Columbia Funds Series Trust II N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center

Minneapolis, MN 55474

(Address of principal executive offices) (Zip code)

Ryan Larrenaga

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 345-6611

Date of fiscal year end: August 31

Date of reporting period: February 28, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

SEMIANNUAL REPORT

February 28, 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

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 $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th 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, 2014. 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, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully before investing.

* Source: Ameriprise as of December 1, 2014

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	22
Important Information About This Report	29

Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Marsico Flexible Capital Fund (the Fund) Class A shares returned 5.28% excluding sales charges for the six-month period that ended February 28, 2015.

n The Fund underperformed its benchmark, the S&P 500 Index, which returned 6.12% during the same time period.

Average Annual Total Returns (%) (for period ended February 28, 2015)
	Inception	6 Months Cumulative		1 Year		Life
Class A	09/28/10
Excluding sales charges			5.28		6.75		16.86
Including sales charges			-0.76		0.61		15.30
Class C	09/28/10
Excluding sales charges			4.91		5.94		15.96
Including sales charges			3.97		4.98		15.96
Class I	09/28/10		5.48		7.15		17.19
Class R	09/28/10		5.10		6.45		16.51
Class R4*	06/25/14		5.39		6.94		16.90
Class R5*	11/08/12		5.49		7.14		17.07
Class Z	09/28/10		5.42		7.02		17.14
S&P 500 Index			6.12		15.51		17.17

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management 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 and principal 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 to the 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 since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one class of shares at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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

Semiannual Report 2015 3

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Marsico Capital Management, LLC

Munish Malhotra, CFA

Jordon Laycob

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar 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 nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at February 28, 2015)
Constellation Brands, Inc., Class A	4.9
Liberty Global PLC, Class C	4.7
Lowe’s Companies, Inc.	4.6
Union Pacific Corp.	4.6
Visa, Inc., Class A	4.4
Facebook, Inc., Class A	4.3
Gilead Sciences, Inc.	3.8
Walt Disney Co. (The)	3.8
Apple, Inc.	3.8
Biogen Idec, Inc.	3.7

Percentages indicated are based upon total investments (excluding Money Market Funds and short term cash equivalents).

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

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at February 28, 2015)
Common Stocks	88.4
Consumer Discretionary	28.1
Consumer Staples	4.7
Financials	9.4
Health Care	16.9
Industrials	10.0
Information Technology	17.2
Materials	2.1
Corporate Bonds & Notes	4.0
Money Market Funds	4.8
Preferred Stocks	2.8
Financials	2.8
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

4 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

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

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the 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 amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in 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, 2014 – February 28, 2015

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,052.80	1,018.55		6.55	6.44		1.28
Class C		1,000.00	1,000.00		1,049.10	1,014.81		10.37	10.20		2.03
Class I		1,000.00	1,000.00		1,054.80	1,020.44		4.61	4.53		0.90
Class R		1,000.00	1,000.00		1,051.00	1,017.30		7.82	7.70		1.53
Class R4		1,000.00	1,000.00		1,053.90	1,019.80		5.27	5.19		1.03
Class R5		1,000.00	1,000.00		1,054.90	1,020.39		4.66	4.58		0.91
Class Z		1,000.00	1,000.00		1,054.20	1,019.80		5.28	5.19		1.03

