0000893877-95-000097.txt : 19950825
0000893877-95-000097.hdr.sgml : 19950825
ACCESSION NUMBER: 0000893877-95-000097
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950824
SROS: NONE
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: COLUMBIA SPECIAL FUND INC
CENTRAL INDEX KEY: 0000773599
STANDARD INDUSTRIAL CLASSIFICATION: []
STATE OF INCORPORATION: OR
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-30D
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-04362
FILM NUMBER: 95566678
BUSINESS ADDRESS:
STREET 1: 1301 SW FIFTH AVE
CITY: PORTLAND
STATE: OR
ZIP: 97201
BUSINESS PHONE: 5032223600
N-30D
1
COLUMBIA SPECIAL FUND SEMI-ANNUAL REPORT
SEMI-ANNUAL REPORT
-------------------------------------------------
COLUMBIA FUNDS
June 30, 1995
-------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC.
-------------------------------------------------
COLUMBIA GROWTH FUND, INC.
-------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC.
-------------------------------------------------
COLUMBIA SPECIAL FUND, INC.
-------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND, INC.
-------------------------------------------------
COLUMBIA BALANCED FUND, INC.
-------------------------------------------------
COLUMBIA DAILY INCOME COMPANY
-------------------------------------------------
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
-------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
-------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC.
-------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC.
-------------------------------------------------
COLUMBIA FINANCIAL CENTER INCORPORATED
1301 S.W. Fifth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
1-800-547-1707
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to present the Columbia Funds 1995 Semi-Annual Report.
Inside, you will find an overview of the markets, performance information
for the six months ended June 30, a review of each fund's activity, and
updated financial information.
The first six months of the year proved to be an exciting time for
financial assets. The S&P 500 Index reached all-time highs, up over 20% for
the half, and the bond market experienced a tremendous rally with the
benchmark 30-year Treasury posting a total return of over 19% by the end of
June. Both events were in sharp contrast to last year's disappointing
market returns -- once again reaffirming the unpredictable nature of the
markets, at least in the short term.
In response to the market's day-to-day unpredictability, an increasing
number of investors have chosen to apply a more disciplined approach to
their investing through automatic investment plans. These individuals have
found that the most effective way to build assets for the future is to
invest regularly, through many market cycles, rather than trying to time
their investments to market highs and lows. They've learned that by
starting early in life, the effect of compounding can pay you back several
times over -- even if you have just a small amount to invest. While making
regular investments cannot assure a profit or protect against loss, it can
remove the guesswork associated with the decision about when to invest. So,
if you've already made the decision to invest automatically, either through
a 401(k) plan or otherwise, you've taken a step in the right direction. If
you'd like to know more about Columbia's automatic investment plans, please
write or call us toll-free at 1-800-547-1707.
As always, we appreciate your continuing confidence in Columbia Funds.
Sincerely,
J. JERRY INSKEEP, JR.
J. Jerry Inskeep, Jr.
Chairman
JOHN A. KEMP
John A. Kemp
President
1
AN OVERVIEW OF THE MARKETS
--------------------------------------------------------------------------------
For the first six months of 1995, financial markets enjoyed a
tremendous rally, even though the Federal Reserve took no action to lower
interest rates until the end of the first half. The pace of gains
accelerated for smaller stocks during most of the year, which normally
indicates growing investor optimism. In addition, intermediate- and
longer-term interest rates continued to decline, prolonging a trend that
began late last year. The U.S. dollar also stabilized, after declining
earlier in the year. Other than foreign markets, which continued to post
mixed returns, second quarter market results were excellent. Compared to
historical standards, year-to-date performance also has been exceptional.
Average Annual Total Returns, for the periods ended June 30, 1995
Year-to-Date 1 Year 3 Year 5 Year 10 Year
------------ ------ ------ ------ -------
Standard & Poor's 500 20.21% 26.07% 13.25% 12.10% 14.66%
Lehman Bros. Gov't./Corp. 11.80% 12.77% 7.94% 9.61% 9.96%
Russell 2000 Growth 14.42% 20.08% 16.45% 12.86% 11.20%
FT-A Euro-Pac 1.85% 0.61% 12.92% 4.70% N/A
AN UPDATE ON THE SOFT LANDING
Last year, the Federal Reserve tightened the money supply and raised
short-term rates to control inflation. Since there were no signs of
economic excess at the time of the initial rate hikes in February 1994, the
goal of monetary policy was to extend the present economic cycle in the
form of a soft landing. In the Fed's terms, a soft landing would bring
economic growth down to between 2% and 3%. This range would dampen
inflationary pressures and allow the current economic cycle to be extended.
The Fed seemed to get its wish since GDP growth was 2.7% for the first
quarter of 1995, and just .5% for the second quarter. This compares to a
GDP of over 5% for the last quarter of 1994 and 4.1% for the entire year.
As we have noted in the past, however, the influence of monetary
policy on the economy operates at a lag and is seldom precise. Towards the
end of the second quarter, economic indicators suggested that the
possibility of a soft landing was not as certain, and that the economy
could, in fact, experience a near-term contraction. The index of leading
economic indicators, for instance, had been down four months in a row -- the
first three or more consecutive month drop since the recession of 1990.
Moreover, retail sales slowed and housing starts declined. The economies of
Japan and Europe were also becoming more sluggish than expected, and our
trade balance had not improved. In short, by the end of June, investors
worried that the economy was demonstrating more signs of a hard landing
than the mid-course inventory correction that we are assuming.
So far, the slower growth has been interpreted bullishly by the
financial markets because investors have been focusing on declining
interest rates and do not believe the economy will slip into recession,
thereby hurting profits. This belief has been bolstered by the Federal
Reserve's reduction of the Federal Funds' rate on July 6, from 6% to
5-3/4%. As long as a recession is avoided, earnings should hold up
reasonably well, and there appears to be long-term improvement in profit
margins, productivity and domestic competitiveness. These factors serve as
a good foundation for future increases in stock and bond prices.
2
AN OVERVIEW OF THE MARKETS
--------------------------------------------------------------------------------
MARKET OPTIMISM COULD BE TESTED
We believe, however, that higher stock prices mean greater
vulnerability to disappointments or negative news. We agree with the
consensus that 1996 will be a year of growth for the economy, but we also
believe that current market optimism could be tested. News of a slowing
economy accompanied by lower interest rates has recently propelled the
market higher. But continued news of slowdown could lead to investor
concern about profits, especially if we were to experience a prolonged
period of very low growth.
Even if economic expansion resumes -- and we believe it will -- further
growth could be somewhat restrained, due to already high levels of capacity
utilization. What's more, if the economy picks up steam next year, investor
concerns about inflation could increase, since the markets try to
anticipate economic conditions six to nine months in advance. Concerns
about inflation often lead to speculation about interest rate increases,
which could slow the rate of gain in stock prices.
OUTLOOK
Given these concerns, we believe it is appropriate to have a more
risk-averse strategy toward the markets. We continue to favor a balanced
position among the sectors in our investment portfolios, not making
aggressive overweightings in our sector allocations. We are focusing on
stocks that offer steady earnings even during periods of slow economic
growth, and we are limiting our exposure to stock groups that have been
popular but might be most vulnerable to earnings disappointments. In
addition, we favor energy, which is generally underweighted in
institutional portfolios and demonstrates defensive performance
characteristics. We also like real estate investment trusts (REITs) with
their relatively high yields. We believe small cap stocks should perform
well in the second half of the year. Although the markets could be
vulnerable to corrections in the short term, the current efforts by
Congress to reduce the budget deficit and reduce taxes, if successful,
would likely have a positive long-term impact on financial assets.
The Investment Team
Columbia Funds Management Company
July, 1995
3
INVESTMENT REVIEW
--------------------------------------------------------------------------------
COLUMBIA COMMON STOCK FUND
Columbia Common Stock Fund was up 13.55% for the six months ended
June 30, 1995. Although total returns were good on an absolute basis, the Fund
underperformed the S&P 500, which posted 20.21% for the same period. The
Fund lagged the S&P 500 during the first half for two reasons. First, much
of the market's rally was led by the technology sector, which we chose to
underweight during the year. This decision is based on our belief that
technology was and still is the most vulnerable sector of the market given
our expectation that economic and earnings growth will slow. Therefore, we
continue to keep our technology allocation below the S&P 500 weighting.
The second reason for lagging the market was the Fund's exposure to
real estate investment trusts (REITs). While this sector offers good
yields, low price/earnings ratios and excellent value, its price
performance lagged the general market averages. Areas that benefited the
Fund during the period included financial services and multi-national
growth stocks.
We believe that our cautious approach to the market continues to be
appropriate given current price levels. We intend to maintain our focus on
steady growth companies, interest-rate sensitive issues and selected
cyclical issues that we believe will benefit from slowing economic growth.
[Graphic line chart depicting the dollar amounts of CCSF (value on 6/30/95
$16,362) and S&P 500 (value on 6/30/95 $15,637) for the period 10/1/91 to
6/30/95 based on a $10,000 investment made on 10/1/91
Average Annual Total Returns
CCSF S&P 500
------ -------
1 Year 18.93% 26.07%
Since Inception 14.23% 12.84%]
COLUMBIA GROWTH FUND
Columbia Growth Fund produced a 17.19% return for the six months ended
June 30, 1995. The Fund lagged the broader market because we were not
concentrated in either technology or financials, two large sectors that
produced returns well above the S&P 500. In addition, we had a slight
emphasis toward smaller capitalization issues, which tended to underperform
the market during the first half of the year. We are optimistic that these
smaller capitalization stocks will contribute more significantly to
performance in the second half.
The Fund focuses on companies with superior growth and profitability
characteristics that carry reasonable valuations. Currently, we believe
industries undergoing restructuring or consolidation, such as retail,
gaming and health care, present attractive investment opportunities.
Looking ahead, we anticipate modest though positive earnings growth
and somewhat higher interest rates. With corporate earnings growth expected
to slow, careful stock selection will be more important than ever. Our
diversified approach and careful selection of stocks, we believe, should
reward investors in Columbia Growth Fund with competitive returns.
[Graphic line chart depicting the dollar amounts of CGF (value on 6/30/95
$189,763) and S&P 500 (value on 6/30/95 $127,929) for the period 6/30/75
to 6/30/95 based on a $10,000 investment made on 6/30/75
Average Annual Total Returns
CGF S&P 500
------ -------
1 Year 23.62% 26.07%
5 Years 12.66% 12.10%
10 Years 13.72% 14.66%
20 Years 15.85% 13.59%]
4
INVESTMENT REVIEW
--------------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND
Foreign stock markets generally experienced modest to poor returns
during the first half of 1995. For the six months ended June 30, Columbia
International Stock Fund was down 5.23%. We started the year with a heavy
weighting in Japan as growth prospects looked increasingly attractive after
several years of economic adjustment. We felt the yen would weaken after
its surge in 1994, thus aiding exporting industries. However, the Kobe
earthquake upset economic forecasts early in the year and, contrary to
nearly all expectations, the yen experienced another sharp increase against
the dollar. These factors affected investor confidence and Japanese
companies found it increasingly difficult to compete in world markets on a
profitable basis.
The Fund underperformed its benchmark, the FT-A Euro-Pacific Index at
1.85% during the first half, in large part because of its currency hedging.
Given our significant weighting in Japan, we hedged approximately one-half
of our exposure to the yen to protect against the adverse effect on the
Fund of the yen weakening. When the yen instead strengthened against the
dollar, the Fund did not fully benefit from the currency gain. Since then,
we have reduced Japanese securities to about 25% of the portfolio.
We believe that world growth prospects are much improved, since many
of the central banks have moved to lower interest rates. We have built up
the Fund's exposure to cyclical companies and reduced our weighting in
consumer non-durable companies and other defensive areas. We have also been
gradually increasing the Fund's exposure to a number of attractive emerging
markets, such as Brazil, India, and Hong Kong.
[Graphic line chart depicting the dollar amounts of CISF (value on 6/30/95
$12,401), S&P 500 (value on 6/30/95 $14,083) and FT-A-Euro-Pacific (value
on 6/30/95 $14,074) for the period 10/1/92 to 6/30/95 based on a $10,000
investment made on 10/1/92
Average Annual Total Returns
CISF S&P 500 FT-A-Euro-Pac
------ ------- -------------
1 Year -9.18% 26.07% 0.59%
Since Inception 8.30% 13.52% 13.49%]
COLUMBIA SPECIAL FUND
For the six months ended June 30, 1995, Columbia Special Fund returned
13.48% versus 14.42% for the Russell 2000 Index. The Fund benefited from an
overweighting in technology, energy, and machinery, with interest-sensitive
financial services stocks also helping to boost returns. Poor performance
in consumer areas, such as retailing and health care, detracted from Fund
performance.
We see the potential for reductions in current earnings estimates as
major economies have slowed. Higher bond prices (and lower yields) already
reflect this slowing. In addition, budget talks may not contribute much to
stock performance for the remainder of this year. Therefore, we are
focusing on companies that offer visible, predictable earnings in the
small- to mid-capitalization stock area. The Fund currently has a neutral
exposure to technology, an above-market exposure to business and consumer
services, energy services, and entertainment and media sectors, and a
below-market weighting in consumer cyclical stocks, utilities and financial
services.
[Graphic line chart depicting the dollar amounts of CSF (value on 6/30/95
$53,001), S&P Midcap (value on 6/30/95 $40,314*), S&P 500 (value on
6/30/95 $36,654*) and Russell 2000 (value on 6/30/95 $27,170*) for the
period 11/20/85 to 6/30/95 based on a $10,000 investment made on 11/20/85
Average Annual Total Returns
CSF S&P Midcap S&P 500 Russell 2000
------ ---------- ------- ------------
1 Year 20.34% 22.32% 26.07% 20.08%
5 Year 14.45% 14.96% 12.10% 12.86%
Since Inception 18.97% 14.41%* 14.49%* 10.97%*
* Investment in S&P Midcap, S&P 500 and Russell 2000 made on 12/1/85.]
5
INVESTMENT REVIEW
--------------------------------------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND
Columbia Real Estate Equity Fund posted a total return of 3.78% for
the six months ended June 30, 1995, which compares to 5.70% for the NAREIT
Equity Index over the same period.
The Fund is currently invested exclusively in publicly-traded real
estate investment trusts (REITs) and is diversified by geography and type
of real estate. While individual securities are identified based on a
variety of factors, we focus carefully on cash flow from operations, growth
prospects, and strength of the balance sheet. We also consider the
management's track record and level of insider stock ownership as important
factors.
With the S&P 500 demonstrating powerful momentum during the first half
of the year, demand for REITs has been relatively low. As a result, the
REIT market saw little price appreciation during the period.
For the first half of 1995, large allocations in the office, self
storage, triple net lease and hotel sectors all contributed to Fund
performance. Moderate economic growth is also helping to fuel demand for
many types of real estate, including apartments, retail, industrial, hotel
and selected office space. At the same time, restrained capital
availability from traditional sources such as banks, savings and loans, and
insurance companies is restricting the level of new supply. We expect this
supply and demand imbalance to persist for the foreseeable future, making
real estate an attractive investment alternative for investors with
long-term outlooks.
[Graphic line chart depicting the dollar amounts of CREF (value on 6/30/95
$10,560) and NAREIT Equity (value on 6/30/95 $10,547) for the period
4/1/94 to 6/30/95 based on a $10,000 investment made on 4/1/94
Average Annual Total Returns
CREF NAREIT Equity
------ -------------
1 Year 4.21% 3.56%
Since Inception 4.65% 4.22%]
COLUMBIA BALANCED FUND
Columbia Balanced Fund provided a total return of 12.79% during the
first half of 1995, compared to 20.21% for the S&P 500 and 11.44% for the
Lehman Aggregate Bond Index. On June 30, the Fund had an asset allocation
of 48% stocks, 41.9% bonds, and 10.1% cash equivalents.
Because the Fund uses the same investment criteria as Columbia Common
Stock Fund and Columbia Fixed Income Securities Fund, please refer to pages
3 and 6 of this report for a summary of how the Fund was managed in
response to market and economic conditions during the period.
Recent market strength has increased the possibility that investors
will sell stocks in response to any unanticipated bad news from the
companies they own. Thus, the Fund's increased cash reserves should allow
us to take advantage of opportunities that arise from investor
disappointment or concern. In the meantime, the Fund's equity investments
emphasize sectors offering value (such as energy), companies with steady
earnings growth at reasonable prices, and industries undergoing
restructuring or consolidation. Fixed income holdings continue to emphasize
U.S. Government and agency issues, though corporate issues have been given
increased emphasis since year-end. As always, we seek to minimize credit
risk while generating a yield that is slightly better than that of the
broad bond market indices.
[Graphic line chart depicting the dollar amounts of CBF (value on 6/30/95
$15,056), S&P 500 (value on 6/30/95 $15,637) and Lehman Aggregate (value
on 6/30/95 $13,398) for the period 10/1/91 to 6/30/95 based on a $10,000
investment made on 10/1/91
Average Annual Total Returns
CBF S&P 500 Lehman Aggregate
------ ------- ----------------
1 Year 16.22% 26.07% 12.54%
Since Inception 11.69% 12.84% 8.23%]
6
INVESTMENT REVIEW
--------------------------------------------------------------------------------
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
The U.S. Government Securities Fund posted a total return of 5.86% for
the six months ended June 30, 1995. During this period, the bond market
enjoyed a strong rally driven by declining interest rates. The amount of
price appreciation achieved by individual bond funds, however, depended
upon their average maturities. Columbia U.S. Government Securities Fund,
which is a short-term, conservative bond fund, benefited from the rally,
but not as much as longer-term bond funds.
To take advantage of declining interest rates during the half, we
extended the Fund's average maturity from 1-1/2 years to 2-1/4 years. Given
the current interest rate environment, we believe short-term government
bonds should continue providing good value. In addition, real rates of
return, which is the difference between interest rates and inflation,
remain attractive, allowing the Fund to provide competitive returns
compared to other investment vehicles such as bank certificates of deposit.
[Graphic line chart depicting the dollar amounts of CUSG (value on 6/30/95
$17,693) and Merrill 1-3 Year Index (value on 6/30/95 $18,491), with
Inflation (value on 6/30/95 $13,877) for the period 11/6/86 to 6/30/95
based on a $10,000 investment made on 11/6/86
Average Annual Total Returns
Merrill 1-3
CUSG Year Index
------ -----------
1 Year 6.62% 7.73%
5 Years 7.22% 7.27%
Since Inception 6.78% 7.91%]
COLUMBIA FIXED INCOME
SECURITIES FUND
Columbia Fixed Income Securities Fund returned 11.62% during the six
months ended June 30, 1995, versus 11.44% for the Lehman Aggregate Index.
The Fund's excellent performance was achieved while maintaining a high
average credit quality between AA and AAA, with continued emphasis in the
mortgage securities sector.
During the period, we boosted the Fund's corporate bond weighting to
capitalize on the yield advantage over U.S. Treasuries. In addition, we
increased the Fund's mortgage securities weighting, modestly shifting
emphasis from collateralized mortgage obligations (CMOs) to mortgage
pass-throughs. We believe the additional yield and high credit quality
provided by this sector should continue to benefit Fund performance.
Throughout the period, we maintained an average maturity of 6-1/2 years,
while the duration continues to average about 5 years.
Looking ahead, we will continue to seek above-average returns while
maintaining our conservative investing strategy regarding credit quality,
derivatives, and diversification, with an intermediate average maturity. As
always, we choose not to invest in "exotic" derivatives. The Fund's average
credit quality remains high, with approximately 87% of the Fund's
securities rated A or better.
[Graphic line chart depicting the dollar amounts of CFIS (value on 6/30/95
$25,105) and Lehman Aggregate (value on 6/30/95 $25,943), with Inflation
(value on 6/30/95 $14,222) for the period 6/30/85 to 6/30/95 based on a
$10,000 investment made on 6/30/85
Average Annual Total Returns
CFIS Lehman Aggregate
------ ----------------
1 Year 12.43% 12.54%
5 Years 9.68% 9.40%
10 Years 9.64% 10.00%]
7
INVESTMENT REVIEW
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND
After a difficult year for municipal securities in 1994, Columbia
Municipal Bond Fund has enjoyed good performance so far in 1995, posting a
total return of 7.61% for the six months ended June 30. The Lehman General
Obligation Index returned 9.00% for the first half of 1995, reflecting its
longer, more aggressive maturity. Although the bond market experienced a
powerful rally during the second quarter, performance in the municipal
sector was dampened somewhat by the various tax reform proposals currently
under discussion by Congress. It is difficult to predict which plan, if
any, will ultimately pass or how such plans will affect the value of
municipal securities, but the resulting uncertainty continues to worry
investors.
The overall strategy of the Fund remains conservative. Our intent is
to maintain an intermediate average maturity, emphasizing high quality
issues rated A or better. As of June 30, more than 97% of the Fund's
securities had at least an A rating. The Fund currently holds 251 separate
issues, and is broadly diversified within the State of Oregon. We continue
to believe that Columbia Municipal Bond Fund will provide a high after-tax
return to investors over a full interest rate cycle.
[Graphic line chart depicting the dollar amounts of CMBF (value on 6/30/95
$21,787) and Lehman G.O. Index (value on 6/30/95 $22,381), with Inflation
(value on 6/30/95 $14,222) for period 6/30/85 to 6/30/95 based on a $10,000
investment made on 6/30/85
Average Annual Total Returns
Lehman
CMBF G.O. Index
------ ----------
1 Year 7.18% 8.22%
5 Years 7.10% 7.93%
10 Years 8.10% 8.39%]
COLUMBIA HIGH YIELD FUND
Columbia High Yield Fund was up 10.84% for the six months ended
June 30, 1995, versus the Salomon BB-rated index at 13.99%.
Non-investment grade bonds performed well during the first half, even
with signs that the economy might temporarily stumble. And because the Fund
invests primarily in bonds rated in the upper two non-investment grade
categories of B and BB, it outperformed many of its peers during the first
six months of the year.
As the economy continues to expand, even if slowly, high yield bonds
should perform well relative to investment-grade bonds. This is because
high yield bonds offer, at increased risk, a yield advantage over
Treasuries and high quality corporate bonds.
Looking ahead, we believe that the Fund should continue to generate
attractive rates of return from a well-diversified pool of high yield
investments that represent the upper tier of non-investment grade credit
quality issues.
[Graphic line chart depicting the dollar amounts for CHYF (value on 6/30/95
$11,105) and Salomon BB-Rated (value on 6/30/95 $11,454) for the period
10/1/93 to 6/30/95 based on a $10,000 investment made on 10/1/93
Average Annual Total Returns
Salomon
CHYF BB-Rated
------ --------
1 Year 12.79% 16.40%
Since Inception 6.36% 8.31%]
8
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991(1)2)
------------------- -------- -------- -------- ----------
Net asset value, beginning of period .......... $ 15.16 $ 15.29 $ 14.04 $ 13.15 $ 12.00
-------- -------- -------- -------- ----------
Income from investment operations:
Net investment income........................ .14 .27 .22 .24 .09
Net realized and unrealized gains
on investments............................. 1.91 .04 2.08 1.06 1.17
-------- -------- -------- -------- ----------
Total from investment operations ........ 2.05 .31 2.30 1.30 1.26
-------- -------- -------- -------- ----------
Less distributions:
Dividends (from net investment income)....... (.13) (.25) (.21) (.24) (.10)
Distributions (from capital gains)........... -- (.19) (.84) (.17) (.01)
-------- -------- -------- -------- ----------
Total distributions...................... (.13) (.44) (1.05) (.41) (.11)
-------- -------- -------- -------- ----------
Net asset value, end of period ................ $ 17.08 $ 15.16 $ 15.29 $ 14.04 $ 13.15
======== ======== ======== ======== ==========
Total return ................................. 13.55%(3) 2.06% 16.44% 9.99% 10.25%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $204,938 $124,263 $100,715 $ 51,049 $ 20,457
Ratio of expenses to average net assets........ .79% .84% .84% .86% .86%
Ratio of net investment income to average
net assets................................... 2.05% 1.82% 1.48% 1.97% 2.48%
Portfolio turnover rate........................ 49.11% 64.21% 90.90% 67.83% 12.08%
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 12, 1991.
(3) Not annualized.
