Investment Manager from time to time reasonably determines to be necessary or useful in connection with the investment management of the Funds. The Management Agreement adds that Columbia Management will prepare and furnish to the Board such reports, statistical data and other information relating to the investment management of, and the provision of administrative services and facilities to, the Funds in the form and at such intervals as the Board may reasonably request.

Under the Management Agreement, Columbia Management, in selecting brokers or dealers for execution, will seek best execution for securities transactions on behalf of the Funds, except where otherwise directed by the Board. In selecting broker-dealers to execute transactions, Columbia Management may consider not only available prices (including commissions or mark-up), but also other relevant factors such as, without limitation,

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the characteristics of the security being traded, the size and difficulty of the transaction, the execution, clearance and settlement capabilities as well as the reputation, reliability and financial soundness of the broker-dealer selected, the broker-dealer’s risk in positioning a block of securities, the broker-dealer’s execution service rendered on a continuing basis and in other transactions, the broker-dealer’s expertise in particular markets, and the broker-dealers ability to provide research services. The Management Agreement explicitly contemplates that Columbia Management may, except where otherwise directed by the Board, execute transactions or pay to a broker or dealer a commission or markup in excess of that which another broker-dealer might have charged for executing a transaction, provided that the Investment Manager determines, in good faith, that the execution is appropriate or the commission or markup is reasonable in relation to the value of the brokerage and/or research services provided, viewed in terms of either that particular transaction or Columbia Management’s overall responsibilitiesan identical shareholder servicing plan with respect to the Funds and other clients for which it acts as investment adviser. Columbia Management will not consider the sale or promotion ofClass V shares of each such Fund, the Funds, or other affiliated products, as a factor in the sectioneffectiveness of broker-dealers through which transactions are executed.

The Management Agreement contemplates the engagement by Columbia Management of subadvisers for the Funds, and provides that Columbia Management may subcontract and pay for certain of the services (including with affiliates of Columbia Management) described under the Management Agreement, with the understanding that the quality and level of services required to be provided under the agreement will not be diminished thereby and with the further understanding that Columbia Management will obtain theis contingent on Class V shareholders’ approval of the Board and/or the Funds’ shareholders as required by applicable law, rules, regulations promulgated thereunder, the terms of the Management Agreement, resolutions of the Board and Columbia Management’s commitments. Currently, the Funds’ assets are not managed by any investment subadviser, but instead managed directly by Columbia Management.

The Management Agreement contemplates that Columbia Management will provide support as required or requested by the Board with respect to voting proxies solicited by or with respect to the issuers of securities owned by the Funds. The Management Agreement also contemplates that Columbia Management may vote proxies and provide or withhold consents as directed by the Board from time to time.

The Management Agreement generally requires that all information provided by the Funds to Columbia Management and vice versa be treated as confidential and non-disclosable to unaffiliated third parties except under limited circumstances. The Management Agreement generally requires books and records to be maintained by Columbia Management on behalf of the Funds. The Proposal would not change any of the above.

Fees Under the Current Agreement and Under the Proposal

Under the Management Agreement, the Funds pay a fee that is based on a percentage of the average daily net assets of each Fund. The Management Agreement provides for such fees to be accrued daily and paid monthly.

Currently, each Fund offers two share classes,Proposal. Class Advisor (“Class Adv”) and Class Institutional 3 (“Class Inst3”). Shareholders of each Class pay the Investment Manager a fee for its investment management services (currently an effective annual rate of 0.46% of the average daily net assets of each Fund). In return for this fee, the Investment Manager manages the day-to-day operations of the Funds, determines what securities and other investments each Fund should buy or sell and executes portfolio transactions for each Fund. The Investment Manager is also responsible for overseeing the administrative operations of the Fund, including the general supervision of the Fund’s operations, the coordination of the Fund’s other service providers and the provision of related clerical and administrative services, but the Funds are responsible for the expenses of such services.

The Proposal would “bundle” the current fee structure of the Funds into a “unified fee” paid to the Investment Manager to cover operating expenses of the Fund in addition to the investment management and administrative services covered by the current management agreement. The unified fee would cover all of the operating costs and expensesV shares of each Fund other than taxes, interest, brokerage expenses, portfolio transaction expenses, fees pursuantare currently subject to a 12b-1 plan, if any, and infrequent and/or unusual expenses, including but not limited to, litigation expenses (together, the “Exclusions”).

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Under the Proposal, Class Adv and Class Inst3 will pay a single unifiedshareholder servicing fee at an annual rate of 0.55% and 0.30%0.25% of the average daily net assets, of Class Adv and, Class Inst3 shares, respectively. The proposed 0.55% unified fee rate for Class Adv is made up of two components: a core advisory fee rate of 0.30%, plus a 0.25% class-specific administration fee component which covers class-specific shareholder service-related expenses, such as for sub-transfer agency services. The proposed 0.30% unified fee rate for Class Inst3 also includes the 0.30% core advisory fee component, but is not subject to a class-specific shareholder-service component. Under the existing agreement, both classes pay a management fee, currently at an effective annual rate of 0.46% of the average daily net assets of each Fund (see footnote 1 to the table below), but that management fee, unlike the unified fee under the Proposal, does not cover any other operating expenses of the Fund to which shareholders of either class are subject. Under the Proposal, the Investment Manager, and not the Fund, will be responsible for all operating expenses of the Fund for both classes of shares other than the Exclusions. Set forth below is a comparison of current management fees for each class of shares of the Fund under the current terms of the Management Agreement versus total fees and expenses under the unified fee approach under the proposed amended Management Agreement.

