-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IF33aEOHS9tf3erz1xuiBmdadY7NNeoPsIFT1Y+g4TslI11bokJIj2AHEVz2BmgH Du9Xfrwjb2VnDBNMhueB6w== 0000912057-00-008475.txt : 20000228 0000912057-00-008475.hdr.sgml : 20000228 ACCESSION NUMBER: 0000912057-00-008475 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000876606 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06341 FILM NUMBER: 553523 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA DAILY INCOME CO CENTRAL INDEX KEY: 0000022082 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930635121 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-02507 FILM NUMBER: 553524 BUSINESS ADDRESS: STREET 1: 1301 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA GROWTH FUND INC CENTRAL INDEX KEY: 0000022105 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930560559 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-01449 FILM NUMBER: 553525 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FIXED INCOME SECURITIES FUND INC CENTRAL INDEX KEY: 0000707833 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 930824379 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03581 FILM NUMBER: 553526 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000741558 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930866151 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03983 FILM NUMBER: 553527 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 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: SEC FILE NUMBER: 811-04362 FILM NUMBER: 553528 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA U S GOVERNMENT SECURITIES FUND INC CENTRAL INDEX KEY: 0000801962 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04842 FILM NUMBER: 553529 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA U S GOVERNMENT GUARANTEED SECURITIES FUND INC DATE OF NAME CHANGE: 19920219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BALANCED FUND INC /OR/ CENTRAL INDEX KEY: 0000876613 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06338 FILM NUMBER: 553530 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA INTERNATIONAL STOCK FUND INC CENTRAL INDEX KEY: 0000889421 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931089960 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07024 FILM NUMBER: 553531 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000908730 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07832 FILM NUMBER: 553532 BUSINESS ADDRESS: STREET 1: 1301 SW FIFTH AVE CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE CITY: PORTLAND STATE: OR ZIP: 97201 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOAND FUND INC DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA HIGH YIELD FUND INC CENTRAL INDEX KEY: 0000908836 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931117636 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07834 FILM NUMBER: 553533 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA REAL ESTATE EQUITY FUND INC CENTRAL INDEX KEY: 0000916900 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931131979 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08256 FILM NUMBER: 553534 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA SMALL CAP FUND INC CENTRAL INDEX KEY: 0001016510 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07671 FILM NUMBER: 553535 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 N-30D 1 N-30D [LOGO] - -------------------------------------------------------------------------------- COLUMBIA FUNDS - -------------------------------------------------------------------------------- 1999 ANNUAL REPORT COLUMBIA COMMON STOCK FUND - -------------------------------------------------------------------------------- COLUMBIA GROWTH FUND - -------------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND - -------------------------------------------------------------------------------- COLUMBIA SPECIAL FUND - -------------------------------------------------------------------------------- COLUMBIA SMALL CAP FUND - -------------------------------------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND - -------------------------------------------------------------------------------- COLUMBIA BALANCED FUND - -------------------------------------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND - -------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND - -------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND - -------------------------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY DEAR COLUMBIA INVESTOR: We are pleased to present the 1999 Columbia Funds Annual Report. Inside, you'll find detailed financial and investment activity reports spanning the entire year. Individual fund reviews provide a glimpse into each portfolio's investment strategy and philosophy, while our Investment Team's "Overview of the Markets" recaps an exciting year in the world's financial markets. We are also pleased to report a name change for one of our Funds: Columbia Oregon Municipal Bond Fund. Formerly called Columbia Municipal Bond Fund, the Fund's new name reflects its concentration in Oregon municipal securities while distinguishing it from Columbia National Municipal Bond Fund, which invests in tax-exempt municipal securities issued throughout the country. At Columbia, we continue to pursue opportunities for building your wealth in the Funds while seeking to manage risk and control expenses. We encourage you to read this report closely to enhance your evaluation of Fund performance. If you have questions about your investments, please contact an Investor Services Representative toll-free at 1-800-547-1707 or at (503) 222-3606 in Portland. As always, we appreciate the confidence and trust you have placed in Columbia Funds and look forward to helping you achieve your investment goals in the months and years to come. Sincerely, /s/ Thomas L. Thomsen /s/ John A. Kemp Thomas L. Thomsen John A. Kemp PRESIDENT AND CHIEF INVESTMENT OFFICER CHAIRMAN AND CHIEF EXECUTIVE OFFICER COLUMBIA FUNDS MANAGEMENT COMPANY COLUMBIA FUNDS MANAGEMENT COMPANY FRONT COVER FEATURES A PHOTOGRAPH OF THE 82-YEAR-OLD VISTA HOUSE, PERCHED ATOP CROWN POINT AT THE MOUTH OF THE COLUMBIA RIVER GORGE. THE PHOTO WAS TAKEN IN OREGON, LOOKING ACROSS TO WASHINGTON STATE.
TABLE OF CONTENTS - ------------------------------------------------------------ ANNUAL REPORT, DECEMBER 31, 1999 AN OVERVIEW OF THE MARKETS ...............................1 COLUMBIA COMMON STOCK FUND Investment Review .....................................3 Financial Highlights .................................16 Schedule of Investments ..............................23 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA GROWTH FUND Investment Review .....................................4 Financial Highlights .................................16 Schedule of Investments ..............................26 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA INTERNATIONAL STOCK FUND Investment Review .....................................5 Financial Highlights .................................17 Schedule of Investments ..............................28 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA SPECIAL FUND Investment Review .....................................6 Financial Highlights .................................17 Schedule of Investments ..............................32 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA SMALL CAP FUND Investment Review .....................................7 Financial Highlights .................................18 Schedule of Investments ..............................35 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA REAL ESTATE EQUITY FUND Investment Review .....................................8 Financial Highlights .................................18 Schedule of Investments ..............................38 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA BALANCED FUND Investment Review .....................................9 Financial Highlights .................................19 Schedule of Investments ..............................39 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA U.S. GOVERNMENT SECURITIES FUND Investment Review ....................................10 Financial Highlights .................................19 Schedule of Investments ..............................46 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA FIXED INCOME SECURITIES FUND Investment Review ....................................11 Financial Highlights .................................20 Schedule of Investments ..............................47 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA NATIONAL MUNICIPAL BOND FUND Investment Review ....................................12 Financial Highlights .................................20 Schedule of Investments ..............................51 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA OREGON MUNICIPAL BOND FUND Investment Review ....................................13 Financial Highlights .................................21 Schedule of Investments ..............................57 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA HIGH YIELD FUND Investment Review ....................................14 Financial Highlights .................................21 Schedule of Investments ..............................66 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 COLUMBIA DAILY INCOME COMPANY Investment Review ....................................15 Financial Highlights .................................22 Schedule of Investments ..............................70 Statement of Assets and Liabilities ..................72 Statement of Operations ..............................74 Statements of Changes in Net Assets ..................76 NOTES TO FINANCIAL STATEMENTS .......................... 78
COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 1-800-547-1707 WWW.COLUMBIAFUNDS.COM THE COLUMBIA FAMILY OF NO-LOAD FUNDS COLUMBIA COMMON STOCK FUND - -------------------------------------------------------------------------------- COLUMBIA GROWTH FUND - -------------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND - -------------------------------------------------------------------------------- COLUMBIA SPECIAL FUND - -------------------------------------------------------------------------------- COLUMBIA SMALL CAP FUND - -------------------------------------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND - -------------------------------------------------------------------------------- COLUMBIA BALANCED FUND - -------------------------------------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND - -------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND - -------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND - -------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND - -------------------------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY - -------------------------------------------------------------------------------- AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- A LOOK BACK AT 1999 In 1999, the stock market soared and the U.S. economy showed unfailing strength. The stock market's gains were dominated by the impressive performance of the technology and telecommunications sectors in the U.S., which drove the technology-heavy NASDAQ Index up more than 85% for the year. A strong fourth quarter rally brought the returns of both the S&P 500 and Russell 2000 Indices to over 21% for 1999. However, index returns hide a wide divergence in the performance of individual stocks. Stellar price increases occurred among a few names, mostly technology related. In fact, the average stock in the S&P 500, excluding technology, gained only 2% in 1999, while the largest 30 stocks accounted for 87% of the Index's performance for the year. In addition to technology, media, telecommunications, retail and basic industry stocks fared well. Losers in 1999 included the food and drug group, banks, insurance companies, transportation and electric utilities. In 1998, policy-makers worldwide slashed interest rates to thwart a global downturn. Economic growth prospects seemed uncertain -- particularly in Asian economies -- and emerging markets remained in turmoil. In just a year, however, the landscape shifted. In the last half of 1999, economists repeatedly upgraded GDP forecasts worldwide, leading to strong performance in international stocks; Morgan Stanley's EAFE Index gained more than 27% for the year. In the bond market, broad market indices lost ground in 1999. The Federal Reserve raised the target fed funds rate a total of 0.75% in three moves during the year, entirely reversing cuts made in 1998. Interest rates increased between 1.4% and 1.8% across maturities in 1999, and 30-year Treasury bonds suffered returns of -15.0%, after earning more than 18.0% in 1998. The Lehman Aggregate Bond Index finished the year down 0.82%, as earned income did not offset price depreciation in an environment of rising interest rates. In contrast, high yield debt saw income partially offset price declines in 1999, with the Salomon BB Index (an index measuring the performance of high yield bonds) up 2.24%. MARKET OUTLOOK While the global economy should enjoy a healthy start to the year 2000, higher domestic market volatility, as well as uncertainty about inflation and interest rates, may continue to worry investors. In the year 2000, opportunities may come from companies that conduct business overseas, whether they are based in the U.S. or abroad. Additionally, signs of market broadening suggest that selected smaller cap names in high growth industries deserve investor attention. Equity managers will also face the important question of how to treat the high-flying technology sector. Although tentative signs of slowing economic growth are surfacing, a strong stock market has buoyed consumer confidence. Retail sales and housing have declined in recent months, but they remain at historically high levels. Record-setting home sales have contributed to demand for furniture and appliances, and vehicle sales remain robust. The interest rate hikes of 1999 seem to have hardly impacted economic strength. With strong consumer demand persisting through the end of 1999, any hint of rising inflation could provoke Fed action. This unsettled inflation outlook may keep interest rates near present levels or trending higher early in 2000. The shrinking unemployment rate is central to the Fed's inflation concerns. December's 4.1% reading was the lowest since January 1970, and there are fears that the U.S. is running out of workers. Although labor markets are becoming tight, neither wages nor prices have moved higher. Consumer price inflation, excluding the volatile energy and food components, is 1 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- only 2.1%: near a 33-year low. One reason for the lack of inflation pressures, despite unemployment declines, has been the technology-led rise in productivity in recent years. In addition, the competitive nature of many world markets, even with rising costs of inputs, may inhibit companies from raising prices to final buyers, thereby keeping inflation contained. UNEMPLOYMENT RATE DECLINES
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC UNEMPLOYMENT RATE % Jan-70 3.9 Feb-70 4.2 Mar-70 4.4 Apr-70 4.6 May-70 4.8 Jun-70 4.9 Jul-70 5 Aug-70 5.1 Sep-70 5.4 Oct-70 5.5 Nov-70 5.9 Dec-70 6.1 Jan-71 5.9 Feb-71 5.9 Mar-71 6 Apr-71 5.9 May-71 5.9 Jun-71 5.9 Jul-71 6 Aug-71 6.1 Sep-71 6 Oct-71 5.8 Nov-71 6 Dec-71 6 Jan-72 5.8 Feb-72 5.7 Mar-72 5.8 Apr-72 5.7 May-72 5.7 Jun-72 5.7 Jul-72 5.6 Aug-72 5.6 Sep-72 5.5 Oct-72 5.6 Nov-72 5.3 Dec-72 5.2 Jan-73 4.9 Feb-73 5 Mar-73 4.9 Apr-73 5 May-73 4.9 Jun-73 4.9 Jul-73 4.8 Aug-73 4.8 Sep-73 4.8 Oct-73 4.6 Nov-73 4.8 Dec-73 4.9 Jan-74 5.1 Feb-74 5.2 Mar-74 5.1 Apr-74 5.1 May-74 5.1 Jun-74 5.4 Jul-74 5.5 Aug-74 5.5 Sep-74 5.9 Oct-74 6 Nov-74 6.6 Dec-74 7.2 Jan-75 8.1 Feb-75 8.1 Mar-75 8.6 Apr-75 8.8 May-75 9 Jun-75 8.8 Jul-75 8.6 Aug-75 8.4 Sep-75 8.4 Oct-75 8.4 Nov-75 8.3 Dec-75 8.2 Jan-76 7.9 Feb-76 7.7 Mar-76 7.6 Apr-76 7.7 May-76 7.4 Jun-76 7.6 Jul-76 7.8 Aug-76 7.8 Sep-76 7.6 Oct-76 7.7 Nov-76 7.8 Dec-76 7.8 Jan-77 7.5 Feb-77 7.6 Mar-77 7.4 Apr-77 7.2 May-77 7 Jun-77 7.2 Jul-77 6.9 Aug-77 7 Sep-77 6.8 Oct-77 6.8 Nov-77 6.8 Dec-77 6.4 Jan-78 6.4 Feb-78 6.3 Mar-78 6.3 Apr-78 6.1 May-78 6 Jun-78 5.9 Jul-78 6.2 Aug-78 5.9 Sep-78 6 Oct-78 5.8 Nov-78 5.9 Dec-78 6 Jan-79 5.9 Feb-79 5.9 Mar-79 5.8 Apr-79 5.8 May-79 5.6 Jun-79 5.7 Jul-79 5.7 Aug-79 6 Sep-79 5.9 Oct-79 6 Nov-79 5.9 Dec-79 6 Jan-80 6.3 Feb-80 6.3 Mar-80 6.3 Apr-80 6.9 May-80 7.5 Jun-80 7.6 Jul-80 7.8 Aug-80 7.7 Sep-80 7.5 Oct-80 7.5 Nov-80 7.5 Dec-80 7.2 Jan-81 7.5 Feb-81 7.4 Mar-81 7.4 Apr-81 7.2 May-81 7.5 Jun-81 7.5 Jul-81 7.2 Aug-81 7.4 Sep-81 7.6 Oct-81 7.9 Nov-81 8.3 Dec-81 8.5 Jan-82 8.6 Feb-82 8.9 Mar-82 9 Apr-82 9.3 May-82 9.4 Jun-82 9.6 Jul-82 9.8 Aug-82 9.8 Sep-82 10.1 Oct-82 10.4 Nov-82 10.8 Dec-82 10.8 Jan-83 10.4 Feb-83 10.4 Mar-83 10.3 Apr-83 10.2 May-83 10.1 Jun-83 10.1 Jul-83 9.4 Aug-83 9.5 Sep-83 9.2 Oct-83 8.8 Nov-83 8.5 Dec-83 8.3 Jan-84 8 Feb-84 7.8 Mar-84 7.8 Apr-84 7.7 May-84 7.4 Jun-84 7.2 Jul-84 7.5 Aug-84 7.5 Sep-84 7.3 Oct-84 7.4 Nov-84 7.2 Dec-84 7.3 Jan-85 7.4 Feb-85 7.2 Mar-85 7.2 Apr-85 7.3 May-85 7.2 Jun-85 7.3 Jul-85 7.4 Aug-85 7.1 Sep-85 7.1 Oct-85 7.2 Nov-85 7 Dec-85 7 Jan-86 6.7 Feb-86 7.2 Mar-86 7.1 Apr-86 7.2 May-86 7.2 Jun-86 7.2 Jul-86 7 Aug-86 6.9 Sep-86 7 Oct-86 7 Nov-86 6.9 Dec-86 6.7 Jan-87 6.6 Feb-87 6.6 Mar-87 6.5 Apr-87 6.4 May-87 6.3 Jun-87 6.2 Jul-87 6.1 Aug-87 6 Sep-87 5.9 Oct-87 6 Nov-87 5.9 Dec-87 5.8 Jan-88 5.8 Feb-88 5.7 Mar-88 5.6 Apr-88 5.5 May-88 5.6 Jun-88 5.4 Jul-88 5.4 Aug-88 5.6 Sep-88 5.4 Oct-88 5.3 Nov-88 5.4 Dec-88 5.3 Jan-89 5.4 Feb-89 5.2 Mar-89 5.1 Apr-89 5.2 May-89 5.2 Jun-89 5.4 Jul-89 5.3 Aug-89 5.2 Sep-89 5.3 Oct-89 5.3 Nov-89 5.3 Dec-89 5.3 Jan-90 5.3 Feb-90 5.3 Mar-90 5.3 Apr-90 5.4 May-90 5.3 Jun-90 5.3 Jul-90 5.5 Aug-90 5.6 Sep-90 5.7 Oct-90 5.7 Nov-90 5.9 Dec-90 6.1 Jan-91 6.2 Feb-91 6.5 Mar-91 6.7 Apr-91 6.6 May-91 6.8 Jun-91 6.9 Jul-91 6.8 Aug-91 6.8 Sep-91 6.8 Oct-91 6.9 Nov-91 6.9 Dec-91 7.1 Jan-92 7.1 Feb-92 7.3 Mar-92 7.3 Apr-92 7.3 May-92 7.4 Jun-92 7.7 Jul-92 7.6 Aug-92 7.6 Sep-92 7.5 Oct-92 7.4 Nov-92 7.3 Dec-92 7.3 Jan-93 7.3 Feb-93 7.1 Mar-93 7 Apr-93 7.1 May-93 7.1 Jun-93 7 Jul-93 6.9 Aug-93 6.8 Sep-93 6.7 Oct-93 6.8 Nov-93 6.6 Dec-93 6.5 Jan-94 6.7 Feb-94 6.6 Mar-94 6.5 Apr-94 6.4 May-94 6 Jun-94 6.1 Jul-94 6.1 Aug-94 6.1 Sep-94 5.9 Oct-94 5.8 Nov-94 5.6 Dec-94 5.4 Jan-95 5.6 Feb-95 5.5 Mar-95 5.4 Apr-95 5.7 May-95 5.6 Jun-95 5.6 Jul-95 5.7 Aug-95 5.7 Sep-95 5.7 Oct-95 5.5 Nov-95 5.6 Dec-95 5.6 Jan-96 5.7 Feb-96 5.5 Mar-96 5.5 Apr-96 5.5 May-96 5.5 Jun-96 5.3 Jul-96 5.4 Aug-96 5.2 Sep-96 5.2 Oct-96 5.2 Nov-96 5.3 Dec-96 5.3 Jan-97 5.3 Feb-97 5.3 Mar-97 5.1 Apr-97 5 May-97 4.7 Jun-97 5 Jul-97 4.7 Aug-97 4.9 Sep-97 4.7 Oct-97 4.7 Nov-97 4.6 Dec-97 4.7 Jan-98 4.5 Feb-98 4.6 Mar-98 4.6 Apr-98 4.3 May-98 4.3 Jun-98 4.5 Jul-98 4.5 Aug-98 4.5 Sep-98 4.5 Oct-98 4.5 Nov-98 4.4 Dec-98 4.3 Jan-99 4.3 Feb-99 4.4 Mar-99 4.2 Apr-99 4.3 May-99 4.2 Jun-99 4.3 Jul-99 4.3 Aug-99 4.2 Sep-99 4.2 Oct-99 4.1 Nov-99 4.1 Dec-99 4.1
U.S. economic growth should moderate in 2000 as pricing pressures increase and as higher interest rates and oil prices work through the economy. The Fed raised rates .25% on February 2, and the market expects it to raise its target rate further in the months ahead. Interest rates and inflation will likely trend upward until the economic expansion moderates. Nevertheless, we believe the economy is fundamentally sound, and that the Fed's vigilance has enhanced the likelihood of a prolonged environment of low inflation, high employment and improving productivity. INVESTMENT STRATEGY In our stock funds, we are focusing on companies with the strongest future earnings prospects. Emphasis on the trends underlying our investment themes, particularly Baby Boomer Spending and Technology Age, continue to influence core stock selection. We also look for companies that could benefit from global economic growth, higher productivity and strong competitive positions. Opportunities remain in international and smaller cap issues. Although interest rates may rise before trending lower, we believe bond yields have reached attractive levels. Long-term U.S. Treasury yields are at about 6.5% and higher yields are available in other fixed income sectors. Many high yield securities currently offer exceptional value, and we believe this sector is important to a diversified fixed income portfolio. As always, Columbia's goal is to structure mutual fund portfolios that will generate consistent, above-average performance in all types of investment environments. To help you evaluate how the Columbia Funds performed in 1999, the following pages contain summaries of each Fund's investment activity. You'll find a recap of each Fund's strategy and a comparison to relevant benchmarks. Unlike the Funds, benchmark indices are not actively managed and incur no operating expenses, portfolio transaction costs or cash flows. As always, we appreciate your continued confidence, and look forward to serving your investment needs in the months and years to come. THE INVESTMENT TEAM COLUMBIA FUNDS FEBRUARY 2000 2 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA COMMON STOCK FUND -- -------------------------- 1999 capped the fifth consecutive year that the S&P 500 rose over 20%. Columbia Common Stock Fund benefited from the robust market and gained 25.76% for the year ended December 31, 1999. This compared favorably to the S&P 500's return of 21.04% for the same period. TOP TEN HOLDINGS
% of Net Assets Microsoft Corp. 4.9 General Electric Co. 3.9 Oracle Corp. 3.4 Citigroup, Inc. 3.4 Computer Sciences Corp. 2.7 Cisco Systems, Inc. 2.7 Exxon Mobil Corp. 2.7 Lucent Technologies, Inc. 2.5 Warner-Lambert Co. 2.5 MCI Worldcom, Inc. 2.4 AS OF DECEMBER 31, 1999
Stock selection helped propel the Fund's results. Our stock selections in financial services, business and consumer services, technology, and energy contributed to the Fund's outstanding performance. Some of the leading stocks in these sectors were BJ Services (1.0% of net assets as of December 31), Citigroup, Cisco Systems, JDS Uniphase (1.0%), Oracle and USA Networks (1.0%). Each of these issues was up over 60% for the year. Sound stock selection was complemented by good sector selection. Guided by our Technology Age theme, we overweighted the technology and media sectors, which were clear drivers of strong performance. Investors who were not involved in these two sectors likely had a difficult time outperforming the S&P 500 in 1999. Strong earnings and the prospect of strong future earnings growth have been the propellants for technology stocks. One of the two primary drivers of demand is the Internet and the revolutionary force it is having on the world. The development of the world's Internet infrastructure is happening at a rapid pace as some participants seek to gain first mover advantage while others struggle not to be left behind. As the world adjusts to this new economy, enabling products are critical and will continue to be in high demand. SECTORS OF EMPHASIS
% of Net Assets Technology 32.5 Financial 13.0 Basic Industries & Manufacturing 11.7 Business & Consumer Services 9.6 Consumer Staples 9.3 AS OF DECEMBER 31, 1999
The second force that has and should continue to drive technology spending is the consistent need for and development of products that improve productivity. Whether it's consumers checking their email by wireless phone or manufacturers installing new inventory management software, the benefits gained by use of these products justifies their expense. As long as this return on invested capital dynamic holds, demand will remain strong for these innovative products. We expect to continue emphasizing the Technology Age, World Recovery, and Baby Boomer Spending themes. All three served us well in 1999 and we remain comfortable with them as we move into the year 2000. As the investment environment continues to evolve, our goal, as always, is to seek growth opportunities while managing risk. GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999 CCSF S&P 500 1 Year 25.76% 21.04% 5 Years 25.75% 28.56% Since Inception 19.97% 20.08%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA COMMON STOCK S&P FUND 500 10/1/91 $10,000 $10,000 12/31/91 $11,025 $10,838 12/31/92 $12,126 $11,664 12/31/93 $14,120 $12,840 12/31/94 $14,411 $13,009 12/31/95 $18,855 $17,898 12/31/96 $22,760 $22,007 12/31/97 $28,534 $29,349 12/31/98 $36,033 $37,737 12/31/99 $45,310 $45,679
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P 500 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE U.S. STOCK MARKET. 3 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA GROWTH FUND-- ------------------------- Columbia Growth Fund gained 26.02% for the year ended December 31, 1999, outperforming the S&P 500's return of 21.04% for the same period. TOP TEN HOLDINGS
% of Net Assets Microsoft Corp. 4.9 Cisco Systems, Inc. 3.2 Computer Sciences Corp. 3.0 Lucent Technologies, Inc. 2.9 Warner-Lambert Co. 2.9 General Electric Co. 2.9 Citigroup, Inc. 2.7 Tyco International Ltd. 2.7 Oracle Corp. 2.6 Lowe's Cos., Inc. 2.3 AS OF DECEMBER 31, 1999
The Fund's emphasis on the highest quality growth names during the first half of the year benefited Fund performance. At the beginning of the second quarter, however, the Fund experienced a dip in returns as the market shifted its preference from high quality growth to lower quality growth and lower priced value stocks. In response, the portfolio was altered to take advantage of an anticipated global economic recovery. The third quarter was characterized by considerable volatility in the equity markets. While a few sectors -- including technology, basic industries and energy -- performed well during the quarter, the market suffered as a whole. A fourth quarter rally in the markets resulted in a quarterly gain of 19.42% for the Fund, topping the S&P 500's return of 14.88% for the same period. Many of the Fund's stock holdings, led by technology issues, posted significant gains in the quarter, reversing third-quarter losses. Certain key trends persisted during the period, including above-expectation economic and earnings growth and rising interest rates. SECTORS OF EMPHASIS
% of Net Assets Technology 37.2 Financial 12.5 Business & Consumer Services 11.2 Consumer Cyclical 10.2 Consumer Staples 9.0 AS OF DECEMBER 31, 1999
The Fund's relatively high exposure to the technology, media and telecommunications sectors helped it outperform its benchmark during the year. While these sectors have been -- and may continue to be -- volatile, we believe they have long-term appeal. The Fund will maintain its focus on themes such as Technology Age and Baby Boomer Spending to identify the best investment opportunities. With 73 holdings and an average market capitalization of $75.5 billion as of December 31, Columbia Growth Fund seeks capital appreciation through stocks of companies with long-term, above-average earnings growth. GROWTH OF $10,000 OVER 20 YEARS AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999
CGF S&P 500 1 Year 26.02% 21.04% 5 Years 27.22% 28.56% 10 Years 18.44% 18.22% 20 Years 18.26% 17.85%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA GROWTH FUND S&P 500 12/31/79 $10,000 $10,000 12/31/80 $13,988 $13,235 12/31/81 $13,514 $12,580 12/31/82 $19,806 $15,285 12/31/83 $24,056 $18,711 12/31/84 $22,714 $19,864 12/31/85 $29,998 $26,133 12/31/86 $32,074 $31,004 12/31/87 $36,802 $32,633 12/31/88 $40,780 $38,040 12/31/89 $52,643 $50,064 12/31/90 $50,900 $48,537 12/31/91 $68,339 $63,326 12/31/92 $76,417 $68,152 12/31/93 $86,358 $75,022 12/31/94 $85,814 $76,012 12/31/95 $114,116 $104,577 12/31/96 $137,852 $128,588 12/31/97 $174,135 $171,485 12/31/98 $226,967 $220,495 12/31/99 $286,151 $266,853
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P 500 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE U.S. STOCK MARKET. 4 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------------- Columbia International Stock Fund gained 57.93% for the year ended December 31, 1999, significantly outperforming the 27.30% return of the MSCI EAFE Index over the same period. In the fourth quarter, the Fund experienced its best quarter since its October 1992 inception, posting a return of 34.96%. TOP TEN HOLDINGS
% of Net Assets Mannesmann AG 3.1 Infosys Technologies Ltd. 2.8 Equant NV 2.1 NTT Mobile Communications Network, Inc. 2.0 Sony Corp. 2.0 WPP Group plc 1.9 Ryohin Keikaku Co., Ltd. 1.7 Compass Group plc 1.4 Hirose Electric Co., Ltd. 1.4 British Telecommunications plc 1.4 AS OF DECEMBER 31, 1999
As the impact of the Asian currency crisis diminished, international markets showed signs of recovery early in 1999 and gathered momentum during the year. Fund performance benefited significantly from a substantial weighting in Japan, the best performing major stock market for the year. Foreign and domestic investors were attracted to Japan as the country addressed its economic imbalances through a liberal fiscal policy, extremely low interest rates, bank reform policies, and restructuring among many companies. Additionally, the Fund benefited from strong stock selection, including issues from a number of smaller Japanese companies with excellent profit growth. We maintained a small emphasis in emerging markets throughout 1999, with the largest concentration in India, where we emphasized the software sector. COUNTRIES OF EMPHASIS
% of Net Assets Japan 26.4 United Kingdom 18.9 Germany 6.8 Netherlands 6.2 France 5.7 India 4.9 Canada 3.7 AS OF DECEMBER 31, 1999
In Europe, economic growth accelerated in the latter half of the year as the policy constraints instituted to prepare for the January 1999 introduction of the Euro, the new European single currency, were eased. The Fund benefited from holdings in the telecommunications, finance and pharmaceutical sectors throughout Europe, with particularly strong gains coming from the Fund's investments in the United Kingdom. The Fund continued to expand holdings in these sectors in the latter half of 1999. World economic growth appears to be accelerating, and global GDP growth is expected to top 4% in 2000. We believe that stronger growth, increased business and consumer confidence, and rising profits should help set the stage for continued gains in international markets. With nearly 150 holdings across 23 international markets, the Fund is well diversified. The main emphasis, however, remains in Japan, the United Kingdom and continental Europe. GROWTH OF $10,000 SINCE INCEPTION AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999
MSCI CISF EAFE 1 Year 57.93% 27.30% 5 Years 19.48% 13.16% Since Inception 17.20% 13.77%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA INTERNATIONAL MSCI STOCK FUND EAFE 10/1/92 $10,000 $10,000 12/31/92 $10,060 $9,623 12/31/93 $13,417 $12,794 12/31/94 $13,086 $13,825 12/31/95 $13,760 $15,422 12/31/96 $16,042 $16,403 12/31/97 $17,882 $16,740 12/31/98 $20,177 $20,144 12/31/99 $31,862 $25,646
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE MSCI EAFE INDEX IS A MARKET WEIGHTED INDEX COMPOSED OF COMPANIES REPRESENTATIVE OF THE MARKET STRUCTURE OF 20 DEVELOPED MARKET COUNTRIES IN EUROPE, AUSTRALASIA AND THE FAR EAST. 5 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA SPECIAL FUND-- -------------------------- For the year ended December 31, 1999, Columbia Special Fund gained 36.33%, surpassing the 14.72% gain of the S&P MidCap 400 Index and the 21.26% gain for the Russell 2000 over the same period. A fourth quarter return of 37.43% was the best quarterly performance for the Fund since its November 1985 inception. TOP TEN HOLDINGS
% of Net Assets BEA Systems, Inc. 4.5 Univision Communications, Inc. (Class A) 2.7 Ciena Corp. 2.4 Young & Rubicam, Inc. 2.2 Clear Channel Communications, Inc. 2.2 Cytyc Corp. 2.1 Genentech, Inc. 2.0 LSI Logic Corp. 1.8 ASM Lithography Holding N.V. 1.7 QLogic Corp. 1.7 AS OF DECEMBER 31, 1999
The Fund began the year under difficult market conditions as rising interest rates and negative earnings revisions led investors to the perceived security and liquidity of larger cap names. Portfolio returns improved in the second quarter as news of global economic recovery shifted the market's bias from large cap stocks to more economically sensitive issues and aggressive growth stocks. In addition, a substantial restructuring of the portfolio initiated in late 1998 and early 1999 began to help Fund performance. Defensive holdings, such as grocery stores and health care, were replaced with more aggressive growth stocks, such as technology and energy, which became two of the Fund's most profitable sectors. A volatile third quarter dragged performance into negative territory, although the Fund did outperform its benchmark due to increased weightings in strong growth issues. The technology sector buoyed performance as semiconductor stocks continued to shine and new software positions fared well. Retail, restaurant and health care -- with the exception of biotech stocks -- hurt third quarter performance. SECTORS OF EMPHASIS
% of Net Assets Technology 39.9 Business & Consumer Services 21.4 Consumer Staples 10.5 Consumer Cyclical 9.4 Utilities 8.4 AS OF DECEMBER 31, 1999
In the fourth quarter, technology stocks continued to lead the market's growth, and the Fund benefited from increased exposure to the sector. The Fund emphasized companies generating earnings through the sale of Internet equipment and infrastructure, such as BEA Systems, whose value increased by approximately 300% during the quarter. An emphasis on business and consumer services also lifted Fund performance. Ad agency Young and Rubicam, Inc., for example, was up over 60% for the quarter. Biotech stocks contributed to the Fund's fourth quarter returns with solid performance from companies like Cytyc Corp. and Genentech. As of December 31, the Fund was diversified across 97 holdings with an average market capitalization of $8.5 billion. GROWTH OF $10,000 OVER 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999 CSF S&P MIDCAP 400 RUSSELL 2000 1 Year 36.33% 14.72% 21.26% 5 Years 21.28% 23.05% 16.69% 10 Years 17.21% 17.32% 13.40%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA SPECIAL FUND S&P MIDCAP 400 RUSSELL 2000 12/31/89 $10,000 $10,000 $10,000 12/31/90 $8,761 $9,488 $8,049 12/31/91 $13,182 $14,242 $11,760 12/31/92 $14,988 $15,940 $13,925 12/31/93 $18,237 $18,164 $16,555 12/31/94 $18,655 $17,510 $16,253 12/31/95 $24,163 $22,927 $20,877 12/31/96 $27,322 $27,327 $24,320 12/31/97 $30,775 $36,151 $29,758 12/31/98 $35,896 $43,060 $28,999 12/31/99 $48,942 $49,414 $35,170
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P MIDCAP 400 IS AN UNMANAGED INDEX GENERALLY CONSIDERED REPRESENTATIVE OF THE U.S. MARKET FOR MID-CAP STOCKS. THE S&P MIDCAP 400 WILL REPLACE THE RUSSELL 2000 AS THE SPECIAL FUND'S BENCHMARK INDEX BECAUSE THE MIDCAP INDEX IS MORE REPRESENTATIVE OF THE TYPES OF STOCKS HELD BY THE FUND. THE RUSSELL 2000 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE MARKET FOR SMALL, DOMESTIC STOCKS. 6 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA SMALL CAP FUND-- ---------------------------- For the year ended December 31, 1999, Columbia Small Cap Fund gained 59.15%, significantly outperforming the Russell 2000's return of 21.26% for the same period. The Fund's fourth quarter return of 50.27% was its best quarterly performance since its October 1996 inception. TOP TEN HOLDINGS
% of Net Assets Documentum, Inc. 1.9 Power-One, Inc. 1.9 Integrated Device Technology, Inc. 1.8 Micros Systems, Inc. 1.8 Credence Systems Corp. 1.8 Cumulus Media, Inc. 1.7 Bindview Development Corp. 1.6 Optical Coating Laboratory, Inc. 1.6 Entercom Communications Corp. 1.6 Symantec Corp. 1.5 AS OF DECEMBER 31, 1999
The Fund's performance suffered early in the year as technology stocks turned in a mixed performance and the market favored larger cap names. With second quarter news of world economic recovery, the market broadened as investors turned to more aggressive issues, initiating a rebound in the small-cap market. Economically sensitive stocks led the resurgence, and the Fund benefited from heavier weightings in technology and energy and reduced holdings in the lagging health care sector. The Small Cap Fund survived a volatile third quarter, keeping ahead of its benchmark and contributing positively to the year's total return. A narrow group of stocks led the market: those that did particularly well were exposed to the explosive growth of the Internet and exceeded consensus earnings and revenue estimates. The Fund benefited from its holdings in technology and energy as well as from merger activity. SECTORS OF EMPHASIS
% of Net Assets Technology 52.5 Business & Consumer Services 12.2 Consumer Staples 9.0 Consumer Cyclical 7.3 Energy 5.4 AS OF DECEMBER 31, 1999
The Fund's surge in the fourth quarter was attributed to strong performance by technology stocks, which maintained their dominance. Holdings in the business and consumer services sector also posted substantial gains, while energy stocks offered a mixed performance. Even health care stocks, which have generally been lackluster since 1998, fared well, particularly in the biotech area. The recent gains in some biotech stocks held by the Fund suggest that the market may be broadening, which would continue to propel small cap stock performance. We believe the fundamentals of technology stocks are favorable, but we are also seeking diversification and opportunity in other sectors, such as health care and business and consumer services. With an average market capitalization of $1.5 billion as of December 31, the Fund was well diversified across 139 holdings. GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999 CSCF RUSSELL 2000 1 Year 59.15% 21.26% Since Inception 31.55% 14.00%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA SMALL CAP FUND RUSSELL 2000 10/1/96 $10,000 $10,000 12/31/96 $10,762 $10,520 12/31/97 $14,432 $12,872 12/31/98 $15,109 $12,544 12/31/99 $24,047 $15,211
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE RUSSELL 2000 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE MARKET FOR SMALL, DOMESTIC STOCKS. 7 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -- COLUMBIA REAL ESTATE EQUITY FUND-- ------------------------------------- Columbia Real Estate Equity Fund returned -2.45% for the year ended December 31, 1999, comparing favorably to a -4.62% return for the NAREIT Index over the same period. TOP TEN HOLDINGS
% of Net Assets Public Storage, Inc. 5.9 Vornado Realty Trust 5.8 Prologis Trust 5.6 Trizec Hahn Corp. 5.4 General Growth Properties, Inc. 4.8 Cousins Properties, Inc. 4.6 Equity Office Properties Trust 4.5 Spieker Properties, Inc. 4.2 Equity Residential Properties Trust 4.0 AvalonBay Communities, Inc. 3.9 AS OF DECEMBER 31, 1999
After a five-year expansion, the REIT market slowed in 1997 and has suffered negative performance in the past two years. In 1999, the struggling market staged a resurgence in April and May, triggered by a number of factors. News of overseas economic recovery turned investor attention away from large cap names toward lower priced value stocks with growth potential, such as REITS. Investor anxiety about excessive supply eased as a slowing in construction was announced by first quarter reports. In addition, public SEC filings indicated that acclaimed investor Warren Buffett had taken a personal stake in two REIT stocks. During this second quarter rally, the Fund benefited from industrial holdings, such as warehouses and light manufacturing plants, which are traditionally more conservative investments. The spring REIT rally was nearly obliterated in the third quarter as investor worries were sparked by renewed fears of overbuilding and of falling future growth rates. Both the Fund and the NAREIT Index suffered quarterly losses of over 8%. Investor concerns persisted into the fourth quarter and were exacerbated by tax loss selling. The Fund eked out a positive fourth quarter return with solid performance from the residential, industrial and office sectors. These sectors outperformed the broader REIT market, allowing the Fund to move ahead of its benchmark for the period and the year. The retail sector represented in the Fund, however, made a poor showing throughout the year. [PIE CHART]
PORTFOLIO COMPOSITION Apartments 15.6% Community Centers 9.6% Industrial 30.0% Healthcare 0.7% Lodging 3.3% Office 23.6% Shopping Malls 9.4% Cash and Cash Equivalents 5.7% Other 2.1%
AS OF DECEMBER 31, 1999 With 32 holdings and an average market capitalization of $2.4 billion on December 31, the Fund focuses on larger capitalization REITs with strong, experienced management teams and good prospects for future growth. Currently, these companies appear to be concentrated in the industrial and office sectors, followed closely by retail and residential. GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999 CREF NAREIT 1 Year -2.45% -4.62% 5 Years 11.51% 8.09% Since Inception 10.18% 6.89%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA REAL NATIONAL ASSOCIATION OF ESTATE EQUITY FUND REAL ESTATE TRUSTS 4/1/94 $10,000 $10,000 12/31/94 $10,176 $9,978 12/31/95 $11,892 $11,502 12/31/96 $16,446 $15,558 12/31/97 $20,515 $18,712 12/31/98 $17,985 $15,435 12/31/99 $17,543 $14,721
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS INDEX (NAREIT) TRACKS PERFORMANCE OF ALL PUBLICLY TRADED EQUITY REITS. 8 INVESTMENT REVIEW - ------------------------------------------------------------------------------- -COLUMBIA BALANCED FUND- ------------------------ Columbia Balanced Fund reported a gain of 12.70% for the year ended December 31, 1999. The equity side of the portfolio gained from a robust market environment, while a trend of rising interest rates hurt the fixed income side. TOP TEN STOCK HOLDINGS
% of Net Assets Microsoft Corp. 2.9 General Electric Co. 2.2 Citigroup, Inc. 2.0 Oracle Corp. 1.9 Cisco Systems, Inc. 1.7 Computer Sciences Corp. 1.7 Lucent Technologies, Inc. 1.5 Warner-Lambert Co. 1.5 Exxon Mobil Corp. 1.5 MCI Worldcom, Inc. 1.4 AS OF DECEMBER 31, 1999
Stock selection helped propel the Fund's results. Our stock selections in financial services, business and consumer services, technology, and energy contributed to the Fund's outstanding performance. Some of the leading stocks in these sectors were BJ Services (0.6% of net assets as of December 31), Citigroup, Cisco Systems, JDS Uniphase (0.6%), Oracle and USA Networks (0.6%). Each of these issues was up over 60% for the year. Sound stock selection was complemented by good sector selection. Here, our top down, thematic approach proved rewarding for shareholders. Guided by our Technology Age theme, we overweighted the technology and media sectors, which were clear drivers of strong performance. Investors who were not involved in these two sectors likely had a difficult time outperforming the S&P 500 in 1999.
