COLUMBIA LARGE CAP GROWTH FUND II - RightProspectus€¦ · COLUMBIA LARGE CAP GROWTH FUND II (formerly Columbia Marsico 21st Century Fund) ANNUAL REPORT February 29, 2016 Merrill

COLUMBIA LARGE CAP GROWTH FUND II(formerly Columbia Marsico 21st Century Fund)

ANNUAL REPORTFebruary 29, 2016

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:11 | 16-7002-4.aa | Sequence: 1CHKSUM Content: 7853 Layout: 17008 Graphics: 31915 CLEAN

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ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group

that provides a broad range of actively managed investment strategies and

solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based

in North America, Europe and Asia, we manage $472 billion* of assets across

developed and emerging market equities, fixed income, asset allocation solutions

and alternatives. We are the 13th largest manager of long-term mutual fund assets

in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the

investment outcomes they expect through an investment approach that is team-

based, performance-driven and risk-aware. Our culture is dynamic and interactive.

By sharing our insights across asset classes and geographies, we generate richer

perspectives on global, regional and local investment landscapes. The ability to

exchange and debate investment ideas in a collaborative environment enriches

our teams’ investment processes. More importantly, it results in better informed

investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC. *** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.Not part of the shareholder report

Merrill Corp - Ameriprise Financial [MCS] Filler pages N-CSR ED [AUX] | thunt | 14-Mar-16 07:24 | 14-22478-1.aa | Sequence: 1CHKSUM Content: 39005 Layout: 37839 Graphics: 19565 CLEAN

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Investment strategies to help meet investor needsWe are committed to helping investors navigate financial challenges to reachtheir desired outcomes. The possibilities are endless.

Your success is our priority.

Retire comfortably

Fund college or higher education

Leave a legacy

To find out more, contact your financial professional, call 800.426.3750or visit columbiathreadneedle.com/us

Generate an appropriate stream of income in retirement

Traditional approaches to income may no longer be adequate — and they mayno longer provide the diversification benefits they once did. Investors need torethink how they generate retirement income.

Worried about running out of income? You are not alone.

Navigate a changing interest rate environment

Even in today’s challenging interest rate environment, it’s still possible tonavigate markets and achieve your goals.

Make investment choices designed specifically for this market environment.

Maximize after-tax returns

In an environment where what you keep is more important than what youearn, municipal bonds can help mitigate higher taxes while providingattractive yields compared to other investment options.

You’ve worked too hard building your wealth to lose it to taxes.

Grow assets to achieve financial goals

Finding growth opportunities in today’s complex market environment requiresstrong research capabilities, creative thinking and a disciplined approach.

Do your investments deliver the portfolio growth you need?

Ease the impact of volatile markets

With increasing concerns about market volatility, investors should considerdiversifying their portfolios with non-traditional holdings.

Interested in turning volatility into opportunity?

Not part of the shareholder report

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PRESIDENT’S MESSAGE

Dear Shareholder,Today’s investors are typically focused on outcomes, like living a certain retirementlifestyle, paying for college education or building a legacy. But in today’s complex globalinvestment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs oftoday’s investors:

n Generate an appropriate stream of income in retirementTraditional approaches to generating income may not provide the diversification benefitsthey once did, and they may actually introduce unwanted risk in today’s market. To seekto improve your potential to live comfortably long term, we endeavor to pursueinvestments that explore less traveled paths to income.

n Navigate a changing interest rate environmentToday’s uncertain market environment includes the prospect of a rise in interest rates. Blending traditionalinvestments with non-traditional or alternative products may help protect your wealth during periods of volatility.We can attempt to help strengthen your portfolio with agile products designed to take on the market’s ups anddowns.

n Maximize after-tax returnsIn an environment where what you keep may be more important than what you earn, municipal bonds can helpmitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exemptproducts are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on amore tax-efficient basis.

n Grow assets to achieve financial goalsWe believe that finding and protecting growth comes from a disciplined security selection process designed tocreate excess return. Our goal is to provide investment solutions built to help you face today’s marketchallenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile marketsDespite a bull market run that has benefited many investors over the past several years, it’s important toremember the lessons of 2008 and the value that a well-diversified portfolio may provide through times ofmarket volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and toprovide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us atblog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet yourgoals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. PetersenPresident, Columbia FundsInvestors should consider the investment objectives, risks, charges and expenses of a mutual fund carefullybefore investing. For a free prospectus and summary prospectus, which contains this and other importantinformation about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully beforeinvesting.Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by ColumbiaManagement Investment Advisers, LLC.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2016

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:11 | 16-7002-4.ba | Sequence: 1CHKSUM Content: 36689 Layout: 19766 Graphics: 55926 CLEAN

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TABLE OF CONTENTS

Performance Overview.............................................................2

Manager Discussion of Fund Performance ................................4

Understanding Your Fund’s Expenses .......................................6

Portfolio of Investments ..........................................................7

Statement of Assets and Liabilities........................................12

Statement of Operations .......................................................14

Statement of Changes in Net Assets......................................15

Financial Highlights...............................................................17

Notes to Financial Statements...............................................24

Report of Independent Registered Public Accounting Firm ........32

Trustees and Officers............................................................33

Important Information About This Report ................................39

Fund Investment ManagerColumbia Management InvestmentAdvisers, LLC225 Franklin StreetBoston, MA 02110

Fund DistributorColumbia Management InvestmentDistributors, Inc.225 Franklin StreetBoston, MA 02110

Fund Transfer AgentColumbia Management InvestmentServices Corp.P.O. Box 8081Boston, MA 02266-8081

For more information about any of the funds,please visit columbiathreadneedle.com/us orcall 800.345.6611. Customer ServiceRepresentatives are available to answer yourquestions Monday through Friday from 8 a.m.to 7 p.m. Eastern time.

The views expressed in this report reflectthe current views of the respective parties.These views are not guarantees of futureperformance and involve certain risks,uncertainties and assumptions that are difficult to predict, so actual outcomes andresults may differ significantly from theviews expressed. These views are subject tochange at any time based upon economic,market or other conditions and therespective parties disclaim anyresponsibility to update such views. Theseviews may not be relied on as investmentadvice and, because investment decisionsfor a Columbia fund are based on numerousfactors, may not be relied on as anindication of trading intent on behalf of anyparticular Columbia fund. References tospecific securities should not be construedas a recommendation or investment advice.

COLUMBIA LARGE CAP GROWTH FUND II

Annual Report 2016

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:11 | 16-7002-4.ca | Sequence: 1CHKSUM Content: 28171 Layout: 54776 Graphics: No Graphics CLEAN

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2 Annual Report 2016

PERFORMANCE OVERVIEW

Performance Summaryn Columbia Large Cap Growth Fund II (the Fund) Class A shares returned -14.98% excluding sales charges for

the 12-month period that ended February 29, 2016.

n The Fund’s benchmark, the Russell 1000 Growth Index, returned -5.05% for the same time period.

n In a period of heightened market volatility, stock selection detracted from performance relative to its benchmark.

Average Annual Total Returns (%) (for period ended February 29, 2016)

Inception 1 Year 5 Years 10 Years

Class A 04/10/00

Excluding sales charges -14.98 5.14 3.98

Including sales charges -19.87 3.90 3.37

Class B 04/10/00



Class C 04/10/00



Class R 01/23/06 -15.20 4.89 3.72

Class R4* 11/08/12 -14.79 5.32 4.07

Class R5* 01/08/14 -14.70 5.31 4.06

Class Z 04/10/00 -14.77 5.40 4.24

Russell 1000 Growth Index -5.05 10.95 7.74

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with andwithout the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year andeliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes arenot subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different shareclasses will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment ofdistributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on theredemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by ColumbiaManagement Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements,performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return andprincipal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.Current performance may be lower or higher than the performance information shown. You may obtain performance information current tothe most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are sinceFund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one class of shares at itsinception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer shareclasses, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for moreinformation.

Effective November 20, 2015 the Fund compares its performance to that of the Russell 1000 Growth Index (replacing the Russell 3000Index). The Fund’s investment manager believes that the new index provides a more appropriate basis for comparing the Fund’s performancein light of the changes made to the Fund’s name and principal investment strategies.

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total marketcapitalization, which represents approximately 98% of the investable U.S. equity market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxesor other expenses of investing. Securities in the Fund may not match those in an index.




3Annual Report 2016

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (March 1, 2006 – February 29, 2016)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Growth Fund IIduring the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on theredemption of Fund shares.

0

5,000

10,000

15,000

$25,000

20,000$21,070

$18,527

$13,923

Columbia Large Cap Growth Fund II Class A (including sales charges) ($13,923)Russell 1000 Growth Index ($21,070)

02/1603/01/06 02/1502/1402/1302/11 02/1202/1002/0902/0802/07

Russell 3000 Index ($18,527)


Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:11 | 16-7002-4.ca | Sequence: 3CHKSUM Content: 40312 Layout: 4240 Graphics: 3240 CLEAN

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MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended February 29, 2016, the Fund’sClass A shares returned -14.98%. The Fund underperformed its newbenchmark, the Russell 1000 Growth Index, which returned -5.05% overthe same time period. The Fund’s underperformance of its benchmarkwas due primarily to stock selection.

Mounting Global Pressures Weighed on MarketsAround the world, investors turned cautious over the 12-month period thatended February 29, 2016, as lackluster economic growth, contentiousgeopolitical conflicts and a shift in U.S. monetary policy weighed onconfidence. Subpar global economic growth continued for a fourth straightyear, with China’s slowdown heading the list of disappointments. Conflictsin the Middle East and terrorism, both at home and abroad, heightenedsecurity fears. Plummeting oil prices and a rising dollar rounded the list ofmounting pressures. A widening trade deficit also took a significant biteout of growth.

Despite these setbacks, the U.S. economy continued to expand for theseventh consecutive year. U.S. labor markets recovered to fullemployment and consumer spending strengthened. The housing marketinched forward, although sales slipped near the end of the period as newindustry regulation led to longer closing periods. Manufacturing activitysoftened, putting a damper on growth.

Modest stock market gains in the first half of the period were wiped out inthe second half. The S&P 500 Index, a broad measure of U.S. stockmarket performance, returned -6.19%, including dividends. Large-capstocks held up better than mid- and small-cap stocks and growth stocksoutperformed value stocks.

In December 2015, the Federal Reserve (the Fed) raised the target rangeof its benchmark interest rate by a quarter of a point, ending a lengthydebate about whether the economy was strong enough to withstandhigher borrowing costs. Mixed economic signals early in 2016 putadditional rate hikes on hold — at least for now.

