# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001193125-23-052598
**Filing Date:** 2023-2
**Character Count:** 43078
**Document Hash:** b948d2524335a9af01d681ca59d8e5d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052598.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052598

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000773757
- **IRS NUMBER:** 363376651
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-99356
- **FILM NUMBER:** 23678857

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLUMBIA FUNDS TRUST IX
- **DATE OF NAME CHANGE:** 20031107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19991025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STEINROE MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Columbia Massachusetts Intermediate Municipal Bond Fund (Series ID: S000012087)

| Class ID   | Class Name                                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032942 | Columbia Massachusetts Intermediate Municipal Bond Fund Class A               | LMIAX           |
| C000032944 | Columbia Massachusetts Intermediate Municipal Bond Fund Class C               | LMICX           |
| C000032946 | Columbia Massachusetts Intermediate Municipal Bond Fund Class V               | GMBAX           |
| C000032947 | Columbia Massachusetts Intermediate Municipal Bond Fund Institutional Class   | SEMAX           |
| C000126471 | Columbia Massachusetts Intermediate Municipal Bond Fund Advisor Class         | CMANX           |
| C000169174 | Columbia Massachusetts Intermediate Municipal Bond Fund Institutional 2 Class | CMAUX           |
| C000184731 | Columbia Massachusetts Intermediate Municipal Bond Fund Institutional 3 Class | CMMYX           |

![](g606793cyanblocks.gif)

![](g606793coltnlogospot.gif)

#### Summary Prospectus
March 1, 2023<br>

Columbia Massachusetts Intermediate Municipal Bond Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;**Ticker Symbol** |
| A | &nbsp;&nbsp;&nbsp;&nbsp;LMIAX |
| Advisor (Class Adv) | &nbsp;&nbsp;&nbsp;&nbsp;CMANX |
| C | &nbsp;&nbsp;&nbsp;&nbsp;LMICX |
| Institutional (Class Inst) | &nbsp;&nbsp;&nbsp;&nbsp;SEMAX |
| Institutional 2 (Class Inst2) | &nbsp;&nbsp;&nbsp;&nbsp;CMAUX |
| Institutional 3 (Class Inst3) | &nbsp;&nbsp;&nbsp;&nbsp;CMMYX |
| V | &nbsp;&nbsp;&nbsp;&nbsp;GMBAX |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, statement of additional information and other information about the Fund online at https://www.columbiathreadneedleus.com/resources/literature. If you hold your Fund shares through a financial intermediary (such as a broker-dealer or bank), you can get this information at no cost by contacting that financial intermediary. If you hold your Fund shares directly with the Fund, you can get this information at no cost by calling 800.345.6611 or by sending an email to serviceinquiries@columbiathreadneedle.com. This Summary Prospectus incorporates by reference the Fund's prospectus, dated March 1, 2023, and current Statement of Additional Information.

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

![](g606793img73af79651.gif)

------

#### Investment Objective
Columbia Massachusetts Intermediate Municipal Bond Fund (the Fund) seeks as high a level of current interest income exempt from federal income tax and, to the extent possible, from Massachusetts individual income tax, as is consistent with relative stability of principal.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information is available about these and other sales charge discounts and waivers from your financial intermediary, and can be found in the *Choosing a Share Class* section beginning on page 24 of the Fund's prospectus, in *Appendix A* to the prospectus beginning on page A-1 and in Appendix S to the Statement of Additional Information (SAI) under *Sales Charge Waivers* beginning on page S-1.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** | &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** | &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** | &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** | &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** |
| | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Classes Adv, Inst,<br> Inst2 and Inst3** |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on purchases (as a % of offering price) | &nbsp;&nbsp;3.00% |  | &nbsp;&nbsp;4.75% |  |
| &nbsp;&nbsp;Maximum deferred sales charge (load) imposed on redemptions (as a % of the lower of the original purchase price or current net asset value) | &nbsp;&nbsp;0.75% <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1.00% <sup>(b)</sup> | &nbsp;&nbsp;1.00% <sup>(c)</sup> |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class Adv** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class Inst** | &nbsp;&nbsp;**Class Inst2** | &nbsp;&nbsp;**Class Inst3** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;Distribution and/or service (12b-1) fees | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;**Total annual Fund operating expenses<sup>(d)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Less: Fee waivers and/or expense reimbursements<sup>(e)</sup> | &nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;(0.09%) |
| &nbsp;&nbsp;**Total annual Fund operating expenses after fee waivers and/or expense reimbursements** | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% |

---

(a) This charge is imposed on
certain investments of $500,000 or more redeemed within 12 months after purchase, with certain limited exceptions.