COLUMBIA GROWTH FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 24.84 $ 26.38 $ 26.18 $ 26.26 $ 21.68 $ 23.40
-------- -------- -------- -------- --------- --------
Income from investment operations:
Net investment income........................ .18 .29 .16 .17 .32 .45
Net realized and unrealized gains (losses)
on investments............................. 4.09 (.46) 3.24 2.93 7.09 (1.23)
-------- -------- -------- -------- --------- --------
Total from investment operations......... 4.27 (.17) 3.40 3.10 7.41 (.78)
-------- -------- -------- -------- --------- --------
Less distributions:
Dividends (from net investment income)....... -- (.26) (.18) (.20) (.39) (.48)
Distributions (from capital gains)........... -- (1.11) (2.98) (2.98) (2.44) (.46)
Distributions (in excess of capital gains)... -- -- (.04) -- -- --
-------- -------- -------- -------- --------- --------
Total distributions...................... -- (1.37) (3.20) (3.18) (2.83) (.94)
-------- -------- -------- -------- --------- --------
Net asset value, end of period ................ $ 29.11 $ 24.84 $ 26.38 $ 26.18 $ 26.26 $ 21.68
======== ======== ======== ======== ========= ========
Total return .................................. 17.19%(2) -.63% 13.01% 11.82% 34.26% -3.31%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $719,015 $591,694 $605,401 $518,366 $431,460 $270,667
Ratio of expenses to average net assets........ .77% .81% .82% .86% .90% .96%
Ratio of net investment income to average
net assets................................... 1.36% 1.12% .66% .77% 1.50% 2.08%
Portfolio turnover rate........................ 94.13% 79.28% 105.64% 116.38% 163.91% 171.80%
(1) Ratios and portfolio turnover rates are annualized.
(2) Not annualized.
9
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992(1)(2)
------------------- -------- -------- -----------
Net asset value, beginning of period .......... $ 12.43 $ 12.96 $ 9.95 $10.00
-------- -------- ------- -------
Income from investment operations:
Net investment income (loss)................. .04 (.02) (.02) (.03)
Net realized and unrealized gains (losses)
on investments and foreign currency
related transactions....................... (.69) (.30) 3.34 .11
-------- -------- ------- -------
Total from investment operations......... (.65) (.32) 3.32 .08
-------- -------- ------- -------
Less distributions:
Distributions (from capital gains)........... -- (.21) (.31) (.13)(3)
-------- -------- ------- -------
Total distributions...................... -- (.21) (.31) (.13)
-------- -------- ------- -------
Net asset value, end of period ................ $11.78 $ 12.43 $12.96 $ 9.95
======== ======== ======= =======
Total return .................................. -5.23%(4) -2.47% 33.37% .60%(4)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 99,233 $118,484 $73,047 $ 9,745
Ratio of expenses to average net assets........ 1.52% 1.52% 1.71% 2.22%
Ratio of net investment income (loss) to
average net assets........................... .65% (.21)% (.62)% (1.28)%
Portfolio turnover rate........................ 182.83% 138.79% 144.78% 25.75%
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 10, 1992.
(3) Includes amounts distributed from net realized gains on foreign currency related transactions taxable as ordinary income.
(4) Not annualized.
COLUMBIA SPECIAL FUND, INC.(1)
Six Months
Ended June 30, 1995
(Unaudited)(2) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 18.69 $ 19.51 $ 18.79 $ 17.45 $ 12.12 $ 13.85
---------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income (loss)................. .05 .08 .01 (.03) (.01) .01
Net realized and unrealized gains (losses)
on investments............................. 2.47 .36 4.04 2.41 6.11 (1.72)
---------- -------- -------- -------- -------- --------
Total from investment operations......... 2.52 .44 4.05 2.38 6.10 (1.71)
---------- -------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment income)....... -- (.07) -- -- -- (.02)
Dividends (in excess of net investment income) -- -- (.01) -- -- --
Distributions (from capital gains)........... -- (1.16) (3.32) (1.04) (.77) --
Distributions (in excess of capital gains)... -- (.03) -- -- -- --
---------- -------- -------- -------- -------- --------
Total distributions...................... -- (1.26) (3.33) (1.04) (.77) (.02)
---------- -------- -------- -------- -------- --------
Net asset value, end of period ................ $ 21.21 $ 18.69 $ 19.51 $ 18.79 $ 17.45 $ 12.12
========== ======== ======== ======== ======== ========
Total return .................................. 13.48%(3) 2.29% 21.68% 13.70% 50.46% -12.39%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $1,170,595 $889,526 $772,741 $470,663 $264,358 $121,592
Ratio of expenses to average net assets........ 1.00% 1.05% 1.12% 1.19% 1.22% 1.32%
Ratio of net investment income (loss) to
average net assets........................... .52% .40% .01% (.25)% (.16)% .05%
Portfolio turnover rate........................ 237.14% 178.91% 154.68% 116.75% 114.53% 147.04%
(1) As of December 31, 1991, historical per share data has been restated to reflect a 3 for 1 stock split to shareholders
of record on January 31, 1992.
(2) Ratios and portfolio turnover rates are annualized.
(3) Not annualized.
10
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994(1)(2)
------------------- ------------
Net asset value, beginning of period .......... $11.72 $12.00
-------- --------
Income from investment operations:
Net investment income........................ .39 .49
Net realized and unrealized gains (losses)
on investments............................. .04 (.27)
-------- --------
Total from investment operations......... .43 .22
-------- --------
Less distributions:
Dividends (from net investment income)....... (.38) (.31)
Dividends (in excess of net investment income) -- (.01)
Tax return of capital........................ -- (.18)
-------- --------
Total distributions...................... (.38) (.50)
-------- --------
Net asset value, end of period ................ $11.77 $11.72
======== ========
Total return .................................. 3.78%(3) 1.76%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 18,540 $ 17,402
Ratio of expenses to average net assets........ 1.10% 1.14%
Ratio of net investment income to average
net assets................................... 6.79% 6.28%
Portfolio turnover rate........................ 45.51% 7.61%
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on March 16, 1994.
(3) Not annualized.
COLUMBIA BALANCED FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991(1)(2)
------------------- -------- -------- -------- -----------
Net asset value, beginning of period .......... $ 17.28 $ 17.91 $ 16.80 $ 16.05 $ 15.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income........................ .36 .65 .56 .58 .11
Net realized and unrealized gains (losses)
on investments............................. 1.84 (.64) 1.71 .82 1.10
-------- -------- -------- -------- --------
Total from investment operations......... 2.20 .01 2.27 1.40 1.21
-------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment income)...... (.35) (.64) (.56) (.57) (.12)
Dividends (in excess of net investment income) -- -- (.01) -- --
Distributions (from capital gains)........... -- -- (.59) (.08) (.04)
-------- -------- -------- -------- --------
Total distributions...................... (.35) (.64) (1.16) (.65) (.16)
-------- -------- -------- -------- --------
Net asset value, end of period ................ $ 19.13 $ 17.28 $ 17.91 $ 16.80 $16.05
======== ======== ======== ======== ========
Total return .................................. 12.79%(3) .10% 13.62% 8.89% 7.80%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $376,368 $249,670 $186,589 $90,230 $12,986
Ratio of expenses to average net assets........ .69% .72% .73% .81% .62%
Ratio of net investment income to average net
assets....................................... 4.29% 3.82% 3.32% 4.08% 3.41%
Portfolio turnover rate........................ 114.49% 98.48% 107.60% 138.08% 179.80%
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 12, 1991.
(3) Not annualized.
11
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA DAILY INCOME COMPANY
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income........................ .027 .036 .025 .032 .055 .075
-------- -------- -------- -------- -------- --------
Total from investment operations......... .027 .036 .025 .032 .055 .075
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment income)....... (.027) (.036) (.025) (.032) (.055) (.075)
-------- -------- -------- -------- -------- --------
Total distributions...................... (.027) (.036) (.025) (.032) (.055) (.075)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return .................................. 2.75%(2) 3.68 2.51% 3.25% 5.66% 7.84%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $730,495 $730,067 $544,500 $591,186 $737,584 $819,926
Ratio of expenses to average net assets........ .65% .70% .75% .71% .69% .69%
Ratio of net investment income to average
net assets.................................... 5.43% 3.68% 2.49% 3.22% 5.53% 7.51%
(1) Ratios and portfolio turnover rates are annualized.
(2) Not annualized.
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 7.99 $ 8.36 $ 8.35 $ 8.47 $ 8.43 $ 8.30
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income........................ .23 .37 .32 .39 .53 .61
Net realized and unrealized gains (losses)
on investments............................. .23 (.37) .17 .09 .50 .13
------- ------- ------- ------- ------- -------
Total from investment operations......... .46 .00 .49 .48 1.03 .74
------- ------- ------- ------- ------- -------
Less distributions:
Dividends (from net investment income)....... (.23) (.37) (.32) (.39) (.53) (.61)
Distributions (from capital gains)........... -- -- (.16) (.21) (.46) --
------- ------- ------- ------- ------- -------
Total distributions...................... (.23) (.37) (.48) (.60) (.99) (.61)
------- ------- ------- ------- ------- -------
Net asset value, end of period ................ $ 8.22 $ 7.99 $ 8.36 $ 8.35 $ 8.47 $ 8.43
======= ======= ======= ======= ======= =======
Total return .................................. 5.86%(2) -.03% 5.91% 5.81% 12.72% 9.29%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $37,608 $33,512 $35,877 $35,479 $34,867 $22,628
Ratio of expenses to average net assets........ .80% .81% .75% .76% .76% .85%
Ratio of net investment income to average
net assets................................... 5.74% 4.51% 3.74% 4.60% 6.18% 7.33%
Portfolio turnover rate........................ 338.09% 253.80% 254.59% 289.05% 309.13% 221.86%
(1) Ratios and portfolio turnover rates are annualized.
(2) Not annualized.
12
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 12.16 $ 13.44 $ 13.28 $ 13.59 $ 12.72 $ 12.75
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income........................ .44 .83 .85 .95 1.00 1.03
Net realized and unrealized gains (losses)
on investments............................. .95 (1.28) .52 .09 1.05 (.03)
-------- -------- -------- -------- -------- --------
Total from investment operations......... 1.39 (.45) 1.37 1.04 2.05 1.00
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment income)....... (.44) (.83) (.85) (.95) (1.00) (1.03)
Distributions (from capital gains)........... -- -- (.36) (.40) (.18) --
-------- -------- -------- -------- -------- --------
Total distributions...................... (.44) (.83) (1.21) (1.35) (1.18) (1.03)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ................ $ 13.11 $ 12.16 $ 13.44 $ 13.28 $ 13.59 $ 12.72
======== ======== ======== ======== ======== ========
Total return .................................. 11.62% (2) -3.36% 10.47% 7.99% 16.84% 8.30%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $282,896 $252,090 $300,532 $262,647 $207,271 $133,875
Ratio of expenses to average net assets........ .65% .66% .66% .66% .69% .73%
Ratio of net investment income to average
net assets................................... 6.98% 6.53% 6.14% 7.03% 7.63% 8.20%
Portfolio turnover rate........................ 160.16% 139.81% 118.80% 195.67% 158.95% 131.81%
(1) Ratios and portfolio turnover rates are annualized.
(2) Not annualized.
COLUMBIA MUNICIPAL BOND FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993 1992 1991 1990
------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period .......... $ 11.48 $ 12.71 $ 12.17 $ 12.22 $ 11.65 $ 11.64
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income........................ .32 .64 .66 .69 .72 .75
Net realized and unrealized gains (losses)
on investments............................. .55 (1.23) .62 .07 .60 .02
-------- -------- -------- -------- -------- --------
Total from investment operations......... .87 (.59) 1.28 .76 1.32 .77
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment income) (2)... (.32) (.64) (.66) (.69) (.72) (.75)
Distributions (from capital gains)........... -- -- (.08) (.12) (.03) (.01)
-------- -------- -------- -------- -------- --------
Total distributions...................... (.32) (.64) (.74) (.81) (.75) (.76)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ................ $ 12.03 $ 11.48 $ 12.71 $ 12.17 $ 12.22 $ 11.65
======== ======== ======== ======== ======== ========
Total return .................................. 7.61%(3) -4.68% 10.73% 6.46% 11.73% 6.89%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $367,408 $339,817 $430,367 $341,924 $285,099 $207,690
Ratio of expenses to average net assets........ .57% .57% .58% .59% .59% .60%
Ratio of net investment income to average
net assets................................... 5.34% 5.36% 5.25% 5.69% 6.07% 6.50%
Portfolio turnover rate........................ 26.49% 19.40% 9.92% 17.82% 15.28% 6.57%
(1) Ratios and portfolio turnover rates are annualized.
(2) 100% exempt from federal taxation.
(3) Not annualized.
13
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
--------------------------------------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC.
Six Months
Ended June 30, 1995
(Unaudited)(1) 1994 1993(1)(2)
------------------- -------- ------------
Net asset value, beginning of period .......... $ 9.04 $ 9.94 $10.00
------- ------- -------
Income from investment operations:
Net investment income........................ .41 .80 .18
Net realized and unrealized gains (losses)
on investments............................. .55 (.90) (.06)
------- ------- -------
Total from investment operations......... .96 (.10) .12
------- ------- -------
Less distributions:
Dividends (from net investment income)....... (.41) (.80) (.18)
------- ------- -------
Total distributions...................... (.41) (.80) (.18)
------- ------- -------
Net asset value, end of period ................ $ 9.59 $ 9.04 $ 9.94
======= ======= =======
Total return .................................. 10.84%(3) -.92% 1.12%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $17,821 $12,834 $ 5,940
Ratio of expenses to average net assets........ 1.00% 1.00% 1.00%
Ratio of net investment income to average
net assets................................... 8.79% 8.69% 7.30%
Portfolio turnover rate........................ 75.96% 36.67% 0.00%
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 15, 1993.
(3) Not annualized.
14
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (90.9%)
Banking & Finance (10.5%)
American Express Co. .................. 100,900 $ 3,544,112
Federal Home Loan Mortgage Corp. ...... 22,600 1,553,750
Federal National Mortgage Assn. ....... 24,500 2,312,188
First Bank System, Inc. ............... 80,800 3,312,800
Greenpoint Financial Corp. ............ 130,000 3,071,250
Morgan (J.P.) & Co., Inc. ............. 53,200 3,730,650
Student Loan Marketing Assn. .......... 87,200 4,087,500
-----------
21,612,250
-----------
Building & Forestry Products (3.1%)
Champion International Corp. .......... 85,700 4,467,112
Scott Paper Co. ....................... 40,000 1,980,000
-----------
6,447,112
-----------
Business Services (4.3%)
*ADT Ltd. .............................. 220,000 2,585,000
Manpower, Inc. (Wis.).................. 43,000 1,096,500
Service Corp. International............ 162,000 5,123,250
-----------
8,804,750
-----------
Chemical (3.6%)
DuPont (E.I.) de Nemours & Co. ........ 53,200 3,657,500
Hercules, Inc. ........................ 74,100 3,612,375
-----------
7,269,875
-----------
Consumer Durable (1.6%)
General Motors Corp. .................. 71,000 3,328,125
-----------
Consumer Non-Durable (7.4%)
*Federated Department Stores, Inc. ..... 67,600 1,740,700
Mattel, Inc. .......................... 140,000 3,640,000
Nike, Inc. (Class B)................... 29,200 2,452,800
*Payless Cashways, Inc. ................ 252,700 1,610,962
Sears, Roebuck & Co. .................. 64,800 3,879,900
*Toys "R" Us, Inc. ..................... 64,000 1,872,000
-----------
15,196,362
-----------
Consumer Staples (7.4%)
Coca-Cola Co. ......................... 53,400 3,404,250
Gillette Co. .......................... 70,400 3,141,600
McDonald's Corp. ...................... 49,400 1,932,775
RJR Nabisco Holdings Corp. ............ 78,000 2,174,250
Sunbeam Corp. ......................... 155,400 2,156,175
UST, Inc. ............................. 81,000 2,409,750
-----------
15,218,800
-----------
Energy (10.9%)
Anadarko Petroleum Corp. .............. 50,600 2,182,125
*Barrett Resources Corp. ............... 50,000 1,162,500
Chevron Corp. ......................... 70,000 3,263,750
Exxon Corp. ........................... 46,700 3,298,187
Louisiana Land & Exploration Co. ...... 74,000 2,950,750
Mobil Corp. ........................... 28,400 2,726,400
Noble Affiliates, Inc. ................ 56,500 1,440,750
Royal Dutch Petroleum Co. ADR.......... 20,000 2,437,500
Unocal Corp. .......................... 101,000 2,790,125
-----------
22,252,087
-----------
Energy Services (1.4%)
Baker Hughes, Inc. .................... 139,000 2,849,500
-----------
Entertainment & Media (5.1%)
CBS, Inc. ............................. 20,600 1,380,200
Capital Cities/ABC, Inc. .............. 33,000 3,564,000
*Tele-Communications, Inc. (Class A).... 112,000 2,625,000
Time Warner, Inc. ..................... 70,900 2,915,763
-----------
10,484,963
-----------
Health (11.3%)
Abbott Laboratories, Inc. ............. 50,000 2,025,000
*Amgen, Inc. ........................... 48,700 3,917,306
Bausch & Lomb, Inc. ................... 135,400 5,619,100
Columbia/HCA Healthcare Corp. ......... 62,500 2,703,125
Johnson & Johnson...................... 51,500 3,482,687
United Healthcare Corp. ............... 81,700 3,380,338
Warner-Lambert Co. .................... 23,300 2,012,538
-----------
23,140,094
-----------
Insurance (2.2%)
American International Group, Inc. .... 23,200 2,644,800
General Re Corp. ...................... 14,600 1,954,575
-----------
4,599,375
-----------
Machinery & Capital Spending (3.3%)
Emerson Electric Co. .................. 44,400 3,174,600
General Electric Co. .................. 62,700 3,534,713
-----------
6,709,313
-----------
Metal Mining & Steel (0.9%)
Worthington Industries, Inc. .......... 94,000 1,921,125
-----------
Real Estate Securities (4.9%)
American Health Properties, Inc. ...... 90,000 1,923,750
Associated Estates Realty Corp. ....... 41,000 866,125
Beacon Properties Corp. ............... 45,000 894,375
Equity Residential Properties Trust.... 42,000 1,170,750
JP Realty, Inc. ....................... 97,500 1,998,750
Manufactured Home Communities, Inc. ... 49,000 753,375
Simon Property Group, Inc. ............ 45,000 1,130,625
Sun Communities, Inc. ................. 50,400 1,260,000
-----------
9,997,750
-----------
Technology (6.6%)
AMP, Inc. ............................. 49,200 2,078,700
Automatic Data Processing, Inc. ....... 33,000 2,074,875
Boeing Co. ............................ 40,000 2,505,000
General Motors Corp. (Class E)......... 39,000 1,696,500
Hewlett-Packard Co. ................... 11,800 879,100
15
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (Continued)
Intel Corp. ........................... 30,400 $ 1,924,700
*Microsoft Corp. ....................... 10,200 921,825
Motorola, Inc. ........................ 20,200 1,355,925
-----------
13,436,625
-----------
Transportation (1.2%)
Norfolk Southern Corp. ................ 36,000 2,425,500
-----------
Utilities/Communications (3.0%)
AT&T Corp. ............................ 40,000 2,125,000
Vodafone Group plc ADR................. 104,200 3,946,575
-----------
6,071,575
-----------
Utilities/Electric/Gas (2.2%)
NIPSCO Industries, Inc. ............... 60,000 2,040,000
Texas Utilities Co. ................... 70,000 2,406,250
-----------
4,446,250
-----------
Total Common Stock
(Cost $163,012,756 )................... 186,211,431
-----------
Convertible Preferred Stock (0.9%)
Technology (0.9%)
American Express Co.
(Cost $ 1,470,000)................... 40,000 1,940,000
-----------
Total investments, excluding temporary
cash investments
(Cost $164,482,756).................. 188,151,431
-----------
Repurchase Agreements (8.3%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $8,096,551.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.........$ 8,092,633 $ 8,092,633
J.P. Morgan Securities, Inc.
6.009% dated 06/30/1995,
due 07/03/1995 in the
amount of $9,004,445.
Collateralized by U.S. Treasury Notes
6.125% due 05/31/1997................ 9,000,000 9,000,000
-----------
Total Repurchase Agreements
(Cost $ 17,092,633).................. 17,092,633
-----------
Total Investments (100.1%)
(Cost $181,575,389)....................... 205,244,064
Receivables less liabilities (-0.1%)........ (305,570)
-----------
Net Assets (100.0%) ........................ $204,938,494
===========
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
16
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA GROWTH FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (94.3%)
Banking & Finance (7.6%)
BankAmerica Corp. ..................... 136,300 $ 7,172,787
Barnett Banks, Inc. ................... 137,800 7,062,250
Bear Stearns Cos., Inc. ............... 194,306 4,153,291
Dean Witter, Discover & Co. ........... 160,440 7,540,680
Federal Home Loan Mortgage Corp. ...... 212,300 14,595,625
Federal National Mortgage Assn. ....... 76,700 7,238,562
Fleet Financial Group, Inc. ........... 185,100 6,871,838
-----------
54,635,033
-----------
Building & Forestry Products (2.7%)
James River Corp. of Virginia.......... 318,200 8,790,275
Mead Corp. ............................ 180,000 10,687,500
-----------
19,477,775
-----------
Business Services (0.9%)
Service Corp. International............ 200,000 6,325,000
-----------
Chemical (3.3%)
DuPont (E.I.) de Nemours & Co. ........ 198,700 13,660,625
Hercules, Inc. ........................ 201,000 9,798,750
-----------
23,459,375
-----------
Consumer Durable (0.9%)
Ford Motor Co. ........................ 223,900 6,661,025
-----------
Consumer Non-Durable (15.3%)
American Greetings Corp. (Class A)..... 250,000 7,343,750
*Boise Cascade Office Products Corp. ... 63,000 1,401,750
*Borders Group, Inc. ................... 213,300 3,066,187
*Broadway Stores, Inc. ................. 460,300 2,474,112
*Central Tractor Farm & Country, Inc. .. 275,000 2,956,250
*Cobra Golf, Inc. ...................... 25,000 790,625
*Federated Department Stores, Inc. ..... 466,600 12,014,950
Limited, Inc. ......................... 249,600 5,491,200
Mattel, Inc. .......................... 300,000 7,800,000
May Department Stores Co. ............. 151,400 6,302,025
McDonald's Corp. ...................... 168,400 6,588,650
*Meyer (Fred), Inc. (Del.).............. 267,500 7,255,938
Rite Aid Corp. ........................ 311,200 7,974,500
Sears, Roebuck & Co. .................. 400,000 23,950,000
Warnaco Group, Inc. (Class A).......... 479,000 9,580,000
Wendy's International, Inc. ........... 300,000 5,362,500
-----------
110,352,437
-----------
Consumer Staples (8.8%)
Avon Products, Inc. ................... 75,000 5,025,000
Colgate-Palmolive Co. ................. 97,700 7,144,312
First Brands Corp. .................... 97,100 4,163,162
Gillette Co. .......................... 330,000 14,726,250
Libbey, Inc. .......................... 300,000 6,225,000
Philip Morris Cos., Inc. .............. 300,500 22,349,688
Sunbeam Corp. ......................... 274,300 3,805,913
-----------
63,439,325
-----------
Energy (5.7%)
Amoco Corp. ........................... 95,000 $ 6,329,375
Anadarko Petroleum Corp. .............. 197,500 8,517,187
Apache Corp. .......................... 138,700 3,796,913
British Petroleum Co. plc ADR.......... 92,654 7,933,499
Burlington Resources, Inc. ............ 125,000 4,609,375
Chevron Corp. ......................... 150,000 6,993,750
*P.T. Tri Polyta Indonesia ADS.......... 155,000 2,693,125
-----------
40,873,224
-----------
Energy Services (2.0%)
Halliburton Co. ....................... 163,000 5,827,250
Schlumberger Ltd. ..................... 135,500 8,417,937
-----------
14,245,187
-----------
Entertainment & Media (2.7%)
CBS, Inc. ............................. 102,500 6,867,500
*Sinclair Broadcast Group, Inc. (Class A) 12,500 350,000
Time Warner, Inc. ..................... 301,100 12,382,738
-----------
19,600,238
-----------
Health (10.9%)
*AmeriSource Health Corp. (Class A)..... 77,000 1,756,563
*Amgen, Inc. ........................... 171,100 13,762,856
Apria Healthcare Group, Inc.
(when issued)........................ 1,196,720 33,807,340
Cardinal Health, Inc. ................. 75,000 3,543,750
Columbia/HCA Healthcare Corp. ......... 200,000 8,650,000
*Ethical Holdings Ltd. Spon. ADR........ 300,000 1,725,000
*Genesis Health Ventures, Inc. ......... 200,000 5,925,000
*Inhale Therapeutic Systems............. 165,000 1,320,000
*Penederm, Inc. ........................ 157,200 805,650
Warner-Lambert Co. .................... 78,800 6,806,350
-----------
78,102,509
-----------
Hotels & Gaming (7.0%)
*Circus Circus Enterprises, Inc. ....... 576,300 20,314,575
*Host Marriott Corp. ................... 400,000 4,250,000
Marriott International, Inc. .......... 200,000 7,175,000
*Rio Hotel & Casino, Inc. .............. 440,000 6,050,000
*Station Casinos, Inc. ................. 747,600 12,896,100
-----------
50,685,675
-----------
Insurance (1.0%)
American International Group, Inc. .... 64,100 7,307,400
-----------
Machinery & Capital Spending (4.2%)
Emerson Electric Co. .................. 150,000 10,725,000
Fluor Corp. ........................... 126,100 6,557,200
General Electric Co. .................. 230,000 12,966,250
-----------
30,248,450
-----------
17
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA GROWTH FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (Continued)
Real Estate Securities (5.9%)
Amli Residential Properties Trust...... 180,500 $ 3,429,500
Beacon Properties Corp. ............... 345,000 6,856,875
Camden Property Trust.................. 166,250 3,636,719
Duke Realty Investments, Inc. ......... 84,100 2,375,825
Equity Residential Properties Trust.... 355,000 9,895,625
JP Realty, Inc. ....................... 350,000 7,175,000
Simon Property Group, Inc. ............ 194,300 4,881,787
TriNet Corporate Realty Trust, Inc. ... 146,000 4,088,000
-----------
42,339,331
-----------
Technology (12.9%)
Adobe Systems, Inc. ................... 70,300 4,077,400
*Cisco Systems, Inc. ................... 75,000 3,792,187
*Compaq Computer Corp. ................. 70,000 3,176,250
*Computer Sciences Corp. ............... 183,400 10,430,875
*Dell Computer Corp. ................... 50,000 3,006,250
*EMC Corp. (Mass.)...................... 200,000 4,850,000
Ericsson (L.M.) Telephone Co.