Marsico-Subadvised PortfolioFrom March 1, 2015 through November 19, 2015, Marsico provided day-to-day portfolio management of the Fund and the Fund’s performance wascompared to that of the Russell 3000 Index. This section discusses thecontributors and detractors to the Fund’s portfolio during the period inwhich Marsico subadvised the portfolio.

The consumer discretionary and information technology sectors were theFund’s best performers during the period the Fund was managed by Marsico.An overweight allocation to consumer discretionary stocks and stockselection within the consumer discretionary sector, specifically in the retailand media industry groups, benefited performance. Ctrip.com International,China’s largest online travel agency, was one of the Fund’s top performers.The company effectively consolidated the online travel market by buyinganother sizeable competitor and taking a significant stake in the number twoplayer in the market. Recent results showed an acceleration in online traveltrends and higher-than-expected margins due to market consolidation.


Portfolio Management

John Wilson, CFA

Peter Deininger, CFA, CAIA

Tchintcia Barros, CFA

Effective November 20, 2015, MarsicoCapital Management, LLC (Marsico) nolonger serves as the subadviser to the Fundand Columbia Management InvestmentAdvisers, LLC assumed the day-to-daymanagement of the Fund’s portfolio.

Morningstar Style BoxTM

The Morningstar Style BoxTM is based on afund’s portfolio holdings. For equity funds,the vertical axis shows the marketcapitalization of the stocks owned, and thehorizontal axis shows investment style(value, blend, or growth). Information shownis based on the most recent data providedby Morningstar.

© 2016 Morningstar, Inc. All rightsreserved. The Morningstar informationcontained herein: (1) is proprietary toMorningstar and/or its content providers;(2) may not be copied or distributed; and(3) is not warranted to be accurate,complete or timely. Neither Morningstar norits content providers are responsible forany damages or losses arising from anyuse of this information.

Investment Risks

Market risk may affect a single issuer,sector of the economy, industry or themarket as a whole. Growth securities, attimes, may not perform as well as valuesecurities or the stock market in generaland may be out of favor with investors.Foreign investments subject the fund torisks, including political, economic, market,social and others within a particularcountry, as well as to currency instabilitiesand less stringent financial and accountingstandards generally applicable to U.S.issuers. The fund may invest significantly inissuers within a particular sector, whichmay be negatively affected by market,economic or other conditions, making thefund more vulnerable to unfavorabledevelopments in the sector.

Equity StyleValue Blend Growth

Size

Larg

eM

ediu

mSm

all

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:11 | 16-7002-4.ca | Sequence: 4CHKSUM Content: 57009 Layout: 49808 Graphics: 10195 CLEAN

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5Annual Report 2016

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Stock selection and an overweight in information technology stocks alsoaided performance as certain software and services positions generateddouble-digit returns for the period, including Facebook and Electronic Arts.Facebook’s business grew as more advertising shifted from traditional toonline media. Earnings growth was better-than-expected, fueled by activeuser growth. Facebook continued to innovate ways to engage with itsusers. Electronic Arts, a gaming company in the technology softwaresegment, delivered a double-digit gain that was driven by strong sales ofboth digital content and key sports titles. Tight expense control led tohigher-than-expected revenue, operating profit and earnings per share. Anunderweight in energy, the weakest performing sector of the Russell 3000Index during the period, also aided relative results.

Health care stocks led the list of detractors for the period. Shares of EndoInternational and Concordia Healthcare declined sharply. The Fund’sposition in Concordia Healthcare was sold and the Fund’s position in EndoInternational was reduced.

CMIA PortfolioEffective November 20, 2015, Columbia Management InvestmentAdvisers, LLC, the Investment Manager, assumed day-to-day portfoliomanagement of the Fund and the Fund began comparing its performanceto that of the Russell 1000 Growth Index. This section discusses thecontributors and detractors to the Fund’s portfolio from November 20,2015 through February 29, 2016.

In a period of exceptional volatility, we began to transition the portfolio’sholdings to bring it in line with our large-cap growth strategy, a processthat has been underway since we assumed Fund management onNovember 20, 2015. The Fund also adopted a new benchmark, theRussell 1000 Growth Index, which we believe more accurately reflects ourgrowth style. We increased the Fund’s weighting in consumer staples anddecreased weightings in consumer discretionary and health care. Overall,the Fund has become more diversified, with an expanded list ofapproximately 65 to 85 company names. At period’s end, the portfoliowas focused on high quality growth companies with track records ofconsistent earnings growth and particular emphasis on both health careand information technology.


Top Ten Holdings (%)(at February 29, 2016)

Amazon.com, Inc. 4.0

Facebook, Inc., Class A 4.0

Microsoft Corp. 4.0

Apple, Inc. 3.7

Visa, Inc., Class A 3.2

Alphabet, Inc., Class A 3.2

PepsiCo, Inc. 3.0

Comcast Corp., Class A 3.0

Philip Morris International, Inc. 2.8

iShares Russell 1000 Growth Index Fund 2.7

Percentages indicated are based upon totalinvestments (excluding Money MarketFunds).

For further detail about these holdings,please refer to the section entitled“Portfolio of Investments.”

Fund holdings are as of the date given, aresubject to change at any time, and are notrecommendations to buy or sell anysecurity.

Portfolio Breakdown (%)(at February 29, 2016)

Common Stocks 88.5

Exchange-Traded Funds 4.9

Money Market Funds 6.6

Total 100.0

Percentages indicated are based upon totalinvestments. The Fund’s portfoliocomposition is subject to change.

Equity Sector Breakdown (%)(at February 29, 2016)

Consumer Discretionary 19.7

Consumer Staples 12.4

Financials 5.3

Health Care 15.2

Industrials 8.3

Information Technology 35.8

Materials 2.4

Telecommunication Services 0.9

Total 100.0

Percentages indicated are based upon totalequity investments. The Fund’s portfoliocomposition is subject to change.




UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales chargeson purchases and may include redemption fees. There are also ongoing costs, which generally includemanagement fees, distribution and/or service fees, and other fund expenses. The following information isintended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you comparethese costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s ExpensesTo illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors ineach share class of the Fund during the period. The actual and hypothetical information in the table is based onan initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expenseinformation is calculated two ways and each method provides you with different information. The amount listed inthe “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. Youmay use the Actual information, together with the amount invested, to estimate the expenses that you paid overthe period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000= 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amountlisted in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’sactual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. Youshould not use the hypothetical account values and expenses to estimate either your actual account balance atthe end of the period or the expenses you paid during the period. See “Compare With Other Funds” below fordetails on how to use the hypothetical data.

Compare With Other FundsSince all mutual funds are required to include the same hypothetical calculations about expenses in shareholderreports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To doso, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reportsof other funds. As you compare hypothetical examples of other funds, it is important to note that hypotheticalexamples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transactioncosts, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are usefulin comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.If transaction costs were included in these calculations, your costs would be higher.

September 1, 2015 – February 29, 2016

Account Value at the Beginning Account Value at the End of the Expenses Paid During the Fund’s Annualizedof the Period ($) Period ($) Period ($) Expense Ratio (%)

Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual

Class A 1,000.00 1,000.00 896.50 1,018.75 5.80 6.17 1.23

Class B 1,000.00 1,000.00 893.20 1,015.07 9.27 9.87 1.97

Class C 1,000.00 1,000.00 893.20 1,015.02 9.32 9.92 1.98

Class R 1,000.00 1,000.00 895.50 1,017.50 6.98 7.42 1.48

Class R4 1,000.00 1,000.00 897.60 1,019.99 4.62 4.92 0.98

Class R5 1,000.00 1,000.00 898.00 1,020.69 3.96 4.22 0.84

Class Z 1,000.00 1,000.00 897.70 1,019.99 4.62 4.92 0.98

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the averageaccount value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated andnon-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses,account value at the end of the period would have been reduced.




7Annual Report 2016

PORTFOLIO OF INVESTMENTSFebruary 29, 2016(Percentages represent value of investments compared to net assets)

CONSUMER DISCRETIONARY 17.2%

Auto Components 0.5%

Visteon Corp. 53,651 3,751,278

Hotels, Restaurants & Leisure 1.6%

Norwegian Cruise Line Holdings Ltd.(a) 235,886 11,589,079

Household Durables 0.7%

Jarden Corp.(a) 97,401 5,150,565

Internet & Catalog Retail 5.9%

Amazon.com, Inc.(a) 48,672 26,892,253

Ctrip.com International Ltd., ADR(a) 140,237 5,738,498

Expedia, Inc. 38,328 3,990,328

Priceline Group, Inc. (The)(a) 4,623 5,849,066

Total 42,470,145

Media 3.5%

Comcast Corp., Class A 342,603 19,778,471

DISH Network Corp., Class A(a) 121,350 5,719,226

Total 25,497,697

Multiline Retail 1.1%

Dollar General Corp. 105,504 7,833,672

Specialty Retail 3.4%

Lowe’s Companies, Inc. 226,720 15,310,401

TJX Companies, Inc. (The) 130,399 9,662,566

Total 24,972,967

Textiles, Apparel & Luxury Goods 0.5%

lululemon athletica, Inc.(a) 58,119 3,645,805

Total Consumer Discretionary 124,911,208

CONSUMER STAPLES 10.8%

Beverages 5.5%

Constellation Brands, Inc., Class A 72,942 10,316,187

Molson Coors Brewing Co., Class B 107,400 9,157,998

PepsiCo, Inc. 206,030 20,153,854

Total 39,628,039

Food & Staples Retailing 2.4%

CVS Health Corp. 182,104 17,695,046

Food Products 0.4%

Tyson Foods, Inc., Class A 39,899 2,583,460

Tobacco 2.5%

Philip Morris International, Inc. 201,858 18,375,134

Total Consumer Staples 78,281,679


The accompanying Notes to Financial Statements are an integral part of this statement.

