Form 497 COLUMBIA FUNDS SERIES

Fund	Prospectus and Summary Prospectus Dated
Columbia Funds Series Trust I
Multi-Manager Small Cap Equity Strategies Fund (the Fund)	1/1/2022

On the Effective Date, the following information is added to the section “Fund Management” in the Summary Prospectus and the "Summary of the Fund — Fund Management" section of the Prospectus:

Subadviser: Jacobs Levy Equity Management, Inc. (Jacobs Levy)

    

Portfolio Management		Title		Role with Fund		Managed Fund Since
Bruce Jacobs, Ph.D.		Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research of Jacobs Levy		Co-Portfolio Manager		July 2022
Kenneth Levy, CFA		Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research of Jacobs Levy		Co-Portfolio Manager		July 2022

The rest of the section remains the same.

On the Effective Date, the subheading and disclosure under "Columbia Management – Integrated Small Cap Value Strategy Sleeve" in the subsection "Principal Investment Strategies" in the "More Information About the Fund" section of the Prospectus is hereby deleted and the following is added thereto:

Jacobs Levy – Small Cap Value Strategy Sleeve

Jacobs Levy invests in small cap value stocks for the Fund using a dynamic, multidimensional investment process that combines human insight and intuition, finance and behavioral theory, and quantitative and statistical methods. Jacobs Levy’s security evaluation process focuses on the modeling of a large number of stocks and proprietary factors, using financial statements, security analyst forecasts, corporate management signals, economic releases, and security prices, as well as alternative and proprietary data sources. This investment approach is intended to promote diversification across securities, industries, and sectors, while managing for known risk exposures relative to the underlying benchmark. The range of models is designed to allow the portfolio to be diversified across exposures to numerous potential opportunities. Jacobs Levy generally considers selling a stock when the return prediction generated by its models, adjusted for risk and expected transaction costs, is notably surpassed by another stock’s return prediction. Partial sales may occur when Jacobs Levy’s investment process determines that these

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transactions could benefit portfolio performance or when, as a result of market action, a position has grown to a size that impinges on portfolio risk or liquidity limitations. Sales may also occur under special circumstances; for example, if a company agrees to be acquired, and trades as a merger arbitrage situation, its stock may be sold. Sales can be triggered when necessary valuation data are no longer available; for example, if all security analysts drop coverage of a stock, the position may be sold.

The rest of the section remains the same.

On the Effective Date, the information under the subsection “Principal Risks” in the “More Information About the Fund” section of the Prospectus is hereby revised to add Quantitative Model Risk to the first sentence of the lead-in paragraph and the following as a Principal Risk of the Fund:

Quantitative Model Risk. Quantitative models used by the Fund may not effectively identify purchases and sales of Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time. Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a quantitative model is based. The success of a quantitative model will depend upon the model’s accurate reflection of market conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the models, including as conditions change, as well as any errors or imperfections in the models, could adversely affect Fund performance. Quantitative model performance depends upon the quality of its design and effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform well in all market conditions or across all time intervals. Quantitative models may underperform in certain market environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio management team when determining the data collected and incorporated into a quantitative model. Shareholders should be aware that there is no guarantee that any specific data or type of data can or will be used in a quantitative model. The portfolio management team may also use discretion when interpreting and applying the results of a quantitative model, including emphasizing, discounting or disregarding its outputs. It is not possible or practicable for a quantitative model to factor in all relevant, available data. There is no guarantee that the data actually utilized in a quantitative model will be the most accurate data available or be free from errors. There can be no assurance that the use of quantitative models will enable the Fund to achieve its objective.

The rest of the section remains the same.

On the Effective Date, the following information is added under the caption “The Investment Manager” in the “More Information About the Fund — Primary Service Provider Contracts” section of the Prospectus:

A discussion regarding the basis for the Board’s approval of the adoption of the investment subadvisory agreement with Jacobs Levy will be available in the Fund’s annual report to shareholders for the fiscal year ending August 31, 2022.

The rest of the section remains the same.

On the Effective Date, the following information is added under the caption “Subadvisers” in the “More Information About the Fund — Primary Service Provider Contracts” section of the Prospectus:

Jacobs Levy, which has served as Subadviser to the Fund since July 2022, is located at 100 Campus Drive, 4^th Floor East, Florham Park, NJ 07932. Jacobs Levy, subject to the supervision of Columbia Management, provides day-to-day management of a portion of the Fund’s portfolio under a subadvisory agreement with Columbia Management. Jacobs Levy, a New Jersey corporation, was founded in September 1986. Jacobs Levy’s core business activity is managing U.S. equity portfolios for its clients, which include institutions with separately managed accounts, registered investment companies, and pooled investment vehicles intended for sophisticated, institutional investors.

The rest of the section remains the same.

On the Effective Date, the following information is added under the caption “Portfolio Managers” in the “More Information About the Fund — Primary Service Provider Contracts” section of the Prospectus:

Subadviser: Jacobs Levy Equity Management, Inc. (Jacobs Levy)

    

Portfolio Management		Title		Role with Fund		Managed Fund Since
Bruce Jacobs, Ph.D.		Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research of Jacobs Levy		Co-Portfolio Manager		July 2022
Kenneth Levy, CFA		Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research of Jacobs Levy		Co-Portfolio Manager		July 2022

Dr. Jacobs is a Principal and Co-Founder of Jacobs Levy, which was established in 1986. Dr. Jacobs began his investment career in 1982 and earned a B.A. from Columbia College, an M.S. from Columbia University, an M.S.I.A. from Carnegie Mellon University, and an M.A. and a Ph.D. from the University of Pennsylvania’s Wharton School.

Mr. Levy is a Principal and Co-Founder of Jacobs Levy, which was established in 1986. Mr. Levy began his investment career in 1982 and earned a B.A. from Cornell University and an M.B.A. and an M.A. from the University of Pennsylvania’s Wharton School.

The rest of the section remains the same.

Shareholders should retain this Supplement for future reference.

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