(Class B) ADR........................ 602,000 12,040,000
General Motors Corp. (Class E)......... 155,900 6,781,650
Hewlett-Packard Co. ................... 58,300 4,343,350
Intel Corp. ........................... 87,200 5,520,850
*Microsoft Corp. ....................... 74,900 6,769,088
Motorola, Inc. ........................ 210,100 14,102,963
*Oracle Corp. .......................... 200,000 7,725,000
*Proxim, Inc. .......................... 147,000 1,157,625
*Sun Microsystems, Inc. ................ 100,000 4,850,000
-----------
92,623,488
-----------
Transportation (0.5%)
Southwest Airlines Co. ................ 150,000 3,581,250
-----------
Utilities/Communications (2.0%)
*Paging Network, Inc. .................. 200,000 6,850,000
Vodafone Group plc ADR................. 200,000 7,575,000
-----------
14,425,000
-----------
Total Common Stocks
(Cost $569,538,898).................. 678,381,722
-----------
Convertible Preferred Stocks (1.3%)
Consumer Staples (0.3%)
RJR Nabisco Holdings Corp. ............ 300,000 1,837,500
-----------
Technology (1.0%)
Nokia Corp. ADR........................ 123,800 7,381,575
-----------
Total Convertible Preferred Stocks
(Cost $6,478,373).................... 9,219,075
-----------
Convertible Bond (0.1%)
Consumer Non-Durable (0.1%)
Carter Hawley Hale
6.25% 12/31/2000
(Cost $1,000,000)....................$ 1,000,000 $ 620,000
-----------
Total investments, excluding
temporary cash investment
(Cost $577,017,271).................. 688,220,797
Repurchase Agreement (4.3%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $30,886,710.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.
(Cost $30,871,764)................... 30,871,764 30,871,764
-----------
Total Investments (100.0%)
(Cost $607,889,035)....................... 719,092,561
Receivables less liabilities (0.0%)......... (77,768)
-----------
Net Assets (100.0%) ........................ $719,014,793
===========
(1) See Note 1 of Notes to Financial Statements.
*Non-income producing
The accompanying notes are an integral part
of the financial statements.
18
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (90.7%)
Brazil (0.9%)
Companhia Energetica de Minas
Gerais SA, ADR (Utilities-Electric).. 22,776 $ 441,285
Usinas Siderurgicas de Minas Gerais SA,
ADR (Metals, Mining & Steel)......... 45,000 495,000
-----------
936,285
-----------
Canada (4.3%)
Bombardier, Inc. (Class B)
(Manufacturing-Diversified Industries) 100,000 2,429,570
*Future Shop Ltd., The (Retail)......... 71,000 904,491
Magna International, Inc. (Class A)
(Motor Vehicles & Parts)............. 22,000 974,922
-----------
4,308,983
-----------
Finland (4.0%)
Finnair Oy (Transportation)............ 106,000 702,957
Kesko Oy (Retail)...................... 57,000 571,683
Kymmene Oy (Paper & Forest Products)... 31,000 966,162
Nokia Oy AB (Class A) (Manufacturing).. 11,000 644,421
Valmet Oy (Class A)
(Machinery & Capital Spending)....... 50,000 1,130,665
-----------
4,015,888
-----------
France (10.9%)
Alcatel Alsthom SA
(Electrical Equipment)............... 8,000 722,058
AXA SA (Insurance)..................... 22,000 1,191,032
BIC SA (Consumer Products)............. 2,000 330,613
Brioche Pasquier SA (Food Processing).. 5,984 741,895
Carrefour SA (Retail).................. 2,500 1,283,707
Cie Bancaire SA (Financial Services)... 5,000 599,235
Cie Generale des Eaux SA (Utilities)... 3,500 390,536
*Cie Generale des Etablissements Michelin
(Class B) (Tire & Rubber Goods)...... 10,000 444,054
Coflexip SA (Oil Equipment & Services). 5,000 264,284
Degremont SA (Enviromental Control).... 4,000 318,215
Groupe Danone SA (Food Processing)..... 3,000 505,837
L'Oreal SA (Consumer Products)......... 2,200 553,239
*LVMH Moet Hennessy Louis Vuitton SA
(Food & Beverages)................... 4,000 721,562
Rhone-Poulenc SA (Series A) (Chemicals) 40,000 903,399
Societe Generale SA (Banking).......... 8,000 937,287
Societe Nationale d'Exploitation
Industrielle des Tabacs et Allumettes
(Consumer Products).................. 17,000 512,160
Societe Nationale Elf-Aquitaine SA
(Energy)............................. 5,000 370,390
-----------
10,789,503
-----------
Germany (8.7%)
Allianz Holding AG (Insurance)......... 560 $ 999,696
AVA Allgemeine Handelsgelessschaft
der Verbraucher AG (Retail).......... 1,100 429,656
Daimler-Benz AG
(Motor Vehicles & Parts)............. 1,800 826,763
Deutsche Bank AG (Banking)............. 16,000 777,722
Deutsche Lufthansa AG (Transportation). 4,500 650,995
Dresdner Bank AG (Banking)............. 40,000 1,157,324
Gehe AG (Pharmaceutical)............... 1,800 826,763
Karstadt AG (Retail)................... 1,500 658,589
Mannesmann AG
(Machinery & Capital Spending)....... 2,400 733,454
Siemens AG (Electrical Equipment)...... 1,800 893,816
*Tarkett Aktiengesellschaft ADS (Textiles) 25,000 643,750
-----------
8,598,528
-----------
Hong Kong (3.8%)
Cheung Kong Holdings Ltd.
(Real Estate)........................ 120,000 594,029
China Light & Power Co., Ltd.
(Utilities-Electric)................. 125,000 643,014
*CITIC Pacific Ltd. (Conglomerate)...... 220,000 553,057
Hong Kong Telecommunications Ltd.
(Utilities-Communication)............ 450,000 889,880
HSBC Holdings plc (Financial Services). 82,000 1,051,893
-----------
3,731,873
-----------
India (3.0%)
*Bajaj Auto Ltd., GDR
(Motor Vehicles & Parts)............. 12,400 337,900
*Indian Hotels Co. Ltd., GDS, The
(Entertainment & Leisure)............ 30,000 480,000
I.T.C. Ltd., GDR (Consumer Products)... 80,000 560,000
*Larsen & Toubro Ltd., GDS
(Engineering & Construction)......... 40,000 775,200
*Tata Engineering & Locomotive Co.,
Ltd., GDS (Motor Vehicles & Parts)... 41,500 840,375
-----------
2,993,475
-----------
Japan (21.0%)
Ajinomoto Co., Inc.
(Foods and Beverages)................ 20,000 205,425
Canon, Inc. (Electronics).............. 16,000 260,377
East Japan Railway Co. (Transportation) 74 379,599
Enplas Corp. (Electronics)............. 14,000 280,660
Fuji Bank Ltd. (Banking)............... 35,000 705,778
Fuji Photo Film Co., Ltd.
(Entertainment & Leisure)............ 11,000 260,731
Fujicopian Co., Ltd.
(Machinery & Capital Spending)....... 40,000 283,018
19
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (continued)
Industrial Bank of Japan Ltd.,
The (Banking)........................ 27,000 $ 703,656
Ito-Yokado Co., Ltd. (Retail).......... 7,000 368,986
Kajima Corp. (Construction)............ 32,000 317,736
Kao Corp. (Consumer Products).......... 20,000 240,566
*Kawasaki Steel Corp.
(Metals, Mining & Steel)............. 86,000 281,934
Keyence Corp. (Electronics)............ 12,000 1,344,340
Kinki Nippon Railway Co., Ltd.
(Transportation)..................... 39,000 342,170
Komatsu Ltd.
(Machinery & Capital Spending)........ 30,000 228,892
Kubota Corp.
(Machinery & Capital Spending)........ 35,000 222,877
Marubeni Corp. (Wholesale Distributor). 106,000 538,750
Mitsubishi Bank Ltd., The (Banking).... 33,000 712,146
Mitsubishi Chemical Corp. (Chemicals).. 76,000 325,330
Mitsubishi Estate Co., Ltd. (Real Estate) 24,000 270,283
Mitsubishi Heavy Inds., Ltd.
(Machinery & Capital Spending)....... 58,000 393,962
Mitsubishi Trust & Banking Corp.,
The (Banking)......................... 23,000 325,472
Mr. Max Corp. (Retail)................. 28,160 577,811
NEC Corp. (Electronics)................ 90,000 985,967
Nintendo Corp., Ltd.
(Entertainment & Leisure)............. 3,000 172,642
Nippon Steel Corp.
(Metals, Mining & Steel).............. 112,000 364,528
Nippon Yusen Kabushiki Kaisha
(Transportation)..................... 55,000 308,078
Nippondenso Co., Ltd.
(Motor Vehicles & Parts)............. 23,000 417,689
Nissan Motor Co., Ltd. (Automotive).... 47,000 300,401
Nomura Securities Co., Ltd.
(Financial Services).................. 26,000 453,774
Omron Corp. (Electronics).............. 10,000 191,038
Rohm Co., Ltd. (Electronics)........... 20,000 1,030,660
Sakura Bank Ltd. (Banking)............. 70,000 730,542
Sankyo Co., Ltd. (Pharmaceuticals)..... 12,000 278,774
Sanwa Bank Ltd. (Banking).............. 35,000 660,377
Sekisui House Ltd. (Construction)...... 25,000 309,552
Seven-Eleven Japan Co., Ltd. (Retail).. 6,000 429,481
Sharp Corp. (Electronics).............. 38,000 501,887
Shimizu Corp. (Construction)........... 30,000 290,094
Shin-Etsu Chemical Co., Ltd. (Chemicals) 20,000 351,415
Sony Corp. (Electronics)............... 6,000 287,972
Sumitomo Trust & Banking Co., Ltd.,
The (Banking)......................... 24,000 291,509
Takeda Chemical Ins., Ltd.
(Pharmaceuticals)..................... 27,000 356,604
Tokio Marine & Fire
Insurance Co. (Insurance)............. 35,000 401,179
Tokyo Electric Power Co., Inc.,
The (Utilities - Electric)........... 17,000 521,226
Tonen Corp. (Oil & Gas Products)....... 20,000 311,321
Toyo Communication Equipment Co.,
Ltd. (Electronics)................... 25,000 560,142
Toyota Motor Corp.
(Motor Vehicles & Parts)............. 37,000 733,019
-----------
20,810,370
-----------
Korea (2.3%)
*CITC Seoul Excel Trust,
IDR (Investment Trust)............... 130,000 1,355,900
Daehan Blue-Chip Index Trust,
IDR (Investment Trust)............... 45,000 962,100
-----------
2,318,000
-----------
Netherlands (5.0%)
Aegon NV (Insurance)................... 37,500 1,298,450
Elsevier NV (Publishing)............... 80,000 945,736
Hollandsche Beton Groep NV
(Construction)....................... 2,400 413,954
Heineken NV (Brewery).................. 3,800 575,646
Koninklikje PTT Nederland NV
(Utilities-Communication)............ 15,000 539,729
Philips Electronics NV (Electronics)... 28,000 1,186,563
-----------
4,960,078
-----------
Spain (1.2%)
Compania Sevillana de Electricidad
(Utilities-Electric)................. 60,000 369,421
Iberdrola SA (Utilities-Electric)...... 50,000 376,860
Repsol SA
(Oil Exploration & Production)....... 15,000 472,314
-----------
1,218,595
-----------
Switzerland (6.5%)
BBC AG (Brown Boveri & Cie) (Series A)
(Bearer) (Electrical)................ 1,000 1,036,521
Ciba-Geigy AG (Bearer) (Pharmaceutical) 1,400 1,026,261
Nestle SA (Namen) (Consumer Products).. 1,200 1,251,130
Roche Holding AG (Genusssheine)
(Pharmaceutical)..................... 230 1,484,000
Societe Suisse pour la Microelectronique
et l'Horlogerie AG (Electronics)..... 550 353,913
Zurich Versicherungsgesellschaft AG
(Insurance).......................... 1,000 1,258,261
-----------
6,410,086
-----------
20
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (continued)
United Kingdom (19.1%)
Abbey National plc (Financial Services) 100,000 $ 744,588
Argyll Group plc (Retail).............. 150,000 800,671
B.A.T Inds. plc (Consumer Products).... 80,000 612,217
British Airport Authorities plc
(Transportation)..................... 90,000 706,643
British Petroleum Co. plc (Energy)..... 150,000 1,075,118
*British Sky Broadcasting Group plc
(Utilities-Communication)............ 220,000 960,805
British Telecommunications plc
(Utilities-Communication)............ 120,000 748,406
Cable & Wireless plc
(Utilities-Communication)............ 52,776 361,056
De La Rue plc (Technology)............. 60,000 893,506
General Electric Co. plc (Electrical).. 140,000 683,812
Glaxo Wellcome plc (Pharmaceutical).... 70,000 859,220
Hays plc (Business Services)........... 190,000 952,213
National Westminster Bank plc
(Banking)............................ 90,000 782,533
Next plc (Retail)...................... 160,000 869,322
PowerGen plc (Utilities-Electric)...... 70,000 539,031
Provident Financial plc
(Financial Services)................. 28,000 280,207
Prudential Corp. (Insurance)........... 180,000 959,373
Racal Electronics plc (Technology)..... 100,000 408,092
Reuters Holdings plc (Publishing)...... 86,000 716,284
Rolls-Royce plc (Aircraft & Aerospace). 270,000 749,600
Shell Transport & Trading Co.
(Oil Equipment & Services)........... 64,000 765,716
Siebe plc
(Machinery & Capital Spending)....... 100,000 999,148
SmithKline Beecham plc (Class A)
(Pharmaceuticals).................... 40,000 362,112
THORN EMI plc
(Entertainment & Leisure)............ 42,000 872,027
Tomkins plc (Industrials).............. 177,934 635,544
Unilever plc (Food & Beverages)........ 30,000 607,364
-----------
18,944,608
-----------
Total Common Stocks
(Cost $87,117,578).................... 90,036,272
-----------
Preferred Stocks (2.0%)
Germany (2.0%)
Friedrich Grohe AG
(Consumer Products).................. 2,000 675,588
Jil Sander AG (Retail)................. 765 533,978
Systeme, Anwendungen, Produkte
in der Dattenverarbeitung AG
(Technology)......................... 600 756,239
-----------
Total Preferred Stocks
(Cost $1,756,648).................... 1,965,805
-----------
Rights (0.0%)
Germany (0.0%)
*Allianz Holding AG (Insurance)
(07/05/1995) (Cost $0.00)............ 560 41,721
Warrants (2.0%)
France (0.2%)
*Schneider SA (06/30/1997)
(Electrical Equipment)............... 26,700 147,031
Germany (0.8%)
*Veba International Finance AG
(04/06/1998) (Utilities - Electric).. 6,000 785,533
Japan (1.0%)
*Kyocera Corp. #2 (01/23/1998)
(Electronics)........................ 865 919,062
*Mr. Max Corp. (02/17/1998) (Retail).... 5,000 86,957
-----------
1,006,019
-----------
Total Warrants
(Cost $2,318,201).................... 1,938,583
-----------
Total investments, excluding temporary
cash investment
(Cost $91,192,427)................... 93,982,381
Repurchase Agreement (2.2%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $2,185,949.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.
(Cost $2,184,891)....................$ 2,184,891 2,184,891
-----------
Total Investments (96.9%)
(Cost $93,377,318).................... 96,167,272
Cash and receivables less liabilities (3.1%) 3,065,549
-----------
Net Assets (100.0%) ........................ $ 99,232,821
===========
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
21
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA SPECIAL FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (94.2%)
Aerospace (1.3%)
*BE Aerospace, Inc. .................... 505,000 $ 4,481,875
*Hexcel Corp. .......................... 250,000 1,812,500
*Orbital Sciences Corp. ................ 300,000 5,475,000
*Wyman-Gordon Co. ...................... 350,000 3,762,500
-----------
15,531,875
-----------
Banking & Finance (6.9%)
Aames Financial Corp. ................. 200,000 3,625,000
ADVANTA Corp. (Class B)................ 160,000 6,040,000
Barnett Banks, Inc. ................... 150,000 7,687,500
CitiCorp. ............................. 200,000 11,575,000
First Bank System, Inc. ............... 200,000 8,200,000
Green Tree Financial Corp. ............ 200,000 8,875,000
Schwab (Charles) Corp. ................ 150,000 6,506,250
Standard Federal BanCorp. ............. 200,000 6,725,000
U.S. Bancorp (Ore.).................... 250,000 6,015,625
Washington Federal, Inc. .............. 275,000 6,050,000
Washington Mutual, Inc. ............... 250,000 5,875,000
West One BanCorp. ..................... 100,000 3,337,500
-----------
80,511,875
-----------
Building & Forestry Products (0.5%)
*Fort Howard Corp. ..................... 425,700 6,013,012
-----------
Business & Consumer Services (2.9%)
*BISYS Group, Inc. ..................... 400,000 8,900,000
Danka Business Systems plc ADR ........ 200,000 4,837,500
DENTSPLY International, Inc. .......... 300,000 10,800,000
*Digital Biometrics, Inc. .............. 319,000 3,429,250
Sotheby's Holdings, Inc. (Class A) .... 425,000 5,790,625
-----------
33,757,375
-----------
Chemical (1.5%)
Minerals Technologies, Inc. ........... 275,000 9,900,000
Potash Corp. of Saskatchewan, Inc. .... 140,000 7,822,500
-----------
17,722,500
-----------
Consumer Durable (2.8%)
Arctco, Inc. .......................... 330,000 3,877,500
*Cobra Golf, Inc. ...................... 150,000 4,743,750
Harley-Davidson, Inc. ................. 600,000 14,625,000
Polaris Industries, Inc. .............. 145,000 5,836,250
*Ultralife Batteries, Inc. ............. 210,000 3,832,500
-----------
32,915,000
-----------
Consumer Non-Durable (7.2%)
*Bed Bath & Beyond, Inc. ............... 260,000 6,305,000
*Borders Group, Inc. ................... 400,000 5,750,000
*General Nutrition Cos., Inc. .......... 400,000 14,050,000
*Gymboree Corp. ........................ 255,000 7,410,937
*Kohl's Corp. .......................... 200,000 9,125,000
Lancaster Colony Corp. ................ 200,000 7,150,000
*Meyer (Fred), Inc. (Del.) ............. 369,600 10,025,400
*Neostar Retail Group, Inc. ............ 200,000 3,100,000
*OfficeMax, Inc. ....................... 225,000 6,271,875
Quality Food Centers, Inc. ............ 180,700 3,614,000
St. John Knits, Inc. .................. 120,400 5,402,950
*Zale Corp. ............................ 450,000 6,075,000
-----------
84,280,162
-----------
Energy (6.0%)
Anadarko Petroleum Corp. .............. 260,000 11,212,500
Apache Corp. .......................... 385,000 10,539,375
*Cairn Energy USA, Inc. ................ 470,000 5,170,000
Enron Global Power & Pipelines L.L.C .. 240,000 5,700,000
*Flores & Rucks, Inc. .................. 176,800 2,165,800
*Gulf Canada Resources Ltd. ............ 700,000 2,843,750
*Kelley Oil & Gas Corp. ................ 660,833 3,593,280
*Northstar Energy Corp. ................ 345,400 2,797,246
Snyder Oil Corp. ...................... 400,000 5,050,000
USX-Marathon Group, Inc. .............. 500,000 9,875,000
Unocal Corp. .......................... 390,000 10,773,750
-----------
69,720,701
-----------
Energy Services (7.2%)
*BJ Services Co. ....................... 270,000 6,142,500
Camco International, Inc. ............. 400,000 9,350,000
*Grant Geophysical, Inc. ............... 400,000 850,000
Halliburton Co. ....................... 100,000 3,575,000
*Input/Output, Inc. .................... 200,000 7,200,000
*Landmark Graphics Corp. ............... 71,900 1,833,450
*Nabors Industries, Inc. ............... 800,000 6,600,000
*Noble Drilling Corp. .................. 500,000 3,687,500
*Oceaneering International, Inc. ....... 600,000 5,325,000
*Pride Petroleum Services, Inc. ........ 700,000 5,250,000
*Production Operators Corp. ............ 185,000 5,827,500
Schlumberger Ltd. ..................... 200,000 12,425,000
*Smith International, Inc. ............. 600,000 10,050,000
*Western Atlas, Inc. ................... 150,000 6,656,250
-----------
84,772,200
-----------
Entertainment & Media (8.4%)
CBS, Inc. ............................. 100,000 6,700,000
*Clear Channel Communications, Inc. .... 100,000 6,437,500
*Electronic Arts, Inc. ................. 200,000 5,425,000
*Evergreen Media Corp. (Class A) ....... 300,000 7,800,000
Houghton Mifflin Co. .................. 135,900 7,168,725
*Movie Gallery, Inc. ................... 300,000 10,518,750
Nelson (Thomas), Inc. ................. 450,000 8,662,500
*New World Communications
Group, Inc. ......................... 75,000 1,565,625
*Regal Cinemas, Inc. ................... 200,000 6,400,000
*SFX Broadcasting, Inc. (Class A) ...... 200,000 5,350,000
*Sierra On-Line, Inc. .................. 210,000 5,250,000
22
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA SPECIAL FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (continued)
Time Warner, Inc. ..................... 350,000 $14,393,750
*United International Holdings, Inc.
(Class A) ........................... 300,000 5,025,000
*Viacom, Inc. (Class B) ................ 150,000 6,956,250
-----------
97,653,100
-----------
Health (8.6%)
Apria Healthcare Group, Inc.
(when issued) ....................... 760,000 21,470,000
*Boston Scientific Corp. ............... 400,000 12,750,000
*Elan Corp. plc ADR .................... 370,000 15,077,500
HBO & Co. ............................. 120,000 6,540,000
*HEALTHSOUTH Corp. ..................... 360,000 6,255,000
*Health Care & Retirement Corp. (Del.) . 200,000 5,850,000
*Health Systems International, Inc.
(Class A) ........................... 200,000 5,800,000
*Heart Technology, Inc. ................ 440,000 8,415,000
*Renal Treatment Centers, Inc. ......... 240,000 5,910,000
*ResMed, Inc. .......................... 440,000 5,280,000
Stryker Corp. ......................... 200,000 7,675,000
-----------
101,022,500
-----------
Hotels & Gaming (3.0%)
*Circus Circus Enterprises, Inc. ....... 500,000 17,625,000
*Rio Hotel & Casino, Inc. .............. 500,000 6,875,000
*Station Casinos, Inc. ................. 600,000 10,350,000
-----------
34,850,000
-----------
Insurance (1.9%)
ACE Ltd. .............................. 150,000 4,350,000
*Gryphon Holdings, Inc. ................ 300,000 4,875,000
Mutual Risk Management Ltd. ........... 140,000 4,690,000
PXRE Corp. ............................ 203,800 4,789,300
PartnerRe Ltd. ........................ 140,000 3,657,500
-----------
22,361,800
-----------
Machinery & Capital Spending (7.7%)
Acme-Cleveland Corp. .................. 420,000 9,922,500
Applied Power, Inc. (Class A) ......... 225,000 6,496,875
*Checkpoint Systems, Inc. .............. 360,000 8,010,000
Duriron Co., Inc. ..................... 350,000 7,875,000
*Elsag Bailey Process Automation N.V. .. 447,800 12,314,500
*Farr Co. .............................. 25,100 188,250
*Jacobs Engineering Group, Inc. ........ 402,000 8,844,000
Keystone International, Inc. .......... 388,100 7,616,462
Measurex Corp. ........................ 210,000 6,378,750
*Rauma Oy Spon. ADR .................... 200,000 3,600,000
*Stimsonite Corp. ...................... 355,000 4,304,375
Thomas & Betts Corp. .................. 100,000 6,837,500
Titan Wheel International, Inc. ....... 300,000 7,725,000
-----------
90,113,212
-----------
Metal Mining & Steel (3.2%)
Battle Mountain Gold Co. .............. 600,000 $ 5,775,000
Freeport-McMoRan Copper & Gold, Inc.
