COLUMBIA FUNDS SERIES TRUST I

Columbia Strategic Income Fund

(the “Fund”)

Supplement dated February 6, 2013 to the Fund’s Prospectuses dated October 1, 2012

and November 8, 2012 and the Statement of Additional Information dated January 1, 2013

Effective February 14, 2013, Zach Pandl will be added as a co-manager of the Fund. Accordingly, the prospectuses are amended as follows:

 

1. The section of the prospectuses for the Fund entitled “Investment Manager and Portfolio Manager(s)” is amended by adding the following disclosure to the Portfolio Managers column:

 

 

Portfolio Managers

 

 

Zach Pandl

 

Co-manager. Service with the Fund since February 2013.

 

2. The section of the prospectuses for the Fund entitled “Management of the Fund – Primary Service Providers – Portfolio Managers” is revised by adding the following disclosure:

 

 

Zach Pandl

Co-manager. Service with the Fund since February 2013.

Senior Portfolio Manager of the Investment Manager; associated with the Investment Manager as an investment professional since 2012. Prior to 2012, Mr. Pandl was a senior economist at Goldman Sachs and was an economist at Nomura Securities from 2009-2011 and Lehman Brothers from 2006-2008. Mr. Pandl began his investment career in 2006 and earned a B.S. from the University of St. Thomas, Minnesota and an M.S. from New York University.

 

 

The following changes are hereby made to the Statement of Additional Information under the section entitled “ INVESTMENT ADVISORY AND OTHER SERVICES – The Investment Manager and Investment Advisory Services” :

The table under the heading “Portfolio Manager(s)” is modified by adding the following:

 

 

Portfolio Manager

   Fund(s)
 

 

Zach Pandl

  

 

Strategic Income Fund

The table under the heading “Portfolio Manager(s) Information” is modified by adding the following:

 

            Other Accounts Managed (excluding the Fund)  

 

         

Fund

 

  

Portfolio Manager

 

  

Number and
Type of Account

 

 

Approximate
Total Net
Assets

 

  

Performance
Based
Accounts

 

  

Dollar Range of
Equity
Securities in the
Fund
Beneficially
Owned

 

  

Structure of
Compensation
(described in the
next sub-section)

 

For Funds with fiscal year ending May 31

 

                  
Strategic Income Fund    Zach Pandl    0 RICs
4 other
accounts 5 		  $0
$32,600 		   None    None    (1)

 

 

  5  

Information provided as of December 31, 2012.

The table under the heading “Performance Benchmarks” is modified by adding the following:

 

     

Portfolio Manager

  

Fund(s)

  

Primary Benchmark(s)

  

Peer Group

 

 

Zach Pandl

  

 

Strategic Income Fund

  

 

Barclays

Government/Credit Bond Index; Blended

Benchmark 3

  

 

Lipper Multi-Sector

Income Funds

Classification

 

  3  

A custom composite established by the Investment Manager, consisting of a 35% weighting of the Barclays U.S. Aggregate Bond Index, a 35% weighting of the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index – Unhedged and a 15% weighting of the JPMorgan Emerging Markets Bond Index – Global.

Shareholders should retain this Supplement for future reference.

C-1036-3 A (2/13)

COLUMBIA FUNDS VARIABLE INSURANCE TRUST

Columbia Variable Portfolio - Strategic Income Fund

(the “Fund”)

Supplement dated February 6, 2013 to the Fund’s Prospectus

and Statement of Additional Information dated May 1, 2012

Effective February 14, 2013, Zach Pandl will be added as a co-manager of the Fund. Accordingly, the prospectuses are amended as follows:

 

1. The section of the prospectuses for the Fund entitled “Investment Manager and Portfolio Manager(s)” is amended by adding the following disclosure to the Portfolio Managers column:

 

 

Portfolio Managers

 

 

Zach Pandl

 

Co-manager. Service with the Fund since February 2013.

 

2. The section of the prospectuses for the Fund entitled “Management of the Fund – Primary Service Providers – Portfolio Managers” is revised by adding the following disclosure:

 

 

Zach Pandl

Co-manager. Service with the Fund since February 2013.

Senior Portfolio Manager of the Investment Manager; associated with the Investment Manager as an investment professional since 2012. Prior to 2012, Mr. Pandl was a senior economist at Goldman Sachs and was an economist at Nomura Securities from 2009-2011 and Lehman Brothers from 2006-2008. Mr. Pandl began his investment career in 2006 and earned a B.S. from the University of St. Thomas, Minnesota and an M.S. from New York University.

 

 

The following changes are hereby made to the Statement of Additional Information under the section entitled “ INVESTMENT ADVISORY AND OTHER SERVICES – The Investment Manager and Investment Advisory Services” :

The table under the heading “Portfolio Manager(s)” is modified by adding the following:

 

 

Portfolio Manager

   Fund(s)
 

 

Zach Pandl

  

 

VP Strategic Income Fund

The table under the heading “Portfolio Manager(s) Information” is modified by adding the following:

 

            Other Accounts Managed (excluding the  
Fund)

 

         

Fund

 

  

Portfolio
Manager

 

  

Number and
Type of
Account

 

 

Approximate
Total Net
Assets

 

  

Performance
Based
Accounts

 

  

Dollar Range
of Equity
Securities in
the Fund
Beneficially
Owned

 

  

Structure of
Compensation
(described in
the next sub-
section)

 

For Funds with fiscal year ending December 31

 

                  

VP Strategic

Income Fund

   Zach Pandl    0 RICs
4 other
accounts 3 		  $0
$32,600 		   None    None    (1)

 

 

  3  

Information provided as of December 31, 2012.

The table under the heading “Performance Benchmarks” is modified by adding the following:

 

     

Portfolio Manager

  

Fund(s)

  

Primary Benchmark(s)

  

Peer Group

 

 

Zach Pandl

  

 

VP Strategic Income

Fund

  

 

Barclays

Government/Credit

Bond Index

Blended Benchmark*

  

 

Lipper Variable

Underlying Funds

General Bond Funds

Classification

 

  * A custom composite established by the Investment Manager, consisting of a 35% weighting of the Barclays Aggregate Bond Index, a 35% weighting of the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index—Unhedged and a 15% weighting of the JPMorgan Emerging Markets Bond Index —Global.

Shareholders should retain this Supplement for future reference.

C-1522-2 A (2/13)