-----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, FVmfIzD7JqIiBKuMdbPCf84p/vUk13tAOI2rte6mwWODkZ6I34UaW8MpiotmCegO J3GwlKwN5VmPRlLxbqGBrg== /in/edgar/work/20000829/0000912057-00-039449/0000912057-00-039449.txt : 20000922 0000912057-00-039449.hdr.sgml : 20000922 ACCESSION NUMBER: 0000912057-00-039449 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA INTERNATIONAL STOCK FUND INC CENTRAL INDEX KEY: 0000889421 STANDARD INDUSTRIAL CLASSIFICATION: [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: 712200 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: 712201 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: 712202 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: [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: 712203 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: 712204 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: 712205 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: 712206 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 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: 712207 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 OREGON MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000876613 STANDARD INDUSTRIAL CLASSIFICATION: [ ] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06338 FILM NUMBER: 712208 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 BALANCED FUND INC /OR/ DATE OF NAME CHANGE: 19920717 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: 712209 BUSINESS ADDRESS: STREET 1: 1301 SW FIFTH AVE STREET 2: P O BOX 1350 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: [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: 712210 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: [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: 712211 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: 712212 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.txt N-30D [LOGO] - -------------------------------------------------------------------------------- COLUMBIA FUNDS - -------------------------------------------------------------------------------- ========================================== 2000 SEMIANNUAL 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 - -------------------------------------------------------------------------------- TABLE OF CONTENTS - -------------------------------------------------------------------------------- SEMIANNUAL REPORT JUNE 30, 2000 INTRODUCTION 1 To Our Shareholders - -------------------------------------------------------------------------------- INVESTMENT 4 Columbia Common Stock Fund REVIEWS 6 Columbia Growth Fund 8 Columbia International Stock Fund 10 Columbia Special Fund 12 Columbia Small Cap Fund 14 Columbia Real Estate Equity Fund 16 Columbia Balanced Fund 18 Columbia U.S. Government Securities Fund 20 Columbia Fixed Income Securities Fund 22 Columbia National Municipal Bond Fund 24 Columbia Oregon Municipal Bond Fund 26 Columbia High Yield Fund 28 Columbia Daily Income Company - -------------------------------------------------------------------------------- FINANCIAL 29 Financial Highlights INFORMATION 36 Schedules of Investments 82 Statements of Assets and Liabilities 84 Statements of Operations 86 Statements of Changes in Net Assets 88 Notes to Financial Statements COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 1-800-547-1707 www.columbiafunds.com FRONT COVER FEATURES A PHOTOGRAPH OF THE 83-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. TO OUR SHAREHOLDERS - -------------------------------------------------------------------------------- We are pleased to present the Columbia Funds 2000 Semiannual Report. In the following pages, you'll find updated financial information for our family of 13 no-load mutual funds. And, our portfolio managers have prepared summaries of the investment activity that occurred in each Fund for the six months ended June 30, 2000. We hope that this information will be valuable to you as you evaluate your investments with us. Before you delve into individual fund information, however, we'd like to provide an overview of the challenging environment in which the Funds operated. MARKETS EXPERIENCE EXCEPTIONAL VOLATILITY The first half of 2000 has been marked by record volatility (particularly in small- and mid-cap stocks), a significant correction in the technology sector, and a subsequent recovery in a few of the best-capitalized technology industry leaders. Though earnings growth in general has met and even exceeded expectations, stock markets around the world have had a difficult time gaining ground. Why all this volatility? A large part of it is due to a soaring domestic economy and the Federal Reserve Board's attempt to keep it under control. Unemployment has remained low, productivity has continued to improve, consumer spending has stayed strong and energy prices have moved higher. These factors together have raised anxieties that inflationary pressures could develop. As a result, the Fed has maintained a tightening policy, raising interest rates to reduce the availability of credit to borrowers in an effort to slow the pace of consumer spending and economic growth. Additional volatility has been caused by concerns about whether the Fed will be successful in engineering a soft landing and how corporate earnings may be impacted. A TREND OF FED TIGHTENING The Fed began raising the federal funds rate -- the interest rate banks charge each other for loans -- in June 1999. By early 2000, it was evident that economic activity was not slowing and was even accelerating. Therefore, the Fed raised rates again in February and March, each time by 0.25%. More aggressive action was taken in May as the Fed raised rates 0.50% in one swift move. FEDERAL RESERVE BOARD ADOPTS TIGHTENING POLICY [CHART]
Federal Funds Rate ------- May 99 4.75% Jun 99 5.00% Aug 99 5.25% Oct 99 5.25% Nov 99 5.50% Dec 99 5.50% Feb 00 5.75% Mar 00 6.00% May 00 6.50% Jun 00 6.50%
1 TO OUR SHAREHOLDERS - -------------------------------------------------------------------------------- By late spring, it appeared that the Fed's actions had finally begun to cool the economy. The latest economic indicators showed a softening in employment, retail sales, housing and manufacturing activity. Even though growth may be slowing, consumers continue to be upbeat and job growth is still strong, arguing against a major downshift in economic growth. We believe that the Fed's continued vigilance will foster a more moderate and sustainable pace of economic growth. The Fed's actions should help maintain the current environment of low inflation, high employment and improving productivity. Although inflation has risen from its low levels of 1998, it has not reached levels considered problematic. The pressure to raise prices has increased in some industries, but the very competitive nature of many world markets and the productivity gains realized from new technologies should help keep prices in check for consumers. THE EQUITY MARKETS Equity performance in the first six months of the year reflects concerns that earnings expectations could be too optimistic, particularly if the Fed acted too aggressively. These fears resulted in the stock market