Current and Proposed Fee Rates

Comparison of Management Fee Rates

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The management fee rates shown in the above table do not account for any contractual expense limitation agreements between Columbia Management and the Funds. Columbia Management has agreed to implement a contractual expense limitation that will cap the total Fund operating expenses borne by each Fund’s shareholders for so long as Columbia Management manages the Fund (exclusive of the same fees and expenses that are excluded from the current fee, but including any acquired fund fees and expenses that would otherwise be borne indirectly by Fund shareholders) at an annual rate of 0.55% and 0.30% of each Fund’s average daily net assets for Class Adv and Class Inst3 shares, respectively. See Appendix A for tables showing each Fund’s expenses (by class) for the semiannual period ended September 30, 2022, annualized, as compared to the expenses each Fund would have incurred during that period had the Proposal been approved by shareholders and implemented at the beginning of that period. Please note that pro forma expense information in Appendix A is based on estimates; the actual expenses of the Funds may be different. As shown in Appendix A,if the Proposal is expectedapproved, will not be subject to reducethe Class A distribution and shareholder servicing fees until they are no longer subject to the Class V shareholder servicing fees. Therefore, the total expenses borneexpense ratio payable by Class V shareholders will not change as a result of each class of each Fund.

Liability

Under the Management Agreement, and subject to U.S. federal securities laws, exceptProposal. See Appendix A for willful misfeasance, bad faith or negligenceadditional detail on the partFunds’ expenses.

The forgoing description of Columbia Managementthe proposed Distribution Plans is only a summary. Each of the proposed Distribution Plans is attached in Appendix B. You should read the performance of its duties, or reckless disregard by Columbia Management of its obligations and duties, neither Columbia Management nor any of its directors, officers, partners, principals, employees, subcontractors or agents will be liable for any acts or omissions or for any loss suffered by the Funds or the Funds’ shareholders or creditors. The Proposalproposed Distribution Plan that would not change the Management Agreement’s liability provisions.apply to your investment.

Effectiveness of the Proposal

If approved, it is expected that the changesClass V shares of each Fund would be implemented in early Junecombined with Class A shares of such Fund on December 8, 2023.

If Class V shareholders of a Fund fail to approve the proposed amendmentProposal on behalf of a Fund, then Columbia Management will continue to serve as investment manager to such Fund pursuant to the terms of the current management agreement. All terms and conditions of the current management agreement that are currently in effect, including the fee structure, would remain in effect with respect to such Fund. If shareholders ofFund’s Class Adv of a Fund fail to approve the Proposal, then the ProposalV shares will not be implemented.combined with its Class A shares.

Board DeliberationsConsiderations

On March 10, 2023, the Board and the Funds’ Trustees who are not “interested persons” of the Funds, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), unanimously approved the amendment to the Management Agreement with Columbia Management with respect to each of the Funds. As detailed below, the Board’s Contracts Committee (the “Committee”) and the Board held meetings to review and discuss, among themselves and with the management team of Columbia Management, materials provided by Columbia Management before determining to approve the proposed changes to the fee structure payable by the Funds.

In connection with their deliberations regarding the proposed amendment to the Management Agreement, the Committee and the Board evaluated materials requested from Columbia Management regarding the Funds and the Management Agreement with representatives of Columbia Management atAt a Committee meeting held on March 9, 2023. The Board and its various committees considered matters bearing on the Management Agreement at other meetings throughout the year and meets regularly with senior management of the Trust and Columbia Management. Through the Board’s Investment Review Committee, Trustees also meet with selected portfolio managers of the Funds and with other investment personnel at various times throughout the year. In addition, the Trustees considered the information that they had obtained in connection with the June 2022 continuance of the existing Management Agreement. On March 9, 2023, the Contracts Committee recommended that the Board approve the amendment to the Management Agreement. On March 10, 2023, the Board, including the Independent Trustees, voting separately, unanimously approved the proposed amendment to the Management Agreement for each of the Funds.

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The Trustees considered that the Proposal would bundle each Fund’s fees into a unified fee structure. The Board also considered Columbia Management’s contractual agreement to cap the total Fund operating expenses borne by each Fund’s shareholders for so long as the Investment Manager manages the Fund (exclusive of the same fees and expenses that are excluded from the current expense cap but including any acquired fund fees and expenses that would otherwise be borne indirectly by Fund shareholders) to 0.55% and 0.30% of the Funds’ average daily net assets for the two share classes that each Fund offers, Class Advisor (“Class Adv”) and Class Institutional 3 (“Class Inst3”) shares, respectively.

The Committee and the Board considered all information that they, their legal counsel, and the Investment Manager believed reasonably necessary to evaluate and to determine whether to recommend for approval or approve the proposed amendment to the Management Agreement. Among other things, the information and factors considered included the following:

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

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Nature, Extent and Quality of Services Provided under the Management Agreement

The Board took into account 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.

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 Funds by the Investment Manager. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Funds’ and their 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 Funds’ other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement as proposed to be amended, noting that, other than with respect to the fees, no material changes were proposed from the form of agreement previously approved. It was also noted that there were no proposed changes in services to be provided to the Funds. In this regard, the Board also noted the wide array of legal and compliance services provided to the Funds 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 Funds under the Management Agreement supported approval of the proposed amendment to the Management Agreement.