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

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

Semiannual Report 2015 5

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PORTFOLIO OF INVESTMENTS

February 28, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 86.0%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 27.3%
Distributors 2.4%
Genuine Parts Co.		53,404		5,131,057
Hotels, Restaurants & Leisure 10.7%
ClubCorp Holdings, Inc.		306,473		5,455,219
Domino’s Pizza Group PLC		456,340		5,090,163
Restaurant Brands International, Inc.		28,211		1,247,052
Starwood Hotels & Resorts Worldwide, Inc.		71,885		5,774,522
Wynn Resorts Ltd.		37,613		5,359,853
Total				22,926,809
Media 9.9%
CBS Corp., Class B Non Voting		72,405		4,279,136
Liberty Global PLC, Class C(a)		178,379		9,306,032
Walt Disney Co. (The)		72,411		7,536,537
Total				21,121,705
Specialty Retail 4.3%
Lowe’s Companies, Inc.		123,269		9,133,000
Total Consumer Discretionary				58,312,571
CONSUMER STAPLES 4.5%
Beverages 4.5%
Constellation Brands, Inc., Class A(a)		84,172		9,656,212
Total Consumer Staples				9,656,212
FINANCIALS 9.2%
Banks 2.9%
Citigroup, Inc.		117,336		6,150,753
Diversified Financial Services 2.0%
CME Group, Inc.		45,138		4,330,089
Real Estate Investment Trusts (REITs) 4.3%
Crown Castle International Corp.		48,723		4,205,282
Starwood Property Trust, Inc.		198,100		4,833,640
Total				9,038,922
Total Financials				19,519,764
HEALTH CARE 16.5%
Biotechnology 7.0%
Biogen Idec, Inc.(a)		17,954		7,353,779
Gilead Sciences, Inc.(a)		73,322		7,591,026
Total				14,944,805
Health Care Equipment & Supplies 3.0%
Medtronic PLC		82,596		6,408,624

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care Providers & Services 1.6%
Envision Healthcare Holdings, Inc.(a)		94,410		3,457,294
Pharmaceuticals 4.9%
Merck & Co., Inc.		101,439		5,938,239
Novartis AG, Registered Shares		42,791		4,374,032
Total				10,312,271
Total Health Care				35,122,994
INDUSTRIALS 9.7%
Aerospace & Defense 2.8%
BAE Systems PLC		738,022		6,061,586
Construction & Engineering 0.7%
Louis XIII Holdings Ltd.(a)		3,434,500		1,368,344
Professional Services 2.0%
Nielsen NV		93,925		4,246,349
Road & Rail 4.2%
Union Pacific Corp.		74,816		8,997,372
Total Industrials				20,673,651
INFORMATION TECHNOLOGY 16.7%
Internet Software & Services 6.1%
Alibaba Group Holding Ltd., ADR(a)		54,312		4,623,037
Facebook, Inc., Class A(a)		107,361		8,478,298
Total				13,101,335
IT Services 4.1%
Visa, Inc., Class A		31,825		8,634,441
Semiconductors & Semiconductor Equipment 3.0%
ASML Holding NV		59,419		6,398,238
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc.		58,457		7,509,386
Total Information Technology				35,643,400
MATERIALS 2.1%
Chemicals 2.1%
Monsanto Co.		37,010		4,457,114
Total Materials				4,457,114
Total Common Stocks
(Cost: $148,165,235)				183,385,706
Preferred Stocks 2.7%
FINANCIALS 2.7%
Banks 2.2%
BB&T Corp., 5.850%		43,225		1,099,212
First Niagara Financial Group, Inc., 8.625%(b)		48,336		1,312,806

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

6 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PORTFOLIO OF INVESTMENTS (continued)

February 28, 2015 (Unaudited)

Preferred Stocks (continued)
Issuer		Shares		Value ($)
Regions Financial Corp., 6.375%			44,600		1,119,460
Wells Fargo & Co., 5.200%			48,125		1,159,812
Total					4,691,290
Real Estate Investment Trusts (REITs) 0.5%
NorthStar Realty Finance Corp., 8.750%			41,308		1,100,858
Total Financials					5,792,148
Total Preferred Stocks
(Cost: $5,513,219)					5,792,148
Corporate Bonds & Notes 3.9%
Issuer	Coupon Rate	Principal Amount ($)		Value ($)
Construction Machinery 0.8%
United Rentals North America, Inc.
09/15/20	8.375%		1,500,000		1,605,000
Consumer Cyclical Services 0.7%
IHS, Inc.(c)
11/01/22	5.000%		1,500,000		1,524,375
Gaming 0.7%
Pinnacle Entertainment, Inc.
04/15/21	7.500%		1,500,000		1,588,125

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Other Industry 0.5%
Howard Hughes Corp. (The)(c)
10/01/21		6.875%		1,000,000		1,051,250
Packaging 0.7%
Ball Corp.
11/15/23		4.000%		1,500,000		1,473,750
Wireless 0.5%
T-Mobile USA, Inc.
04/28/19		6.464%		1,000,000		1,037,500
Total Corporate Bonds & Notes
(Cost: $8,199,806)						8,280,000
Money Market Funds 4.6%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(d)(e)				9,910,231		9,910,231
Total Money Market Funds
(Cost: $9,910,231)						9,910,231
Total Investments
(Cost: $171,788,491)						207,368,085
Other Assets & Liabilities, Net						6,043,728
Net Assets						213,411,813

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Variable rate security.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2015, the value of these securities amounted to $2,575,625 or 1.21% of net assets.