PORTFOLIO COMPOSITION Common Stocks 56.2% Fixed Income 42.7% Cash 1.1%
AS OF DECEMBER 31, 1999 Going forward we expect to continue emphasizing the World Recovery, Technology Age and Baby Boomer Spending themes. All three served us well in 1999 and we remain comfortable with them as we move into the year 2000. On the bond side, a trend of rising interest rates was a drag on performance throughout the year. The Fed raised rates a total of 0.75% in three moves, completely reversing three rate cuts in 1998. As a result, yields rose, bond prices fell, and earned income could not offset price depreciation. Yields on high-grade corporate bonds and mortgage-backed securities increased less dramatically than Treasury bond yields. These sectors appear to offer value and are expected to benefit fixed income performance going forward. As always, Columbia Balanced Fund seeks a high total return for shareholders by investing in a combination of large cap stocks and investment-grade fixed income securities. GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS - ---------------------------- AS OF DECEMBER 31, 1999 CBF S&P 500 LEHMAN AGGREGATE 1 Year 12.70% 21.04% -0.82% 5 Years 17.57% 28.56% 7.73% Since Inception 14.15% 20.08% 6.94%
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
COLUMBIA BALANCED FUND S&P 500 LEHMAN AGGREGATE 10/1/91 $10,000 $10,000 $10,000 12/31/91 $10,780 $10,838 $10,507 12/31/92 $11,738 $11,664 $11,285 12/31/93 $13,337 $12,840 $12,385 12/31/94 $13,350 $13,009 $12,023 12/31/95 $16,699 $17,898 $14,244 12/31/96 $18,666 $22,007 $14,761 12/31/97 $22,164 $29,349 $16,185 12/31/98 $26,612 $37,737 $17,592 12/31/99 $29,987 $45,679 $17,449
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P 500 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE U.S. STOCK MARKET. THE LEHMAN AGGREGATE BOND INDEX REPRESENTS AVERAGE MARKET-WEIGHTED PERFORMANCE OF U.S TREASURY AND AGENCY SECURITIES, INVESTMENT-GRADE CORPORATE BONDS AND MORTGAGE-BACKED SECURITIES WITH MATURITIES GREATER THAN ONE YEAR. 9 INVESTMENT REVIEW - -------------------------------------------------------------------------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- ------------------------------------- Columbia U.S. Government Securities Fund returned 1.80% for the year ended December 31, 1999. Persistently strong economic growth throughout the year prompted the Federal Reserve Board to raise interest rates a total of 0.75% in three moves. These efforts to contain inflation completely reversed rate cuts by the Fed in 1998. In the fourth quarter, after the Fed's third rate hike, short-term interest rates rose approximately 0.63%, as measured by the two-year Treasury bond, causing prices on bonds in the Fund to decline further.
PORTFOLIO COMPOSITION Treasury/Agency Obligations 96.4% Cash 3.6%
AS OF DECEMBER 31, 1999 To cushion the impact of rising interest rates on the Fund's share price, the average maturity of the portfolio was shortened, as we believe that further Fed tightening is likely in the year 2000.
PORTFOLIO HIGHLIGHTS Current Yield 5.26% BASED ON THE 30 DAYS ENDED DECEMBER 31, 1999 Weighted Averages Duration 1.33 years Maturity 1.57 years AS OF DECEMBER 31, 1999
As always, the Fund seeks preservation of capital and current income by investing primarily in direct obligations of the U.S. Government with maturities of three years or less. While direct obligations of the U.S. Government are guaranteed as to the payment of principal and interest, the U.S. Government does not guarantee the value of the Fund's shares.
GROWTH OF $10,000 OVER 10 YEARS AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999 CUSG MERRILL 1-3 1 Year 1.80% 3.06% 5 Years 5.57% 6.51% 10 Years 6.11% 6.59%
COLUMBIA MERRILL U.S. LYNCH CONSUMER GOVERNMENT 1-3 PRICE SECURITIES TREASURY INDEX FUND INDEX (INFLATION) 12/31/89 $10,000 $10,000 $10,000 12/31/90 $10,929 $10,973 $10,610 12/31/91 $12,319 $12,255 $10,939 12/31/92 $13,035 $13,027 $11,256 12/31/93 $13,805 $13,731 $11,560 12/31/94 $13,801 $13,810 $11,872 12/31/95 $15,210 $15,329 $12,169 12/31/96 $15,796 $16,092 $12,571 12/31/97 $16,706 $17,164 $12,784 12/31/98 $17,780 $18,364 $12,989 12/31/99 $18,102 $18,925 $13,340
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE MERRILL LYNCH 1-3 TREASURY INDEX REPRESENTS THE AVERAGE RETURN OF ALL TREASURY NOTES WITH 1- TO 3-YEAR MATURITIES. 10 INVESTMENT REVIEW - -------------------------------------------------------------------------------- -- COLUMBIA FIXED INCOME SECURITIES FUND -- ------------------------------------- Throughout the year, a trend of rising interest rates lowered bond prices. For Columbia Fixed Income Securities Fund, most of the bond price declines -- but not all -- were offset by interest income earned. The Fund returned -1.50% for the year ended December 31, 1999.
PORTFOLIO COMPOSITION Collateralized Mortgage Obligations 22.8% Corporate Bonds 36.0% Treasury/Agency Obligations 12.3% Mortgage Pass Throughs 20.2% Asset-Backed Securities 5.1% Cash 3.6%
AS OF DECEMBER 31, 1999 Unexpected strength in the U.S. economy throughout 1999 prompted the Federal Reserve Board to raise interest rates a total of 0.75% in three moves. These efforts to restrain inflation completely reversed rate cuts by the Fed in 1998. The market anticipated further Fed actions, and interest rates on some longer-term bonds (including those held by the Fund) increased by as much as 1.8% for the year. Inflation rose modestly in 1999, with the consumer price index (CPI) up 2.7% for the year. However, core inflation (the CPI excluding the volatile food and energy components) rose 2.1%. Because the Fed has been proactive in containing price pressures and is expected to remain vigilant, we do not expect inflation to rise substantially in the near future.
PORTFOLIO QUALITY Treasury/Agency Obligations 48.2% Aaa 15.4% Aa 3.9% A 15.0% Baa 13.4% Ba 4.1%
AS OF DECEMBER 31, 1999 AS RATED BY MOODY'S INVESTORS SERVICE, INC. Corporate bonds and mortgage-backed securities performed better than Treasuries during 1999, primarily during the first and fourth quarters of the year. These securities provided greater income, and their prices declined less than equivalent Treasuries. Looking ahead, we see value in the corporate and mortgage-backed sectors and anticipate the Fund to benefit from overweightings in these areas. As always, Columbia Fixed Income Securities Fund seeks a high level of income and conservation of capital for shareholders by investing in a broad range of intermediate- to long-term fixed income securities. The Fund invests 90% of its assets, under normal market conditions, in investment-grade securities.
GROWTH OF $10,000 OVER 10 YEARS AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 1999 CFIS LEHMAN AGGREGATE 1 Year -1.50% -0.82% 5 Years 7.34% 7.73% 10 Years 7.59% 7.70%
COLUMBIA FIXED CONSUMER INCOME PRICE SECURITIES LEHMAN INDEX FUND AGGREGATE (INFLATION) 12/31/89 $10,000 $10,000 $10,000 12/31/90 $10,830 $10,896 $10,610 12/31/91 $12,654 $12,639 $10,939 12/31/92 $13,665 $13,575 $11,256 12/31/93 $15,096 $14,898 $11,560 12/31/94 $14,588 $14,463 $11,872 12/31/95 $17,347 $17,135 $12,169 12/31/96 $17,932 $17,757 $12,571 12/31/97 $19,646 $19,470 $12,784 12/31/98 $21,107 $21,162 $12,989 12/31/99 $20,788 $20,989 $13,340
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE LEHMAN AGGREGATE BOND INDEX REPRESENTS AVERAGE MARKET-WEIGHTED PERFORMANCE OF U.S. TREASURY AND AGENCY SECURITIES, INVESTMENT-GRADE CORPORATE BONDS AND MORTGAGE-BACKED SECURITIES WITH MATURITIES GREATER THAN ONE YEAR. 11 INVESTMENT REVIEW - -------------------------------------------------------------------------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND -- ------------------------------------- Columbia National Municipal Bond Fund returned -3.93% for the period February 24 through December 31, 1999. The Fund's introduction coincided with an environment of rising interest rates, so earned income failed to offset price depreciation in the Fund.
STATES OF EMPHASIS % of Net Assets Texas 15.4 Washington 14.1 Oregon 11.6 Illinois 7.7 Michigan 4.6 Alaska 3.6
AS OF DECEMBER 31, 1999 Bond prices were bid down throughout the year as stronger than anticipated economic growth led to fears of continued interest rate hikes by the Federal Reserve Board. The Fed completely reversed its interest rate cuts of 1998 by raising rates a total of 0.75% in three moves during 1999. In the first half of the year, an oversupply of municipal bonds in the market contributed to the Fund's poor performance. Many issuers sought to gather funds for their projects well ahead of the year 2000, flooding the marketplace with new issues. Although the supply of new issues slowed in following months, a decline in demand from institutional buyers kept prices from rising. In the fourth quarter, yields on municipal bonds rose 0.25% on average, again depressing prices. Falling prices were also exacerbated by significant tax loss selling prior to year-end.
PORTFOLIO QUALITY Aaa 50.6% Aa 20.2% A 12.2% Baa 7.4% Not Rated 9.6%
AS OF DECEMBER 31, 1999 AS RATED BY MOODY'S INVESTORS SERVICE, INC. We believe the Fed will continue to raise interest rates in 2000 to curb potentially accelerating inflationary pressures. We expect that higher rates will contribute to moderating economic growth during the year. Therefore, municipal yields appear attractive at current levels, with longer municipal yields at 6.00%, particularly for investors in the highest tax brackets. The Fund continues to seek a high level of after-tax returns by investing in a diverse pool of municipal securities issued by state and local governments, and their agencies throughout the country.
GROWTH OF $10,000 SINCE INCEPTION TOTAL RETURNS AS OF DECEMBER 31, 1999 LIPPER CNMF GENERAL Since Inception -3.93% -4.57%
COLUMBIA LIPPER GENERAL NATIONAL MUNICIPAL BOND FUND MUNICIPAL FUNDS 2/24/99 $10,000 $10,000 3/31/99 $9,920 $10,005 6/30/99 $9,733 $9,803 9/30/99 $9,675 $9,678 12/31/99 $9,607 $9,543
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE LIPPER GENERAL MUNICIPAL DEBT FUNDS INDEX REPRESENTS AVERAGE PERFORMANCE OF THE LARGEST GENERAL MUNICIPAL DEBT FUNDS TRACKED BY LIPPER ANALYTICAL SERVICES. 12 INVESTMENT REVIEW - -------------------------------------------------------------------------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND-- ------------------------------------- An environment of rising interest rates and declining prices challenged municipal bond performance throughout 1999. For the year ended December 31, 1999, Columbia Oregon Municipal Bond Fund returned -2.65%.
PORTFOLIO COMPOSITION State of Oregon General Obligation Bonds 6.0% Oregon General Obligation Bonds 15.7% Oregon Insured General Obligation Bonds 17.0% Oregon Revenue Bonds 29.0% Oregon Insured Revenue Bonds 23.4% Oregon Pre-Refunded Bonds 2.9% Oregon Other Bonds 2.8% Other Bonds 1.3% Cash 1.9%
AS OF DECEMBER 31, 1999 Persistent economic strength fueled fears of rising inflation and Federal Reserve Board intervention. Inflationary pressures -- evident in tight labor markets and rising commodity prices -- prompted the Fed to raise interest rates a total of 0.75% in three moves during the course of the year. As the year began, light issuance of Oregon municipal bonds helped portfolio performance as higher demand nudged prices up. A surge of new issues in the second quarter, however, increased supply relative to demand and hampered Fund returns. A strong economy, higher tax receipts and a rush to finance projects before the year 2000 encouraged municipalities to issue new bonds to help fund infrastructure, transportation, housing, education and other projects. The oversupply of municipal bonds resulted in lower prices, and although yields moved higher, income earned was not sufficient enough to offset price depreciation. While new issues slowed in the third and fourth quarters, demand from large, institutional investors also slackened. In addition, investors engaged in tax loss selling prior to year-end exacerbating price declines.
PORTFOLIO QUALITY Aaa 44.2% Aa 29.9% A 15.2% Baa 2.5% Not Rated 8.2%
AS OF DECEMBER 31, 1999 AS RATED BY MOODY'S INVESTORS SERVICE, INC. We believe the Fed will continue to raise interest rates in 2000 to curb potentially accelerating inflationary pressures. We expect that higher rates will contribute to moderating economic growth during the year. Therefore, municipal yields are attractive at current levels, with longer municipal yields at 6.00%, particularly for investors in the highest tax brackets. Oregon's economy appears to be robust, as Asian countries representing much of Oregon's export business continue to recover. As always, the Fund seeks to provide Oregon residents with a high level of income exempt from both state and federal tax. The Fund had an average maturity of 12.8 years on December 31 and maintains an emphasis on high credit quality.
GROWTH OF $10,000 OVER 10 YEARS AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999 LEHMAN LIPPER CMBF G.O. OREGON 1 Year -2.65% -1.51% -4.43% 5 Years 5.70% 6.82% 5.70% 10 Years 5.88% 6.72% 5.82%
COLUMBIA OREGON LEHMAN LIPPER MUNICIPAL GENERAL OREGON BOND OBLIGATION MUNICIPAL FUND BOND FUNDS 12/31/89 $10,000 $10,000 $10,000 12/31/90 $10,689 $10,677 $10,631 12/31/91 $11,943 $11,894 $11,837 12/31/92 $12,714 $12,937 $12,773 12/31/93 $14,079 $14,455 $14,299 12/31/94 $13,420 $13,778 $13,348 12/31/95 $15,319 $16,005 $15,580 12/31/96 $15,896 $16,764 $16,079 12/31/97 $17,225 $18,239 $17,463 12/31/98 $18,186 $19,455 $18,425 12/31/99 $17,703 $19,164 $17,609
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE LEHMAN GENERAL OBLIGATION BOND INDEX REPRESENTS AVERAGE MARKET-WEIGHTED PERFORMANCE OF GENERAL OBLIGATION SECURITIES THAT HAVE BEEN ISSUED IN THE LAST FIVE YEARS WITH MATURITIES GREATER THAN ONE YEAR. THE LIPPER OREGON MUNICIPAL DEBT FUNDS AVERAGE MEASURES PERFORMANCE OF ALL OREGON MUNICIPAL BOND FUNDS TRACKED BY LIPPER ANALYTICAL SERVICES, INC. 13 INVESTMENT REVIEW - -------------------------------------------------------------------------------- -- COLUMBIA HIGH YIELD FUND -- ------------------------------------- Columbia High Yield Fund gained 2.38% for the year ended December 31, 1999. Stronger than anticipated economic growth hampered the bond market throughout the year. Nonetheless, high yield bonds outperformed investment-grade alternatives in the first half of the year as investors shunned traditionally safe Treasuries and opted for riskier, more aggressive instruments. With reports of increasing oil prices, the fundamentals of the energy sector appeared to be improving and we expanded our holdings in that sector during the second quarter.
SECTORS OF EMPHASIS % of Net Assets Business & Consumer Services 27.9 Consumer Cyclical 17.4 Telecommunications 11.8 Energy 10.5 Basic Industry & Manufacturing 7.6
AS OF DECEMBER 31, 1999 Increased stock market volatility in the third quarter elevated nervousness among investors, leading some back to investment-grade bonds. High yield bonds generally underperformed in the third quarter, as prices declined due to modestly higher yields and reduced demand. In the fourth quarter, however, high yield bonds regained their dominance over investment-grade alternatives. Prices on most bonds fell throughout the year as the Federal Reserve Board raised interest rates a total of 0.75%, but high yield debt prices fell less than those on investment-grade debt issues. As the fourth quarter progressed, we increased weightings in the entertainment sector with the addition of Park Place Entertainment (2.1% of net assets as of December 31). Holdings were also expanded in the diversified media sector with the addition of Fox/Liberty Networks (2.1%). In the telecommunications sector, we added Nextlink Communications (2.3%) and Flag LTD (1.6%) to the Fund's holdings.
PORTFOLIO QUALITY Baa 8.3% Ba 53.4% B 37.0% Caa 1.3%
AS OF DECEMBER 31, 1999 AS RATED BY MOODY'S INVESTORS SERVICE, INC. Based on our outlook for a healthy -- although moderating -- economy, high yield bonds should continue to generate attractive returns for investors seeking to diversify their portfolios. As always, the Fund concentrates on the upper tier of non-investment-grade bonds, investing no more than 10% of net assets in bonds rated below B by Moody's or by Standard & Poor's. We believe this offers shareholders access to higher yields without assuming all the risk associated with the broader junk bond market.
GROWTH OF $10,000 SINCE INCEPTION AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999 CHYF SALOMON LIPPER BB HYBF 1 Year 2.38% 2.24% 4.78% 5 Years 9.83% 10.73% 9.46% Since Inception 7.76% 8.51% 7.62%
COLUMBIA LIPPER HIGH YIELD SALOMON BB HIGH YIELD FUND BOND FUND INDEX 10/1/93 $10,000 $10,000 $10,000 12/31/93 $10,112 $10,498 $10,185 12/31/94 $10,019 $10,113 $10,048 12/31/95 $11,935 $11,870 $12,321 12/31/96 $13,060 $13,410 $13,429 12/31/97 $14,719 $15,177 $15,142 12/31/98 $15,640 $15,165 $16,361 12/31/99 $16,010 $15,886 $16,726
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE SALOMON BB INDEX MEASURES THE TOTAL RETURN OF BONDS WITH A MATURITY OF AT LEAST ONE YEAR AND INCLUDES BONDS RATED BB+, BB or BB- BY STANDARD & POOR'S OR BONDS RATED Ba1, Ba2 OR Ba3 BY MOODY'S INVESTORS SERVICE. THE LIPPER HIGH YIELD BOND FUND INDEX REPRESENTS EQUALLY WEIGHTED PERFORMANCE OF THE 30 LARGEST MUTUAL FUNDS WITHIN ITS CATEGORY. 14 INVESTMENT REVIEW - -------------------------------------------------------------------------------- --COLUMBIA DAILY INCOME COMPANY-- ------------------------------------- Columbia Daily Income Company gained 4.71% for the year ended December 31, 1999, comparing favorably to inflation, which rose 2.70% for the year.
PORTFOLIO HIGHLIGHTS Current Yield 5.43% Compound Yield 5.58% BASED ON THE 7 DAYS ENDED DECEMBER 31, 1999 Weighted Average Maturity 38 days
AS OF DECEMBER 31, 1999 Sustained economic growth, rising commodity prices and tight labor markets contributed to fears of inflation. To contain inflationary pressures and slow economic expansion, the Federal Reserve Board increased interest rates by a total of 0.75% in three moves during the year. Money market rates rose along with these interest rate hikes. The Fund's yield benefited from these rising interest rates, increasing from 4.64% to 5.43% over the course of the year. Early in 1999, the Fund's yield slightly declined but inched back up as the second quarter progressed. As maturing securities were replaced with higher yielding instruments in the latter half of the year, the portfolio's overall yield improved. INFLATION IS MEASURED BY THE CONSUMER PRICE INDEX, WHICH REPRESENTS THE INCREASE/DECREASE IN THE COST OF GOODS AND SERVICES OVER TIME. Inflation has remained well under control and is not anticipated to diverge greatly from current levels in the coming year. Since U.S. economic growth continues to be quite strong, the market expects the Fed to initiate new interest rate hikes in 2000. In such an event, the Fund would be expected to benefit, as it reinvests its portfolio in new issues with higher rates. Columbia Daily Income Company continues to seek a level of income consistent with the maintenance of liquidity and preservation of capital by investing in high quality money market instruments with an average maturity of 30 to 50 days.
GROWTH OF $10,000 OVER 10 YEARS AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 1999 CDIC CPI 1 Year 4.71% 2.70% 5 Years 5.07% 2.36% 10 Years 4.82% 2.92%
COLUMBIA DAILY INCOME COMPANY CONSUMER PRICE INDEX (INFLATION) 12/31/89 $10,000 $10,000 12/31/90 $10,784 $10,610 12/31/91 $11,394 $10,939 12/31/92 $11,765 $11,256 12/31/93 $12,060 $11,560 12/31/94 $12,504 $11,872 12/31/95 $13,190 $12,169 12/31/96 $13,844 $12,571 12/31/97 $14,552 $12,784 12/31/98 $15,293 $12,989 12/31/99 $16,014 $13,340
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. 15 FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ------------------------ ----------------------- -- COLUMBIA COMMON STOCK FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $24.40 $22.02 $19.26 $18.59 $15.16 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................................. 0.03 0.09 0.29 0.25 0.26 Net realized and unrealized gains on investments...... 6.25 5.68 4.58 3.61 4.38 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................... 6.28 5.77 4.87 3.86 4.64 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income.................. (0.03) (0.13) (0.27) (0.23) (0.26) Distributions from capital gains...................... (1.75) (3.26) (1.84) (2.96) (0.95) - --------------------------------------------------------------------------------------------------------------------------- Total distributions................................. (1.78) (3.39) (2.11) (3.19) (1.21) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $28.90 $24.40 $22.02 $19.26 $18.59 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN............................................. 25.76% 26.28% 25.37% 20.71% 30.84% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)................... $959,910 $797,147 $783,906 $536,760 $358,523 Ratio of expenses to average net assets.................. 0.77% 0.80% 0.77% 0.76% 0.80% Ratio of net investment income to average net assets..... 0.09% 0.56% 1.37% 1.32% 1.68% Portfolio turnover rate.................................. 97% 141% 90% 111% 75% - ---------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- -- COLUMBIA GROWTH FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $42.51 $34.34 $30.74 $29.84 $24.84 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).......................... (0.03) 0.03 0.19 0.19 0.31 Net realized and unrealized gains on investments...... 11.09 10.39 7.90 6.04 7.86 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................... 11.06 10.42 8.09 6.23 8.17 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income.................. (0.00)* (0.08) (0.17) (0.17) (0.29) Distributions from capital gains...................... (4.66) (2.17) (4.32) (5.16) (2.88) - --------------------------------------------------------------------------------------------------------------------------- Total distributions................................. (4.66) (2.25) (4.49) (5.33) (3.17) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $48.91 $42.51 $34.34 $30.74 $29.84 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN............................................. 26.02% 30.34% 26.32% 20.80% 32.98% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)................... $2,160,739 $1,753,024 $1,324,918 $1,064,100 $848,731 Ratio of expenses to average net assets.................. 0.65% 0.68% 0.71% 0.71% 0.75% Ratio of net investment income (loss) to average net assets (0.07%) 0.21% 0.55% 0.63% 1.14% Portfolio turnover rate.................................. 118% 105% 96% 75% 95% - ---------------------------------------------------------------------------------------------------------------------------
* Amount represents less than $0.01 per share. See Accompanying Notes to Financial Statements 16 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------------------------------------------------------------- -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $15.45 $13.70 $13.86 $13.07 $12.43 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).............................. (0.05) (0.00)* 0.03 0.03 0.02 Net realized and unrealized gains on investments and foreign currency transactions....................... 9.00 1.76 1.56 2.13 0.62 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 8.95 1.76 1.59 2.16 0.64 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... -- -- -- (0.23) -- Distributions from capital gains.......................... (1.59) (0.01) (1.75) (1.14) -- - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (1.59) (0.01) (1.75) (1.37) -- - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR................................. $22.81 $15.45 $13.70 $13.86 $13.07 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN 57.93% 12.83% 11.47% 16.59% 5.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $239,223 $134,193 $146,281 $125,510 $100,873 Ratio of expenses to average net assets...................... 1.48% 1.56% 1.62% 1.54% 1.54% Ratio of net investment income (loss) to average net assets.. (0.35%) (0.02%) 0.19% 0.22% 0.15% Portfolio turnover rate...................................... 94% 74% 122% 129% 156%
* Amount represents less than $0.01 per share. - --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------- -- COLUMBIA SPECIAL FUND -- -------------------------------- 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $23.62 $20.26 $19.85 $21.44 $18.69 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).............................. (0.16) (0.03) 0.01 (0.06) 0.03 Net realized and unrealized gains on investments.......... 8.74 3.40 2.50 2.85 5.45 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 8.58 3.37 2.51 2.79 5.48 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... -- (0.01) -- -- (0.02) Distributions from capital gains.......................... (2.27) (0.00)* (2.10) (4.38) (2.71) - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (2.27) (0.01) (2.10) (4.38) (2.73) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $29.93 $23.62 $20.26 $19.85 $21.44 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. 36.33% 16.64% 12.64% 13.07% 29.53% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $918,322 $969,359 $1,249,718 $1,585,284 $1,384,415 Ratio of expenses to average net assets...................... 1.09% 1.03% 0.98% 0.94% 0.98% Ratio of net investment income (loss) to average net assets.. (0.64%) (0.09%) 0.04% (0.29%) 0.16% Portfolio turnover rate...................................... 135% 135% 166% 150% 183%
* Amount represents less than $0.01 per share. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 17 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------------------------------------------------------------- -- COLUMBIA SMALL CAP FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $17.43 $16.65 $12.99 $12.00 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss....................................... (0.14) (0.09) (0.08) (0.00)* Net realized and unrealized gains on investments.......... 10.45 0.87 4.51 0.99 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 10.31 0.78 4.43 0.99 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Distributions from capital gains.......................... (0.48) (0.00)* (0.77) -- - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (0.48) (0.00) (0.77) -- - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $27.26 $17.43 $16.65 $12.99 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. 59.15% 4.69% 34.10% 7.62%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)..................... $290,374 $160,472 $96,431 $21,061 Ratio of expenses to average net assets...................... 1.30% 1.34% 1.46% 1.61%(3) Ratio of net investment loss to average net assets........... (0.84%) (0.68%) (0.81%) (0.00%)(3) Portfolio turnover rate...................................... 188% 158% 172% 33%(3) * Amount represents less than $0.01 per share. (1) From inception of operations on September 11, 1996. (2) Not annualized (3) Annualized - ---------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- -- COLUMBIA REAL ESTATE EQUITY FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $15.76 $18.80 $16.16 $12.71 $11.72 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.82 0.75 0.79 0.77 0.78 Net realized and unrealized gains (losses) on investments. (1.19) (3.04) 3.15 3.94 1.12 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ (0.37) (2.29) 3.94 4.71 1.90 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.71) (0.66) (0.62) (0.52) (0.49) Distributions from capital gains.......................... -- -- (0.51) (0.53) (0.14) Return of capital......................................... (0.11) (0.09) (0.17) (0.21) (0.28) - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (0.82) (0.75) (1.30) (1.26) (0.91) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $14.57 $15.76 $18.80 $16.16 $12.71 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. - 2.45% - 12.33% 24.74% 38.30% 16.86% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $241,716 $164,172 $151,554 $68,073 $21,587 Ratio of expenses to average net assets...................... 0.99% 1.01% 1.02% 1.06% 1.18% Ratio of net investment income to average net assets......... 5.66% 4.60% 4.87% 6.23% 6.71% Portfolio turnover rate...................................... 29% 6% 34% 46% 54% - ---------------------------------------------------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements 18 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------------------------------------------------------------- -- COLUMBIA BALANCED FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $23.17 $21.42 $20.32 $20.08 $17.28 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.69 0.72 0.84 0.76 0.73 Net realized and unrealized gains on investments.......... 2.21 3.52 2.92 1.58 3.54 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 2.90 4.24 3.76 2.34 4.27 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.69) (0.73) (0.83) (0.76) (0.73) Distributions from capital gains.......................... (0.66) (1.76) (1.83) (1.34) (0.74) - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (1.35) (2.49) (2.66) (2.10) (1.47) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $24.72 $23.17 $21.42 $20.32 $20.08 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. 12.70% 20.07% 18.74% 11.78% 25.08% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $1,040,940 $975,381 $792,378 $672,593 $486,767 Ratio of expenses to average net assets...................... 0.66% 0.67% 0.68% 0.66% 0.69% Ratio of net investment income to average net assets......... 2.85% 3.22% 3.83% 3.82% 4.05% Portfolio turnover rate...................................... 133% 128% 149% 133% 108% - ---------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $8.39 $8.29 $8.24 $8.34 $7.99 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income...................................... 0.33 0.38 0.41 0.41 0.45 Net realized and unrealized gains (losses) on investments.. (0.18) 0.14 0.05 (0.10) 0.35 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations......................... 0.15 0.52 0.46 0.31 0.80 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income....................... (0.33) (0.38) (0.41) (0.41) (0.45) Distributions from capital gains........................... (0.01) (0.04) -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Total distributions...................................... (0.34) (0.42) (0.41) (0.41) (0.45) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $8.20 $8.39 $8.29 $8.24 $8.34 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN.................................................. 1.80% 6.43% 5.76% 3.85% 10.21% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)........................ $38,072 $40,578 $37,837 $40,776 $41,842 Ratio of expenses to average net assets....................... 0.91% 0.89% 0.87% 0.80% 0.79% Ratio of net investment income to average net assets.......... 4.09% 4.55% 4.99% 4.99% 5.45% Portfolio turnover rate....................................... 211% 182% 184% 179% 253% - ---------------------------------------------------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements 19 FINANCIAL HIGHLIGHTS - ------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ------------------------------------------------------------- -- COLUMBIA FIXED INCOME SECURITIES FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $13.42 $13.41 $13.08 $13.51 $12.16 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.78 0.83 0.85 0.85 0.88 Net realized and unrealized gains (losses) on investments. (0.98) 0.14 0.36 (0.43) 1.35 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ (0.20) 0.97 1.21 0.42 2.23 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.78) (0.83) (0.85) (0.85) (0.88) Distributions from capital gains.......................... (0.00)* (0.13) (0.03) -- -- - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (0.78) (0.96) (0.88) (0.85) (0.88) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $12.44 $13.42 $13.41 $13.08 $13.51 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. - 1.50% 7.44% 9.56% 3.37% 18.91% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $397,147 $422,330 $381,333 $356,421 $316,259 Ratio of expenses to average net assets...................... 0.64% 0.65% 0.66% 0.64% 0.65% Ratio of net investment income to average net assets......... 6.03% 6.15% 6.43% 6.53% 6.80% Portfolio turnover rate...................................... 155% 107% 196% 178% 137% * Amount represents less than $0.01 per share. - ---------------------------------------------------------------------------------------------------------------------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND -- --------------------------------
1999(1) - -------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $10.00 - -------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.34 Net realized and unrealized losses on investments......... (0.72) - -------------------------------------------------------------------------------- Total from investment operations........................ (0.38) - -------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.34) - -------------------------------------------------------------------------------- Total distributions..................................... (0.34) - -------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $9.28 - -------------------------------------------------------------------------------- TOTAL RETURN................................................. - 3.93%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)..................... $10,135 Ratio of expenses to average net assets...................... 0.65%(3) Ratio of expenses to average net assets before reimbursment.............................................. 1.72%(3) Ratio of net investment income to average net assets......... 4.21%(3) Portfolio turnover rate...................................... 12%(3)
(1) From inception of operations on February 10, 1999. (2) Not annualized (3) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 20 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------------------------------------------------------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $12.46 $12.47 $12.15 $12.37 $11.48 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.56 0.58 0.60 0.61 0.63 Net realized and unrealized gains (losses) on investments. (0.88) 0.10 0.39 (0.16) 0.96 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ (0.32) 0.68 0.99 0.45 1.59 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.56) (0.58) (0.60) (0.61) (0.63) Distributions from capital gains.......................... (0.02) (0.11) (0.07) (0.06) (0.07) - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (0.58) (0.69) (0.67) (0.67) (0.70) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $11.56 $12.46 $12.47 $12.15 $12.37 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. - 2.65% 5.58% 8.36% 3.77% 14.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $409,919 $462,809 $409,148 $375,667 $383,796 Ratio of expenses to average net assets...................... 0.57% 0.58% 0.57% 0.56% 0.57% Ratio of net investment income to average net assets......... 4.64% 4.60% 4.87% 5.00% 5.22% Portfolio turnover rate...................................... 28% 17% 17% 19% 21% - ---------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- -- COLUMBIA HIGH YIELD FUND -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $9.84 $10.04 $9.94 $9.88 $9.04 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income..................................... 0.74 0.76 0.81 0.81 0.82 Net realized and unrealized gains (losses) on investments. (0.51) (0.15) 0.40 0.07 0.84 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 0.23 0.61 1.21 0.88 1.66 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income...................... (0.74) (0.76) (0.81) (0.81) (0.82) Distributions from capital gains.......................... (0.01) (0.05) (0.30) (0.01) -- - --------------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (0.75) (0.81) (1.11) (0.82) (0.82) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR................................. $9.32 $9.84 $10.04 $9.94 $9.88 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN................................................. 2.38% 6.26% 12.70% 9.43% 19.12% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands)....................... $71,678 $57,524 $39,278 $28,818 $23,471 Ratio of expenses to average net assets...................... 0.91% 0.95% 1.00% 0.93% 1.00% Ratio of expenses to average net assets before voluntary reimbursement............................................. 0.91% 0.95% 1.02% 1.00% 1.06% Ratio of net investment income to average net assets......... 7.71% 7.52% 8.05% 8.29% 8.62% Portfolio turnover rate...................................... 49% 79% 124% 62% 52% - ---------------------------------------------------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements 21 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------------------------------------------------------------- -- COLUMBIA DAILY INCOME COMPANY -- --------------------------------