Investment Performance

In this connection, the Board reviewed the investment performance of the Funds. With respect to each of the Funds, the Board observed that performance was well within the range of that of its peers for certain periods.

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 Funds and the Investment Manager, in light of other considerations, supported approval of the proposed amendment to 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 Funds

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered information showing a comparison of the Funds’ expenses with median expenses paid by funds in their comparative peer universes, as well as data showing the Funds’ contribution to the Investment Manager’s profitability. The Trustees also reviewed, in detail, the various components of fees/expenses covered under the proposed unified fee structure, including the shareholder service component of the fee for the affected classes. The Trustees considered, in particular, that implementation of the amendment to the Management Agreement would result in lower total expenses for each class of shares of each Fund.

The Board also took into account that each Fund’s total expense ratio (after considering the proposed amendment and the related expense caps/waivers) was below the peer universe’s median expense ratio.

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

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The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Funds. 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 Columbia 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 Columbia 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 Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. It was considered that implementation of the proposed amendment was projected to slightly reduce the profitability to the Investment Manager from the Funds. 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 Funds supported approval of the proposed amendment to the Management Agreement.

Economies of Scale

The Board considered the economies of scale that might be realized as the Funds’ net asset level grows. The Board took into account, however, that the proposed amendments to the Management Agreement would obligate Columbia Threadneedle to provide, or pay for the provision of, a greater range of services to the Funds. The Board observed that the proposed amendment to the Management Agreement provides for a relatively low flat fee.

Conclusion

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

On March 10,September 21, 2023, the Board, including all of the Independenttrustees that are not interested persons of the Fund and have no direct or indirect financial interest in the operation of the Distribution Plans or in any agreement relating to the Distribution Plans (the “Non-Interested Trustees), voting separately, approved for each Fund the combination of its Class V shares with its Class A shares, including the proposed adoption for each Fund of the Distribution Plans for Class V shares. The Board, including the Non-Interested Trustees, determined,concluded, in the exercise of their reasonable business judgement and in light of their fiduciary duties under state law and under the 1940 Act, that there is a reasonable likelihood that the Distribution Plans will benefit

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each Fund and its respective shareholders. In arriving at this conclusion, a variety of factors were considered, including that the combination of each Fund’s Class V shares with its Class A shares would allow Class V shareholders to continue to invest in the same Fund without causing any increase in the total expense ratio borne by such shareholders, while simplifying each Fund’s share class structure, facilitating efficient administration of each Fund and reducing each Fund’s blue sky and transfer agency expenses. The Board also considered that the adoption for Class V shares of a Distribution Plan identical to that currently in effect with respect to Class A shares of the same Fund is a necessary step in effecting the combination of Class V shares with Class A shares of such Fund. The Board also accorded weight to the view of Columbia Management Investment Advisers, LLC (“Columbia Management”), the investment adviser to the Fund, that there is a reasonable likelihood that the activities for which payments may be made under the Distribution Plans are likely to assist each Fund thatin attracting and retaining investors in the proposed fees payable under the Management Agreement were fair and reasonable in lightface of competition from other mutual funds, which, over time, may help maintain and/or lower each Fund’s operating expense ratio. Accordingly, based on all of the extentforegoing, with no single factor being determinative, the Board, including the Non-Interested Trustees, concluded that there is a reasonable likelihood that each Fund’s adoption of the Distribution Plans for Class V shares would benefit each Fund and quality of services provided andits respective shareholders. Therefore, the Board, including the Non-Interested Trustees, voting separately, approved the proposed amendment toProposal, including adoption of the Management Agreement and recommends that shareholdersDistribution Plans for Class V shares of each of the Funds vote “FOR” the approval of the proposed amendment.Fund.

Required Vote and Recommendation

For each Fund, approval of the amendmentcombination, including the adoption of the Distribution Plan with respect to the Management AgreementClass V shares, requires the affirmative vote of a “majority of the outstanding voting securities” of the Fund,Class V shares, which for this purpose means the affirmative vote of the lesser of (i) more than 50% of the outstanding voting securities of the FundClass V shares or (ii) 67% or more of the outstanding voting securities of such FundClass V shares present at the Meeting if more than 50% of the outstanding voting securities of the FundClass V shares are present at the Meeting in person or represented by proxy. All classes of shares of each Fund will vote together on Proposal 1 as it relates to each Fund. In addition, Class Adv shareholders of each Fund will be voting separately on the Proposal for their Fund.

THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS OF EACH FUND VOTE FOR THE APPROVAL OF COMBINATION, INCLUDING THE PROPOSED AMENDMENTADOPTION OF THE DISTRIBUTION PLAN WITH RESPECT TO THE MANAGEMENT AGREEMENT.CLASS V SHARES OF EACH FUND.

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PROXY VOTING AND SHAREHOLDER MEETING INFORMATION

Proxy Solicitation

If you properly authorize your proxy through the internet or telephonically, or by executing and returning the enclosed Proxy Card, and your proxy is not subsequently revoked, your votes will be cast at the Meeting. If you give instructions, your votes will be cast in accordance with your instructions. If you return your signed Proxy Card without instructions, your votes will be cast FOR the approval of the proposed amendment tocombination, including the Management Agreement between the Trust, on behalfadoption of the Fund you holdDistribution Plan with respect to Class V shares of, and Columbia Management, which provides for bundling the current fee structure payable by the Funds (Proposal 1). Your votes will be cast in the discretion of the proxy holders on any other matter that may properly come before the Meeting, including, but not limited to, proposing and/or voting on the adjournment or postponement of the Meeting with respect to the proposalProposal if a quorum is not obtained and/or sufficient votes in favor of the proposalProposal are not received.