correction that began in March and continued through late May. In the second quarter, the S&P 500 fell 2.66%, while the NASDAQ Index lost 13.23%, demonstrating a substantial recovery during the period considering the Index plunged 35% in April. International stocks also lost ground. The best performing sectors in this volatile environment tended to be the more defensive groups, such as health care, utilities and energy. (Sectors are considered defensive when they are less affected by changes in the economy.) Second quarter declines pulled most equity indices underwater for the first half of the year; some exceptions for the six months ended June 30 were the Russell 2000, up 3.04%, the S&P Mid Cap 400, up 8.97%, and the National Association of Real Estate Investment Trusts Index, up 13.18%. The performance of Columbia Funds' large cap equity portfolios were well above the S&P 500 for the first half primarily because of solid stock selection in key industries related to our investment themes, such as consumer staples, technology and finance. FIXED INCOME SECURITIES Interest rates generally rose through mid-May as investors contemplated the likelihood of more aggressive Fed action. After the Fed's last rate increase in May, the bond markets rallied when new economic releases appeared to show softening consumer demand. The U.S. Treasury's ongoing program to buy back outstanding issues remains a strong influence on fixed income returns, perhaps artificially driving up prices as supply diminishes over time. Although corporate and mortgage-backed debt regained some ground - --------------------------------- We have refocused on the Aging of America theme while maintaining our Technology Age and Baby Boomer Spending themes. [GRAPHIC] - --------------------------------- 2 TO OUR SHAREHOLDERS - -------------------------------------------------------------------------------- during the second quarter, Treasury securities have outperformed both sectors so far this year. LOOKING AHEAD We anticipate that the Fed will eventually be successful in engineering a soft landing for the economy. In an environment of slower, more sustainable growth, we believe that corporate and mortgage-backed issues provide attractive yields and are expected to contribute to higher total returns in our fixed income portfolios going forward. In the equity markets, we expect decelerating earnings gains to contribute to market fluctuations in the months ahead. While technology and smaller cap names have experienced some of the greatest volatility, many of these companies still appear to have the strongest prospects for earnings growth in the future. We continue to be selective in constructing our portfolios, looking for companies with good earnings visibility, adequate financing, leading positions in their industries and the ability to sustain and accelerate growth even as economic activity moderates. KEEP IN TOUCH Throughout the ups and downs of the financial markets, much of your Funds' success can be attributed to our dedicated team of professionals. To keep abreast of news at Columbia, we invite you to visit our Web site at www.columbiafunds.com on a regular basis. On the site, you can access your account information and track the performance of your investments. If you have questions about how to get online, or if you need more information about your account or our services, please contact us at 1-800-547-1707. And, be sure to watch your mail over the next few months for news about new products and services from Columbia. Thank you for your confidence in Columbia Funds. We look forward to serving your investment needs in the months and years to come. Sincerely, /s/ Thomas L. Thomsen /s/ Jeff B. Curtis Thomas L. Thomsen Jeff B. Curtis PRESIDENT AND CHIEF INVESTMENT OFFICER PRESIDENT COLUMBIA FUNDS MANAGEMENT COMPANY COLUMBIA FUNDS August 2000 - --------------------------- We at Columbia have remained committed to pursuing opportunities with the greatest potential to reward our shareholders. [GRAPHIC] - --------------------------- 3 INVESTMENT REVIEW - ------------------------------------------------------------------------------- COLUMBIA COMMON STOCK FUND - ----------------------------- PERFORMANCE For the six months ended June 30, 2000, Columbia Common Stock Fund returned 6.96%. The Fund's benchmark index, the S&P 500, declined for the period and posted a loss of 0.42%. VOLATILE MARKET CONDITIONS The stock market showed increased volatility in the first half of the year as fears of inflation dominated the market. In an effort to slow economic growth to a more sustainable pace and stave off inflation, the Federal Reserve Board aggressively raised short-term interest rates a total of 1.00% in three moves during the period. In the spring, economic data finally indicated some slowing in the economy, which may prompt the Fed to adopt a neutral bias going forward. Some of the greatest casualties of stock market turbulence were some individual technology issues. Our approach of not getting caught up in the hype of the market, and focusing on fundamentals to drive stock selection, served us well as our technology selections nicely outpaced the market. Despite higher relative valuations, technology fundamentals remain robust; and, on balance, we view technology as a sector filled with attractive investment opportunities. MAINTAINING A THEMATIC DIRECTION Our investment themes continued to have a strong influence on the portfolio. In the second quarter, we sold our holdings in the World Recovery theme, which served the Fund well in 1999 and early in 2000. Going into the second half of the year, however, we felt this group of stocks was fairly priced and that global economies would decelerate from their very healthy levels. Proceeds were directed into the Aging of America theme, particularly in health care issues and "asset accumulators" (companies that manage retirement assets). We also continued to emphasize Technology Age and Baby Boomer Spending themes during the period. STAND-OUT SECTORS Throughout the first six months of 2000, Fund performance was led by the consumer staples and energy sectors but also received a boost from the technology and finance sectors. Two of the Fund's top performers were Pfizer and Micron Technology. Investor AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
S&P CCSF 500 ---- --- 1 Year 18.27% 7.25% 5 Years 24.25% 23.80% Since Inception 19.64% 18.78%
---------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
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 $45,315 $45,677 6/30/00 $48,462 $45,482