Common Stocks 87.3%

Issuer Shares Value ($)

Common Stocks (continued)


FINANCIALS 4.6%

Banks 1.2%

First Republic Bank 84,002 5,169,483

Wells Fargo & Co. 78,931 3,703,443

Total 8,872,926

Capital Markets 2.7%

Bank of New York Mellon Corp. (The) 255,325 9,035,952

BlackRock, Inc. 11,574 3,610,625

Goldman Sachs Group, Inc. (The) 24,613 3,680,382

Invesco Ltd. 125,467 3,354,987

Total 19,681,946

Real Estate Investment Trusts (REITs) 0.7%

Simon Property Group, Inc. 26,685 5,062,945

Total Financials 33,617,817

HEALTH CARE 13.3%

Biotechnology 6.0%

Alexion Pharmaceuticals, Inc.(a) 83,831 11,803,405

Alkermes PLC(a) 252,178 8,137,784

Biogen, Inc.(a) 30,317 7,864,836

Celgene Corp.(a) 84,092 8,478,997

Incyte Corp.(a) 19,858 1,459,563

Intercept Pharmaceuticals, Inc.(a) 8,074 899,282

Novavax, Inc.(a) 169,761 740,158

Ultragenyx Pharmaceutical, Inc.(a) 13,896 847,517

Vertex Pharmaceuticals, Inc.(a) 39,504 3,377,197

Total 43,608,739

Health Care Equipment & Supplies 1.7%

Medtronic PLC 160,683 12,435,257

Health Care Providers & Services 1.4%

Express Scripts Holding Co.(a) 74,310 5,229,938

Laboratory Corp. of America Holdings(a) 43,556 4,784,191

Total 10,014,129

Life Sciences Tools & Services 1.8%

Thermo Fisher Scientific, Inc. 97,804 12,635,299

Pharmaceuticals 2.4%

Bristol-Myers Squibb Co. 279,456 17,306,710

Total Health Care 96,000,134

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.da | Sequence: 1CHKSUM Content: 42478 Layout: 33417 Graphics: No Graphics CLEAN

JOB: 16-7002-4 CYCLE#;BL#: 5; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Cyan, PANTONE 540 U, ~note-color 2, ~note-color 3 GRAPHICS: none V1.5


PORTFOLIO OF INVESTMENTS (continued)February 29, 2016

INDUSTRIALS 7.2%

Aerospace & Defense 1.2%

Northrop Grumman Corp. 44,851 8,621,259

Air Freight & Logistics 1.6%

FedEx Corp. 85,490 11,701,871

Airlines 1.6%

Delta Air Lines, Inc. 245,499 11,842,872

Electrical Equipment 0.5%

AMETEK, Inc. 71,466 3,316,737

Machinery 1.7%

Ingersoll-Rand PLC 119,771 6,654,477

Stanley Black & Decker, Inc. 57,967 5,449,478

Total 12,103,955

Road & Rail 0.6%

Kansas City Southern 57,830 4,725,289

Total Industrials 52,311,983

INFORMATION TECHNOLOGY 31.3%

Communications Equipment 1.1%

Palo Alto Networks, Inc.(a) 55,207 7,993,422

Internet Software & Services 9.2%

Alibaba Group Holding Ltd., ADR(a) 89,566 6,163,036

Alphabet, Inc., Class A(a) 29,862 21,417,624

Alphabet, Inc., Class C(a) 15,067 10,513,300

Facebook, Inc., Class A(a) 250,565 26,790,410

LinkedIn Corp., Class A(a) 13,737 1,609,839

Total 66,494,209

IT Services 3.7%

PayPal Holdings, Inc.(a) 134,620 5,134,407

Visa, Inc., Class A 296,072 21,432,652

Total 26,567,059

Semiconductors & Semiconductor Equipment 3.5%

Broadcom Ltd. 83,772 11,222,935

NVIDIA Corp. 133,420 4,184,051

NXP Semiconductors NV(a) 91,964 6,551,515

Qorvo, Inc.(a) 71,549 3,225,429

Total 25,183,930

Software 10.4%

Adobe Systems, Inc.(a) 113,641 9,676,531

Electronic Arts, Inc.(a) 238,033 15,291,240







Microsoft Corp. 519,679 26,441,268

Red Hat, Inc.(a) 112,123 7,327,238

Salesforce.com, inc.(a) 201,339 13,640,717

ServiceNow, Inc.(a) 57,389 3,155,821

Total 75,532,815

Technology Hardware, Storage & Peripherals 3.4%

Apple, Inc. 254,549 24,612,343

Total Information Technology 226,383,778

MATERIALS 2.1%

Chemicals 2.1%

Eastman Chemical Co. 96,359 6,181,430

Sherwin-Williams Co. (The) 33,550 9,075,275

Total 15,256,705

Total Materials 15,256,705

TELECOMMUNICATION SERVICES 0.8%

Diversified Telecommunication Services 0.8%

SBA Communications Corp., Class A(a) 59,064 5,604,583

Total Telecommunication Services 5,604,583

Total Common Stocks(Cost: $655,056,842) 632,367,887

Exchange-Traded Funds 4.8%

Shares Value ($)

SPDR S&P 500 ETF Trust 84,510 16,357,756

iShares Russell 1000 Growth Index Fund 194,619 18,261,101

Total Exchange-Traded Funds(Cost: $36,423,632) 34,618,857

Money Market Funds 6.5%Columbia Short-Term Cash Fund, 0.420%(b)(c) 47,441,684 47,441,684

Total Money Market Funds(Cost: $47,441,684) 47,441,684

Total Investments(Cost: $738,922,158) 714,428,428

Other Assets & Liabilities, Net 10,243,544

Net Assets 724,671,972



9Annual Report 2016


(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at February 29, 2016.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’soutstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions inthese affiliated companies during the year ended February 29, 2016 are as follows:

Dividends —Beginning Purchase Proceeds Ending Affiliated

Issuer Cost ($) Cost ($) From Sales ($) Cost ($) Issuers ($) Value ($)

Columbia Short-Term Cash Fund 2,149,309 511,493,574 (466,201,199) 47,441,684 79,496 47,441,684

Abbreviation LegendADR American Depositary Receipt

Fair Value MeasurementsThe Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs andminimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are thosethat market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity.Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing aninvestment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to theasset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated withinvestments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected asLevel 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at themeasurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates,prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining thefair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and otherfactors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and isaffected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments inthe marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of aninvestment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of marketdislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause aninvestment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market forthose investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to supportthese quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3.These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputsused in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimatedcash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) isresponsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members fromvarious groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, riskmanagement and legal.



Notes to Portfolio of Investments





Fair Value Measurements (continued)The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuationdeterminations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approvedvaluation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are orare not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies;events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing,including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews ofvendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to reviewback-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, withmembers of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actionsduring the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) dataspecific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar securitytransactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observableand unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also usedto corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency ofmonitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptionsand models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at February 29, 2016:

Level 1Quoted Prices in Active Level 2 Level 3

Markets for Identical Other Significant Significant Assets ($) Observable Inputs ($) Unobservable Inputs ($) Total ($)

Investments

Common Stocks

Consumer Discretionary 124,911,208 — — 124,911,208

Consumer Staples 78,281,679 — — 78,281,679

Financials 33,617,817 — — 33,617,817

Health Care 96,000,134 — — 96,000,134

Industrials 52,311,983 — — 52,311,983

Information Technology 226,383,778 — — 226,383,778

Materials 15,256,705 — — 15,256,705

Telecommunication Services 5,604,583 — — 5,604,583

Total Common Stocks 632,367,887 — — 632,367,887

Exchange-Traded Funds 34,618,857 — — 34,618,857

Money Market Funds — 47,441,684 — 47,441,684

Total Investments 666,986,744 47,441,684 — 714,428,428

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security’s valueis determined through reference to prices and information from market transactions for similar or identical assets and/or fund per sharemarket values which are not considered publicly available.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per sharemarket values were obtained using observable market inputs.





11Annual Report 2016


Fair Value Measurements (continued)The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In Transfers Out

Level 1 ($) Level 2 ($) Level 1 ($) Level 2 ($)

— 2,149,309 2,149,309 —

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions heldthroughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.






STATEMENT OF ASSETS AND LIABILITIESFebruary 29, 2016



Assets

Investments, at value

Unaffiliated issuers (identified cost $691,480,474) $666,986,744

Affiliated issuers (identified cost $47,441,684) 47,441,684

Total investments (identified cost $738,922,158) 714,428,428

Receivable for:

Investments sold 21,423,271

Capital shares sold 73,884

Dividends 570,999

Foreign tax reclaims 21,419

Expense reimbursement due from Investment Manager 236

Prepaid expenses 2,615

Total assets 736,520,852

Liabilities

Payable for:

Investments purchased 10,104,594

Capital shares purchased 1,315,013

Investment management fees 45,372

Distribution and/or service fees 23,880

Transfer agent fees 173,487

Compensation of board members 117,716

Other expenses 68,818

Total liabilities 11,848,880

Net assets applicable to outstanding capital stock $724,671,972

Represented by

Paid-in capital $2,072,799,186

Excess of distributions over net investment income (709,336)

Accumulated net realized loss (1,322,922,083)

Unrealized appreciation (depreciation) on:

Investments (24,493,730)

Foreign currency translations (2,065)

Total — representing net assets applicable to outstanding capital stock $724,671,972

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.ea | Sequence: 1CHKSUM Content: 334 Layout: 33039 Graphics: No Graphics CLEAN



STATEMENT OF ASSETS AND LIABILITIES (continued)February 29, 2016



Class A

Net assets $358,205,306

Shares outstanding 19,608,855

Net asset value per share $18.27

Maximum offering price per share(a) $19.38

Class B

Net assets $7,156,567

Shares outstanding 436,704


Class C

Net assets $184,473,057



Class R




Class R4




Class R5

Net assets $549,006



Class Z

Net assets $159,429,709



(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 5.75%.