(Class A) ........................... 285,000 5,878,125
Placer Dome, Inc. ..................... 500,000 13,062,500
*Santa Fe Pacific Gold Corp. ........... 525,000 6,365,625
Schnitzer Steel Industries, Inc.
(Class A) ........................... 270,000 6,210,000
-----------
37,291,250
-----------
Pollution Control (2.0%)
*Air & Water Technologies Corp.
(Class A) ........................... 467,500 2,805,000
*Osmonics, Inc. ........................ 400,000 6,500,000
*TETRA Technologies, Inc. .............. 342,635 6,081,771
*U.S. Filter Corp. ..................... 430,000 8,170,000
-----------
23,556,771
-----------
Real Estate Securities (1.1%)
Equity Residential Properties Trust.... 111,500 3,108,063
Mid-America Apartment
Communities, Inc. ................... 150,000 3,750,000
Pacific Gulf Properties, Inc. ......... 100,000 1,487,500
ROC Communities, Inc. ................. 214,200 4,739,175
-----------
13,084,738
-----------
Technology (18.1%)
*ACT Manufacturing, Inc. ............... 275,000 3,575,000
*American Management Systems, Inc. ..... 250,000 6,281,250
*American Power Conversion Corp. ....... 400,000 9,150,000
*Asyst Technologies, Inc. .............. 135,000 5,011,875
*Cirrus Logic, Inc. .................... 100,000 6,268,750
*Cisco Systems, Inc. ................... 200,000 10,112,500
*Cognos, Inc. .......................... 270,000 7,762,500
*Dell Computer Corp. ................... 120,000 7,215,000
*EMC Corp. (Mass.) ..................... 350,000 8,487,500
Ericsson (L.M.) Telephone Co.
(Class B) ADR ....................... 400,000 8,000,000
*Harmonic Lightwaves, Inc. ............. 275,000 4,606,250
*Integrated Process Equipment Corp. .... 315,000 11,123,438
*Madge N.V. ............................ 200,000 5,600,000
Methode Electronics, Inc. (Class A) ... 400,000 7,800,000
*Microchip Technology, Inc. ............ 200,000 7,275,000
Motorola, Inc. ........................ 175,000 11,746,875
*National Instruments Corp. ............ 170,000 3,017,500
*National Semiconductor Corp. .......... 440,000 12,210,000
*Oracle Corp. .......................... 300,000 11,587,500
*Platinum Technology, Inc. ............. 265,000 4,803,125
*Quantum Corp. ......................... 240,000 5,490,000
*Rational Software Corp. ............... 360,000 4,905,000
*Seagate Technology, Inc. .............. 250,000 9,812,500
23
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA SPECIAL FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (continued)
*Silicon Valley Group, Inc. ............ 180,000 $ 6,525,000
*StrataCom, Inc. ....................... 120,000 5,850,000
*Sun Microsystems, Inc. ................ 120,000 5,820,000
*Thermo Electron Corp. ................. 225,000 9,056,250
*3Com Corp. ............................ 100,000 6,700,000
*Western Digital Corp. ................. 325,000 5,646,875
-----------
211,439,688
-----------
Transportation (2.3%)
Airborne Freight Corp. ................ 525,000 10,631,250
*Alaska Air Group, Inc. ................ 260,000 4,777,500
*Celadon Group, Inc. ................... 353,500 5,390,875
*Mesa Airlines, Inc. ................... 650,000 5,931,250
-----------
26,730,875
-----------
Utilities/Communications (1.6%)
ACC Corp. ............................. 300,000 4,425,000
*CommNet Cellular, Inc. ................ 320,000 8,960,000
*Mobile Telecommunication
Technologies Corp. .................. 200,000 5,475,000
-----------
18,860,000
-----------
Total Common Stocks
(Cost $985,991,028) ................. 1,102,188,634
-------------
Repurchase Agreements (5.3%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $56,874,363.
Collateralized by U.S. Treasury Bond
6.250%, due 08/15/2023,
U.S. Treasury Note
4.625%, due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.........$ 56,846,842 $ 56,846,842
J.P. Morgan Securities, Inc.
6.009% dated 06/30/1995,
due 07/03/1995 in the
amount of $5,002,469.
Collateralized by U.S. Treasury Notes
6.125% due 05/31/1997................ 5,000,000 5,000,000
-----------
Total Repurchase Agreements
(Cost $61,846,842)................... 61,846,842
-----------
Total Investments (99.5%)
(Cost $1,047,837,870)..................... 1,164,035,476
Receivables less liabilities (0.5%)......... 6,559,665
-------------
Net Assets (100.0%) ........................ $1,170,595,141
=============
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
24
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (92.1%)
Real Estate
Apartments (33.3%)
Amli Residential Properties Trust....... 30,800 $ 585,200
Associated Estates Realty Corp. ........ 32,100 678,112
Camden Property Trust................... 25,200 551,250
Equity Residential Properties Trust..... 20,300 565,862
Evans Withycombe Residential, Inc. ..... 30,300 617,363
Oasis Residential, Inc. ................ 30,200 656,850
Prime Residential, Inc. ................ 38,000 574,750
Security Capital Pacific Trust.......... 40,000 695,000
Smith (Charles E.) Residential
Realty, Inc. ......................... 22,500 534,375
Wellsford Residential Property Trust.... 31,125 708,094
-----------
6,166,856
-----------
Office (7.5%)
Beacon Properties Corp. ................ 33,900 673,762
Cali Realty Corp. ...................... 37,100 718,813
-----------
1,392,575
-----------
Industrial (18.1%)
First Industrial Realty Trust, Inc. .... 30,700 629,350
Shurgard Storage Centers, Inc. (Class A) 28,700 660,100
Spieker Properties, Inc. ............... 32,100 718,237
Storage Trust Realty ................... 35,000 708,750
TriNet Corporate Realty Trust, Inc. .... 23,000 644,000
-----------
3,360,437
-----------
Manufactured Homes (10.3%)
Manufactured Home Communities, Inc. .... 37,000 568,875
ROC Communities, Inc. .................. 28,200 623,925
Sun Communities, Inc. .................. 29,000 725,000
-----------
1,917,800
-----------
Community Centers (5.5%)
Haagen (Alexander) Properties, Inc. .... 43,200 496,800
JP Realty, Inc. ........................ 25,900 530,950
-----------
1,027,750
-----------
Factory Outlet Centers (3.8%)
Chelsea GCA Realty, Inc. .............. 26,000 702,000
-----------
Shopping Malls (9.9%)
Glimcher Realty Trust.................. 32,900 682,675
Macerich Co. .......................... 30,700 602,488
Simon Property Group, Inc. ............ 22,000 552,750
-----------
1,837,913
-----------
Other (3.7%)
Starwood Lodging Trust................. 29,000 681,500
-----------
Total Common Stocks
(Cost $17,393,742)................... 17,086,831
-----------
Repurchase Agreements (10.2%)
Goldman Sachs Corp.
5.890% dated 6/30/1995,
due 07/03/1995 in the
amount of $886,877.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013......... $ 886,448 $ 886,448
J.P. Morgan Securities, Inc.
6.009% dated 06/30/1995,
due 07/03/1995 in the
amount of $900,444.
Collateralized by U.S. Treasury Notes
6.125% due 05/31/1997................ 900,000 900,000
Merrill Lynch GSI
6.200% dated 06/30/1995,
due 07/03/1995 in the
amount of $100,051.
Collateralized by U.S. Treasury Notes
4.750% to 8.500%,
due 01/31/1997 to 05/15/1997......... 100,000 100,000
-----------
Total Repurchase Agreements
(Cost $1,886,448).................... 1,886,448
-----------
Total Investments (102.3%)
(Cost $19,280,190)........................ 18,973,279
Receivables less liabilities (-2.3%)........ (433,430)
-----------
Net Assets (100.0%) ........................ $18,539,849
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
25
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA BALANCED FUND, INC.
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (47.5%)
Banking & Finance (5.9%)
American Express Co. .................. 90,200 $ 3,168,275
Federal Home Loan Mortgage Corp. ...... 36,600 2,516,250
Federal National Mortgage Assn. ....... 28,500 2,689,687
First Bank System, Inc. ............... 78,400 3,214,400
Greenpoint Financial Corp. ............ 120,000 2,835,000
Morgan (J.P.) & Co., Inc. ............. 47,700 3,344,963
Student Loan Marketing Assn. .......... 93,000 4,359,375
-----------
22,127,950
-----------
Building & Forestry Products (1.3%)
Champion International Corp. .......... 57,600 3,002,400
Scott Paper Co. ....................... 40,000 1,980,000
-----------
4,982,400
-----------
Business Services (2.1%)
*ADT Ltd. .............................. 211,400 2,483,950
Manpower, Inc. (Wis.).................. 46,700 1,190,850
Service Corp. International............ 133,600 4,225,100
-----------
7,899,900
-----------
Chemical (2.1%)
DuPont (E.I.) de Nemours & Co. ........ 47,300 3,251,875
Hercules, Inc. ........................ 93,100 4,538,625
-----------
7,790,500
-----------
Consumer Durable (0.7%)
General Motors Corp. .................. 56,900 2,667,187
Consumer Non-Durable (4.1%)
*Federated Department Stores, Inc. ..... 71,400 1,838,550
Mattel, Inc. .......................... 128,800 3,348,800
Nike, Inc. (Class B)................... 30,900 2,595,600
*Payless Cashways, Inc. ................ 239,700 1,528,087
Sears, Roebuck & Co. .................. 75,400 4,514,575
*Toys "R" Us, Inc. ..................... 61,000 1,784,250
-----------
15,609,862
-----------
Consumer Staples (4.1%)
Coca-Cola Co. ......................... 61,400 3,914,250
Gillette Co. .......................... 78,800 3,516,450
McDonald's Corp. ...................... 40,500 1,584,562
RJR Nabisco Holdings Corp. ............ 78,000 2,174,250
Sunbeam Corp. ......................... 100,300 1,391,663
UST, Inc. ............................. 94,200 2,802,450
-----------
15,383,625
-----------
Energy (5.0%)
Anadarko Petroleum Corp. .............. 44,000 1,897,500
*Barrett Resources Corp. ............... 50,000 1,162,500
Chevron Corp. ......................... 50,600 2,359,225
Exxon Corp. ........................... 44,150 3,118,093
Louisiana Land & Exploration Co. ...... 64,000 2,552,000
Mobil Corp. ........................... 26,800 2,572,800
Noble Affiliates, Inc. ................ 28,800 734,400
Royal Dutch Petroleum Co. ADR.......... 19,050 2,321,719
Unocal Corp. .......................... 80,000 2,210,000
-----------
18,928,237
-----------
Energy Services (0.6%)
Baker Hughes, Inc. .................... 105,000 2,152,500
-----------
Entertainment & Media (2.8%)
CBS, Inc. ............................. 15,700 1,051,900
Capital Cities/ABC, Inc. .............. 36,000 3,888,000
*Tele-Communications, Inc. (Class A).... 122,000 2,859,375
Time Warner, Inc. ..................... 66,400 2,730,700
-----------
10,529,975
-----------
Health (5.3%)
Abbott Laboratories, Inc. ............. 50,000 2,025,000
*Amgen, Inc. ........................... 45,900 3,692,081
Bausch & Lomb, Inc. ................... 109,700 4,552,550
Columbia/HCA Healthcare Corp. ......... 58,900 2,547,425
Johnson & Johnson...................... 35,800 2,420,975
United Healthcare Corp. ............... 61,700 2,552,837
Warner-Lambert Co. .................... 24,900 2,150,738
-----------
19,941,606
-----------
Insurance (1.3%)
American International Group, Inc. .... 25,200 2,872,800
General Re Corp. ...................... 16,000 2,142,000
-----------
5,014,800
-----------
Machinery & Capital Spending (1.9%)
Emerson Electric Co. .................. 48,500 3,467,750
General Electric Co. .................. 68,300 3,850,413
-----------
7,318,163
-----------
Metal Mining & Steel (0.5%)
Worthington Industries, Inc. .......... 88,000 1,798,500
-----------
Real Estate Securities (2.8%)
American Health Properties, Inc. ...... 73,600 1,573,200
Associated Estates Realty Corp. ....... 44,700 944,287
Beacon Properties Corp. ............... 45,000 894,375
Equity Residential Properties Trust.... 48,500 1,351,938
JP Realty, Inc. ....................... 97,500 1,998,750
Manufactured Home Communities, Inc. ... 78,000 1,199,250
Simon Property Group, Inc. ............ 52,500 1,319,063
Sun Communities, Inc. ................. 54,700 1,367,500
-----------
10,648,363
-----------
Technology (3.7%)
AMP, Inc. ............................. 52,800 2,230,800
Automatic Data Processing, Inc. ....... 34,000 2,137,750
Boeing Co. ............................ 35,000 2,191,875
General Motors Corp. (Class E)......... 41,600 1,809,600
Hewlett-Packard Co. ................... 13,000 968,500
26
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Common Stocks (continued)
Intel Corp. ........................... 32,200 $ 2,038,662
*Microsoft Corp. ....................... 11,100 1,003,163
Motorola, Inc. ........................ 21,100 1,416,338
-----------
13,796,688
-----------
Transportation (0.6%)
Norfolk Southern Corp. ................ 33,400 2,250,325
-----------
Utilities/Communications (1.6%)
AT&T Corp. ............................ 45,000 2,390,625
Vodafone Group plc ADR................. 92,000 3,484,500
-----------
5,875,125
-----------
Utilities/Electric/Gas (1.1%)
NIPSCO Industries, Inc. ............... 51,400 1,747,600
Texas Utilities Co. ................... 70,000 2,406,250
-----------
4,153,850
-----------
Total Common Stocks
(Cost $153,731,095).................. 178,869,556
-----------
Convertible Preferred Stock (0.5%)
Technology (0.5%)
American Express Co.
(Cost $1,470,000).................... 40,000 1,940,000
-----------
U.S. Government, Federal Agency
Obligations (25.3%)
U.S. Treasury Bonds & Notes (11.0%)
U.S. Treasury Bonds
12.000% 08/15/2013................... $ 6,495,000 9,586,165
9.250% 02/15/2016................... 4,280,000 5,489,913
8.875% 08/15/2017................... 9,520,000 11,864,205
8.125% 08/15/2019................... 2,285,000 2,659,374
U.S. Treasury Notes
6.125% 07/31/1996................... 2,890,000 2,901,936
5.125% 02/28/1998................... 9,050,000 8,887,462
-----------
41,389,055
-----------
Government National Mortgage Association (GNMA) (4.1%)
8.500% 05/15/2024 - 03/15/2025...... 10,783,451 11,194,570
8.750% 08/15/2024................... 1,443,595 1,496,604
9.000% 01/15/2030................... 1,030,927 1,080,154
9.375% 11/15/2029 - 02/15/2035...... 1,693,988 1,787,631
-----------
15,558,959
-----------
Federal Housing Administration (FHA) (1.2%)
FHA Insured Project Pool #12
7.430% 12/01/2021................... 929,947 952,442
FHA Insured Project Pool #42
7.430% 09/01/2022................... 1,249,006 1,284,565
FHA Insured Project Pool #53
7.430% 02/01/2022................... 1,075,566 1,105,779
FHA Insured Project Pool #53-43077
9.125% 07/25/2033...................$ 1,107,666 $ 1,151,109
-----------
4,493,895
-----------
Federal National Mortgage Association (FNMA) (0.3%)
FNMA Pool #311021 (ARM)
8.189% 05/01/2025................... 880,482 904,695
-----------
Federal Home Loan Mortgage Corp. (FHLMC) (0.8%)
8.500% 10/01/2024 - 03/01/2025...... 3,061,926 3,158,561
-----------
Agency Collateralized Mortgage Obligations (7.9%)
Bear Stearns Secured Inv., Inc
Series 88-6 Cl. B
0.000% 03/20/1996................... 541,273 526,891
Drexel Burnham Lambert CMO Trust
Series R Cl. 3
7.000% 03/01/2003................... 205,224 206,697
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1203 Cl. F
6.750% 07/15/2003................... 1,000,000 1,001,560
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1339 Cl. C
8.000% 08/15/2006................... 750,000 804,607
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1607 Cl. C
4.750% 09/15/2005................... 2,700,000 2,619,000
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. G
8.000% 06/15/2021................... 340,000 351,992
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1763 Cl. H
8.250% 07/15/2023................... 130,000 136,692
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. H
8.250% 09/15/2023................... 4,250,000 4,463,817
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1782 Cl. A
6.300% 05/15/2008................... 2,340,000 2,172,361
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1991-G35 Cl. M
8.750% 10/25/2021................... 1,920,000 2,055,590
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-110 Cl. D
5.700% 06/25/2016................... 350,000 342,563
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-119 Cl. E
5.850% 05/25/2019................... 1,000,000 966,870
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-G28 Cl. A
0.000% 07/25/1996................... 233,540 225,658
27
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
U.S. Government, Federal Agency
Obligations (continued)
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-235 Cl. C
0.000% 10/25/1997...................$ 950,000 $ 837,188
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1994-1 Cl. PE
7.500% 07/16/2022................... 3,515,000 3,623,719
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1994-5 Cl. PC
7.493% 10/16/2018................... 420,000 432,991
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1994-7 Cl. PG
6.500% 08/16/2017................... 1,550,000 1,513,188
Goldman Sachs Trust 4 Series C Cl. 3
9.450% 10/27/2003................... 630,406 669,605
Goldman Sachs Trust 7 Series C Cl. 2
9.100% 04/27/2017................... 33,712 33,849
Goldman Sachs Trust 2 Series F Cl. 3
9.250% 10/20/2018................... 307,131 309,146
Merrill Lynch Trust 25 Cl. B
8.750% 03/20/2019................... 53,831 54,958
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................... 806,154 806,154
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-2 Cl. D
6.750% 02/15/2013................... 650,000 641,264
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-3 Cl. 2C
5.750% 06/15/2010................... 740,000 702,534
U.S. VA Vendee Mtg. Gtd.REMIC
Pass Thru Ctf. 1993-3 Cl. 2E
6.000% 11/15/2016................... 550,000 498,608
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1C
6.500% 05/15/2010................... 190,000 187,446
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1D
6.500% 06/15/2012................... 1,178,000 1,149,646
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1D Cl. 4
8.856% 02/15/2025................... 2,248,139 2,444,064
-----------
29,778,658
-----------
Total U.S. Government, Federal Agency
Obligations (Cost $91,461,893)......... 95,283,823
-----------
Other Securitized Loans (3.4%)
Collateralized Mortgage Obligations (2.3%)
CMC Securities Corp.
Series 1992-B Cl. B2
7.375% 11/25/2023...................$ 2,935,009 $ 2,963,684
CWFC, Inc. Mtg. Pass Thru
Ctf. Series 1994-4 Cl. A5
6.250% 04/25/2024................... 950,000 927,077
Community Program Loan Trust
Series 1987-A Cl. A4
4.500% 10/01/2018................... 3,560,000 3,000,332
Paine Webber Mtg. Accep. Corp.
Mtg. Pass Thru Ctf. 1993-9 Cl. A2
5.600% 10/25/2023................... 500,000 479,885
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf. Series 1993-3 Cl. A-2
7.301% 11/25/2023................... 781,556 786,315
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf. Series 1995-B Cl. A-3
7.410% 09/25/2024................... 500,000 499,950
Structured Mtg. Asset Res. Tr.
Ser. 1993-2A Multicl. Ctf. Cl. AB
6.300% 07/25/2004................... 39,744 39,566
-----------
8,696,809
-----------
Asset Backed Securities (1.1%)
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................... 2,459,585 2,527,790
Prudential Secs. Financial Asset Funding
Corp. Pass Thru Ctf. 1994-2 Cl. A
6.350% 11/15/2014................... 1,608,353 1,569,045
-----------
4,096,835
-----------
Total Other Securitized Loans
(Cost $12,344,471)................... 12,793,644
-----------
Corporate Bonds (13.2%)
Industrial (5.7%)
American President Co. Ltd.
8.000% 01/15/2024................... 1,000,000 975,810
Columbia/HCA Healthcare Corp.
7.690% 06/15/2025................... 2,350,000 2,328,075
Continental Cablevision, Inc.
9.000% 09/01/2008................... 300,000 301,500
Emerson Electric Co. Euro
7.875% 06/05/1998................... 380,000 395,553
Ethan Allen, Inc.
8.750% 03/15/2001................... 500,000 507,500
Exxon Capital Corp.
7.875% 08/15/1997................... 630,000 650,166
28
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Corporate Bonds (continued)
Freeport-McMoran Resource Partners L.P.
8.750% 02/15/2004...................$ 400,000 $ 380,000
GNS Finance Corp.
9.250% 03/15/2003................... 375,000 401,250
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................... 300,000 314,847
Louisiana Land & Exploration Co.
7.650% 12/01/2023................... 565,000 548,304
Magma Copper Co.
8.700% 05/15/2005................... 400,000 398,000
Nabisco, Inc.
6.700% 06/15/2002................... 2,000,000 1,978,100
P.T. ALatieF Freeport Finance Co.
9.750% 04/15/2001................... 400,000 411,000
Riverwood International Corp.
10.750% 06/15/2000................... 200,000 215,500
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002................... 650,000 711,750
Rykoff Sexton, Inc.
8.875% 11/01/2003................... 275,000 273,625
Seagull Energy Corp.
8.625% 08/01/2005................... 250,000 237,500
Sears Roebuck & Co.
7.620% 11/03/1997................... 2,000,000 2,052,760
Southern Pacific Rail Corp.
9.375% 08/15/2005................... 150,000 154,125
Stop & Shop Cos., Inc.
9.750% 02/01/2002................... 215,000 232,200
Temple Inland, Inc. Medium Term Note
9.000% 04/20/1998................... 200,000 213,588
Time Warner Entertainment Co., L.P.
9.625% 05/01/2002................... 1,900,000 2,129,273
Time Warner Entertainment Co., L.P.
8.875% 10/01/2012................... 1,240,000 1,314,016
Union Oil Co. of California
7.200% 05/15/2005................... 2,275,000 2,324,663
Viacom, Inc.
7.750% 06/01/2005................... 2,000,000 2,019,280
-----------
21,468,385
-----------
Financial (6.1%)
Associates Corp. N.A.
7.250% 05/15/1998................... 450,000 459,868
CIT Group Holdings, Inc.
Medium Term Note
7.000% 09/30/1997................... 1,040,000 1,054,477
CP Limited Partnership
8.750% 03/02/2000................... 1,450,000 1,510,755
Capital One Bank Medium Term Note
8.330% 02/10/1997................... 1,500,000 1,537,560
Chrysler Financial Corp.
9.500% 12/15/1999................... 2,640,000 2,903,921
Commercial Credit Group, Inc.
6.625% 06/01/2015................... 1,250,000 1,257,013
ERP Operating Limited
Partnership (144A)
8.500% 05/15/1999................... 800,000 831,512
Equitable Cos., Inc.
9.000% 12/15/2004................... 825,000 915,882
First Security Corp. (Del.)
7.875% 10/15/1999................... 800,000 835,904
Fleet Mortgage Group, Inc.
6.500% 09/15/1999................... 550,000 547,008
Ford Motor Credit Co.
6.750% 05/15/2005................... 440,000 431,851
General Electric Capital Corp.
Medium Term Note
7.640% 01/23/1997................... 1,500,000 1,533,885
General Motors Acceptance Corp.
Medium Term Note
7.125% 03/31/1997................... 1,380,000 1,396,339
Goldman Sachs Group L.P. (144A)
7.800% 07/15/2002................... 500,000 518,080
Household Finance Corp.
6.750% 06/01/2000................... 1,500,000 1,511,700
International Lease Finance Corp.
4.750% 07/15/1996................... 1,200,000 1,182,168
Morgan Stanley Group, Inc.
Medium Term Note
7.790% 02/03/1997................... 1,905,000 1,951,120
New Plan Realty Trust
7.750% 04/06/2005................... 1,040,000 1,089,847
Wachovia Bank Medium Term Note
6.000% 03/15/1999................... 1,425,000 1,411,135
-----------
22,880,025
-----------
Utility (0.6%)
GTE Corp.
8.850% 03/01/1998................... 750,000 791,392
GTE North, Inc.
5.500% 02/15/1999................... 1,000,000 971,430
Texas Utilities Electric Co.
7.125% 06/01/1997................... 630,000 638,732
-----------
2,401,554
-----------
29
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
June 30, 1995 Shares or
(Unaudited) Principal
Amount Value(1)
--------- -----------
Corporate Bonds (continued)
Yankee (0.8%)
Manitoba Province
7.750% 02/01/2002...................$ 700,000 $ 744,534
Nova Scotia Province
7.250% 07/27/2013................... 520,000 506,631
Province Ontario
7.750% 06/04/2002................... 1,300,000 1,381,354
Rogers Cantel Mobile, Inc.
10.750% 11/01/2001................... 150,000 155,250
-----------
2,787,769
-----------
Total Corporate Bonds
(Cost $48,580,841)................... 49,537,733
-----------
Total investments, excluding
temporary cash investments
(Cost $307,588,300).................. 338,424,756
-----------
Repurchase Agreements (10.2%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $20,079,859.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.........$ 20,070,142 $ 20,070,142
J.P. Morgan Securities, Inc.