Revocation of Proxies

If you execute and submit a proxy, you may revoke that proxy or change it by written notice to Computershare Fund Services by submitting a subsequently executed and dated Proxy Card, by authorizing your proxy by telephone or internet, or by attending the Meeting and casting your vote in person, or as otherwise permitted. Attending the Meeting in person will not automatically revoke your prior proxy. If you intend to vote in person at the Meeting, please call Computershare Fund Services, toll free at 866-492-5763866-875-8612 to obtain important information regarding your attendance at the Meeting, including directions.

Quorum and Methods of Tabulation

ThirtyWith respect to Columbia Capital Allocation Moderate Aggressive Portfolio, thirty-three and one-third percent (30%(33 1/3%) of the Class V shares of athe Fund entitled to vote, present in person or by proxy, constitutes a quorum for the Meeting. With respect to each of each Fund.Columbia Contrarian Core Fund, Columbia Disciplined Value Fund, Columbia Dividend Income Fund, Columbia Large Cap Growth Fund and Columbia Select Mid Cap Growth Fund, thirty percent (30%) of the Class V shares entitled to vote, present in person or by proxy, constitutes a quorum for the Meeting. With respect to Columbia Disciplined Value Fund, ten percent (10%) of the Class V shares entitled to vote, present in person or by proxy, constitutes a quorum for the Meeting.

In the event that a quorum of Class V shareholders of a Fund is not present at the Meeting or, even if such a quorum is so present, in the event that sufficient votes in favor of the proposalProposal are not received and tabulated prior to the time the Meeting is called to order, the Meeting may be adjourned by the vote of a majority of the shares represented at the Meeting, either in person or by proxy, and further solicitations may be made.

ShareholdersClass V shareholders of record of each Fund at the close of business on March 31,October 6, 2023 (the Record Date)“Record Date”) are entitled to notice of, and to vote at, the Meeting. On the Record Date, each Fund had outstanding the number of Class V shares shown in the below table with each such shareshareholder of Columbia Capital Allocation Moderate Aggressive Portfolio being entitled, at the Meeting, to one vote for each share and a proportionate fractional vote for each fractional share.share and each shareholder of the other Funds being entitled to one vote for each dollar of net asset value (number of shares owned times net asset value per share) determined at the close of business on the Record Date and a proportionate fractional vote for each fractional dollar amount.

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If your shares are held in an IRA account, you have the right to vote those shares. If you do not provide voting instructions with respect to your shares, your IRA custodian may or may not, depending upon the terms of your IRA agreement, vote shares for which it has not received your voting instructions. Please consult your IRA agreement and/or financial advisor for more information.

Effect of Abstentions and Broker Non-Votes

For all matters to be voted upon, an abstention or broker non-vote will not be considered a vote cast; however, an abstention or broker non-votewill be counted for purposes of attaining a quorum. Abstentions and broker non-voteswill have the same effect as a vote against the proposal.Proposal. Because the only Proposal is non-routine, failure to provide voting instructions to a broker will result in a beneficial owner’s shares not being counted as present at the Joint Special Meeting for purposes of quorum and not being voted on the Proposal.

OTHER INFORMATION

Current Service Providers

Columbia Management Investment Advisers, LLC (“Columbia Management”), located at 290 Congress Street, Boston, Massachusetts 02210, serves as the investment manager and administrator to the Funds. Columbia Management Investment Distributors, Inc., also located at 290 Congress Street, Boston, Massachusetts 02210, serves as the principal underwriter of the Funds. The Funds paid no commissions to any affiliated brokers during the Funds’ most recent fiscal year.

Other Matters to Come Before the Meeting

Columbia Management does not know of any matters to be presented at the Meeting other than the Proposal described in this Proxy Statement. If other business should properly come before the Meeting, the persons named as proxies will vote thereon in accordance with their best judgment.

TheEach Trust does not regularly hold annual shareholder meetings, but may from time to time schedule special meetings. In accordance with the regulations of the SEC, in order to be eligible for inclusion in thea Trust’s proxy statement for such a meeting, a shareholder proposal must be received in a reasonable time before the Trust prints and mails its proxy statement.

Principal Shareholders

Appendix BC to this Proxy Statement lists the persons that, to the knowledge of each Fund, owned beneficially 5% or more of the outstanding shares of any of the Funds as of January 31,October 6, 2023. A shareholder who owns beneficially, directly or indirectly, more than 25% of any Fund’s voting securities is presumed to be a “control person” (as defined in the 1940 Act) of a Fund. As of January 31,October 6, 2023, the Trustees and Officers of the Trusts, in the aggregate, beneficially owned less than 1% of each class of shares of each Fund, except as set forth in the table below.Fund.

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Expenses and Solicitation Activities

TheColumbia Management will bear the expenses incurred in connection with the solicitation of proxies for the Meeting, including preparation, filing, printing, mailing and solicitation expenses, legal fees, out-of-pocket expenses and expenses of any proxy solicitation firm, will be paid separately by Columbia Management or an affiliated company and not by the Funds.firm. In addition to the use of the mails, proxies may be solicited personally or via facsimile, telephone or the

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Internet by Trustees, officers and employees of theeach Trust, Columbia Management, Columbia Management Investment Distributors, Inc. and Columbia Management Investment Services Corp. The Funds haveColumbia Management has engaged Computershare Fund Services to assist in soliciting at an estimated cost of approximately $12,319, which will be paid by Columbia Management or an affiliated company.$110,000.