(d) The rate shown is the seven-day current annualized yield at February 28, 2015.

(e) 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’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended February 28, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		14,597,859		54,038,620		(58,726,248	)		9,910,231		6,843		9,910,231

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that 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 an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value

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

Semiannual Report 2015 7

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PORTFOLIO OF INVESTMENTS (continued)

February 28, 2015 (Unaudited)

Fair Value Measurements (continued)

measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 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:

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

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

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

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these 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. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash 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) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are 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 of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during 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) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

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

8 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

PORTFOLIO OF INVESTMENTS (continued)

February 28, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2015:

Description	Level 1 Quoted Prices in Active Markets for  Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		53,222,408		5,090,163		—		58,312,571
Consumer Staples		9,656,212		—		—		9,656,212
Financials		19,519,764		—		—		19,519,764
Health Care		30,748,962		4,374,032		—		35,122,994
Industrials		13,243,721		7,429,930		—		20,673,651
Information Technology		35,643,400		—		—		35,643,400
Materials		4,457,114		—		—		4,457,114
Preferred Stocks
Financials		5,792,148		—		—		5,792,148
Total Equity Securities		172,283,729		16,894,125		—		189,177,854
Bonds
Corporate Bonds & Notes		—		8,280,000		—		8,280,000
Total Bonds		—		8,280,000		—		8,280,000
Mutual Funds
Money Market Funds		9,910,231		—		—		9,910,231
Total Mutual Funds		9,910,231		—		—		9,910,231
Total		182,193,960		25,174,125		—		207,368,085

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 generally valued using the market approach, in which a security’s value is determined

through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities

for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

There were no transfers of financial assets between levels during the period.

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

Semiannual Report 2015 9

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

STATEMENT OF ASSETS AND LIABILITIES

February 28, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $161,878,260)	$197,457,854
Affiliated issuers (identified cost $9,910,231)	9,910,231
Total investments (identified cost $171,788,491)	207,368,085
Receivable for:
Investments sold	5,902,653
Capital shares sold	186,138
Dividends	109,029
Interest	174,069
Reclaims	61,952
Prepaid expenses	1,492
Other assets	44
Total assets	213,803,462
Liabilities
Payable for:
Capital shares purchased	299,811
Investment management fees	4,179
Distribution and/or service fees	1,433
Transfer agent fees	36,813
Administration fees	353
Compensation of board members	17,111
Other expenses	31,949
Total liabilities	391,649
Net assets applicable to outstanding capital stock	$213,411,813
Represented by
Paid-in capital	$173,563,185
Excess of distributions over net investment income	(69,984	)
Accumulated net realized gain	4,347,321
Unrealized appreciation (depreciation) on:
Investments	35,579,594
Foreign currency translations	(8,303	)
Total — representing net assets applicable to outstanding capital stock	$213,411,813

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

10 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

February 28, 2015 (Unaudited)

Class A
Net assets	$93,087,443
Shares outstanding	6,166,294
Net asset value per share	$15.10
Maximum offering price per share(a)	$16.02
Class C
Net assets	$28,305,682
Shares outstanding	1,931,204
Net asset value per share	$14.66
Class I
Net assets	$2,460
Shares outstanding	162
Net asset value per share(b)	$15.14
Class R
Net assets	$720,007
Shares outstanding	48,415
Net asset value per share	$14.87
Class R4
Net assets	$1,618,001
Shares outstanding	107,518
Net asset value per share	$15.05
Class R5
Net assets	$7,070,630
Shares outstanding	460,943
Net asset value per share	$15.34
Class Z
Net assets	$82,607,590
Shares outstanding	5,431,269
Net asset value per share	$15.21

(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%.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Semiannual Report 2015 11