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 - ------------------------------------------------------------------------------- recognition and appreciation of the outstanding growth prospects of the newly merged Pfizer/Warner Lambert entity drove Pfizer performance. Pfizer, an Aging of America holding, is one of the world's largest pharmaceutical and consumer health care corporations. Micron Technology, a Technology Age holding, is the world's market share leader of DRAM (Dynamic Random Access Memory) semiconductors. The company benefited from a tightening supply in DRAM semiconductors over the past six months, which in turn should drive robust earnings growth in the months ahead. As could be expected, we didn't pitch a perfect game in the first half of the year. Holdings in International Paper, Honeywell International and Costco hampered performance. International Paper, a global leader in the paper and forest products industry, suffered from an easing in forest product fundamentals and rising concerns of a slowing economy. The same economic concerns -- as well as management's difficulties in executing its business plan -- hurt Honeywell International, a diversified manufacturing company. Furthermore, we sold our holdings in Costco, which operates warehouses offering discounted private label and national brands, due to deceleration in earnings growth and heightened concerns about moderating consumer spending. MODERATE, HEALTHY GROWTH EXPECTED In the months ahead, we expect earnings growth to moderate but remain at healthy levels as the robust domestic economy cools. Given this dynamic, we are placing an increased focus on companies that we believe can deliver solid earnings growth in an environment of decelerating economic growth. In terms of our investment themes, we feel comfortable that their underlying trends are solidly in place and will continue to have a positive influence on the portfolio. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Pfizer, Inc. 6.7 1.0 Intel Corp. 5.2 1.9 Micron Technology, Inc. 4.1 0.6 General Electric Co. 3.9 3.9 Citigroup, Inc. 3.5 3.4 Cisco Systems, Inc. 3.5 2.7 US West, Inc. 2.9 -- American International Group, Inc. 2.7 2.0 Lucent Technologies, Inc. 2.4 2.5 Tyco International Ltd. 2.3 1.2
---------------------- TOP 5 SECTORS AS A % OF NET ASSETS
6/30/00 12/31/99 Technology 38.2 30.8 Finance 14.0 13.0 Consumer Staples 13.2 9.3 Media/Telecommunications 12.8 19.3 Basic Industries & Mfg. 8.5 11.7
Thank you for your continued support of Columbia Common Stock Fund. GUY W. POPE ON BEHALF OF THE COLUMBIA INVESTMENT TEAM 5 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA GROWTH FUND - -------------------------------------- FUND PERFORMANCE We are pleased to report that for the six months ended June 30, 2000, Columbia Growth Fund gained 10.45%, while the S&P 500 lost 0.42% and the Russell 1000 Growth Index gained 4.23%. KEEPING AN EYE ON INFLATION The Fund's strong performance was achieved in an environment of significant volatility and rising inflation concerns. We, too, are highly focused on the inflation outlook, particularly given the high price/earnings (P/E) ratios in the market for growth stocks. Historically, rising inflation has resulted in large declines in the P/E ratios of high growth stocks. However, we continue to be convinced that inflation is not a secular problem and therefore have remained committed to companies with strong growth prospects. STRONG FUND PERFORMERS Major contributors to Fund performance were found in the semiconductor and communications equipment industries, as well as select consumer growth issues. Micron Technology, a manufacturer of semiconductor memory products, and Intel, a semiconductor chipmaker, were significant positions that gained 129% and 63% for the period, respectively. The stocks surged due to a favorable combination of capacity reduction in the prior period, as well as current and expected strong demand. The chips, boards, systems and software produced by these companies are used in communication devices, personal computers and computer servers. The rapid expansion of broadband (high speed Internet access) capacity has underpinned robust demand for various communications equipment and components, data storage and service products, and custom billing and other software products. Benefiting from these respective trends have been Nortel Networks, JDS Uniphase, EMC and Amdocs, all of which contributed positively to the Fund's six-month performance. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
RUSSELL S&P 1000 CGF 500 GROWTH ------ ------ ------ 1 Year 21.49% 7.25% 25.67% 5 Years 25.72% 23.80% 28.67% 10 Years 19.01% 17.81% 20.11% 20 Years 18.61% 17.33% 17.59%
---------------------- GROWTH OF $10,000 OVER 20 YEARS [CHART]
COLUMBIA RUSSELL 1000 GROWTH FUND S&P 500 GROWTH ----------- ------- ------------ 6/30/80 $10,000 $10,000 $10,000 6/30/81 $13,812 $12,051 $11,951 6/30/82 $12,472 $10,664 $10,109 6/30/83 $24,291 $17,157 $16,987 6/30/84 $19,838 $16,351 $14,493 6/30/85 $26,728 $21,382 $18,502 6/30/86 $34,469 $29,020 $26,247 6/30/87 $39,711 $36,312 $31,194 6/30/88 $39,346 $33,810 $27,697 6/30/89 $45,606 $40,738 $33,400 6/30/90 $53,282 $47,448 $40,899 6/30/91 $56,372 $50,982 $44,927 6/30/92 $62,308 $57,814 $51,051 6/30/93 $76,732 $65,694 $55,661 6/30/94 $78,221 $66,620 $55,516 6/30/95 $96,697 $83,988 $72,454 6/30/96 $122,776 $105,834 $92,618 6/30/97 $152,205 $142,547 $121,626 6/30/98 $203,498 $185,554 $159,780 6/30/99 $249,997 $227,768 $203,367 6/30/00 $303,807 $244,259 $255,572
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 RUSSELL 1000 GROWTH INDEX MEASURES THE PERFORMANCE OF THOSE RUSSELL 1000 COMPANIES WITH HIGHER PRICE-TO- BOOK RATIOS AND HIGHER FORECASTED GROWTH VALUES; THE RUSSELL 1000 INDEX MEASURES THE PERFORMANCE OF THE 1000 LARGEST U.S. COMPANIES BASED ON TOTAL MARKET CAPITALIZATION. 6 INVESTMENT REVIEW - -------------------------------------------------------------------------------- Also contributing to good fund performance was Kohl's, a Milwaukie, Wisconsin-based department store company. With a unique store format and merchandising mix, the company has had an excellent growth record in a broadly defined business that has challenged many others. With its acquisition of Caldor, a discount retail chain, Kohl's has entered the New York, Northeast and Mid-Atlantic markets with superior results. SOME IMPROVEMENTS ANTICIPATED The Fund experienced disappointing results from some holdings, including Lucent Technologies, Clear Channel Communications and Staples. Lucent sells telecommunications equipment, but has lost some market share and has experienced some execution problems. We believe that new products and improvements in execution should eventually improve performance. A diversified media company, Clear Channel has a robust business, but its share price has declined due to concerns about slowing demand for radio advertising. We think that these concerns are currently overdone and the stock remains attractive. Finally, we sold our holdings in Staples, an office supply retailer. The company incurred greater than expected costs in its efforts to expand its e-commerce operations, and competition in the office supplies market has intensified. EARNINGS GROWTH OPPORTUNITIES AHEAD Our longer-term outlook for stocks is positive and we believe that the Fund is well positioned. We expect that a moderating economy and a reduction in inflation fears should take downward pressure off P/E ratios generally. Meanwhile, we look to the superior earnings growth prospects of the Fund's holdings to produce competitive returns. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Pfizer, Inc. 5.7 -- Intel Corp. 5.1 1.9 Micron Technology, Inc. 4.0 1.0 Cisco Systems, Inc. 3.8 3.2 Tyco International Ltd. 3.3 2.7 US West, Inc. 3.0 -- Flextronics International Ltd. 3.0 2.1 Lucent Technologies, Inc. 2.6 2.9 EMC Corp. 2.5 1.8 American International Group, Inc. 2.4 1.9