Proxy Statement Delivery

“Householding” is the term used to describe the practice of delivering one copy of a document to a household of shareholders instead of delivering one copy of a document to each shareholder in the household. Shareholders of a Fund who share a common address and who have not opted out of the householding process should receive a single copy of the Proxy Statement together with one Proxy Card for each account. If you received more than one copy of the Proxy Statement, you may elect to household in the future; if you received a single copy of the Proxy Statement, you may opt out of householding in the future; and you may, in any event, obtain an additional copy of this Proxy Statement by writing to the Funds at the following address: Computershare Fund Services, PO Box 5696, Hauppauge, NY 11788-2847, or by calling Computershare Fund Services, toll free at 866-492-5763.866-875-8612.

Shareholder Reports

The Funds’Each Fund’s most recent semi-annual and annual report previously have been made available to shareholders. The Funds will furnish, without charge, a copy of their most recent annual report and their most recent semi-annual report to their shareholders on request. Additional copies of any of these documents are available by writing Columbia Management Investment Services Corp., P.O. Box 219104, Kansas City, MO 64121-9104 or by calling (800) 345-6611. All of these documents also are filed with the SEC and available on the SEC’s website at www.sec.gov.

PROMPT EXECUTION AND RETURN OF THE ENCLOSED PROXY CARD IS REQUESTED. A PRE-ADDRESSED, POSTAGE-PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE, AND TELEPHONE AND INTERNET VOTING IS AVAILABLE.

By order of the Board of Trustees,

Ryan C. Larrenaga

Secretary

It is important that you authorize proxies promptly. All shareholders, including those who expect to attend the Meeting in person, are urged to authorize their proxy as soon as possible by accessing the Internet site listed on the enclosed Proxy Card, by calling the toll-free number listed on the enclosed Proxy Card, or by mailing the enclosed Proxy Card in the enclosed return envelope, which requires no postage if mailed in the United States. To enter the Meeting, you will need proof of ownership of the shares of one or more of the Funds, such as your Proxy Card (or a copy thereof) or, if your shares are held of record by a financial intermediary, such as a broker, or nominee, a Proxy Card from the record holder or other proof of beneficial ownership, such as a brokerage statement showing your holdings of the shares of a Fund.

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APPENDIX A – Estimated Comparison of Fees and Expenses

Columbia Adaptive Retirement 2020Contrarian Core Fund

The information in the table below reflects the fees and expenses for eachClass V shares of the Fund for the semiannual period ended September 30, 2022February 28, 2023 (annualized) and the pro forma projected expenses for eachClass A shares of the Fund for the semiannual period ended September 30, 2022February 28, 2023 (annualized)., assuming that the combination of Class V shares and Class A shares had occurred on the first day of the period.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since theThe waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, theyabove, if any, are reflected in all of theYear 1 and Years 2 through 10 expense examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

A-1

Columbia Adaptive Retirement 2025Disciplined Value Fund

The information in the table below reflects the fees and expenses for eachClass V shares of the Fund for the semiannual period ended September 30, 2022January 31, 2023 (annualized) and the pro forma projected expenses for eachClass A shares of the Fund for the semiannual period ended September 30, 2022January 31, 2023 (annualized)., assuming that the combination of Class V shares and Class A shares had occurred on the first day of the period.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since theThe waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, theyabove, if any, are reflected in all of theYear 1 and Years 2 through 10 expense examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

A-2

Columbia Adaptive Retirement 2030Dividend Income Fund

The information in the table below reflects the fees and expenses for eachClass V shares of the Fund for the semiannual periodfiscal year ended September 30, 2022 (annualized)May 31, 2023 and the pro forma projected expenses for eachClass A shares of the Fund for the semiannual periodfiscal year ended September 30, 2022 (annualized).May 31, 2023, assuming that the combination of Class V shares and Class A shares had occurred on the first day of the fiscal year.

(c)

Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) indefinitely, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.55% for Class Adv and 0.30% for Class Inst3.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since theThe waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, theyabove, if any, are reflected in all of theYear 1 and Years 2 through 10 expense examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

A-3

Columbia Adaptive Retirement 2035Large Cap Growth Fund

The information in the table below reflects the fees and expenses for eachClass V shares of the Fund for the semiannual period ended September 30, 2022January 31, 2023 (annualized) and the pro forma projected expenses for eachClass A shares of the Fund for the semiannual period ended September 30, 2022January 31, 2023 (annualized)., assuming that the combination of Class V shares and Class A shares had occurred on the first day of the period.

(c)

Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) indefinitely, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.55% for Class Adv and 0.30% for Class Inst3.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, they are reflected in all of the examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

Under the current management agreement, Class Adv and Class Inst3 of the Fund paid Columbia Management Investment Advisors, LLC (“Columbia Management”) an aggregate management fee of $4,666 and $4,043, respectively, for the fiscal year ended March 31, 2022. If the Proposed Management Agreement had been in effect during the fiscal year ended March 31, 2022, the management fee payable by Class Adv and Class Inst3 to Columbia Management would have been $5,687 and $2,683, respectively. The difference between these amounts is $1,021 and -$1,360 for Class Adv and Class Inst3 respectively (or 0.10% and -0.15% of Class Adv and Class Inst3’s aggregate management fee for the fiscal year ended March 31, 2022).