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

STATEMENT OF OPERATIONS

Six Months Ended February 28, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,394,726
Dividends — affiliated issuers	6,843
Interest	175,292
Foreign taxes withheld	(4,186	)
Total income	1,572,675
Expenses:
Investment management fees	762,597
Distribution and/or service fees
Class A	117,585
Class C	135,885
Class R	1,682
Transfer agent fees
Class A	76,901
Class C	22,252
Class R	551
Class R4	1,268
Class R5	1,720
Class Z	69,083
Administration fees	64,445
Compensation of board members	6,195
Custodian fees	4,135
Printing and postage fees	16,997
Registration fees	48,073
Professional fees	18,236
Other	5,396
Total expenses	1,353,001
Net investment income	219,674
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	9,654,227
Foreign currency translations	(17,819	)
Net realized gain	9,636,408
Net change in unrealized appreciation (depreciation) on:
Investments	1,144,891
Foreign currency translations	(2,736	)
Net change in unrealized appreciation	1,142,155
Net realized and unrealized gain	10,778,563
Net increase in net assets resulting from operations	$10,998,237

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

12 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended February 28, 2015 (Unaudited)			Year Ended August 31, 2014(a)
Operations
Net investment income		$219,674			$472,665
Net realized gain		9,636,408			20,269,072
Net change in unrealized appreciation		1,142,155			15,941,940
Net increase in net assets resulting from operations		10,998,237			36,683,677
Distributions to shareholders
Net investment income
Class A		(257,623	)		—
Class I		(17	)		—
Class R		(249	)		—
Class R4		(7,642	)		—
Class R5		(42,812	)		—
Class Z		(423,433	)		—
Net realized gains
Class A		(9,208,904	)		(9,641,504	)
Class C		(2,780,020	)		(2,347,405	)
Class I		(257	)		(386	)
Class R		(68,689	)		(77,796	)
Class R4		(153,660	)		—
Class R5		(686,206	)		(737,563	)
Class Z		(8,092,471	)		(8,647,121	)
Total distributions to shareholders		(21,721,983	)		(21,451,775	)
Increase in net assets from capital stock activity		2,364,042			32,159,673
Total increase (decrease) in net assets		(8,359,704	)		47,391,575
Net assets at beginning of period		221,771,517			174,379,942
Net assets at end of period		$213,411,813			$221,771,517
Undistributed (excess of distributions over) net investment income		$(69,984	)		$442,118

(a) Class R4 shares are based on operations from June 25, 2014 commencement of operations) through the stated period end.

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

Semiannual Report 2015 13

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended February 28, 2015 (Unaudited)						Year Ended August 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		539,364			8,191,789			2,499,920			38,642,622
Distributions reinvested		647,706			9,462,980			645,781			9,641,503
Redemptions		(1,281,662	)		(19,582,484	)		(2,126,881	)		(32,820,340	)
Net increase (decrease)		(94,592	)		(1,927,715	)		1,018,820			15,463,785
Class C shares
Subscriptions		154,372			2,280,160			662,497			10,040,708
Distributions reinvested		195,587			2,779,285			160,348			2,344,285
Redemptions		(182,265	)		(2,688,574	)		(251,158	)		(3,770,937	)
Net increase		167,694			2,370,871			571,687			8,614,056
Class I shares
Redemptions		—			—			(66	)		(1,000	)
Net increase (decrease)		—			—			(66	)		(1,000	)
Class R shares
Subscriptions		3,621			53,831			15,560			239,864
Distributions reinvested		4,787			68,938			5,255			77,408
Redemptions		(1,912	)		(27,840	)		(20,535	)		(309,668	)
Net increase		6,496			94,929			280			7,604
Class R4 shares
Subscriptions		7,866			120,281			96,898			1,511,823
Distributions reinvested		11,060			161,033			—			—
Redemptions		(8,254	)		(128,264	)		(52	)		(818	)
Net increase		10,672			153,050			96,846			1,511,005
Class R5 shares
Subscriptions		37,458			588,039			312,625			5,064,080
Distributions reinvested		49,107			728,751			48,727			737,240
Redemptions		(33,650	)		(508,056	)		(106,853	)		(1,679,978	)
Net increase		52,915			808,734			254,499			4,121,342
Class Z shares
Subscriptions		665,879			10,306,418			732,757			11,434,564
Distributions reinvested		578,523			8,515,853			575,690			8,646,866
Redemptions		(1,152,915	)		(17,958,098	)		(1,142,200	)		(17,638,549	)
Net increase		91,487			864,173			166,247			2,442,881
Total net increase		234,672			2,364,042			2,108,313			32,159,673

(a) Class R4 shares are based on operations from June 25, 2014 (commencement of operations) through the stated period end.