1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00 - --------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income.................................. 0.046 0.050 0.050 0.048 0.053 - --------------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... 0.046 0.050 0.050 0.048 0.053 - --------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income................... (0.046) (0.050) (0.050) (0.048) (0.053) - --------------------------------------------------------------------------------------------------------------------------- Total distributions.................................. (0.046) (0.050) (0.050) (0.048) (0.053) - --------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00 - --------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN.............................................. 4.71% 5.09% 5.11% 4.96% 5.49% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands).................... $1,165,289 $1,109,141 $1,169,096 $889,800 $800,656 Ratio of expenses to average net assets................... 0.64% 0.62% 0.63% 0.62% 0.64% Ratio of net investment income to average net assets...... 4.61% 4.97% 4.99% 4.84% 5.34% - ---------------------------------------------------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements 22
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- -------------------------------------- December 31, 1999 SHARES VALUE ---------- ----------- COMMON STOCKS (97.0%) BASIC INDUSTRIES & MANUFACTURING (11.7%) ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (6.7%) COOPER INDUSTRIES, INC................ 115,500 $ 4,670,531 GENERAL ELECTRIC CO................... 243,600 37,697,100 HONEYWELL INTERNATIONAL, INC.......... 179,600 10,360,675 TYCO INTERNATIONAL LTD................ 304,616 11,841,947 ----------- 64,570,253 ----------- MATERIALS (5.0%) CHAMPION INTERNATIONAL CORP........... 121,500 7,525,406 DOW CHEMICAL CO....................... 25,800 3,447,525 DU PONT (E.I.) DE NEMOURS & CO........ 128,000 8,432,000 INTERNATIONAL PAPER CO................ 135,800 7,664,213 PRAXAIR, INC.......................... 123,700 6,223,656 UNION CARBIDE CORP.................... 163,900 10,940,325 WILLAMETTE INDUSTRIES, INC............ 70,800 3,287,775 ----------- 47,520,900 ----------- TOTAL BASIC INDUSTRIES & MANUFACTURING......................... 112,091,153 ----------- BUSINESS & CONSUMER SERVICES (9.6%) BROADCASTING (6.6%) *AT&T CORP. - LIBERTY MEDIA GROUP (CLASS A)............................ 352,232 19,989,166 *CLEAR CHANNEL COMMUNICATIONS, INC.................................. 179,300 16,002,525 *INFINITY BROADCASTING CORP. (CLASS A)............................ 352,100 12,741,619 NEWS CORP. LTD. ADR................... 130,300 4,983,975 *USA NETWORKS, INC..................... 166,950 9,223,987 ----------- 62,941,272 ----------- CABLE (1.8%) *CHARTER COMMUNICATIONS, INC. (CLASS A)............................ 190,600 4,169,375 *MEDIAONE GROUP, INC................... 167,900 12,896,819 ----------- 17,066,194 ----------- ENTERTAINMENT (1.2%) TIME WARNER, INC...................... 163,200 11,821,800 ----------- TOTAL BUSINESS & CONSUMER SERVICES.............................. 91,829,266 ----------- CONSUMER CYCLICAL (6.4%) HOTELS & GAMING (0.3%) ROYAL CARIBBEAN CRUISES LTD........... 65,400 3,225,037 ----------- RESTAURANTS (0.6%) MCDONALD'S CORP....................... 133,400 5,377,688 ----------- RETAIL (5.5%) *BED, BATH & BEYOND, INC............... 304,000 10,564,000 *BEST BUY CO., INC..................... 80,450 4,037,584 CIRCUIT CITY STORES, INC.............. 82,100 3,699,631 *COSTCO WHOLESALE CORP................. 160,700 14,663,875 HOME DEPOT, INC....................... 171,400 11,751,613 *STAPLES, INC.......................... 410,300 8,513,725 ----------- 53,230,428 ----------- TOTAL CONSUMER CYCLICAL................. 61,833,153 ----------- CONSUMER STAPLES (9.3%) FOOD & DRUG RETAIL (1.5%) *SAFEWAY, INC.......................... 404,500 14,385,031 ----------- HEALTH CARE (6.0%) BRISTOL-MYERS SQUIBB CO............... 186,800 11,990,225 PFIZER, INC........................... 285,200 9,251,175 SCHERING-PLOUGH CORP.................. 278,000 11,728,125 WARNER-LAMBERT CO..................... 294,200 24,106,013 ----------- 57,075,538 ----------- MEDICAL DEVICES (1.8%) *GUIDANT CORP.......................... 370,300 17,404,100 ----------- TOTAL CONSUMER STAPLES.................. 88,864,669 ----------- ENERGY (6.1%) INTERNATIONAL INTEGRATED (3.6%) EXXON MOBIL CORP...................... 321,032 25,863,140 ROYAL DUTCH PETROLEUM CO.............. 137,800 8,328,288 ----------- 34,191,428 ----------- OIL SERVICES (2.5%) *BJ SERVICES CO........................ 233,000 9,742,313 *NABORS INDUSTRIES, INC................ 284,300 8,795,531 *NOBLE DRILLING CORP................... 179,900 5,891,725 ----------- 24,429,569 ----------- TOTAL ENERGY............................ 58,620,997 -----------
See Accompanying Notes to Financial Statements 23
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- -------------------------------------- December 31, 1999 SHARES VALUE ---------- ----------- COMMON STOCKS (CONTINUED) FINANCIAL (13.0%) BANKS (5.0%) BANK OF NEW YORK CO., INC............. 226,400 $9,056,000 CHASE MANHATTAN CORP.................. 92,100 7,155,019 CITIGROUP, INC........................ 581,400 32,304,037 ----------- 48,515,056 ----------- BROKERS, MONEY MANAGERS (3.5%) AMERICAN EXPRESS CO................... 123,800 20,581,750 MORGAN STANLEY, DEAN WITTER & CO.......................... 88,600 12,647,650 ----------- 33,229,400 ----------- INSURANCE - PROPERTY & CASUALTY (2.3%) AMERICAN INTERNATIONAL GROUP, INC........................... 176,075 19,038,109 TRAVELERS PROPERTY CASUALTY CORP. (CLASS A)............................ 83,000 2,842,750 ----------- 21,880,859 ----------- MORTGAGE/FINANCE COMPANIES (2.2%) FANNIE MAE............................ 181,300 11,319,919 FREDDIE MAC........................... 213,600 10,052,550 ----------- 21,372,469 ----------- TOTAL FINANCIAL......................... 124,997,784 ----------- TECHNOLOGY (32.5%) COMPUTERS (1.3%) *APPLE COMPUTER, INC................... 72,500 7,453,906 *DELL COMPUTER CORP.................... 89,500 4,564,500 ----------- 12,018,406 ----------- DATA SERVICES (5.1%) *AMERICA ONLINE, INC................... 209,800 15,826,788 *COMPUTER SCIENCES CORP................ 277,400 26,248,975 *XILINX, INC........................... 148,600 6,756,656 ----------- 48,832,419 ----------- SEMICONDUCTORS (7.6%) *ALTERA CORP........................... 176,600 8,752,737 *APPLIED MATERIALS, INC................ 138,100 17,495,544 INTEL CORP............................ 224,050 18,442,116 *JDS UNIPHASE CORP..................... 59,000 9,517,437 *MICRON TECHNOLOGY, INC................ 80,000 6,220,000 STMICROELECTRONICS N.V................ 32,300 4,891,431 TEXAS INSTRUMENTS, INC................ 81,300 7,875,938 ----------- 73,195,203 ----------- SOFTWARE (9.4%) *BMC SOFTWARE, INC..................... 135,300 10,815,544 *MICROSOFT CORP........................ 400,200 46,723,350 *ORACLE CORP........................... 294,150 32,963,184 ----------- 90,502,078 ----------- TELECOMMUNICATIONS EQUIPMENT (9.1%) *CISCO SYSTEMS, INC.................... 243,600 26,095,650 LUCENT TECHNOLOGIES, INC.............. 325,485 24,350,347 MOTOROLA, INC......................... 47,950 7,060,637 NOKIA CORP............................ 36,100 6,859,000 NORTEL NETWORKS CORP.................. 94,300 9,524,300 *TELLABS, INC.......................... 203,300 13,049,319 ----------- 86,939,253 ----------- TOTAL TECHNOLOGY........................ 311,487,359 ----------- TRANSPORTATION (0.3%) TRUCKS UNITED PARCEL SERVICE, INC. (CLASS B)............................ 46,200 3,187,800 ----------- UTILITIES (8.1%) TELECOMMUNICATIONS SERVICES ALLTEL CORP........................... 175,800 14,536,463 *EQUANT NV............................. 66,600 7,459,200 *INFONET SERVICES CORP. (CLASS B)...... 31,000 813,750 *MCI WORLDCOM, INC..................... 431,553 22,899,281 SBC COMMUNICATIONS, INC............... 213,400 10,403,250 *SPRINT CORP. (PCS GROUP).............. 103,400 10,598,500 VODAFONE AIRTOUCH PLC................. 224,500 11,112,750 ----------- TOTAL UTILITIES......................... 77,823,194 ----------- TOTAL COMMON STOCKS (COST $599,682,888)................... 930,735,375 -----------
See Accompanying Notes to Financial Statements 24
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- -------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ---------- ----------- REPURCHASE AGREEMENT (3.4%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $32,769,248. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% to 3.875% DUE 01/15/2007 TO 01/15/2009. (COST $32,764,287)................... $32,764,287 $ 32,764,287 ------------- TOTAL INVESTMENTS (100.4%) (COST $632,447,175)....................... 963,499,662 OTHER ASSETS LESS LIABILITIES(-0.4%) (3,589,719) ------------- NET ASSETS (100.0%)......................... $959,909,943 ------------ ------------
* Non-income producing. See Accompanying Notes to Financial Statements 25
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------- December 31, 1999 SHARES VALUE ---------- ----------- COMMON STOCKS (96.3%) BASIC INDUSTRIES & MANUFACTURING (6.5%) ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL GENERAL ELECTRIC CO................... 400,000 $61,900,000 HONEYWELL INTERNATIONAL, INC.......... 344,700 19,884,881 TYCO INTERNATIONAL LTD................ 1,495,700 58,145,338 ------------ 139,930,219 ------------ BUSINESS & CONSUMER SERVICES (11.2%) BROADCASTING (6.2%) *AT&T CORP. - LIBERTY MEDIA GROUP (CLASS A)............................ 837,200 47,511,100 *CLEAR CHANNEL COMMUNICATIONS, INC.................................. 457,431 40,825,717 *INFINITY BROADCASTING CORP. (CLASS A)............................ 683,600 24,737,775 *USA NETWORKS, INC..................... 377,300 20,845,825 ------------ 133,920,417 ------------ CABLE (1.7%) *CHARTER COMMUNICATIONS, INC. (CLASS A)............................ 439,900 9,622,813 *MEDIAONE GROUP, INC................... 338,500 26,001,031 ------------ 35,623,844 ------------ ENTERTAINMENT (1.6%) TIME WARNER, INC....................... 483,400 35,016,287 ------------ SERVICES (1.7%) *AMDOCS LTD............................ 675,200 23,294,400 *FISERV, INC........................... 351,125 13,452,476 ------------ 36,746,876 ------------ TOTAL BUSINESS & CONSUMER SERVICES 241,307,424 ------------ CONSUMER CYCLICAL (10.2%) HOTELS & GAMING (0.6%) ROYAL CARIBBEAN CRUISES LTD........... 286,500 14,128,031 ------------ RESTAURANTS (0.4%) MCDONALD'S CORP....................... 209,200 8,433,375 ------------ RETAIL (9.2%) *BED, BATH & BEYOND, INC............... 649,200 22,559,700 *BEST BUY CO., INC..................... 138,900 6,971,043 CIRCUIT CITY STORES, INC.............. 611,500 27,555,719 DAYTON-HUDSON CORP.................... 139,000 10,207,813 *KOHLS CORP............................ 422,500 30,499,219 LOWE'S COS., INC...................... 848,400 50,691,900 *STAPLES, INC.......................... 1,281,200 26,584,900 TANDY CORP............................ 241,500 11,878,781 *WILLIAMS-SONOMA, INC.................. 250,000 11,500,000 ------------ 198,449,075 ------------ TOTAL CONSUMER CYCLICAL................. 221,010,481 ------------ CONSUMER STAPLES (9.0%) FOOD & DRUG RETAIL (1.1%) *SAFEWAY, INC.......................... 655,400 23,307,662 ------------ HEALTH CARE (5.8%) *AMGEN, INC............................ 400,000 24,025,000 BRISTOL-MYERS SQUIBB CO............... 339,300 21,778,819 SCHERING-PLOUGH CORP.................. 405,000 17,085,938 WARNER-LAMBERT CO..................... 763,200 62,534,700 ------------ 125,424,457 ------------ MEDICAL DEVICES (2.1%) *GUIDANT CORP.......................... 950,200 44,659,400 ------------ TOTAL CONSUMER STAPLES.................. 193,391,519 ------------ ENERGY (1.6%) OIL SERVICES *BJ SERVICES CO........................ 369,200 15,437,175 *NABORS INDUSTRIES, INC................ 320,100 9,903,094 *NOBLE DRILLING CORP................... 299,900 9,821,725 ------------ 35,161,994 ------------ FINANCIAL (12.5%) BANKS (2.7%) CITIGROUP, INC........................ 1,050,350 58,360,072 ------------ BROKERS, MONEY MANAGERS (5.3%) AMERICAN EXPRESS CO................... 257,900 42,875,875 GOLDMAN SACHS GROUP, INC.............. 300,900 28,341,019 MORGAN STANLEY, DEAN WITTER & CO........................ 300,000 42,825,000 ------------ 114,041,894 ------------ INSURANCE - PROPERTY & CASUALTY (1.9%) AMERICAN INTERNATIONAL GROUP, INC.................................. 387,796 41,930,442 ------------
See Accompanying Notes to Financial Statements 26
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------- December 31, 1999 SHARES VALUE ---------- ----------- COMMON STOCKS (CONTINUED) MORTGAGE/FINANCE COMPANIES (2.6%) FANNIE MAE ........................... 600,000 $ 37,462,500 FREDDIE MAC .......................... 400,300 18,839,119 ------------ 56,301,619 ------------ TOTAL FINANCIAL ........................ 270,634,027 ------------ TECHNOLOGY (37.2%) COMPUTERS (5.1%) *APPLE COMPUTER, INC. ................. 288,750 29,687,109 *DELL COMPUTER CORP. .................. 239,400 12,209,400 *EMC CORP. ............................ 362,200 39,570,350 *SOLECTRON CORP. ...................... 300,000 28,537,500 ------------ 110,004,359 ------------ DATA SERVICES (4.5%) *AMERICA ONLINE, INC. ................. 294,800 22,238,975 *COMPUTER SCIENCES CORP. .............. 676,200 63,985,425 *XILINX, INC. ......................... 240,200 10,921,594 ------------ 97,145,994 ------------ SEMICONDUCTORS (9.3%) *ALTERA CORP. ......................... 394,800 19,567,275 *DII GROUP, INC. ...................... 50,000 3,548,437 *FLEXTRONICS INTERNATIONAL LTD. ....... 963,000 44,298,000 INTEL CORP. .......................... 498,400 41,024,550 *JDS UNIPHASE CORP. .................. . 139,000 22,422,438 *KLA-TENCOR CORP. ..................... 175,000 19,490,625 *MICRON TECHNOLOGY, INC. .............. 290,900 22,617,475 STMICROELECTRONICS N.V. .............. 73,300 11,100,369 TEXAS INSTRUMENTS, INC. .............. 180,200 17,456,875 ------------ 201,526,044 ------------ SOFTWARE (8.7%) *BMC SOFTWARE, INC. ................... 330,300 26,403,356 *MICROSOFT CORP. ...................... 913,800 106,686,150 *ORACLE CORP. ......................... 491,900 55,123,544 ------------ 188,213,050 ------------ TELECOMMUNICATIONS EQUIPMENT (9.6%) *CISCO SYSTEMS, INC. .................. 638,800 68,431,450 LUCENT TECHNOLOGIES, INC. ............ 839,860 62,832,026 MOTOROLA, INC. ....................... 108,700 16,006,075 NOKIA CORP. .......................... 80,500 15,295,000 SHARES OR PRINCIPAL AMOUNT VALUE ---------- ----------- NORTEL NETWORKS CORP. ................ 136,900 $13,826,900 *TELLABS, INC. ........................ 472,800 30,347,850 ------------ 206,739,301 ------------ TOTAL TECHNOLOGY ....................... 803,628,748 ------------ TRANSPORTATION (0.3%) TRUCKS UNITED PARCEL SERVICE, INC. (CLASS B)............................ 106,000 7,314,000 ------------- UTILITIES (7.8%) TELECOMMUNICATIONS SERVICES ALLTEL CORP. ......................... 378,600 31,305,488 *EQUANT NV ............................ 143,500 16,072,000 *GLOBAL CROSSING LTD. ................. 212,100 10,605,000 *INFONET SERVICES CORP. (CLASS B) ..... 72,000 1,890,000 *MCI WORLDCOM, INC. ................... 900,000 47,756,250 SPRINT CORP. (FON GROUP) ............. 303,300 20,415,881 *SPRINT CORP. (PCS GROUP) ............. 227,700 23,339,250 VODAFONE AIRTOUCH PLC ................ 359,750 17,807,625 ------------- 169,191,494 ------------- TOTAL COMMON STOCKS (COST $1,296,888,457) ................ 2,081,569,906 ------------- REPURCHASE AGREEMENT (4.5%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $96,524,836. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009, (COST $96,510,223) .................. $96,510,223 96,510,223 -------------- TOTAL INVESTMENTS (100.8%) (COST $1,393,398,680) .................... 2,178,080,129 OTHER ASSETS LESS LIABILITIES (-0.8%) (17,341,609) -------------- NET ASSETS (100.0%) ........................ $2,160,738,520 -------------- --------------
* Non-income producing. See Accompanying Notes to Financial Statements 27
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- -------------------- -- COLUMBIA INTERNATIONAL FUND, INC. -- --------------------------------------- December 31, 1999 SHARES VALUE ------------ -------------- COMMON STOCKS (91.5%) ARGENTINA (0.3%) *EL SITIO, INC. (BUSINESS SERVICES).... 17,500 $ 643,125 -------------- AUSTRALIA (2.2%) BROKEN HILL PROPRIETARY CO., LTD. (MINING-METAL/MINERALS) ............. 72,000 942,167 *CABLE & WIRELESS OPTUS LTD. (UTILITIES/COMMUNICATION) ........... 350,000 1,165,546 JOHN FAIRFAX HOLDINGS LTD. (MEDIA) ............................. 177,500 534,195 *TELSTRA CORP., LTD. (INSTALLMENT RECEIPTS) (UTILITIES/ COMMUNICATION) ...................... 202,700 712,150 WMC LTD. (MINING-METALS/ MINERALS) ........................... 334,000 1,835,564 -------------- 5,189,622 -------------- BRAZIL (0.5%) ARACRUZ CELULOSE SA, ADR (FORESTRY/PAPER PRODUCTS) ........... 47,000 1,233,750 CIA TECIDOS DO NORTE DE MINAS SA (TEXTILES) .......................... 1,973,067 109,676 -------------- 1,343,426 -------------- CANADA (3.7%) ABITIBI-CONSOLIDATED, INC. (FORESTRY/PAPER PRODUCTS) ........... 136,000 1,585,869 ALCAN ALUMINIUM LTD. (MINING-METAL/MINERALS) ............. 44,000 1,803,353 *ANDERSON EXPLORATION LTD. (OIL) ...... 117,000 1,392,569 *INCO LTD. (MINING-METAL/ MINERALS) ........................... 42,000 978,059 NORTEL NETWORKS CORP. (OFFICE EQUIP./COMP./COMM.) ......... 18,000 1,811,426 SHAW COMMUNICATIONS, INC. (CLASS B) (MEDIA) ................... 38,000 1,249,362 -------------- 8,820,638 -------------- FINLAND (2.0%) NOKIA CORP., ADR (UTILITIES/COMMUNICATION) ........... 4,000 760,000 SONERA OYJ (UTILITIES/COMMUNICATION) ........... 34,000 2,330,937 STORA ENSO OYJ (FORESTRY/PAPER PRODUCTS) ........... 97,000 1,691,579 -------------- 4,782,516 -------------- FRANCE (5.7%) ACCOR SA (ENTERTAINMENT/LEISURE) ..... 20,500 990,711 AXA SA (INSURANCE) ................... 9,000 1,254,880 BANQUE NATIONALE DE PARIS (BANKS) ............................. 10,300 950,509 CAP GEMINI SA (BUSINESS SERVICES) .... 6,800 1,726,366 FRANCE TELECOM SA, ADR (UTILITIES/COMMUNICATION) ........... 10,000 1,335,000 LAFARGE SA (CONSTRUCTION/ BUILDING MATERIALS) ................. 12,200 1,420,827 LVMH MOET HENNESSY LOUIS VUITTON SA (TEXTILES) ............... 2,900 1,299,238 SCHNEIDER ELECTRIC SA (ELECTRICAL EQUIPMENT) .............. 13,000 1,020,900 TOTAL FINA SA (CLASS B) (OIL) ........ 11,300 1,508,405 VIVENDI (UTILITIES) .................. 22,800 2,059,248 -------------- 13,566,084 -------------- GERMANY (6.4%) BAYERISCHE HYPO-UND VEREINSBANK AG (BANKS) .............. 13,400 917,989 CE CONSUMER ELECTRONIC AG (ELECTRONICS) ....................... 5,000 654,843 DEUTSCHE BANK AG (BANKS) ............. 12,000 1,012,366 EM.TV & MERCHANDISING AG (MEDIA) ............................. 19,600 1,232,152 *EPCOS AG (ELECTRONICS) ............... 38,400 2,901,456 MANNESMANN AG (MACHINERY/CAPITAL SPENDING) ........ 30,400 7,411,609 SIEMENS AG (ELECTRONICS) ............. 9,600 1,228,283 -------------- 15,358,698 -------------- HONG KONG (0.3%) *I-CABLE COMMUNICATIONS LTD. (MEDIA) ............................. 500,000 678,544 -------------- INDIA (4.9%) BHARAT HEAVY ELECTRICALS LTD. (HEAVY ENG./SHIPBUILDING) ........... 240,000 1,157,290
See Accompanying Notes to Financial Statements 28
SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - --------------------- -------------------- -- COLUMBIA INTERNATIONAL FUND, INC. -- --------------------------------------- December 31, 1999 SHARES VALUE ------------- -------------- COMMON STOCKS (continued) CASTROL (INDIA) LTD. (CHEMICALS) ..... 155,000 $ 1,086,068 INDIAN HOTELS CO., LTD. (ENTERTAINMENT/LEISURE) ............. 105,500 767,933 INFOSYS TECHNOLOGIES LTD. (BUSINESS SERVICES) ................. 20,400 6,799,805 *SATYAM INFOWAY LTD., ADR (BUSINESS SERVICES) ................. 12,000 1,860,000 -------------- 11,671,096 -------------- IRELAND (0.7%) BANK OF IRELAND PLC (BANKS) .......... 130,000 1,034,651 CRH PLC (CONSTRUCTION/BUILDING MATERIALS) .......................... 35,500 761,784 -------------- 1,796,435 -------------- ITALY (0.7%) ASSICURAZIONI GENERALI S.P.A (INSURANCE) ......................... 17,600 581,581 CLASS EDITORI S.P.A (MEDIA) .......... 61,500 1,071,876 -------------- 1,653,457 -------------- JAPAN (26.4%) ALPHA SYSTEMS, INC. (OFFICE EQUIP./ COMP./COMM.) ........................ 3,000 630,869 ARGOTECHNOS 21 CORP. (BUSINESS SERVICES) ................. 7,500 475,352 ASAHI BANK LTD. (BANKS) .............. 250,000 1,540,493 CITIZEN ELECTRONICS CO., LTD. (ELECTRONICS) ....................... 7,500 1,357,101 DAIMEI TELECOM ENGINEERING CORP. (ENGINEERING) ....................... 110,000 1,118,936 DRAKE BEAM MORIN-JAPAN, INC. (BUSINESS SERVICES) ................. 5,000 1,628,521 FANCL CORP. (HEALTH/PERSONAL CARE) ............................... 4,400 1,179,186 FUJI BANK LTD. (BANKS) ............... 190,000 1,845,364 FUJI MACHINE MANUFACTURING CO., LTD. (MACHINERY/CAPITAL SPENDING) ........ 20,000 1,611,894 FUJITSU LTD. (OFFICE EQUIP./COMP./COMM.) ......... 50,000 2,278,951 HIROSE ELECTRIC CO., LTD. (ELECTRONICS) ....................... 15,000 3,361,209 *INTERNET INITIATIVE JAPAN, INC., ADR (BUSINESS SERVICES) ............. 10,000 971,875 JAPAN LIFELINE CO., LTD. (HEALTH/PERSONAL CARE) .............. 37,000 651,408 KATOKICHI CO., LTD. (FOOD/BEVERAGES) .................... 23,000 498,288 KEYENCE CORP. (ELECTRONICS) .......... 4,600 1,867,175 KYOCERA CORP. (ELECTRONICS) .......... 7,500 1,943,955 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD. (ELECTRONICS) ............. 40,000 1,107,199 MURATA MANUFACTURING CO., LTD. (ELECTRONICS) ....................... 7,000 1,643,192 NEC CORP. (ELECTRONICS) .............. 45,000 1,071,743 NIKKO SECURITIES CO., LTD. (FINANCIAL SERVICES) ................ 135,000 1,707,306 NIPPON KANZAI CO., LTD. (CONSTRUCTION/ BUILDING MATERIALS) ................. 40,000 1,267,606 NIPPON TELEGRAPH & TELEPHONE CORP. (UTILITIES/COMMUNICATION) ........... 81 1,386,444 NTT DATA CORP. (BUSINESS SERVICES) ................. 60 1,379,108 NTT MOBILE COMMUNICATIONS NETWORK, INC. (UTILITIES/COMMUNICATION) ........... 125 4,804,871 OBIC CO., LTD. (BUSINESS SERVICES) ... 2,400 1,699,531 OJI PAPER CO., LTD. (FORESTRY/PAPER PRODUCTS) ........... 130,000 781,984 RYOHIN KEIKAKU CO., LTD. (RETAIL) .... 20,000 4,012,128 SAIZERIYA CO., LTD. (RESTAURANTS) .... 19,000 1,291,569 SANWA BANK LTD., THE (BANKS) ......... 140,000 1,702,074 SEVEN-ELEVEN JAPAN CO., LTD. (RETAIL) ............................ 10,000 1,584,507 SHIMAMURA CO., LTD. (RETAIL) ......... 20,000 3,169,014 SONY CORP. (ELECTRONICS) ............. 16,000 4,741,784 TAIYO INK MANUFACTURING CO., LTD. (ELECTRONICS) ....................... 6,000 704,225 TAKEDA CHEMICAL INDS., LTD. (PHARMACEUTICALS) ................... 25,000 1,234,840 THK CO., LTD. (MACHINERY/CAPITAL SPENDING) ........ 50,000 2,019,757 TRANS COSMOS, INC. (BUSINESS SERVICES) ................. 3,600 1,535,211 *TREND MICRO, INC. (BUSINESS SERVICES) ................. 2,000 504,695
See Accompanying Notes to Financial Statements 29 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------- ------------------ --COLUMBIA INTERNATIONAL STOCK FUND, INC.-- ------------------------------------------- December 31, 1999
SHARES VALUE ---------- -------------- COMMON STOCKS (CONTINUED) YAMADA DENKI CO., LTD. (RETAIL) ....... 7,000 $ 759,977 ------------- 63,069,342 ------------- KOREA (1.5%) KOREA TELECOM CORP., ADR (UTILITIES/COMMUNICATION) ............ 21,000 1,569,750 POHANG IRON & STEEL CO., LTD., ADR (STEEL) .............................. 30,000 1,050,000 SAMSUNG ELECTRONICS, GDR (ELECTRONICS) ........................ 14,000 1,106,000 ------------- 3,725,750 ------------- MALAYSIA (0.5%) STAR CRUISES PLC (ENTERTAINMENT/LEISURE) .............. 125,000 1,275,000 ------------- NETHERLANDS (6.2%) AEGON NV (INSURANCE) .................. 8,000 772,916 *ASM LITHOGRAPHY HOLDING NV (ELECTRONICS) ........................ 13,400 1,524,250 *EQUANT NV (BUSINESS SERVICES) ......... 45,600 5,107,200 ING GROEP NV (INSURANCE) .............. 15,000 905,798 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONICS) ..................... 8,000 1,088,046 *KPNQWEST NV (UTILITIES/COMMUNICATION) ............ 24,100 1,536,375 STMICROELECTRONICS NV (ELECTRONICS) ........................ 8,500 1,287,219 *UNITED PAN-EUROPE COMMUNICATIONS NV, ADR (MEDIA) .............................. 20,500 2,613,750 ------------- 14,835,554 ------------- PORTUGAL (0.6%) *PT MULTIMEDIA - SERVICOS DE TELECOMMUNICACOES ES.G.P.S. SA (MEDIA) .............................. 25,000 1,422,268 ------------- SINGAPORE (1.8%) DATACRAFT ASIA LTD. (OFFICE EQUIP./COMP./COMM.) .......... 350,000 2,905,000 GES INTERNATIONAL LTD. (OFFICE EQUIP./COMP./COMM.) .......... 1,048,000 1,132,191 OVERSEA-CHINESE BANKING CORP., LTD. (BANKS) ......................... 37,800 347,112 ------------- 4,384,303 ------------- SPAIN (2.2%) ACERINOX SA (STEEL) ................... 22,700 905,617 *SOGECABLE SA (MEDIA) .................. 31,000 1,980,042 *TELEFONICA SA, ADR (UTILITIES/COMMUNICATION) ............ 30,241 2,383,369 ------------- 5,269,028 ------------- SWEDEN (1.1%) SKANDIA INSURANCE CO., LTD. (INSURANCE) .......................... 88,000 2,660,862 ------------- SWITZERLAND (1.4%) JULIUS BAER HOLDING LTD. (BEARER) (BANKS) ..................... 250 754,723 ROCHE HOLDING AG (GENUSSSHEINE) (PHARMACEUTICALS) .................... 140 1,660,704 ZURICH ALLIED AG (REGISTERED) (INSURANCE) .......................... 1,600 911,818 ------------- 3,327,245 ------------- THAILAND (0.4%) *NATIONAL PETROCHEMICAL PUBLIC CO., LTD. (FOREIGN) (CHEMICALS) ...... 795,100 866,421 ------------- UNITED KINGDOM (18.9%) *ARM HOLDINGS PLC (ELECTRONICS) ........ 10,000 674,460 *BALTIMORE TECHNOLOGIES PLC (BUSINESS SERVICES) .................. 9,000 728,795 BARCLAYS PLC (BANKS) .................. 54,139 1,557,793 BILLITON PLC (MINING-METAL/ MINERALS) ............................ 200,000 1,179,539 BP AMOCO PLC, ADR (OIL) ............... 28,000 1,660,750 BPB PLC (CONSTRUCTION/ BUILDING MATERIALS) .................. 151,000 875,313 BRITISH TELECOMMUNICATIONS PLC (UTILITIES/COMMUNICATION) ........ 132,300 3,232,144 *COLT TELECOM GROUP PLC (UTILITIES/COMMUNICATION) ............ 57,000 2,916,681 COMPASS GROUP PLC (ENTERTAINMENT/LEISURE) .............. 250,000 3,431,238 CORUS GROUP PLC (STEEL) ............... 417,300 1,084,841 GLAXO WELLCOME PLC (PHARMACEUTICALS) .................... 33,500 946,618 See Accompanying Notes to Financial Statements 30 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------- ------------------ --COLUMBIA INTERNATIONAL STOCK FUND, INC.-- ------------------------------------------- December 31, 1999 SHARES VALUE ---------- -------------- COMMON STOCKS (CONTINUED) GRANADA GROUP PLC (ENTERTAINMENT/LEISURE) .............. 243,254 $ 2,464,709 HAYS PLC (BUSINESS SERVICES) .......... 100,000 1,592,094 HSBC HOLDINGS PLC (BANKS) ............. 99,000 1,379,551 *JAZZTEL PLC (BUSINESS SERVICES) ....... 20,000 1,309,685 NATIONAL WESTMINSTER BANK PLC (BANKS) .......................... 55,000 1,181,153 NEXT PLC (RETAIL) ..................... 138,000 1,323,602 *ORANGE PLC (UTILITIES/COMMUNICATION) ............ 33,300 1,123,783 PEARSON PLC (MEDIA) ................... 70,000 2,265,102 PSION PLC (OFFICE EQUIP./COMP./COMM.) .......... 25,000 1,089,923 SHELL TRANSPORT & TRADING CO. PLC (OIL) ............................ 93,000 772,610 SHELL TRANSPORT & TRADING CO., ADR (OIL) ............................ 23,000 1,132,750 SMITHKLINE BEECHAM PLC (PHARMACEUTICALS) .................... 121,762 1,553,212 *TELEWEST COMMUNICATIONS PLC (MEDIA) .............................. 300,000 1,599,764 TESCO PLC (FOOD/BEVERAGES) ............ 280,000 851,109 *THUS PLC (BUSINESS SERVICES) .......... 102,000 643,975 VODAFONE AIRTOUCH PLC (UTILITIES/COMMUNICATION) ............ 401,540 1,988,865 WPP GROUP PLC (MEDIA) ................. 291,000 4,609,501 ------------- 45,169,560 ------------- UNITED STATES (3.1%) *INFONET SERVICES CORP. (CLASS B) (BUSINESS SERVICES) ........ 46,500 1,220,625 *NTL, INC. (MEDIA) ..................... 21,500 2,682,125 *OPENTV CORP. (BUSINESS SERVICES) ...... 14,000 1,123,500 SCHLUMBERGER LTD. (OIL) ............... 29,400 1,653,750 *STARMEDIA NETWORK, INC. (BUSINESS SERVICES) .................. 15,000 600,937 TRANSOCEAN SEDCO FOREX, INC. (OIL) ................................ 5,703 192,120 ------------- 7,473,057 ------------- TOTAL COMMON STOCKS (COST $131,228,182) ................... 218,982,031 ------------- SHARES OR PRINCIPAL AMOUNT VALUE ---------- -------------- PREFERRED STOCKS (0.5%) BRAZIL (0.1%) DIXIE TOGA SA (DIVERSIFIED CONSUMER GOODS/SERVICES) ........... 437,500 $ 121,595 ------------- GERMANY (0.4%) PORSCHE AG (AUTOMOBILES) .............. 400 1,055,808 ------------- TOTAL PREFERRED STOCKS (COST $750,144) ....................... 1,177,403 ------------- REPURCHASE AGREEMENTS (8.0%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $10,217,201. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. ....................... $10,215,654 10,215,654 MERRILL LYNCH 5.475% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $9,001,350. COLLATERALIZED BY U.S. TREASURY BILLS DUE 03/30/2000 TO 09/14/2000. ....................... 9,000,000 9,000,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $19,215,654) .................... 19,215,654 ------------- TOTAL INVESTMENTS (100.0%) (COST $151,193,980) ....................... 239,375,088 OTHER ASSETS LESS LIABILITIES (-0.0%) ....... (152,169) ------------- NET ASSETS (100.0%) ......................... $239,222,919 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 31 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------- ----------------------- --COLUMBIA SPECIAL FUND, INC.-- ------------------------------- December 31, 1999
SHARES VALUE ---------- -------------- COMMON STOCKS (96.9%) BASIC INDUSTRIES & MANUFACTURING (2.1%) MATERIALS (1.4%) CONSOLIDATED PAPERS, INC. ............. 257,800 $ 8,201,263 SOUTHDOWN, INC. ....................... 80,000 4,130,000 ------------ 12,331,263 ------------ PACKAGING (0.7%) LONGVIEW FIBRE CO. .................... 465,000 6,626,250 ------------ TOTAL BASIC INDUSTRIES & MANUFACTURING ......................... 18,957,513 ------------ BUSINESS & CONSUMER SERVICES (21.4%) BROADCASTING (9.0%) *ADELPHIA COMMUNICATIONS CORP. (CLASS A) ............................ 120,000 7,875,000 *AT&T CORP. - LIBERTY MEDIA GROUP (CLASS A) ............................ 160,000 9,080,000 *CLEAR CHANNEL COMMUNICATIONS, INC. ................................. 231,463 20,658,073 *INFINITY BROADCASTING CORP. (CLASS A) ............................ 220,000 7,961,250 *SPANISH BROADCASTING SYSTEM, INC. (CLASS A) ....................... 320,000 12,880,000 *UNIVISION COMMUNICATIONS, INC. (CLASS A) ............................ 240,000 24,525,000 ------------ 82,979,323 ------------ ENTERTAINMENT (0.5%) *INSIGHT COMMUNICATIONS, INC. ................................. 150,000 4,443,750 ------------ POLLUTION CONTROL (0.4%) *CUNO, INC. ............................ 210,000 4,347,656 ------------ PUBLISHING & ADVERTISING (2.6%) READER'S DIGEST ASSOCIATION, INC. (CLASS A) ............................ 100,000 2,925,000 YOUNG & RUBICAM, INC. ................. 292,000 20,659,000 ------------ 23,584,000 ------------ SERVICES (8.9%) *AMDOCS LTD. ........................... 434,100 14,976,450 *APOLLO GROUP, INC. .................... 200,800 4,028,550 *CENDANT CORP. ......................... 400,000 10,625,000 *CONCORD EFS, INC. ..................... 430,000 11,072,500 *CSG SYSTEMS INTERNATIONAL, INC. ....... 171,286 6,830,029 *FISERV, INC. .......................... 347,300 13,305,931 *KEANE, INC. ........................... 187,000 5,937,250 *VERIO, INC. ........................... 315,000 14,549,063 ------------ 81,324,773 ------------ TOTAL BUSINESS & CONSUMER SERVICES ..................... 196,679,502 ------------ CONSUMER CYCLICAL (9.4%) HOTELS & GAMING (0.8%) *HARRAH'S ENTERTAINMENT, INC. .......... 265,500 7,019,156 ------------ RESTAURANTS (1.4%) *OUTBACK STEAKHOUSE, INC. .............. 508,200 13,181,438 ------------ RETAIL (7.2%) *ANNTAYLOR STORES CORP. ................ 166,000 5,716,625 *BED, BATH & BEYOND, INC. .............. 383,100 13,312,725 *BEST BUY CO., INC. .................... 77,750 3,902,078 *DOLLAR TREE STORES, INC. .............. 205,000 9,929,688 *JONES APPAREL GROUP, INC. ............. 118,500 3,214,312 LIMITED, INC. ......................... 225,930 9,785,593 MILLER (HERMAN), INC. ................. 50,000 1,150,000 *STAPLES, INC. ......................... 196,800 4,083,600 TANDY CORP. ........................... 45,300 2,228,194 *WILLIAMS-SONOMA, INC. ................. 286,500 13,179,000 ------------ 66,501,815 ------------ TOTAL CONSUMER CYCLICAL ................. 86,702,409 ------------ CONSUMER STAPLES (10.5%) FOOD & DRUG RETAIL (0.3%) *WEBVAN GROUP, INC. .................... 190,400 3,141,600 ------------ HEALTH CARE (6.1%) *ALZA CORP. ............................ 134,100 4,643,212 *ELAN CORP. PLC ADR .................... 100,000 2,950,000 *GENENTECH, INC. ....................... 134,000 18,023,000 PE CORP-PE BIOSYSTEMS GROUP ........... 75,000 9,023,438 *SEROLOGICALS CORP. .................... 366,800 2,200,800 *SHIRE PHARMACEUTICALS GROUP PLC ADR ........................ 235,000 6,844,375 *TENET HEALTHCARE CORP. ................ 289,100 6,793,850 *TRANSKARYOTIC THERAPIES, INC. ......... 151,200 5,821,200 ------------ 56,299,875 ------------ MEDICAL DEVICES (4.1%) *CHIRON CORP. .......................... 180,000 7,627,500 *CYTYC CORP. ........................... 315,500 19,265,219 See Accompanying Notes to Financial Statements 32 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------- ----------------------- --COLUMBIA SPECIAL FUND, INC.-- ------------------------------- December 31, 1999 SHARES VALUE ---------- -------------- COMMON STOCKS (CONTINUED) *RESMED, INC. .......................... 250,000 $10,437,500 ------------ 37,330,219 ------------ TOTAL CONSUMER STAPLES .................. 96,771,694 ------------ ENERGY (4.8%) EXPLORATION & PRODUCTION (1.8%) APACHE CORP. .......................... 270,400 9,987,900 DEVON ENERGY CORP. .................... 200,000 6,575,000 ------------ 16,562,900 ------------ OIL SERVICES (3.0%) *BJ SERVICES CO. ....................... 112,200 4,691,363 *NABORS INDUSTRIES, INC. ............... 486,700 15,057,281 *NOBLE DRILLING CORP. .................. 230,600 7,552,150 ------------ 27,300,794 ------------ TOTAL ENERGY 43,863,694 ------------ FINANCIAL (0.4%) BANKS FIRST SECURITY CORP. .................. 145,000 3,702,031 ------------ TECHNOLOGY (39.9%) COMPUTERS (4.4%) *AMERICAN POWER CONVERSION CORP. ................................ 500,000 13,187,500 *EXTREME NETWORKS, INC. ................ 75,000 6,262,500 *SANDISK CORP. ......................... 85,000 8,181,250 *SEAGATE TECHNOLOGY, INC. .............. 152,300 7,091,469 *SYCAMORE NETWORKS, INC. ............... 17,200 5,297,600 ------------ 40,020,319 ------------ DATA SERVICES (0.1%) *JUNIPER NETWORKS, INC. ................ 3,500 1,190,000 ------------ SEMICONDUCTORS (15.1%) *ALTERA CORP. .......................... 146,200 7,246,037 *AMKOR TECHNOLOGY, INC. ................ 493,900 13,952,675 *ASM LITHOGRAPHY HOLDING N.V. .......... 139,100 15,822,625 *BROADCOM CORP. ........................ 25,000 6,809,375 *CYPRESS SEMICONDUCTOR CORP. ........... 330,000 10,683,750 *FLEXTRONICS INTERNATIONAL LTD. ........ 245,400 11,288,400 *LAM RESEARCH CORP. .................... 85,000 9,482,812 *LSI LOGIC CORP. ....................... 243,300 16,422,750 *NATIONAL SEMICONDUCTOR CORP. .......... 227,300 9,731,281 *QLOGIC CORP. .......................... 98,700 15,779,663 TEKTRONIX, INC. ....................... 245,300 9,536,038 *TERADYNE, INC. ........................ 185,000 12,210,000 ------------ 138,965,406 ------------ SOFTWARE ( 13.3%) *BEA SYSTEMS, INC. ..................... 585,600 40,955,400 *BMC SOFTWARE, INC. .................... 25,000 1,998,438 *CITRIX SYSTEMS, INC. .................. 101,600 12,496,800 *EDWARDS, J.D. & CO. ................... 281,200 8,400,850 *LYCOS, INC. ........................... 60,000 4,773,750 *MACROMEDIA, INC. ...................... 130,000 9,506,250 *OPENTV CORP. .......................... 14,000 1,123,500 *REDBACK NETWORKS, INC. ................ 74,400 13,206,000 *SYNOPSYS, INC. ........................ 150,700 10,059,225 *VERITAS SOFTWARE CORP. ................ 52,500 7,514,062 *VIGNETTE CORP. ........................ 76,200 12,420,600 ------------ 122,454,875 ------------ TELECOMMUNICATIONS EQUIPMENT (7.0%) *3COM CORP. ............................ 150,000 7,050,000 *ADC TELECOMMUNICATIONS, INC. .......... 125,000 9,070,313 *ADVANCED FIBRE COMMUNICATIONS, INC. ................................. 125,000 5,585,938 *CIENA CORP. ........................... 383,800 22,068,500 *E-TEK DYNAMICS, INC. .................. 55,100 7,417,837 *NEXT LEVEL COMMUNICATIONS, INC. ................................. 20,000 1,497,500 SCIENTIFIC-ATLANTA, INC. .............. 128,900 7,170,062 *TELLABS, INC. ......................... 61,200 3,928,275 ------------ 63,788,425 ------------ TOTAL TECHNOLOGY ........................ 366,419,025 ------------ UTILITIES (8.4%) ELECTRIC & NATURAL GAS (1.1%) *AES CORP. ............................. 135,000 10,091,250 ------------ TELECOMMUNICATIONS SERVICES (7.3%) CENTURYTEL, INC. ...................... 126,800 6,007,150 *COVAD COMMUNICATIONS GROUP, INC. .......................... 150,000 8,390,625 *GLOBAL TELESYSTEMS GROUP, INC. ........ 335,000 11,599,375 *INFONET SERVICES CORP. (CLASSB) ....... 245,000 6,431,250 See Accompanying Notes to Financial Statements 33 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------- ----------------------- --COLUMBIA SPECIAL FUND, INC.-- ------------------------------- December 31, 1999 SHARES VALUE ---------- -------------- COMMON STOCKS (CONTINUED) *MCLEODUSA, INC. (CLASS A) ............. 185,000 $ 10,891,875 *METROMEDIA FIBER NETWORK, INC. ........ 219,000 10,498,312 *VOICESTREAM WIRELESS CORP. ............ 90,400 12,865,050 ------------ 66,683,637 ------------ TOTAL UTILITIES ......................... 76,774,887 ------------ TOTAL COMMON STOCKS (COST $562,574,458) ................... 889,870,755 ------------ CONVERTIBLE PREFERRED STOCK (0.2%) TELECOMMUNICATIONS EQUIPMENT *NANOVATION TECHNOLOGIES, INC. (PRIVATE PLACEMENT) (COST $2,164,275) .................... 144,285 2,164,275 ------------ PRINCIPAL AMOUNT VALUE ---------- -------------- REPURCHASE AGREEMENT (3.9%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $35,328,213. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. (COST $35,322,865) ................... $35,322,865 $ 35,322,865 ------------ TOTAL INVESTMENTS (101.0%) (COST $600,061,598) ....................... 927,357,895 OTHER ASSETS LESS LIABILITIES (-1.0%) ....... (9,035,903) ------------ TOTAL NET ASSETS (100.0%) ................... $918,321,992 ------------ ------------