---------------------- TOP 5 SECTORS AS A % OF NET ASSETS
6/30/00 12/31/99 Technology 45.9 37.2 Media/Telecommunications 13.9 18.3 Consumer Staples 12.1 9.0 Finance 10.0 12.5 Basic Industries & Mfg. 7.1 6.5
Thank you for your continued confidence in Columbia Growth Fund. ALEXANDER S. MACMILLAN PORTFOLIO MANAGER 7 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND - ------------------------------------- SIX-MONTH RETURNS International markets struggled in the first half of 2000. For the six months ended June 30, 2000, Columbia International Stock Fund returned -12.01%. The MSCI EAFE Index was also down for the period, returning -3.95%. MIXED RESULTS OVERSEAS Foreign markets suffered in the period as a fairly stagnant first quarter gave way to a volatile second quarter. In Europe, market gains were posted by Sweden, France and Italy, which were up 12.1%, 10.5% and 8.0%, respectively. However, these advances were offset by losses in the United Kingdom (-7.2%) and Germany (-3.7%), where nearly a quarter of the Fund's assets were invested. Performance in European markets was further impeded by weaker currencies: both the Euro and the Pound Sterling were down over 5%. Asian markets did not fare much better during the period. The Japanese market was weak and posted a -2.4% return. Poor performance was exacerbated by a weak Yen, which declined over 3% for the period. Other Southeast Asian markets, such as Singapore and Indonesia, also declined, but the Fund was not impacted to any significant degree due to its modest holdings in this region. KEY CONTRIBUTORS TO RETURNS Despite a challenging environment, several holdings made positive contributions. Alcatel, a leading French telecommunications equipment provider, was a very strong performer. Also in Europe, insurance stocks benefited from increases in premiums. AXA SA, Swiss Re and Allianz AG all posted gains for the periods. The Fund's holdings in oil stocks also performed well. The price of crude oil rose steadily over the past six months, paving the way for good performance from names like Total Fina Elf, Shell and BP Amoco. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
MSCI CISF EAFE ------ ------ 1 Year 28.94% 17.44% 5 Years 17.72% 11.64% Since Inception 14.13% 12.25%
----------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
COLUMBIA INTERNATIONAL STOCK FUND MSCI 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 $31,865 $25,643 6/30/00 $28,035 $24,634
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. 8 INVESTMENT REVIEW - -------------------------------------------------------------------------------- The Fund was held back in the first half by its strong emphasis on technology and telecommunications issues, a strategy that worked exceedingly well in 1999. For instance, Equant, a Dutch telecommunication services company, experienced a sharp sell-off of its stock as order trends appeared disappointing. Vodafone Airtouch, the world's largest telecommunications company, also suffered a sell-off following its completion of a major acquisition of Mannesmann. Consumer staple stocks -- such as Heineken and Nestle -- did have positive growth during the period. SIGNS OF CONFIDENCE We maintain a positive outlook for world growth. European economies, in particular, continue to exhibit signs of growth and confidence, which should provide firm, underlying support for expansion in coming months. Therefore, we recently increased our investment positions in Europe. Pharmaceuticals and consumer staples appear attractive, and we added to holdings in Aventis, a French company engaged in the development of pharmaceuticals, and Danone, a French producer and seller of food and beverage products. In Asia, the Japanese market continues to make slow but positive progress. In Japan, we will continue to emphasize technology and electronics companies with a strong international presence. However, we have recently added some domestic-oriented companies in retailing and real estate to take advantage of improving consumer confidence as unemployment rates gradually fall. Furthermore, we believe that the U.S. dollar will decline slightly relative to Asian and other currencies in the coming months, which would contribute to investment gains. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Skandia Insurance Co., Ltd. 2.1 1.1 WPP Group plc 1.9 1.9 Vodafone Airtouch plc 1.7 0.8 Mitsubishi Electric Corp. 1.4 -- Isetan Co., Ltd. 1.4 -- NEC Corp. 1.4 0.4 Banyu Pharmaceutical Co., Ltd. 1.4 -- Alcatel 1.3 -- NTT Docomo, Inc. 1.2 2.0 Compass Group plc 1.2 1.4
--------------------- TOP 5 COUNTRIES AS A % OF NET ASSETS
6/30/00 12/31/99 Japan 27.1 26.4 United Kingdom 18.0 18.9 France 8.9 5.7 Netherlands 6.9 6.2 Germany 6.8 6.8
Thank you for your interest in Columbia International Stock Fund. JAMES M. MCALEAR PORTFOLIO MANAGER 9 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA SPECIAL FUND - ------------------------------------ COMPELLING RETURNS For the six months ended June 30, 2000, Columbia Special Fund reported a 21.85% return. Performance was favorable compared to the S&P Mid Cap 400 and the Russell 2000 Indices, which returned 8.34% and 3.04%, respectively. VOLATILE ENVIRONMENT FOR SMALL- AND MID-CAP STOCKS The year 2000 began with markets climbing to new heights, led by the technology and biotechnology sectors. February proved to be one of the strongest months in history for small- and mid-cap stocks, with the NASDAQ closing over the 5000 point mark for the first time ever. A sharp correction, how-ever, ensued in March and valuations between technology and non-technology stocks narrowed. Market turbulence persisted in the second quarter, with many popular indices reporting only slight gains or declines. The S&P Mid Cap 400 gained only 0.84%, the Russell 2000 was down 3.78%, and the broader S&P 500 lost 2.66%. These performance figures were indicative of the general correction in growth stocks, particularly in technology. However, the market did rally in the closing weeks of June as signs of a cooling economy suggested that further Federal Reserve interest rate hikes might not be necessary. PORTFOLIO ACTIVITY As certain technology stocks began hitting their price targets in February and early March, we trimmed our holdings. In many cases, technology companies continued to provide the strongest prospects for future earnings growth, so we remained focused on finding and holding established, profit-producing business models that possessed reasonable valuations. Throughout the period, the Fund benefited from its holdings in energy stocks, which held up well in the weak market environment. Higher oil and gas prices produced strong earnings for energy producing companies, and energy services companies also experienced improved earnings from increased spending on AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
S&P MID CAP RUSSELL CSF 400 2000 ------ ------ ------- 1 Year 62.27% 16.98% 14.32% 5 Years 23.01% 21.19% 14.27% 10 Years 18.66% 18.03% 13.57%