6.009% dated 06/30/1995,
due 07/03/1995 in the
amount of $18,208,989.
Collateralized by U.S. Treasury Notes
6.125% due 05/31/1997................ 18,200,000 18,200,000
-----------
Total Repurchase Agreements
(Cost $38,270,142)................... 38,270,142
-----------
Total Investments (100.1%)
(Cost $345,858,442)....................... 376,694,898
Receivables less liabilities (-0.1%)........ (327,363)
-----------
Net Assets (100.0%) ....................... $376,367,535
===========
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
30
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA DAILY INCOME COMPANY
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Commercial Paper (95.6%)
A. I. Credit Corp.
5.920% 07/19/1995...................$ 10,000,000 $ 9,968,756
5.920% 08/02/1995................... 5,000,000 4,972,867
5.910% 08/24/1995................... 5,000,000 4,954,854
Air Products & Chemicals, Inc.
5.950% 08/15/1995................... 3,000,000 2,977,192
5.880% 08/25/1995................... 5,000,000 4,954,267
Alabama Power Co.
5.930% 07/13/1995................... 5,000,000 4,989,293
American Express Co.
5.910% 08/03/1995................... 10,000,000 9,944,184
American Express Credit Corp.
5.980% 08/02/1995................... 5,000,000 4,972,592
5.700% 10/11/1995................... 5,000,000 4,918,459
American General Corp.
5.860% 08/21/1995................... 5,000,000 4,957,678
American General Finance Corp.
5.900% 08/01/1995................... 10,000,000 9,947,556
Ameritech Capital Funding Corp.
6.230% 07/10/1995................... 5,000,000 4,991,347
Amgen, Inc.
6.030% 07/07/1995................... 5,000,000 4,994,137
5.900% 08/18/1995................... 5,000,000 4,959,847
5.950% 08/18/1995................... 10,000,000 9,919,014
Associates Corp. of North America
6.200% 07/03/1995................... 25,600,000 25,586,773
Avco Financial Services, Inc.
5.970% 07/20/1995................... 5,000,000 4,983,417
5.960% 07/21/1995................... 10,000,000 9,965,233
Barclays U.S. Funding Corp.
5.920% 07/05/1995................... 10,000,000 9,991,778
5.900% 07/06/1995................... 5,000,000 4,995,083
Beneficial Corp.
6.080% 07/19/1995................... 5,000,000 4,983,956
5.950% 07/20/1995................... 5,000,000 4,983,472
5.880% 08/25/1995................... 10,000,000 9,908,534
CIT Group Holdings, Inc.
6.040% 07/12/1995................... 10,000,000 9,979,867
5.880% 08/01/1995................... 5,000,000 4,973,867
5.920% 08/21/1995................... 5,000,000 4,957,245
Cargill Financial Services Corp.
5.820% 09/19/1995................... 5,000,000 4,934,525
Cargill Global Funding
5.950% 07/24/1995................... 5,000,000 4,980,167
5.880% 08/31/1995................... 10,000,000 9,898,734
Chevron Transport Co.
5.990% 07/24/1995................... 5,000,000 4,980,033
5.910% 08/04/1995................... 7,000,000 6,959,779
5.870% 09/28/1995................... 8,000,000 7,882,600
Citizens Utilities Co.
5.850% 09/08/1995................... 10,000,000 9,886,250
Coca-Cola Financial Corp.
5.920% 07/25/1995................... 5,000,000 4,979,444
5.880% 09/05/1995................... 10,000,000 9,890,567
Commercial Credit Co.
5.970% 07/03/1995................... 10,000,000 9,995,025
5.830% 07/27/1995................... 5,000,000 4,978,138
Deere, (John) Capital Corp.
5.920% 07/28/1995................... 10,000,000 9,953,956
5.940% 08/11/1995................... 10,000,000 9,930,700
du Pont (E.I.) de Nemours & Co.
5.930% 07/26/1995................... 10,000,000 9,957,172
Ford Motor Credit Co.
5.910% 08/14/1995................... 10,000,000 9,926,125
5.910% 08/28/1995................... 5,000,000 4,951,571
5.890% 08/30/1995................... 5,000,000 4,950,099
General Electric Capital Corp.
5.990% 07/27/1995................... 5,000,000 4,977,538
5.860% 09/07/1995................... 5,000,000 4,943,842
General Electric Capital Services, Inc.
6.090% 07/03/1995................... 5,000,000 4,997,463
5.860% 08/24/1995................... 5,000,000 4,955,237
Hershey Foods Corp.
6.000% 07/11/1995................... 5,000,000 4,990,833
Hewlett-Packard Co.
5.900% 08/22/1995................... 10,000,000 9,913,139
Hubbell, Inc.
5.980% 07/17/1995................... 5,000,000 4,985,881
Lilly (Eli) & Co.
6.000% 07/17/1995................... 10,000,000 9,971,667
5.800% 09/12/1995................... 7,500,000 7,410,584
Marsh & McLennan Companies, Inc.
6.080% 08/08/1995................... 10,000,000 9,934,134
Merrill Lynch & Co., Inc.
5.920% 08/09/1995................... 10,000,000 9,934,222
MetLife Funding, Inc.
6.000% 07/18/1995................... 10,000,000 9,970,000
5.910% 08/23/1995................... 10,000,000 9,911,350
Monsanto Co.
6.190% 07/14/1995................... 10,000,000 9,975,928
5.850% 09/21/1995................... 10,000,000 9,865,125
Morgan (J.P.) & Co., Inc.
5.900% 08/09/1995................... 10,000,000 9,934,445
5.850% 09/06/1995................... 10,000,000 9,889,500
Morgan Stanley Group, Inc.
6.020% 07/28/1995................... 5,000,000 4,976,589
5.940% 08/07/1995................... 10,000,000 9,937,300
5.820% 09/25/1995................... 5,000,000 4,929,675
31
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA DAILY INCOME COMPANY, CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Commercial Paper (continued)
National Rural Utilities Cooperative Finance Corp.
5.920% 08/14/1995...................$ 5,000,000 $ 4,963,000
5.900% 08/28/1995................... 5,000,000 4,951,653
5.940% 08/29/1995................... 10,000,000 9,901,000
New England Power
5.820% 09/21/1995................... 4,475,000 4,414,954
Norfolk Southern Corp.
6.000% 07/13/1995................... 6,600,000 6,585,700
5.850% 09/11/1995................... 5,000,000 4,940,687
5.780% 09/13/1995................... 8,000,000 7,903,667
Norwest Corp.
5.940% 07/12/1995................... 5,000,000 4,990,100
5.950% 08/16/1995................... 10,000,000 9,922,320
5.860% 09/07/1995................... 5,000,000 4,943,842
PHH Corp.
5.820% 07/25/1995................... 10,000,000 9,959,584
PacifiCorp
6.000% 07/05/1995................... 5,000,000 4,995,833
5.820% 09/27/1995................... 3,045,000 3,001,188
Pfizer, Inc.
5.900% 07/31/1995................... 6,000,000 5,969,517
5.900% 08/08/1995................... 5,000,000 4,968,042
Pitney Bowes Credit Corp.
6.070% 07/07/1995................... 10,000,000 9,988,197
5.850% 08/11/1995................... 5,000,000 4,965,875
Potomac Electric Power Co.
6.010% 08/10/1995................... 7,750,000 7,696,954
Procter & Gamble Co.
6.000% 07/06/1995................... 10,000,000 9,990,000
Prudential Funding Corp.
5.850% 08/23/1995................... 5,000,000 4,956,125
St. Paul Cos., Inc.
5.930% 07/13/1995................... 5,000,000 4,989,293
5.950% 07/27/1995................... 5,000,000 4,977,688
Schering Corp.
6.250% 08/07/1995................... 5,000,000 4,967,014
Shell Oil Co.
5.750% 09/29/1995................... 10,000,000 9,854,653
Siemens Corp.
5.830% 09/01/1995................... 5,000,000 4,948,988
5.770% 09/22/1995................... 10,000,000 9,865,367
Southern California Edison Co.
5.980% 08/04/1995................... 4,000,000 3,976,745
Southern California Gas
6.150% 08/15/1995................... 7,820,000 7,758,548
Texaco, Inc.
5.920% 07/11/1995................... 10,000,000 9,981,911
USAA Capital Corp.
5.980% 07/10/1995................... 10,000,000 9,983,389
5.870% 08/10/1995................... 5,000,000 4,966,574
Unilever Capital Corp.
6.030% 07/31/1995................... 10,000,000 9,948,075
U.S. West Communications Group, Inc.
6.050% 07/05/1995................... 4,125,000 4,121,534
Weyerhaeuser Real Estate Co.
5.940% 07/21/1995................... 5,000,000 4,982,675
-----------
Total Commercial Paper
(Cost $698,501,297).................. 698,501,297
-----------
U.S.Government Agency Discount Notes (3.4%)
Federal Home Loan Mortgage Corp.
5.740% 09/14/1995................... 5,000,000 4,939,411
Federal National Mortgage Association
5.880% 08/17/1995................... 10,000,000 9,921,600
5.680% 09/15/1995................... 10,000,000 9,878,512
-----------
Total U.S. Government Agency
Discount Notes
(Cost $24,739,523)................... 24,739,523
Repurchase Agreement (1.1%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $8,119,774.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.
(Cost $8,115,845).................... 8,115,845 8,115,845
-----------
Total Investments (100.1%)
(Cost $731,356,665, including
$4,940,564 accrued interest receivable)... 731,356,665
Cash and receivables less liabilities (-0.1%) (861,327)
-----------
Net Assets (100.0%) ........................ $730,495,338
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
32
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
U.S. Treasury Notes (96.5%)
7.875% 02/15/1996...................$ 9,700,000 $ 9,824,257
6.500% 08/15/1997................... 4,000,000 4,051,240
5.625% 01/31/1998................... 15,975,000 15,872,600
5.125% 03/31/1998................... 6,650,000 6,525,313
-----------
Total U.S. Treasury Notes
(Cost $36,151,234)................... 36,273,410
Repurchase Agreement (1.5%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $568,674.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.
(Cost $568,399)...................... $ 568,399 $ 568,399
-----------
Total Investments (98.0%)
(Cost $36,719,633)........................ 36,841,809
Receivables less liabilities (2.0%) 766,622
-----------
Net Assets (100.0%) ....................... $ 37,608,431
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
33
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
U.S. Government, Federal Agency
Obligations (56.9%)
U.S. Treasury Bonds & Notes (21.3%)
U.S. Treasury Bonds
12.000% 08/15/2013...................$ 9,270,000 $13,681,871
9.250% 02/15/2016................... 4,925,000 6,317,248
8.875% 08/15/2017................... 18,770,000 23,391,925
8.125% 08/15/2019................... 11,165,000 12,994,274
U.S. Treasury Note
6.125% 07/31/1996................... 3,835,000 3,850,838
-----------
60,236,156
-----------
Other Government Agency Obligation (1.9%)
Farm Credit Systems Financial
Assistance Corp. Series A
9.375% 07/21/2003................... 4,660,000 5,493,721
-----------
Government National Mortgage Association (GNMA) (4.7%)
8.000% 07/15/2025................... 1,460,000 1,485,550
8.500% 05/15/2024 to 03/15/2025..... 11,542,711 11,982,777
-----------
13,468,327
-----------
Government National Mortgage Association
Graduated Payment Mortgage (GNMA GPM) (0.3%)
9.000% 05/15/2009................... 736,635 769,091
-----------
Federal Housing Administration (FHA) (6.1%)
FHA Insured Project Pool #40
7.430% 08/01/2021................... 2,764,985 2,836,211
FHA Insured Project Pool #42
7.430% 09/01/2022................... 5,776,653 5,941,114
FHA Insured Project Pool #44
7.430% 08/01/2022................... 1,318,890 1,356,136
FHA Insured Project Pool #2022
7.430% 12/01/2020................... 1,485,837 1,511,705
FHA Insured Project Pool #1984-D
9.680% 02/01/2024................... 2,655,362 2,775,517
FHA Insured Project Pool #051-11078
8.350% 04/01/2030................... 2,246,234 2,276,536
FHA Insured Project Pool #092-35499
8.450% 11/15/2031................... 499,109 508,712
-----------
17,205,931
-----------
Federal National Mortgage Association (FNMA) (2.8%)
FNMA Pool #311021 (ARM)
8.189% 05/01/2025................... 7,614,976 7,824,389
-----------
Federal Home Loan Mortgage Corp. (FHLMC) (5.0%)
8.500% 10/01/2024 to 04/01/2025..... 13,663,503 14,094,724
-----------
Agency Collateralized Mortgage Obligations (14.8%)
American Southwest Financial Corp.
Series 64 Cl. E
8.500% 06/17/2019................... 1,279,611 1,368,378
Drexel Burnham Lambert CMO Trust
Series R Cl. 3
7.000% 03/01/2003................... 1,696,518 1,708,699
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1118 Cl. H
8.250% 07/15/2001................... 1,216,610 1,226,111
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1547 Cl. C
5.750% 04/15/2023................... 422,448 382,104
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1694 Cl. MA
6.100% 05/15/2023................... 1,694,425 1,637,577
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. D
7.625% 08/15/2016................... 2,320,000 2,344,638
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. G
8.000% 06/15/2021................... 1,650,000 1,708,196
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1763 Cl. H
8.250% 07/15/2023................... 552,000 580,417
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. H
8.250% 09/15/2023................... 5,500,000 5,776,705
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1782 Cl. A
6.300% 05/15/2008................... 3,610,000 3,351,377
FHLMC GNMA Multiclass Mtg. Partn.
Ctfs. Gtd. Series 31 Cl. A
0.000% 09/25/1996................... 956,049 921,985
FHLMC GNMA Multiclass Mtg. Partn.
Ctfs. Gtd. Series 35 Cl. PH
7.750% 03/17/2023................... 1,580,000 1,631,350
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-92 Cl. A
0.000% 03/25/1996................... 878,540 861,514
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-159 Cl. PA
0.000% 07/25/2000................... 3,035,587 2,540,392
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-176 Cl. A
0.000% 06/26/1996................... 1,653,820 1,605,231
34
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
U.S. Government, Federal Agency
Obligations (continued)
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1994-20 Cl. PJ
5.800% 05/25/2004................... $ 410,000 $ 398,979
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1994-40 Cl. D
5.400% 04/25/2015................... 2,589,800 2,493,485
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1994-1 Cl. PE
7.500% 07/16/2022................... 1,000,000 1,030,930
Merrill Lynch Trust 25 Cl. B
8.750% 03/20/2019................... 188,408 192,351
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................... 1,459,792 1,459,792
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-2 Cl. D
6.750% 02/15/2013................... 2,640,000 2,604,518
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-3 Cl. 2C
5.750% 06/15/2010................... 1,242,000 1,179,118
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1C
6.500% 05/15/2010................... 340,000 335,430
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1D
6.500% 06/15/2012................... 1,260,000 1,229,672
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1C Cl. 3E
8.000% 07/15/2018................... 870,000 916,902
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1D Cl. 4
8.856% 02/15/2025................... 2,198,837 2,390,466
-----------
41,876,317
-----------
Total U.S. Government, Federal Agency
Obligations (Cost $153,002,148)...... 160,968,656
-----------
Other Securitized Loans (8.3%)
Collateralized Mortgage Obligations (7.1%)
CMC Securities Corp. I
Series 1992-B Cl. B2
7.375% 11/25/2023................... 1,682,611 1,699,050
CWMBS, Inc. Mtg. Pass Thru
Ctf. Series 1994-I Cl. A-5
6.250% 07/25/2009................... 1,910,000 1,859,862
Chase Mortgage Financial Corp.
Series 1993-L Cl. 2A-6
8.000% 10/25/2024................... 2,000,000 2,067,460
Community Program Loan Trust
Series 1987-A Cl. A4
4.500% 10/01/2018................... 2,060,000 1,736,147
First Bank Systems Mortgage Corp.
Series 1993-E Class A-3
7.200% 01/25/2023................... 1,887,955 1,890,711
Prudential Home Mtg. Sec. Co.
Pass Thru Ctf. 1992-42 Cl. A-4
6.900% 01/25/2007................... 4,926,357 4,943,255
Prudential Home Mtg. Sec. Co.
Pass Thru Ctf. 1994-18 Cl. A-1
7.425% 05/25/2024................... 2,832,274 2,870,425
Residential Funding Mtg. Sec., Inc.
Series 1993-S45 Cl. A-10
8.000% 12/23/2023................... 1,250,000 1,302,300
Structured Mtg. Asset Res. Tr.
Ser. 1993-2A Multicl. Ctf. Cl. AB
6.300% 07/25/2004................... 1,689,127 1,681,543
-----------
20,050,753
-----------
Asset Backed Security (1.2%)
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................... 3,302,872 3,394,460
-----------
Total Other Securitized Loans
(Cost $23,153,003)................... 23,445,213
-----------
Corporate Bonds (31.7%)
Industrial (15.8%)
American President Co. Ltd.
8.000% 01/15/2024................... 2,925,000 2,854,244
Continental Cablevision, Inc.
9.000% 09/01/2008................... 700,000 703,500
Deere & Co.
8.250% 06/01/1996................... 2,805,000 2,855,518
Ethan Allen, Inc.
8.750% 03/15/2001................... 475,000 482,125
Freeport-McMoran Resource Partners L. P.
8.750% 02/15/2004................... 300,000 285,000
GNS Finance Corp.
9.250% 03/15/2003................... 1,000,000 1,070,000
Harrahs Operating, Inc.
10.875% 04/15/2002................... 1,000,000 1,080,000
Honeywell, Inc.
Medium Term Note
7.350% 05/15/2000................... 4,150,000 4,289,689
Hospital Corp. America
0.000% 06/01/1997................... 1,750,000 1,547,245
Host Marriott Travel Plazas, Inc. (144A)
9.500% 05/15/2005................... 300,000 287,250
35
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Corporate Bonds (continued)
La Quinta Inns, Inc.
9.250% 05/15/2003................... $ 375,000 $ 390,937
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................... 450,000 472,270
Marriott International, Inc.
7.125% 06/01/2007................... 2,600,000 2,585,336
Nabisco, Inc.
6.700% 06/15/2002................... 3,750,000 3,708,937
Occidental Petroleum Corp.
10.125% 11/15/2001................... 1,285,000 1,493,710
P.T. ALatieF Freeport Finance Co.
9.750% 04/15/2001................... 750,000 770,625
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002................... 1,250,000 1,368,750
Santa Fe Pacific Gold Corp.
8.375% 07/01/2005................... 450,000 447,143
Schering Plough Corp. Euro
7.750% 05/15/1996................... 2,220,000 2,251,258
Sears Roebuck & Co.
Medium Term Note
7.820% 02/23/1998................... 4,525,000 4,677,764
Southern Pacific Rail Corp.
9.375% 08/15/2005................... 550,000 565,125
Temple Inland, Inc.
Medium Term Note
8.850% 03/20/1997................... 3,350,000 3,493,447
Time Warner Entertainment Co. L.P.
8.875% 10/01/2012................... 2,265,000 2,400,198
Union Oil Co. of California
7.200% 05/15/2005................... 1,625,000 1,660,474
Viacom, Inc.
7.750% 06/01/2005................... 3,000,000 3,028,920
-----------
44,769,465
-----------
Financial (11.2%)
Ahmanson (H.F.) & Co.
8.250% 10/01/2002................... 2,500,000 2,660,675
Capital One Bank
Medium Term Note
8.330% 02/10/1997................... 3,000,000 3,075,120
Chrysler Financial Corp.
9.500% 12/15/1999................... 4,825,000 5,307,355
Ford Motor Credit Co.
5.625% 03/03/1997................... 2,350,000 2,325,043
General Motors Acceptance Corp.
Medium Term Note
7.375% 05/28/1999................... 3,175,000 3,255,899
General Motors Acceptance Corp.
Medium Term Note
7.125% 03/31/1997................... 1,000,000 1,011,840
Goldman Sachs Group L.P. (144A)
7.800% 07/15/2002................... 2,375,000 2,460,880
International Lease Finance Corp.
4.750% 07/15/1996...................$ 2,100,000 $ 2,068,794
Mellon Financial Co.
7.625% 11/15/1999................... 5,200,000 5,408,104
New Plan Realty Trust
7.750% 04/06/2005................... 4,050,000 4,244,117
-----------
31,817,827
-----------
Utility (1.3%)
Northern Indiana Public Service Co.
Medium Term Note
6.900% 06/01/2000................... 1,250,000 1,267,525
Northern Indiana Public Service Co.
Medium Term Note
6.750% 06/01/2000................... 2,500,000 2,519,500
-----------
3,787,025
-----------
Yankee (3.4%)
Manitoba Province
7.750% 02/01/2002................... 2,685,000 2,855,820
Province Ontario
7.750% 06/04/2002................... 5,625,000 5,977,012
Rogers Cantel Mobile, Inc.
10.750% 11/01/2001................... 550,000 569,250
-----------
9,402,082
-----------
Total Corporate Bonds
(Cost $87,974,269)................... 89,776,399
-----------
Total investments, excluding
temporary cash investment
(Cost $264,129,420).................. 274,190,268
Repurchase Agreement (2.0%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $5,731,289.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013.
(Cost $5,728,516).................... 5,728,516 5,728,516
-----------
Total Investments (98.9%)
(Cost $269,857,936)....................... 279,918,784
Receivables less liabilities (1.1%) 2,977,457
-----------
Net Assets (100.0%) ........................ $282,896,241
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
36
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC.