STATEMENT OF OPERATIONSYear Ended February 29, 2016



Net investment income

Income:Dividends — unaffiliated issuers $4,949,440Dividends — affiliated issuers 79,496Interest 873Foreign taxes withheld (43,512)

Total income 4,986,297

Expenses:Investment management fees 6,863,425Distribution and/or service fees

Class A 1,108,983Class B 173,728Class C 2,284,237Class R 91,532

Transfer agent feesClass A 836,005Class B 32,812Class C 430,518Class R 34,527Class R4 2,153Class R5 180Class Z 394,733

Compensation of board members 15,200Custodian fees 13,803Printing and postage fees 139,642Registration fees 96,846Audit fees 20,780Legal fees 12,590Other 29,940

Total expenses 12,581,634Fees waived or expenses reimbursed by Investment Manager and its affiliates (236)Expense reductions (640)Total net expenses 12,580,758Net investment loss (7,594,461)

Realized and unrealized gain (loss) — net

Net realized gain (loss) on:Investments 140,554,326Foreign currency translations (11,449)

Net realized gain 140,542,877Net change in unrealized appreciation (depreciation) on:

Investments (269,291,341)Foreign currency translations (1,014)

Net change in unrealized depreciation (269,292,355)Net realized and unrealized loss (128,749,478)

Net decrease in net assets from operations $(136,343,939)




STATEMENT OF CHANGES IN NET ASSETS



Year Ended Year Ended

February 29, February 28,

2016 2015

Operations

Net investment loss $(7,594,461) $(7,920,024)

Net realized gain 140,542,877 162,037,220

Net change in unrealized depreciation (269,292,355) (76,657,451)

Net increase (decrease) in net assets resulting from operations (136,343,939) 77,459,745

Decrease in net assets from capital stock activity (167,581,461) (201,760,853)

Total decrease in net assets (303,925,400) (124,301,108)

Net assets at beginning of year 1,028,597,372 1,152,898,480

Net assets at end of year $724,671,972 $1,028,597,372

Excess of distributions over net investment income $(709,336) $(935,096)




STATEMENT OF CHANGES IN NET ASSETS (continued)



Year Ended February 29, 2016 Year Ended February 28, 2015

Shares Dollars ($) Shares Dollars ($)

Capital stock activity

Class A shares

Subscriptions(a) 1,672,564 34,716,565 1,822,398 35,828,885

Redemptions (4,548,095) (93,570,631) (8,698,301) (172,353,015)

Net decrease (2,875,531) (58,854,066) (6,875,903) (136,524,130)

Class B shares

Subscriptions 2,034 39,007 5,175 92,504

Redemptions(a) (1,079,587) (20,318,470) (1,314,748) (23,424,857)

Net decrease (1,077,553) (20,279,463) (1,309,573) (23,332,353)

Class C shares

Subscriptions 269,695 5,058,395 330,566 5,960,073

Redemptions (1,996,059) (37,055,568) (2,284,607) (41,075,556)

Net decrease (1,726,364) (31,997,173) (1,954,041) (35,115,483)

Class R shares

Subscriptions 112,343 2,297,474 126,730 2,465,018

Redemptions (333,893) (6,863,164) (397,081) (7,624,823)

Net decrease (221,550) (4,565,690) (270,351) (5,159,805)

Class R4 shares

Subscriptions 31,994 711,269 40,807 857,251

Redemptions (19,077) (400,024) (11,930) (264,813)

Net increase 12,917 311,245 28,877 592,438

Class R5 shares

Subscriptions 30,030 657,503 2,573 54,344

Redemptions (3,296) (66,989) (424) (8,972)

Net increase 26,734 590,514 2,149 45,372

Class Z shares

Subscriptions 572,402 12,201,671 3,982,334 81,594,747

Redemptions (3,039,851) (64,988,499) (4,139,957) (83,861,639)

Net decrease (2,467,449) (52,786,828) (157,623) (2,266,892)

Total net decrease (8,328,796) (167,581,461) (10,536,465) (201,760,853)

(a) Includes conversions of Class B shares to Class A shares, if any.




FINANCIAL HIGHLIGHTS



The following tables are intended to help you understand the Fund’s financial performance. Certain informationreflects financial results for a single share of a class held for the periods shown. Per share net investmentincome (loss) amounts are calculated based on average shares outstanding during the period. Total returnassumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of salescharges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. Theportfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instrumentsand certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


February 29,Year Ended February 28,

February 29,

Class A 2016 2015 2014 2013 2012

Per share data

Net asset value, beginning of period $21.49 $19.82 $14.14 $13.25 $14.22

Income from investment operations:

Net investment income (loss) (0.14) (0.12) (0.10) 0.01 (0.03)

Net realized and unrealized gain (loss) (3.08) 1.79 5.78 0.88 (0.94)

Total from investment operations (3.22) 1.67 5.68 0.89 (0.97)

Less distributions to shareholders:

Net investment income — — — (0.00)(a) —

Total distributions to shareholders — — — (0.00)(a) —

Net asset value, end of period $18.27 $21.49 $19.82 $14.14 $13.25

Total return (14.98%) 8.43% 40.17% 6.74% (6.82%)

Ratios to average net assets(b)

Total gross expenses 1.22% 1.21% 1.23%(c) 1.36%(c) 1.37%(c)

Total net expenses(d) 1.22%(e) 1.21%(e) 1.23%(c)(e) 1.35%(c)(e) 1.37%(c)(e)

Net investment income (loss) (0.68%) (0.60%) (0.60%) 0.06% (0.23%)

Supplemental data

Net assets, end of period (in thousands) $358,205 $483,252 $581,859 $526,471 $811,890

Portfolio turnover 125% 81% 99% 65% 104%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses ofany other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Ratios include line of credit interest expense which is less than 0.01%.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of itsaffiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.fa | Sequence: 1CHKSUM Content: 46016 Layout: 48453 Graphics: No Graphics CLEAN



FINANCIAL HIGHLIGHTS (continued)





February 29,

Class B 2016 2015 2014 2013 2012

Per share data



Net investment loss (0.28) (0.24) (0.21) (0.08) (0.12)




Total return (15.65%) 7.65% 39.06% 5.96% (7.55%)

Ratios to average net assets(a)

Total gross expenses 1.97% 1.96% 1.98%(b) 2.10%(b) 2.12%(b)

Total net expenses(c) 1.97%(d) 1.96%(d) 1.98%(b)(d) 2.10%(b)(d) 2.12%(b)(d)

Net investment loss (1.45%) (1.37%) (1.35%) (0.67%) (0.97%)

Supplemental data




(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses ofany other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Ratios include line of credit interest expense which is less than 0.01%.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of itsaffiliates, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.









February 29,

Class C 2016 2015 2014 2013 2012

Per share data







Total return (15.65%) 7.65% 39.06% 5.96% (7.55%)





Supplemental data
















February 29,

Class R 2016 2015 2014 2013 2012

Per share data







Total return (15.20%) 8.20% 39.73% 6.48% (7.02%)





Supplemental data














Year Ended


Class R4 2016 2015 2014 2013(a)

Per share data

Net asset value, beginning of period $22.52 $20.71 $14.74 $13.29


Net investment income (loss) (0.09) (0.06) (0.06) 0.01

Net realized and unrealized gain (loss) (3.24) 1.87 6.03 1.48

Total from investment operations (3.33) 1.81 5.97 1.49


Net investment income — — — (0.04)

Total distributions to shareholders — — — (0.04)

Net asset value, end of period $19.19 $22.52 $20.71 $14.74

Total return (14.79%) 8.74% 40.50% 11.20%


Total gross expenses 0.98% 0.97% 0.98%(c) 1.02%(c)(d)

Total net expenses(e) 0.98%(f) 0.97%(f) 0.98%(c)(f) 1.02%(c)(d)

Net investment income (loss) (0.41%) (0.28%) (0.34%) 0.28%(d)

Supplemental data

Net assets, end of period (in thousands) $1,013 $898 $228 $3

Portfolio turnover 125% 81% 99% 65%


(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.


(c) Ratios include line of credit interest expense which is less than 0.01%.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of itsaffiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.







Year Ended


Class R5 2016 2015 2014(a)

Per share data

Net asset value, beginning of period $22.18 $20.37 $19.48


Net investment income (loss) (0.05) (0.02) (0.01)

Net realized and unrealized gain (loss) (3.21) 1.83 0.90

Total from investment operations (3.26) 1.81 0.89

Net asset value, end of period $18.92 $22.18 $20.37

Total return (14.70%) 8.89% 4.57%


Total gross expenses 0.84% 0.84% 0.80%(c)

Total net expenses(d) 0.84% 0.84% 0.80%(c)

Net investment income (loss) (0.22%) (0.09%) (0.51%)(c)

Supplemental data

Net assets, end of period (in thousands) $549 $51 $3

Portfolio turnover 125% 81% 99%


(a) Based on operations from January 8, 2014 (commencement of operations) through the stated period end.


(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of itsaffiliates, if applicable.









February 29,

Class Z 2016 2015 2014 2013 2012

Per share data



Net investment income (loss) (0.09) (0.07) (0.06) 0.04 0.01




Net investment income — — — (0.03) —

Total distributions to shareholders — — — (0.03) —


Total return (14.77%) 8.69% 40.48% 7.09% (6.67%)




Net investment income (loss) (0.43%) (0.34%) (0.36%) 0.27% 0.04%

Supplemental data











NOTES TO FINANCIAL STATEMENTSFebruary 29, 2016

Note 1. OrganizationColumbia Large Cap Growth Fund II (formerly known asColumbia Marsico 21st Century Fund) (the Fund), aseries of Columbia Funds Series Trust (the Trust), is adiversified fund. The Trust is registered under theInvestment Company Act of 1940, as amended (the1940 Act), as an open-end management investmentcompany organized as a Delaware statutory trust.Effective November 20, 2015, Columbia Marsico 21stCentury Fund was renamed Columbia Large Cap GrowthFund II.

Fund Shares

The Trust may issue an unlimited number of shares(without par value). The Fund offers Class A, Class B,Class C, Class R, Class R4, Class R5 and Class Zshares. Although all share classes generally haveidentical voting, dividend and liquidation rights, eachshare class votes separately when required by the Trust’sorganizational documents or by law. Different shareclasses pay different distribution amounts to the extentthe expenses of such share classes differ, anddistributions in liquidation will be proportional to the netasset value of each share class. Each share class hasits own expense and sales charge structure.

Class A shares are subject to a maximum front-end salescharge of 5.75% based on the initial investment amount.Class A shares purchased without an initial sales chargein accounts aggregating $1 million to $50 million at thetime of purchase are subject to a contingent deferredsales charge (CDSC) if the shares are sold within 18months after purchase, charged as follows: 1.00% CDSCif redeemed within 12 months after purchase, and 0.50%CDSC if redeemed more than 12, but less than 18,months after purchase.

Class B shares may be subject to a maximum CDSC of5.00% based upon the holding period after purchase.Class B shares will generally convert to Class A shareseight years after purchase. The Fund no longer acceptsinvestments by new or existing investors in the Fund’sClass B shares, except in connection with thereinvestment of any dividend and/or capital gaindistributions in Class B shares of the Fund andexchanges by existing Class B shareholders of certainother funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on sharesredeemed within 12 months after purchase.

Class R shares are not subject to sales charges and aregenerally available only to certain retirement plans andother investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges andare generally available only to omnibus retirement plansand certain investors as described in the Fund’sprospectus.

Class R5 shares are not subject to sales charges andare generally available only to investors purchasingthrough authorized investment professionals andomnibus retirement plans.

Class Z shares are not subject to sales charges and areavailable only to eligible investors, which are subject todifferent investment minimums as described in theFund’s prospectus.