----------------- GROWTH OF $10,000 OVER 10 YEARS [CHART]
COLUMBIA SPECIAL FUND RUSSELL 2000 S&P MIDCAP 400 ------------ ------------ -------------- 6/30/90 $10,000 $10,000 $10,000 6/30/91 $10,045 $10,123 $11,286 6/30/92 $11,695 $11,597 $13,381 6/30/93 $15,080 $14,612 $16,421 6/30/94 $16,320 $15,248 $16,411 6/30/95 $19,639 $18,314 $20,074 6/30/96 $25,093 $22,689 $24,406 6/30/97 $27,238 $26,394 $30,105 6/30/98 $31,019 $30,752 $38,278 6/30/99 $34,093 $31,213 $44,858 6/30/00 $55,323 $35,682 $52,475
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. 10 INVESTMENT REVIEW - -------------------------------------------------------------------------------- exploration and development. Nabors and Noble Drilling, both drilling contractors for the oil and gas industries, were two holdings that lifted performance. The Fund also benefited from increased exposure to the health care industry. With cash raised from trimming technology, we added to positions in ALZA Corp., which focuses on drug delivery technologies; Cardinal Health, which offers pharmaceutical products and services to a broad customer base; Tenet Healthcare, a health care service provider; and Watson Pharmaceuticals, which concentrates on branded and off-patent pharmaceutical products. Due to investor fears that rising interest rates would slow consumer spending, retail and restaurant stocks were generally weak throughout the period. Fund performance was hampered by holdings in Seattle-based retailer Nordstrom, as well as Outback Steakhouse. Also, after increasing 51% in the first quarter due to strong consumer spending for digital cameras, DVD players and cell phones, specialty electronics retailer Best Buy was down 25% in the second quarter. Other disappointments were J.D. Edwards in the software sector and Aspect Telecommunications in the telecomm equipment sector; we bought these companies as turnaround candidates, but they continued to stumble during the period. FOCUS ON EARNINGS GROWTH Growth stocks have continued to outperform value stocks in the past six months. (Growth stocks represent companies expected to grow their earnings faster than the overall market, while value stocks are those that appear to be undervalued by the market at large.) The Fund's focus on small- and mid-cap growth stocks has been beneficial. We expect volatility to persist in the coming months as investors consider how changing economic prospects may affect different sectors of the market. We will continue using our research-intensive stock selection process to identify companies with the best opportunities to deliver above-average earnings growth over the remainder of the year. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Ciena Corp. 3.2 2.4 BEA Systems, Inc. 2.6 4.5 Extreme Networks, Inc. 2.4 0.7 ALZA Corp. 2.4 0.5 Transocean Sedco Forex, Inc. 2.1 -- Waters Corp. 2.1 -- Univision Communications, Inc. (Class A) 2.0 2.7 Nabors Industries, Inc. 2.0 1.6 LSI Logic Corp. 1.9 1.8 Apache Corp. 1.8 1.1
TOP 5 SECTORS AS A % OF NET ASSETS
6/30/00 12/31/99 Technology 44.6 41.5 Consumer Cyclical 12.6 17.1 Consumer Staples 12.3 10.5 Energy 12.2 4.8 Media/Telecommunications 7.5 17.4
Thank you for your continued confidence in Columbia Special Fund. RICHARD J. JOHNSON PORTFOLIO MANAGER 11 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA SMALL CAP FUND - ------------------------------------ FIRST HALF RESULTS Columbia Small Cap Fund returned a strong 18.05% for the six months ended June 30, 2000. In comparison, the Russell 2000 Index returned only 3.04% for the same period. MARKET MOVEMENTS Small cap issues -- particularly those in the technology and biotech sectors -- experienced extreme price fluctuations throughout the period. These stocks surged in January and February, with February becoming the best performing month in the history of the Russell 2000. However, a correction ensued in March, which led to the Index's worst ever single-month relative performance (compared to the S&P 500). The correction continued into April and May before stocks rebounded in June as Federal Reserve interest rate hikes finally appeared to be cooling the economy. CONTRIBUTORS TO RETURNS In February and early March, we trimmed technology holdings we felt were vulnerable to correction, and we focused on tech companies with established, profit-producing business models. Although our cash position increased as a result, we reinvested the cash when valuations fell in April and May. Despite the market's volatility, some of our technology holdings rose over 50% for the period, including Tekelec, Amphernol, Amdocs, Integrated Device Technology and MMC Networks. To help mitigate the impact of the tech correction, we also turned to sectors such as energy and health care. Our energy and energy services holdings were strong performers as many stocks gained 25 to 70%, and some of the portfolio's health care holdings provided even greater returns. For instance, Alkermes, a company that focuses on drug delivery technologies, was up 92% for the period. Universal Health Services, an operator of hospital and medical care centers, rose 82%. In another area, PerkinElmer, which develops equipment used by researchers to unravel the human genome, increased 59%. The retail and restaurant sectors were generally weak due to concerns about slowing consumer spending. As usual, some companies weathered the adverse environment AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
RUSSELL CSCF 2000 ------ ------- 1 Year 81.02% 14.32% Since Inception 32.58% 12.91%
---------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
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 $24,045 $15,211 6/30/00 $28,388 $15,672
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE RUSSELL 2000 IS AN UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE MARKET FOR SMALL, DOMESTIC STOCKS. 12 INVESTMENT REVIEW - -------------------------------------------------------------------------------- better than others did. An increase of 61% was posted by Michael's Stores, an arts & crafts supplies retailer with a nationwide presence. In addition, a high-end concept restaurant chain called P.F. Chang's China Bistro rose 28%. These stocks performed well due to the companies' abilities to deliver very strong comparable store sales increases, which is a primary fundamental factor for both retail and restaurant companies. ROOM FOR IMPROVEMENT A volatile market environment is bound to take its toll on weaker companies, and the portfolio was not immune to some disappointing stock performance. American Management Systems, a business and information technology (IT) consulting firm, weakened as IT spending declined post Y2K, and the position was trimmed. A provider of IT services to the health care industry, TriZetto Group, found that its stock price declined after a failed merger attempt. Also, InterTAN -- a consumer electronics retailer and dealer -- was a victim of the general weakness in the retail sector as some stores experienced slowing sales. We also had some disappointments in the technology sector. Concurrent Computer, a supplier of digital video server systems, experienced price declines as the timetable for cable companies' rollout of video on demand was extended by six months. Also, Bindview Development, a provider of IT risk management solutions, suffered earnings disappointment in the first quarter. However, we maintained our holdings in Bindview since we believed the stock was oversold and there was a good chance that the company would resume its growth. LOOKING AHEAD In this choppy yet overall flat trending market, we will continue to rely on bottom-up research to seek out companies that we believe will meet or exceed their revenue and earnings estimates. At current valuation levels, the market deals harshly with any disappointment on the earnings side, and we are concentrating on owning companies that we believe can deliver at least the expected numbers. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Power-One, Inc. 3.6 1.9 HNC Software, Inc. 2.1 0.7 Acxiom Corp. 1.9 1.5 Priority Healthcare Corp. (Class B) 1.7 -- Alpharma, Inc. (Class A) 1.7 -- Integrated Device Technology, Inc. 1.6 1.8 PerkinElmer, Inc. 1.5 0.3 Radisys Corp. 1.5 1.4 Apex, Inc. 1.5 1.1 Tekelec 1.5 --