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

14 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS

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

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class  A	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$15.94		$14.77		$13.00		$11.09		$10.00
Income from investment operations:
Net investment income	0.01		0.03		0.05		0.02		0.03
Net realized and unrealized gain	0.78		2.84		2.45		1.93		1.10
Total from investment operations	0.79		2.87		2.50		1.95		1.13
Less distributions to shareholders:
Net investment income	(0.05	)	—		(0.18	)	—		(0.04	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)	(0.04	)	(0.00	)(b)
Total distributions to shareholders	(1.63	)	(1.70	)	(0.73	)	(0.04	)	(0.04	)
Net asset value, end of period	$15.10		$15.94		$14.77		$13.00		$11.09
Total return	5.28	%	20.18	%	20.17	%	17.63	%	11.29	%
Ratios to average net assets(c)
Total gross expenses	1.28	%(d)	1.28	%	1.36	%	1.50	%(e)	1.67	%(d)
Total net expenses(f)	1.28	%(d)	1.28	%	1.32	%	1.50	%(e)(g)	1.60	%(d)
Net investment income	0.18	%(d)	0.21	%	0.33	%	0.19	%	0.25	%(d)
Supplemental data
Net assets, end of period (in thousands)	$93,087		$99,789		$77,404		$51,772		$55,034
Portfolio turnover	42	%	119	%	147	%	146	%	214	%

Notes to Financial Highlights

(a) Based on operations from September 28, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) 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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

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

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

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

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

Semiannual Report 2015 15

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class C	(Unaudited)		2014		2013		2012			2011(a)
Per share data									��
Net asset value, beginning of period	$15.53		$14.53		$12.81		$11.01			$10.00
Income from investment operations:
Net investment loss	(0.04	)	(0.08	)	(0.06	)	(0.07	)		(0.05	)
Net realized and unrealized gain	0.75		2.78		2.42		1.91			1.09
Total from investment operations	0.71		2.70		2.36		1.84			1.04
Less distributions to shareholders:
Net investment income	—		—		(0.09	)	—			(0.03	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)	(0.04	)		(0.00	)(b)
Total distributions to shareholders	(1.58	)	(1.70	)	(0.64	)	(0.04	)		(0.03	)
Net asset value, end of period	$14.66		$15.53		$14.53		$12.81			$11.01
Total return	4.91	%	19.28	%	19.23	%	16.76	%		10.42	%
Ratios to average net assets(c)
Total gross expenses	2.03	%(d)	2.03	%	2.11	%	2.26	%(e)		2.38	%(d)
Total net expenses(f)	2.03	%(d)	2.03	%	2.07	%	2.25	%(e)(g)		2.35	%(d)
Net investment loss	(0.56	%)(d)	(0.52	%)	(0.42	%)	(0.57	%)		(0.46	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$28,306		$27,393		$17,316		$12,272			$9,255
Portfolio turnover	42	%	119	%	147	%	146	%		214	%

Notes to Financial Highlights

(a) Based on operations from September 28, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) 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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

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

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

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

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

16 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class I	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$16.01		$14.78		$13.01		$11.08		$10.00
Income from investment operations:
Net investment income (loss)	0.05		0.08		0.10		(0.05	)	0.05
Net realized and unrealized gain	0.77		2.85		2.46		2.04		1.07
Total from investment operations	0.82		2.93		2.56		1.99		1.12
Less distributions to shareholders:
Net investment income	(0.11	)	—		(0.24	)	(0.02	)	(0.04	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)	(0.04	)	(0.00	)(b)
Total distributions to shareholders	(1.69	)	(1.70	)	(0.79	)	(0.06	)	(0.04	)
Net asset value, end of period	$15.14		$16.01		$14.78		$13.01		$11.08
Total return	5.48	%	20.60	%	20.67	%	18.08	%	11.22	%
Ratios to average net assets(c)
Total gross expenses	0.90	%(d)	0.87	%	0.95	%	1.07	%(e)	2.64	%(d)
Total net expenses(f)	0.90	%(d)	0.87	%	0.92	%	1.07	%(e)	1.25	%(d)
Net investment income (loss)	0.59	%(d)	0.51	%	0.73	%	(0.47	%)	0.43	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$3		$3		$5,527
Portfolio turnover	42	%	119	%	147	%	146	%	214	%