* Non-income producing See Accompanying Notes to Financial Statements 34 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ---------------------- --COLUMBIA SMALL CAP FUND, INC.-- --------------------------------- December 31, 1999
SHARES VALUE ---------- -------------- COMMON STOCKS (93.2%) BASIC INDUSTRIES & MANUFACTURING (3.7%) ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (1.9%) *POWER-ONE, INC. ....................... 121,000 $ 5,543,312 ------------ MACHINERY (0.5%) *TEREX CORP. ........................... 50,000 1,387,500 ------------ MATERIALS (1.3%) *AIRGAS, INC. .......................... 85,100 808,450 ELCOR CORP. ........................... 41,100 1,238,138 *NS GROUP, INC. ........................ 24,200 184,525 SOUTHDOWN, INC. ....................... 8,550 441,394 *STILLWATER MINING CO. ................. 33,100 1,055,062 ------------ 3,727,569 ------------ TOTAL BASIC INDUSTRIES & MANUFACTURING ......................... 10,658,381 ------------ BUSINESS & CONSUMER SERVICES (12.2%) BROADCASTING (3.2%) *CUMULUS MEDIA, INC. ................... 96,100 4,877,075 *ENTERCOM COMMUNICATIONS CORP. ................................ 68,330 4,509,780 ------------ 9,386,855 ------------ ENTERTAINMENT (0.5%) *IMAX CORP. ............................ 52,800 1,445,400 ------------ POLLUTION CONTROL (0.5%) *TETRA TECH, INC. ...................... 91,750 1,410,656 ------------ PUBLISHING/ADVERTISING (0.4%) *PROFESSIONAL DETAILING, INC. .......... 38,070 1,139,721 ------------ SERVICES (7.6%) *ACXIOM CORP. .......................... 182,900 4,389,600 *AMDOCS LTD. ........................... 115,000 3,967,500 *APOLLO GROUP, INC. .................... 79,700 1,598,981 *CSG SYSTEMS INTERNATIONAL, INC. ....... 51,264 2,044,152 *ECOLLEGE.COM, INC. .................... 20,200 220,938 *HARRIS INTERACTIVE, INC. .............. 15,063 196,760 *MANAGEMENT NETWORK GROUP, INC. ................................. 6,600 215,325 *NETRATINGS, INC. ...................... 6,730 323,881 *NOVA CORP. ............................ 114,175 3,603,649 *OFFICIAL PAYMENTS CORP. ............... 16,000 832,000 *TRIZETTO GROUP, INC. .................. 43,000 2,004,875 *USINTERNETWORKING, INC. ............... 3,750 262,031 *WHITTMAN-HART, INC. ................... 39,000 2,091,375 *XPEDIOR, INC. ......................... 16,000 460,000 ------------ 22,211,067 ------------ TOTAL BUSINESS & CONSUMER SERVICES ..................... 35,593,699 ------------ CONSUMER CYCLICAL (7.3%) AUTO & HOUSING (0.1%) *MODTECH HOLDINGS, INC. ................ 56,656 339,936 ------------ HOTELS & GAMING (0.4%) INTRAWEST CORP. ....................... 75,000 1,298,438 ------------ LEISURE PRODUCTS (1.2%) CALLAWAY GOLF CO. ..................... 193,700 3,426,069 ------------ RESTAURANTS (1.6%) *CHEESECAKE FACTORY, INC. (THE) ........ 47,500 1,662,500 *P.F. CHANGS CHINA BISTRO, INC. ........ 88,000 2,189,000 *TACO CABANA, INC. (CLASS A) ........... 84,800 689,000 ------------ 4,540,500 ------------ RETAIL (4.0%) *AMERICAN EAGLE OUTFITTERS, INC. ....... 27,400 1,233,000 *AMES DEPARTMENT STORES, INC. .......... 99,500 2,866,844 *HOLLYWOOD ENTERTAINMENT CORP. ................................ 66,200 959,900 *INTERTAN, INC. ........................ 67,100 1,752,987 *MICHAELS STORES, INC. ................. 93,600 2,667,600 *TWEETER HOME ENTERTAINMENT GROUP, INC. .......................... 26,600 944,300 *WILLIAMS-SONOMA, INC. ................. 24,900 1,145,400 ------------ 11,570,031 ------------ TOTAL CONSUMER CYCLICAL ................. 21,174,974 ------------ CONSUMER STAPLES (9.0%) FOOD & DRUG RETAIL (0.3%) U.S. FOODSERVICE, INC. ................ 55,500 929,625 ------------ HEALTH CARE (5.5%) *ANESTA CORP. .......................... 53,200 914,375 *BIOVAIL CORP. INT'L. .................. 16,300 1,528,125 *FIRST HEALTH GROUP CORP. .............. 87,700 2,356,937 *INTELLIGENT POLYMERS, LTD. ............ 33,000 1,105,500 *MEDICALOGIC, INC. ..................... 13,600 285,600 *OXFORD HEALTH PLANS, INC. ............. 158,100 2,005,894 See Accompanying Notes to Financial Statements 35 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ---------------------- --COLUMBIA SMALL CAP FUND, INC.-- --------------------------------- December 31, 1999 SHARES VALUE ---------- -------------- COMMON STOCKS (CONTINUED) *PROTEIN DESIGN LABS, INC. ............. 35,100 $ 2,457,000 *SHIRE PHARMACEUTICALS GROUP PLC ADR .............................. 86,240 2,511,740 *SPIROS DEVELOPMENT CORP. II, INC. (UNITS) .............................. 30,000 240,000 *TRANSKARYOTIC THERAPIES, INC. ......... 33,400 1,285,900 *UNIVERSAL HEALTH SERVICES, INC. (CLASS B) ............................ 34,100 1,227,600 ------------ 15,918,671 ------------ MEDICAL DEVICES (3.2%) *ALKERMES, INC. ........................ 40,300 1,979,738 *CALIPER TECHNOLOGIES CORP. ............ 7,500 500,625 *DATA CRITICAL CORP. ................... 33,800 502,775 *MEDICAL MANAGER CORP. ................. 19,400 1,634,450 *NOVOSTE CORP. ......................... 118,600 1,956,900 *RESMED, INC. .......................... 63,000 2,630,250 ------------ 9,204,738 ------------ TOTAL CONSUMER STAPLES .................. 26,053,034 ------------ ENERGY (5.4%) DOMESTIC INTEGRATED (0.1%) *PENNACO ENERGY, INC. .................. 27,100 216,800 ------------ EXPLORATION & PRODUCTION (2.2%) DEVON ENERGY CORP. .................... 59,900 1,969,213 *MARINE DRILLING COS., INC. ............ 65,600 1,471,900 *PATTERSON ENERGY, INC. ................ 111,600 1,450,800 WESTERN GAS RESOURCES, INC. ........... 118,700 1,565,356 ------------ 6,457,269 ------------ OIL SERVICES (3.1%) *GLOBAL INDUSTRIES LTD. ................ 101,200 872,850 *HANOVER COMPRESSOR CO. ................ 74,300 2,804,825 *NOBLE DRILLING CORP. .................. 68,300 2,236,825 *PRECISION DRILLING CORP. .............. 121,200 3,113,325 ------------ 9,027,825 ------------ TOTAL ENERGY ............................ 15,701,894 ------------ TECHNOLOGY (52.5%) COMPUTERS (12.3%) *ADVANCED DIGITAL INFORMATION CORP. ................................ 38,200 1,857,475 *APEX, INC. ............................ 96,400 3,108,900 *ARTESYN TECHNOLOGIES, INC. ............ 56,900 1,194,900 *BSQUARE CORP. ......................... 18,600 780,038 *C-COR.NET CORP. ....................... 42,150 3,229,744 *CONCURRENT COMPUTER CORP. ............. 82,200 1,536,112 *ELECTRO SCIENTIFIC INDUSTRIES, INC. ................................. 28,800 2,102,400 *EMULEX CORP. .......................... 21,800 2,452,500 *MAXTOR CORP. .......................... 160,300 1,142,137 *MICROS SYSTEMS, INC. .................. 71,000 5,254,000 *MMC NETWORKS, INC. .................... 60,400 2,076,250 OPTICAL COATING LABORATORY, INC. ................................. 16,100 4,765,600 *RADISYS CORP. ......................... 79,050 4,031,550 *SANDISK CORP. ......................... 23,800 2,290,750 ------------ 35,822,356 ------------ DATA SERVICES (3.9%) *DELTATHREE.COM, INC. .................. 13,300 342,475 *DOCUMENTUM, INC. ...................... 93,700 5,610,287 *INFOSPACE.COM, INC. ................... 6,700 1,433,800 *SCIQUEST.COM, INC. .................... 13,400 1,065,300 *TECHNOLOGY SOLUTIONS CO. .............. 31,200 1,021,800 *TELETECH HOLDINGS, INC. ............... 57,300 1,931,189 ------------ 11,404,851 ------------ SEMICONDUCTORS (10.5%) *ADVANCED ENERGY INDUSTRIES, INC. ................................. 3,700 182,225 *ATMEL CORP. ........................... 142,000 4,197,875 *CREDENCE SYSTEMS CORP. ................ 59,500 5,146,750 *CYMER, INC. ........................... 60,900 2,801,400 *ETEC SYSTEMS, INC. .................... 54,700 2,454,663 *INTEGRATED DEVICE TECHNOLOGY, INC. ................................ 182,200 5,283,800 *LATTICE SEMICONDUCTOR CORP. ........... 86,700 4,085,737 METHODE ELECTRONICS, INC. (CLASS A) ............................ 89,000 2,859,125 *MIPS TECHNOLOGIES, INC. (CLASS A) ..... 51,200 2,662,400 PERKINELMER, INC. ..................... 22,900 954,644 ------------ 30,628,619 ------------ SOFTWARE (16.0%) *ALLAIRE CORP. ......................... 13,400 1,960,587 *APPNET, INC. .......................... 59,800 2,616,250 *ASD SYSTEMS, INC. ..................... 20,900 370,975 *BINDVIEW DEVELOPMENT CORP. ............ 96,000 4,770,000 *BRIO TECHNOLOGY, INC. ................. 37,700 1,583,400
See Accompanying Notes to Financial Statements 36 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ---------------------- --COLUMBIA SMALL CAP FUND, INC.-- --------------------------------- December 31, 1999
SHARES VALUE ---------- ------------- COMMON STOCKS (CONTINUED) *BROADBASE SOFTWARE, INC. .............. 26,500 $ 2,981,250 *HNC SOFTWARE, INC. .................... 18,700 1,977,525 *INTERACTIVE PICTURES CORP. ............ 85,800 2,000,213 *MACROMEDIA, INC. ...................... 43,900 3,210,187 *MANUGISTICS GROUP, INC. ............... 70,000 2,261,875 *MARIMBA, INC. ......................... 30,400 1,400,300 *METASOLV SOFTWARE, INC. ............... 10,500 858,375 *OPEN MARKET, INC. ..................... 75,000 3,384,375 *PRIMUS KNOWLEDGE SOLUTIONS, INC. ................................. 5,000 226,563 *QUINTUS CORP. ......................... 18,500 848,687 *RAVISENT TECHNOLOGIES, INC. ........... 62,600 2,406,188 *REMEDY CORP. .......................... 36,600 1,743,075 *RETEK, INC. ........................... 5,200 391,300 *SANTA CRUZ OPERATION, INC. ............ 64,700 1,965,262 *SYMANTEC CORP. ........................ 76,700 4,496,538 *TIBCO SOFTWARE, INC. .................. 3,300 504,900 *VERITY, INC. .......................... 78,700 3,349,669 *VIADOR, INC. .......................... 24,600 1,042,425 ------------- 46,349,919 ------------- TELECOMMUNICATIONS EQUIPMENT (9.8%) *ADVANCED FIBRE COMMUNICATIONS, INC. ................................. 78,200 3,494,563 *COMMSCOPE, INC. ....................... 79,400 3,200,812 *DAVOX CORP. ........................... 31,000 608,375 *DIGITAL LIGHTWAVE, INC. ............... 34,400 2,201,600 *DIGITAL MICROWAVE CORP. ............... 120,200 2,817,188 *DSET CORP. ............................ 67,300 2,515,337 *HARMONIC, INC. ........................ 42,500 4,034,844 *ORTEL CORP. ........................... 17,100 2,052,000 *POWERWAVE TECHNOLOGIES, INC. .......... 41,400 2,416,725 *PROXIM, INC. .......................... 18,500 2,035,000 *RF MICRO DEVICES, INC. ................ 19,000 1,300,312 *SPECTRIAN CORP. ....................... 52,800 1,491,600 *VIASAT, INC. .......................... 4,900 244,388 ------------- 28,412,744 ------------- TOTAL TECHNOLOGY ........................ 152,618,489 ------------- TRANSPORTATION (0.2%) AIRLINES EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. ................... 13,300 582,706 ------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------- UTILITIES (2.9%) TELECOMMUNICATIONS SERVICES *ADAPTIVE BROADBAND CORP. .............. 43,600 $ 3,218,225 *GRIC COMMUNICATIONS, INC. ............. 49,500 1,256,062 *INTERVOICE-BRITE, INC. ................ 120,200 2,794,650 *Z-TEL TECHNOLOGIES, INC. .............. 27,200 1,098,200 ------------- 8,367,137 ------------- TOTAL COMMON STOCKS (COST $177,109,530) ................... 270,750,314 ------------- CONVERTIBLE PREFERRED STOCK (0.2%) TELECOMMUNICATION EQUIPMENT *NANOVATION TECHNOLOGIES, INC. (PRIVATE PLACEMENT) (COST $626,715) ...................... 41,781 626,715 ------------- WARRANT (0.1%) HEALTHCARE BIOVAIL CORP. INT'L. (09/30/2002) (COST $28,420) ....................... 2,842 162,705 ------------- REPURCHASE AGREEMENTS (5.3%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $12,927,188 COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. . $12,925,231 12,925,231 MERRILL LYNCH 5.475% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $2,300,345 COLLATERALIZED BY U.S. TREASURY BILLS DUE 03/30/2000 TO 09/14/2000 ... 2,300,000 2,300,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $15,225,231) .................... 15,225,231 ------------- TOTAL INVESTMENTS (98.8%) (COST $192,989,896) ....................... 286,764,965 OTHER ASSETS LESS LIABILITIES (1.2%) ........ 3,609,024 ------------- NET ASSETS (100.0%) ......................... $290,373,989 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 37 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------- ------------------ --COLUMBIA REAL ESTATE EQUITY FUND, INC.-- ------------------------------------------ December 31, 1999
SHARES VALUE ----------- ------------- COMMON STOCKS (94.3%) REAL ESTATE INVESTMENT TRUSTS APARTMENTS (15.6%) APARTMENT INVESTMENT & MANAGEMENT CO. (CLASS A) ........... 197,200 $ 7,851,025 ARCHSTONE COMMUNITIES TRUST ......... 309,671 6,348,255 AVALONBAY COMMUNITIES, INC. ......... 272,864 9,362,646 EQUITY RESIDENTIAL PROPERTIES TRUST .............................. 224,603 9,587,741 POST PROPERTIES, INC. ............... 119,700 4,578,525 ------------- 37,728,192 ------------- COMMUNITY CENTERS (9.6%) KIMCO REALTY CORP. ................. 208,500 7,062,937 PAN PACIFIC RETAIL PROPERTIES, INC. ............................... 124,300 2,027,644 VORNADO REALTY TRUST ................ 432,500 14,056,250 ------------- 23,146,831 ------------- HEALTHCARE (0.7%) NATIONWIDE HEALTH PROPERTIES, INC. ............................... 129,800 1,784,750 ------------- INDUSTRIAL (30.0%) ALEXANDRIA REAL ESTATE EQUITIES, INC. ..................... 149,500 4,755,969 AMB PROPERTY CORP. .................. 265,500 5,293,406 CABOT INDUSTRIAL TRUST .............. 219,700 4,036,987 CENTERPOINT PROPERTIES CORP. ........ 62,500 2,242,188 FIRST INDUSTRIAL REALTY TRUST, INC. ............................... 247,600 6,793,525 LIBERTY PROPERTY TRUST .............. 283,300 6,870,025 PROLOGIS TRUST ...................... 705,345 13,577,891 PUBLIC STORAGE, INC. ................ 632,132 14,341,495 SPIEKER PROPERTIES, INC. ............ 279,400 10,180,638 STARWOOD FINANCIAL, INC. ............ 256,335 4,341,674 ------------- 72,433,798 ------------- LODGING (3.3%) HOST MARRIOTT CORP. ................. 460,700 3,800,775 STARWOOD HOTELS & RESORTS WORLDWIDE, INC. .................... 176,800 4,154,800 ------------- 7,955,575 ------------- SHARES PRINCIPAL SHARES AMOUNT ---------- ------------- OFFICE (23.6%) BOSTON PROPERTIES, INC. ............. 137,000 $ 4,264,125 COUSINS PROPERTIES, INC. ............ 327,500 11,114,531 EQUITY OFFICE PROPERTIES TRUST ...... 441,218 10,864,993 MACK-CALI REALTY CORP. .............. 167,500 4,365,469 PRENTISS PROPERTIES TRUST ........... 226,300 4,752,300 RECKSON ASSOCIATES REALTY CORP ...... 431,300 8,841,650 TRIZEC HAHN CORP. ................... 768,000 12,960,000 ------------ 57,163,068 ------------ OTHER (2.1%) *CATELLUS DEVELOPMENT CORP. .......... 402,800 5,160,875 ------------ SHOPPING MALLS (9.4%) GENERAL GROWTH PROPERTIES, INC. ............................... 413,400 11,575,200 MACERICH CO. (THE) .................. 146,100 3,040,706 SIMON PROPERTY GROUP, INC. .......... 351,256 8,056,935 ------------ 22,672,841 ------------ TOTAL COMMON STOCKS (COST $241,297,568) ................. 228,045,930 ------------ REPURCHASE AGREEMENTS (6.4%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $6,338,534. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. $6,337,574 6,337,574 MERRILL LYNCH 5.475% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $9,001,350. COLLATERALIZED BY U.S. TREASURY BILLS DUE 03/30/2000 TO 09/14/2000. 9,000,000 9,000,000 ------------ TOTAL REPURCHASE AGREEMENTS (COST $15,337,574) .................. 15,337,574 ------------ TOTAL INVESTMENTS (100.7%) (COST $256,635,142) ..................... 243,383,504 OTHER ASSETS LESS LIABILITIES(-0.7%) ...... (1,667,766) ------------ NET ASSETS (100.0%) ....................... $241,715,738 ------------ ------------
* Non-income producing. See Accompanying Notes to Financial Statements 38 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ----------------------- --COLUMBIA BALANCED FUND, INC.-- -------------------------------- December 31, 1999
SHARES VALUE ---------- ------------- COMMON STOCKS (56.2%) BASIC INDUSTRIES & MANUFACTURING (6.7%) ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (4.0%) COOPER INDUSTRIES, INC. ............... 72,700 $ 2,939,806 GENERAL ELECTRIC CO. .................. 150,800 23,336,300 HONEYWELL INTERNATIONAL, INC. ......... 132,300 7,632,056 TYCO INTERNATIONAL LTD. ............... 194,952 7,578,759 ------------ 41,486,921 ------------ MATERIALS (2.7%) CHAMPION INTERNATIONAL CORP. .......... 78,700 4,874,481 DOW CHEMICAL CO. ...................... 53,100 7,095,487 DU PONT (E.I.) DE NEMOURS & CO. ....... 82,300 5,421,513 INTERNATIONAL PAPER CO. ............... 81,300 4,588,369 PRAXAIR, INC. ......................... 80,700 4,060,219 WILLAMETTE INDUSTRIES, INC. ........... 38,800 1,801,775 ------------ 27,841,844 ------------ TOTAL BASIC INDUSTRIES & MANUFACTURING ......................... 69,328,765 ------------ BUSINESS & CONSUMER SERVICES (5.4%) BROADCASTING (3.6%) *AT&T CORP.--LIBERTY MEDIA GROUP (CLASS A) ............................ 201,964 11,461,457 *CLEAR CHANNEL COMMUNICATIONS, INC. ................. 112,400 10,031,700 *INFINITY BROADCASTING CORP. (CLASS A) ............................ 168,200 6,086,737 NEWS CORP. LTD. ADR ................... 112,000 4,284,000 *USA NETWORKS, INC. .................... 108,750 6,008,438 ------------ 37,872,332 ------------ CABLE (1.1%) *CHARTER COMMUNICATIONS, INC. (CLASS A) ............................ 122,000 2,668,750 *MEDIAONE GROUP, INC. * ................ 108,800 8,357,200 ------------ 11,025,950 ------------ ENTERTAINMENT (0.7%) TIME WARNER, INC. ..................... 105,800 7,663,888 ------------ TOTAL BUSINESS & CONSUMER SERVICES ...... 56,562,170 ------------ CONSUMER CYCLICAL (3.8%) HOTELS & GAMING (0.2%) ROYAL CARIBBEAN CRUISES LTD. .......... 42,100 2,076,056 ------------ RESTAURANTS (0.3%) MCDONALD'S CORP. ...................... 86,500 $ 3,487,031 ------------ RETAIL (3.3%) *BED, BATH & BEYOND, INC. .............. 196,600 6,831,850 *BEST BUY CO., INC. .................... 40,500 2,032,594 CIRCUIT CITY STORES, INC. ............. 50,800 2,289,175 *COSTCO WHOLESALE CORP. ................ 103,700 9,462,625 HOME DEPOT, INC. ...................... 112,850 7,737,278 *STAPLES, INC. ......................... 265,500 5,509,125 ------------ 33,862,647 ------------ TOTAL CONSUMER CYCLICAL ................. 39,425,734 ------------ CONSUMER STAPLES (5.1%) FOOD & DRUG RETAIL (0.9%) *SAFEWAY, INC. ......................... 263,400 9,367,163 ------------ HEALTH CARE (3.2%) BRISTOL-MYERS SQUIBB CO. .............. 114,000 7,317,375 PFIZER, INC. .......................... 140,300 4,550,981 SCHERING-PLOUGH CORP. ................. 139,600 5,889,375 WARNER-LAMBERT CO. .................... 190,800 15,633,675 ------------ 33,391,406 ------------ MEDICAL DEVICES (1.0%) *GUIDANT CORP. ........................ 228,700 10,748,900 ------------ TOTAL CONSUMER STAPLES .................. 53,507,469 ------------ ENERGY (3.6%) INTERNATIONAL INTEGRATED (1.9%) EXXON MOBIL CORP. ..................... 188,487 15,184,984 ROYAL DUTCH PETROLEUM CO. ............. 78,500 4,744,344 ------------ 19,929,328 ------------ OIL SERVICES (1.7%) *BJ SERVICES CO. ....................... 150,900 6,309,506 *NABORS INDUSTRIES, INC. ............... 184,000 5,692,500 *NOBLE DRILLING CORP. .................. 160,300 5,249,825 ------------ 17,251,831 ------------ TOTAL ENERGY ............................ 37,181,159 ------------ FINANCIAL (7.7%) BANKS (2.9%) BANK OF NEW YORK CO., INC. ............ 145,900 5,836,000 CHASE MANHATTAN CORP. ................. 44,800 3,480,400 CITIGROUP, INC. ....................... 380,875 21,162,367 ------------ 30,478,767 ------------ See Accompanying Notes to Financial Statements 39 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ----------------------- --COLUMBIA BALANCED FUND, INC.-- -------------------------------- December 31, 1999 SHARES VALUE ---------- ------------- COMMON STOCKS (CONTINUED) BROKERS, MONEY MANAGERS (2.2%) AMERICAN EXPRESS CO. .................. 81,100 $13,482,875 MORGAN STANLEY, DEAN WITTER & CO. ......................... 64,000 9,136,000 ------------ 22,618,875 ------------ INSURANCE - PROPERTY & CASUALTY (1.4%) AMERICAN INTERNATIONAL GROUP, INC. .......................... 114,825 12,415,453 TRAVELERS PROPERTY CASUALTY CORP. (CLASS A) ............. 58,300 1,996,775 ------------ 14,412,228 ------------ MORTGAGE/FINANCE COMPANIES (1.2%) FANNIE MAE ............................ 79,900 4,988,756 FREDDIE MAC ........................... 156,100 7,346,457 ------------ 12,335,213 ------------ TOTAL FINANCIAL ......................... 79,845,083 ------------ TECHNOLOGY (19.1%) COMPUTERS (0.6%) *APPLE COMPUTER, INC. .................. 52,200 5,366,813 *DELL COMPUTER CORP. ................... 17,500 892,500 ------------ 6,259,313 ------------ DATA SERVICES (3.0%) *AMERICA ONLINE, INC. .................. 129,800 9,791,788 *COMPUTER SCIENCES CORP. ............... 182,900 17,306,912 *XILINX, INC. .......................... 87,200 3,964,875 ------------ 31,063,575 ------------ SEMICONDUCTORS (4.5%) *ALTERA CORP. .......................... 113,000 5,600,563 *APPLIED MATERIALS, INC. ............... 86,100 10,907,794 INTEL CORP. ........................... 143,450 11,807,728 *JDS UNIPHASE CORP. .................... 38,400 6,194,400 *MICRON TECHNOLOGY, INC. ............... 50,000 3,887,500 STMICROELECTRONICS N.V. ............... 20,700 3,134,756 TEXAS INSTRUMENTS, INC. ............... 52,000 5,037,500 ------------ 46,570,241 ------------ SOFTWARE (5.5%) *BMC SOFTWARE, INC. .................... 87,400 6,986,537 *MICROSOFT CORP. ....................... 260,500 30,413,375 SHARES PRINCIPAL AMOUNT VALUE ---------- ------------- *ORACLE CORP. .......................... 178,800 $ 20,036,775 ------------ 57,436,687 ------------ TELECOMMUNICATIONS EQUIPMENT (5.5%) *CISCO SYSTEMS, INC. ................... 164,550 17,627,419 LUCENT TECHNOLOGIES, INC. ............. 211,460 15,819,851 MOTOROLA, INC. ........................ 30,700 4,520,575 NOKIA CORP. ........................... 23,100 4,389,000 NORTEL NETWORKS CORP. ................. 60,600 6,120,600 *TELLABS, INC. ......................... 145,100 9,313,606 ------------ 57,791,051 ------------ TOTAL TECHNOLOGY ........................ 199,120,867 ------------ TRANSPORTATION (0.2%) TRUCKS UNITED PARCEL SERVICE, INC. (CLASS B) ............................ 29,900 2,063,100 ------------ UTILITIES (4.6%) TELECOMMUNICATIONS SERVICES ALLTEL CORP. .......................... 103,800 8,582,962 *EQUANT NV ............................. 41,000 4,592,000 *MCI WORLDCOM, INC. .................... 271,887 14,427,004 SBC COMMUNICATIONS, INC. .............. 139,300 6,790,875 *SPRINT CORP. (PCS GROUP) .............. 67,400 6,908,500 VODAFONE AIRTOUCH PLC ................. 131,600 6,514,200 ------------ TOTAL UTILITIES ......................... 47,815,541 ------------ TOTAL COMMON STOCKS (COST $370,679,226) ................... 584,849,888 ------------ BONDS (42.7%) U.S. GOVERNMENT SECURITIES (18.6%) U.S. TREASURY NOTES & BONDS (2.9%) U.S. TREASURY BONDS 8.875% 08/15/2017 ..................... $16,910,000 20,418,825 8.125% 08/15/2019 ..................... 400,000 455,375 U.S. TREASURY NOTES 6.125% 12/31/2001 ..................... 7,145,000 7,132,720 7.000% 07/15/2006 ..................... 1,920,000 1,965,900 ------------ 29,972,820 ------------ U.S. TREASURY STRIPS (1.3%) 0.000% 05/15/2011 ..................... 29,550,000 13,683,423 ------------ See Accompanying Notes to Financial Statements 40 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ----------------------- --COLUMBIA BALANCED FUND, INC.-- -------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ----------- ------------- BONDS (CONTINUED) U.S. AGENCY BONDS (2.1%) FEDERAL HOME LOAN BANK 6.000% 08/15/2002 ................... $22,225,000 $21,888,069 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)(7.5%) 6.500% 04/15/2029 - 08/15/2029 ....... 5,544,502 5,207,501 7.000% 01/15/2028 - 12/15/2029 ....... 36,911,116 35,653,831 7.500% 09/15/2028 - 11/15/2029 ....... 37,455,539 37,051,723 ------------ 77,913,055 ------------ FEDERAL HOUSING ADMINISTRATION (FHA) (0.2%) FHA INSURED PROJECT POOL #55 7.430% 04/01/2022 ................... 1,596,489 1,491,292 FHA INSURED PROJECT POOL #53-43077 9.125% 07/25/2033 ................... 1,089,982 1,128,941 ------------ 2,620,233 ------------ AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (4.6%) GNMA (0.6%) GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1997-4 CL. B 7.000% 08/20/2026 ................... 3,624,772 3,548,869 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-47 CL. BC 7.750% 11/20/2026 ................... 2,975,650 2,938,752 ------------ 6,487,621 ------------ FNMA (2.5%) FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-44 CL. VC 6.500% 11/18/2015 .................... 2,620,000 2,433,338 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1996-59 CL. K 6.500% 07/25/2023 .................... 4,205,000 3,880,416 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1994-10 CL. UU 6.500% 01/25/2024 .................... 2,195,000 1,979,188 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1994-43 CL. E 6.500% 02/25/2024 .................... 1,432,843 1,380,000 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-63 CL. PH 7.000% 07/18/2026 .................... 9,160,000 8,799,279 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-61 CL. PK 6.000% 12/25/2026 ................... $4,670,000 4,219,018 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-68 CL. PJ 7.000% 10/18/2027 ................... 3,000,000 2,850,810 ----------- 25,542,049 ----------- FHLMC (1.5%) FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2153 CL. CC 6.000% 08/15/2014 ................... 2,160,000 2,066,839 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2116 CL. VC 6.000% 11/15/2014 ................... 6,440,000 5,698,708 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1763 CL. H 8.250% 07/15/2023 ................... 337,770 342,728 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PB 6.250% 01/15/2024 ................... 883,000 843,053 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2114 CL. PF 6.000% 04/15/2027 ................... 3,000,000 2,710,290 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2186 CL. KB 6.500% 05/15/2027 ................... 4,420,000 4,084,310 ----------- 15,745,928 ----------- TOTAL AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS .................. 47,775,598 ----------- TOTAL U.S. GOVERNMENT SECURITIES (COST $200,382,433) ................... 193,853,198 ----------- CORPORATE BONDS (15.4%) INDUSTRIAL (8.3%) BASIC INDUSTRY & MANUFACTURING (1.2%) ALUMINUM CO. OF AMERICA, SERIES B 6.500% 06/15/2018 ................... 4,350,000 3,805,336 BALL CORP. 7.750% 08/01/2006 ................... 850,000 828,750 DOW CHEMICAL CO. 7.375% 11/01/2029 ................... 2,225,000 2,128,793 See Accompanying Notes to Financial Statements 41 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ----------------------- --COLUMBIA BALANCED FUND, INC.-- -------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ----------- ------------- BONDS (CONTINUED) TYCO INTERNATIONAL GROUP S.A. 6.250% 06/15/2003 ................... $4,500,000 $ 4,320,495 WESTPOINT STEVENS, INC. 7.875% 06/15/2005 ................... 1,575,000 1,433,250 ----------- 12,516,624 ----------- BUSINESS & CONSUMER SERVICES (1.9%) ALLIED WASTE NORTH AMERICA, INC. 7.625% 01/01/2006 ................... 1,000,000 897,500 COMCAST CORP. 9.500% 01/15/2008 ................... 2,140,000 2,207,602 COX COMMUNICATIONS, INC. 7.000% 08/15/2001 ................... 2,975,000 2,968,663 CSC HOLDINGS, INC. 8.125% 08/15/2009 ................... 200,000 196,496 JONES INTERCABLE, INC. 8.875% 04/01/2007 ................... 1,425,000 1,457,832 LENFEST COMMUNICATIONS, INC. 8.375% 11/01/2005 ................... 650,000 661,654 SERVICE CORP. INTERNATIONAL 6.300% 03/15/2003 ................... 5,000,000 4,110,300 USA NETWORKS, INC. 6.750% 11/15/2005 ................... 1,000,000 954,800 USA WASTE SERVICES, INC. 6.125% 07/15/2001 ................... 6,585,000 6,267,274 ----------- 19,722,121 ----------- CONSUMER CYCLICAL (2.2%) DAIMLER CHRYSLER N.A. HOLDINGS 6.840% 10/15/2002 ................... 4,500,000 4,477,500 FEDERATED DEPARTMENT STORES, INC. 6.300% 04/01/2009 ................... 2,200,000 2,000,174 6.900% 04/01/2029 ................... 1,525,000 1,333,144 FORD MOTOR CREDIT CO. 6.700% 07/16/2004 ................... 7,000,000 6,851,250 LOWE'S COS., INC. 6.500% 03/15/2029 ................... 2,825,000 2,373,302 NORDSTROM, INC. 5.625% 01/15/2009 ................... 3,125,000 2,710,562 PARK PLACE ENTERTAINMENT CORP. 8.500% 11/15/2006 ................... 2,725,000 2,686,618 ----------- 22,432,550 ----------- CONSUMER STAPLES (1.3%) COCA-COLA ENTERPRISES, INC. 6.750% 01/15/2038 ................... 4,150,000 3,573,113 DIAGEO CAPITAL PLC 6.625% 06/24/2004 ................... 6,000,000 5,857,500 MONSANTO CO. (144A) 5.750% 12/01/2005 ................... 4,850,000 4,511,276 ----------- 13,941,889 ----------- ENERGY (0.4%) CONOCO, INC. 5.900% 04/15/2004 ................... 1,000,000 954,670 GULF CANADA RESOURCES LTD. 9.625% 07/01/2005 ................... 2,500,000 2,562,500 ----------- 3,517,170 ----------- TECHNOLOGY (0.9%) RAYTHEON CO. 6.450% 08/15/2002 ................... 4,300,000 4,183,083 UNITED TECHNOLOGIES CORP. 6.500% 06/01/2009 ................... 5,275,000 4,933,497 ----------- 9,116,580 ----------- TRANSPORTATION (0.4%) ALLIED HOLDING, INC. SERIES B 8.625% 10/01/2007 ................... 500,000 442,500 CANADIAN NATIONAL RAILWAY CO. 6.450% 07/15/2006 ................... 675,000 628,655 FEDERAL EXPRESS CORP. PASS THRU TRUST SERIES 1997-1C 7.650% 01/15/2014 ................... 2,081,217 1,965,731 TEEKAY SHIPPING CORP. GTD. 1ST PFD. SHIP. MTG. NOTES 8.320% 02/01/2008 ................... 1,000,000 917,500 ----------- 3,954,386 ----------- TOTAL INDUSTRIAL ........................ 85,201,320 ----------- FINANCIAL (3.0%) FINANCE (1.2%) LEHMAN BROTHERS, INC. 7.000% 10/01/2002 ................... 4,400,000 4,343,724 MERRILL LYNCH & CO. MEDIUM TERM NOTES, SERIES B 5.710% 01/15/2002 ................... 3,725,000 3,637,165 See Accompanying Notes to Financial Statements 42 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------------ ----------------------- --COLUMBIA BALANCED FUND, INC.-- -------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ----------- ------------- BONDS (CONTINUED) MORGAN STANLEY, DEAN WITTER DISCOVER & CO. MEDIUM TERM NOTES 5.750% 02/15/2001 ................... $2,100,000 $ 2,073,582 TRAVELERS PROPERTY CASUALTY CORP. 6.750% 11/15/2006 ................... 2,350,000 2,269,771 ----------- 12,324,242 ----------- BANKS-DOMESTIC (1.2%) CHASE MANHATTAN CORP. MEDIUM TERM NOTES, SERIES C 6.750% 12/01/2004 ................... 5,250,000 5,145,000 MELLON FINANCIAL CO. 5.750% 11/15/2003 ................... 3,725,000 3,561,584 WACHOVIA CORP. 5.625% 12/15/2008 ................... 4,350,000 3,812,862 ----------- 12,519,446 ----------- BANKS-FOREIGN (0.6%) ABBEY NATIONAL PLC 6.690% 10/17/2005 ................... 3,000,000 2,881,650 ABN AMRO BANK N. V. CHICAGO 7.250% 05/31/2005 ................... 3,575,000 3,531,417 ----------- 6,413,067 ----------- TOTAL FINANCIAL ......................... 31,256,755 ----------- UTILITIES (3.4%) ELECTRIC (2.1%) ARIZONA PUBLIC SERVICE CO. 5.875% 02/15/2004 ................... 4,100,000 3,843,750 EDISON MISSION ENERGY (144A) 7.730% 06/15/2009 ................... 3,200,000 3,165,696 MIDAMERICAN FUNDING CORP. (144A) 5.850% 03/01/2001 ................... 7,675,000 7,559,875 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 6.550% 11/01/2018 ................... 2,595,000 2,314,684 TXU EASTERN FUNDING CO. 6.450% 05/15/2005 ................... 5,200,000 4,894,604 ----------- 21,778,609 ----------- GAS PIPELINES (0.8%) COASTAL CORP. 6.500% 05/15/2006 ................... 5,250,000 4,937,152 K N ENERGY, INC. 6.650% 03/01/2005 ................... 4,075,000 3,884,535 ----------- 8,821,687 ----------- TELECOMMUNICATIONS (0.5%) MCI WORLDCOM, INC. 6.250% 08/15/2003 ................... 2,100,000 2,042,586 8.875% 01/15/2006 ................... 1,000,000 1,049,570 TCI COMMUNICATIONS, INC. 8.000% 08/01/2005 ................... 1,900,000 1,956,259 ----------- 5,048,415 ----------- TOTAL UTILITIES ......................... 35,648,711 ----------- YANKEE (0.7%) CANADIAN PROVINCE (0.4%) QUEBEC PROVINCE 6.500% 01/17/2006 ................... 3,100,000 2,977,209 7.125% 02/09/2024 ................... 2,000,000 1,860,223 ----------- 4,837,432 ----------- OTHER (0.3%) KOREA DEVELOPMENT BANK 6.500% 11/15/2002 ................... 775,000 753,269 7.125% 04/22/2004 ................... 2,375,000 2,315,335 ----------- 3,068,604 ----------- TOTAL YANKEE ............................ 7,906,036 ----------- TOTAL CORPORATE BONDS (COST $168,599,601) ................... 160,012,822 ----------- OTHER SECURITIZED LOANS (8.5%) ASSET BACKED SECURITIES (3.8%) CITYSCAPE HOME EQUITY LOAN TRUST SERIES 1997-B CL. A-7 7.410% 05/25/2028 ................... 4,150,000 4,070,092 CITYSCAPE HOME LOAN OWNER TRUST SERIES 1997-4 CL. A-4 7.440% 10/25/2018 ................... 4,000,000 3,893,622 FIRST ALLIANCE MORTGAGE TRUST SERIES 1996-1 CL. A-1 7.340% 06/20/2027 ................... 753,585 753,220 IMC HOME EQUITY LOAN TRUST SERIES 1997-3 CL. A-6 7.520% 08/20/2028 ................... 2,310,000 2,288,586