---------------------- TOP 5 SECTORS AS A % OF NET ASSETS
6/30/00 12/31/99 Technology 43.0 57.2 Consumer Staples 13.9 9.0 Consumer Cyclical 13.8 13.7 Energy 12.1 5.4 Media/Telecommunications 3.5 5.6
Thank you for your interest and confidence in Columbia Small Cap Fund. RICHARD J. JOHNSON PORTFOLIO MANAGER 13 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND - --------------------------------------------- FUND PERFORMANCE The REIT market began a new rally in March that appeared to be a sustainable one. The rally boosted Columbia Real Estate Equity Fund's return for the six months ended June 30, 2000 to 14.20%. The Fund's benchmark, the NAREIT Index, slightly lagged at 13.18% for the same period. MARKET CONDITIONS Real estate investment trusts (REITs) appeared to emerge from a 2 1/2 year-long bear market caused by investor expectations of declining forward earnings growth rates and fears of overbuilding. During the first six months of 2000, forward growth rates plateaued in the high single-digit range as the real estate market indicated that it believed a balance of supply and demand had been achieved. In addition, the flow of capital into real estate was restricted by the broader financial markets, which had not exercised such a level of control in prior cycles. For REITs, this capital restriction heightened the cost of conducting business and further restrained supply. In the first half of the year, the healthy economy spurred strong demand for lodging, office, industrial and apartment space. These sectors generated above-index returns and we had been overweighting them in the Fund's portfolio. This strategy contributed to our ability to beat the Index during the period. The strong economy did have an adverse effect on the retail arena, however. Persistent growth raised concerns of inflation, and the Federal Reserve Board increased interest rates to slow growth to a more moderate pace. These higher interest rates fostered the specter of slower consumer spending and impacted retail REITs. THE PERFORMERS In addition to strong sector performance, the Fund benefited from powerful performance in individual holdings that are representative of the large capitalization, high quality positions emphasized in the portfolio. Starwood Hotels & Resorts led the charge, rising 40% for the period in response to increased demand for lodging. It was followed by a 30% increase from Spieker Properties and a 27% increase from Boston AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
CREF NAREIT ------ ------ 1 Year 5.41% 3.02% 5 Years 13.66% 9.57% Since Inception 11.66% 8.44%
---------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
COLUMBIA REAL NATIONAL ESTATE ASSOCIATION OF EQUITY FUND REAL ESTATE TRUSTS ------------- ------------------ 4/01/94 $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 $17,545 $14,722 6/30/00 $20,034 $16,660
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. 14 INVESTMENT REVIEW - -------------------------------------------------------------------------------- Properties, which were poised to take advantage of the heightened demand for industrial and office properties, respectively. The market recognized strong and rising earnings estimates for these companies. Some holdings in the Fund that proved disappointing in the period included Simon Property Group and Mack-Cali Realty. Simon Property Group, primarily involved in regional malls and community shopping centers, was hurt in part by concerns over consumer spending and by an unusual 10% decline in the last hour of trading on June 30. With a focus on office properties, Mack-Cali Realty announced a merger with Prentiss Properties at the end of June that was poorly received by the market. Unless the corporation's management provides a favorable rationale for the merger, the stock may continue to underperform. OUR OUTLOOK With forward earnings growth rates for the real estate market appearing stable, we believe the Fund will continue to provide compelling returns. With 31 holdings and an average market capitalization of $2.8 billion, the Fund focuses on larger REITs having strong, experienced management teams and favorable prospects for future growth. TOP 10 HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Starwood Hotels & Resorts 6.3 1.7 Prologis Trust 6.2 5.6 Vornado Realty Trust 5.6 5.8 Public Storage, Inc. 5.0 5.9 AvalonBay Communities, Inc. 4.9 3.9 Equity Office Properties Trust 4.6 4.5 Spieker Properties, Inc. 4.6 4.2 Trizec Hahn Corp. 4.5 5.4 Simon Property Group, Inc. 4.4 3.3 Cousins Properties, Inc. 4.3 4.6
---------------------- PORTFOLIO COMPOSITION AS A % OF NET ASSETS
6/30/00 12/31/99 Industrial 27.2 30.0 Office 22.7 23.6 Apartments 14.7 15.6 Community Centers 8.8 9.6 Lodging 8.8 3.3 Shopping Malls 8.3 9.4 Cash 7.0 5.7 Other 1.8 2.1 Health Care 0.7 0.7
Your interest in and support of Columbia Real Estate Equity Fund is appreciated. DAVID W. JELLISON PORTFOLIO MANAGER 15 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA BALANCED FUND - ----------------------------------- SIX-MONTH RESULTS For the six months ended June 30, 2000, Columbia Balanced Fund returned 5.45%. During the period, we found equity valuations more attractive than fixed income valuations, and we reduced our bond weighting in favor of stocks. THE FINANCIAL MARKETS The stock market showed increased volatility in the first half of the year as fears of inflation dominated the market. To slow economic growth to a more sustainable pace and stave off inflation, the Federal Reserve Board raised short-term interest rates 1.00% during the period. In the spring, economic data finally indicated some slowing in the economy, which may prompt the Fed to put off further rate hikes. For fixed income securities, the Fed's interest rate hikes had the effect of creating an inverted yield curve, an unusual situation that may occur when short-term rates are rising at the same time long-term rates are declining. We believe that the U.S. Treasury's buy back program of long-term issues also contributed to the decline in long-term yields. INVESTMENT THEMES DRIVE STOCK SELECTION Our investment themes