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
State of Oregon General Obligation Bonds (13.6%)
Board of Higher Education Series A
6.350% 08/01/2014...................$ 1,535,000 $ 1,598,319
Board of Higher Education Refunding
Series B
6.250% 10/15/2012................... 2,250,000 2,303,437
Department of Environmental
Quality Series D
5.625% 08/01/2006................... 430,000 433,762
5.700% 08/01/2007................... 455,000 458,412
5.750% 08/01/2008................... 485,000 488,031
Elderly & Disabled Housing
Refunding Series B
6.250% 08/01/2013................... 1,000,000 1,027,500
Pollution Control Series C
5.625% 06/01/2013................... 1,855,000 1,850,362
5.900% 06/01/2014................... 6,615,000 6,656,344
Veterans' Welfare
0.000% 07/01/2001................... 1,200,000 892,500
7.000% 07/01/2000................... 1,350,000 1,491,750
8.750% 10/01/1997................... 1,725,000 1,884,563
11.250% 10/01/1998................... 2,860,000 3,435,575
9.000% 04/01/1999................... 1,570,000 1,801,575
9.000% 10/01/2000................... 1,000,000 1,196,250
7.700% 07/01/1998................... 1,025,000 1,117,250
11.000% 06/01/1999................... 765,000 936,169
11.000% 12/01/2000................... 1,490,000 1,931,413
6.000% 08/01/2002................... 2,000,000 2,132,500
6.750% 05/01/2005................... 2,000,000 2,267,500
7.250% 01/01/2007................... 600,000 697,500
9.000% 04/01/2005................... 455,000 586,381
9.000% 10/01/2005................... 240,000 311,400
9.200% 04/01/2007................... 1,000,000 1,328,750
9.200% 10/01/2007................... 1,095,000 1,465,931
8.000% 07/01/2008................... 125,000 153,125
5.000% 08/15/2014................... 1,595,000 1,006,844
9.500% 10/01/2016................... 1,470,000 1,515,938
6.875% 12/01/2013................... 3,265,000 3,518,038
7.000% 12/01/2015................... 2,100,000 2,270,625
4.450% 12/01/2017................... 2,000,000 2,000,000
7.750% 03/01/2003................... 1,010,000 1,070,600
-----------
Total State of Oregon
General Obligation Bonds
(Cost $47,267,653)................... 49,828,344
-----------
Oregon General Obligation Bonds (25.5%)
Clackamas & Washington Counties
School District #3JT
West Linn-Wilsonville
5.875% 08/01/2009...................$ 1,000,000 $ 1,015,000
5.875% 10/01/2009................... 2,500,000 2,546,875
Clackamas County School District #1
6.250% 07/01/2002................... 925,000 978,187
6.300% 07/01/2003................... 700,000 738,500
6.500% 07/01/2004................... 1,235,000 1,318,362
6.500% 07/01/2005................... 1,355,000 1,449,850
6.500% 07/01/2006................... 1,485,000 1,588,950
Clackamas County School
District #7J Lake Oswego Series A
5.300% 06/15/2005................... 1,000,000 1,001,250
5.500% 06/15/2006................... 1,000,000 1,002,500
5.700% 06/15/2010................... 1,515,000 1,507,425
Clackamas County School
District #12 North Clackamas
4.650% 06/01/2004................... 750,000 720,000
5.000% 06/01/2011................... 1,500,000 1,338,750
Clackamas County Elementary
School District #86
6.050% 07/01/1998................... 930,000 975,337
6.150% 07/01/1999................... 1,040,000 1,094,600
Clackamas Community College District
5.250% 12/01/2009................... 1,270,000 1,217,612
Columbia County School
District #502 St. Helens Series B
6.000% 01/01/2003................... 555,000 565,406
6.100% 01/01/2004................... 700,000 714,875
6.200% 01/01/2005................... 500,000 512,500
6.200% 01/01/2006................... 540,000 550,125
Deschutes County Administrative
School District #1 Bend-Lapine
5.800% 02/01/2004................... 780,000 807,300
5.900% 02/01/2005................... 980,000 1,014,300
0.000% 02/01/2000................... 1,175,000 942,937
0.000% 02/01/2001................... 1,135,000 856,925
0.000% 02/01/2002................... 1,445,000 1,034,981
Jackson County School District
#549C Medford
5.375% 06/01/2012................... 1,200,000 1,153,500
Lane Community College
4.850% 06/01/2008................... 3,750,000 3,520,312
37
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Oregon General Obligation Bonds (continued)
Lane County School District
#4J Eugene Refunding Series A
0.000% 07/01/2001...................$ 2,015,000 $ 1,498,656
0.000% 07/01/2003................... 1,480,000 971,250
0.000% 07/01/2005................... 2,325,000 1,348,500
5.250% 07/01/2008................... 2,440,000 2,372,900
0.000% 01/01/2003................... 1,345,000 906,194
0.000% 01/01/2005................... 1,395,000 831,769
Lane County School District
#19 Springfield Refunding
0.000% 02/01/1997................... 470,000 437,687
0.000% 02/01/1999................... 470,000 397,150
Marion & Polk Counties School
District #24J Salem
4.750% 10/01/2006................... 560,000 526,400
Multnomah-Clackamas Counties
School District #28-302JT
0.000% 12/01/2004................... 750,000 453,750
Multnomah County Public
Improvements
5.250% 10/01/2013................... 1,800,000 1,694,250
Multnomah County School
District #1 Portland Refunding
6.000% 12/15/1997................... 645,000 664,350
Multnomah County School
District # 4 Gresham
6.100% 01/01/2008................... 3,000,000 3,135,000
6.100% 01/01/2009................... 200,000 208,250
Multnomah County School
District #7 Reynolds
6.900% 01/01/2000................... 250,000 253,438
Multnomah County School
District #40 David Douglas
7.100% 06/01/2002................... 880,000 981,200
Port of Portland Series A
4.500% 03/01/2006................... 2,000,000 1,860,000
0.000% 03/01/2007................... 5,000,000 2,618,750
Portland Water Refunding
5.000% 10/01/2008................... 1,500,000 1,441,875
Portland Public Improvements
Series B
4.625% 12/01/2010................... 3,815,000 3,662,400
Portland Public Improvements
Series A (Special Assessment)
5.000% 06/01/2004................... 320,000 322,000
Portland Public Improvements
Series A
5.750% 06/01/2014................... 2,975,000 2,997,313
Portland Recreational
Facilities Improvements Series A
5.750% 06/01/2012...................$ 1,370,000 $ 1,371,713
5.750% 06/01/2013................... 1,345,000 1,346,681
5.750% 06/01/2015................... 1,155,000 1,152,113
Portland Recreational
Facilities Improvements Series B
5.500% 06/01/2009................... 2,115,000 2,088,563
5.750% 06/01/2014................... 1,750,000 1,745,625
5.750% 06/01/2015................... 2,955,000 2,947,613
Portland Community College
District Series A
6.000% 07/01/2012................... 1,500,000 1,505,625
Portland Community College District
0.000% 07/01/2000................... 800,000 630,000
0.000% 07/01/2007................... 2,000,000 1,032,500
Salem-Keizer School District #24J
5.400% 06/01/2006................... 1,000,000 1,003,750
Salem Series A
5.875% 01/01/2007................... 1,030,000 1,050,600
Tri-County Metropolitan Transportation
District Light Rail Extension Series A
6.000% 07/01/2012................... 3,475,000 3,518,438
Tualatin Hills Park &
Recreation District
5.500% 03/01/2006................... 1,000,000 1,007,500
5.700% 03/01/2009................... 1,340,000 1,348,375
Washington County Refunding
6.200% 12/01/2007................... 1,500,000 1,578,750
Washington County Criminal
Justice Facilities Improvements
6.000% 12/01/2013................... 2,000,000 2,032,500
Washington & Clackamas Counties
School District #23J Tigard Refunding
6.200% 08/01/2007................... 1,000,000 1,040,000
5.400% 01/01/2010................... 1,660,000 1,628,875
Washington County School District
#48J Beaverton Series B
6.150% 06/01/2008................... 1,000,000 1,037,500
5.000% 09/01/2012................... 5,250,000 4,770,938
Total Oregon General Obligation Bonds
(Cost $93,462,425)................... 93,587,100
-----------
Oregon Revenue Bonds (21.6%)
Clackamas County Hospital Facility
Authority Elderly Housing
Willamette View Income Project
7.000% 11/15/2011................... 1,750,000 1,855,000
38
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Oregon Revenue Bonds (continued)
Clackamas County Hospital Facility
Authority Kaiser Permanente
9.375% 11/01/2015...................$ 1,255,000 $ 1,298,925
Clackamas County Hospital Facility
Authority GNMA Collateral
Jennings Lodge
7.500% 10/20/2031................... 1,030,000 1,121,412
Deschutes County Hospital
Facility Authority
5.750% 01/01/2009................... 1,670,000 1,638,687
Deschutes Valley Water District
5.875% 09/01/2005................... 1,220,000 1,183,400
Eugene Electric Utility
5.800% 08/01/2008................... 1,435,000 1,442,175
5.800% 08/01/2009................... 1,300,000 1,309,750
5.000% 08/01/2017................... 1,450,000 1,259,687
5.750% 08/01/2011................... 715,000 714,106
Eugene Trojan Nuclear Project
5.750% 09/01/1997................... 1,500,000 1,503,750
5.750% 09/01/1998................... 1,500,000 1,501,875
Eugene Water Refunding
6.600% 08/01/2005................... 365,000 377,775
6.600% 08/01/2006................... 890,000 920,037
Grants Pass Urban Renewal
Agency Tax Increment
6.125% 08/01/2012................... 750,000 757,500
Gresham Sewer
5.350% 06/01/2006................... 860,000 866,450
Gresham Stormwater
6.100% 10/01/2009................... 1,115,000 1,151,237
Lebanon Wastewater Refunding
5.750% 06/01/2011................... 1,225,000 1,192,844
Metro General Refunding Metro
Regional Center Project Series A
5.000% 08/01/2009................... 500,000 466,875
Metropolitan Service District
Metro Central Transfer Station-A
5.125% 07/01/2009................... 2,360,000 2,218,400
North Clackamas Parks & Recreation
District Recreational Facilities
5.700% 04/01/2013................... 1,660,000 1,664,150
Northern Wasco County People's
Utility District Electric
0.000% 02/01/2006................... 610,000 336,262
0.000% 02/01/2007................... 585,000 299,081
0.000% 02/01/2008................... 610,000 288,225
0.000% 02/01/2011................... 500,000 188,125
Oregon City Sewer
6.500% 10/01/2007................... 500,000 530,625
Oregon State Bond Bank Refunding
Economic Development Department A
5.400% 01/01/2010................... $ 590,000 $ 570,087
5.450% 01/01/2011................... 500,000 482,500
Oregon Housing Agency Mortgage
Single-Family Mortgage Project Series A
7.375% 07/01/2010................... 1,215,000 1,248,412
Oregon Housing, Educational & Cultural
Facilities Authority Reed College
Project Series A
6.350% 07/01/2002................... 320,000 346,000
6.400% 07/01/2003................... 280,000 303,100
Oregon Housing & Community Services
Department Housing Finance Assisted
Insured Multi-Unit B
6.800% 07/01/2013................... 8,270,000 8,528,438
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series D
6.700% 07/01/2013................... 1,000,000 1,026,250
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series E
6.750% 07/01/2016................... 3,715,000 3,812,519
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series A
6.800% 07/01/2016................... 2,485,000 2,565,763
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series B
5.375% 07/01/2017................... 1,000,000 921,250
Portland Hydroelectric Power
6.800% 10/01/2004................... 465,000 468,488
Portland Parking Refunding
6.375% 10/01/2012................... 1,700,000 1,761,625
Portland Sewer System
Refunding Series A
5.000% 03/01/2006................... 3,035,000 2,936,363
5.100% 03/01/2007................... 1,485,000 1,433,025
6.100% 06/01/2010................... 510,000 522,113
6.200% 06/01/2012................... 6,445,000 6,598,069
6.250% 06/01/2015................... 4,645,000 4,732,094
Portland Water System
5.250% 08/01/2013................... 2,585,000 2,426,669
Prineville Sewer First Lien
6.500% 07/01/2004................... 500,000 550,000
6.800% 07/01/2012................... 1,000,000 1,066,250
Reedsport Water
7.000% 10/01/2014................... 520,000 538,850
39
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Oregon Revenue Bonds (continued)
South Fork Water Board First Lien
5.450% 02/01/2014...................$ 1,300,000 $ 1,226,875
Tri-County Metropolitan
Transportation District Series A
5.700% 08/01/2013................... 5,130,000 5,072,288
Warm Springs Reservation,
Confederated Tribes
Health & Wellness Center
5.000% 04/01/2002................... 400,000 391,000
5.100% 04/01/2003................... 400,000 390,000
Washington County Unified
Sewer Agency Series A
6.200% 10/01/2010................... 3,390,000 3,517,125
-----------
Total Oregon Revenue Bonds
(Cost $78,323,321)................... 79,521,506
-----------
Oregon Insured Bonds (21.3%)
Albany Water Revenue Refunding
2nd Lien Series B
4.875% 08/01/2007................... 1,000,000 950,000
Central Oregon Community
College District
5.800% 06/01/2007................... 760,000 775,200
Clackamas County Health Facility
Authority Revenue Refunding
Adventist Health A
6.350% 03/01/2009................... 1,500,000 1,588,125
Clackamas County School
District #115 Gladstone
6.150% 06/01/2014................... 1,000,000 1,027,500
Clatsop County Administrative
School District #10
5.850% 07/01/2010................... 550,000 555,500
5.850% 07/01/2011................... 590,000 594,425
5.875% 07/01/2012................... 630,000 633,937
Columbia River People's
Utility District Refunding
7.250% 05/01/2009................... 1,870,000 1,907,400
Crook County School District
4.900% 02/01/2009................... 1,165,000 1,077,625
Deschutes & Jefferson Counties School
District #2J Redmond Refunding
5.600% 06/01/2009................... 1,000,000 991,250
Emerald People's Utility District Electric
System Revenue Unrefunded Balance
7.350% 11/01/2013................... 2,050,000 2,119,187
Hood River County School District
5.650% 06/01/2008................... 1,020,000 1,034,025
Josephine County School
District #7 Grants Pass
5.700% 06/01/2013...................$ 2,000,000 $ 1,957,500
Lane County School District
#19 Springfield
6.150% 10/15/2009................... 1,500,000 1,563,750
Lane County School District
#52 Bethel
6.250% 12/01/2007................... 500,000 537,500
6.400% 12/01/2009................... 750,000 798,750
Malheur County School District
#26 Nyssa
5.750% 06/01/2015................... 1,910,000 1,890,900
Marion & Linn County Elementary
School District #77J Stayton
6.250% 07/01/2013................... 1,260,000 1,296,225
Marion County Solid Waste & Electric
Revenue Ogden Martin System
Marion, Inc.
7.700% 10/01/2009................... 2,305,000 2,437,537
Medford Hospital Facility Authority
Revenue Gross-Rogue Valley
Health Services
6.800% 12/01/2011................... 1,310,000 1,406,612
Morrow County School District #1
6.000% 06/01/2006................... 880,000 919,600
Multnomah County School District
#3 Parkrose
5.400% 12/01/2005................... 1,010,000 1,011,262
5.700% 12/01/2009................... 1,085,000 1,097,206
5.500% 12/01/2011................... 1,000,000 980,000
Oregon Department of General Services
Certificate Participation Series C
5.800% 03/01/2015................... 840,000 840,000
Oregon Health, Housing, Educational
& Cultural Facilities Authority
Lewis & Clark College
6.000% 10/01/2013................... 965,000 981,887
Oregon Veterans' Welfare
7.200% 03/01/1997................... 1,000,000 1,047,500
Port of Portland Airport Revenue
Portland International Airport
Series 7-A
6.500% 07/01/2004................... 500,000 541,250
6.750% 07/01/2015................... 2,770,000 2,974,287
Port of Portland Airport Revenue
Series 9-A
5.300% 07/01/2003................... 1,000,000 1,015,000
5.500% 07/01/2006................... 500,000 504,375
40
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Oregon Insured Bonds (continued)
Portland Hospital Facility Authority
Legacy Health Systems Series A
6.100% 05/01/1998...................$ 1,000,000 $ 1,048,750
6.625% 05/01/2011................... 1,570,000 1,658,313
Portland Hospital Facility Authority
Legacy Health Systems Series B
6.625% 05/01/2011................... 3,830,000 4,045,438
6.700% 05/01/2021................... 2,890,000 3,045,338
Portland Sewer System Revenue
Series A
6.000% 10/01/2012................... 2,000,000 2,050,000
Suburban East Salem Water
District Refunding
5.700% 09/01/2009................... 890,000 896,675
Umatilla County School
District #8R Hermiston
6.000% 12/01/2010................... 695,000 711,506
Union Health District
5.350% 02/01/2005................... 400,000 402,000
5.450% 02/01/2006................... 425,000 427,125
5.550% 02/01/2007................... 460,000 462,300
5.650% 02/01/2008................... 480,000 482,400
5.750% 02/01/2010................... 1,070,000 1,068,663
Washington County Unified
Sewer Agency Revenue Series A
0.000% 10/01/2003................... 1,000,000 651,250
0.000% 10/01/2005................... 5,230,000 3,053,013
5.900% 10/01/2006................... 3,730,000 3,893,188
0.000% 10/01/2007................... 4,835,000 2,477,938
6.125% 10/01/2012................... 8,000,000 8,250,000
Western Lane Hospital District Facility
Authority Revenue Refunding
Sisters St. Joseph Peace
5.625% 08/01/2007................... 2,000,000 2,017,500
Yamhill County School District
#29J Newberg
5.500% 06/01/2010................... 1,360,000 1,326,000
6.100% 06/01/2011................... 3,355,000 3,430,488
-----------
Total Oregon Insured Bonds
(Cost $76,691,286)................... 78,453,200
-----------
Oregon Pre-Refunded Bonds (7.9%)
Beaverton Water Revenue Series A
7.150% 06/01/2004................... 455,000 505,619
Clackamas County School District
#7J Lake Oswego Series A
7.000% 06/15/2008................... 1,250,000 1,384,375
7.100% 06/15/2010................... 750,000 833,437
Clackamas County School
District #12 North Clackamas
6.500% 06/01/2005...................$ 1,000,000 $ 1,085,000
6.500% 06/01/2007................... 1,455,000 1,578,675
6.500% 06/01/2009................... 1,655,000 1,795,675
6.500% 06/01/2011................... 1,885,000 2,045,225
Clackamas County Elementary
School District #86
6.500% 07/01/2003................... 1,535,000 1,648,206
6.500% 07/01/2004................... 1,585,000 1,701,894
Eugene Electric Utility Revenue
4.000% 08/01/1998................... 340,000 335,325
Jackson County School District
#4 Refunding
6.700% 06/01/2004................... 420,000 447,825
6.700% 06/01/2005................... 450,000 479,812
Lincoln City Advance Refunding
9.200% 07/01/2002................... 400,000 404,056
Metropolitan Service District
Convention Center
6.900% 12/01/1999................... 750,000 796,875
Metropolitan Service District General
Revenue Metro Headquarters Building
Project A
6.600% 07/01/2011................... 785,000 859,575
Metropolitan Service District
Metro East Transfer Station A
7.000% 01/01/2001................... 500,000 556,250
Oregon City Water 2nd Lien
6.700% 11/01/2006................... 750,000 803,438
Oregon Department of General Services
Certificates Participation Series A
7.200% 01/15/2015................... 1,100,000 1,236,125
Oregon Department of General Services
Certificates Participation Series B
7.200% 01/15/2015................... 670,000 752,913
Oregon Department of General Services
Certificates Participation Series F
7.500% 09/01/2015................... 2,330,000 2,679,500
Oregon Housing, Educational &
Cultural Facilities Authority Revenue
Lewis & Clark College Project A
7.000% 07/01/2010................... 1,100,000 1,236,125
Oregon Veterans' Welfare
12.500% 09/01/2001................... 480,000 534,600
12.500% 09/01/2003................... 1,200,000 1,336,500
12.500% 09/01/2004................... 515,000 573,581
41
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Oregon Pre-Refunded Bonds (continued)
Portland Airport Way Urban Renewal &
Redevelopment Tax Increment
Series A
7.300% 06/01/2010...................$ 1,400,000 $ 1,568,000
Portland Sewer System Revenue
7.000% 03/01/2006................... 500,000 535,000
Washington County
7.800% 12/01/2007................... 1,245,000 1,346,156
-----------
Total Oregon Pre-Refunded Bonds
(Cost $26,481,590)................... 29,059,762
-----------
Oregon Other Bonds (2.6%)
Lane County School District #4J
Eugene Certificates Participation
6.900% 10/01/2000................... 500,000 553,125
Lane County Special Obligation
Series A
5.250% 03/01/2008................... 400,000 384,500
Lebanon Special Obligation
Reveune Refunding Lease Water
5.400% 10/01/2013................... 755,000 702,150
Multnomah County School District #1J
Portland Special Obligation Series A
4.500% 03/01/2003................... 350,000 337,313
5.000% 03/01/2007................... 1,340,000 1,289,750
Newberg Certificates Participation
5.900% 12/01/1998................... 365,000 375,950
6.000% 12/01/1999................... 390,000 403,650
6.100% 12/01/2000................... 410,000 428,450
6.200% 12/01/2001................... 410,000 431,525
Oregon Health, Housing, Educational &
Cultural Facilities Authority OMSI-A
5.900% 10/01/2016................... 500,000 510,000
5.900% 10/01/2021................... 500,000 510,000
Portland Airport Way Urban Renewal &
Redevelopment Tax Increment
Series C
5.900% 06/01/2006................... 860,000 872,900
Portland Urban Renewal &
Redevelopment Refunding,
Downtown Waterfront Series L
5.550% 06/01/1999................... 500,000 515,000
6.400% 06/01/2008................... 2,000,000 2,112,500
-----------
Total Oregon Other Bonds
(Cost $9,273,305).................... 9,426,813
-----------
Other Bonds (5.1%)
Puerto Rico Commonwealth
Public Improvements
6.250% 07/01/2009...................$ 3,000,000 $ 3,217,500
6.250% 07/01/2013................... 1,000,000 1,055,000
Puerto Rico Commonwealth Aquaduct
& Sewer Authority Revenue Series A
9.000% 07/01/2009................... 5,000,000 6,506,250
Puerto Rico Housing Finance Corp.
Single Family Mortgage Revenue
Portfolio 1 Series B
7.500% 10/15/2012................... 1,040,000 1,093,300
Puerto Rico Housing Finance Corp.
Single Family Mortgage Revenue
Portfolio 1 Series C
6.750% 10/15/2013................... 1,000,000 1,035,000
Puerto Rico Housing Finance Corp.
Multi Family Mortgage Revenue
Portfolio A-1
7.500% 04/01/2022................... 1,680,000 1,768,200
Puerto Rico Industrial, Medical &
Environmental Pollution Control
Facilities Financing Authority
Revenue FHA Insured Mortgage
Dr. Pila Hospital Project A
7.700% 08/01/2008................... 2,000,000 2,130,000
Puerto Rico Housing Bank & Finance
Agency Single Family Mortgage
Revenue FHA Homeownership
7.500% 12/01/2015................... 610,000 690,825
Virgin Islands Public Finance Authority
Revenue Unrefunded Balance Series A
7.300% 10/01/2018................... 1,105,000 1,321,856
-----------
Total Other Bonds
(Cost $17,982,252)................... 18,817,931
-----------
Total investments, excluding
temporary cash investment
(Cost $349,481,832).................. 358,694,656
Tax-Exempt Money Market Investment (1.2%)
SEI Tax Exempt Trust
(Cost $4,334,930).................... 4,334,930 4,334,930
-----------
Total Investments (98.8%)
(Cost $353,816,762)....................... 363,029,586
Receivables less liabilities (1.2%) 4,378,014
-----------
Net Assets (100.0%) ........................ $367,407,600
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
42
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC.
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Corporate Bonds (94.8%)
Basic Industry
Chemicals (3.2%)
Freeport-McMoran Resource Partners L. P.
Senior Subordinated Notes
8.750% 02/15/2004................... $ 600,000 $ 570,000
-----------
Forest Products (3.3%)
Riverwood International Corp.
Senior Notes
10.750% 06/15/2000................... 300,000 323,250
Stone Container Corp.
First Mortgage Note
10.750% 10/01/2002................... 250,000 261,875
-----------
585,125
-----------
Metals/Mining (8.2%)
Armco, Inc.
Senior Notes
9.375% 11/01/2000................... 400,000 384,000
Inland Steel Industries, Inc.
Notes
12.750% 12/15/2002................... 250,000 278,750
Magma Copper Co.
Senior Subordinated Notes
8.700% 05/15/2005................... 350,000 348,250
P.T. ALatieF Freeport Finance Co.
Senior Notes
9.750% 04/15/2001................... 200,000 205,500
Santa Fe Pacific Gold Corp.
Notes
8.375% 07/01/2005................... 250,000 248,412
-----------
1,464,912
-----------
Consumer Related
Hotel/Gaming (8.4%)
GNS Finance Corp.
Senior Subordinated Notes
9.250% 03/15/2003................... 275,000 294,250
Harrahs Operating, Inc.
Senior Subordinated Notes
10.875% 04/15/2002................... 250,000 270,000
La Quinta Inns, Inc.
Senior Subordinated Notes
9.250% 05/15/2003................... 350,000 364,875
Station Casinos, Inc.
Senior Subordinated Notes
9.625% 06/01/2003................... 615,000 567,338
-----------
1,496,463
-----------
Healthcare (8.5%)
Abbey Healthcare Group, Inc.
Senior Subordinated Notes
9.500% 11/01/2002................... 250,000 257,500
Community Health Systems, Inc.
Senior Subordinated Debenture
10.250% 11/30/2003................... 400,000 420,000
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001................... $ 300,000 $ 309,750
National Medical Enterprises, Inc.
Senior Notes
9.625% 09/01/2002................... 500,000 527,500
-----------
1,514,750
-----------
Other (6.4%)
Host Marriott Travel Plazas, Inc. (144A)
Senior Secured Notes
9.500% 05/15/2005................... 400,000 383,000
Royal Caribbean Cruises Ltd.
Senior Subordinated Notes
11.375% 05/15/2002................... 325,000 355,875
Rykoff Sexton, Inc.
Senior Subordinated Notes
8.875% 11/01/2003................... 400,000 398,000
-----------
1,136,875
-----------
Energy (14.8%)
Global Marine, Inc.
Notes
12.750% 12/15/1999................... 285,000 313,500
Gulf Canada Resources, Ltd.
Senior Subordinated Notes
9.625% 07/01/2005................... 400,000 398,000
Louis Dreyfus Natural Gas Corp.
Senior Subordinated Notes
9.250% 06/15/2004................... 500,000 524,745
Maxus Energy Corp.
Notes
9.875% 10/15/2002................... 500,000 477,500
Noble Drilling Corp.
Senior Notes
9.250% 10/01/2003................... 250,000 254,375
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004................... 400,000 428,000
Seagull Energy Corp.
Senior Subordinated Notes
8.625% 08/01/2005................... 250,000 237,500
-----------
2,633,620
-----------
Housing Related (3.0%)
Toll Corp.
Senior Subordinated Notes
10.500% 03/15/2002................... 250,000 257,500
Webb (Del E.) Corp.
Senior Subordinated Debenture
9.750% 03/01/2003................... 300,000 285,000
-----------
542,500
-----------
43
SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC., CONTINUED
June 30, 1995 Principal
(Unaudited) Amount Value(1)
--------- -----------
Corporate Bonds (continued)
Manufacturing (18.9%)
American Standard, Inc.
Senior Subordinated Discount
Debenture Step-Up Coupon
0.000% to 06/01/1998,
then 10.500% to 06/01/2005........... $ 600,000 $ 456,000
Blount, Inc.
Senior Subordinated Notes
9.000% 06/15/2003................... 200,000 199,000
Coltec Industries, Inc.
Subordinated Notes
10.250% 04/01/2002................... 250,000 258,750
Easco Corp. (Series B)
Senior Notes
10.000% 03/15/2001................... 350,000 350,109
Exide Corp.
Senior Notes
10.000% 04/15/2005................... 350,000 359,625
Hayes Wheels International, Inc.
Notes
9.250% 11/15/2002................... 275,000 291,500
Mark IV Industries, Inc.