(b) This charge applies to
redemptions within 12 months after purchase, with certain limited exceptions.

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

(d) "Total annual Fund
operating expenses" include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the *Financial Highlights* section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.

(e) Columbia
Management Investment Advisers, LLC 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, acquired fund fees
and expenses, and infrequent and/or unusual expenses) through February 29, 2024, unless sooner terminated at the sole discretion of the Fund's Board of Trustees (the Board). Under this agreement, the Fund's net operating expenses,
subject to applicable exclusions, will not exceed the annual rates of 0.81% for Class A, 0.56% for Class Adv, 1.26% for Class C, 0.56% for Class Inst, 0.51% for Class Inst2, 0.45% for Class Inst3 and 0.71% for Class V.

.

#### 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
applicable class of Fund shares 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.

1 Columbia Massachusetts Intermediate Municipal Bond Fund

------

*Class C shares' 10-year cost examples below reflect the Class C Shares 8-Year Conversion Policy.* 

<br> Since the waivers and/or reimbursements shown in the *Annual Fund Operating Expenses* table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;**Class A (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$380 | &nbsp;&nbsp;&nbsp;&nbsp;$570 | &nbsp;&nbsp;&nbsp;&nbsp;$775 | &nbsp;&nbsp;&nbsp;&nbsp;$1367 |
| &nbsp;&nbsp;**Class Adv (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;$199 | &nbsp;&nbsp;&nbsp;&nbsp;$353 | &nbsp;&nbsp;&nbsp;&nbsp;$802 |
| &nbsp;&nbsp;**Class C (assuming redemption of all shares at the end of the period)** | &nbsp;&nbsp;&nbsp;&nbsp;$228 | &nbsp;&nbsp;&nbsp;&nbsp;$419 | &nbsp;&nbsp;&nbsp;&nbsp;$731 | &nbsp;&nbsp;&nbsp;&nbsp;$1493 |
| &nbsp;&nbsp;**Class C (assuming no redemption of shares)** | &nbsp;&nbsp;&nbsp;&nbsp;$128 | &nbsp;&nbsp;&nbsp;&nbsp;$419 | &nbsp;&nbsp;&nbsp;&nbsp;$731 | &nbsp;&nbsp;&nbsp;&nbsp;$1493 |
| &nbsp;&nbsp;**Class Inst (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;$199 | &nbsp;&nbsp;&nbsp;&nbsp;$353 | &nbsp;&nbsp;&nbsp;&nbsp;$802 |
| &nbsp;&nbsp;**Class Inst2 (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;&nbsp;$185 | &nbsp;&nbsp;&nbsp;&nbsp;$330 | &nbsp;&nbsp;&nbsp;&nbsp;$753 |
| &nbsp;&nbsp;**Class Inst3 (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;&nbsp;$166 | &nbsp;&nbsp;&nbsp;&nbsp;$297 | &nbsp;&nbsp;&nbsp;&nbsp;$680 |
| &nbsp;&nbsp;**Class V (whether or not shares are redeemed)** | &nbsp;&nbsp;&nbsp;&nbsp;$544 | &nbsp;&nbsp;&nbsp;&nbsp;$710 | &nbsp;&nbsp;&nbsp;&nbsp;$890 | &nbsp;&nbsp;&nbsp;&nbsp;$1410 |

---

#### Portfolio Turnover
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in municipal securities that pay interest exempt from U.S. federal income tax (including the federal alternative minimum tax (AMT)) and Massachusetts individual income tax. These securities are issued by or on behalf of the Commonwealth of Massachusetts and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers and by funds that invest in such securities. Qualified issuers include issuers located in U.S. territories, commonwealths and possessions, such as Guam, Puerto Rico and the U.S. Virgin Islands. The Fund may invest up to 20% of its net assets in securities that pay interest subject to U.S. federal income tax (including the federal AMT) and Massachusetts individual income tax.

The Fund normally invests at least 80% of its total assets in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined by the management team to be of comparable quality. The Fund may invest up to 10% of its total assets in debt instruments that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to as "high-yield" investments or "junk" bonds).

While the Fund may invest in securities of any maturity, under normal circumstances, the Fund's dollar-weighted average maturity will be between three and ten years.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

#### Principal Risks
An investment in the Fund involves risks, including **Interest Rate Risk**, **Credit Risk**, **Market Risk**, **Municipal Securities Risk**, and **Changing Distribution Level Risk**, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. *There is no assurance that the Fund will achieve its investment objective and you may lose money*. The value of the Fund's holdings may decline, and the Fund's net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the Fund.

#### Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.
Columbia Massachusetts Intermediate Municipal Bond Fund 2

------

**Changing Distribution Level Risk. The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund's income or net capital gains arising from its investments may reduce its distribution level.**

**Credit Risk. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Debt instruments backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt instruments are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default. Credit rating agencies, such as S&P Global Ratings, Moody's Investors Service, Inc. (Moody's), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS) and Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.**

**High-Yield Investments Risk. Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.**

**Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund's yield and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.**

**Liquidity Risk. Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund's investments or decreases in their capacity or willingness to trade such investments may increase the Fund's exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial institutions to engage in trading or "making a market" in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund's performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund's exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund's investments in less liquid or illiquid securities), or forego another more appealing investment opportunity.**

3 Columbia Massachusetts Intermediate Municipal Bond Fund

------

The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. The municipal securities market is an over-the-counter market, which means that the Fund purchases and sells investments through municipal bond dealers. The Fund's ability to sell investments held in its portfolio is dependent on the willingness and ability of market participants to provide bids that, in the view of portfolio management, reflect current market prices. Adverse market conditions could result in a lack of liquidity by reducing the number of ready buyers.

**Market Risk. The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.**

**Municipal Securities Risk. Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.**

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund's shares will be negatively impacted to the extent it invests in such securities. The Fund's annual and semiannual reports show the Fund's investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund's investment exposures.

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

Columbia Massachusetts Intermediate Municipal Bond Fund 4

------

**Non-Diversified Fund Risk. The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.**

**Prepayment and Extension Risk. Prepayment and extension risk is the risk that a bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund's investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads.**

**Reinvestment Risk. Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or at least the same return it is currently earning.**

**Tax Risk. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and in most cases, the U.S. federal alternative minimum tax). A portion of the Fund's income from such bonds may be taxable to shareholders subject to the U.S. federal alternative minimum tax. Income from tax-exempt municipal obligations could be declared taxable, possibly retroactively, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service, the non-compliant conduct of a bond issuer or under other circumstances. In such event, then the value of the security would likely fall and, as a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes.**

#### Performance Information
The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund's returns (after applicable sales charges shown in the *Shareholder Fees* table in this prospectus) for the periods shown with a broad measure of market performance.

The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Fund's Class Inst shares for periods prior to its inception date.

Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities.

The after-tax returns shown in the *Average Annual Total Returns* table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.

**The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiathreadneedleus.com.**

5 Columbia Massachusetts Intermediate Municipal Bond Fund

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year by Year Total Return (%)<br> as of December 31 Each Year** | &nbsp;&nbsp;&nbsp;&nbsp;**Best and Worst Quarterly Returns<br> During the Period Shown in the Bar Chart** | &nbsp;&nbsp;&nbsp;&nbsp;**Best and Worst Quarterly Returns<br> During the Period Shown in the Bar Chart** | &nbsp;&nbsp;&nbsp;&nbsp;**Best and Worst Quarterly Returns<br> During the Period Shown in the Bar Chart** |
| ![](g606793bg_627.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; <sub>Best</sub> | <sub>4th Quarter 2022</sub> | <sub>3.33%</sub> |
| ![](g606793bg_627.jpg)  | &nbsp;&nbsp; <sub>Worst</sub> | <sub>1st Quarter 2022</sub> | <sub>-5.50%</sub> |

---

#### Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Share Class <br> Inception Date** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;12/09/2002 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;returns before taxes |  | &nbsp;&nbsp;&nbsp;&nbsp;-10.58% | &nbsp;&nbsp;&nbsp;&nbsp;-0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;returns after taxes on distributions |  | &nbsp;&nbsp;&nbsp;&nbsp;-10.58% | &nbsp;&nbsp;&nbsp;&nbsp;-0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;returns after taxes on distributions and sale of Fund shares |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;**Class Adv returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;03/19/2013 | &nbsp;&nbsp;&nbsp;&nbsp;-7.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;**Class C returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;12/09/2002 | &nbsp;&nbsp;&nbsp;&nbsp;-9.20% | &nbsp;&nbsp;&nbsp;&nbsp;-0.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;**Class Inst returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;06/14/1993 | &nbsp;&nbsp;&nbsp;&nbsp;-7.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;**Class Inst2 returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2016 | &nbsp;&nbsp;&nbsp;&nbsp;-7.61% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;**Class Inst3 returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;03/01/2017 | &nbsp;&nbsp;&nbsp;&nbsp;-7.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;**Class V returns before taxes** | &nbsp;&nbsp;&nbsp;&nbsp;06/26/2000 | &nbsp;&nbsp;&nbsp;&nbsp;-12.10% | &nbsp;&nbsp;&nbsp;&nbsp;-0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;**Bloomberg 3-15 Year Blend Municipal Bond Index (reflects no deductions for fees, expenses or taxes)** |  | &nbsp;&nbsp;&nbsp;&nbsp;-6.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |

---

#### Fund Management

#### Investment Manager: Columbia Management Investment Advisers, LLC

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Management** | &nbsp;&nbsp;&nbsp;&nbsp;**Title** | &nbsp;&nbsp;&nbsp;&nbsp;**Role with Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Managed Fund Since** |
| Paul Fuchs, CFA | &nbsp;&nbsp;&nbsp;&nbsp;Senior Portfolio Manager | &nbsp;&nbsp;&nbsp;&nbsp;Lead Portfolio Manager | &nbsp;&nbsp;&nbsp;&nbsp;2012 |
| Douglas Rangel, CFA | &nbsp;&nbsp;&nbsp;&nbsp;Senior Portfolio Manager | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;&nbsp;&nbsp;June 2022 |

---

#### Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund on any business day by contacting the Fund in the ways described below:

---

| | | |
|:---|:---|:---|
| **Online** | &nbsp;&nbsp;&nbsp;&nbsp;**Regular Mail** | &nbsp;&nbsp;&nbsp;&nbsp;**By Telephone** |
| columbiathreadneedleus.com/investor/ | &nbsp;&nbsp;&nbsp;&nbsp;Columbia Management<br> Investment Services Corp.<br> P.O. Box 219104<br> Kansas City, MO 64121-9104 &nbsp;&nbsp;&nbsp;&nbsp;Columbia Management<br> Investment Services Corp.<br> c/o SS&C GIDS, Inc.<br> 430 W 7<sup>th</sup> Street, Suite 219104<br> Kansas City, MO 64105-1407 | &nbsp;&nbsp;&nbsp;&nbsp;800.422.3737 |

---

You may purchase shares and receive redemption proceeds by electronic funds transfer, by check or by wire. If you maintain your account with a broker-dealer or other financial intermediary, you must contact that financial intermediary to buy, sell or exchange shares of the Fund through your account with the intermediary.

The minimum initial investment amounts for the share classes offered by the Fund are shown below:

Columbia Massachusetts Intermediate Municipal Bond Fund 6

------

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Category of eligible account** | &nbsp;&nbsp;**For accounts other than<br> Systematic Investment<br> Plan accounts (as described in the Fund's Prospectus)** | &nbsp;&nbsp;**For Systematic Investment<br> Plan accounts** |
| &nbsp;&nbsp;**Classes A, C & V <sup>(a)</sup>** | &nbsp;&nbsp;All accounts other than IRAs | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;**Classes A, C & V <sup>(a)</sup>** | &nbsp;&nbsp;IRAs | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;**Classes Adv<br> & Inst** | &nbsp;&nbsp;All eligible accounts | &nbsp;&nbsp;$0, $1,000 or $2,000<br> depending upon the category<br> of eligible investor | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;**Class Inst2** | &nbsp;&nbsp;All eligible accounts |  | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**Class Inst3** | &nbsp;&nbsp;All eligible accounts | &nbsp;&nbsp;$0, $1,000, $2,000<br> or $1 million depending<br> upon the category of<br> eligible investor | &nbsp;&nbsp;$100 (for certain<br> eligible investors) |

---

(a) Class V shares are generally
closed to new investors.

More information about these minimums can be found in the *Buying, Selling and Exchanging Shares - Buying Shares* section of the prospectus. There is no minimum additional investment for any share class.

#### Tax Information
Generally, a substantial portion of the Fund's distributions consists of exempt-interest dividends, which are generally not taxable to you for U.S. federal income tax purposes or for purposes of the U.S. federal alternative minimum tax. A portion of the Fund's distributions may not qualify as exempt-interest dividends; such distributions will generally be taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an IRA. If you are investing through a tax-advantaged account, you may be taxed upon withdrawals from that account.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies — including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. (the Distributor) and Columbia Management Investment Services Corp. (the Transfer Agent) — may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

![](g606793coltnlogospot.gif)

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.<br> The Fund is distributed by Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210.© 2023 Columbia Management Investment Advisers, LLC. All rights reserved.

---

| | |
|:---|:---|
| **columbiathreadneedleus.com** | SUM191_10_N01_(03/23) |

---