Columbia Adaptive Retirement 2040 Fund

The information in the table below reflects the fees and expenses for each Fund for the semiannual period ended September 30, 2022 (annualized) and the pro forma projected expenses for each Fund for the semiannual period ended September 30, 2022 (annualized).

Current Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above, if any, are reflected in Year 1 and Years 2 through 10 expense examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

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Columbia Select Mid Cap Growth Fund

The information in the table below reflects the fees and expenses for Class V shares of the Fund for the semiannual period ended February 28, 2023 (annualized) and the pro forma expenses for Class A shares of the Fund for the semiannual period ended February 28, 2023 (annualized), assuming that the combination of Class V shares and Class A shares had occurred on the first day of the period.

(c)

Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) indefinitely, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.55% for Class Adv and 0.30% for Class Inst3.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since theThe waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, theyabove, if any, are reflected in all of theYear 1 and Years 2 through 10 expense examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

A-5

Columbia Adaptive Retirement 2045 FundCapital Allocation Moderate Aggressive Portfolio

The information in the table below reflects the fees and expenses for eachClass V shares of the Fund for the semiannual periodfiscal year ended September 30, 2022 (annualized)January 31, 2023 and the pro forma projected expenses for eachClass A shares of the Fund for the semiannual periodfiscal year ended September 30, 2022 (annualized).January 31, 2023, assuming that the combination of Class V shares and Class A shares had occurred on the first day of the year.

(c)

Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) indefinitely, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.55% for Class Adv and 0.30% for Class Inst3.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table do not expire as indicated in the preceding table, they are reflected in all of the examples.

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

Under the current management agreement, Class Adv and Class Inst3 of the Fund paid Columbia Management Investment Advisors, LLC (“Columbia Management”) an aggregate management fee of $3,103 and $5,030, respectively, for the fiscal year ended March 31, 2022. If the Proposed Management Agreement had been in effect during the fiscal year ended March 31, 2022, the management fee payable by Class Adv and Class Inst3 to Columbia Management would have been $3,781 and $3,339, respectively. The difference between these amounts is $678 and -$1,691 for Class Adv and Class Inst3 respectively (or 0.10% and -0.15% of Class Adv and Class Inst3’s aggregate management fee for the fiscal year ended March 31, 2022).

Columbia Adaptive Retirement 2050 Fund

The information in the table below reflects the fees and expenses for each Fund for the semiannual period ended September 30, 2022 (annualized) and the pro forma projected expenses for each Fund for the semiannual period ended September 30, 2022 (annualized).

Current Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

you invest $10,000 in the Fund for the periods indicated,

your investment has a 5% return each year, and

the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above.

The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above, if any are reflected in Year 1 and Years 2 through 10 expense examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

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APPENDIX B – Distribution Plans

Distribution Plan and Shareholder Servicing Plan for Columbia Contrarian Core Fund, Columbia Dividend Income Fund, Columbia Large Cap Growth Fund and Columbia Select Mid Cap Growth Fund

DISTRIBUTION PLAN FOR CLASS V SHARES

This Distribution Plan (the “Plan”) relating to the Class V shares (collectively, the “Shares”) of Columbia Funds Series Trust I (the “Trust”), on behalf of each series thereof listed on Exhibit I (each a “Fund”), has been adopted by the trustees of the Trust (the “Trustees”) in conformity with Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”). The terms and conditions of this Plan shall apply with respect to the Trust on behalf of each Fund that is a series thereof.

Section 1. The Trust, on behalf of each Fund that is a series thereof, will pay to Columbia Management Investment Distributors, Inc. (“CMID”), or to such other person as may from time to time be engaged and appointed to act as the distributor of its Shares (each such person, including CMID, a “Distributor”), a fee (the “Distribution Fee”) at an aggregate annual rate not to exceed the percentage of the Fund’s average daily net assets attributable to such Shares set forth for such Fund on the applicable exhibit, as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor. Subject to such limit and subject to the provisions of Section 6 hereof, the Distribution Fee shall be as approved from time to time by (a) the Trustees and (b) the Disinterested Trustees (as defined below). The Distribution Fee shall be accrued daily and paid monthly or at such other intervals as the Trustees shall determine.

Each distribution agreement shall provide that the Distributor that is a party to such agreement will receive its Allocable Portion of the fee specified in such agreement. Unless and until a person other than CMID shall serve as a distributor of the Shares of any Trust, CMID’s “Allocable Portion” of the total Distribution Fee payable in respect of such Shares shall be 100%, and thereafter each Distributor’s Allocable Portion of the total Distribution Fee payable in respect of Shares of any Fund shall be the portion of the Distribution Fee attributable to (i) outstanding Shares of the Fund sold by the Distributor (“Commission Shares”), plus (ii) Shares of the Fund issued in connection with the exchange of Commission Shares of another Fund and/or Shares of the Fund issued in reinvestment of dividends or capital gain distributions in respect of Commission Shares of another Fund, plus (iii) Shares of the Fund issued in reinvestment of dividends or capital gain distributions in respect of Commission Shares of the Fund; provided that the mechanics of attributing the portion of the Distribution Fee for a Fund to particular Shares for purposes of calculating a Distributor’s Allocable Portion shall be as agreed by the Trust and the Distributor in light of systems capabilities for tracking the aging, exchange and reinvestment experience of Shares sold by the Distributor.