Notes to Financial Highlights

(a) Based on operations from September 28, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) 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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

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

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

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

Semiannual Report 2015 17

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class R	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$15.71		$14.61		$12.93		$11.06		$10.00
Income from investment operations:
Net investment income (loss)	(0.00	)(b)	(0.02	)	(0.00	)(b)	(0.00	)(b)	(0.00	)(b)
Net realized and unrealized gain	0.75		2.82		2.44		1.91		1.09
Total from investment operations	0.75		2.80		2.44		1.91		1.09
Less distributions to shareholders:
Net investment income	(0.01	)	—		(0.21	)	—		(0.03	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)	(0.04	)	(0.00	)(b)
Total distributions to shareholders	(1.59	)	(1.70	)	(0.76	)	(0.04	)	(0.03	)
Net asset value, end of period	$14.87		$15.71		$14.61		$12.93		$11.06
Total return	5.10	%	19.91	%	19.87	%	17.31	%	10.87	%
Ratios to average net assets(c)
Total gross expenses	1.53	%(d)	1.53	%	1.58	%	1.72	%(e)	2.89	%(d)
Total net expenses(f)	1.53	%(d)	1.53	%	1.56	%	1.72	%(e)	1.85	%(d)
Net investment income (loss)	(0.05	%)(d)	(0.12	%)	(0.02	%)	(0.01	%)	0.01	%(d)
Supplemental data
Net assets, end of period (in thousands)	$720		$658		$608		$229		$10
Portfolio turnover	42	%	119	%	147	%	146	%	214	%

Notes to Financial Highlights

(a) Based on operations from September 28, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) 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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

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

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

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

18 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

Class R4	Six Months  Ended February 28, 2015 (Unaudited)		Year  Ended August 31, 2014(a)
Per share data
Net asset value, beginning of period	$15.91		$15.46
Income from investment operations:
Net investment income	0.03		0.08
Net realized and unrealized gain	0.77		0.37
Total from investment operations	0.80		0.45
Less distributions to shareholders:
Net investment income	(0.08	)	—
Net realized gains	(1.58	)	—
Total distributions to shareholders	(1.66	)	—
Net asset value, end of period	$15.05		$15.91
Total return	5.39	%	2.91	%
Ratios to average net assets(b)
Total gross expenses	1.03	%(c)	1.13	%(c)
Total net expenses(d)	1.03	%(c)	1.07	%(c)
Net investment income	0.45	%(c)	2.92	%(c)
Supplemental data
Net assets, end of period (in thousands)	$1,618		$1,541
Portfolio turnover	42	%	119	%

Notes to Financial Highlights

(a) Based on operations from June 25, 2014 (commencement of operations) through the stated period end.

(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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

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

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

Semiannual Report 2015 19

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$16.19		$14.93		$13.11
Income from investment operations:
Net investment income	0.04		0.09		0.09
Net realized and unrealized gain	0.79		2.87		2.51
Total from investment operations	0.83		2.96		2.60
Less distributions to shareholders:
Net investment income	(0.10	)	—		(0.23	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)
Total distributions to shareholders	(1.68	)	(1.70	)	(0.78	)
Net asset value, end of period	$15.34		$16.19		$14.93
Total return	5.49	%	20.59	%	20.89	%
Ratios to average net assets(b)
Total gross expenses	0.91	%(c)	0.93	%	0.90	%(c)
Total net expenses(d)	0.91	%(c)	0.93	%	0.90	%(c)
Net investment income	0.57	%(c)	0.55	%	0.76	%(c)
Supplemental data
Net assets, end of period (in thousands)	$7,071		$6,608		$2,292
Portfolio turnover	42	%	119	%	147	%

Notes to Financial Highlights

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

(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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