Note 2. Summary of Significant AccountingPoliciesBasis of Preparation

The Fund is an investment company that applies theaccounting and reporting guidance in the FinancialAccounting Standards Board (FASB) AccountingStandards Codification Topic 946, Financial Services —Investment Companies (ASC 946). The financialstatements are prepared in accordance with U.S.generally accepted accounting principles (GAAP), whichrequires management to make certain estimates andassumptions that affect the reported amounts of assetsand liabilities, the disclosure of contingent assets andliabilities at the date of the financial statements and thereported amounts of income and expenses during thereporting period. Actual results could differ from thoseestimates.

The following is a summary of significant accountingpolicies followed by the Fund in the preparation of itsfinancial statements.

Security Valuation

All equity securities and exchange-traded funds arevalued at the close of business of the New York StockExchange (NYSE). Equity securities and exchange-tradedfunds are valued at the last quoted sales price on theprincipal exchange or market on which they trade, exceptfor securities traded on the NASDAQ Stock Market, whichare valued at the NASDAQ official close price. Unlistedsecurities or listed securities for which there were nosales during the day are valued at the mean of the latestquoted bid and ask prices on such exchanges ormarkets.


Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.ga | Sequence: 1CHKSUM Content: 7575 Layout: 14646 Graphics: No Graphics CLEAN



NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2016

Foreign equity securities are valued based on the closingprice on the foreign exchange in which such securitiesare primarily traded. If any foreign equity security closingprices are not readily available, the securities are valuedat the mean of the latest quoted bid and ask prices onsuch exchanges or markets. Foreign currency exchangerates are generally determined at 4:00 p.m. Eastern(U.S.) time. Many securities markets and exchangesoutside the U.S. close prior to the close of the NYSE;therefore, the closing prices for securities in suchmarkets or on such exchanges may not fully reflectevents that occur after such close but before the close ofthe NYSE. In those situations, foreign securities will befair valued pursuant to a policy adopted by the Board ofTrustees (the Board), including, if available, utilizing athird party pricing service to determine these fair values.The third party pricing service takes into account multiplefactors, including, but not limited to, movements in theU.S. securities markets, certain depositary receipts,futures contracts and foreign exchange rates that haveoccurred subsequent to the close of the foreignexchange or market, to determine a good faith estimatethat reasonably reflects the current market conditions asof the close of the NYSE. The fair value of a security islikely to be different from the quoted or published price, ifavailable.

Investments in open-end investment companies,including money market funds, are valued at their latestnet asset value.

Investments for which market quotations are not readilyavailable, or that have quotations which managementbelieves are not reflective of market value or reliable, arevalued at fair value as determined in good faith underprocedures approved by and under the generalsupervision of the Board. If a security or class ofsecurities (such as foreign securities) is valued at fairvalue, such value is likely to be different from the quotedor published price for the security.

The determination of fair value often requires significantjudgment. To determine fair value, management may useassumptions including but not limited to future cashflows and estimated risk premiums. Multiple inputs fromvarious sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs andvaluation techniques used to measure fair value and anychanges in valuation inputs or techniques. In addition,investments shall be disclosed by major category. Thisinformation is disclosed following the Fund’s Portfolio ofInvestments.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated inforeign currencies are generally translated into U.S.dollars at exchange rates determined at the close of theNYSE on any given day. Net realized and unrealized gains(losses) on foreign currency transactions andtranslations include gains (losses) arising from thefluctuation in exchange rates between trade andsettlement dates on securities transactions, gains(losses) arising from the disposition of foreign currencyand currency gains (losses) between the accrual andpayment dates on dividends, interest income and foreignwithholding taxes.

For financial statement purposes, the Fund does notdistinguish that portion of gains (losses) on investmentswhich is due to changes in foreign exchange rates fromthat which is due to changes in market prices of theinvestments. Such fluctuations are included with the netrealized and unrealized gains (losses) on investments inthe Statement of Operations.

Security Transactions

Security transactions are accounted for on the tradedate. Cost is determined and gains (losses) are basedupon the specific identification method for both financialstatement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are generallyrecorded net of any non-reclaimable tax withholdings, onthe ex-dividend date or upon receipt of ex-dividendnotification in the case of certain foreign securities.

The Fund may receive distributions from holdings inequity securities, business development companies(BDCs), exchange-traded funds, other regulatedinvestment companies (RICs), and real estate investmenttrusts (REITs), which report information on the taxcharacter of their distributions annually. Thesedistributions are allocated to dividend income, capitalgain and return of capital based on actual informationreported. Return of capital is recorded as a reduction ofthe cost basis of securities held. If the Fund no longerowns the applicable securities, return of capital isrecorded as a realized gain. With respect to REITs, to theextent actual information has not yet been reported,estimates for return of capital are made by the Fund’smanagement. Management’s estimates aresubsequently adjusted when the actual character of thedistributions is disclosed by the REITs, which could result






February 29, 2016

in a proportionate change in return of capital toshareholders.

Awards from class action litigation are recorded as areduction of cost basis if the Fund still owns theapplicable securities on the payment date. If the Fund nolonger owns the applicable securities, the proceeds arerecorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fundand other funds of the Trust based upon relative netassets or other expense allocation methodologiesdetermined by the nature of the expense. Expensesdirectly attributable to the Fund are charged to the Fund.Expenses directly attributable to a specific class ofshares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specificexpenses, which are charged to that share class, asshown in the Statement of Operations) and realized andunrealized gains (losses) are allocated to each class ofthe Fund on a daily basis, based on the relative netassets of each class, for purposes of determining thenet asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulatedinvestment company under Subchapter M of the InternalRevenue Code, as amended, and will distributesubstantially all of its taxable income (including netshort-term capital gains), if any, for its tax year, and assuch will not be subject to federal income taxes. Inaddition, the Fund intends to distribute in each calendaryear substantially all of its net investment income,capital gains and certain other amounts, if any, such thatthe Fund should not be subject to federal excise tax.Therefore, no federal income or excise tax provision isrecorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income,gains on investments or currency repatriation, a portionof which may be recoverable. The Fund will accrue suchtaxes and recoveries, as applicable, based upon itscurrent interpretation of tax rules and regulations thatexist in the markets in which it invests.

Realized gains in certain countries may be subject toforeign taxes at the Fund level, based on statutory rates.The Fund accrues for such foreign taxes on realized andunrealized gains at the appropriate rate for each

jurisdiction, as applicable. The amount, if any, isdisclosed as a liability on the Statement of Assets andLiabilities.

Distributions to Shareholders

Distributions from net investment income, if any, aredeclared and paid semi-annually. Net realized capitalgains, if any, are distributed at least annually. Incomedistributions and capital gain distributions aredetermined in accordance with federal income taxregulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in somecases, by contract, its officers and trustees areindemnified against certain liabilities arising out of theperformance of their duties to the Trust or its funds. Inaddition, certain of the Fund’s contracts with its serviceproviders contain general indemnification clauses. TheFund’s maximum exposure under these arrangements isunknown since the amount of any future claims that maybe made against the Fund cannot be determined, andthe Fund has no historical basis for predicting thelikelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure forInvestments in Certain Entities That Calculate Net AssetValue per Share (or Its Equivalent)In May 2015, FASB issued Accounting Standards Update(ASU) No. 2015-07, Fair Value Measurement (Topic 820),Disclosure for Investments in Certain Entities ThatCalculate Net Asset Value per Share (or Its Equivalent).ASU No. 2015-07 changes the disclosure requirementsfor investments for which fair value is measured usingthe net asset value per share practical expedient. Thedisclosure requirements are effective for annual periodsbeginning after December 15, 2015 and interim periodswithin those fiscal years. At this time, management isevaluating the implications of this guidance and theimpact it will have on the financial statement amountsand footnote disclosures, if any.

Note 3. Fees and Other Transactions withAffiliatesManagement Fees

Effective July 1, 2015, the Fund entered into aManagement Agreement with Columbia ManagementInvestment Advisers, LLC (the Investment Manager), awholly-owned subsidiary of Ameriprise Financial, Inc.






February 29, 2016

(Ameriprise Financial). Under the ManagementAgreement, the Investment Manager provides the Fundwith investment research and advice, as well asadministrative and accounting services. Themanagement services fee is an annual fee that is equalto a percentage of the Fund’s average daily net assetsthat declines from 0.77% to 0.57% as the Fund’s netassets increase. The effective management services feerate for the year ended February 29, 2016 was 0.75% ofthe Fund’s average daily net assets.

Prior to July 1, 2015, the Fund paid the InvestmentManager an annual fee for advisory services under anInvestment Management Services Agreement and aseparate annual fee for administrative and accountingservices under an Administrative Services Agreement.For the period from March 1, 2015 through June 30,2015, the investment advisory services fee paid to theInvestment Manager was $2,328,575, and theadministrative services fee paid to the InvestmentManager was $194,702.

Subadvisory Agreement

Prior to November 20, 2015, the Investment Managerentered into a Subadvisory Agreement with MarsicoCapital Management, LLC (Marsico) to serve as thesubadviser to the Fund. The Investment Managercompensated Marsico to manage the investment of theFund’s assets. Effective November 20, 2015, Marsico nolonger serves as the subadviser to the Fund and theInvestment Manager has assumed the day-to-dayportfolio management of the Fund.

Other Expenses

Other expenses are for, among other things,miscellaneous expenses of the Fund or the Board,including payments to Board Services Corp., a companyproviding limited administrative services to the Fund andthe Board. That company’s expenses include boardroomand office expense, employee compensation, employeehealth and retirement benefits, and certain otherexpenses. For the year ended February 29, 2016, otherexpenses paid by the Fund to this company were$2,767.

Compensation of Board Members

Board members, who are not officers or employees ofthe Investment Manager or Ameriprise Financial, arecompensated for their services to the Fund as disclosedin the Statement of Operations. Under a DeferredCompensation Plan (the Plan), these Board membersmay elect to defer payment of up to 100% of their

compensation. Deferred amounts are treated as thoughequivalent dollar amounts had been invested in sharesof certain funds managed by the Investment Manager.The Fund’s liability for these amounts is adjusted formarket value changes and remains in the Fund untildistributed in accordance with the Plan. All amountspayable under the Plan constitute a general unsecuredobligation of the Fund.

Transfer Agency Fees

Under a Transfer and Dividend Disbursing AgentAgreement, Columbia Management Investment ServicesCorp. (the Transfer Agent), an affiliate of the InvestmentManager and a wholly-owned subsidiary of AmeripriseFinancial, is responsible for providing transfer agencyservices to the Fund. The Transfer Agent has contractedwith Boston Financial Data Services (BFDS) to serve assub-transfer agent.