A Distributor will be deemed to have fully earned its Allocable Portion of the Distribution Fee payable in respect of Shares of the Trust upon the sale of the Commission Shares of the Trust taken into account in determining such Distributor’s Allocable Portion of such Distribution Fee.

The Distribution Fee shall be payable to the relevant Distributor or, with respect to such portion of the Distribution Fee as the Distributor may from time to time instruct, to the person or persons to whom such Distributor may from time to time instruct the Trust to make payments.

Section 2. Payments made to a Distributor pursuant to Section 1 may be used by the Distributor for any purpose, including (but not limited to) to compensate or reimburse the Distributor and any banks, broker/dealers or other financial institutions that have entered agreements with the Distributor in conformity with Section 8 (“Selling Agents”) for distribution or sales support services rendered, and related expenses incurred, for or on behalf of a Fund. The Distributor may pay all or any portion of the Distribution Fee to any Selling Agents (including, but not limited to, any affiliate of the Distributor) as commissions, asset-based sales charges or other compensation with respect to the sale of the Shares and may retain all or any portion of the Distribution Fee as compensation for the Distributor’s services as agent for the distribution of Shares. All payments under this Distribution Plan are intended to qualify as “asset-based sales charges” as defined in Rule 2830 of the NASD Manual of the Financial Industry

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Regulatory Authority, Inc. (or any successor provision) as in effect from time to time. Notwithstanding anything contained herein to the contrary, no Fund or class of Shares shall make any payments under the Plan that exceed the maximum amounts payable under applicable rules of the Financial Industry Regulatory Authority, Inc.

Joint distribution or sales support financing with respect to a Fund (which financing may also involve other investment portfolios or companies that are affiliated persons of the Fund, or affiliated persons of the Distributor) shall be permitted in accordance with applicable regulations of the Securities and Exchange Commission as in effect from time to time.

For each Fund Share class, the shareholders of which have approved (or may be deemed to have approved because the plan was adopted before any public offering of such Fund’s Shares or the sale of such Shares to persons that are not affiliated persons of the Fund or affiliated persons of such persons) a distribution or servicing plan under Rule 12b-1 under the 1940 Act providing for payments in excess of the annual rate at which Distribution Fees (feesare paid directlyhereunder, to the extent any payments made by such Fund pursuant to a Shareholder Servicing Plan and/or Servicing Agreement are deemed to be payments for activity primarily intended to result in the sale of Shares, such payments shall be deemed to have been approved pursuant to this Plan.

Section 3. Any officer designated by the Trust is authorized to execute and deliver, in the name of and on behalf of the Trust, a written agreement with a Distributor in such a form as may be approved by the Trustees from your investment)time to time. Such agreement shall authorize the Distributor to enter into written agreements with Selling Agents, based on such form(s) of sales support agreements as may be approved by the Trustees from time to time and on such additional forms of agreement as the Distributor deems appropriate, provided that the Distributor determines that the Trust’s responsibility or liability to any person under, or on account of any acts or statements of any such Selling Agent under, any such sales support agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that the Distributor determines that the overall terms of any such sales support agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees.

Section 4. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

Section 5. This Plan shall continue in effect with respect to any class of Shares of a Fund for a period of more than one year only so long as such continuance is specifically approved at least annually by votes of a majority of the Trustees and a majority of the Disinterested Trustees (as defined below), cast in person at a meeting called for the purpose of voting on this Plan.

Section 6. This Plan may not be amended to increase materially the amount to be spent with respect to any class of Shares of a Fund for distribution hereunder without approval by a vote of at least a majority of the outstanding Shares of such class, and all material amendments of this Plan shall be approved in the manner provided for continuation of this Plan in Section 5.

Section 7. This Plan is terminable at any time with respect to any class of Shares of any Fund by vote of a majority of the Disinterested Trustees, or by vote of a majority of the outstanding Shares of such class.

Section 8. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:

A. That such agreement may be terminated with respect to any class of Shares of a Fund at any time, without payment of any penalty, by vote of a majority of the Disinterested Trustees or by vote of a majority of the outstanding Shares of such class, on not more than 60 days’ written notice to any other party to the agreement; and

B. That such agreement shall terminate automatically in the event of its assignment.

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Section 9. The Trust will preserve copies of this Plan, and any agreement or written report regarding this Plan presented to the Trustees, for a period of not less than six years.

Section 10. As used in this Plan, (a) the term “Disinterested Trustees” shall mean those Trustees who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms “assignment” and “interested person” shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, and the term “majority of the outstanding Shares” of a class of Shares shall mean the lesser of the 67% or the 50% voting requirements specified in clauses (A) and (B), respectively, of the third sentence of Section 2(a)(42) of the 1940 Act, all subject to such exemptions as may be granted by the Securities and Exchange Commission.

Section 11. A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of The Commonwealth of Massachusetts. This Plan is adopted by the Trustees as Trustees of the Trust, and not individually, and the obligations of any Trust hereunder are not binding upon any of the Trustees, shareholders, officers, representatives or agents of the Trust personally, but bind only the assets of the Trust, and all persons dealing with the Trust, a Fund or a class of Shares thereof must look solely to the property belonging to the Trust, such Fund or such class of Shares, respectively, for the enforcement of any claims against the Trust, such Fund or such class of Shares.