Subordinated Notes
8.750% 04/01/2003................... 200,000 204,000
SPX Corp.
Senior Subordinated Notes
11.750% 06/01/2002................... 350,000 364,875
Varity Corp.
Senior Notes
11.375% 11/15/1998................... 200,000 211,602
Wolverine Tube, Inc.
Senior Subordinated Notes
10.125% 09/01/2002................... 625,000 668,750
-----------
3,364,211
-----------
Media (9.4%)
Continental Cablevision, Inc.
Debentures
9.000% 09/01/2008................... 500,000 502,500
Jones Intercable, Inc.
Senior Notes
9.625% 03/15/2002................... 250,000 261,250
Rogers Cantel Mobile, Inc.
Notes
10.750% 11/01/2001................... 400,000 414,000
Rogers Communications, Inc.
Debenture
10.875% 04/15/2004................... 200,000 205,000
United International Holdings, Inc.
Senior Note with Warrants
0.000% 11/15/1999................... 500,000 290,000
-----------
1,672,750
-----------
Retail
Supermarkets (5.2%)
Kroger Co.
Senior Secured Debenture
9.250% 01/01/2005................... $ 300,000 $ 319,500
Safeway, Inc.
Debenture
10.000% 12/01/2001................... 300,000 335,250
Stop & Shop Cos., Inc.
Senior Subordinated Notes
9.750% 02/01/2002................... 250,000 270,000
-----------
924,750
-----------
Other (4.1%)
Ethan Allen, Inc.
Senior Notes
8.750% 03/15/2001................... 400,000 406,000
Federated Department Stores, Inc.
Senior Notes
10.000% 02/15/2001................... 300,000 321,750
-----------
727,750
-----------
Transportation
Other (1.4%)
Southern Pacific Rail Corp.
Senior Notes
9.375% 08/15/2005................... 250,000 256,875
-----------
Total Corporate Bonds
(Cost $16,598,809)................... 16,890,581
-----------
Repurchase Agreements (5.7%)
Goldman Sachs Corp.
5.890% dated 06/30/1995,
due 07/03/1995 in the
amount of $837,931.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
4.625% due 02/29/1996,
U.S. Treasury Strips
due 02/15/1999 to 11/15/2013......... 837,526 837,526
J.P. Morgan Securities, Inc.
6.009% dated 06/30/1995,
due 07/03/1995 in the
amount of $175,086.
Collateralized by U.S. Treasury Notes
6.125% due 05/31/1997................ 175,000 175,000
-----------
Total Repurchase Agreements
(Cost $1,012,526).................... 1,012,526
-----------
Total Investments (100.5%)
(Cost $17,611,335).................... 17,903,107
Receivables less liabilities (-0.5%)........ (81,818)
-----------
Net Assets (100.0%) ........................ $ 17,821,289
===========
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
44
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
June 30, 1995 Columbia Columbia Columbia Columbia
(Unaudited) Common Stock Growth International Stock Special
Fund, Inc. Fund, Inc. Fund, Inc. Fund, Inc.
------------ ---------- ------------------- ----------
ASSETS:
Investments at identified cost............ $164,482,756 $577,017,271 $ 91,192,427 $ 985,991,028
--------------------------------------------- ------------ ------------ ------------ --------------
Investments at value (Notes 1 and 2)...... $188,151,431 $688,220,797 $ 93,982,381 $1,102,188,634
Temporary cash investments, at cost (Note 1) 17,092,633 30,871,764 2,184,891 61,846,842
Cash...................................... 106,578
Cash denominated in foreign currencies
(cost $1,184,326) (Note 1).............. 1,184,686
Receivable for:
Interest................................ 95,768 138,217 8,035 240,068
Dividends............................... 352,153 1,366,468 386,088 689,383
Investments sold........................ 1,253,496 7,465,030 29,843,143
Capital stock sold...................... 248,661 169,687 48,084 315,522
------------ ------------ ------------ --------------
Total assets.............................. 205,940,646 722,020,429 105,365,773 1,195,123,592
------------ ------------ ------------ --------------
LIABILITIES:
Payable for:
Capital stock redeemed.................. 283,858 668,781 103,730 1,103,830
Dividends and distributions............. 23,886
Investments purchased................... 547,575 1,840,400 5,867,944 22,391,613
Investment management fee (Note 4)...... 98,119 362,900 83,438 808,712
Accrued expenses........................ 48,714 133,555 77,840 224,296
------------ ------------ ------------ --------------
Total liabilities......................... 1,002,152 3,005,636 6,132,952 24,528,451
------------ ------------ ------------ --------------
Net assets applicable to outstanding shares $204,938,494 $719,014,793 $ 99,232,821 $1,170,595,141
============ ============ ============ ==============
Net assets consist of:
Undistributed net investment income..... $ 372,833 $ 5,224,518 $ 334,743 $ 2,470,267
Unrealized appreciation (depreciation) on:
Investments........................... 23,668,675 111,203,526 2,789,954 116,197,606
Translation of assets and liabilities in
foreign currencies (16,760)
Undistributed net realized gain (loss) from:
Investments........................... 2,951,799 26,477,232 (1,907,168) 68,914,190
Foreign currency transactions......... (2,700,243)
Capital shares (Note 3)................. 247,032 551,800
Capital paid in (Note 3)................ 177,945,187 575,862,485 100,732,295 982,461,278
------------ ------------ ------------ --------------
$204,938,494 $719,014,793 $ 99,232,821 $1,170,595,141
============ ============ ============ ==============
Shares of capital stock outstanding (Note 3) 12,002,258 24,703,199 8,422,410 55,179,949
============ ============ ============ ==============
Net asset value, offering and
redemption price per share (1)........... $ 17.08 $ 29.11 $ 11.78 $ 21.21
============ ============ ============ ==============
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital
stock outstanding.
The accompanying notes are an integral part of the financial statements.
45
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
June 30, 1995 Columbia Columbia Columbia Columbia U.S.
(Unaudited) Real Estate Equity Balanced Daily Income Government Securities
Fund, Inc. Fund, Inc. Company Fund, Inc.
------------------ ---------- ------------ ---------------------
ASSETS:
Investments at identified cost............ $17,393,742 $307,588,300 $731,356,665 $36,151,234
--------------------------------------------- ----------- ------------ ------------ -----------
Investments at value (Notes 1 and 2)...... $17,086,831 $338,424,756 $731,356,665 $36,273,410
Temporary cash investments, at cost (Note 1) 1,886,448 38,270,142 568,399
Cash...................................... 2,300,000
Receivable for:
Interest................................ 6,299 2,468,399 6,768 847,829
Dividends............................... 178,899 366,672
Investments sold........................ 80,744 929,741
Capital stock sold...................... 672 563,681 1,594,015 847
----------- ------------ ------------ -----------
Total assets.............................. 19,239,893 381,023,391 735,257,448 37,690,485
----------- ------------ ------------ -----------
LIABILITIES:
Payable for:
Capital stock redeemed.................. 3,723 882,114 4,304,867 35,471
Dividends and distributions............. 9,138 77,130 10,680
Investments purchased................... 667,000 3,459,893
Investment management fee (Note 4)...... 11,333 152,329 290,168 15,178
Accrued expenses........................ 8,850 84,390 167,075 20,725
----------- ------------ ------------ -----------
Total liabilities......................... 700,044 4,655,856 4,762,110 82,054
----------- ------------ ------------ -----------
Net assets applicable to outstanding shares $18,539,849 $376,367,535 $730,495,338 $37,608,431
=========== ============ ============ ===========
Net assets consist of:
Undistributed net investment income..... $ 864 $ 353,146
Unrealized appreciation (depreciation) on
investments........................... (306,911) 30,836,456 $ 122,176
Undistributed net realized gain (loss) from
investments........................... 87,112 1,552,711 (594,527)
Capital shares (Note 3)................. $ 730,495 45,738
Capital paid in (Note 3)................ 18,758,784 343,625,222 729,764,843 38,035,044
----------- ------------ ------------ -----------
$18,539,849 $376,367,535 $ 730,495,338 $37,608,431
=========== ============ ============ ===========
Shares of capital stock outstanding (Note 3) 1,575,312 19,674,465 730,495,338 4,573,803
=========== ============ ============ ===========
Net asset value, offering and
redemption price per share (1)............ $ 11.77 $ 19.13 $ 1.00 $ 8.22
=========== ============ ============ ===========
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital
stock outstanding.
The accompanying notes are an integral part of the financial statements.
46
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
June 30, 1995 Columbia Fixed Columbia Columbia
(Unaudited) Income Securities Municipal Bond High Yield
Fund, Inc. Fund, Inc. Fund, Inc.
----------------- -------------- -----------
ASSETS:
Investments at identified cost............ $264,129,420 $349,481,832 $16,598,809
--------------------------------------------- ------------ ------------ -----------
Investments at value (Notes 1 and 2)...... $274,190,268 $358,694,656 $16,890,581
Temporary cash investments, at cost (Note 1) 5,728,516 4,334,930 1,012,526
Receivable for:
Interest................................ 4,052,850 6,038,713 328,903
Investments sold........................ 4,842,875 3,765,250 243,975
Capital stock sold...................... 135,960 61,696 25,386
------------ ------------ -----------
Total assets.............................. 288,950,469 372,895,245 18,501,371
------------ ------------ -----------
LIABILITIES:
Payable for:
Capital stock redeemed.................. 389,184 221,292 915
Dividends and distributions............. 174,102 285,989 12,147
Investments purchased................... 5,298,664 4,790,036 646,684
Investment management fee (Note 4)...... 116,119 152,503 8,570
Accrued expenses........................ 76,159 37,825 11,766
------------ ------------ -----------
Total liabilities......................... 6,054,228 5,487,645 680,082
------------ ------------ -----------
Net assets applicable to outstanding shares $282,896,241 $367,407,600 $17,821,289
============ ============ ===========
Net assets consist of:
Unrealized appreciation on
investments........................... $ 10,060,848 $ 9,212,824 $ 291,772
Undistributed net realized gain (loss)
from investments...................... (9,634,318) 1,471,877 (262,086)
Capital shares (Note 3)................. 215,745 305,304
Capital paid in (Note 3)................ 282,253,966 356,417,595 17,791,603
------------ ------------ -----------
$282,896,241 $367,407,600 $17,821,289
============ ============ ===========
Shares of capital stock outstanding (Note 3) 21,574,456 30,530,392 1,857,565
============ ============ ===========
Net asset value, offering and
redemption price per share (1)............ $ 13.11 $ 12.03 $ 9.59(2)
============ ============ ===========
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital
stock outstanding.
(2) Redemption of Columbia High Yield Fund shares held less than one year, other than shares acquired through the reinvestment
of dividends and capital gains, will be redeemed at 99% of the net asset value.
The accompanying notes are an integral part of the financial statements.
47
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 Columbia Columbia Columbia Columbia
(Unaudited) Common Stock Growth International Stock Special
Fund, Inc. Fund, Inc. Fund, Inc. Fund, Inc.
------------ ---------- -------------------- ----------
INVESTMENT INCOME:
Income:
Interest................................ $ 563,985 $ 935,003 $ 264,113 $ 3,703,978
Dividends............................... 1,721,041 5,975,442 991,886 4,167,670
Foreign taxes withheld (net of reclaims) (138,118)
----------- ------------ ---------- -----------
Total income.......................... 2,285,026 6,910,445 1,117,881 7,871,648
----------- ------------ ---------- -----------
Expenses:
Investment management fees (Note 4)..... 479,117 2,044,357 507,680 4,502,096
Shareholder servicing costs (Note 4).... 68,775 244,108 92,013 322,710
Reports to shareholders................. 24,672 106,338 39,369 141,149
Accounting expense...................... 14,792 29,739 46,009 36,349
Financial information and subscriptions. 2,187 8,184 2,553 10,819
Custodian fees.......................... 2,765 10,956 46,255 18,760
Bank transaction and checking fees...... 5,393 6,311 16,907 38,061
Registration fees....................... 24,687 29,560 16,186 71,932
Legal, insurance and auditing fees...... 12,959 19,785 14,824 23,607
Other................................... 1,862 5,802 1,342 9,062
----------- ------------ ---------- -----------
Total expenses........................ 637,209 2,505,140 783,138 5,174,545
----------- ------------ ---------- -----------
Net investment income (Note 1)............ 1,647,817 4,405,305 334,743 2,697,103
----------- ------------ ---------- -----------
Realized gain (loss) and unrealized appreciation
(depreciation) from investment
and foreign currency transactions:
Net realized gain (loss) from:
Investments (Note 2).................... 2,976,763 27,286,206 (1,264,346) 70,317,264
Foreign currency transactions (Note 1).. (2,700,243)
----------- ------------ ---------- -----------
Net realized gain (loss).............. 2,976,763 27,286,206 (3,964,589) 70,317,264
----------- ------------ ---------- -----------
Net unrealized appreciation (depreciation) on:
Investments (Note 1).................... 15,431,929 71,728,831 (2,562,261) 63,670,788
Translation of assets and liabilities in
foreign currencies (Note 1)........... (22,388)
----------- ------------ ---------- -----------
Net unrealized appreciation
(depreciation) during the period.... 15,431,929 71,728,831 (2,584,649) 63,670,788
----------- ------------ ---------- -----------
Net gain (loss) on investment and foreign
currency related transactions (Note 1).. 18,408,692 99,015,037 (6,549,238) 133,988,052
----------- ------------ ---------- -----------
Net increase (decrease) in net assets
resulting from operations............... $ 20,056,509 $103,420,342 $(6,214,495) $136,685,155
=========== ============ ========== ===========
The accompanying notes are an integral part of the financial statements.
48
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 Columbia Columbia Columbia Columbia U.S.
(Unaudited) Real Estate Equity Balanced Daily Income Government Securities
Fund, Inc. Fund, Inc. Company Fund, Inc.
------------------ ---------- ------------- ----------------------
INVESTMENT INCOME:
Income:
Interest................................ $ 25,280 $ 6,015,193 $ 21,878,606 $ 1,151,475
Dividends............................... 665,117 1,830,925
--------- ------------ ------------ -----------
Total income.......................... 690,397 7,846,118 21,878,606 1,151,475
--------- ------------ ------------ -----------
Expenses:
Investment management fees (Note 4)..... 65,218 788,782 1,729,581 87,372
Shareholder servicing costs (Note 4).... 8,640 136,670 352,536 20,588
Reports to shareholders................. 4,452 51,517 83,494 6,850
Accounting expense...................... 2,549 24,282 56,441 5,460
Financial information and subscriptions. 350 8,279 7,820 657
Custodian fees.......................... 287 5,394 11,892 580
Bank transaction and checking fees...... 226 10,702 44,544 311
Registration fees....................... 8,230 45,174 33,715 8,132
Legal, insurance and auditing fees...... 6,110 16,061 22,010 10,251
Other................................... 45 3,548 6,348 333
--------- ------------ ------------ -----------
Total expenses........................ 96,107 1,090,409 2,348,381 140,534
--------- ------------ ------------ -----------
Net investment income (Note 1)............ 594,290 6,755,709 19,530,225 1,010,941
--------- ------------ ------------ -----------
Realized gain and unrealized appreciation
(depreciation) from investments:
Net realized gain from investments (Note 2) 91,073 5,033,776 473,705
Net unrealized appreciation (depreciation)
on investments during the period (Note 1) (8,683) 26,224,747 511,296
--------- ------------ ------------ -----------
Net gain on investments (Note 1).......... 82,390 31,258,523 985,001
--------- ------------ ------------ -----------
Net increase in net assets resulting
from operations......................... $ 676,680 $ 38,014,232 $ 19,530,225 $ 1,995,942
========= ============ ============ ===========
The accompanying notes are an integral part of the financial statements.
49
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 Columbia Fixed Columbia Columbia
(Unaudited) Income Securities Municipal Bond High Yield
Fund, Inc. Fund, Inc. Fund, Inc.
----------------- -------------- -----------
INVESTMENT INCOME:
Income:
Interest................................ $ 10,250,824 $ 10,643,472 $ 738,045
------------ ------------ -----------
Total income.......................... 10,250,824 10,643,472 738,045
------------ ------------ -----------
Expenses:
Investment management fees (Note 4)..... 665,271 894,949 44,880
Shareholder servicing costs (Note 4).... 95,814 47,695 7,249
Reports to shareholders................. 39,946 16,769 3,269
Accounting expense...................... 17,664 6,976 4,733
Financial information and subscriptions. 8,323 22,174 2,473
Custodian fees.......................... 4,461 5,930 247
Bank transaction and checking fees...... 4,188 333 747
Registration fees....................... 19,611 6,598 7,353
Legal, insurance and auditing fees...... 17,400 16,779 9,982
Other................................... 2,523 2,849 147
------------ ------------ -----------
875,201 1,021,052 81,080
Expenses reimbursed by investment
advisor (1)........................... (6,664)
------------ ------------ -----------
Total expenses 875,201 1,021,052 74,416
------------ ------------ -----------
Net investment income (Note 1)............ 9,375,623 9,622,420 663,629
------------ ------------ -----------
Realized gain (loss) and unrealized
appreciation from investments:
Net realized gain (loss) from investments
(Note 2)................................ 1,313,832 1,458,962 (102,642)
Net unrealized appreciation on investments
during the period (Note 1).............. 18,953,280 15,075,284 984,037
------------ ------------ -----------
Net gain on investments (Note 1).......... 20,267,112 16,534,246 881,395
------------ ------------ -----------
Net increase in net assets resulting
from operations......................... $ 29,642,735 $ 26,156,666 $ 1,545,024
============ ============ ===========
(1) The advisor of Columbia High Yield Fund has voluntarily agreed to assume ordinary recurring expenses of the Fund to the extent
these expenses, together with the Fund's management fee, exceed 1% of the Fund's average net assets.
The accompanying notes are an integral part of the financial statements.
50
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 (Unaudited)
and Year Ended December 31, 1994 Columbia Columbia Columbia
Common Stock Growth International Stock
Fund, Inc. Fund, Inc. Fund, Inc.
--------------------------- --------------------------- ---------------------------
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)........ $ 1,647,817 $ 2,103,636 $ 4,405,305 $ 6,656,618 $ 334,743 $ (237,133)
Net realized gain (loss) from:
Investments (Note 2).............. 2,976,763 1,543,445 27,286,206 25,753,811 (1,264,346) 5,355,530
Foreign currency transactions
(Note 1)........................ (2,700,243) (4,405,623)
Change in net unrealized appreciation
(depreciation) on:
Investments....................... 15,431,929 (1,339,989) 71,728,831 (36,404,981) (2,562,261) (5,188,078)
Translation of assets and
liabilities in foreign
currencies (Note 1)............ (22,388) (159,098)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations......... 20,056,509 2,307,092 103,420,342 (3,994,552) (6,214,495) (4,634,402)
Distributions to shareholders:
From net investment income.......... (1,437,626) (1,944,648) (5,880,690)
In excess of net investment income.... (4,119)*
From net realized gain from
investments....................... (1,528,338) (25,106,027) (1,937,123)
In excess of net realized gain from
investments....................... (34,209)*
Capital share transactions, net
(Note 3)............................ 62,056,322 24,718,553 23,900,870 21,274,002 (13,037,129) 52,043,582
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets............................ 80,675,205 23,548,540 127,321,212 (13,707,267) (19,251,624) 45,437,848
NET ASSETS:
Beginning of period................... 124,263,289 100,714,749 591,693,581 605,400,848 118,484,445 73,046,597
------------ ------------ ------------ ------------ ------------ ------------
End of period (1)..................... $204,938,494 $124,263,289 $719,014,793 $591,693,581 $ 99,232,821 $118,484,445
============ ============ ============ ============ ============ ============
---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------
(1) Includes undistributed net investment
income (loss) of: $ 372,833 $ 162,642 $ 5,224,518 $ 819,213 $ 334,743 $ (28,910)
* On a tax basis, there was no return
of capital.
The accompanying notes are an integral part of the financial statements.
51
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 (Unaudited) Columbia Columbia Columbia
and Year Ended December 31, 1994 Special Real Estate Equity Balanced
Fund, Inc. Fund, Inc. Fund, Inc.
----------------------------- --------------------------- ---------------------------
1995 1994 1995 1994(2) 1995 1994
-------------- ------------ ------------ ------------ ------------ ------------
INCREASE IN NET ASSETS:
Operations:
Net investment income.............. $ 2,697,103 $ 3,456,005 $ 594,290 $ 642,745 $ 6,755,709 $ 8,699,173
Net realized gain (loss) from
investments (Note 2)............. 70,317,264 51,779,847 91,073 (6,499) 5,033,776 (3,479,941)
Change in net unrealized appreciation
(depreciation) on investments.... 63,670,788 (41,675,166) (8,683) (298,228) 26,224,747 (4,914,068)
-------------- ------------ ------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations........ 136,685,155 13,560,686 676,680 338,018 38,014,232 305,164
Distributions to shareholders:
From net investment income......... (3,128,013) (581,945)** (405,620) (6,457,248) (8,528,093)
In excess of net investment income. (11,481)* (64,270)*
From net realized gain from
investments...................... (51,779,847)
In excess of net realized gain from
investments...................... (1,396,366)*
From tax return of capital......... (237,125)
Capital share transactions, net
(Note 3)........................... 144,383,795 159,528,287 1,042,930 17,718,392 95,140,310 71,368,736
-------------- ------------ ------------ ------------ ------------ ------------
Net increase in net assets......... 281,068,950 116,784,747 1,137,665 17,402,184 126,697,294 63,081,537
NET ASSETS:
Beginning of period.................. 889,526,191 772,741,444 17,402,184 0 249,670,241 186,588,704
-------------- ------------ ------------ ------------ ------------ ------------
End of period (1).................... $1,170,595,141 $889,526,191 $ 18,539,849 $ 17,402,184 $376,367,535 $249,670,241
============== ============ ============ ============ ============ ============
--------------------------------------- -------------- ------------ ------------ ------------ ------------ ------------
(1) Includes undistributed net investment
income (loss) of: $ 2,470,267 $ (226,836) $ 864 $ (11,481) $ 353,146 $ 54,685
(2) From inception of operations on
March 16, 1994.
* On a tax basis, there was no return of capital.
** On a tax basis, a portion of the distributions to shareholders from net investment income may consist of return of capital.
The Fund will mail to its shareholders annually a summary of the federal income tax status of the Fund's distributions for
the preceding year.
The accompanying notes are an integral part of the financial statements.
52
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 (Unaudited) and Columbia Columbia Columbia
Year Ended December 31, 1994 Daily Income U.S. Government Fixed Income
Company Securities Fund, Inc. Securities Fund, Inc.
--------------------------- --------------------------- ---------------------------
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............ $ 19,530,225 $ 23,002,486 $ 1,010,941 $ 1,555,509 $ 9,375,623 $ 17,677,556
Net realized gain (loss) from
investments (Note 2)........... 473,705 (1,051,398) 1,313,832 (10,832,491)
Change in net unrealized
appreciation (depreciation)
on investments................. 511,296 (428,478) 18,953,280 (17,001,971)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations..................... 19,530,225 23,002,486 1,995,942 75,633 29,642,735 (10,156,906)
Distributions to shareholders:
From net investment income....... (19,530,225) (23,002,486) (1,010,941) (1,555,509) (9,375,623) (17,677,556)
Capital share transactions,
net (Note 3)..................... 428,336 185,567,215 3,111,561 (885,283) 10,539,546 (20,607,880)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in
net assets..................... 428,336 185,567,215 4,096,562 (2,365,159) 30,806,658 (48,442,342)
NET ASSETS:
Beginning of period................ 730,067,002 544,499,787 33,511,869 35,877,028 252,089,583 300,531,925
------------ ------------ ------------ ------------ ------------ ------------
End of period...................... $730,495,338 $730,067,002 $ 37,608,431 $ 33,511,869 $282,896,241 $252,089,583
============ ============ ============ ============ ============ ============
The accompanying notes are an integral part of the financial statements.
53
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
Six Months Ended June 30, 1995 (Unaudited) Columbia Columbia
and Year Ended December 31, 1994 Municipal Bond High Yield
Fund, Inc. Fund, Inc.
--------------------------- ---------------------------
1995 1994 1995 1994
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income.................. $ 9,622,420 $ 20,638,374 $ 663,629 $ 818,604
Net realized gain (loss) from
investments (Note 2)................. 1,458,962 91,018 (102,642) (159,444)
Change in net unrealized appreciation
(depreciation) on investments........ 15,075,284 (41,231,934) 984,037 (689,630)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations............ 26,156,666 (20,502,542) 1,545,024 (30,470)
Distributions to shareholders:
From net investment income............. (9,622,420) (20,638,374) (663,629) (818,604)
Capital share transactions, net (Note 3). 11,056,723 (49,409,756) 4,106,326 7,742,417
------------ ------------ ------------ ------------
Net increase (decrease) in net assets.. 27,590,969 (90,550,672) 4,987,721 6,893,343
NET ASSETS:
Beginning of period...................... 339,816,631 430,367,303 12,833,568 5,940,225
------------ ------------ ------------ ------------
End of period............................ $367,407,600 $339,816,631 $ 17,821,289 $ 12,833,568
============ ============ ============ ============
The accompanying notes are an integral part of the financial statements.