See Accompanying Notes to Financial Statements 43 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ----------------------- ----------------------- -- COLUMBIA BALANCED FUND, INC. -- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- -------------- BONDS (CONTINUED) IMC HOME EQUITY LOAN TRUST SERIES 1997-5 CL. A-9 7.310% 11/20/2028 .................. $ 2,180,000 $ 2,078,932 MERIT SECURITIES CORP. SERIES 13 CL. A4 7.880% 12/28/2033 .................. 2,310,000 2,300,401 NEW CENTURY HOME EQUITY LOAN TRUST SERIES 1997-NC5 CL. A-4 6.780% 08/25/2025 .................. 1,340,000 1,328,174 NEW CENTURY HOME EQUITY LOAN TRUST SERIES 1997-NC5 CL. A-5 (VARIABLE IN 10 YRS.) 7.130% 10/25/2028 .................. 11,760,000 11,540,970 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1996-LB2 CL. A-8 7.800% 10/25/2026 .................. 2,650,000 2,676,990 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1998-AQ1 CL. A-5 7.150% 06/25/2028 .................. 3,000,000 2,963,985 THE MONEY STORE RESIDENTIAL TRUST SERIES 1997-II CL. A-4 7.385% 03/15/2029 .................. 3,862,000 3,840,817 UCFC FUNDING CORP. SERIES 1997-1 CL. A-3 7.055% 09/15/2013 .................. 1,790,000 1,784,854 -------------- 39,520,643 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (2.4%) +BEAR STEARNS MORTGAGE SECURITIES, INC. SERIES 1996-2 CL. A-1 5.610% 01/25/2025 .................. 3,504,786 3,143,092 CMC SECURITIES CORP. IV SERIES 1997-2 CL. 1A-12 7.250% 11/25/2027 .................. 7,085,000 6,743,893 HEADLANDS MORTGAGE SECURITIES, INC. SERIES 1997-3 CL. 1-A-6 7.000% 07/25/2027 .................. 5,360,000 5,202,041 +MORTGAGE OBLIGATION STRUCTURED TRUST (144A) SERIES 1993-1 CL. B1 10.599% 10/25/2018 ................. 598,019 600,172 PNC MORTGAGE SECURITIES CORP. SERIES 1997-4 CL. 2PP-2 7.500% 07/25/2027 .................. $2,750,000 $ 2,674,699 +SACO I, INC. (144A) SERIES 1995-1 CL. A 5.863% 9/25/2024 ................... 1,954,511 1,801,668 STRUCTURED ASSET SECURITIES CORP. SERIES 1999-ALS2 CL. A2 6.750% 07/25/2029 .................. 5,020,269 4,832,482 -------------- 24,998,047 -------------- COMMERCIAL MORTGAGE BACKED SECURITIES (2.3%) COMMERCIAL CAPITAL ACCESS ONE, INC. (144A) SERIES 3 CL. A-2 6.615% 11/15/2028 .................. 6,460,000 6,020,397 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. SERIES 1998-C1 CL. A1B 6.480% 05/17/2008 .................. 2,860,000 2,669,052 MORGAN STANLEY CAPITAL I, INC. SERIES 1999-CAM CL. A-3 6.920% 11/15/2008 .................. 5,560,000 5,429,924 NATIONSLINK FUNDING CORP. SERIES 1999-SL CL. A5 6.888% 06/10/2007 .................. 3,480,000 3,357,942 +NOMURA ASSET SECURITIES CORP. SERIES 1994-MD1 CL. A-1B 7.708% 03/15/2018 .................. 1,341,799 1,350,998 PRUDENTIAL SECURITIES SECURED FINANCING CORP. SERIES 1999-C2 CL. A2 7.193% 04/15/2009 .................. 5,045,000 4,924,954 -------------- 23,753,267 -------------- TOTAL OTHER SECURITIZED LOANS (COST $90,990,269) ................... 88,271,957 --------------
See Accompanying Notes to Financial Statements 44 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ----------------------- ----------------------- -- COLUMBIA BALANCED FUND, INC. -- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- -------------- BONDS (CONTINUED) TAXABLE MUNICIPAL BONDS (0.2%) CHICAGO IL. TAX INCREMENT TAXABLE ALLOCATION CENTRAL LOOP B 6.375% 06/01/2003 (COST $2,327,535) .............. $ 2,250,000 $ 2,196,562 -------------- TOTAL BONDS (COST $462,299,838) .................. 444,334,539 -------------- REPURCHASE AGREEMENT (0.9%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $8,959,119. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. (COST $8,957,763) ................... 8,957,763 8,957,763 -------------- TOTAL INVESTMENTS (99.8%) (COST $841,936,827) ...................... 1,038,142,190 OTHER ASSETS LESS LIABILITIES (0.2%) ....... 2,797,649 -------------- NET ASSETS (100.0%) ........................ $1,040,939,839 -------------- --------------
* Non-incoming producing. + Variable rate security - the rate reported is the rate in effect as of December 31, 1999. See Accompanying Notes to Financial Statements 45 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - -------------- -------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ---------------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- ----------- U.S. TREASURY NOTES (96.4%) 4.625% 12/31/2000 .................... $16,375,000 $16,144,726 6.625% 06/30/2001 .................... 9,325,000 9,383,281 6.125% 12/31/2001 .................... 11,200,000 11,180,751 ----------- TOTAL U.S. TREASURY NOTES (COST $36,973,104) ................... 36,708,758 ----------- REPURCHASE AGREEMENT (4.7%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $1,802,487. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009. (COST $1,802,214) ................... 1,802,214 1,802,214 ----------- TOTAL INVESTMENTS (101.1%) (COST $38,775,318) ....................... 38,510,972 OTHER ASSETS LESS LIABILITIES (-1.1%) ...... (439,121) ----------- NET ASSETS (100.0%) ........................ $38,071,851 ----------- -----------
See Accompanying Notes to Financial Statements 46 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- --------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT SECURITIES (46.5%) U.S. TREASURY NOTES & BONDS (2.9%) U.S. TREASURY BONDS 8.875% 08/15/2017 .................. $ 8,000,000 $ 9,660,000 U.S. TREASURY NOTES 5.375% 07/31/2000 .................. 2,000,000 1,994,688 7.000% 07/15/2006 .................. 75,000 76,793 ------------ 11,731,481 ------------ U.S. TREASURY STRIPS (2.8%) 0.000% 05/15/2011 .................. 23,950,000 11,090,287 ------------ U.S. AGENCY BONDS (6.6%) FEDERAL HOME LOAN BANK 6.000% 08/15/2002 .................. 19,900,000 19,598,316 FEDERAL HOME LOAN MORTGAGE CORP. 5.000% 01/15/2004 .................. 6,955,000 6,513,775 ------------ 26,112,091 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (0.8%) 7.500% 01/15/2030 * ................ 3,080,000 3,046,312 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (18.7%) 6.500% 03/15/2029 - 08/15/2029 ..... 8,634,393 8,109,585 7.000% 11/15/2027 - 11/15/2029 ..... 25,781,972 24,903,773 7.500% 01/15/2029 - 12/15/2029 ..... 41,544,974 41,097,070 ------------ 74,110,428 ------------ FEDERAL HOUSING ADMINISTRATION (FHA) (0.7%) FHA INSURED PROJECT POOL #051-11078 8.350% 04/01/2030 .................. 2,189,135 2,202,817 FHA INSURED PROJECT POOL #092-35499 8.450% 11/15/2031 .................. 780,810 797,981 ------------ 3,000,798 ------------ AGENCY COLLATERALIZED MORTGAGE OBLIGATION (14.0%) GNMA (4.6%) GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-14 CL. VD 6.000% 03/20/2014 .................. 4,400,000 3,959,249 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-23 CL. VC 6.500% 03/20/2016 .................. $7,958,000 $ 7,346,189 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1998-20 CL. B 7.000% 03/20/2026 .................. 2,066,000 1,956,016 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-13 CL. PC 6.000% 03/20/2028 .................. 5,580,000 5,056,875 ------------ 18,318,329 ------------ FNMA (5.1%) FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-44 CL. VC 6.500% 11/18/2015 .................. 4,127,564 3,833,495 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-49 CL. TD 6.250% 12/18/2023 .................. 6,410,000 6,110,012 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1999-19 CL. PF 6.000% 06/25/2024 .................. 1,000,000 928,430 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-63 CL. PH 7.000% 07/18/2026 .................. 7,540,000 7,243,075 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-61 CL. PK 6.000% 12/25/2026 .................. 2,530,000 2,285,678 ------------ 20,400,690 ------------ FHLMC (4.3%) FHLMC GNMA MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 24 CL. J 6.250% 11/25/2023 .................. 2,310,000 2,136,131 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2116 CL. VC 6.000% 11/15/2014 .................. 6,280,000 5,557,125 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1558 CL. C 6.500% 07/15/2023 .................. 2,141,000 2,038,760 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1763 CL. H 8.250% 07/15/2023 .................. 631,720 640,994 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PB 6.250% 01/15/2024 .................. 1,050,000 1,002,498
See Accompanying Notes to Financial Statements 47 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- --------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT SECURITIES (CONTINUED) FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2114 CL. PF 6.000% 04/15/2027 .................. $ 2,480,000 $ 2,240,506 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2186 CL. KB 6.500% 05/15/2027 .................. 3,638,330 3,362,006 ------------ 16,978,020 ------------ TOTAL U.S. GOVERNMENT SECURITIES (COST $190,253,579) .................. 184,788,436 ------------ CORPORATE BONDS (36.0%) INDUSTRIAL (21.2%) BASIC INDUSTRY & MANUFACTURING (5.1%) BALL CORP. 7.750% 08/01/2006 .................. 850,000 828,750 DOW CHEMICAL CO. 7.375% 11/01/2029 .................. 2,650,000 2,535,416 FOSTER WHEELER CORP. 6.750% 11/15/2005 .................. 3,025,000 2,539,881 GENERAL ELECTRIC CAPITAL CORP. MEDIUM TERM NOTES 5.650% 03/31/2003 .................. 3,900,000 3,738,033 ICI WILMINGTON, INC. 7.050% 09/15/2007 .................. 3,805,000 3,632,063 PRECISION CASTPARTS CORP. 6.750% 12/15/2007 .................. 1,350,000 1,234,400 TYCO INTERNATIONAL GROUP S.A. 6.125% 06/15/2001 .................. 500,000 491,540 6.250% 06/15/2003 .................. 5,575,000 5,352,613 ------------ 20,352,696 ------------ BUSINESS & CONSUMER SERVICES (2.0%) USA WASTE SERVICES, INC. 6.125% 07/15/2001 .................. 5,250,000 4,996,688 HOLLINGER INTERNATIONAL PUBLISHING, INC. 8.625% 03/15/2005 .................. 300,000 294,000 LENFEST COMMUNICATIONS, INC. 8.375% 11/01/2005 .................. 1,350,000 1,374,205 HERITAGE MEDIA CORP. 8.750% 02/15/2006 .................. 1,250,000 1,265,625 ------------ 7,930,518 ------------ CONSUMER CYCLICAL (3.9%) DAIMLER CHRYSLER N.A. HOLDINGS MEDIUM TERM NOTES 6.840% 10/15/2002 .................. $3,950,000 $ 3,930,250 FEDERATED DEPARTMENT STORES, INC. 6.300% 04/01/2009 .................. 1,000,000 909,170 6.900% 04/01/2029 .................. 775,000 677,500 FORD MOTOR CREDIT CO. 6.700% 07/16/2004 .................. 5,700,000 5,578,875 LOWE'S COS., INC. 6.500% 03/15/2029 .................. 2,200,000 1,848,235 PARK PLACE ENTERTAINMENT CORP. 8.500% 11/15/2006 .................. 2,725,000 2,686,618 ------------ 15,630,648 ------------ CONSUMER STAPLES (5.9%) ANHEUSER-BUSCH COS., INC. 5.750% 04/01/2010 .................. 4,800,000 4,241,184 COCA-COLA ENTERPRISES, INC. 6.750% 01/15/2038 .................. 3,850,000 3,314,815 DIAGEO CAPITAL PLC 6.625% 06/24/2004 .................. 550,000 536,938 KROGER CO., SERIES B 6.340% 06/01/2001 .................. 4,350,000 4,305,765 NABISCO, INC. 6.000% 02/15/2001 .................. 1,875,000 1,846,988 6.700% 06/15/2002 .................. 3,750,000 3,657,712 PEPSI BOTTLING HOLDINGS, INC. (144A) 5.625% 02/17/2009 .................. 5,000,000 4,405,850 TENET HEALTHCARE CORP. 8.625% 12/01/2003 .................. 990,000 987,525 ------------ 23,296,777 ------------ ENERGY (2.6%) ANADARKO PETROLEUM CORP. 6.625% 01/15/2028 .................. 3,125,000 2,632,271 CONOCO, INC. 5.900% 04/15/2004 .................. 3,200,000 3,054,944 GULF CANADA RESOURCES LTD. 9.625% 07/01/2005 .................. 1,900,000 1,947,500 SANTA FE SNYDER CORP. 8.050% 06/15/2004 .................. 2,700,000 2,612,250 ------------ 10,246,965 ------------
See Accompanying Notes to Financial Statements 48 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- --------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (CONTINUED) TECHNOLOGY (1.2%) RAYTHEON CO. 5.700% 11/01/2003 .................. $3,875,000 $ 3,628,783 UNITED TECHNOLOGIES CORP. 6.500% 06/01/2009 .................. 1,410,000 1,318,716 ------------ 4,947,499 ------------ TRANSPORTATION (0.5%) FEDERAL EXPRESS CORP. PASS THRU TRUST SERIES 1997-1C 7.650% 01/15/2014 .................. 2,175,818 2,055,082 ------------ FINANCIAL (7.2%) FINANCE (2.7%) CIT GROUP, INC. MEDIUM TERM NOTES 5.800% 03/26/2002 .................. 2,200,000 2,144,604 EQUITABLE COS., INC. 9.000% 12/15/2004 .................. 980,000 1,039,937 GOLDMAN SACHS GROUP L.P. (144A) 7.200% 03/01/2007 .................. 3,700,000 3,600,063 LEHMAN BROTHERS HOLDINGS, INC. 6.500% 10/01/2002 .................. 4,100,000 3,997,377 ------------ 10,781,981 ------------ BANKS-DOMESTIC (2.8%) BANK OF AMERICA CORP. 5.875% 02/15/2009 .................. 3,980,000 3,543,951 CHASE MANHATTAN CORP. MEDIUM TERM NOTES, SERIES C 6.750% 12/01/2004 .................. 4,000,000 3,920,000 WELLS FARGO CO. 6.625% 07/15/2004 .................. 3,750,000 3,661,763 ------------ 11,125,714 ------------ BANKS-FOREIGN (0.4%) SWISS BANK CORP. N.Y. 7.250% 09/01/2006 .................. 1,825,000 1,790,818 ------------ REAL ESTATE INVESTMENT TRUSTS (1.3%) EOP OPERATING L.P. 6.376% 02/15/2002 .................. 3,125,000 3,051,937 SIMON PROPERTY GROUP L.P. 6.625% 06/15/2003 .................. 2,050,000 1,959,431 ------------ 5,011,368 ------------ UTILITIES (5.6%) ELECTRIC (2.8%) CALPINE CORP. 8.750% 07/15/2007 .................. $1,000,000 $ 971,180 FPL GROUP CAPITAL, INC. 7.375% 06/01/2009 .................. 2,725,000 2,677,067 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 6.550% 11/01/2018 .................. 2,215,000 1,975,732 NIAGARA MOHAWK POWER CORP. SERIES D 7.250% 10/01/2002 .................. 1,474,391 1,469,437 TXU EASTERN FUNDING CO. 6.450% 05/15/2005 .................. 4,200,000 3,953,334 ------------ 11,046,750 ------------ GAS PIPELINES (0.5%) ENRON CORP. 7.375% 05/15/2019 .................. 2,220,000 2,086,294 ------------ TELECOMMUNICATIONS (2.3%) FLAG LTD. 8.250% 01/30/2008 .................. 500,000 465,000 MCI COMMUNICATIONS CORP. 6.125% 04/15/2002 .................. 4,755,000 4,677,874 MCI WORLDCOM, INC. 8.875% 01/15/2006 .................. 900,000 944,613 US WEST COMMUNICATIONS, INC. 5.625% 11/15/2008 .................. 3,400,000 2,974,524 ------------ 9,062,011 ------------ YANKEE (2.0%) CANADIAN PROVINCE (1.2%) QUEBEC PROVINCE 7.000% 01/30/2007 .................. 2,490,000 2,435,469 7.125% 02/09/2024 .................. 2,400,000 2,232,267 ------------ 4,667,736 ------------ OTHER (0.8%) KOREA DEVELOPMENT BANK 6.500% 11/15/2002 .................. 675,000 656,073 7.125% 04/22/2004 .................. 2,525,000 2,461,567 ------------ 3,117,640 ------------ TOTAL CORPORATE BONDS (COST $149,769,835) .................. 143,150,497 ------------
See Accompanying Notes to Financial Statements 49 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- --------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ----------- ------------ OTHER SECURITIZED LOANS (13.9%) ASSET BACKED SECURITIES (5.1%) CITYSCAPE HOME LOAN OWNER TRUST SERIES 1997-4 CL. A-4 7.440% 10/25/2018 .................. $3,400,000 $ 3,309,578 IMC HOME EQUITY LOAN TRUST SERIES 1995-3 CL. A-5 7.500% 04/25/2026 .................. 760,000 758,446 IMC HOME EQUITY LOAN TRUST SERIES 1997-3 CL. A-6 7.520% 08/20/2028 .................. 2,520,000 2,496,640 IMC HOME EQUITY LOAN TRUST SERIES 1997-5 CL. A-9 7.310% 11/20/2028 .................. 4,465,000 4,257,997 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1996-LB2 CL. A-8 7.800% 10/25/2026 .................. 1,300,000 1,313,240 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1998-AQ1 CL. A-5 7.150% 06/25/2028 .................. 1,860,000 1,837,671 SAXON ASSET SECURITIES CO. SERIES 1996-1 CL. A-2 8.060% 09/25/2027 .................. 6,380,000 6,445,794 ------------ 20,419,366 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS (4.3%) +BEAR STEARNS MORTGAGE SECURITIES, INC. SERIES 1996-2 CL. A-1 5.610% 01/25/2025 .................. 3,331,365 2,987,568 CMC SECURITIES CORP. IV SERIES 1997-2 CL. 1A-12 7.250% 11/25/2027 .................. 3,150,000 2,998,343 +DLJ MORTGAGE ACCEPTANCE CORP. (144A) SERIES 1999-B CL. A-1 6.782% 08/28/2029 .................. 2,505,370 2,323,230 +MORTGAGE OBLIGATION STRUCTURED TRUST (144A) SERIES 1993-1 CL. B1 10.599% 10/25/2018 ................. 455,965 457,606 PNC MORTGAGE SECURITIES CORP. SERIES 1997-4 CL. 2PP-2 7.500% 07/25/2027 .................. 3,095,000 3,010,252 RESIDENTIAL FUNDING MORTGAGE SECURITIES, INC. SERIES 1993-S45 CL. A-10 8.000% 12/25/2023 .................. $ 708,998 $ 712,097 STRUCTURED ASSET SECURITES CORP. SERIES 1999-ALS2 CL. A2 6.750% 07/25/2029 .................. 4,774,132 4,595,552 ------------ 17,084,648 ------------ COMMERCIAL MORTGAGE BACKED SECURITIES (4.5%) COMMERCIAL CAPITAL ACCESS ONE, INC. (144A) SERIES 3 CL. A-2 6.615% 11/15/2028 .................. 5,850,000 5,451,907 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. SERIES 1998-C1 CL. A1B 6.480% 05/17/2008 .................. 6,140,000 5,730,063 MORGAN STANLEY CAPITAL I, INC. SERIES 1999-CAM CL. A-3 6.920% 11/15/2008 .................. 4,000,000 3,906,420 PRUDENTIAL SECURITIES SECURED FINANCING CORP. SERIES 1999-C2 CL. A2 7.193% 04/15/2009 .................. 2,610,000 2,547,895 ------------ 17,636,285 ------------ TOTAL OTHER SECURITIZED LOANS (COST $56,775,453) ................... 55,140,299 ------------ REPURCHASE AGREEMENT (3.3%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $13,013,664 COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009.** (COST $13,011,694) .................. 13,011,694 13,011,694 TOTAL INVESTMENTS (99.7%) (COST $409,810,561) ...................... 396,090,926 OTHER ASSETS LESS LIABILITIES (0.3%) ....... 1,056,028 ------------ NET ASSETS (100.0%) ........................ $397,146,954 ------------ ------------
* Security purchased on when issued basis. ** A portion of this security was segregated at the custodian to cover a when-issued security. + Variable rate security - the rate reported is the rate in effect as of December 31, 1999. See Accompanying Notes to Financial Statements 50 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (94.8%) ALASKA (3.6%) ALASKA STATE HOUSING FINANCE CORP. COLL. FIRST SERIES VETERANS MTG. A-2 INSURED GENERAL OBILIGATION (AMT) 6.000% 06/01/2015 ................... $150,000 $148,687 PALMER ALASKA VALLEY HOSPITAL ASSOCIATION INSURED REVENUE 5.350% 12/01/2012 ................... 125,000 119,375 ALASKA INDUSTRIAL DEVELOPMENT & EXPORT AUTHORITY SNETTISHAM HYDROELECTRIC SERIES 1 INSURED REVENUE (AMT) 5.500% 01/01/2008 ................... 100,000 100,750 ------------- 368,812 ------------- ARIZONA (2.2%) MARICOPA COUNTY ARIZONA INDIVIDUAL DEVELOPMENT AUTHORITY MULTI FAMILY HOUSING METRO GARDENS MESA RIDGE PJ-A INSURED REVENUE 4.500% 07/01/2009 ................... 130,000 122,038 SEDONA ARIZONA CERTIFICATES OF PARTICIPATION 5.750% 07/01/2007 ................... 100,000 102,250 ------------- 224,288 ------------- COLORADO (3.2%) COLORADO HOUSING FINANCIAL AUTHORITY SINGLE FAMILY PG-SUB-B REVENUE 4.875% 04/01/2007 ................... 100,000 97,875 INTERLOCKEN COLORADO METROPOLITAN DISTRICT REFUNDING AND IMPROVEMENT INSURED GENERAL OBLIGATION 5.750% 12/15/2011 ................... 150,000 150,750 COLORADO SALES TAX METROPOLITAN FOOTBALL STADIUM DISTRICT CAPITAL APPRECIATION- SERIES B INSURED REVENUE 0.000% 01/01/2006 ................... $105,000 $77,044 ------------- 325,669 ------------- GEORGIA (1.4%) GEORGIA MUNICIPAL ELECTRIC POWER SERIES B REVENUE 5.500% 01/01/2018 ................... 150,000 139,687 ------------- HAWAII (1.0%) HAWAII STATE HARBOR CAPITAL IMPROVEMENT INSURED REVENUE (AMT) 6.200% 07/01/2008 ................... 100,000 105,375 ------------- IDAHO (0.8%) IDAHO HEALTH FACILITIES AUTHORITY BINGHAM MEMORIAL HOSPITAL PROJECT REVENUE 5.850% 03/01/2019 ................... 100,000 85,375 ------------- ILLINOIS (7.7%) BROADVIEW ILLINOIS TAX INCREMENT REVENUE 4.900% 07/01/2006 ................... 75,000 71,439 CHICAGO ILLINOIS PARK DISTRICT AQUARIUM & MUSEUM INSURED GENERAL OBLIGATION 5.800% 01/01/2018 ................... 150,000 146,625 CHICAGO ILLINOIS TAX INCREMENT ALLOCATION-NEAR SOUTH REDEVELOPMENT PJ-A INSURED GENERAL OBLIGATION 5.000% 11/15/2012 ................... 200,000 187,000 ILLINOIS HEALTHCARE FACILITIES AUTHORITY REFUNDING-SOUTHERN ILLINOIS HEALTHCARE-A INSURED REVENUE 5.375% 03/01/2013 ................... 100,000 96,375 MADISON COUNTY ILLINOIS COMMUNITY UNIT SCHOOL DISTRICT #002 TRIAD REFUNDING INSURED GENERAL OBLIGATION 4.900% 01/01/2013 ................... 100,000 91,750 See Accompanying Notes to Financial Statements 51 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (CONTINUED) ILLINOIS REGIONAL TRANSPORTATION AUTHORITY ILLINOIS SERIES A INSURED REVENUE 6.400% 06/01/2012 ................... $100,000 $108,125 WILL COUNTY ILLINOIS FOREST PRESERVATION DISTRICT SERIES B INSURED GENERAL OBLIGATION 0.000% 12/01/2011 ................... 150,000 76,313 ------------- 777,627 ------------- INDIANA (2.8%) INDIANA STATE EDUCATIONAL FACILITIES AUTHORITY UNIVERSITY INDIANAPOLIS PROJECT REVENUE 5.600% 10/01/2014 ................... 100,000 95,875 INDIANA STATE OFFICE BUILDING COMMISSION CORRECTION FACILITIES PROGRAM SERIES B WOMENS PRISON INSURED REVENUE 5.500% 07/01/2020 ................... 100,000 93,250 INDIANA TRANSPORTATION FINANCIAL AUTHORITY AIRPORT FACILITIES LEASE SERIES A REVENUE 5.500% 11/01/2017 ................... 100,000 94,250 ------------- 283,375 ------------- IOWA (2.4) DAVENPORT IOWA SERIES B GENERAL OBLIGATION 5.125% 06/01/2010 ................... 100,000 97,875 IOWA FINANCE AUTHORITY SINGLE FAMILY MORTGAGE SERIES A INSURED REVENUE 5.800% 07/01/2016 ................... 150,000 146,062 ------------- 243,937 ------------- KENTUCKY (0.6%) LOUISVILLE & JEFFERSON COUNTY KENTUCKY VISITORS & CONVENTION COMMISSION CAPITAL APPRECIATION SERIES BBB INSURED REVENUE 0.000% 12/01/2008 ................... $100,000 $62,500 ------------- LOUISIANA (0.9%) ORLEANS PARISH LOUISIANA PARISHWIDE SCHOOL DISTRICT SERIES A INSURED GENERAL OBLIGATION 5.125% 09/01/2016 ................... 100,000 91,125 ------------- MAINE (1.0%) REGIONAL WASTE SYSTEM INDUSTRY MAINE SOLID WASTE RESOURCE RECOVERY SERIES Q REVENUE (AMT) 5.500% 07/01/2004 ................... 100,000 102,250 ------------- MARYLAND (0.9%) MARYLAND STATE ECONOMIC DEVELOPMENT CORP. STUDENT HOUSING COLLEGIATE HOUSING- TOWSON-SERIES A REVENUE 5.750% 06/01/2029 ................... 100,000 87,875 ------------- MICHIGAN (4.6%) DETROIT MICHIGAN CITY SCHOOL DISTRICT REFUNDING SERIES C INSURED GENERAL OBLIGATION 5.250% 05/01/2012 ................... 175,000 169,531 GRANDVILLE MICHIGAN PUBLIC SCHOOL DISTRICT GENERAL OBLIGATION 4.750% 05/01/2011 ................... 100,000 93,500 MICHIGAN STATE HOSPITAL FINANCE AUTHORITY ASCENSION HEALTH CREDIT SERIES A REVENUE 6.000% 11/15/2019 ................... 100,000 99,125 See Accompanying Notes to Financial Statements 52 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (CONTINUED) MICHIGAN MICHIGAN STATE HOSPITAL FINANCE AUTHORITY ASCENSION HEALTH CREDIT SERIES A REVENUE 5.375% 11/15/2033 ................... $100,000 $99,750 ------------- 461,906 ------------- MISSISSIPPI (3.4%) JONES COUNTY MISSISSIPPI HOSPITAL REFUNDING-SOUTH CENTRAL REGIONAL MEDICAL CENTER REVENUE 4.900% 12/01/2004 ................... 100,000 96,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION NATCHEZ CONVENTION CENTER PROJECT INSURED REVENUE 6.500% 07/01/2013 ................... 230,000 248,112 ------------- 344,112 ------------- NEBRASKA (1.0%) AMERICAN PUBLIC ENERGY AGENCY NEBRASKA GAS SUPPLY PUBLIC GAS AGENCY PROJECT SERIES A INSURED REVENUE 5.250% 06/01/2011 ................... 100,000 96,375 ------------- NEVADA (2.9%) CLARK COUNTY NEVADA PASSENGER FACILITY CHARGE LAS VEGAS MCCARRAN INTERNATIONAL AIRPORT-B INSURED REVENUE (AMT) 6.250% 07/01/2011 ................... 100,000 103,625 CLARK COUNTY NEVADA SCHOOL DISTRICT COMP INTEREST SERIES B GENERAL OBLIGATION 0.000% 06/01/2003 ................... 100,000 84,500 LAS VEGAS NEVADA DOWNTOWN REDEVELOPMENT AGENCY TAX INCREMENT REFUNDING-INSURED- PARITY LIEN SERIES A INSURED REVENUE 5.250% 06/01/2005 ................... 100,000 101,625 ------------- 289,750 ------------- NEW MEXICO (1.1%) LAS CRUCES NEW MEXICO INSURED REVENUE (AMT) 5.450% 12/01/2028 ................... $110,000 $110,962 ------------- NEW YORK (3.5%) METROPOLITAN TRANSIT AUTHORITY NEW YORK DEDICATED TAX FUND SERIES A INSURED REVENUE 5.250% 04/01/2014 ................... 100,000 95,250 NEW YORK STATE URBAN DEVELOPMENT CORPORATION REFUNDING-CORRECTIONAL CAPITAL FACILITIES-A REVENUE 5.450% 01/01/2007 ................... 100,000 101,000 TRIBOROUGH BRIDGE & TUNNEL AUTHORITY NEW YORK GENERAL PURPOSE-SERIES B REVENUE 5.750% 01/01/2012 ................... 150,000 154,312 ------------- 350,562 ------------- OHIO (1.1%) OAK HILLS OHIO LOCAL SCHOOL DISTRICT INSURED GENERAL OBLIGATION 7.200% 12/01/2009 ................... 100,000 114,750 ------------- OKLAHOMA (1.0%) OKLAHOMA COUNTY OKLAHOMA INDEPENDENT SCHOOL DISTRICT #012 EDMOND BUILDING-SERIES B INSURED GENERAL OBLIGATION 4.700% 08/01/2005 ................... 100,000 99,375 ------------- OREGON (11.6%) BEND MUNICIPAL AIRPORT PJ SERIES B REVENUE (AMT) 5.375% 06/01/2013 ................... 100,000 95,750 BENTON COUNTY OREGON HOSPITAL FACILITIES AUTHORITY REFUNDING SAMARITAN HEALTH SERVICES PROJECT REVENUE 4.200% 10/01/2005 ................... 40,000 37,700 See Accompanying Notes to Financial Statements 53 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (CONTINUED) OREGON BENTON COUNTY OREGON HOSPITAL FACILITIES AUTHORITY REFUNDING SAMARITAN HEALTH SERVICES PROJECT REVENUE 4.600% 10/01/2009 ................... $40,000 $36,600 CLACKAMAS COUNTY OREGON HOSPITAL FACILITY AUTHORITY REFUNDING ODD FELLOWS HOME SERIES A REVENUE 5.875% 09/15/2021 ................... 50,000 43,141 DAMASCUS OREGON WATER DISTRICT CERTIFICATES OF PARTICIPATION 5.250% 03/01/2019 ................... 100,000 89,750 EUGENE OREGON TROJAN NUCLEAR PROJECT REVENUE 5.900% 09/01/2009 ................... 20,000 20,050 HILLSBORO OREGON HOSPITAL FACILITY AUTHORITY TUALITY HEALTHCARE REVENUE 5.750% 10/01/2012 ................... 25,000 23,921 5.250% 10/01/2004 ................... 50,000 49,125 KLAMATH COMMUNITY COLLEGE SERVICE DISTRICT OREGON REVENUE 4.700% 04/01/2010 ................... 55,000 51,081 4.800% 04/01/2011 ................... 25,000 23,188 LEBANON OREGON URBAN RENEWAL AGENCY REVENUE 5.625% 06/01/2019 ................... 100,000 92,500 PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES B REVENUE 4.800% 06/01/2010 ................... 105,000 98,831 PORTLAND OREGON URBAN RENEWAL AND REDEVELOPMENT REFERENCE- DOWNTOWN WATERFRONT 5.900% 05/01/2001 ................... 130,000 132,275 REDMOND OREGON REFUNDING CITY OF REDMOND AIRPORT IMPROVEMENT PROJECT GENERAL OBLIGATION 4.500% 05/01/2007 ................... 100,000 94,625 REDMOND OREGON URBAN RENEWAL AGENCY DOWNTOWN URBAN RENEWAL AREA-B REVENUE 5.650% 06/01/2013 ................... $50,000 $47,500 ROSEBURG OREGON URBAN SANITATION AUTHORITY GENERAL OBLIGATION 5.400% 09/01/2002 ................... 100,000 101,375 SALEM OREGON HOSPITAL FACILITY AUTHORITY REVENUE CAPITAL MANOR, INC. REVENUE 7.500% 12/01/2024 ................... 50,000 52,125 WASHINGTON COUNTY HOUSING AUTHORITY AFFORDABLE HOUSING POOL SERIES A REVENUE 6.000% 07/01/2020 ................... 100,000 90,000 ------------- 1,179,537 ------------- SOUTH CAROLINA (1.0%) PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC UNREFUNDED BALANCE- SERIES A INSURED REVENUE 6.125% 01/01/2007 ................... 100,000 105,625 ------------- SOUTH DAKOTA (1.1%) SOUTH DAKOTA STATE BUILDING AUTHORITY LEASE CAPITAL APPRECIATION-SERIES A INSURED REVENUE 0.000% 12/01/2013 ................... 250,000 111,250 ------------- TENNESSEE (0.8%) MONTGOMERY COUNTY TENNESSEE HEALTH EDUCATIONAL & HOUSING FACILITY BOARD HOSPITAL REFUNDING & IMPROVEMENT- CLARKSVILLE REGIONAL REVENUE 5.375% 01/01/2018 ................... 100,000 83,125 ------------- See Accompanying Notes to Financial Statements 54 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (CONTINUED) TEXAS (15.4%) AMARILLO TEXAS HEALTH FACILITIES CORP. BAPTIST ST. ANTHONYS HOSPITAL CORP. INSURED REVENUE 5.500% 01/01/2013 ................... $100,000 $98,500 ARLINGTON TEXAS INDEPENDENT SCHOOL DISTRICT CAPITAL APPRECIATION-REFUNDING INSURED GENERAL OBLIGATION 0.000% 02/15/2007 ................... 150,000 102,938 DALLAS TEXAS CIVIC CENTER REFUNDING & IMPROVEMENT INSURED REVENUE 5.000% 08/15/2016 ................... 150,000 133,313 HARRIS COUNTY TEXAS HEALTH FACILITIES DEVELOPMENT CORPORATION MEDICAL FACILITIES BAYLOR COLLEGE MEDICAL PROJECT-SERIES A INSURED REVENUE 5.375% 11/15/2012 ................... 100,000 97,875 HARRIS COUNTY TEXAS HEALTH FACILITIES DE TECO PROJECT-SERIES B INSURED REVENUE 5.700% 02/15/2015 ................... 150,000 146,625 LUBBOCK TEXAS HEALTH FACILITY DEVELOPMENT ST. JOSEPHS HEALTH SYSTEM REVENUE 5.250% 07/01/2012 ................... 150,000 142,875 MANSFIELD TEXAS CERTIFICATES OBLIGATION-SERIES B INSURED REVENUE 5.100% 08/15/2011 ................... 140,000 135,450 MIDLOTHIAN TEXAS INDEPENDENT SCHOOL DISTRICT INSURED GENERAL OBLIGATION 6.000% 02/15/2030 ................... 150,000 146,812 RICHARDSON TEXAS INDEPENDENT SCHOOL DISTRICT SERIES B INSURED GENERAL OBLIGATION 5.000% 02/15/2018 ................... 145,000 127,056 TEXAS STATE REFUNDING SERIES A GENERAL OBLIGATION 6.000% 10/01/2005 ................... $100,000 $105,625 TEXAS STATE UNIVERSITY SYSTEM FINANCING SYSTEM-SERIES A INSURED REVENUE 5.000% 03/15/2015 ................... 100,000 89,875 UNITED INDEPENDENT SCHOOL DISTRICT TEXAS INSURED GENERAL OBLIGATION 5.350% 08/15/2015 ................... 100,000 96,000 WEST HARRIS COUNTY TEXAS MUNICIPAL UTILITY DISTRICT #7 CAPITAL APPRECIATION REFUNDING INSURED GENERAL OBLIGATION 0.000% 03/01/2009 ................... 225,000 135,000 ------------- 1,557,944 ------------- UTAH (0.9%) UTAH ASSISTED MUNICIPAL POWER SYSTEM REFUNDING-HUNTER PROJECT INSURED REVENUE 5.000% 07/01/2011 ................... 100,000 95,625 ------------- WASHINGTON (14.1%) JEFFERSON COUNTY WASHINGTON PUBLIC UTILITY DISTRICT #1 WATER & SEWER REVENUE 5.250% 05/01/2016 ................... 50,000 45,000 5.250% 05/01/2017 ................... 50,000 44,750 KING COUNTY WASHINGTON SCHOOL DISTRICT #415 KENT SERIES B GENERAL OBLIGATION 6.000% 12/01/2008 ................... 100,000 105,250 PORT OF GRAYS HARBOR WASHINGTON REVENUE (AMT) 6.375% 12/01/2014 ................... 150,000 154,125 PORT OF OLYMPIA WASHINGTON AD VALOREM TAX SERIES B INSURED GENERAL OBLIGATION (AMT) 5.000% 12/01/2005 ................... 100,000 99,125 See Accompanying Notes to Financial Statements 55 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ---------------- ---------------- --COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.-- ----------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- MUNICIPAL BONDS (CONTINUED) WASHINGTON SEATTLE WASHINGTON MUNICIPAL LIGHT AND POWER REFUNDING REVENUE 5.000% 07/01/2018 ................... $110,000 $95,288 6.000% 10/01/2016 ................... 150,000 150,000 SHELTON WASHINGTON WATER & SEWER REVENUE 5.250% 12/01/2018 ................... 50,000 44,875 TACOMA WASHINGTON SOLID WASTE UTILITIES REFUNDING- SERIES B INSURED REVENUE 6.000% 12/01/2009 ................... 100,000 105,375 THURSTON COUNTY WASHINGTON SCHOOL DISTRICT #401 ROCHESTER GENERAL OBLIGATION 4.800% 12/01/2007 ................... 55,000 53,488 TOPPENISH WASHINGTON GENERAL OBLIGATION 4.600% 12/01/2006 ................... 65,000 61,994 UNIVERSITY OF WASHINGTON EDUCATIONAL RESEARCH PROPERTIES LEASE 4225 ROOSEVELT PROJECT-SERIES A REVENUE 5.375% 06/01/2029 .................. 100,000 87,556 WASHINGTON STATE DEPARTMENT OF GENERAL ADMINISTRATION CERTIFICATES OF PARTICIPATION 5.000% 07/01/2017 ................... 140,000 125,650 5.400% 07/01/2013 ................... 100,000 96,750 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT #1 REFUNDING-SERIES A REVENUE 6.000% 07/01/2005 ................... 100,000 104,250 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT #2 REFUNDING-SERIES A REVENUE 5.000% 07/01/2011 ................... $ 50,000 $47,063 YAKIMA COUNTY WASHINGTON SCHOOL DISTRICT #119 SELAH INSURED GENERAL OBLIGATION 5.000% 12/01/2006 ................... 10,000 9,962 ------------- 1,430,501 ------------- WISCONSIN (1.8%) BURLINGTON AREA WISCONSIN SCHOOL DISTRICT INSURED GENERAL OBLIGATION 4.900% 04/01/2016 ................... 100,000 88,500 MILWAUKEE COUNTY WISCONSIN CORPORATE PURPOSE-SERIES A GENERAL OBLIGATION 5.000% 10/01/2010 ................... 100,000 97,125 ------------- 185,625 ------------- WYOMING (1.0%) WYOMING MUNICIPAL AGENCY POWER SUPPLY REFUNDING-SERIES 1998 INSURED REVENUE 5.250% 01/01/2011 ................... 100,000 98,625 ------------- TOTAL BONDS (COST $10,014,187) ..................... 9,613,544 ------------- TAX-EXEMPT MONEY MARKET INVESTMENT (5.1%) SEI TAX EXEMPT TRUST (COST $515,709) ..................... 515,709 515,709 ------------- TOTAL INVESTMENTS (99.9%) (COST $10,529,896) ....................... 10,129,253 OTHER ASSETS LESS LIABILITIES (0.1%) ....... 5,669 ------------- TOTAL NET ASSETS (100.0%) .................. $10,134,922 ------------- ------------- See Accompanying Notes to Financial Statements 56 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- - ------------------ ---------------- --COLUMBIA OREGON MUNICIPAL BOND FUND, INC.-- --------------------------------------------- December 31, 1999 PRINCIPAL AMOUNT VALUE ------------- ------------- GENERAL OBLIGATION BONDS (38.7%) STATE OF OREGON GENERAL OBLIGATION (6.0%) BOARD OF HIGHER EDUCATION REFUNDING SERIES B 6.250% 10/15/2012 ................... $ 740,000 $ 756,650 BOARD OF HIGHER EDUCATION DEFERRED INTEREST SERIES A 0.000% 08/01/2014 ................... 450,000 194,625 ELDERLY & DISABLED HOUSING REFUNDING SERIES B 6.250% 08/01/2013 ................... 1,000,000 1,033,750 POLLUTION CONTROL SERIES C 5.625% 06/01/2013 ................... 810,000 808,987 5.900% 06/01/2014 ................... 1,690,000 1,690,000 VETERAN'S WELFARE 11.000% 12/01/2000 .................. 865,000 917,298 0.000% 07/01/2001 ................... 1,200,000 1,120,500 9.000% 04/01/2002 ................... 900,000 983,250 6.000% 02/01/2004 ................... 720,000 753,300 9.000% 04/01/2004 ................... 280,000 324,450 9.000% 04/01/2005 ................... 1,130,000 1,340,463 8.250% 07/01/2005 ................... 520,000 603,200 9.000% 10/01/2005 ................... 1,640,000 1,970,591 7.250% 01/01/2007 ................... 1,485,000 1,672,481 9.200% 04/01/2007 ................... 2,390,000 2,972,563 8.250% 07/01/2007 ................... 540,000 643,950 9.200% 10/01/2007 ................... 1,250,000 1,571,875 7.300% 01/01/2008 ................... 355,000 406,031 8.000% 01/01/2008 ................... 1,235,000 1,468,106 7.300% 07/01/2008 ................... 1,125,000 1,295,156 8.000% 07/01/2008 ................... 580,000 695,275 9.200% 10/01/2008 ................... 275,000 353,031 5.850% 10/01/2015 ................... 930,000 940,463 ------------- 24,515,995 ------------- OREGON GENERAL OBLIGATION (15.7%) AURORA 5.600% 06/01/2024 ................... 1,205,000 1,125,169 CLACKAMAS & WASHINGTON COUNTIES SCHOOL DISTRICT #3JT WEST LINN-WILSONVILLE 5.875% 10/01/2009 ................... 2,550,000 2,616,937 CLACKAMAS COUNTY SCHOOL DISTRICT #7J LAKE OSWEGO SERIES A 5.300% 06/15/2005 ................... 1,000,000 1,016,250 5.500% 06/15/2006 ................... $ 1,000,000 $ 1,022,500 5.700% 06/15/2010 ................... 2,735,000 2,789,700 DESCHUTES COUNTY ADMINISTRATIVE SCHOOL DISTRICT #1 BEND-LAPINE 0.000% 02/01/2001 ................... 1,135,000 1,079,283 0.000% 02/01/2002 ................... 1,445,000 1,304,112 5.000% 12/01/2017 ................... 1,500,000 1,329,375 EUGENE PUBLIC SAFETY FACILITIES 5.500% 06/01/2010 ................... 850,000 858,500 5.625% 06/01/2013 ................... 1,295,000 1,299,856 JACKSON COUNTY SCHOOL DISTRICT #549C MEDFORD 5.375% 06/01/2012 ................... 1,200,000 1,183,500 LANE COUNTY AREA EDUCATION DISTRICT LANE COMMUNITY COLLEGE 5.300% 06/01/2007 ................... 1,000,000 1,017,500 4.850% 06/01/2008 ................... 3,080,000 3,029,950 LANE COUNTY SCHOOL DISTRICT #4J EUGENE REFUNDING SERIES A 0.000% 07/01/2001 ................... 2,015,000 1,881,506 0.000% 07/01/2005 ................... 2,325,000 1,761,187 LANE COUNTY SCHOOL DISTRICT #4J EUGENE 0.000% 01/01/2005 ................... 1,395,000 1,084,612 METRO OPEN SPACES PROGRAM SERIES C 5.100% 09/01/2009 ................... 2,375,000 2,351,250 METRO WASHINGTON PARK ZOO SERIES A 5.250% 01/15/2009 ................... 1,040,000 1,041,300 5.300% 01/15/2011 ................... 1,000,000 995,000 MULTNOMAH-CLACKAMAS COUNTIES SCHOOL DISTRICT #10JT GRESHAM 5.250% 06/01/2017 ................... 1,620,000 1,500,525 MULTNOMAH COUNTY REFUNDING 4.250% 10/01/2010 ................... 1,800,000 1,631,250 4.300% 10/01/2011 ................... 1,110,000 997,612 4.500% 10/01/2013 ................... 400,000 351,500 MULTNOMAH COUNTY CERTIFICATES OF PARTICIPATION SERIES A 4.750% 08/01/2013 ................... 1,000,000 907,500 See Accompanying Notes to Financial Statements 57 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ----------- GENERAL OBLIGATION BONDS (CONTINUED) MULTNOMAH COUNTY SCHOOL DISTRICT #7 REYNOLDS 5.250% 06/01/2011 ................... $1,500,000 $1,477,500 PORT OF PORTLAND SERIES A 0.000% 03/01/2007 ................... 3,000,000 2,070,000 PORTLAND COMMUNITY COLLEGE DISTRICT 0.000% 07/01/2007 ................... 2,025,000 1,371,938 PORTLAND PUBLIC IMPROVEMENTS SERIES A 5.750% 06/01/2014 ................... 1,610,000 1,618,050 PORTLAND RECREATIONAL FACILITIES IMPROVEMENTS SERIES B 5.500% 06/01/2009 ................... 1,115,000 1,133,119 5.750% 06/01/2014 ................... 1,750,000 1,765,313 5.750% 06/01/2015 ................... 2,955,000 2,966,081 PORTLAND RECREATIONAL FACILITIES IMPROVEMENTS SERIES A 5.750% 06/01/2012 ................... 1,370,000 1,392,263 5.750% 06/01/2013 ................... 1,345,000 1,361,813 5.750% 06/01/2015 ................... 1,155,000 1,159,331 PORTLAND SERIES A 4.875% 06/01/2018 ................... 850,000 732,148 WASHINGTON & CLACKAMAS COUNTIES SCHOOL DISTRICT #23J TIGARD REFUNDING 5.400% 01/01/2010 ................... 1,720,000 1,724,300 WASHINGTON & CLACKAMAS COUNTIES SCHOOL DISTRICT #23J TIGARD DEFERRED INTEREST SERIES A 0.000% 06/01/2010 ................... 1,520,000 853,100 WASHINGTON COUNTY DEFERRED INTEREST - OPERATIONS YARD FACILITIES OBLIGATION 0.000% 06/01/2003 ................... 1,000,000 847,500 WASHINGTON COUNTY SCHOOL DISTRICT #088J SHERWOOD 4.500% 06/15/2014 ................... 350,000 307,125 WASHINGTON COUNTY REFUNDING 6.200% 12/01/2007 ................... 1,500,000 1,541,250 WASHINGTON COUNTY REFUNDING CRIMINAL JUSTICE FACILITIES 5.000% 12/01/2010 ................... 1,400,000 1,370,250 WASHINGTON COUNTY SCHOOL DISTRICT #48J BEAVERTON SERIES C 7.800% 06/01/2003 ................... $1,200,000 $ 1,314,000 WASHINGTON COUNTY SCHOOL DISTRICT #48J BEAVERTON SERIES B 6.150% 06/01/2008 ................... 1,010,000 1,016,252 WASHINGTON MULTNOMAH & YAMHILL COUNTIES SCHOOL DISTRICT #1J 5.000% 11/01/2011 ................... 1,100,000 1,057,375 5.250% 06/01/2011 ................... 500,000 492,500 5.250% 06/01/2014 ................... 1,595,000 1,523,225 WILSONVILLE LIMITED TAX IMPROVEMENT 5.000% 12/01/2020 ................... 1,165,000 1,128,594 ----------- 64,398,901 ----------- OREGON INSURED GENERAL OBLIGATION (17.0%) CENTRAL OREGON COMMUNITY COLLEGE 5.800% 06/01/2007 ................... 760,000 780,900 CHEMEKETA COMMUNITY COLLEGE DISTRICT SERIES B 5.600% 06/01/2014 ................... 1,180,000 1,187,104 CLACKAMAS & WASHINGTON COUNTIES SCHOOL DISTRICT #3JT 5.750% 06/01/2010 ................... 590,000 611,387 CLACKAMAS COUNTY SCHOOL DISTRICT #12 NORTH CLACKAMAS 5.250% 06/01/2015 ................... 2,750,000 2,571,250 4.800% 06/01/2018 ................... 2,000,000 1,707,500 CLATSOP COUNTY ADMINISTRATIVE SCHOOL DISTRICT #10 5.875% 07/01/2012 ................... 630,000 639,450 COLUMBIA COUNTY SCHOOL DISTRICT #502 DEFERRED INTEREST 0.000% 06/01/2012 ................... 1,530,000 766,912 0.000% 06/01/2013 ................... 1,685,000 787,737 0.000% 06/01/2014 ................... 1,025,000 447,156 DESCHUTES & JEFFERSON COUNTIES SCHOOL DISTRICT #2J REDMOND REFUNDING 5.600% 06/01/2009 ................... 1,000,000 1,010,000