Approved: XXXX X, 2023

EXHIBIT I

I. List of Funds

II. Fees

Each Fund shall pay a distribution fee at the annual rate of 0.10% of the average daily net assets of its Class V shares.

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Distribution Plan for Columbia Capital Allocation Moderate Aggressive Portfolio

COLUMBIA FUNDS SERIES TRUST

SHAREHOLDER SERVICING AND DISTRIBUTION PLAN FOR CLASS V SHARES

This Shareholder Servicing and Distribution Plan (the “Plan”) relating to the Class V shares (collectively, the “Shares”) of Columbia Funds Series Trust (the “Trust”), on behalf of Columbia Capital Allocation Moderate Aggressive Portfolio (the “Fund”), has been adopted by the trustees of the Trust (the “Trustees”), in conformity with Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”).

Section 1. The Trust, on behalf of the Fund, will pay to Columbia Management Distributors, Inc., a Massachusetts corporation (“CMID”), or to such other person as may from time to time be engaged and appointed to act as the distributor of its Shares (each such person, including CMID, a “Distributor”) and such persons as may from time to time be engaged and appointed by the Trust or the Distributor to act as shareholder servicing agents with respect to its Shares, a fee (the “Fee”) at an aggregate annual rate not to exceed 0.25% of the Fund’s average daily net assets attributable to such Shares, as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor, to reimburse the Distributor for expenses incurred by the Distributor in providing personal services and/or the maintenance of shareholder accounts with respect to the Funds or in compensating or reimbursing shareholder servicing agents for the provision of personal services and/or the maintenance of shareholder accounts with respect to the Funds, and to compensate servicing agents for the provision of personal services provided to investors in the Shares and/or the maintenance of shareholder accounts. Subject to such limit and subject to the provisions of Section 6 hereof, the Fee shall be as approved from time to time by (a) the Trustees and (b) the Disinterested Trustees (as defined below). The Fee shall be accrued daily and paid monthly or at such other intervals as the Trustees shall determine.

The Fee shall be payable to the Distributor or, with respect to such portion of the Fee as the Distributor may from time to time instruct, to the person or persons to whom such Distributor may from time to time instruct the Trust to make payments.

Section 2. Payments made to a Distributor or servicing agent pursuant to Section 1 may be used by the Distributor or servicing agent for any purpose, including (but not limited to):

(a) To compensate or reimburse the Distributor and any banks, broker/dealers or other financial institutions that have entered agreements with the Distributor in conformity with Section 8 (“Selling Agents”) for distribution or sales support services rendered, and related expenses incurred, for or on behalf of the Fund. The Distributor may pay all or any portion of the Fee to any Selling Agents (including, but not limited to, any affiliate of the Distributor) as commissions, asset-based sales charges or other compensation with respect to the sale of the Shares, and may retain all or any portion of the Fee as compensation for the Distributor’s services as principal underwriter of the Shares; or

(b) (i) payment of expenses (including overhead expenses) of the Distributor or servicing agent or other recipient for providing personal services to investors in the Fund and/or in connection with the maintenance of shareholder accounts, or (ii) payments to any securities dealer or other organization (including, but not limited to, any affiliate of the Distributor) with which the Distributor has entered into a written agreement for this purpose, for providing personal services to investors in the Fund and/or the maintenance of shareholder accounts. The Fee may be in excess of the cost incurred by the Distributor or any other recipient in connection with the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts.

Joint distribution or sales support financing with respect to a Fund (which financing may also involve other investment portfolios or companies that are affiliated persons of the Fund, or affiliated persons of the Distributor) shall be permitted in accordance with applicable regulations of the Securities and Exchange Commission as in effect from time to time.

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Section 3.

(a) Any officer designated by the Trust is authorized to execute and deliver, in the name of and on behalf of the Trust, a written agreement with a Distributor in such a form as may be approved by the Trustees from time to time. Such agreement shall authorize the Distributor to enter into written agreements with Selling Agents, based on such form(s) of sales support agreements as may be approved by the Trustees from time to time and on such additional forms of agreement as the Distributor deems appropriate, provided that the Distributor determines that the Trust’s responsibility or liability to any person under, or on account of any acts or statements of any such Selling Agent under, any such sales support agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that the Distributor determines that the overall terms of any such sales support agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees.

(b) Any officer designated by the Trust is authorized to execute and deliver, in the name of and on behalf of the Trust, a written agreement with the Distributor or one or more shareholder servicing agents in such a form as may be approved by the Trustees from time to time and on such additional forms of agreement as such officer deems appropriate, provided that the officer determines that the Trust’s responsibility or liability to any person under, or on account of any acts or statements of the Distributor or such servicing agent under, any such shareholder servicing agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that such officer determines that the overall terms of any such shareholder servicing agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees. In addition, the Trust may, pursuant to an agreement with the Distributor, authorize the Distributor to enter into agreements with one or more shareholder servicing agents in such a form as may be approved by the Trustees from time to time and on such additional forms of agreement as the Distributor deems appropriate, provided that the Distributor determines that the Trust’s responsibility or liability to any person under, or on account of any acts or statements of any such shareholder servicing agent under, any such shareholder servicing agreement does not exceed its responsibility or liability under the form(s) approved by the Trustees, and provided further that the Distributor determines that the overall terms of any such shareholder servicing agreement are not materially less advantageous to the Trust than the overall terms of the form(s) approved by the Trustees.

Section 4. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.