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

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

20 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended February 28, 2015		Year Ended August 31,
Class Z	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$16.06		$14.84		$13.04		$11.12		$10.00
Income from investment operations:
Net investment income	0.03		0.07		0.08		0.05		0.06
Net realized and unrealized gain	0.79		2.85		2.46		1.92		1.10
Total from investment operations	0.82		2.92		2.54		1.97		1.16
Less distributions to shareholders:
Net investment income	(0.09	)	—		(0.19	)	(0.01	)	(0.04	)
Net realized gains	(1.58	)	(1.70	)	(0.55	)	(0.04	)	(0.00	)(b)
Total distributions to shareholders	(1.67	)	(1.70	)	(0.74	)	(0.05	)	(0.04	)
Net asset value, end of period	$15.21		$16.06		$14.84		$13.04		$11.12
Total return	5.42	%	20.44	%	20.48	%	17.83	%	11.61	%
Ratios to average net assets(c)
Total gross expenses	1.03	%(d)	1.03	%	1.12	%	1.26	%(e)	1.32	%(d)
Total net expenses(f)	1.03	%(d)	1.03	%	1.08	%	1.25	%(e)(g)	1.32	%(d)
Net investment income	0.44	%(d)	0.44	%	0.59	%	0.40	%	0.60	%(d)
Supplemental data
Net assets, end of period (in thousands)	$82,608		$85,780		$76,756		$66,930		$91,860
Portfolio turnover	42	%	119	%	147	%	146	%	214	%

Notes to Financial Highlights

(a) Based on operations from September 28, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) 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 of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

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

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

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

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

Semiannual Report 2015 21

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS

February 28, 2015 (Unaudited)

Note 1. Organization

Columbia Marsico Flexible Capital Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, Class R, Class R4, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

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

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

22 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

Foreign equity securities are valued based on quotations from the principal market in which such securities are traded. If any foreign security prices are not readily available as a result of limited share activity, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange

rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund’s management. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund

Semiannual Report 2015 23

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

no longer owns the applicable securities, return of capital is recorded as a realized gain. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.71% to 0.54% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended February 28, 2015 was 0.71% of the Fund’s average daily net assets.

24 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Marsico Capital Management, LLC (Marsico) to serve as the subadviser to the Fund. The Investment Manager compensates Marsico to manage the investment of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended February 28, 2015 was 0.06% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended February 28, 2015, other expenses paid by the Fund to this company were $752.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency

services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., for which the Transfer Agent receives a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended February 28, 2015, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.16	%
Class C	0.16
Class R	0.16
Class R4	0.16
Class R5	0.05
Class Z	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended February 28, 2015, no minimum account balance fees were charged by the Fund.

Semiannual Report 2015 25

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class C shares. For Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $14,000 for Class C shares. These amounts are based on the most recent information available as of December 31, 2014, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $38,511 for Class A, and $2,998 for Class C shares for the six months ended February 28, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective January 1, 2015			Contractual Expense Cap Prior to January 1, 2015
Class A		1.30	%		1.32	%
Class C		2.05			2.07
Class I		0.92			0.95
Class R		1.55			1.57
Class R4		1.05			1.07
Class R5		0.97			1.00
Class Z		1.05			1.07

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At February 28, 2015, the cost of investments for federal income tax purposes was approximately $171,788,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$38,412,000
Unrealized depreciation	(2,832,000	)
Net unrealized appreciation	$35,580,000

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $84,605,820 and $106,449,055, respectively, for the six months ended February 28, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

26 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At February 28, 2015, one unaffiliated shareholder of record owned 30.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 41.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (JPMorgan) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended February 28, 2015.

Note 9. Significant Risks

Consumer Discretionary Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various

Semiannual Report 2015 27

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2015 (Unaudited)

Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

28 Semiannual Report 2015

COLUMBIA MARSICO FLEXIBLE CAPITAL FUND

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 consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by 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 each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference 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.

Semiannual Report 2015 29

Columbia Marsico Flexible Capital Fund

P.O. Box 8081

Boston, MA 02266-8081

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 other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is 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. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

columbiathreadneedle.com/us

SAR185_08_E01_(04/15)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Columbia Funds Series Trust II

By (Signature and Title)	/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer

Date April 21, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer

Date April 21, 2015

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer

Date April 21, 2015