The Transfer Agent receives a monthly transfer agencyfee based on the number or the average value ofaccounts, depending on the type of account. In addition,the Transfer Agent also receives sub-transfer agency feesbased on a percentage of the average aggregate value ofthe Fund’s shares maintained in omnibus accounts(other than omnibus accounts for which AmericanEnterprise Investment Services Inc. is the broker ofrecord or accounts where the beneficial shareholder is acustomer of Ameriprise Financial Services, Inc., for whichthe Transfer Agent receives a per account fee). TheTransfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement forsuch fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from theFund for various shareholder services andreimbursements for certain out-of-pocket fees. Totaltransfer agency fees for Class R5 shares are subject toan annual limitation of not more than 0.05% of theaverage daily net assets attributable to Class R5 shares.

For the year ended February 29, 2016, the Fund’seffective transfer agency fee rates as a percentage ofaverage daily net assets of each class were as follows:

Class A 0.19%

Class B 0.19

Class C 0.19

Class R 0.19

Class R4 0.19

Class R5 0.05

Class Z 0.19






February 29, 2016

An annual minimum account balance fee of $20 mayapply to certain accounts with a value below theapplicable share class’s initial minimum investmentrequirements to reduce the impact of small accounts ontransfer agency fees. These minimum account balancefees are remitted to the Fund and recorded as part ofexpense reductions in the Statement of Operations. Forthe year ended February 29, 2016, these minimumaccount balance fees reduced total expenses of the Fundby $640.

Distribution and Service Fees

The Fund has an agreement with Columbia ManagementInvestment Distributors, Inc. (the Distributor), an affiliateof the Investment Manager and a wholly-ownedsubsidiary of Ameriprise Financial, for distribution andshareholder services. The Board has approved, and theFund has adopted, distribution and shareholder serviceplans (the Plans) applicable to certain share classes,which set the distribution and service fees for the Fund.These fees are calculated daily and are intended tocompensate the Distributor and/or eligible selling and/orservicing agents for selling shares of the Fund andproviding services to investors.

Under the Plans, the Fund pays a monthly combineddistribution and service fee to the Distributor at themaximum annual rate of 0.25% of the average daily netassets attributable to Class A shares of the Fund. Alsounder the Plans, the Fund pays a monthly service fee atthe maximum annual rate of 0.25% of the average dailynet assets attributable to Class B and Class C shares ofthe Fund and a monthly distribution fee at the maximumannual rate of 0.75%, 0.75% and 0.50% of the averagedaily net assets attributable to Class B, Class C andClass R shares of the Fund, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs,received by the Distributor for distributing Fund shareswere $116,458 for Class A, $74 for Class B and $1,879for Class C shares for the year ended February 29, 2016.

Expenses Waived/Reimbursed by the InvestmentManager and its Affiliates

The Fund’s expense ratio is subject to an expensereimbursement arrangement pursuant to which fees willbe waived and/or expenses reimbursed (excludingcertain fees and expenses described below), so that theFund’s net operating expenses, after giving effect to feeswaived/expenses reimbursed and any balance creditsand/or overdraft charges from the Fund’s custodian, do

not exceed the following annual rates as a percentage ofthe class’ average daily net assets:

ContractualExpense Cap Voluntary July 1, 2015 Expense Cap

through Prior to June 30, 2016 July 1, 2015

Class A 1.25% 1.30%

Class B 2.00 2.05

Class C 2.00 2.05

Class R 1.50 1.55

Class R4 1.00 1.05

Class R5 0.91 0.96

Class Z 1.00 1.05

The contractual agreement may be modified or amendedonly with approval from the Investment Manager, certainof its affiliates and the Fund. Under the arrangements,the following fees and expenses are excluded from thewaiver/reimbursement commitment, and therefore will bepaid by the Fund, if applicable: taxes (including foreigntransaction taxes), expenses associated withinvestments in affiliated and non-affiliated pooledinvestment vehicles (including mutual funds andexchange-traded funds), transaction costs and brokeragecommissions, costs related to any securities lendingprogram, dividend and interest expenses associated withsecurities sold short, inverse floater program fees andexpenses, transaction charges and interest on borrowedmoney, interest and extraordinary expenses.

In addition, effective November 20, 2015, the Fund’sexpense ratio is subject to a voluntary expensereimbursement arrangement pursuant to which fees willbe waived and/or expenses reimbursed (excludingcertain fees and expenses immediately describedabove), so that the Fund’s net operating expenses, aftergiving effect to fees waived/expenses reimbursed andany balance credits and/or overdraft charges from theFund’s custodian, do not exceed the annual rates of1.23% for Class A, 1.98% for Class B, 1.98% for Class C,1.48% for Class R, 0.98% for Class R4, 0.89% forClass R5 and 0.98% for Class Z. This arrangement maybe revised or discontinued at any time.

Any fees waived and/or expenses reimbursed under theexpense reimbursement arrangements described aboveare not recoverable by the Investment Manager or itsaffiliates in future periods.






February 29, 2016

Note 4. Federal Tax InformationThe timing and character of income and capital gaindistributions are determined in accordance with incometax regulations, which may differ from GAAP because oftemporary or permanent book to tax differences.

At February 29, 2016, these differences are primarily dueto differing treatment for capital loss carryforwards,deferral/reversal of wash sale losses, Trustees’ deferredcompensation, foreign currency transactions, netoperating loss reclassification, post-October capitallosses and late-year ordinary losses. To the extent thesedifferences are permanent, reclassifications are madeamong the components of the Fund’s net assets in theStatement of Assets and Liabilities. Temporarydifferences do not require reclassifications. In theStatement of Assets and Liabilities the followingreclassifications were made:

Excess of distributions over net investment income $7,820,221

Accumulated net realized loss 11,449

Paid-in capital (7,831,670)

Net investment income (loss) and net realized gains(losses), as disclosed in the Statement of Operations,and net assets were not affected by this reclassification.

For the years ended February 29, 2016 and February 28,2015, there were no distributions.

At February 29, 2016, the components of distributableearnings on a tax basis were as follows:

Capital loss carryforwards $(1,297,463,369)

Net unrealized depreciation (25,093,919)

At February 29, 2016, the cost of investments for federalincome tax purposes was $739,522,347 and theaggregate gross unrealized appreciation and depreciationbased on that cost was:

Unrealized appreciation $27,175,009

Unrealized depreciation (52,268,928)

Net unrealized depreciation $(25,093,919)

The following capital loss carryforwards, determined atFebruary 29, 2016, may be available to reduce taxableincome arising from future net realized gains oninvestments, if any, to the extent permitted by theInternal Revenue Code:

Year of Expiration Amount ($)

2018 1,297,463,369

For the year ended February 29, 2016, $164,320,737 ofcapital loss carryforward was utilized.

Under current tax rules, regulated investment companiescan elect to treat certain late-year ordinary lossesincurred and post-October capital losses (capital lossesrealized after October 31) as arising on the first day ofthe following taxable year. As of February 29, 2016, theFund will elect to treat late-year ordinary losses of$593,162 and post-October capital losses of$24,858,526 as arising on March 1, 2016.

Management of the Fund has concluded that there areno significant uncertain tax positions in the Fund thatwould require recognition in the financial statements.However, management’s conclusion may be subject toreview and adjustment at a later date based on factorsincluding, but not limited to, new tax laws, regulations,and administrative interpretations (including relevantcourt decisions). Generally, the Fund’s federal tax returnsfor the prior three fiscal years remain subject toexamination by the Internal Revenue Service.

Note 5. Portfolio InformationThe cost of purchases and proceeds from sales ofsecurities, excluding short-term investments andderivatives, if any, aggregated to $1,089,238,237 and$1,310,126,807, respectively, for the year endedFebruary 29, 2016. The amount of purchase and saleactivity impacts the portfolio turnover rate reported in theFinancial Highlights.

Note 6. Affiliated Money Market FundThe Fund invests in Columbia Short-Term Cash Fund, anaffiliated money market fund established for theexclusive use by the Fund and other affiliated funds. Theincome earned by the Fund from such investments isincluded as Dividends — affiliated issuers in theStatement of Operations. As an investing fund, the Fundindirectly bears its proportionate share of the expensesof Columbia Short-Term Cash Fund.

Note 7. Line of CreditThe Fund has access to a revolving credit facility wherebythe Fund may borrow for the temporary funding ofshareholder redemptions or for other temporary oremergency purposes. Effective December 8, 2015,Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorganChase Bank, N.A. (JPMorgan) as lead of a syndicate ofbanks under the credit facility, which is a collectiveagreement between the Fund and certain other fundsmanaged by the Investment Manager, severally and notjointly, that permits collective borrowings up to $1 billion.Interest is charged to each participating fund based on






February 29, 2016

its borrowings at a rate equal to the higher of (i) theovernight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under thecredit facility matures no later than 60 days after thedate of borrowing. The Fund also pays a commitment feeequal to its pro rata share of the amount of the creditfacility at a rate of 0.15% per annum. The commitmentfee is included in other expenses in the Statement ofOperations. Prior to December 8, 2015, JPMorgan wasthe sole lead bank under the credit facility agreementthat permitted borrowings up to $550 million under thesame terms and interest rates as described above withthe exception of the commitment fee which was chargedat a rate of 0.075% per annum.

The Fund had no borrowings during the year endedFebruary 29, 2016.

Note 8. Significant RisksConsumer Discretionary Sector Risk

The Fund may be more susceptible to the particular risksthat may affect companies in the consumer discretionarysector than if it were invested in a wider variety ofcompanies in unrelated sectors. Companies in theconsumer discretionary sector are subject to certainrisks, including fluctuations in the performance of theoverall domestic and international economy, interest ratechanges, increased competition and consumerconfidence. Performance of such companies may beaffected by factors including reduced disposablehousehold income, reduced consumer spending,changing demographics and consumer tastes.

Shareholder Concentration Risk

At February 29, 2016, one unaffiliated shareholder ofrecord owned 16.5% of the outstanding shares of theFund in one or more accounts. The Fund has noknowledge about whether any portion of those shareswas owned beneficially. Affiliated shareholders of recordowned 16.7% of the outstanding shares of the Fund inone or more accounts. Subscription and redemptionactivity by concentrated accounts may have a significanteffect on the operations of the Fund. In the case of alarge redemption, the Fund may be forced to sellinvestments at inopportune times, including its liquid ormore liquid positions, resulting in Fund losses and theFund holding a higher percentage of less liquid or illiquidsecurities. Large redemptions could result in decreasedeconomies of scale and increased operating expensesfor non-redeeming Fund shareholders.