See Accompanying Notes to Financial Statements 58 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ----------- GENERAL OBLIGATION BONDS (CONTINUED) HOOD RIVER COUNTY SCHOOL DISTRICT 5.650% 06/01/2008 ................... $ 1,020,000 $ 1,037,850 JOSEPHINE COUNTY SCHOOL DISTRICT #7 GRANTS PASS 5.700% 06/01/2013 ................... 2,000,000 2,017,500 KLAMATH COUNTY 5.100% 06/01/2008 ................... 1,015,000 1,009,925 5.150% 06/01/2009 ................... 700,000 696,500 LANE & DOUGLAS COUNTIES SCHOOL DISTRICT #97-J 5.300% 06/15/2015 ................... 1,155,000 1,100,137 LANE COUNTY SCHOOL DISTRICT #52 BETHEL 6.250% 12/01/2007 ................... 580,000 619,150 6.400% 12/01/2009 ................... 750,000 799,687 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD REFUNDING 6.000% 10/15/2012 ................... 740,000 777,925 6.000% 10/15/2014 ................... 1,310,000 1,365,675 LINCOLN COUNTY SCHOOL DISTRICT 6.000% 06/15/2006 ................... 900,000 950,625 6.000% 06/15/2007 ................... 1,855,000 1,961,662 6.000% 06/15/2008 ................... 1,450,000 1,531,563 6.000% 06/15/2009 ................... 3,465,000 3,664,238 5.600% 06/15/2010 ................... 3,480,000 3,558,300 5.250% 06/15/2012 ................... 3,815,000 3,705,319 MARION COUNTY CERTIFICATES OF PARTICIPATION COURTHOUSE SQUARE PROJECT-SERIES A 4.450% 06/01/2010 ................... 430,000 391,300 MARION COUNTY SCHOOL DISTRICT #103C WOODBURN SERIES B 0.000% 11/01/2006 ................... 2,000,000 1,410,000 0.000% 11/01/2007 ................... 2,000,000 1,332,500 0.000% 11/01/2009 ................... 2,500,000 1,481,250 0.000% 11/01/2011 ................... 2,210,000 1,154,725 MORROW COUNTY SCHOOL DISTRICT 6.000% 06/01/2006 ................... 880,000 929,500 MULTNOMAH COUNTY SCHOOL DISTRICT #3 PARKROSE 5.400% 12/01/2005 ................... 1,010,000 1,032,725 5.700% 12/01/2008 ................... 1,330,000 1,359,925 5.700% 12/01/2009 ................... $1,970,000 $2,009,400 5.500% 12/01/2010 ................... 895,000 901,713 5.500% 12/01/2011 1,000,000 1,002,500 NORTHERN OREGON CORRECTIONS 5.250% 09/15/2012 ................... 1,000,000 971,250 5.300% 09/15/2013 ................... 1,000,000 977,500 PORTLAND COMMUNITY COLLEGE DISTRICT 5.000% 07/01/2011 ................... 1,000,000 968,750 SALEM PEDESTRIAN SAFETY IMPROVEMENTS 5.400% 05/01/2009 ................... 1,000,000 1,007,500 SALEM/KEIZER SCHOOL DISTRICT #24J 5.000% 06/01/2015 ................... 1,000,000 913,750 STATE DEPARTMENT ADMINISTRATIVE SERVICES CERTIFICATES OF PARTICIPATION REFUNDING SERIES A 4.500% 05/01/2012 ................... 1,020,000 916,725 5.000% 05/01/2013 ................... 4,240,000 4,001,500 5.000% 05/01/2014 ................... 1,000,000 932,500 5.000% 05/01/2024 ................... 1,500,000 1,290,000 TILLAMOOK COUNTY 5.700% 01/15/2016 ................... 700,000 702,625 TILLAMOOK COUNTY REFUNDING 4.400% 01/01/2011 ................... 550,000 503,938 4.600% 01/01/2013 ................... 600,000 545,250 UMATILLA COUNTY SCHOOL DISTRICT #16R PENDLETON 4.650% 07/01/2010 ................... 1,660,000 1,568,700 WASHINGTON COUNTY SCHOOL DISTRICT #15 FOREST GROVE 5.125% 06/01/2010 ................... 1,000,000 997,500 WASHINGTON COUNTY SCHOOL DISTRICT #88J SHERWOOD 6.100% 06/01/2012 ................... 185,000 192,863 WASHINGTON COUNTY SCHOOL DISTRICT #48J 5.250% 08/01/2010 ................... 1,150,000 1,144,250 YAMHILL COUNTY SCHOOL DISTRICT #29J NEWBERG 5.750% 06/01/2009 ................... 2,000,000 2,077,500
See Accompanying Notes to Financial Statements 59 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- -------------- GENERAL OBLIGATION BONDS (CONTINUED) YAMHILL COUNTY SCHOOL DISTRICT #40 6.000% 06/01/2009 ................... $ 500,000 $ 528,750 5.350% 06/01/2010 ................... 500,000 500,625 5.600% 06/01/2016 ................... 500,000 498,750 -------------- 69,551,216 -------------- TOTAL GENERAL OBLIGATION BONDS (COST $160,248,425) ................. 158,466,112 -------------- REVENUE BONDS (52.4%) OREGON REVENUE (29.0%) ALBANY HOSPITAL FACILITY AUTHORITY MENNONITE HOME 5.625% 10/01/2017 ................... 635,000 557,212 BEND MUNICIPAL AIRPORT PJ SERIES B (AMT) 5.375% 06/01/2013 ................... 150,000 143,625 BENTON COUNTY HOSPITAL FACILITIES AUTHORITY REFUNDING SAMARITAN HEALTH SERVICES PROJECT 4.300% 10/01/2006 ................... 230,000 215,050 4.400% 10/01/2007 ................... 220,000 204,050 4.800% 10/01/2011 ................... 245,000 222,337 5.200% 10/01/2017 ................... 1,895,000 1,677,075 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ODD FELLOWS HOME-SERIES A 5.500% 09/15/2008 ................... 1,690,000 1,573,812 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY WILLAMETTE VIEW, INC. PROJECT 6.000% 11/01/2008 ................... 670,000 656,600 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY LEGACY HEALTH SYSTEM 5.500% 02/15/2014 ................... 1,000,000 967,500 5.000% 02/15/2015 ................... 1,400,000 1,268,750 5.000% 02/15/2016 ................... 1,000,000 895,000 CLACKAMAS COUNTY HOSPITAL FACILITY KAISER PERMANENTE SERIES A 5.375% 04/01/2014 ................... 4,270,000 3,928,400 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY WILLAMETTE FALLS HOSPITAL PROJECT 5.750% 04/01/2014 ................... $1,005,000 $ 930,881 6.000% 04/01/2019 ................... 1,000,000 917,500 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ROBINSON JEWISH HOME PROJECT 6.250% 10/01/2021 ................... 1,630,000 1,638,313 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY GNMA COLLATERAL JENNINGS LODGE 7.500% 10/20/2031 ................... 1,030,000 1,056,399 CLACKAMAS COUNTY HOUSING AUTHORITY MULTIFAMILY HOUSING EASTON RIDGE SERIES A 5.800% 12/01/2016 ................... 2,255,000 2,229,631 CLACKAMAS COUNTY OREGON HOSPITAL FACILITY AUTHORITY REFUNDING ODD FELLOWS HOME-SERIES A 5.875% 09/15/2021 ................... 2,890,000 2,493,550 CLACKAMAS COUNTY OREGON HOSPITAL AUTHORITY SENIOR LIVING FACILITY-MARYS WOODS-A 6.375% 05/15/2020 ................... 1,405,000 1,306,650 CLACKAMAS COUNTY OREGON HOSPITAL FACILITY AUTHORITY WILLAMETTE VIEW INC. PJ-SERIES A 6.850% 11/01/2015 ................... 1,580,000 1,530,625 DESCHUTES COUNTY HOSPITAL FACILITY AUTHORITY 5.750% 01/01/2009 ................... 1,670,000 1,686,700 DESCHUTES VALLEY WATER DISTRICT 5.875% 09/01/2005 ................... 3,420,000 3,514,050 EUGENE ELECTRIC UTILITY REFUNDING 5.800% 08/01/2008 ................... 1,435,000 1,458,319 5.800% 08/01/2009 ................... 1,300,000 1,316,250 6.000% 08/01/2011 ................... 1,375,000 1,395,625 GRESHAM SEWER 5.350% 06/01/2006 ................... 860,000 873,975 GRESHAM STORMWATER 6.100% 10/01/2009 ................... 1,115,000 1,156,812
See Accompanying Notes to Financial Statements 60 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ------------ REVENUE BONDS (CONTINUED) HILLSBORO HOSPITAL FACILITY AUTHORITY TUALITY HEALTHCARE 5.750% 10/01/2012 ................... $4,350,000 $4,162,341 LEBANON OREGON URBAN RENEWAL AGENCY 5.625% 06/01/2019 ................... 1,000,000 925,000 LEBANON WASTEWATER REFUNDING 5.750% 06/01/2011 ................... 1,225,000 1,229,594 NORTH CLACKAMAS PARKS & RECREATION DISTRICT RECREATIONAL FACILITIES 5.700% 04/01/2013 ................... 2,910,000 2,924,550 NORTHERN WASCO COUNTY PEOPLE'S UTILITY DISTRICT ELECTRIC 0.000% 02/01/2006 ................... 610,000 438,437 0.000% 02/01/2007 ................... 585,000 390,487 0.000% 02/01/2008 ................... 610,000 378,963 0.000% 02/01/2011 ................... 500,000 250,000 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY/AQUARIUM 4.750% 10/01/2008 ................... 1,550,000 1,426,000 4.900% 10/01/2009 ................... 670,000 609,700 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY REED COLLEGE PROJECT SERIES A 5.300% 07/01/2011 ................... 500,000 481,250 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY GOODWILL INDUSTRIES LANE COUNTY SERIES A 6.650% 11/15/2022 ................... 4,225,000 3,797,219 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY LINFIELD COLLEGE PROJECT-SERIES A 4.550% 10/01/2008 ................... 525,000 488,250 4.650% 10/01/2009 ................... 555,000 511,294 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE-FAMILY MORTGAGE PROGRAM SERIES A 4.850% 07/01/2010 ................... 310,000 291,013 5.100% 07/01/2014 ................... $ 425,000 $ 394,719 6.800% 07/01/2016 ................... 50,000 51,750 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT HOUSING FINANCE ASSISTED INSURED MULTI-UNIT B 6.800% 07/01/2013 ................... 8,360,000 8,621,250 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE-FAMILY MORTGAGE PROGRAM SERIES D 6.700% 07/01/2013 ................... 1,000,000 1,032,500 OREGON HOUSING FINANCIAL 5.800% 07/01/2009 ................... 350,000 350,326 OREGON STATE DEPARTMENT ADMINISTRATIVE SERVICES LOTTERY EDUCATION PROJECT SERIES A 5.250% 04/01/2013 ................... 1,500,000 1,456,875 OREGON STATE ECONOMIC DEVELOPMENT DOVE LEWIS EMERGENCY ANIMAL 7.000% 12/01/2019.................... 1,545,000 1,523,756 OREGON STATE HOUSING AND COMMUNITY SERVICES DEPARTMENT MULTI-FAMILY HOUSING- SERIES B (AMT) 6.000% 07/01/2031 ................... 6,935,000 6,614,256 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT MEETING SERIES M (AMT) 5.800% 07/01/2012 ................... 875,000 873,906 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT MEETING SINGLE FAMILY MEETING PROGRAM SERIES L 6.050% 07/01/2020 ................... 2,575,000 2,578,219 OREGON STATE HOUSING & COMMUNITY SERVICES DEPARTMENT MEETING SINGLE-FAMILY PROGRAM- SERIES A (AMT) 6.200% 07/01/2027 ................... 3,700,000 3,667,625 PORT OF ST. HELENS OREGON 5.750% 08/01/2019 ................... 425,000 392,594
See Accompanying Notes to Financial Statements 61 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ------------ REVENUE BONDS (CONTINUED) PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES A 4.800% 04/01/2010 ................... $5,195,000 $4,889,794 PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES B 4.800% 06/01/2010 ................... 3,500,000 3,294,375 PORT OF ST. HELENS 5.600% 08/01/2014 ................... 315,000 294,131 PORTLAND HOUSING AUTHORITY REF-POOLED HOUSING-SERIES A 4.500% 01/01/2009 ................... 660,000 613,800 5.000% 01/01/2019 ................... 5,540,000 4,902,900 5.100% 01/01/2027 ................... 3,000,000 2,562,660 PORTLAND HOUSING AUTHORITY MULTIFAMILY HOUSING-SENIOR LIEN-CIVIC APARTMENTS-SERIES A 5.600% 01/01/2018 ................... 1,240,000 1,209,000 PORTLAND HYDROELECTRIC POWER 6.800% 10/01/2004 ................... 465,000 467,553 PORTLAND PARKING REFUNDING 6.375% 10/01/2012 ................... 1,700,000 1,711,917 PORTLAND WATER SYSTEM 5.000% 08/01/2017 ................... 1,185,000 1,073,906 PRINEVILLE SEWER FIRST LIEN 6.500% 07/01/2004 ................... 500,000 518,750 REDMOND OREGON URBAN RENEWAL AGENCY DOWNTOWN URBAN RENEWAL AREA-B 5.650% 06/01/2013 ................... 720,000 681,300 5.850% 06/01/2019 ................... 785,000 733,975 REDMOND URBAN RENEWAL AGENCY REFUNDING SOUTH AIRPORT INDUSTRIAL AREA A 5.700% 06/01/2019 ................... 650,000 606,938 REEDSPORT WATER 7.000% 10/01/2014 ................... 520,000 551,200 SALEM HOSPITAL FACILITY AUTHORITY 5.250% 08/15/2014 ................... $2,900,000 $2,718,750 5.000% 08/15/2018 ................... 2,000,000 1,737,500 SALEM OREGON HOSPITAL FACILITY AUTHORITY CAPITAL MANOR, INC. 7.500% 12/01/2024 ................... 150,000 156,375 SHERIDAN WATER REFUNDING 5.350% 04/01/2018 ................... 300,000 274,125 SOUTH FORK WATER BOARD FIRST LIEN 5.450% 02/01/2014 ................... 1,300,000 1,249,625 STATE HEALTH HOUSING EDUCATIONAL & CULTURAL FACILITIES AUTHORITY LINFIELD COLLEGE PROJECT SERIES A 5.500% 10/1/2018 .................... 1,000,000 915,000 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE FAMILY MORTGAGE PROJECT SERIES E 5.375% 07/01/2021 ................... 4,000,000 3,670,000 TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT SERIES A 4.700% 08/01/2010 ................... 480,000 452,400 WASHINGTON COUNTY HOUSING AUTHORITY AFFORDABLE HOUSING POOL SERIES A 6.000% 07/01/2020 ................... 2,000,000 1,800,000 ------------ 118,762,539 ------------ OREGON INSURED REVENUE (23.4%) CLACKAMAS COUNTY HEALTH FACILITY AUTHORITY REFUNDING ADVENTIST HEALTH A 6.350% 03/01/2009 ................... 1,525,000 1,586,000
See Accompanying Notes to Financial Statements 62 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ------------ REVENUE BONDS (CONTINUED) EMERALD PEOPLES UTILITIES DISTRICT 7.200% 11/01/2006 ................... $ 480,000 $ 541,200 7.350% 11/01/2010 ................... 2,160,000 2,519,100 7.350% 11/01/2011 ................... 2,000,000 2,342,500 7.350% 11/01/2012 ................... 2,490,000 2,910,188 7.350% 11/01/2013 ................... 2,675,000 3,116,375 EUGENE ELECTRIC UTILITY SYSTEM-SERIES B 4.550% 08/01/2010 ................... 600,000 557,250 4.650% 08/01/2011 ................... 625,000 576,562 5.000% 08/01/2018 ................... 1,000,000 877,500 5.000% 08/01/2023 ................... 500,000 431,875 MARION COUNTY CERTIFICATES OF PARTICIPATION COURTHOUSE SQUARE PROJECT SERIES A 4.650% 06/01/2012 ................... 355,000 323,494 5.000% 06/01/2023 ................... 1,000,000 863,750 MEDFORD HOSPITAL FACILITIES AUTHORITY ASSANTE HEALTH SYSTEM SERIES A 5.250% 08/15/2008 ................... 1,645,000 1,640,887 5.250% 08/15/2011 ................... 800,000 782,000 MULTNOMAH COUNTY EDUCATIONAL FACILITIES UNIVERSITY OF PORTLAND PROJECT 5.000% 04/01/2018 ................... 1,530,000 1,344,487 ONTARIO OREGON CATHOLIC HEALTH HOLY ROSARY MEDICAL CENTER 5.500% 11/15/2012 ................... 1,500,000 1,500,000 OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES A 5.375% 11/01/2004 ................... 1,500,000 1,535,625 5.250% 05/01/2008 ................... 4,950,000 4,956,187 5.300% 05/01/2008 ................... 750,000 753,750 5.250% 11/01/2009 ................... 2,460,000 2,447,700 5.700% 05/01/2015 ................... 1,000,000 1,001,250 OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES B 5.500% 11/01/2011 ................... $1,635,000 $1,641,131 5.000% 11/01/2013 ................... 1,000,000 942,500 5.000% 11/01/2014 ................... 500,000 465,625 OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES C 5.500% 05/01/2011 ................... 2,000,000 2,007,500 5.750% 05/01/2017 ................... 2,000,000 1,977,500 OREGON DEPARTMENT OF GENERAL SERVICES CERTIFICATES PARTICIPATION SERIES C 5.800% 03/01/2015 ................... 840,000 845,250 OREGON HEALTH SCIENCES UNIVERSITY SERIES A 0.000% 07/01/2009 ................... 1,530,000 919,912 0.000% 08/01/2012 ................... 1,315,000 650,925 0.000% 07/01/2014 ................... 2,495,000 1,075,969 0.000% 07/01/2015 ................... 4,325,000 1,730,000 OREGON HEALTH SCIENCES UNIVERSITY CAPITAL APPRECIATION INSURED SERIES A 0.000% 07/01/2021 ................... 8,815,000 2,342,763 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY LEWIS & CLARK COLLEGE 6.000% 10/01/2013 ................... 965,000 987,919 PORT OF PORTLAND AIRPORT SERIES 9-A 5.500% 07/01/2006 ................... 500,000 511,250 PORT OF PORTLAND AIRPORT REFUNDING-PORTLAND INTERNATIONAL AIRPORT SERIES 12B 5.250% 07/01/2012 ................... 1,000,000 978,750
See Accompanying Notes to Financial Statements 63 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE ---------- ------------- REVENUE BONDS (CONTINUED) PORTLAND ARENA GAS TAX 0.000% 06/01/2016 ................... $1,100,000 $ 405,625 0.000% 06/01/2017 ................... 2,320,000 800,400 PORTLAND GAS TAX SERIES A 5.800% 06/01/2016 ................... 1,625,000 1,629,063 PORTLAND SEWER SYSTEM SERIES A 4.500% 06/01/2015 ................... 510,000 437,325 5.000% 06/01/2015 ................... 2,100,000 1,926,750 4.500% 06/01/2018 ................... 2,300,000 1,882,297 SALEM WATER & SEWER 6.000% 06/01/2005 ................... 1,080,000 1,136,700 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT SINGLE FAMILY MORTGAGE PROJECT SERIES J (AMT) 5.750% 07/01/2029 ................... 9,000,000 8,370,000 TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT SERIES ONE 5.400% 06/01/2019 ................... 4,200,000 3,935,274 TUALATIN HILLS PARK & RECREATION DISTRICT 5.750% 03/01/2014 ................... 990,000 1,007,325 TUALATIN VALLEY WATER DISTRICT 5.000% 06/01/2018 ................... 2,045,000 1,817,494 WASHINGTON COUNTY UNIFIED SEWER AGENCY SERIES A 0.000% 10/01/2003 ................... 1,975,000 1,649,125 0.000% 10/01/2005 ................... 5,230,000 3,915,963 5.900% 10/01/2006 ................... 1,050,000 1,090,688 0.000% 10/01/2007 ................... 4,835,000 3,239,450 5.750% 10/01/2009 ................... 3,045,000 3,155,381 5.750% 10/01/2010 ................... 2,000,000 2,065,000 5.750% 10/01/2011 ................... 1,825,000 1,882,031 5.400% 10/01/2012 ................... 520,000 519,350 5.750% 10/01/2012 ................... 2,000,000 2,067,500 5.500% 10/01/2016 ................... 1,500,000 1,447,500 WESTERN LANE HOSPITAL DISTRICT FACILITY AUTHORITY REVENUE REFUNDING SISTERS ST. JOSEPH PEACE 5.625% 08/01/2007 ................... $2,080,000 $ 2,147,018 ------------- 96,211,933 ------------- TOTAL REVENUE BONDS (COST $223,269,095) ................. 214,974,472 ------------- PRE-REFUNDED BONDS (2.9%) CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ELDERLY HOUSING WILLAMETTE VIEW INCOME PROJECT 7.000% 11/15/2011 ................... 470,000 498,787 CLACKAMAS COUNTY SCHOOL DISTRICT #1 6.300% 07/01/2003 ................... 700,000 717,500 CLACKAMAS COUNTY SCHOOL DISTRICT #115 GLADSTONE 6.150% 06/01/2014 ................... 1,200,000 1,284,000 EUGENE ELECTRIC UTILITY SERIES C 5.750% 08/01/2016 ................... 1,055,000 1,102,475 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD 6.150% 10/15/2009 ................... 1,500,000 1,597,500 MULTNOMAH COUNTY EDUCATIONAL FACILITIES UNIVERSITY OF PORTLAND PROJECT 6.000% 04/01/2014 ................... 1,375,000 1,447,187 OREGON CITY SEWER 6.500% 10/01/2007 ................... 500,000 529,375 PORTLAND SEWER SYSTEM SERIES A 6.050% 06/01/2009 ................... 535,000 564,425 PRINEVILLE SEWER FIRST LIEN 6.800% 07/01/2012 ................... 1,050,000 1,132,688 TUALATIN HILLS PARK & RECREATION DISTRICT 5.700% 03/01/2009 ................... 1,340,000 1,381,875 5.750% 03/01/2010 ................... 730,000 754,638
See Accompanying Notes to Financial Statements 64 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA OREGON MUNICIPAL BOND FUND, INC.-- --------------------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- PRE-REFUNDED BONDS (CONTINUED) UMATILLA COUNTY SCHOOL DISTRICT #8R HERMISTON 6.000% 12/01/2010 ................... $ 695,000 $ 731,488 ------------- TOTAL PRE-REFUNDED BONDS (COST $11,159,313) .................. 11,741,938 ------------- OREGON OTHER BONDS (2.8%) GRANTS PASS URBAN RENEWAL AGENCY TAX INCREMENT 6.125% 08/01/2012 ................... 755,000 759,719 HOOD RIVER URBAN RENEWAL AGENCY 6.250% 12/15/2011 ................... 1,250,000 1,300,000 LANE COUNTY SCHOOL DISTRICT #4J EUGENE CERTIFICATES 6.900% 10/01/2000 ................... 500,000 510,045 LEBANON SPECIAL OBLIGATION REVENUE REFUNDING LEASE WATER 5.400% 10/01/2013 ................... 755,000 729,519 MEDFORD URBAN RENEWAL AGENCY TAX REVENUE 5.875% 09/01/2010 ................... 500,000 503,125 MULTNOMAH COUNTY CERTIFICATE PARTICIPATION 4.550% 08/01/2010 ................... 1,725,000 1,608,562 NEWBERG CERTIFICATES PARTICIPATION 6.100% 12/01/2000 ................... 410,000 415,047 6.200% 12/01/2001 ................... 410,000 418,712 PORTLAND AIRPORT WAY URBAN RENEWAL & REDEVELOPMENT TAX INCREMENT SERIES C 5.900% 06/01/2006 ................... 860,000 890,100 PORTLAND URBAN RENEWAL & REDEVELOPMENT REFUNDING, DOWNTOWN WATERFRONT SERIES L 6.000% 06/01/2002 ................... 1,170,000 1,203,638 6.400% 06/01/2008 ................... 3,095,000 3,199,456 PORTLAND URBAN RENEWAL & REDEVELOPMENT DOWNTOWN WATERFRONT 5.900% 05/01/2001 ................... $ 200,000 $ 203,500 ------------- TOTAL OREGON OTHER BONDS (COST $11,673,222) .................. 11,741,423 ------------- U.S. TERRITORIES BONDS (1.3%) PUERTO RICO HOUSING BANK & FINANCE AGENCY SINGLE FAMILY MORTGAGE REVENUE FHA HOMEOWNERSHIP 5TH PORTFOLIO 7.500% 12/1/2015 .................... 610,000 618,577 PUERTO RICO HOUSING FINANCE CORP. SINGLE FAMILY MORTGAGE REVENUE PORTFOLIO 1 SERIES B 7.500% 10/15/2012 ................... 1,040,000 1,070,066 PUERTO RICO HOUSING FINANCE CORP. SINGLE FAMILY MORTGAGE REVENUE PORTFOLIO 1 SERIES C 6.750% 10/15/2013 ................... 710,000 731,300 PUERTO RICO HOUSING FINANCE CORP. MULTI FAMILY MORTGAGE REVENUE PORTFOLIO A-1 7.500% 04/01/2022 ................... 1,425,000 1,457,704 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY REVENUE UNREFUNDED BALANCE SERIES A 7.300% 10/01/2018 ................... 1,185,000 1,382,006 ------------- TOTAL U.S. TERRITORIES BONDS (COST $5,204,317) 5,259,653 ------------- TAX EXEMPT MONEY MARKET INVESTMENT (0.9%) SEI TAX EXEMPT TRUST (COST $3,707,532) ................... 3,707,532 3,707,532 ------------- TOTAL INVESTMENTS (99.0%) (COST $415,261,904) ........................ 405,891,130 OTHER ASSETS LESS LIABILITIES (1.0%) ....... 4,027,411 ------------- TOTAL NET ASSETS (100%)..................... $409,918,541 ------------- -------------
See Accompanying Notes to Financial Statements 65 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA HIGH YIELD FUND, INC.-- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS (92.5%) INDUSTRIAL (74.2%) BASIC INDUSTRY & MANUFACTURING (7.6%) MANUFACTURING (6.5%) BALL CORP. SENIOR NOTES 7.750% 08/01/2006 .................. $1,500,000 $1,462,500 OWENS-ILLINOIS, INC. SENIOR NOTES 7.150% 05/15/2005 .................. 1,500,000 1,386,885 SILGAN HOLDINGS, INC. SENIOR SUBORDINATED DEBENTURES 9.000% 06/01/2009 .................. 500,000 480,000 WESTPOINT STEVENS, INC. SENIOR NOTES 7.875% 06/15/2005 .................. 1,500,000 1,365,000 ------------- 4,694,385 ------------- METALS/MINING (1.1%) RYERSON TULL, INC. NOTES 8.500% 07/15/2001 .................. 750,000 761,609 ------------- TOTAL BASIC INDUSTRY & MANUFACTURING ........................ 5,455,994 ------------- BUSINESS & CONSUMER SERVICES (27.9%) SERVICES & PUBLISHING (8.9%) ALLIED WASTE NORTH AMERICA, INC. SENIOR NOTES, SERIES B 7.625% 01/01/2006 .................. 1,200,000 1,077,000 IRON MOUNTAIN, INC. SENIOR SUBORDINATED NOTES 10.125% 10/01/2006 ................. 1,500,000 1,533,750 PIERCE LEAHY COMMAND CORP. SENIOR NOTES 8.125% 05/15/2008 .................. 1,500,000 1,383,750 UNITED STATIONERS SUPPLY CO. SENIOR SUBORDINATED NOTES 12.750% 05/01/2005 ................. 250,000 268,750 UNITED STATIONERS SUPPLY CO. SENIOR SUBORDINATED NOTES 8.375% 04/15/2008 .................. 1,235,000 1,130,025 USA WASTE SERVICES, INC. NOTES 6.125% 07/15/2001 .................. $1,000,000 $ 951,750 ------------- 6,345,025 ------------- ENTERTAINMENT & MEDIA (19.0%) ADELPHIA COMMUNICATIONS CORP. SENIOR NOTES, SERIES B 10.500% 07/15/2004 ................. 1,500,000 1,563,750 CINEMARK USA, INC. SENIOR SUBORDINATED NOTES, SERIES B 9.625% 08/01/2008 .................. 1,000,000 920,000 CSC HOLDINGS, INC. SENIOR DEBENTURES, SERIES B 8.125% 08/15/2009 .................. 1,400,000 1,375,472 FOX/LIBERTY NETWORKS L.L.C. SENIOR NOTES 8.875% 08/15/2007 .................. 1,500,000 1,526,250 HOLLINGER INTERNATIONAL PUBLISHING, INC. SENIOR NOTES 8.625% 03/15/2005 .................. 1,500,000 1,470,000 JONES INTERCABLE, INC. SENIOR NOTES 8.875% 04/01/2007 .................. 700,000 716,128 7.625% 04/15/2008 .................. 300,000 287,319 LAMAR MEDIA CORP. SENIOR SUBORDINATED NOTES 9.625% 12/01/2006 .................. 1,250,000 1,287,500 LENFEST COMMUNICATIONS, INC. SENIOR NOTES 8.375% 11/01/2005 .................. 1,450,000 1,475,998 HERITAGE MEDIA CORP. SENIOR SUBORDINATED NOTES 8.750% 02/15/2006 .................. 750,000 759,375 OUTDOOR SYSTEMS, INC. SENIOR SUBORDINATED NOTES 9.375% 10/15/2006 .................. 1,185,000 1,217,588 ROGERS COMMUNICATIONS, INC. SENIOR NOTES 8.875% 07/15/2007 .................. 1,000,000 1,007,500 ------------- 13,606,880 ------------- TOTAL BUSINESS & CONSUMER SERVICES ............................. 19,951,905 -------------
See Accompanying Notes to Financial Statements 66 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA HIGH YIELD FUND, INC.-- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS (CONTINUED) CONSUMER CYCLICAL (17.4%) AUTO & AUTO PARTS (3.4%) AMERICAN AXLE & MANUFACTURING, INC. SENIOR SUBORDINATED NOTES 9.750% 03/01/2009 .................. $1,000,000 $ 1,007,500 LEAR CORP. (144A) SENIOR NOTES 7.960% 05/15/2005 .................. 1,500,000 1,438,125 ------------- 2,445,625 ------------- HOTELS & GAMING (6.2%) HARRAHS OPERATING, INC. SENIOR SUBORDINATED NOTES 7.875% 12/15/2005 .................. 1,250,000 1,203,125 INTERNATIONAL GAME TECHNOLOGY SENIOR NOTES 7.875% 05/15/2004 .................. 1,000,000 965,000 PARK PLACE ENTERTAINMENT CORP. SENIOR NOTES 8.500% 11/15/2006 .................. 1,500,000 1,478,873 STATION CASINOS, INC. SENIOR SUBORDINATED NOTES 9.750% 04/15/2007 .................. 750,000 757,500 ------------- 4,404,498 ------------- HOUSING RELATED/REAL ESTATE (3.1%) HEALTH CARE PROPERTY INVESTORS, INC. NOTES 6.875% 06/08/2005 .................. 1,500,000 1,313,130 WEBB (DEL) CORP. SENIOR SUBORDINATED DEBENTURES 9.375% 05/01/2009 .................. 1,000,000 917,500 ------------- 2,230,630 ------------- RETAIL (2.7%) MAXIM GROUP, INC. SENIOR SUBORDINATED NOTES, SERIES B (PRIVATE PLACEMENT) 9.250% 10/15/2007 .................. 1,000,000 882,500 ZALE CORP. SENIOR NOTES, SERIES B 8.500% 10/01/2007 .................. $1,110,000 $ 1,076,700 ------------- 1,959,200 ------------- OTHER (2.0%) TRICON GLOBAL RESTAURANTS, INC. SENIOR NOTES 7.450% 05/15/2005 .................. 1,500,000 1,426,875 ------------- TOTAL CONSUMER CYCLICAL ................ 12,466,828 ------------- CONSUMER STAPLES (6.0%) HEALTH CARE (4.3%) CONMED CORP. SENIOR SUBORDINATED NOTES 9.000% 03/15/2008 .................. 1,000,000 906,250 HEALTHSOUTH CORP. SENIOR SUBORDINATED NOTES 9.500% 04/01/2001 .................. 1,000,000 997,500 TENET HEALTHCARE CORP. SENIOR SUBORDINATED NOTES, SERIES B 8.125% 12/01/2008 .................. 1,250,000 1,165,625 ------------- 3,069,375 ------------- HOUSEHOLD PRODUCTS (1.7%) THE SCOTTS CO. (144A) SENIOR SUBORDINATED NOTES 8.625% 01/15/2009 .................. 1,250,000 1,225,000 ------------- TOTAL CONSUMER STAPLES ................. 4,294,375 ------------- ENERGY (10.5%) GULF CANADA RESOURCES LTD. SENIOR SUBORDINATED DEBENTURES 9.625% 07/01/2005 .................. 1,350,000 1,383,750 NEWPARK RESOURCES, INC. SENIOR SUBORDINATED NOTES, SERIES B 8.625% 12/15/2007 .................. 1,000,000 900,000 PRIDE INTERNATIONAL, INC. SENIOR NOTES 10.000% 06/01/2009 ................. 1,000,000 1,020,000 R&B FALCON CORP. SENIOR NOTES, SERIES B 6.500% 04/15/2003 .................. 500,000 461,250
See Accompanying Notes to Financial Statements 67 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA HIGH YIELD FUND, INC.-- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- CORPORATE BONDS (CONTINUED) RBF FINANCE CO. SENIOR SECURED NOTES 11.000% 03/15/2006 ................. $1,000,000 $ 1,067,500 SANTA FE SNYDER CORP. SENIOR NOTES 8.050% 06/15/2004 .................. 1,750,000 1,693,125 VINTAGE PETROLEUM, INC. SENIOR SUBORDINATED NOTES 9.750% 06/30/2009 .................. 1,000,000 1,032,500 ------------- TOTAL ENERGY ........................... 7,558,125 ------------- TECHNOLOGY (2.5%) UNISYS CORP. SENIOR NOTES 11.750% 10/15/2004 ................. 1,650,000 1,815,000 ------------- TRANSPORTATION (2.3%) OTHER ALLIED HOLDING, INC. SENIOR NOTES, SERIES B 8.625% 10/01/2007 .................. 1,000,000 885,000 TEEKAY SHIPPING CORP. GTD. 1ST PFD. SHIP. MTG. NOTES 8.320% 02/01/2008 .................. 850,000 779,875 ------------- TOTAL TRANSPORTATION ................... 1,664,875 ------------- TOTAL INDUSTRIAL ....................... 53,207,102 ------------- UTILITIES (16.9%) ELECTRIC (5.1%) AES CORP. SENIOR SUBORDINATED NOTES 10.250% 07/15/2006 ................. 800,000 812,000 AES CORP. SENIOR SUBORDINATED EXCHANGE NOTES 8.375% 08/15/2007 .................. 500,000 463,750 CALPINE CORP. SENIOR NOTES 7.625% 04/15/2006 .................. 1,500,000 1,416,825 CMS ENERGY X-TRAS (144A) PASS THRU TRUST I SENIOR UNSECURED NOTES 7.000% 01/15/2005 .................. 1,000,000 930,100 ------------- 3,622,675 ------------- TELECOMMUNICATIONS (11.8%) CROWN CASTLE INTERNATIONAL CORP. SENIOR NOTES 9.000% 05/15/2011 .................. $1,450,000 $ 1,421,000 FLAG LTD. SENIOR NOTES 8.250% 01/30/2008 .................. 1,250,000 1,162,500 LEVEL 3 COMMUNICATIONS, INC. SENIOR NOTES 9.125% 05/01/2008 .................. 500,000 472,500 LEVEL 3 COMMUNICATIONS, INC. SENIOR DISCOUNT NOTES 0.000% 12/01/2008 STEP UP COUPON 0.000% TO 12/01/2003 THEN 10.500% TO 12/01/2008 .............. 2,050,000 1,240,250 MCLEODUSA, INC. SENIOR NOTES 9.500% 11/01/2008 .................. 1,500,000 1,503,750 METROMEDIA FIBER NETWORK, INC. SENIOR NOTES, SERIES B 10.000% 11/15/2008 ................. 1,000,000 1,022,500 NEXTLINK COMMUNICATIONS, INC. SENIOR DISCOUNT NOTES 0.000% 04/15/2008 STEP UP COUPON 0.000% TO 04/15/2003 THEN 9.450% TO 04/15/2008 ......................... 1,000,000 635,000 NEXTLINK COMMUNICATIONS, INC. SENIOR NOTES 10.750% 11/15/2008 ................. 1,000,000 1,030,000 ------------- 8,487,500 ------------- TOTAL UTILITIES ........................ 12,110,175 ------------- YANKEE(1.4%) OTHER KOREA DEVELOPMENT BANK BONDS 6.500% 11/15/2002 .................. 1,000,000 971,960 ------------- TOTAL CORPORATE BONDS (COST $68,758,134) ................... 66,289,237 -------------
See Accompanying Notes to Financial Statements 68 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA HIGH YIELD FUND, INC.-- ---------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- REPURCHASE AGREEMENTS (5.8%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $3,867,926. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875% DUE 01/15/2007 TO 01/15/2009, ...................... $3,867,340 $ 3,867,340 MERRILL LYNCH 5.475% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $300,045. COLLATERALIZED BY U.S. TREASURY BILLS DUE 03/30/2000 TO 09/14/2000 ........ 300,000 300,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $4,167,340) .................... 4,167,340 ------------- TOTAL INVESTMENTS (98.3%) (COST $72,925,474) ................... 70,456,577 OTHER ASSETS LESS LIABILITIES (1.7%) 1,221,250 ------------- NET ASSETS (100.0%) .................... $71,677,827 ------------- -------------
See Accompanying Notes to Financial Statements 69 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA DAILY INCOME COMPANY-- --------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- U.S. GOVERNMENT SECURITIES (8.1%) FANNIE MAE FLOATING RATE NOTES 5.970% 03/23/2000 ................... $15,000,000 $ 14,992,455 SALLIE MAE FLOATING RATE NOTES 6.113% 01/20/2000 ................... 13,300,000 13,299,974 6.113% 02/22/2000 ................... 9,000,000 9,001,101 FMC DISCOUNT NOTES 5.750% 02/24/2000 ................... 13,000,000 12,885,799 5.450% 02/25/2000 ................... 15,000,000 14,872,833 5.540% 02/29/2000 ................... 9,500,000 9,412,283 5.550% 03/16/2000 ................... 20,000,000 19,765,667 ------------- TOTAL U.S. GOVERNMENT SECURITIES (COST $94,230,112) .................. 94,230,112 ------------- COMMERCIAL PAPER (91.8%) ALABAMA POWER CO. 4.700% 01/06/2000 ................... 6,300,000 6,295,065 ALLIEDSIGNAL, INC. 5.820% 02/10/2000 ................... 8,000,000 7,946,973 5.850% 02/15/2000 ................... 15,500,000 15,384,137 AMERICAN EXPRESS CREDIT CORP. 6.300% 01/06/2000 ................... 13,000,000 12,986,350 6.350% 01/06/2000 ................... 9,700,000 9,689,734 5.500% 02/07/2000 ................... 5,000,000 4,970,972 6.030% 02/14/2000 ................... 14,000,000 13,894,475 AMERICAN GENERAL CORP. 5.900% 02/17/2000 ................... 12,000,000 11,905,600 AMERICAN GENERAL FINANCE CORP. 6.050% 01/10/2000 ................... 8,000,000 7,986,556 5.940% 02/16/2000 ................... 13,000,000 12,899,185 ARCHER DANIELS MIDLAND CO. 5.780% 04/04/2000 ................... 20,000,000 19,694,944 ASSOCIATES CORP. NA 5.900% 03/31/2000 ................... 13,000,000 12,806,119 BANK OF AMERICA CORP. 5.880% 01/24/2000 ................... 15,000,000 14,941,200 5.770% 01/27/2000 ................... 12,000,000 11,948,070 5.970% 02/04/2000 ................... 15,000,000 14,912,937 BANK ONE CORP. 5.990% 03/15/2000 ................... 20,000,000 19,750,417 BARCLAYS U.S. FUNDING CORP. 11.000% 01/03/2000 .................. $10,000,000 $ 9,990,833 CATERPILLAR FINANCIAL SERVICES CORP. 6.050% 01/13/2000 ................... 10,100,000 10,077,934 5.850% 02/17/2000 ................... 9,500,000 9,425,900 CHEVRON TRANSPORT CORP. 6.350% 01/05/2000 ................... 18,000,000 17,984,125 5.980% 02/11/2000 ................... 12,000,000 11,916,280 CHEVRON U.K. INVESTMENT PLC 6.040% 01/18/2000 ................... 12,000,000 11,963,760 CIT GROUP HOLDINGS, INC. 5.880% 02/02/2000 ................... 19,000,000 18,897,590 5.950% 02/04/2000 ................... 5,000,000 4,971,076 CITICORP 6.440% 01/24/2000 ................... 8,000,000 7,965,653 5.950% 01/26/2000 ................... 17,000,000 16,926,947 5.950% 02/03/2000 ................... 14,000,000 13,921,328 CONSOLIDATED NATURAL GAS CO. 6.050% 01/20/2000 ................... 10,000,000 9,966,389 6.090% 01/31/2000 ................... 10,000,000 9,947,558 6.070% 02/10/2000 ................... 17,000,000 16,882,478 EASTMAN KODAK CO. 6.500% 01/14/2000 ................... 7,800,000 7,780,283 6.500% 01/18/2000 ................... 11,000,000 10,964,250 FORD MOTOR CREDIT CO. 6.280% 01/07/2000 ................... 12,500,000 12,484,736 GENERAL ELECTRIC CAPITAL CORP. 6.280% 02/09/2000 ................... 7,000,000 6,951,156 5.800% 03/01/2000 ................... 12,000,000 11,882,067 5.920% 03/13/2000 ................... 10,000,000 9,879,956 GENERAL ELECTRIC CAPITAL SERVICES 5.840% 02/24/2000 ................... 10,000,000 9,910,778 GENERAL MOTORS ACCEPTANCE CORP. 6.610% 01/12/2000 ................... 6,000,000 5,986,780 5.900% 01/21/2000 ................... 17,000,000 16,941,492 GOLDMAN SACHS & CO. 6.460% 01/28/2000 ................... 10,000,000 9,949,756 6.460% 01/31/2000 ................... 6,000,000 5,966,623 5.980% 02/02/2000 ................... 6,000,000 5,967,110 5.980% 02/11/2000 ................... 10,000,000 9,930,233 6.080% 02/29/2000 ................... 7,500,000 7,424,000