continued to influence portfolio management. In the second quarter, we sold our holdings in the World Recovery theme, which served the Fund well in 1999 and early in 2000. We felt this group of stocks was fairly priced and that global economies would decelerate from their very healthy levels. Proceeds were directed into the Aging of America theme, particularly in health care issues and "asset accumulators" (companies that manage retirement assets). We also maintained the Technology Age and Baby Boomer Spending themes during the period. Throughout the period, stock performance was led by the consumer staples and energy sectors but also received a boost from the technology and finance sectors. Top performers included Pfizer and Micron Technology. Investors drove Pfizer's price higher in recognition of the outstanding growth prospects of the newly merged Pfizer/Warner Lambert entity. Pfizer, an Aging of America theme holding, is one of the world's largest pharmaceutical and consumer health care corporations. Micron Technology, a Technology Age holding, is the world's market share leader of DRAM (Dynamic Random Access Memory) semiconductors. The company AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
S&P LEHMAN CBF 500 AGGREGATE ------ ------ --------- 1 Year 11.78% 7.25% 4.57% 5 Years 16.00% 23.80% 6.25% Since Inception 13.98% 18.78% 7.01%
-------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
COLUMBIA LEHMAN BALANCED FUND S&P 500 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 $29,992 $45,677 $17,448 6/30/00 $31,622 $45,482 $18,145
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. 16 INVESTMENT REVIEW - -------------------------------------------------------------------------------- benefited from a tightening supply in DRAM semiconductors over the past six months, which in turn should drive robust earnings growth in the months ahead. The Fund experienced some disappointment on the equity side. International Paper, a global leader in the paper and forest products industry, suffered from an easing in forest product fundamentals and rising concerns of a slowing economy. Also, we sold our holdings in Costco, which operates warehouses offering discounted private label and national brands, due to deceleration in earnings growth and heightened concerns about moderating consumer spending. TREASURIES LEAD BONDS On the bond side, the rally in long-term bonds initially hampered performance slightly as the Fund was underweighted in long-term Treasuries. On the belief that long-term Treasuries would continue to do well, we increased the Fund's weighting in those issues. Because Treasuries were under-represented in the portfolio, the Fund did not capture the full benefit of the sector's success. However, mortgage-backed and asset-backed issues, which were the next best performing fixed income categories, were overweighted in the Fund. The yield difference between corporate bonds and Treasuries widened during the period, causing corporate bonds to underperform. Therefore, we increased our weighting in corporate bonds because we felt that they had become undervalued. HEALTHY OUTLOOK We believe that higher interest rates will benefit corporate bonds and mortgage-backed securities, which are emphasized in the portfolio and should contribute to an attractive yield on the Fund. For the equity markets, we expect earnings growth to moderate, but remain at healthy levels as the robust domestic economy cools. Given this expectation, we are placing an increased focus on companies that we believe can deliver solid earnings growth in an environment of decelerating economic growth. TOP 10 STOCK HOLDINGS AS A % OF NET ASSETS
6/30/00 12/31/99 Pfizer, Inc. 3.7 0.4 Intel Corp. 3.0 1.1 Micron Technology, Inc. 2.5 0.3 General Electric Co. 2.3 2.2 Citigroup, Inc. 2.1 2.0 Cisco Systems, Inc. 2.0 1.7 US West, Inc. 1.8 -- American International Group, Inc. 1.5 1.2 Lucent Technologies, Inc. 1.5 1.5 Tyco International Ltd. 1.4 0.7
--------------------
PORTFOLIO COMPOSITION AS A % OF NET ASSETS JUNE 30, 2000 [PIE CHART] Common Stocks 59.9% Fixed Income 36.9% Cash 3.2%
DECEMBER 31, 1999 [PIE CHART] Common Stocks 56.2% Fixed Income 42.7% Cash 1.1%
We appreciate your support of Columbia Balanced Fund. GUY W. POPE, LEONARD A. APLET AND JEFFREY L. RIPPEY ON BEHALF OF THE COLUMBIA INVESTMENT TEAM 17 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND - ---------------------------------------------- PERFORMANCE For the first six months of 2000, Columbia U.S. Government Securities Fund produced a 2.41% return. The Fund's performance lagged its benchmark, the Merrill Lynch 1-3 Treasury Index, which returned 2.99% for the period. MARKET CONDITIONS Despite three interest rate hikes in 1999, U.S. economic growth appeared to be accelerating as the year began. With low unemployment, improving productivity and persistent strength in consumer spending, both investors and the Fed had concerns that inflation was on the rise. Therefore, the Fed maintained its tightening bias in an attempt to contain any developing inflationary pressures. The Fed raised interest rates three times -- in February, in March and once more in May -- to bring the federal funds target rate up 1.75% since the tightening began in the summer of 1999. As the federal funds rate climbed to 6.50%, short-term interest rates rose in the market. The 2-year Treasury peaked at 6.91% on May 18 before closing at 6.36% on June 30th. With the 2-year Treasury currently yielding less than the federal funds rate, the market seems to be anticipating that the Fed will hold off on any further rate increases this year. We believe that this perception may be premature and that the Fed could act again, especially if economic growth accelerates. Therefore, we have maintained the portfolio's average maturity at just over one year. As issues in the portfolio mature, we expect to continue purchasing securities with shorter maturities during this period of rising interest rates. FUND DEVELOPMENTS Recently, the Board of Directors of Columbia U.S. Government Securities Fund approved a number of changes that are intended to increase the Fund's overall investment flexibility and performance potential. A proxy statement requesting shareholders to vote on the changes -- which include a new name, investment objective and strategy -- was recently mailed to investors in the Fund. Currently, the Fund's investment objective seeks preservation of capital and a high level of income by investing at least 80% of its assets in direct obligations of the U.S. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
MERRILL CUSG 1-3 ----- ------- 1 Year 3.73% 4.91% 5 Years 4.88% 5.76% 10 Years 6.04% 6.51%
----------------- GROWTH OF $10,000 OVER 10 YEARS [CHART]
COLUMBIA MERRILL U.S. LYNCH CONSUMER GOVERNMENT 1-3 PRICE SECURITIES TREASURY INDEX FUND INDEX (INFLATION) ---------- -------- ----------- 6/30/90 $10,000 $10,000 $10,000 6/30/91 $11,002 $11,025 $10,470 6/30/92 $12,246 $12,174 $10,795 6/30/93 $13,149 $12,975 $11,118 6/30/94 $13,291 $13,184 $11,396 6/30/95 $14,171 $14,203 $11,738 6/30/96 $14,818 $14,978 $12,067 6/30/97 $15,693 $15,961 $12,344 6/30/98 $16,626 $17,048 $12,554 6/30/99 $17,331 $17,914 $12,805 6/30/00 $17,978 $18,793 $13,279