Technology and Technology-related InvestmentRisk

The Fund may be more susceptible to the particular risksthat may affect companies in the information technologysector, as well as other technology-related sectors(collectively, the technology sectors) than if it wereinvested in a wider variety of companies in unrelatedsectors. Companies in the technology sectors aresubject to certain risks, including the risk that newservices, equipment or technologies will not be acceptedby consumers and businesses or will become rapidlyobsolete. Performance of such companies may beaffected by factors including obtaining and protectingpatents (or the failure to do so) and significantcompetitive pressures, including aggressive pricing oftheir products or services, new market entrants,competition for market share and short product cyclesdue to an accelerated rate of technologicaldevelopments. Such competitive pressures may lead tolimited earnings and/or falling profit margins. As a result,the value of their securities may fall or fail to rise. Inaddition, many technology sector companies have limitedoperating histories and prices of these companies’securities historically have been more volatile than othersecurities, especially over the short term.

Note 9. Subsequent EventsManagement has evaluated the events and transactionsthat have occurred through the date the financialstatements were issued. Other than as noted below,there were no items requiring adjustment of the financialstatements or additional disclosure.

In December 2015, the Board approved a proposal tomerge the Fund into Columbia Large Cap Growth Fund.Shareholders of the Fund will vote on the proposedmerger at a special meeting of shareholders to be heldduring the first half of 2016. If approved by shareholders,the merger is expected to take place shortly thereafter.

Note 10. Information Regarding Pendingand Settled Legal ProceedingsIn December 2005, without admitting or denying theallegations, American Express Financial Corporation(AEFC, which is now known as Ameriprise Financial, Inc.(Ameriprise Financial)) entered into settlementagreements with the Securities and ExchangeCommission (SEC) and Minnesota Department ofCommerce (MDOC) related to market timing activities. Asa result, AEFC was censured and ordered to cease anddesist from committing or causing any violations of






February 29, 2016

certain provisions of the Investment Advisers Act of1940, the Investment Company Act of 1940, and variousMinnesota laws. AEFC agreed to pay disgorgement of$10 million and civil money penalties of $7 million. AEFCalso agreed to retain an independent distributionconsultant to assist in developing a plan for distributionof all disgorgement and civil penalties ordered by theSEC in accordance with various undertakings detailed athttp://www.sec.gov/litigation/admin/ia-2451.pdf.Ameriprise Financial and its affiliates have cooperatedwith the SEC and the MDOC in these legal proceedings,and have made regular reports to the Funds’ Boards ofTrustees.

Ameriprise Financial and certain of its affiliates havehistorically been involved in a number of legal, arbitrationand regulatory proceedings, including routine litigation,class actions, and governmental actions, concerningmatters arising in connection with the conduct of theirbusiness activities. Ameriprise Financial believes thatthe Funds are not currently the subject of, and thatneither Ameriprise Financial nor any of its affiliates arethe subject of, any pending legal, arbitration or regulatoryproceedings that are likely to have a material adverseeffect on the Funds or the ability of Ameriprise Financialor its affiliates to perform under their contracts with theFunds. Ameriprise Financial is required to make quarterly(10-Q), annual (10-K) and, as necessary, 8-K filings withthe SEC on legal and regulatory matters that relate toAmeriprise Financial and its affiliates. Copies of thesefilings may be obtained by accessing the SEC website atwww.sec.gov.

There can be no assurance that these matters, or theadverse publicity associated with them, will not result inincreased fund redemptions, reduced sale of fund sharesor other adverse consequences to the Funds. Further,although we believe proceedings are not likely to have amaterial adverse effect on the Funds or the ability ofAmeriprise Financial or its affiliates to perform undertheir contracts with the Funds, these proceedings aresubject to uncertainties and, as such, we are unable toestimate the possible loss or range of loss that mayresult. An adverse outcome in one or more of theseproceedings could result in adverse judgments,settlements, fines, penalties or other relief that couldhave a material adverse effect on the consolidatedfinancial condition or results of operations of AmeripriseFinancial.





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Trustees of Columbia Funds Series Trust and the Shareholders of

Columbia Large Cap Growth Fund II (formerly known as Columbia Marsico 21st Century Fund)

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, andthe related statements of operations and of changes in net assets and the financial highlights present fairly, in allmaterial respects, the financial position of Columbia Large Cap Growth Fund II (formerly known as ColumbiaMarsico 21st Century Fund) (the “Fund,” a series of Columbia Funds Series Trust) at February 29, 2016, and theresults of its operations, the changes in its net assets and the financial highlights for each of the periodsindicated, in conformity with accounting principles generally accepted in the United States of America. Thesefinancial statements and financial highlights (hereafter referred to as “financial statements”) are theresponsibility of the Fund’s management. Our responsibility is to express an opinion on these financialstatements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements, assessing the accounting principles used and significant estimates madeby management, and evaluating the overall financial statement presentation. We believe that our audits, whichincluded confirmation of securities at February 29, 2016 by correspondence with the custodian, brokers andtransfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLPMinneapolis, MNApril 21, 2016

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TRUSTEES AND OFFICERS


Shareholders elect the Board that oversees the Fund’s operations. The Board appoints officers who areresponsible for day-to-day business decisions based on policies set by the Board. The following table providesbasic biographical information about the Fund’s Trustees, including their principal occupations during the past fiveyears, although specific titles for individuals may have varied over the period. Under current Board policy,members generally may serve through the end of the calendar year in which they reach either the mandatoryretirement age established by the Board or the fifteenth anniversary of the first Board meeting they attended as amember of the Board.

Trustees

Independent Trustees

Number of

Principal Occupation(s) Funds in the Other Directorships

Name, Position Held With During the Past Five Years Columbia Held by Trustee

Address, the Funds and Length of and Other Relevant Funds Complex During the Past

Year of Birth Service Professional Experience Overseen Five Years

Kathleen Blatz901 S. Marquette Ave.Minneapolis, MN 554021954

Trustee since 1/06 forRiverSource Funds and since6/11 for Nations Funds

Attorney; specializing inarbitration and mediation; ChiefJustice, Minnesota SupremeCourt, 1998-2006; AssociateJustice, Minnesota SupremeCourt, 1996-1998; FourthJudicial District Court Judge,Hennepin County, 1994-1996;Attorney in private practice andpublic service, 1984-1993; StateRepresentative, MinnesotaHouse of Representatives,1979-1993, which includedservice on the Tax and FinancialInstitutions and InsuranceCommittees

124 Trustee, BlueCrossBlueShield ofMinnesota (Chair ofthe BusinessDevelopmentCommittee) since2009; Chair of theRobina Foundationsince August 2013

Edward J. Boudreau, Jr.901 S. Marquette Ave.Minneapolis, MN 554021944


Managing Director,E.J. Boudreau & Associates(consulting) since 2000; FINRAIndustry Arbitrator, 2002-present;Chairman and Chief ExecutiveOfficer, John Hancock Funds(asset management), Chairmanand Interested Trustee for open-end and closed-end fundsoffered by John Hancock,1989-2000; John Hancock LifeInsurance Company, includingSVP and Treasurer and SVPInformation Technology,1968-1988

122 Former Trustee,Boston Museum ofScience (Chair ofFinance Committee),1985-2013; formerTrustee, BofA FundsSeries Trust(11 funds), 2005-2011

Trustee, New YorkPresbyterian HospitalBoard (ExecutiveCommittee and Chairof Human ResourcesCommittee) since1996

124President, Springboard-Partnersin Cross Cultural Leadership(consulting company) since2003; Managing Director of USEquity Research, JP MorganChase, 1999-2003; Director ofUS Equity Research, ChaseAsset Management, 1996-1999;Co-Director Latin AmericaResearch, 1993-1996, COOGlobal Research, 1992-1996,Co-Director of US Research,1991-1992, Investment Banker,Morgan Stanley, 1982-1991


Pamela G. Carlton901 S. Marquette Ave.Minneapolis, MN 554021954

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TRUSTEES AND OFFICERS (continued)


Independent Trustees (continued)

Number of





Trustee since 6/11 forRiverSource Funds and since2003 for Nations Funds; Chair ofthe Board from 1/14-11/15

Retired; Co-founder, TheSuccession Fund (provides exitstrategies to owners of privatelyheld companies), 1998-2007;Adjunct Professor of Finance,Kelley School of Business,Indiana University, 1993-2007;Senior Vice President, Sara LeeCorporation, 1991-1993; SeniorVice President and ChiefFinancial Officer, Beatrice FoodsCompany, 1984-1990; VicePresident, Esmark, Inc.,1973-1984; Associate, PriceWaterhouse, 1968-1972

124 Director, The FinishLine (athletic shoesand apparel) since July2003; Director,International TextileCorp. since 2012;Director, hhgregg sinceMay, 2015; formerDirector, CobraElectronicsCorporation (electronicequipmentmanufacturer), 1994-August 2014; formerDirector, SpectrumBrands, Inc. (consumerproducts), 2002-2009;former Director,Simmons Company(bedding), 2004-2010;former Trustee, BofAFunds Series Trust(11 funds), 2009-2011; former Director,McMoRan ExplorationCompany (oil and gasexploration anddevelopment), 2010-2013

William P. Carmichael901 S. Marquette Ave.Minneapolis, MN 554021943

Patricia M. Flynn901 S. Marquette Ave.Minneapolis, MN 554021950


Trustee Professor of Economicsand Management, BentleyUniversity since 1976 (alsoteaches and conducts researchon corporate governance); Dean,McCallum Graduate School ofBusiness, Bentley University,1992-2002

124 Trustee, MA TaxpayersFoundation since1997; Board ofGovernors, InnovationInstitute, MATechnologyCollaborative since2010

William A. Hawkins901 S. Marquette Ave.Minneapolis, MN 554021942

Chair of the Board since 11/15;Trustee since 6/11 forRiverSource Funds and since1/05 for Nations Funds

Managing Director, OvertonPartners (financial consulting)since August 2010; Presidentand Chief Executive Officer,California General Bank, N.A.,January 2008-August 2010;Operation Hope, COO,2004-2007; IndyMac Bancorp,President, CBG, 1999-2003;American General Bank,President, 1997-1999; GriffinFinancial Services, CEO,1981-1997; The Griffin Funds,CEO, 1992-1998

124 Former Trustee, BofAFunds Series Trust(11 funds), 2009-2015

Chairman, BofA FundsSeries Trust (11 funds);former Director, CNOFinancial Group, Inc.(insurance), 2003-2011

122Chairman and Chief ExecutiveOfficer, Hilliard Group LLC(investing and consulting) sinceApril 2003; Non-ExecutiveDirector & Chairman, CNOFinancial Group, Inc. (insurance),2003-2011; Chair & CEO, INGAmericas, 1996-2003


R. Glenn Hilliard901 S. Marquette Ave.Minneapolis, MN 554021943






Independent Trustees (continued)

Number of





Catherine James Paglia901 S. Marquette Ave.Minneapolis, MN 554021952


Director, Enterprise AssetManagement, Inc. (private realestate and asset managementcompany) sinceSeptember 1998; ManagingDirector and Partner, InterlakenCapital, Inc., 1989-1997;Managing Director, MorganStanley, 1982-1989; VicePresident, Investment Banking,1980-1982, Associate,Investment Banking, 1976-1980,Dean Witter Reynolds, Inc.