See Accompanying Notes to Financial Statements 70 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ------------------ ----------------- --COLUMBIA DAILY INCOME COMPANY-- --------------------------------- December 31, 1999
PRINCIPAL AMOUNT VALUE --------- --------- COMMERCIAL PAPER (CONTINUED) GTE FUNDING, INC. 5.890% 01/19/2000 ................... $18,000,000 $ 17,944,045 5.850% 01/26/2000 ................... 14,000,000 13,940,850 6.020% 03/10/2000 ................... 10,000,000 9,882,944 HOUSEHOLD FINANCE CORP. 5.820% 02/09/2000 ................... 14,000,000 13,909,467 5.800% 02/22/2000 ................... 14,000,000 13,880,456 JOHN DEERE CAPITAL CORP. 5.970% 02/08/2000 ................... 12,800,000 12,717,216 5.900% 02/16/2000 ................... 17,000,000 16,869,053 5.910% 02/24/2000 ................... 11,000,000 10,900,679 LUBRIZOL CORP. 6.620% 01/04/2000 ................... 13,000,000 12,990,438 6.500% 01/11/2000 ................... 15,000,000 14,970,208 MCGRAW-HILL COS. 5.500% 02/04/2000 ................... 6,600,000 6,564,708 MERRILL LYNCH & CO., INC. 5.340% 02/08/2000 ................... 12,000,000 11,930,580 5.930% 02/18/2000 ................... 17,500,000 17,358,751 5.360% 02/29/2000 ................... 10,000,000 9,910,667 METLIFE FUNDING, INC. 5.840% 01/21/2000 ................... 6,300,000 6,278,538 5.830% 01/27/2000 ................... 21,000,000 20,908,177 5.810% 02/03/2000 ................... 11,000,000 10,939,641 MONSANTO CO. 5.930% 01/10/2000 ................... 11,000,000 10,981,881 5.850% 02/23/2000 ................... 10,000,000 9,912,250 5.790% 03/24/2000 ................... 17,000,000 16,770,330 MORGAN JP & CO., INC. 5.400% 01/18/2000 ................... 10,000,000 9,973,000 6.020% 01/19/2000 ................... 10,000,000 9,968,228 5.860% 02/28/2000 ................... 21,000,000 20,798,318 MORGAN STANLEY DEAN WITTER & CO. 6.030% 01/11/2000 ................... 11,000,000 10,979,732 6.030% 01/13/2000 ................... 14,000,000 13,969,515 6.060% 01/14/2000 ................... 9,500,000 9,477,612 6.060% 01/24/2000 ................... 6,000,000 5,975,760 MOTOROLA, INC. 6.050% 03/22/2000 ................... 10,500,000 10,355,304 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 5.780% 01/25/2000 ................... 12,000,000 11,951,833 5.840% 01/25/2000 ................... 15,000,000 14,939,167 5.750% 02/18/2000 ................... 10,500,000 10,417,823 NORWEST FINANCIAL, INC. 6.020% 02/14/2000 ................... $17,000,000 $ 16,872,075 5.920% 03/03/2000 ................... 12,000,000 11,875,680 PACIFICORP 5.670% 01/28/2000 ................... 10,000,000 9,955,900 5.750% 02/07/2000 ................... 12,000,000 11,927,167 PPG INDUSTRIES, INC. 5.890% 01/14/2000 ................... 15,000,000 14,965,642 5.880% 01/28/2000 ................... 10,000,000 9,954,267 PRIVATE EXPORT FUNDING CORP. 5.860% 02/25/2000 ................... 10,000,000 9,908,844 6.000% 03/29/2000 ................... 13,000,000 12,807,167 PRUDENTIAL FUNDING CORP. 6.030% 01/12/2000 ................... 16,000,000 15,967,840 5.850% 01/31/2000 ................... 11,000,000 10,944,588 5.790% 04/05/2000 ................... 12,000,000 11,814,720 ROCKWELL INT'L. 5.750% 02/01/2000 ................... 11,000,000 10,943,778 USAA CAPITAL CORP. 6.200% 01/21/2000 ................... 10,500,000 10,462,025 WELLS FARGO & CO. 5.950% 01/07/2000 ................... 13,000,000 12,984,960 WEYERHAUSER CO. 6.400% 01/12/2000 ................... 9,000,000 8,980,800 ------------- TOTAL COMMERCIAL PAPER (COST $1,069,602,429) ................ 1,069,602,429 ------------- REPURCHASE AGREEMENT (0.5%) J.P. MORGAN SECURITIES, INC. 5.527% DATED 12/31/1999, DUE 01/03/2000 IN THE AMOUNT OF $5,902,816. COLLATERALIZED BY U.S. TREASURY INFLATION INDEX NOTES 3.375% TO 3.875%, DUE 01/15/2007 TO 01/15/2009. (COST $5,900,136) ................... 5,900,136 5,900,136 ------------- TOTAL INVESTMENTS (100.4%) (COST $1,169,732,677) .................... 1,169,732,677 OTHER ASSETS LESS LIABILITIES (-0.4%) ...... (4,443,265) ------------- NET ASSETS (100.0%) ........................ $1,165,289,412 -------------- --------------
See Accompanying Notes to Financial Statements 71 STATEMENTS OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- COLUMBIA FUNDS December 31, 1999
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL FUND FUND FUND FUND ------------- -------------- ------------ ------------ ASSETS: Investments at cost .......................................... $632,447,175 $1,393,398,680 $151,193,980 $600,061,598 Investments at cost -- federal income tax purposes ........... $634,761,523 $1,400,757,244 $151,199,742 $601,668,445 - ------------------------------------------------------------------- ------------- -------------- ------------ ------------ Investments at value ......................................... $963,499,662 $2,178,080,129 $239,375,088 $927,357,895 Cash ......................................................... -- -- 79,140 -- Cash denominated in foreign currencies (cost $18,237) ........ -- -- 18,202 -- Receivable for: Investments sold ......................................... 6,864,797 3,918,224 -- 5,602,915 Capital stock sold ....................................... 1,756,096 2,200,630 1,010,498 1,299,131 Interest ................................................. 225,567 476,220 41,390 203,516 Dividends ................................................ 280,998 395,854 205,412 104,524 Expense reimbursement .................................... -- -- -- -- ------------- -------------- ------------ ------------ Total assets ................................................. 972,627,120 2,185,071,057 240,729,730 934,567,981 ------------- -------------- ------------ ------------ LIABILITIES: Payable for: Investments purchased .................................... 5,786,972 9,192,767 -- 11,705,368 Capital stock redeemed ................................... 5,831,955 6,168,560 738,272 1,896,705 Dividends and distributions .............................. 394,177 7,471,957 246,518 1,716,199 Investment management fees ............................... 476,932 961,927 186,948 658,229 Accrued expenses ......................................... 227,141 537,326 114,535 269,488 Foreign capital gains tax ................................ -- -- 220,538 -- ------------- -------------- ------------ ------------ Total liabilities ............................................ 12,717,177 24,332,537 1,506,811 16,245,989 ------------- -------------- ------------ ------------ NET ASSETS ........................................................ $959,909,943 $2,160,738,520 $239,222,919 $918,321,992 ------------- -------------- ------------ ------------ NET ASSETS consist of: Paid-in capital .............................................. $603,766,409 $1,307,169,087 $140,320,707 $483,906,950 Undistributed net investment income .......................... -- -- -- -- Undistributed net realized gain (accumulated losses) from: ... Investment transactions .................................. 25,091,047 68,887,984 11,019,070 107,118,745 Foreign currency transactions ............................ -- -- (73,111) -- Unrealized appreciation (depreciation) on: ................... Investments .............................................. 331,052,487 784,681,449 87,960,569 327,296,297 Translation of other assets and liabilities in foreign currencies ..................................... -- -- (4,316) -- ------------- -------------- ------------ ------------ NET ASSETS ........................................................ $959,909,943 $2,160,738,520 $239,222,919 $918,321,992 ------------- -------------- ------------ ------------ ------------- -------------- ------------ ------------ SHARES OF CAPITAL STOCK OUTSTANDING ............................... 33,210,523 44,176,432 10,487,005 30,686,574 ------------- -------------- ------------ ------------ ------------- -------------- ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $28.90 $48.91 $22.81 $29.93 ------------- -------------- ------------ ------------ ------------- -------------- ------------ ------------ U.S. REAL ESTATE GOVERNMENT SMALL CAP EQUITY BALANCED SECURITIES FUND FUND FUND FUND ------------ ------------ -------------- ------------ ASSETS: Investments at cost .......................................... $192,989,896 $256,635,142 $841,936,827 $38,775,318 Investments at cost -- federal income tax purposes ........... $193,783,612 $253,378,092 $843,516,364 $38,935,916 - ------------------------------------------------------------------- ------------ ------------ -------------- ------------ Investments at value ......................................... $286,764,965 $243,383,504 $1,038,142,190 $38,510,972 Cash ......................................................... -- -- -- -- Cash denominated in foreign currencies (cost $18,237) ........ -- -- -- -- Receivable for: Investments sold ......................................... 3,314,765 -- 4,629,557 -- Capital stock sold ....................................... 3,159,488 1,150,444 408,490 16,956 Interest ................................................. 62,466 35,828 5,635,681 9,359 Dividends ................................................ 5,935 2,099,691 206,378 -- Expense reimbursement .................................... -- -- -- -- ------------ ------------ -------------- ------------ Total assets ................................................. 293,307,619 246,669,467 1,049,022,296 38,537,287 ------------ ------------ -------------- ------------ LIABILITIES: Payable for: Investments purchased .................................... 1,737,250 3,307,913 1,996,671 -- Capital stock redeemed ................................... 800,895 1,276,996 5,119,889 407,582 Dividends and distributions .............................. 99,099 150,025 236,374 8,265 Investment management fees ............................... 222,613 136,527 438,941 16,109 Accrued expenses ......................................... 73,773 82,268 290,582 33,480 Foreign capital gains tax ................................ -- -- -- -- ------------ ------------ -------------- ------------ Total liabilities ............................................ 2,933,630 4,953,729 8,082,457 465,436 ------------ ------------ -------------- ------------ NET ASSETS ........................................................ $290,373,989 $241,715,738 $1,040,939,839 $38,071,851 ------------ ------------ -------------- ------------ NET ASSETS consist of: Paid-in capital .............................................. $177,710,759 $262,301,485 $824,580,205 $38,672,759 Undistributed net investment income .......................... -- -- 299,287 -- Undistributed net realized gain (accumulated losses) from: ... Investment transactions .................................. 18,888,161 (7,334,109) 19,854,984 (336,562) Foreign currency transactions ............................ -- -- -- -- Unrealized appreciation (depreciation) on: ................... Investments .............................................. 93,775,069 (13,251,638) 196,205,363 (264,346) Translation of other assets and liabilities in foreign currencies ..................................... -- -- -- -- ------------ ------------ -------------- ------------ NET ASSETS ........................................................ $290,373,989 $241,715,738 $1,040,939,839 $38,071,851 ------------ ------------ -------------- ------------ ------------ ------------ -------------- ------------ SHARES OF CAPITAL STOCK OUTSTANDING ............................... 10,650,762 16,590,328 42,111,104 4,643,555 ------------ ------------ -------------- ------------ ------------ ------------ -------------- ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $27.26 $14.57 $24.72 $8.20 ------------ ------------ -------------- ------------ ------------ ------------ -------------- ------------ See Accompanying Notes to Financial Statements 72 FIXED NATIONAL OREGON INCOME MUNICIPAL MUNICIPAL SECURITIES BOND BOND FUND FUND FUND ------------- ------------ ------------ ASSETS: Investments at cost .......................................... $409,810,561 $10,529,896 $415,261,904 Investments at cost -- federal income tax purposes ........... $409,933,091 $10,529,896 $415,270,847 - ------------------------------------------------------------------- ------------- ------------ ------------ Investments at value ......................................... $396,090,926 $10,129,253 $405,891,130 Cash ......................................................... -- -- -- Cash denominated in foreign currencies (cost $18,237) ........ -- -- -- Receivable for: Investments sold ......................................... -- -- -- Capital stock sold ....................................... 266,847 95,676 158,618 Interest ................................................. 4,906,563 156,064 5,233,453 Dividends ................................................ -- -- -- Expense reimbursement .................................... -- 30,437 -- ------------- ------------ ------------ Total assets ................................................. 401,264,336 10,411,430 411,283,201 ------------- ------------ ------------ LIABILITIES: Payable for: Investments purchased .................................... 3,054,494 245,476 -- Capital stock redeemed ................................... 490,306 -- 706,747 Dividends and distributions .............................. 286,774 1,859 415,890 Investment management fees ............................... 168,880 4,152 177,927 Accrued expenses ......................................... 116,928 25,021 64,096 Foreign capital gains tax ................................ -- -- -- ------------- ------------ ------------ Total liabilities ............................................ 4,117,382 276,508 1,364,660 ------------- ------------ ------------ NET ASSETS ........................................................ $397,146,954 $10,134,922 $409,918,541 ------------- ------------ ------------ NET ASSETS consist of: Paid-in capital .............................................. $420,115,617 $10,539,803 $419,361,936 Undistributed net investment income .......................... -- -- -- Undistributed net realized gain (accumulated losses) from: ... Investment transactions .................................. (9,249,028) (4,238) (72,621) Foreign currency transactions ............................ -- -- -- Unrealized appreciation (depreciation) on: ................... Investments .............................................. (13,719,635) (400,643) (9,370,774) Translation of other assets and liabilities in foreign currencies ..................................... -- -- -- ------------- ------------ ------------ NET ASSETS ........................................................ $397,146,954 $10,134,922 $409,918,541 ------------- ------------ ------------ ------------- ------------ ------------ SHARES OF CAPITAL STOCK OUTSTANDING ............................... 31,934,837 1,092,204 35,458,152 ------------- ------------ ------------ ------------- ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $12.44 $9.28 $11.56 ------------- ------------ ------------ ------------- ------------ ------------ COLUMBIA HIGH YIELD DAILY INCOME FUND COMPANY ------------ -------------- ASSETS: Investments at cost .......................................... $72,925,474 $1,169,732,677 Investments at cost -- federal income tax purposes ........... $72,965,787 $1,169,732,677 - ------------------------------------------------------------------- ------------ -------------- Investments at value ......................................... $70,456,577 $1,169,732,677 Cash ......................................................... -- 4,000,000 Cash denominated in foreign currencies (cost $18,237) ........ -- -- Receivable for: Investments sold ......................................... -- -- Capital stock sold ....................................... 88,271 4,300,743 Interest ................................................. 1,400,780 244,960 Dividends ................................................ -- -- Expense reimbursement .................................... -- -- ------------ -------------- Total assets ................................................. 71,945,628 1,178,278,380 ------------ -------------- LIABILITIES: Payable for: Investments purchased .................................... -- -- Capital stock redeemed ................................... 135,064 11,998,110 Dividends and distributions .............................. 52,566 51,023 Investment management fees ............................... 37,647 460,118 Accrued expenses ......................................... 42,524 479,717 Foreign capital gains tax ................................ -- -- ------------ -------------- Total liabilities ............................................ 267,801 12,988,968 ------------ -------------- NET ASSETS ........................................................ $71,677,827 $1,165,289,412 ------------ -------------- NET ASSETS consist of: Paid-in capital .............................................. $75,272,815 $1,165,289,412 Undistributed net investment income .......................... -- -- Undistributed net realized gain (accumulated losses) from: ... Investment transactions .................................. (1,126,091) -- Foreign currency transactions ............................ -- -- Unrealized appreciation (depreciation) on: ................... Investments .............................................. (2,468,897) -- Translation of other assets and liabilities in foreign currencies ..................................... -- -- ------------ -------------- NET ASSETS ........................................................ $71,677,827 $1,165,289,412 ------------ -------------- ------------ -------------- SHARES OF CAPITAL STOCK OUTSTANDING ............................... 7,690,495 1,165,289,412 ------------ -------------- ------------ -------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $9.32 $1.00 ------------ -------------- ------------ --------------
See Accompanying Notes to Financial Statements 73 STATEMENTS OF OPERATIONS - ------------------------------------------------------------------------------- COLUMBIA FUNDS For the year ended December 31, 1999
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL FUND FUND FUND FUND ----------- ----------- ----------- ----------- NET INVESTMENT INCOME: Income: Interest ................................................. $1,471,507 $1,765,725 $552,790 $1,641,320 Dividends ................................................ 5,954,726 9,512,389 1,405,332 1,867,507 Foreign withholding tax on dividend income ............... -- -- (157,950) -- ----------- ----------- ----------- ----------- Total income ........................................ 7,426,233 11,278,114 1,800,172 3,508,827 ----------- ----------- ----------- ----------- Expenses: Investment management fees ............................... 5,181,352 10,562,644 1,592,405 7,081,977 Transfer agent fees and expense .......................... 807,328 1,384,392 474,023 904,070 Postage, printing, and other ............................. 205,275 258,576 93,996 231,084 Shareholder servicing fees ............................... 299,349 102,027 5,263 143,430 Custodian fees ........................................... 58,326 110,507 129,329 55,232 Legal, insurance, and audit fees ......................... 45,095 58,513 40,376 47,624 Registration and filing fees ............................. 25,729 75,950 22,885 25,219 Directors fees ........................................... 7,918 17,852 1,440 7,251 ----------- ----------- ----------- ----------- Total expenses ...................................... 6,630,372 12,570,461 2,359,717 8,495,887 Fees paid indirectly/expense reimbursements .............. (3,080) (5,901) (2,232) (6,715) ----------- ----------- ----------- ----------- Net expenses ........................................ 6,627,292 12,564,560 2,357,485 8,489,172 ----------- ----------- ----------- ----------- Net investment income (loss) ................................. 798,941 (1,286,446) (557,313) (4,980,345) ----------- ----------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ...................................... 97,974,252 293,681,987 31,646,061 202,258,383 Foreign currency transactions ................................ -- -- (447,670) -- ----------- ----------- ----------- ----------- Net realized gain (loss) ................................. 97,974,252 293,681,987 31,198,391 202,258,383 ----------- ----------- ----------- ----------- Change in net unrealized appreciation or depreciation on: Investments .............................................. 103,218,921 158,791,288 53,446,643 38,703,738 Translation of assets and liabilities in foreign currencies -- -- (8,562) -- ----------- ----------- ----------- ----------- Change in net unrealized appreciation or depreciation 103,218,921 158,791,288 53,438,081 38,703,738 ----------- ----------- ----------- ----------- Net realized and unrealized gain (loss) on investments.. 201,193,173 452,473,275 84,636,472 240,962,121 ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ........................................................ $201,992,114 $451,186,829 $84,079,159 $235,981,776 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- REAL ESTATE SMALL CAP EQUITY BALANCED FUND FUND FUND ------------ ----------- ------------ NET INVESTMENT INCOME: Income: Interest ................................................. $653,322 $726,543 $32,047,190 Dividends ................................................ 143,304 13,023,948 3,737,035 Foreign withholding tax on dividend income ............... -- -- -- ------------ ----------- ------------ Total income ........................................ 796,626 13,750,491 35,784,225 ------------ ----------- ------------ Expenses: Investment management fees ............................... 1,745,238 1,549,192 5,094,253 Transfer agent fees and expense .......................... 308,568 231,345 900,945 Postage, printing, and other ............................. 37,584 30,917 234,837 Shareholder servicing fees ............................... 51,870 124,792 317,884 Custodian fees ........................................... 48,157 24,129 70,056 Legal, insurance, and audit fees ......................... 37,212 30,677 51,236 Registration and filing fees ............................. 32,352 58,920 29,626 Directors fees ........................................... 1,578 1,903 9,468 ------------ ----------- ------------ Total expenses ...................................... 2,262,559 2,051,875 6,708,305 Fees paid indirectly/expense reimbursements .............. (3,189) (2,826) (4,226) ------------ ----------- ------------ Net expenses ........................................ 2,259,370 2,049,049 6,704,079 ------------ ----------- ------------ Net investment income (loss) ................................. (1,462,744) 11,701,442 29,080,146 ------------ ----------- ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ...................................... 35,579,689 (7,830,003) 58,919,954 Foreign currency transactions ................................ -- -- -- ------------ ----------- ------------ Net realized gain (loss) ................................. 35,579,689 (7,830,003) 58,919,954 ------------ ----------- ------------ Change in net unrealized appreciation or depreciation on: Investments .............................................. 68,026,459 (10,932,476) 33,437,705 Translation of assets and liabilities in foreign currencies -- -- -- ------------ ----------- ------------ Change in net unrealized appreciation or depreciation 68,026,459 (10,932,476) 33,437,705 ---------- ----------- ------------ Net realized and unrealized gain (loss) on investments.. 103,606,148 (18,762,479) 92,357,659 ------------ ----------- ------------ NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ........................................................ $102,143,404 ($7,061,037) $121,437,805 ------------ ----------- ------------ ------------ ----------- ------------ See Accompanying Notes to Financial Statements 74 U.S. FIXED NATIONAL GOVERNMENT INCOME MUNICIPAL SECURITIES SECURITIES BOND FUND FUND FUND ----------- ----------- --------- NET INVESTMENT INCOME: Income: Interest ................................................. $1,917,826 $28,093,930 $263,208 Dividends ................................................ -- -- -- Foreign withholding tax on dividend income ............... -- -- -- ----------- ----------- --------- Total income ........................................ 1,917,826 28,093,930 263,208 ----------- ----------- --------- Expenses: Investment management fees ............................... 194,635 2,105,357 27,095 Transfer agent fees and expense .......................... 98,723 373,761 27,113 Postage, printing, and other ............................. 21,641 71,275 6,224 Shareholder servicing fees ............................... 1,145 47,601 -- Custodian fees ........................................... 4,100 35,437 2,079 Legal, insurance, and audit fees ......................... 24,771 39,759 23,085 Registration and filing fees ............................. 9,040 26,678 7,583 Directors fees ........................................... 365 3,944 50 ----------- ----------- --------- Total expenses ...................................... 354,420 2,703,812 93,229 Fees paid indirectly/expense reimbursements .............. (1,118) (3,885) (58,005) ----------- ----------- --------- Net expenses ........................................ 353,302 2,699,927 35,224 ----------- ----------- --------- Net investment income (loss) ................................. 1,564,524 25,394,003 227,984 ----------- ----------- --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ...................................... (336,562) (9,249,028) (4,238) Foreign currency transactions ................................ -- -- -- ----------- ----------- --------- Net realized gain (loss) ................................. (336,562) (9,249,028) (4,238) ----------- ----------- --------- Change in net unrealized appreciation or depreciation on: Investments .............................................. (537,091) (23,036,495) (400,643) Translation of assets and liabilities in foreign currencies -- -- -- ----------- ----------- --------- Change in net unrealized appreciation or depreciation (537,091) (23,036,495) (400,643) ----------- ----------- --------- Net realized and unrealized gain (loss) on investments.. (873,653) (32,285,523) (404,881) ----------- ----------- --------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ........................................................ $690,871 ($6,891,520) ($176,897) ----------- ----------- --------- ----------- ----------- --------- OREGON MUNICIPAL COLUMBIA BOND HIGH YIELD DAILY INCOME FUND FUND COMPANY ------------ ----------- ------------ NET INVESTMENT INCOME: Income: Interest ................................................. $23,417,844 $5,824,281 $58,656,221 Dividends ................................................ -- -- -- Foreign withholding tax on dividend income ............... -- -- -- ------------ ----------- ------------ Total income ........................................ 23,417,844 5,824,281 58,656,221 ------------ ----------- ------------ Expenses: Investment management fees ............................... 2,246,866 405,284 5,232,688 Transfer agent fees and expense .......................... 171,378 106,273 972,451 Postage, printing, and other ............................. 75,429 23,590 363,493 Shareholder servicing fees ............................... 9,933 19,230 -- Custodian fees ........................................... 23,915 11,002 454,084 Legal, insurance, and audit fees ......................... 43,424 27,200 49,122 Registration and filing fees ............................. 5,675 22,893 36,599 Directors fees ........................................... 4,224 625 10,382 ------------ ----------- ------------ Total expenses ...................................... 2,580,844 616,097 7,118,819 Fees paid indirectly/expense reimbursements .............. (1,199) (2,346) (80,128) ------------ ----------- ------------ Net expenses ........................................ 2,579,645 613,751 7,038,691 ------------ ----------- ------------ Net investment income (loss) ................................. 20,838,199 5,210,530 51,617,530 ------------ ----------- ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ...................................... 583,400 (1,090,679) -- Foreign currency transactions ................................ -- -- -- ------------ ----------- ------------ Net realized gain (loss) ................................. 583,400 (1,090,679) -- ------------ ----------- ------------ Change in net unrealized appreciation or depreciation on: Investments .............................................. (33,170,458) (2,631,537) -- Translation of assets and liabilities in foreign currencies -- -- -- ------------ ----------- ------------ Change in net unrealized appreciation or depreciation (33,170,458) (2,631,537) - ------------ ----------- ------------ Net realized and unrealized gain (loss) on investments.. (32,587,058) (3,722,216) -- ------------ ----------- ------------ NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ........................................................ ($11,748,859) $1,488,314 $51,617,530 ------------ ----------- ------------ ------------ ----------- ------------
See Accompanying Notes to Financial Statements 75 STATEMENTS OF CHANGES IN NET ASSETS - ------------------------------------------------------------------------------- COLUMBIA FUNDS For the years ended December 31,
COMMON STOCK FUND GROWTH FUND ---------------------------- ------------------------------- 1999 1998 1999 1998 ------------- ------------- -------------- --------------- Operations: Net investment income (loss) ............................... $ 798,941 $ 4,672,736 $ (1,286,446) $ 3,156,064 Net realized gain (loss) from: Investment transactions ............................... 97,974,252 89,973,443 293,681,987 77,263,496 Foreign currency transactions ......................... -- -- -- -- Change in net unrealized appreciation or depreciation on: Investments ........................................... 103,218,921 89,964,455 158,791,288 322,622,139 Translation of assets and liabilities in foreign currencies ......................................... -- -- -- -- ------------- ------------- -------------- --------------- Net increase (decrease) resulting from operations .......... 201,992,114 184,610,634 451,186,829 403,041,699 Distributions to shareholders: From net investment income ................................. (954,346) (4,552,680) (31,399) (3,081,14) In excess of net investment income ......................... -- (69,472) -- (50,967) From net realized gain from investment transactions and foreign currency transactions ........................... (54,980,735) (91,091,522) (188,737,105) (79,945,012) In excess of net realized gain from investment transactions -- (4,001,636) -- (5,463,435) From return of capital ..................................... -- -- -- -- Net capital share transactions ................................. 16,706,345 (71,654,578) 145,296,654 113,604,981 ------------- ------------- -------------- --------------- Net increase (decrease) in net assets ............................... 162,763,378 13,240,746 407,714,979 428,105,852 NET ASSETS: Beginning of year .............................................. 797,146,565 783,905,819 1,753,023,541 1,324,917,689 ------------- ------------- -------------- --------------- End of year .................................................... $ 959,909,943 $ 797,146,565 $2,160,738,520 $ 1,753,023,541 ------------- ------------- -------------- --------------- ------------- ------------- -------------- --------------- Undistributed net investment income at end of year .................. $ -- $ 155,405 $ -- $ 31,399 ------------- ------------- -------------- --------------- ------------- ------------- -------------- --------------- NATIONAL U.S. GOVERNMENT FIXED INCOME MUNICIPAL SECURITIES FUND SECURITIES FUND BOND FUND ------------------------ --------------------------- ------------- 1999 1998 1999 1998 1999 (*) ----------- ----------- ------------- ------------ ------------ Operations: Net investment income ................................... $1,564,524 $1,773,959 $25,394,003 $25,231,753 $227,984 Net realized gain (loss) from investment transactions ... (336,562) 463,379 (9,249,028) 4,181,058 (4,238) Change in net unrealized appreciation or depreciation on investments ..................................... (537,091) 181,795 (23,036,495) (283,034) (400,643) ----------- ----------- ------------- ------------ ------------ Net increase (decrease) resulting from operations ....... 690,871 2,419,133 (6,891,520) 29,129,777 (176,897) Distributions to shareholders: From net investment income .............................. (1,564,524) (1,773,959) (25,394,003) (25,231,753) (227,984) In excess of net investment income ...................... -- -- -- -- -- From net realized gain from investment transactions (21,399) (192,702) (123,381) (4,065,757) -- Net capital share transactions ............................ (1,610,963) 2,288,719 7,225,727 41,165,110 10,539,803 ----------- ----------- ------------- ------------ ------------ Net increase (decrease) in net assets ....................... (2,506,015) 2,741,191 (25,183,177) 40,997,377 10,134,922 NET ASSETS: Beginning of year ....................................... 40,577,866 37,836,675 422,330,131 381,332,754 -- ----------- ----------- ------------- ------------ ------------ End of year ............................................. $38,071,851 $40,577,866 $397,146,954 $422,330,131 $10,134,922 ----------- ----------- ------------- ------------ ------------ ----------- ----------- ------------- ------------ ------------ See Accompanying Notes to Financial Statements 76 INTERNATIONAL STOCK FUND SPECIAL FUND -------------------------- ---------------------------- 1999 1998 1999 1998 ------------- ------------ ------------- ------------- Operations: Net investment income (loss) ............................... $ (557,313) $ (22,112) $ (4,980,345) $ (927,264) Net realized gain (loss) from: Investment transactions ............................... 31,646,061 (1,586,408) 202,258,383 (544,655) Foreign currency transactions ......................... (447,670) (1,099,734) -- -- Change in net unrealized appreciation or depreciation on: Investments ........................................... 53,446,643 19,606,801 38,703,738 150,392,854 Translation of assets and liabilities in foreign currencies ......................................... (8,562) (120,200) -- -- ------------- ------------ ------------- ------------- Net increase (decrease) resulting from operations .......... 84,079,159 16,778,347 235,981,776 148,920,935 Distributions to shareholders: From net investment income ................................. -- -- -- (254,898) In excess of net investment income ......................... -- -- -- (230,229) From net realized gain from investment transactions and foreign currency transactions ........................... (15,581,514) (65,195) (64,905,812) -- In excess of net realized gain from investment transactions -- -- -- -- From return of capital ..................................... -- -- -- -- Net capital share transactions ................................. 36,532,274 (28,800,687) (222,112,863) (428,794,714) ------------- ------------ ------------- ------------- Net increase (decrease) in net assets ............................... 105,029,919 (12,087,535) (51,036,899) (280,358,906) NET ASSETS: Beginning of year .............................................. 