Supplement dated October 2, 2026
to the Prospectus, Summary Prospectus, and Statement of Additional Information (SAI)
of the following fund: 
Fund
Prospectus, Summary Prospectus and SAI Dated
Columbia Funds Series Trust I
 
 Columbia Multi Strategy Alternatives Fund
10/1/2026
Effective immediately, the following changes are hereby made to the Fund's Prospectus, Summary Prospectus, and Statement of Additional Information (SAI).
The portfolio manager information for AQR Capital Management, LLC (AQR) under the heading "Fund Management” in the Summary Prospectus and in the "Summary of the Fund" section of the Prospectus is hereby superseded and replaced with the following:
Subadviser: AQR Capital Management, LLC (AQR) 
Portfolio Management
Title
Role with Fund
Managed Fund or Sleeve Since
Clifford Asness, Ph.D.
Portfolio Manager, Managing and
Founding Principal of AQR
AQR Sleeve Manager
2024
Jordan Brooks, Ph.D.
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
2019
John Huss
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
2024
David Kupersmith
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
October 2026
John Liew, Ph.D.
Portfolio Manager and Founding
Principal of AQR
AQR Sleeve Manager
2024
The rest of the section remains the same.
The portfolio manager information for AQR under the heading "Primary Service Provider Contracts - Portfolio Managers” in the "More Information About the Fund" section of the Prospectus is hereby superseded and replaced with the following:
Subadviser: AQR Capital Management, LLC (AQR) 
Portfolio Management
Title
Role with Fund
Managed Fund or Sleeve Since
Clifford Asness, Ph.D.
Portfolio Manager, Managing and
Founding Principal of AQR
AQR Sleeve Manager
2024
Jordan Brooks, Ph.D.
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
2019
John Huss
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
2024
David Kupersmith
Portfolio Manager and Principal of
AQR
AQR Sleeve Manager
October 2026
John Liew, Ph.D.
Portfolio Manager and Founding
Principal of AQR
AQR Sleeve Manager
2024
Dr. Asness is the Managing and Founding Principal of AQR. Dr. Asness cofounded AQR in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an M.B.A. and a Ph.D. in finance from the University of Chicago.
Dr. Brooks is a Principal of AQR. Dr. Brooks joined AQR in 2009 and is Head of the Macro Strategies Group. He earned a B.A. in economics and mathematics from Boston College and an M.A. and a Ph.D., both in economics, from New York University.
Mr. Huss is a Principal of AQR. Mr. Huss rejoined AQR in 2013 and is the Co-Head of Global Stock Selection. He earned an S.B. in mathematics from the Massachusetts Institute of Technology.
Mr. Kupersmith is a Principal of AQR. Mr. Kupersmith rejoined AQR in 2025 and is a senior member of the Macro Strategies team, where he focuses on discretionary macro. Prior to rejoining AQR, he was a Portfolio Manager at ClearAlpha Technologies and a Strategist at Jane Street. He earned a B.A. in history from Amherst College and an M.B.A. from Columbia Business School.
Dr. Liew is a Founding Principal of AQR. Dr. Liew cofounded AQR in 1998 where he oversees research and portfolio management and is a member of the firm’s Executive Committee. Dr. Liew earned a B.A. in economics, and an M.B.A. and a Ph.D. in finance, each from the University of Chicago.
The rest of the section remains the same.
SUP259_05_016_(10/26)
The information under the subsection "The Investment Manager and Subadvisers – Portfolio Managers" in the "Investment Management and Other Services" section of the SAI for Columbia Multi Strategy Alternatives Fund with respect to AQR is hereby superseded and replaced with the following: 
 
 
Other Accounts Managed (Excluding the Fund)
Ownership
of Fund
Shares
Potential
Conflicts
of Interest
Structure
of
Compensation
Fund
Portfolio
Manager
Number
and Type
of Account*
Approximate
Total Net
Assets
Performance-
Based
Accounts**
For Funds with fiscal year ending May 31 – Information is as of May 31, 2026, unless otherwise noted
Multi Strategy
Alternatives Fund
AQR:
Clifford Asness
 
22 RICs
78 PIVs
18 other
accounts
 
$31.18 billion
$41.94 billion
$11.76 billion
 
42 PIVs
($23.21 B)
9 other
accounts
($6.25 B)
 
None
 
AQR
 
AQR
Jordan Brooks
16 RICs
128 PIVs
126 other
accounts
$17.72 billion
$80.90 billion
$105.73 billion
56 PIVs
($34.77 B)
18 other
accounts
($13.32 B)
None
John Huss
31 RICs
124 PIVs
126 other
accounts
$33.57 billion
$80.87 billion
$105.73 billion
1 RIC
($168.63 M)
54 PIVs
($34.74 B)
18 other
accounts
($13.32 B)
None
David Kupersmith(j)
1 RIC
102 PIVs
123 other
accounts
$1.22 billion
$83.97 billion
$118.36 billion
42 PIVs
($32.23 B)
18 other
accounts
($13.27 B)
None
John Liew
14 RICs
78 PIVs
8 other
accounts
$12.38 billion
$41.56 billion
$5.26 billion
42 PIVs
($23.21 B)
3 other
accounts
($2.17 B)
None
*
RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle.
**
Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts.
(j)
The portfolio manager began managing the Fund after its last fiscal year end; reporting information is provided as of August 31, 2026.
The rest of the section remains the same.
Shareholders should retain this Supplement for future reference.
2
SUP259_05_016_(10/26)