124 Director, ValmontIndustries, Inc.(irrigation systemsmanufacturer) since2012; Trustee,Carleton College (onthe InvestmentCommittee); Trustee,Carnegie Endowmentfor International Peace(on the InvestmentCommittee)

Leroy C. Richie901 S. Marquette Ave.Minneapolis, MN 554021941

Trustee since 2000 for SeligmanFunds, since 11/08 forRiverSource Funds and since6/11 for Nations Funds

Counsel, Lewis & Munday, P.C.(law firm) since 2004; VicePresident and General Counsel,Automotive Legal Affairs,Chrysler Corporation, 1993-1997

122 Lead Outside Director,Infinity Resources, Inc.(oil and gasexploration andproduction) since1994; Lead OutsideDirector, Digital Ally,Inc. (digital imaging)since September2005; Trustee,Marygrove College(Chair of FinanceCommittee) since2007; former Director,OGE Energy Corp.(energy and energyservices), 2007-2014

Minor M. Shaw901 S. Marquette Ave.Minneapolis, MN 554021947

Trustee since 6/11 forRiverSource Funds and since2003 for Nations Funds

President, Micco LLC (privateinvestments) since 2011;President, Micco Corp. (familyinvestment business),1998-2011

124 Director, PiedmontNatural Gas; Director,BlueCross BlueShieldof South Carolinasince April 2008; Chairof the DukeEndowment; Director,National Association ofCorporate Directors,Carolinas Chaptersince 2013; Chair ofGreenville —Spartanburg AirportCommission; formerTrustee, BofA FundsSeries Trust (11 funds),2003-2011

Director, AbtAssociates(governmentcontractor) since2001; Director, BostonChildren's Hospitalsince 2002; Director,Healthways, Inc.(health and well-beingsolutions) since 2005;Director, ICI MutualInsurance Companysince 2011

124Managing Director, ForesterBiotech (consulting), 2001-2003;Chief Executive Officer andDirector, RiboNovix, Inc.,(biotechnology), 2003-2010;President and Chief ExecutiveOfficer of CMT Inc., 2001-2003;Aquila Biopharmaceuticals Inc.,1996-2000; Cambridge BiotechCorporation, 1995-1996; MitotixInc., 1993-1994


Alison Taunton-Rigby901 S. Marquette Ave.Minneapolis, MN 554021944






Interested Trustee Not Affiliated with Investment Manager*

Number of

Principal Occupation(s) Funds in the Other Present or Past

Name, Position Held With During Past Five Years Fund Family Directorships/

Address, Funds and Length of and Other Relevant Overseen by Trusteeships

Year of Birth Service Professional Experience Board Member (Within Past 5 Years)

* Dr. Santomero is not an affiliated person of the Investment Manager or Ameriprise Financial. However, he is currently deemed by the Fundsto be an “interested person” (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup Inc. and Citibank, N.A.,companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactionsand lending relationships with the Funds or accounts advised/managed by the Investment Manager.

Anthony M. Santomero901 S. Marquette Ave.Minneapolis, MN 554021946


Richard K. Mellon ProfessorEmeritus of Finance, TheWharton School, University ofPennsylvania since 2002; SeniorAdvisor, McKinsey & Company(consulting), 2006-2008;President, Federal Reserve Bankof Philadelphia, 2000-2006;Professor of Finance, TheWharton School, University ofPennsylvania, 1972-2002

122 Trustee, Penn MutualLife InsuranceCompany since March2008; Director,RenaissanceReinsurance Ltd. sinceMay 2008; Director,Citigroup Inc. since2009; Director,Citibank, N.A. since2009; former Trustee,BofA Funds SeriesTrust (11 funds),2008-2011






Interested Trustee Affiliated with Investment Manager*

Number of


Name, Position Held With During Past Five Years Columbia Held by Trustee



* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the InvestmentManager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund’s Board members and isavailable, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; orvisiting columbiathreadneedle.com/us.

William F. Truscottc/o ColumbiaManagement InvestmentAdvisers, LLC,225 Franklin St.Boston, MA 021101960

Trustee since 11/01 forRiverSource Funds and since6/11 for Nations Funds; SeniorVice President since 2002 forRiverSource Funds and since5/10 for Nations Funds

Chairman of the Board andPresident, ColumbiaManagement InvestmentAdvisers, LLC since May 2010and February 2012, respectively(previously President and ChiefInvestment Officer, 2001-April 2010); Chief ExecutiveOfficer, Global AssetManagement, AmeripriseFinancial, Inc. sinceSeptember 2012 (previouslyChief Executive Officer, U.S.Asset Management & President,Annuities, May 2010-September 2012 andPresident — U.S. AssetManagement and ChiefInvestment Officer, 2005-April 2010); Director and ChiefExecutive Officer, ColumbiaManagement InvestmentDistributors, Inc. since May 2010and February 2012, respectively(previously Chairman of theBoard and Chief ExecutiveOfficer, 2006-April 2010);Chairman of the Board and ChiefExecutive Officer, RiverSourceDistributors, Inc. since 2006;Director, Threadneedle AssetManagement Holdings, SARLsince 2014; President and ChiefExecutive Officer, AmeripriseCertificate Company, 2006-August 2012.

182 Chairman of theBoard, ColumbiaManagementInvestment Advisers,LLC since May 2010;Director, ColumbiaManagementInvestmentDistributors, Inc. sinceMay 2010; FormerDirector, AmeripriseCertificate Company,2006-January 2013






The Board has appointed officers who are responsible for day-to-day business decisions based on policies it hasestablished. The officers serve at the pleasure of the Board. The following table provides basic information aboutthe Officers of the Fund, including principal occupations during the past five years, although their specific titlesmay have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s other officersare:

Fund Officers

Position and Year

First Appointed to

Position for any Fund

Name, in the Columbia

Address and Funds Complex or a

Year of Birth Predecessor Thereof Principal Occupation(s) During Past Five Years

Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. sinceJanuary 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel2004-January 2010); officer of Columbia Funds and affiliated funds since 2007.

President andPrincipal ExecutiveOfficer (2015)

Christopher O. Petersen5228 Ameriprise Financial CenterMinneapolis, MN 55474Born 1970

Michael G. Clarke225 Franklin StreetBoston, MA 02110Born 1969

Treasurer (2011),Chief Financial Officer(2009) and ChiefAccounting Officer(2015)

Vice President — Mutual Fund Administration, Columbia Management InvestmentAdvisers, LLC, since May 2010; Managing Director of Fund Administration,Columbia Management Advisors, LLC, September 2004-April 2010; senior officerof Columbia Funds and affiliated funds since 2002.

Paul B. Goucher100 Park AvenueNew York, NY 10017Born 1968

Senior Vice President(2011), Chief LegalOfficer (2015) andAssistant Secretary(2008)

Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. sinceNovember 2008 and January 2013, respectively (previously Chief Counsel,January 2010-January 2013 and Group Counsel, November 2008-January 2010).

Thomas P. McGuire225 Franklin StreetBoston, MA 02110Born 1972

Senior Vice Presidentand Chief ComplianceOfficer (2012)

Vice President — Asset Management Compliance, Ameriprise Financial, Inc., sinceMay 2010; Chief Compliance Officer, Ameriprise Certificate Company sinceSeptember 2010; Compliance Executive, Bank of America, 2005-April 2010.

Colin Moore225 Franklin StreetBoston, MA 02110Born 1958

Senior Vice President(2010)

Executive Vice President and Global Chief Investment Officer, Ameriprise Financial,Inc., since July 2013; Director and Global Chief Investment Officer, ColumbiaManagement Investment Advisers, LLC since May 2010; Manager, ManagingDirector and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010.

Michael E. DeFao225 Franklin StreetBoston, MA 02110Born 1968

Vice President (2011)and AssistantSecretary (2010)

Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010;Associate General Counsel, Bank of America, 2005-April 2010.

Amy Johnson5228 Ameriprise Financial CenterMinneapolis, MN 55474Born 1965

Vice President (2006) Managing Director and Chief Operating Officer, Columbia Management InvestmentAdvisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010, and Vice President — Asset Management and Trust Company Services,2006-2009).

Lyn Kephart-Strong5228 AmeripriseFinancial CenterMinneapolis, MN 55474Born 1960

Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014;Vice President & Resolution Officer, Ameriprise Trust Company since August 2009;President, RiverSource Service Corporation 2004-2010.

Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011(previously, Counsel from May 2010 to August 2011); Assistant General Counsel,Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated fundssince 2005.

Vice President andSecretary (2015)

Ryan C. Larrenaga225 Franklin StreetBoston, MA 02110Born 1970




IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report,please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistentwith the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAIwithout charge by calling 800.345.6611; contacting your financial intermediary; visitingcolumbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) atsec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC byAugust 31st for the most recent 12-month period ending June 30th of that year, and is available without chargeby visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of eachfiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewedand copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the PublicReference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings,as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.


Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.he | Sequence: 1CHKSUM Content: 19660 Layout: 26232 Graphics: No Graphics CLEAN


This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks,charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and otherimportant information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management InvestmentDistributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804© 2016 Columbia Management Investment Advisers, LLC.columbiathreadneedle.com/us

ANN184_02_F01_(04/16)

Columbia Large Cap Growth Fund IIP.O. Box 8081Boston, MA 02266-8081

Merrill Corp - Ameriprise Financial [MCS] Large Cap Growth Fund II Annual Report [Funds] CFST 02-29-2...ED [AUX] | pweakly | 21-Apr-16 17:12 | 16-7002-4.zb | Sequence: 1CHKSUM Content: 58587 Layout: 58793 Graphics: 4112 CLEAN

JOB: 16-7002-4 CYCLE#;BL#: 5; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Cyan, PANTONE 540 U, ~note-color 2 GRAPHICS: col_threadndl_cyan 540_logo.eps V1.5

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COLUMBIA LARGE CAP GROWTH FUND II - RightProspectus€¦ · COLUMBIA LARGE CAP GROWTH FUND II (formerly Columbia Marsico 21st Century Fund) ANNUAL REPORT February 29, 2016 Merrill