134,193,000 146,280,535 969,358,891 1,249,717,797 ------------- ------------ ------------- ------------- End of year .................................................... $ 239,222,919 $134,193,000 $ 918,321,992 $ 969,358,891 ------------- ------------ ------------- ------------- ------------- ------------ ------------- ------------- Undistributed net investment income at end of year .................. $ -- $ -- $ -- $ -- ------------- ------------ ------------- ------------- ------------- ------------ ------------- ------------- OREGON MUNICIPAL BOND FUND HIGH YIELD FUND ------------------------------ -------------------------- 1999 1998 1999 1998 ------------- ------------ ------------ ------------ Operations: Net investment income ................................... $20,838,199 $19,830,150 $5,210,530 $3,697,029 Net realized gain (loss) from investment transactions ... 583,400 3,856,207 (1,090,679) 277,970 Change in net unrealized appreciation or depreciation on investments ..................................... (33,170,458) (263,686) (2,631,537) (968,024) ------------- ------------ ------------ ------------ Net increase (decrease) resulting from operations ....... (11,748,859) 23,422,671 1,488,314 3,006,975 Distributions to shareholders: From net investment income .............................. (20,838,199) (19,830,150) (5,210,530) (3,697,029) In excess of net investment income ...................... -- (10,701) -- -- From net realized gain from investment transactions (664,050) (4,149,947) (53,874) (290,221) Net capital share transactions ............................ (19,639,074) 54,228,675 17,930,084 19,225,699 ------------- ------------ ------------ ------------ Net increase (decrease) in net assets ....................... (52,890,182) 53,660,548 14,153,994 18,245,424 NET ASSETS: Beginning of year ....................................... 462,808,723 409,148,175 57,523,833 39,278,409 ------------- ------------ ------------ ------------ End of year ............................................. $409,918,541 $462,808,723 $71,677,827 $57,523,833 ------------- ------------ ------------ ------------ ------------- ------------ ------------ ------------ SMALL CAP FUND REAL ESTATE EQUITY FUND --------------------------- ------------------------------- 1999 1998 1999 1998 ------------ ------------- -------------- -------------- Operations: Net investment income (loss) ............................... $ (1,462,744) $ (840,887) $ 11,701,442 $ 7,511,435 Net realized gain (loss) from: Investment transactions ............................... 35,579,689 (10,185,536) (7,830,003) (225,330) Foreign currency transactions ......................... -- -- -- -- Change in net unrealized appreciation or depreciation on: Investments ........................................... 68,026,459 16,364,251 (10,932,476) (29,435,976) Translation of assets and liabilities in foreign currencies ......................................... -- -- -- -- ------------ ------------- -------------- -------------- Net increase (decrease) resulting from operations .......... 102,143,404 5,337,828 (7,061,037) (22,149,871) Distributions to shareholders: From net investment income ................................. -- -- (10,095,164) (6,572,683) In excess of net investment income ......................... -- (12,878) -- (2,387) From net realized gain from investment transactions and foreign currency transactions ........................... (4,983,750) -- -- -- In excess of net realized gain from investment transactions -- -- -- -- From return of capital ..................................... -- -- (1,606,278) (940,385) Net capital share transactions ................................. 32,742,128 58,715,948 96,305,863 42,283,240 ------------ ------------- -------------- -------------- Net increase (decrease) in net assets ............................... 129,901,782 64,040,898 77,543,384 12,617,914 NET ASSETS: Beginning of year .............................................. 160,472,207 96,431,309 164,172,354 151,554,440 ------------ ------------- -------------- -------------- End of year .................................................... $290,373,989 $ 160,472,207 $ 241,715,738 $ 164,172,354 ------------ ------------- -------------- -------------- ------------ ------------- -------------- -------------- Undistributed net investment income at end of year .................. $ -- $ -- $ -- $ -- ------------ ------------- -------------- -------------- ------------ ------------- -------------- -------------- COLUMBIA DAILY INCOME COMPANY ------------------------------------- 1999 1998 --------------- --------------- Operations: Net investment income ................................... $51,617,530 $52,842,216 Net realized gain (loss) from investment transactions ... -- -- Change in net unrealized appreciation or depreciation on investments ..................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ....... 51,617,530 52,842,216 Distributions to shareholders: From net investment income .............................. (51,617,530) (52,842,216) In excess of net investment income ...................... -- -- From net realized gain from investment transactions -- -- Net capital share transactions ............................ 56,148,201 (59,954,357) --------------- --------------- Net increase (decrease) in net assets ....................... 56,148,201 (59,954,357) NET ASSETS: Beginning of year ....................................... 1,109,141,211 1,169,095,568 --------------- --------------- End of year ............................................. $1,165,289,412 $1,109,141,211 --------------- --------------- --------------- --------------- BALANCED FUND --------------------------------- 1999 1998 -------------- ------------- Operations: Net investment income (loss) ............................... $ 29,080,146 $ 28,903,882 Net realized gain (loss) from: Investment transactions ............................... 58,919,954 65,831,341 Foreign currency transactions ......................... -- -- Change in net unrealized appreciation or depreciation on: Investments ........................................... 33,437,705 68,447,300 Translation of assets and liabilities in foreign currencies ......................................... -- -- -------------- -------------- Net increase (decrease) resulting from operations .......... 121,437,805 163,182,523 Distributions to shareholders: From net investment income ................................. (28,986,708) (28,733,052) In excess of net investment income ......................... -- -- From net realized gain from investment transactions and foreign currency transactions ........................... (27,016,924) (66,826,702) In excess of net realized gain from investment transactions -- (1,501,528) From return of capital ..................................... -- -- Net capital share transactions ................................. 124,908 116,881,261 -------------- -------------- Net increase (decrease) in net assets ............................... 65,559,081 183,002,502 NET ASSETS: Beginning of year .............................................. 975,380,758 792,378,256 -------------- -------------- End of year .................................................... $1,040,939,839 $ 975,380,758 -------------- -------------- -------------- -------------- Undistributed net investment income at end of year .................. $ 299,287 $ 205,849 -------------- -------------- -------------- --------------
See Accompanying Notes to Financial Statements 77 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES -- The Columbia Funds (the "Funds") consist of the following: Columbia Common Stock Fund, Inc. Columbia Growth Fund, Inc. Columbia International Stock Fund, Inc. Columbia Special Fund, Inc. Columbia Small Cap Fund, Inc. Columbia Real Estate Equity Fund, Inc. Columbia Balanced Fund, Inc. Columbia U.S. Government Securities Fund, Inc. Columbia Fixed Income Securities Fund, Inc. Columbia National Municipal Bond Fund, Inc. Columbia Oregon Municipal Bond Fund, Inc. Columbia High Yield Fund, Inc. Columbia Daily Income Company All Funds are open-end investment companies registered under the Investment Company Act of 1940, as amended, and are diversified except the Oregon Municipal Bond Fund, which is non-diversified. Following is a summary of significant accounting policies, in conformity with generally accepted accounting principles, which are consistently followed by each Fund in the preparation of its financial statements. INVESTMENT VALUATION. Equity securities are valued based on the last sales 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. Fixed income securities are valued based on market value as quoted by dealers who are market makers in these securities or by independent pricing services. Market values for fixed income securities, except for municipal securities, are based on the average of bid and ask prices, or by reference to other securities with comparable ratings, interest rates and maturities. Market value for municipal securities is based on bid prices. Investment securities with less than 60 days to maturity when purchased and all securities held by Columbia Daily Income Company are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available will be valued at fair market value as determined in good faith under procedures established by and under the general supervision of the Board of Directors of each Fund. REPURCHASE AGREEMENTS. The Funds may engage in repurchase agreement transactions. The Funds, through their custodians, receive delivery of underlying securities collateralizing 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. INVESTMENT TRANSACTIONS. Investment transactions are accounted for as of the date the investments are purchased or sold. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Securities purchased on a when-issued or forward-delivery basis may settle a month or more after trade date; interest income is not accrued until settlement date. Each Fund instructs the custodian to segregate liquid assets of the Fund with a current value at least equal to the amount of its when-issued purchase commitments. INVESTMENT INCOME AND EXPENSES. Dividend income less foreign taxes withheld (if any) is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of discounts or accretion of premiums. Expenses are recorded on the accrual basis and each Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses incurred on behalf of all Funds. Expenses for "fees paid indirectly" reflect earnings credits on uninvested cash balances used to reduce the Fund's custodian charges. FORWARD CURRENCY EXCHANGE CONTRACTS. Certain Funds may enter into forward currency contracts in connection 78 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES -- CONTINUED with planned purchases or sales of securities or to hedge the U.S. dollar value of that Fund's portfolio securities denominated in a foreign currency. Contracts are valued at the prevailing forward exchange rate of the underlying currencies. The gain or loss arising from the difference between the original contract price and the closing price of such contract is included in the net realized gains or losses from foreign currency transactions. Fluctuations in the value of forward currency contracts are recorded for financial reporting purposes as unrealized gains or losses. A Fund could be exposed to risks if counterparties to the forward contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The effect of any change in the value of a hedged foreign currency would be offset by the corresponding change (resulting from a change in exchange rates) in value of the securities denominated in that currency. During the year ended December 31, 1999, the Funds did not enter into any such forward currency contracts. FOREIGN CURRENCY TRANSLATIONS. The books and records of the International Stock Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities of the funds are translated into U.S. dollars at the daily rates of exchange on the valuation date. Purchases and sales of investment securities, dividend and interest income and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The International Stock Fund 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 on investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign currency gains or losses arise from the 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 the Fund's books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rate. USE OF ESTIMATES. The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends from net investment income of the Common Stock, Real Estate Equity and Balanced Funds are declared and paid quarterly. Dividends from net investment income of the Growth, International Stock, Special, and Small Cap Funds are declared and paid annually. Dividends from net investment income of the U.S. Government Securities, Fixed Income Securities, National Municipal Bond, Oregon Municipal Bond, and High Yield Funds are declared daily and paid monthly. Dividends from net investment income of the Columbia Daily Income Company are declared and paid daily. Distributions from any net realized gains are generally declared and paid annually. Distributions to shareholders are recorded on the ex-dividend date. A portion of the dividends paid to shareholders in the Real Estate Equity Fund include return of capital received from Real Estate Investment Trust securities held in the Fund's portfolio. Additional distributions of net investment income and capital gains for each Fund may be made at the discretion of the Board of Directors in accordance with federal income tax regulations. FEDERAL INCOME TAXES. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing substantially all taxable net investment income and net realized gains to its shareholders in a manner which results in no tax to the Fund. Therefore, no federal income or excise tax provision is required. 79 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES -- CONTINUED 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 losses from wash sales, passive foreign investment companies (PFIC), post-October losses, and non-taxable dividends. For the year ended December 31, 1999, the Common Stock, Growth, International Stock, Special, and Balanced Funds utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes. As of December 31, 1999, the Real Estate Equity, U.S. Government Securities, Fixed Income Securities, National Municipal Bond, and High Yield Funds had $4,833,568, $7,041, $6,446,288, $4,238, and $1,036,178, respectively, in capital loss carryovers available to offset future capital gains distributions. These capital loss carryovers expire in the year 2007. Also, the Real Estate Equity, U.S. Government Securities, Fixed Income Securities, Oregon Municipal Bond, and High Yield Funds had $2,270,349, $168,923, $2,680,210, $62,999, and $49,600, respectively, in post-October losses that are deferred to January 1, 2000. During the year ended December 31, 1999, the International Stock, Special, and Small Cap Funds utilized $1,410,029, $1,021,462, and $9,350,313, respectively, in capital loss carryovers from prior years. During the year ended December 31, 1999, the following distributions were designated as long-term gains: Common Stock Fund--$47,329,900, Growth Fund--$164,345,847, International Stock Fund--$15,671,563, Special Fund--$72,890,550, Balanced Fund--$21,667,447, and Oregon Municipal Bond Fund--$607,603. FOREIGN CAPITAL GAINS TAXES. Realized gains in certain countries may be subject to foreign taxes at the Fund level, at rates ranging from approximately 10% to 30%. The Funds provide for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction. AFFILIATED ISSUERS. Under the Investment Company Act of 1940, as amended, an issuer is an "affiliated issuer" of a Fund if the Fund holds 5% or more of that issuer's outstanding voting securities or is held under common control. As of December 31, 1999, the Funds did not hold any investments in such affiliated issuers. The Special Fund, as of December 31, 1998, held the following affiliated issuers which were subsequently sold during the year ended December 31, 1999: 800,000 shares of Abercrombie & Fitch Co., 1,240,000 shares of AnnTaylor Stores Corp., 500,000 shares of Resmed, Inc., and 860,000 shares of Vans, Inc. During the year ended December 31, 1999, there were no further purchases or additions of affiliated issuers. OTHER. The High Yield Fund 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. As of December 31, 1999, 8% of the Fund's debt securities were rated Baa, 53% were rated Ba, 37% were rated B, and 1% were rated Caa, as rated by Moody's Investors Service, Inc. 80 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES -- The amounts of fees and expenses described below are shown on each Fund's statement of operations. Columbia Funds Management Company (CFMC) manages each Fund and Columbia Trust Company (CTC) is the Funds' transfer and shareholder servicing agent. CFMC and CTC are wholly-owned subsidiaries of Fleet Boston Corporation, a publicly owned multi-bank holding company registered under the Bank Holding Company Act of 1956. Investment management fees were paid by each Fund to CFMC. The fees are based on the following annual rates of average daily net assets:
FEES ON FEES ON FEES ON FEES ON NET ASSETS NET ASSETS NET ASSETS NET ASSETS FIRST NEXT NEXT EXCEEDING $200 MILLION $300 MILLION $500 MILLION $1 BILLION -------------- -------------- -------------- ------------ Common Stock Fund ............... 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1% Growth Fund ..................... 0.75 of 1% 0.625 of 1% 0.50 of 1% 0.50 of 1% International Stock Fund ........ 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1% Special Fund .................... 1.00 of 1% 1.00 of 1% 0.75 of 1% 0.75 of 1% Small Cap Fund .................. 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1% Real Estate Equity Fund ......... 0.75 of 1% 0.75 of 1% 0.75 of 1% 0.75 of 1% Balanced Fund ................... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% U.S. Government Securities Fund.. 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% Fixed Income Securities Fund .... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% National Municipal Bond Fund .... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% Oregon Municipal Bond Fund ...... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% High Yield Fund ................. 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1% Columbia Daily Income Company ... 0.50 of 1% 0.50 of 1% 0.45 of 1% 0.40 of 1%
Directors' fees and expenses were paid directly by each Fund to directors having no affiliation with the Funds other than in their capacity as directors. Other officers and directors received no compensation from the Funds. Transfer agent fees were paid by each Fund to CTC for services incidental to issuance and transfer of shares, maintaining shareholder lists, and issuing and mailing distributions and reports. The Funds also reimburse CTC for certain direct shareholder servicing and accounting costs. For the year ended December 31, 1999, CFMC contractually agreed to reimburse expenses in excess of 0.65% of 1% for the National Municipal Bond Fund. 81 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 3. INVESTMENT TRANSACTIONS -- Aggregate purchases, sales and maturities, net realized gain (loss) and unrealized appreciation (depreciation) of investments, excluding short-term investments, as of and for the year ended December 31, 1999, were as follows:
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ------------ -------------- ------------ -------------- ------------ PURCHASES: Investment securities other than U.S. Government obligations.......... $807,253,170 $2,243,717,335 $145,006,605 $1,018,386,841 $326,425,718 U.S. Government obligations................. -- -- -- -- -- ------------ -------------- ------------ -------------- ------------ Total purchases........................... $807,253,170 $2,243,717,335 $145,006,605 $1,018,386,841 $326,425,718 ------------ -------------- ------------ -------------- ------------ ------------ -------------- ------------ -------------- ------------ SALES AND MATURITIES: Investment securities other than U.S. Government obligations.......... $864,305,178 $2,344,196,623 $138,035,706 $1,314,583,624 $310,879,324 U.S. Government obligations................. -- -- -- -- -- ------------ -------------- ------------ -------------- ------------ Total sales and maturities................ $864,305,178 $2,344,196,623 $138,035,706 $1,314,583,624 $310,879,324 ------------ -------------- ------------ -------------- ------------ ------------ -------------- ------------ -------------- ------------ NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations.......... $ 97,974,252 $ 293,681,987 $ 31,646,061 $ 202,258,383 $ 35,579,689 U.S. Government obligations................. -- -- -- -- -- ------------ -------------- ------------ -------------- ------------ Total net realized gain (loss)............ $ 97,974,252 $ 293,681,987 $ 31,198,391 $ 202,258,383 $ 35,579,689 ------------ -------------- ------------ -------------- ------------ ------------ -------------- ------------ -------------- ------------ UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation................................ $337,392,798 $ 797,273,562 $ 92,284,712 $ 333,133,983 $ 99,333,895 Depreciation................................ (8,654,659) (19,950,677) (4,109,366) (7,444,533) (6,352,542) ------------ -------------- ------------ -------------- ------------ Net unrealized appreciation (depreciation) $328,738,139 $ 777,322,885 $ 88,175,346 $ 325,689,450 $ 92,981,353 ------------ -------------- ------------ -------------- ------------ ------------ -------------- ------------ -------------- ------------
* For the period February 10 through December 31, 1999. 82 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 3. INVESTMENT TRANSACTIONS, CONTINUED --
U.S. FIXED NATIONAL REAL ESTATE GOVERNMENT INCOME MUNICIPAL EQUITY BALANCED SECURITIES SECURITIES BOND FUND FUND FUND FUND FUND* ------------ -------------- ----------- ------------ ----------- PURCHASES: Investment securities other than U.S. Government obligations.......... $147,568,209 $ 716,184,074 $ -- $173,381,669 $10,649,238 U.S. Government obligations................. -- 573,259,502 63,878,961 434,576,598 -- ------------ -------------- ----------- ------------ ----------- Total purchases........................... $147,568,209 $1,289,443,576 $63,878,961 $607,958,267 $10,649,238 ------------ -------------- ----------- ------------ ----------- ------------ -------------- ----------- ------------ ----------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations.......... $ 55,695,722 $ 734,008,248 $ -- $153,203,446 $ 706,931 U.S. Government obligations................. -- 572,233,853 64,898,519 452,718,099 -- ------------ -------------- ----------- ------------ ----------- Total sales and maturities................ $ 55,695,722 $1,306,242,101 $64,898,519 $605,921,545 $ 706,931 ------------ -------------- ----------- ------------ ----------- ------------ -------------- ----------- ------------ ----------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations.......... $ (7,830,003) $ 67,175,002 $ -- $ (2,807,613) $ (4,238) U.S. Government obligations................. -- (8,255,048) (336,562) (6,441,415) -- ------------ -------------- ----------- ------------ ----------- Total net realized gain (loss)............ $ (7,830,003) $ 58,919,954 $ (336,562) $ (9,249,028) $ (4,238) ------------ -------------- ----------- ------------ ----------- ------------ -------------- ----------- ------------ ----------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation................................ $ 9,579,641 $ 218,095,250 $ 53 $ 255,183 $ 13,436 Depreciation................................ (19,574,229) (23,469,424) (424,997) (14,097,348) (414,079) ------------ -------------- ----------- ------------ ----------- Net unrealized appreciation (depreciation) $ (9,994,588) $ 194,625,826 $ (424,944) $(13,842,165) $ (400,643) ------------ -------------- ----------- ------------ ----------- ------------ -------------- ----------- ------------ ----------- OREGON MUNICIPAL BOND HIGH YIELD FUND FUND ------------ ----------- PURCHASES: Investment securities other than U.S. Government obligations.......... $121,595,431 $46,928,360 U.S. Government obligations................. -- -- ------------ ----------- Total purchases........................... $121,595,431 $46,928,360 ------------ ----------- ------------ ----------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations.......... $139,074,410 $28,664,636 U.S. Government obligations................. -- -- ------------ ----------- Total sales and maturities................ $139,074,410 $28,664,636 ------------ ----------- ------------ ----------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations.......... $ 583,400 $(1,090,679) U.S. Government obligations................. -- -- ------------ ----------- Total net realized gain (loss)............ $ 583,400 $(1,090,679) ------------ ----------- ------------ ----------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation................................ $ 4,399,250 $ 214,733 Depreciation................................ (13,778,967) (2,723,943) ------------ ----------- Net unrealized appreciation (depreciation) $ (9,379,717) $(2,509,210) ------------ ----------- ------------ -----------
83 NOTES TO FINANCIAL STATEMENTS - ------------------------------------------------------------------------------- -- 4. CAPITAL STOCK ACTIVITY --
COMMON STOCK FUND GROWTH FUND INTERNATIONAL STOCK FUND ----------------------------- ----------------------------- ----------------------------- 1999 1998 1999 1998 1999 1998 ------------- ------------- ------------- ------------- ------------- ------------- SHARES: Shares sold................... 11,517,632 13,269,125 9,878,594 12,502,270 6,568,847 6,757,057 Shares reinvested for dividends and distributions.. 1,925,063 3,761,670 3,704,725 1,958,431 672,171 4,073 ------------- ------------- ------------- ------------- ------------- ------------- 13,442,695 17,030,795 13,583,319 14,460,701 7,241,018 6,761,130 Shares redeemed............... (12,902,897) (19,963,393) (10,645,707) (11,802,719) (5,437,082) (8,752,521) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease)....... 539,798 (2,932,598) 2,937,612 2,657,982 1,803,936 (1,991,391) ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- AMOUNTS: Sales......................... $ 303,390,022 $ 313,993,826 $ 458,631,367 $ 483,570,772 $ 115,830,456 $ 96,626,658 Reinvestment of dividends and distributions............ 55,517,942 91,734,934 181,198,091 83,252,983 15,332,212 62,933 ------------- ------------- ------------- ------------- ------------- ------------- 358,907,964 405,728,760 639,829,458 566,823,755 131,162,668 96,689,591 Less redemptions.............. (342,201,619) (477,383,338) (494,532,804) (453,218,774) (94,630,394) (125,490,278) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease)....... $ 16,706,345 $ (71,654,578) $ 145,296,654 $ 113,604,981 $ 36,532,274 $ (28,800,687) ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Capital stock authorized...... 100,000,000 100,000,000 100,000,000 Par value..................... no par $ 0.01 no par U.S. GOVERNMENT FIXED INCOME NATIONAL MUNICIPAL SECURITIES FUND SECURITIES FUND BOND FUND --------------------------- ----------------------------- -------------------------- 1999 1998 1999 1998 1999* ------------ ------------ ------------- ------------- ------------ SHARES: Shares sold................... 1,622,111 2,328,032 11,566,401 12,025,253 1,167,112 Shares reinvested for dividends and distributions.. 179,825 220,206 1,654,141 1,746,053 22,266 ------------ ------------ ------------- ------------- ------------ 1,801,936 2,548,238 13,220,542 13,771,306 1,189,378 Shares redeemed............... (1,994,828) (2,273,646) (12,763,958) (10,720,493) (97,174) ------------ ------------ ------------- ------------- ------------ Net increase (decrease)....... (192,892) 274,592 456,584 3,050,813 1,092,204 ------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------- ------------- ------------ AMOUNTS: Sales......................... $ 13,439,970 $ 19,453,757 $ 149,896,177 $ 162,360,726 $ 11,243,302 Reinvestment of dividends and distributions............ 1,487,740 1,841,909 21,208,934 23,546,526 210,997 ------------ ------------ ------------- ------------- ------------ 14,927,710 21,295,666 171,105,111 185,907,252 11,454,299 Less redemptions.............. (16,538,673) (19,006,947) (163,879,384) (144,742,142) (914,496) ------------ ------------ ------------- ------------- ------------ Net increase (decrease)....... $ (1,610,963) $ 2,288,719 $ 7,225,727 $ 41,165,110 $ 10,539,803 ------------ ------------ ------------- ------------- ------------ ------------ ------------ ------------- ------------- ------------ Capital stock authorized...... 100,000,000 200,000,000 100,000,000 Par value..................... $ 0.01 $ 0.01 $ 0.01
* For the period February 10 through December 31, 1999. 84 NOTES TO FINANCIAL STATEMENTS - ------------------------------------------------------------------------------- -- 4. CAPITAL STOCK ACTIVITY, CONTINUED --
SPECIAL FUND SMALL CAP FUND REAL ESTATE EQUITY FUND ----------------------------- ----------------------------- ----------------------------- 1999 1998 1999 1998 1999 1998 ------------- ------------- ------------- ------------- ------------- ------------- SHARES: Shares sold................... 8,091,686 15,749,843 9,154,142 8,487,025 14,484,357 9,988,402 Shares reinvested for dividends and distributions.. 2,110,467 19,697 179,125 684 741,606 416,553 ------------- ------------- ------------- ------------- ------------- ------------- 10,202,153 15,769,540 9,333,267 8,487,709 15,225,963 10,404,955 Shares redeemed............... (20,554,037) (36,402,850) (7,888,604) (5,074,580) (9,054,829) (8,048,667) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease)....... (10,351,884) (20,633,310) 1,444,663 3,413,129 6,171,134 2,356,288 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- AMOUNTS: Sales......................... $ 189,699,087 $ 326,466,750 $ 173,956,372 $ 142,918,397 $ 223,469,596 $ 171,289,503 Reinvestment of dividends and distributions............ 63,166,278 465,243 4,882,952 11,916 11,170,622 6,951,254 ------------- ------------- ------------- ------------- ------------- ------------- 252,865,365 326,931,993 178,839,324 142,930,313 234,640,218 178,240,757 Less redemptions.............. (474,978,228) (755,726,707) (146,097,196) (84,214,365) (138,334,355) (135,957,517) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease)....... $(222,112,863) $(428,794,714) $ 32,742,128 $ 58,715,948 $ 96,305,863 $ 42,283,240 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Capital stock authorized...... 100,000,000 100,000,000 100,000,000 Par value..................... $ 0.01 no par no par BALANCED FUND ----------------------------- 1999 1998 ------------- ------------- SHARES: Shares sold................... 17,873,300 13,507,447 Shares reinvested for dividends and distributions.. 2,275,603 4,168,672 ------------- ------------- 20,148,903 17,676,119 Shares redeemed............... (20,132,726) (12,580,813) ------------- ------------- Net increase (decrease)....... 16,177 5,095,306 ------------- ------------- ------------- ------------- AMOUNTS: Sales......................... $ 423,883,086 $ 307,811,840 Reinvestment of dividends and distributions............ 55,413,297 96,330,655 ------------- ------------- 479,296,383 404,142,495 Less redemptions.............. (479,171,475) (287,261,234) ------------- ------------- Net increase (decrease)....... $ 124,908 $ 116,881,261 ------------- ------------- ------------- ------------- Capital stock authorized...... 100,000,000 Par value..................... no par OREGON MUNICIPAL COLUMBIA DAILY BOND FUND HIGH YIELD FUND INCOME COMPANY ---------------------------- --------------------------- --------------------------------- 1999 1998 1999 1998 1999 1998 ------------- ------------ ------------ ------------ --------------- --------------- SHARES: Shares sold................... 7,638,760 10,282,298 5,482,451 5,050,748 1,662,164,367 1,712,535,787 Shares reinvested for dividends and distributions.. 1,429,175 1,535,194 481,404 350,237 51,589,441 52,814,144 ------------- ------------ ------------ ------------ --------------- --------------- 9,067,935 11,817,492 5,963,855 5,400,985 1,713,753,808 1,765,349,931 Shares redeemed............... (10,762,622) (7,484,819) (4,117,581) (3,469,996) (1,657,605,607) (1,825,304,288) ------------- ------------ ------------ ------------ --------------- --------------- Net increase (decrease)....... (1,694,687) 4,332,673 1,846,274 1,930,989 56,148,201 (59,954,357) ------------- ------------ ------------ ------------ --------------- --------------- ------------- ------------ ------------ ------------ --------------- --------------- AMOUNTS: Sales......................... $ 92,826,600 $128,573,968 $ 52,700,054 $ 50,292,553 $ 1,662,164,367 $ 1,712,535,787 Reinvestment of dividends and distributions............ 17,180,278 19,177,222 4,589,655 3,493,216 51,589,441 52,814,144 ------------- ------------ ------------ ------------ --------------- --------------- 110,006,878 147,751,190 57,289,709 53,785,769 1,713,753,808 1,765,349,931 Less redemptions.............. (129,645,952) (93,522,515) (39,359,625) (34,560,070) (1,657,605,607) (1,825,304,288) ------------- ------------ ------------ ------------ --------------- --------------- Net increase (decrease)....... $ (19,639,074) $ 54,228,675 $ 17,930,084 $ 19,225,699 $ 56,148,201 $ (59,954,357) ------------- ------------ ------------ ------------ --------------- --------------- ------------- ------------ ------------ ------------ --------------- --------------- Capital stock authorized...... 100,000,000 100,000,000 2,000,000,000 Par value..................... no par no par $ 0.001
85 REPORT OF INDEPENDENT ACCOUNTANTS - -------------------------------------------------------------------------------- TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF: Columbia Common Stock Fund, Inc. Columbia Growth Fund, Inc. Columbia International Stock Fund, Inc. Columbia Special Fund, Inc. Columbia Small Cap Fund, Inc. Columbia Real Estate Equity Fund, Inc. Columbia Balanced Fund, Inc. Columbia U.S. Government Securities Fund, Inc. Columbia Fixed Income Securities Fund, Inc. Columbia National Municipal Bond Fund, Inc. Columbia Oregon Municipal Bond Fund, Inc. Columbia High Yield Fund, Inc. Columbia Daily Income Company In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 13 funds comprising the Columbia Funds (the Funds) at December 31, 1999, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, except for the Columbia National Municipal Bond Fund, Inc., for which the period is February 10, 1999 (commencement of operations) through December 31, 1999, and the financial highlights for the periods presented therein, in conformity with accounting principles generally accepted in the United States. These financial statements and financial highlights (hereafter referred to as financial statements) are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statements presentation. We believe that our audits, which included confirmation of securities at December 31, 1999 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. PRICEWATERHOUSECOOPERS LLP Portland, Oregon February 4, 2000 86 MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENTAL ENTITY; ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, OR GUARANTEED BY, ANY BANK; AND INVOLVE RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- [LOGO] COLUMBIA FUNDS -- 1301 S.W. FIFTH AVENUE, PORTLAND, OREGON 97201 -- -- DIRECTORS -- ----------------------------------------------------- JAMES C. GEORGE J. JERRY INSKEEP, JR. THOMAS R. MACKENZIE RICHARD L. WOOLWORTH -- INVESTMENT ADVISOR -- ----------------------------------------------------- COLUMBIA FUNDS MANAGEMENT COMPANY 1300 S.W. SIXTH AVENUE PORTLAND, OREGON 97201 -- LEGAL COUNSEL -- ----------------------------------------------------- STOEL RIVES LLP 900 S.W. FIFTH AVENUE, SUITE 2300 PORTLAND, OREGON 97204-1268 -- INDEPENDENT ACCOUNTANTS -- ----------------------------------------------------- PRICEWATERHOUSECOOPERS LLP 1300 S.W. FIFTH AVENUE, SUITE 3100 PORTLAND, OREGON 97201 -- TRANSFER AGENT -- ----------------------------------------------------- COLUMBIA TRUST COMPANY 1301 S.W. FIFTH AVENUE PORTLAND, OREGON 97201 THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME, BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS. FUNDS DISTRIBUTED BY PROVIDENT DISTRIBUTORS, INC. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----