54
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
Information for the six months ended June 30, 1995 is unaudited
1. Significant accounting policies:
The Columbia Funds (the Funds) consist of Columbia Common Stock Fund,
Inc. (CCSF), Columbia Growth Fund, Inc. (CGF), Columbia International Stock
Fund, Inc. (CISF), Columbia Special Fund, Inc. (CSF), Columbia Real Estate
Equity Fund, Inc. (CREF), Columbia Balanced Fund, Inc. (CBF), Columbia
Daily Income Company (CDIC), Columbia U.S. Government Securities Fund, Inc.
(CUSG), Columbia Fixed Income Securities Fund, Inc. (CFIS), Columbia
Municipal Bond Fund, Inc. (CMBF), and Columbia High Yield Fund, Inc.
(CHYF). All Funds, except CMBF, are open-end, diversified investment
companies registered under the Investment Company Act of 1940, as amended.
CMBF is an open-end, non-diversified investment company registered under
the Investment Company Act of 1940, as amended. The policies described
below are consistently followed by the Funds for the preparation of their
financial statements in conformity with generally accepted accounting
principles.
Investment valuation - The values of CCSF, CGF, CISF, CSF, CREF and
CBF equity investments are based on the last sale prices reported by the
principal securities exchanges on which the investments are traded, or, in
the absence of recorded sales, at the closing bid prices on such exchanges
or over-the-counter markets. Temporary cash investments in short-term
securities (principally repurchase agreements) are valued at cost, which
approximates market.
CDIC investments are carried at values deemed best to reflect their
fair values as determined in good faith by or under the supervision of
officers of CDIC specifically so authorized by its Directors. These values
are based on cost adjusted for amortization of discount or premium and
accrued interest, unless unusual circumstances indicate that another method
of determining fair value should be considered.
CBF, CUSG, CFIS, CMBF and CHYF fixed income investments are carried at
values deemed best to reflect their fair values as determined in good faith
by or under the supervision of officers of CBF, CUSG, CFIS, CMBF and CHYF,
specifically so authorized by their Directors. These values are based on
market value as quoted by dealers who are market makers in these securities
or by an independent pricing service unless unusual circumstances indicate
that another method of determining fair value should be considered. Market
values for CBF, CUSG, CFIS and CHYF fixed income investments are based on
the average of bid and ask prices and market value for CMBF is based on bid
prices, or by reference to other securities with comparable ratings,
interest rates and maturities. Temporary cash investments in short-term
securities (principally repurchase agreements) are valued at cost, which
approximates market.
Futures contracts - CSF occasionally utilizes futures contracts to
hedge against market conditions affecting the value of securities that CSF
owns or intends to purchase. Futures contracts are marked to market daily
and the variation margin is recorded as an unrealized gain or loss. When a
futures contract is closed, a realized gain or loss is recorded equal to
the difference between the opening and closing value of the contract. Net
realized losses arising from such transactions were not significant for the
period ended June 30, 1995 and are included in realized losses on
investment transactions. CSF had no outstanding contracts at June 30, 1995.
Forward foreign currency exchange contracts - In connection with
portfolio purchases and sales of securities denominated in a foreign
currency, CISF enters into forward foreign currency exchange contracts
(contracts). Additionally, CISF enters into contracts to hedge certain
other foreign currency denominated assets. Contracts are recorded at market
value. CISF could be exposed to risks if counterparties to the contracts
are unable to meet the terms of their contracts or if the value of the
foreign currency changes unfavorably. Net realized losses arising from such
transactions amounted to $2,896,386 and are included in net realized loss
from foreign currency related transactions. CISF had no outstanding
contracts at June 30, 1995.
55
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
1. Significant accounting policies (continued):
Foreign currency translations - The books and records of CISF are
maintained in U.S. dollars. Foreign currency transactions are translated
into U.S. dollars on the following basis:
(i) market value of investment securities, other assets, and
liabilities at the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and
interest income and certain expenses at the rates of exchange
prevailing on the respective dates of such transactions.
CISF does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Reported net realized foreign exchange gains or losses arise from the
following: sales and maturities of short-term securities; sales of foreign
currencies; currency gains or losses realized between the trade and
settlement dates on securities transactions; and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on
CISF's books and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities other than investments
in securities at June 30, 1995, resulting from changes in the exchange
rate.
Interest and dividend income - Interest income is recorded on the
accrual basis and dividend income is recorded on the ex-dividend date. The
majority of dividend income recorded by CREF is from Real Estate Investment
Trusts (REITs). For tax purposes, a portion of these dividends consist of
capital gains and return of capital. For financial reporting purposes,
these dividends are recorded as dividend income.
Shareholder distributions - CCSF, CREF and CBF distribute net
investment income quarterly and any net realized gains from investment
transactions annually. CGF, CISF and CSF distribute net investment income
and any net realized gains annually. CDIC distributes its net investment
income daily - including any realized investment gains or losses. CUSG,
CFIS, CMBF and CHYF distribute their net investment income monthly and any
net realized gains annually. Distributions to shareholders are recorded on
the record date.
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments for foreign currency transactions, net operating losses,
deferral of wash sales and return of capital received from REITs.
Federal income taxes - The Funds have made no provision for federal
income taxes on net investment income or net realized gains from sales of
securities, since it is the intention of the Funds to comply with the
provisions of the Internal Revenue Code available to certain investment
companies, and to make distributions of income and security profits
sufficient to relieve them from substantially all federal income taxes.
Other - Investment transactions are accounted for on the date the
investments are purchased or sold. The cost of investments sold is
determined by the use of the specific identification method for both
financial reporting and income tax purposes. Realized gains and losses from
investment transactions and unrealized appreciation or depreciation of
investments are reported on the basis of identified costs. The Funds,
through their custodians, receive delivery of underlying securities
collateralizing repurchase agreements (included in temporary cash
investments). Market values of these securities are required to be at least
100% of the cost of the repurchase agreements. The Funds' investment
advisor determines that the value of the underlying securities is at all
times at least equal to the resale price. In the event of default or
bankruptcy by the other party to the agreement, realization and/or
retention of the collateral may be subject to legal proceedings.
56
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
1. Significant accounting policies (continued):
CHYF invests in lower rated debt securities, which may be more
susceptible to adverse economic conditions than investment grade holdings.
These securities are often subordinated to the prior claims of other senior
lenders, and uncertainties exist as to an issuer's ability to meet
principal and interest payments. At June 30, 1995, 100% of the Fund's
portfolio was invested in securities rated Ba (62%) or B (38%) by Moody's
Investor Services, Inc.
2. Investment transactions:
Aggregate purchases, sales and maturities, net realized gain (loss)
and unrealized appreciation (depreciation) of securities, including
temporary cash investments for CDIC and excluding temporary cash
investments for all other Funds, for the period ended June 30, 1995 were as
follows:
Columbia Columbia Columbia Columbia
Common Stock Growth Int'l Stock Special
Fund, Inc. (CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF) Fund, Inc. (CSF)
----------------- ---------------- ----------------- ----------------
Purchases:
Investment securities other than
U.S. Government obligations..... $ 89,129,360 $319,180,257 $ 85,537,295 $1,257,716,272
================= ================ ================= ================
Sales and Maturities:
Investment securities other than
U.S. Government obligations..... $ 35,305,146 $292,043,141 $ 98,969,514 $1,092,636,346
================= ================ ================= ================
Net Realized Gain (Loss):
Investment securities other than
U.S. Government obligations..... $ 2,976,763 $ 27,286,206 $ (1,264,346) $ 70,317,264
================= ================ ================= ================
Unrealized Appreciation
(Depreciation):
Appreciation...................... $ 27,075,916 $125,221,110 $ 7,098,841 $ 134,119,500
Depreciation...................... (3,407,241) (14,017,584) (4,308,887) (17,921,894)
----------------- ---------------- ----------------- ----------------
Net unrealized appreciation..... $ 23,668,675 $111,203,526 $ 2,789,954 $ 116,197,606
================= ================ ================= ================
Unrealized Appreciation
(Depreciation) for federal
income tax purposes:
Appreciation...................... $ 27,213,588 $125,322,268 $ 6,615,664 $ 134,217,326
Depreciation...................... (3,307,626) (13,898,593) (4,419,336) (18,049,230)
----------------- ---------------- ----------------- ----------------
Net unrealized appreciation..... $ 23,905,962 $111,423,675 $ 2,196,328 $ 116,168,096
================= ================ ================= ================
For federal income tax purposes,
the cost of investments owned
at June 30, 1995................. $164,245,469 $576,797,122 $ 91,786,053 $ 986,020,538
================= ================ ================= ================
57
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
2. Investment transactions (continued):
Columbia Columbia Columbia Columbia U.S.
Real Estate Equity Balanced Daily Income Gov't Securities
Fund, Inc. (CREF) Fund, Inc. (CBF) Company (CDIC) Fund, Inc. (CUSG)
------------------ ---------------- -------------- -----------------
Purchases:
Investment securities other than
U.S. Government obligations..... $ 4,384,165 $131,217,287 $4,349,692,394
U.S. Government obligations....... 102,718,370 63,985,887 $65,222,633
------------------ ---------------- -------------- -----------------
Total purchases................. $ 4,384,165 $233,935,657 $4,413,678,281 $65,222,633
================== ================ ============== =================
Sales and Maturities:
Investment securities other than
U.S. Government obligations..... $ 3,788,612 $ 70,958,905 $4,301,086,911
U.S. Government obligations....... 92,606,786 117,063,818 $62,785,098
------------------ ---------------- -------------- -----------------
Total sales and maturities...... $ 3,788,612 $163,565,691 $4,418,150,729 $62,785,098
================== ================ ============== =================
Net Realized Gain:
Investment securities other than
U.S. Government obligations..... $ 91,073 $ 4,168,411
U.S. Government obligations....... 865,365 $ 473,705
------------------ ---------------- -----------------
Total net realized gain......... $ 91,073 $ 5,033,776 $ 473,705
================== ================ =================
Unrealized Appreciation
(Depreciation):
Appreciation...................... $ 572,747 $ 34,002,590 $ 145,799
Depreciation...................... (879,658) (3,166,134) (23,623)
------------------ ---------------- -----------------
Net unrealized appreciation
(depreciation)................ $ (306,911) $ 30,836,456 $ 122,176
================== ================ =================
Unrealized Appreciation
(Depreciation) for federal
income tax purposes:
Appreciation...................... $ 740,016 $ 34,112,240 $ 145,799
Depreciation...................... (629,674) (3,053,901) (23,623)
------------------ ---------------- -----------------
Net unrealized appreciation..... $ 110,342 $ 31,058,339 $ 122,176
================== ================ =================
For federal income tax purposes,
the cost of investments owned
at June 30, 1995.................. $16,976,489 $307,366,417 $ 731,356,665 $36,151,234
================== ================ ============== =================
58
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
2. Investment transactions (continued):
Columbia Fixed Columbia Columbia
Income Securities Municipal Bond High Yield
Fund, Inc. (CFIS) Fund, Inc. (CMBF) Fund, Inc. (CHYF)
----------------- ----------------- -----------------
Purchases:
Investment securities other than
U.S. Government obligations....... $ 68,631,172 $ 57,528,349 $ 9,408,402
U.S. Government obligations......... 150,115,312
----------------- ----------------- -----------------
Total purchases................... $218,746,484 $ 57,528,349 $ 9,408,402
================= ================= =================
Sales and Maturities:
Investment securities other than
U.S. Government obligations....... $ 50,282,519 $ 46,281,638 $ 5,361,321
U.S. Government obligations......... 156,711,326
----------------- ----------------- -----------------
Total sales and maturities........ $206,993,845 $ 46,281,638 $ 5,361,321
================= ================= =================
Net Realized Gain (Loss):
Investment securities other than
U.S. Government obligations....... $ 562,116 $ 1,458,962 $ (102,642)
U.S. Government obligations......... 751,716
----------------- ----------------- -----------------
Total net realized gain (loss).... $ 1,313,832 $ 1,458,962 $ (102,642)
================= ================= =================
Unrealized Appreciation
(Depreciation):
Appreciation........................ $ 10,793,220 $ 12,112,920 $ 399,908
Depreciation........................ (732,372) (2,900,096) (108,136)
----------------- ----------------- -----------------
Net unrealized appreciation....... $ 10,060,848 $ 9,212,824 $ 291,772
================= ================= =================
Unrealized Appreciation
(Depreciation) for federal
income tax purposes:
Appreciation........................ $ 10,575,348 $ 12,112,920 $ 399,908
Depreciation........................ (732,372) (2,900,096) (108,136)
----------------- ----------------- -----------------
Net unrealized appreciation....... $ 9,842,976 $ 9,212,824 $ 291,772
================= ================= =================
For federal income tax purposes,
the cost of investments owned
at June 30, 1995.................... $264,347,292 $349,481,832 $16,598,809
================= ================= =================
59
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
3. Capital Stock:
Columbia Columbia Columbia
Common Stock Growth Int'l Stock
Fund, Inc. (CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF)
--------------------------- --------------------------- ---------------------------
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
Shares:
Shares sold........................... 4,555,025 3,682,715 3,240,790 4,615,526 1,513,299 7,451,585
Shares issued for reinvestment
of dividends........................ 84,128 226,986 1,199,800 157,112
------------ ------------ ------------ ------------ ------------ ------------
4,639,153 3,909,701 3,240,790 5,815,326 1,513,299 7,608,697
Less shares redeemed.................. (833,159) (2,300,962) (2,354,133) (4,945,078) (2,622,911) (3,712,084)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in shares..... 3,805,994 1,608,739 886,657 870,248 (1,109,612) 3,896,613
============ ============ ============ ============ ============ ============
Amounts:
Sales................................. $ 73,978,118 $ 56,500,667 $ 86,871,246 $120,942,572 $ 17,810,655 $ 98,676,874
Reinvestment of dividends............. 1,403,033 3,433,537 29,707,040 1,951,331
------------ ------------ ------------ ------------ ------------ ------------
75,381,151 59,934,204 86,871,246 150,649,612 17,810,655 100,628,205
Less redemptions...................... (13,324,829) (35,215,651) (62,970,376) (129,375,610) (30,847,784) (48,584,623)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)............... $ 62,056,322 $ 24,718,553 $ 23,900,870 $ 21,274,002 $(13,037,129) $ 52,043,582
============ ============ ============ ============ ============ ============
Capital stock authorized (shares)..... 100,000,000 100,000,000 100,000,000
Par Value............................. no par $.01 no par
Columbia Columbia Columbia
Special Real Estate Equity Balanced
Fund, Inc. (CSF) Fund, Inc. (CREF) Fund, Inc. (CBF)
--------------------------- --------------------------- ---------------------------
1995 1994 1995 1994(1) 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
Shares:
Shares sold........................... 14,730,067 28,466,146 300,433 1,626,036 6,714,213 7,663,751
Shares issued for reinvestment
of dividends........................ 2,783,927 49,326 55,087 339,704 481,500
------------ ------------ ------------ ------------ ------------ ------------
14,730,067 31,250,073 349,759 1,681,123 7,053,917 8,145,251
Less shares redeemed.................. (7,151,510) (23,254,058) (259,608) (195,962) (1,826,812) (4,116,129)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in shares................ 7,578,557 7,996,015 90,151 1,485,161 5,227,105 4,029,122
============ ============ ============ ============ ============ ============
Amounts:
Sales................................. $284,825,160 $564,106,978 $ 3,466,136 $ 19,353,479 $121,996,771 $135,254,333
Reinvestment of dividends............. 51,753,189 566,486 638,352 6,352,620 8,338,614
------------ ------------ ------------ ------------ ------------ ------------
284,825,160 615,860,167 4,032,622 19,991,831 128,349,391 143,592,947
Less redemptions...................... (140,441,365) (456,331,880) (2,989,692) (2,273,439) (33,209,081) (72,224,211)
------------ ------------ ------------ ------------ ------------ ------------
Net increase.......................... $144,383,795 $159,528,287 $ 1,042,930 $ 17,718,392 $ 95,140,310 $ 71,368,736
============ ============ ============ ============ ============ ============
Capital stock authorized (shares)..... 100,000,000 100,000,000 100,000,000
Par Value............................. $.01 no par no par
(1) From inception of operations on March 16, 1994.
60
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
3. Capital Stock (continued):
Columbia Columbia U.S. Columbia Fixed
Daily Income Gov't Securities Income Securities
Company (CDIC) Fund, Inc. (CUSG) Fund, Inc. (CFIS)
------------------------------ --------------------------- ---------------------------
1995 1994 1995 1994 1995 1994
------------- -------------- ------------ ------------ ------------ ------------
Shares:
Shares sold......................... 606,001,573 1,294,012,916 1,163,229 3,000,274 3,345,623 5,778,520
Shares issued for reinvestment
of dividends...................... 19,516,728 22,994,899 114,605 174,819 654,113 1,244,614
------------- -------------- ------------ ------------ ------------ ------------
625,518,301 1,317,007,815 1,277,834 3,175,093 3,999,736 7,023,134
Less shares redeemed................ (625,089,965) (1,131,440,600) (895,714) (3,277,333) (3,158,799) (8,652,209)
------------- -------------- ------------ ------------ ------------ ------------
Net increase (decrease) in shares... 428,336 185,567,215 382,120 (102,240) 840,937 (1,629,075)
============= ============== ============ ============ ============ ============
Amounts:
Sales............................... $ 606,001,573 $1,294,012,916 $ 9,437,997 $ 24,536,810 $ 41,978,881 $ 73,805,629
Reinvestment of dividends........... 19,516,728 22,994,899 932,617 1,423,095 8,309,903 15,689,020
------------- -------------- ------------ ------------ ------------ ------------
625,518,301 1,317,007,815 10,370,614 25,959,905 50,288,784 89,494,649
Less redemptions.................... (625,089,965) (1,131,440,600) (7,259,053) (26,845,188) (39,749,238) (110,102,529)
------------- -------------- ------------ ------------ ------------ ------------
Net increase (decrease)............. $ 428,336 $ 185,567,215 $ 3,111,561 $ (885,283) $ 10,539,546 $(20,607,880)
============= ============== ============ ============ ============ ============
Capital stock authorized (shares)... 2,000,000,000 100,000,000 200,000,000
Par Value........................... $.001 $.01 $.01
Columbia Columbia
Municipal Bond High Yield
Fund, Inc. (CMBF) Fund, Inc. (CHYF)
--------------------------- ---------------------------
1995 1994 1995 1994
------------ ------------ ------------ ------------
Shares:
Shares sold........................... 2,969,249 6,856,898 510,801 931,402
Shares issued for reinvestment
of dividends........................ 658,633 1,422,578 64,540 83,757
------------ ------------ ------------ ------------
3,627,882 8,279,476 575,341 1,015,159
Less shares redeemed.................. (2,690,566) (12,549,998) (137,907) (192,577)
------------ ------------ ------------ ------------
Net increase (decrease) in shares..... 937,316 (4,270,522) 437,434 822,582
============ ============ ============ ============
Amounts:
Sales................................. $ 35,243,985 $ 83,098,663 $ 4,778,316 $ 8,749,569
Reinvestment of dividends............. 7,874,525 16,933,561 605,406 779,126
------------ ------------ ------------ ------------
43,118,510 100,032,224 5,383,722 9,528,695
Less redemptions...................... (32,061,787) (149,441,980) (1,277,396) (1,786,278)
------------ ------------ ------------ ------------
Net increase (decrease)............... $ 11,056,723 $(49,409,756) $ 4,106,326 $ 7,742,417
============ ============ ============ ============
Capital stock authorized (shares)..... 100,000,000 100,000,000
Par Value............................. $.01 no par
61
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
4. Transactions with affiliates and related parties:
Columbia Columbia Columbia Columbia
Common Stock Growth Int'l Stock Special
Fund, Inc. (CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF) Fund, Inc. (CSF)
----------------- ------------------ ----------------- ---------------------
Investment management fees
incurred.............................. $479,117 $2,044,357 $507,680 $4,502,096
Investment management fee............... .60 of 1% .75 of 1% to 1% 1% to
computation basis (percentage of $200,000,000 daily $500,000,000 daily
daily net assets per annum) net assets; .625 of net assets; .75 of 1%
1% between in excess of
$200,000,000 and $500,000,000
$500,000,000; and
.50 of 1% in excess
of $500,000,000
Transfer agent fee (included in
shareholder servicing costs).......... $68,726 $217,512 $91,281 $289,603
Fees earned by directors not
affiliated with each Fund's
investment advisor, transfer agent,
or Columbia Management Co. ........... $1,615 $5,107 $734 $8,340
Value of investments held at
June 30, 1995 by:
Columbia Management Co. ............ $371,081 $55,110 $1,535,655
Columbia Funds Management Co. ...... $67,773 $21,741 $13,201 $800,619
Columbia Columbia Columbia Columbia U.S.
Real Estate Equity Balanced Daily Income Gov't Securities
Fund, Inc. (CREF) Fund, Inc. (CBF) Company (CDIC) Fund, Inc. (CUSG)
------------------ ---------------- -------------- -----------------
Investment management fees
incurred.............................. $65,218 $788,782 $1,729,581 $87,372
Investment management fee............... .75 of 1% .50 of 1% .50 of 1% to .50 of 1%
computation basis (percentage of $500,000,000
daily net assets per annum) daily net assets;
.45 of 1% between
$500,000,000 and
$1,000,000,000; and
.40 of 1% in excess
of $1,000,000,000
Transfer agent fee (included in
shareholder servicing costs).......... $8,610 $107,538 $279,594 $16,055
Fees earned by directors not affiliated
with each Fund's investment
advisor, transfer agent, or
Columbia Management Co. .............. $133 $2,572 $5,400 $273
Value of investments held at
June 30, 1995 by:
Columbia Management Co. ............ $112,665 $14,588,336 $384,063
Columbia Funds Management Co. ...... $19,969 $3,172,260 $60,300
62
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
4. Transactions with affiliates and related parties (continued):
Columbia Fixed Columbia Columbia
Income Securities Municipal Bond High Yield
Fund, Inc. (CFIS) Fund, Inc. (CMBF) Fund, Inc. (CHYF)
----------------- ----------------- -----------------
Investment management fees
incurred.............................. $665,271 $894,949 $44,880
Investment management fee............. .50 of 1% .50 of 1% .60 of 1%
computation basis (percentage of
daily net assets per annum)
Transfer agent fee (included in
shareholder servicing costs)........ $80,513 $42,541 $6,857
Fees earned by directors not
affiliated with each Fund's
investment advisor, transfer agent,
or Columbia Management Co. ......... $2,021 $2,683 $122
Value of investments held at
June 30, 1995 by:
Columbia Management Co. ......... $841,811 $1,554,789 $277,616
Columbia Funds Management Co. ... $272,175 $217,663 $278,060
The investment advisor of the Funds is Columbia Funds Management
Company. The transfer agent for the Funds is Columbia Trust Company, a
subsidiary of Columbia Funds Management Company. The transfer agent is
compensated based on a per account fee. The contracts for investment
advisory and transfer agent services for the Funds must be renewed annually
by a majority vote of the Funds' shareholders or by the directors of the
Funds. Certain officers and directors of the Funds are also officers and
directors of Columbia Funds Management Company, Columbia Trust Company and
Columbia Management Company. They did not receive any direct payments from
the Funds. At June 30, 1995, certain officers and directors of the Funds
held investments of $2,544,023 in CREF. At June 30, 1995, CSF had
investments in securities of U.S. Bancorp. This bank performed services for
CSF.
63
NOTES
--------------------------------------------------------------------------------
64
NOTES
--------------------------------------------------------------------------------
65
NOTES
--------------------------------------------------------------------------------
COLUMBIA FUNDS
----------------------------------------
DIRECTORS
----------------------------------------
James C. George
J. Jerry Inskeep, Jr.
John A. Kemp
Thomas R. Mackenzie
James F. Rippey
Richard L. Woolworth
----------------------------------------
OFFICERS
----------------------------------------
J. Jerry Inskeep, Jr., Chairman
John A. Kemp, President
George L. Hanseth, Senior Vice President
Albert D. Corrado, Vice President
Lawrence S. Viehl, Vice President
Jeff B. Curtis, Secretary
----------------------------------------
INVESTMENT ADVISOR
----------------------------------------
COLUMBIA FUNDS MANAGEMENT COMPANY
1300 S.W. Sixth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
----------------------------------------
LEGAL COUNSEL
----------------------------------------
STOEL RIVES
900 S.W. Fifth Avenue, Suite 2300
Portland, Oregon 97204-1268
----------------------------------------
AUDITORS
----------------------------------------
COOPERS & LYBRAND L.L.P.
2700 First Interstate Tower
Portland, Oregon 97201
----------------------------------------
TRANSFER AGENT
----------------------------------------
COLUMBIA TRUST COMPANY
1301 S.W. Fifth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
This information must be preceded or accompanied by a current prospectus.
Portfolio changes should not be considered recommendations for action
by individual investors.