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. 18 INVESTMENT REVIEW - -------------------------------------------------------------------------------- Government. If approved by shareholders, the Fund's new investment objective would be to seek a high level of current income consistent with a high degree of stability. The Fund would achieve this objective by investing primarily in high quality, short-term fixed income instruments. This change would allow the Fund to invest in a wider array of short-term, high quality bonds, including debt of federal agencies, investment-grade corporate bonds, asset-backed securities and mortgage-related securities, as well as some non-investment grade bonds (no more than 10% of Fund assets). The intent is to generate substantially higher income and potentially greater total return with only a small increase in risk. Furthermore, the name of the Fund would be changed to Columbia Short Term Bond Fund to better reflect the investment objective and strategy. For investors living in high income tax states, a fund investing primarily in government securities can provide relief from state taxes. However, the Fund's Board believes that the potential yield advantage afforded by changing the Fund's investment objective and strategy will, over the long-term, offset the reduced state tax benefit. We anticipate that the Fund will continue to provide some opportunity for state tax relief as it is expected that the Fund will invest between 0% and 30% of its assets in U.S. Government obligations. Another benefit of the proposed change in investment objective and strategy would be lower expenses. While the investment advisory fee would remain at 0.50%, operating expenses (which were an additional 0.41% of net assets in 1999) would be capped at 0.25%, for an overall lower fee of 0.75% of net assets. These lower fees would further enhance the return potential for the Fund. Both the Board and the Fund's current management believe that the proposed changes to the Fund will be in the best interests of investors. Shareholders in the Fund are encouraged to vote in favor of the proposal, and any questions about the vote may be directed to Columbia at 1-800-547-1707. We look forward to the results of the Special Meeting of Shareholders on September 15. PORTFOLIO HIGHLIGHTS
6/30/00 12/31/99 Current Yield 5.78% 5.26% BASED ON THE 30 DAY PERIOD ENDING ON EACH DATE SHOWN Weighted Averages Duration 1.07 years 1.33 years Maturity 1.05 years 1.57 years
--------------------
PORTFOLIO COMPOSITION AS A % OF NET ASSETS JUNE 30, 2000 [PIE CHART] Treasury/Agency Obligations 96.5% Cash 3.5%
DECEMBER 31, 1999 [PIE CHART] Treasury/Agency Obligations 96.4% Cash 3.6%
Thank you for your investment in Columbia U.S. Government Securities Fund. JEFFREY L. RIPPEY PORTFOLIO MANAGER 19 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND - ------------------------------------------- SIX-MONTH PERFORMANCE For the six months ended June 30, 2000, Columbia Fixed Income Securities Fund returned 3.46%. The Fund, net of management fees and expenses, lagged its benchmark, the Lehman Aggregate Bond Index, which returned 3.99% for the period. FIXED INCOME ENVIRONMENT Interest rates were volatile throughout the period. Rates fell during the first quarter and then rebounded, peaking in mid-May just before the Federal Reserve Board raised the federal funds target rate for the sixth time in 12 months. The Fed has raised short-term rates a total of 1.75% since June 1999 in an effort to slow economic growth and stave off inflation. Although the Consumer Price Index (CPI) has risen from 1998's very low levels, the overall level of inflation does not seem problematic. Much of the increase has been related to rising oil prices. Data released in June indicate that U.S. economic growth has finally begun to slow, which is welcome news for the Fed and the financial markets. With moderating growth and stable prices, the Fed would not be expected to raise interest rates much above current levels. For fixed income securities, the Fed's interest rate hikes had the effect of creating an inverted yield curve, an unusual situation that may occur when short-term rates are rising at the same time long-term rates are declining. We believe that the implementation of the U.S. Treasury's buy back program of long-term issues also contributed to the decline in long-term yields. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
LEHMAN CFIS AGGREGATE ----- --------- 1 Year 3.84% 4.57% 5 Years 5.72% 6.25% 10 Years 7.68% 7.82%
--------------------- GROWTH OF $10,000 OVER 10 YEARS [CHART]
COLUMBIA FIXED LEHMAN INCOME AGGREGATE SECURITIES BOND CONSUMER PRICE FUND INDEX INDEX (INFLATION) ---------- --------- ----------------- 6/30/90 $10,000 $10,000 $10,000 6/30/91 $11,020 $11,070 $10,470 6/30/92 $12,738 $12,625 $10,795 6/30/93 $14,360 $14,114 $11,118 6/30/94 $14,117 $13,930 $11,396 6/30/95 $15,872 $15,677 $11,738 6/30/96 $16,654 $16,464 $12,067 6/30/97 $18,041 $17,806 $12,344 6/30/98 $19,860 $19,683 $12,554 6/30/99 $20,190 $20,303 $12,805 6/30/00 $20,968 $21,227 $13,279
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 AND MATURITIES GREATER THAN ONE YEAR. 20 INVESTMENT REVIEW - -------------------------------------------------------------------------------- The rally in long-term bonds initially hampered performance slightly as the Fund was underweighted in long-term Treasuries. On the belief that long-term Treasuries would continue to do well, we increased the Fund's weighting in those issues. Throughout the period, Treasuries outperformed all other fixed income securities. Because that sector was underrepresented in the portfolio, the Fund did not capture the full benefit of its success. However, mortgage-backed and asset-backed issues, which were the next best performing fixed income categories, were overweighted in the Fund, relative to its benchmark. Yield spreads between corporate bonds and Treasuries widened during the period, causing corporate bonds to underperform. Therefore, we increased our weighting to corporate bonds because we felt they would offer opportunity moving forward. OUR FORECAST We believe that higher interest rates will benefit corporate bonds and mortgage-backed securities, which are emphasized in the portfolio and which should contribute to an attractive yield on the Fund. If interest rates remain in a trading range in the coming months, as we expect, the strong level of income in the Fund should have a favorable impact on returns. PORTFOLIO COMPOSITION AS A % OF NET ASSETS
6/30/00 12/31/99 Corporate Bonds 39.2 36.0 Collateralized Mortgage Obligations 22.8 22.8 Mortgage Pass Throughs 15.7 20.2 Treasury/Agency Obligations 11.5 12.3 Asset-Backed Securities 8.4 5.1 Cash 2.4 3.6
--------------------
PORTFOLIO QUALITY AS A % OF PORTFOLIO HOLDINGS JUNE 30, 2000 [PIE CHART] Treasury/Agency 43.5% Aaa 17.3% Aa 5.0% A 15.0% Baa 14.3% Ba 4.9%
DECEMBER 31, 1999 [PIE CHART] Treasury/Agency Obligations 48.2% Aaa 15.4% Aa 3.9% A 15.0% Baa 13.4% Ba 4.1%
AS RATED BY MOODY'S INVESTORS SERVICE, INC. Thank you for your interest in Columbia Fixed Income Securities Fund. LEONARD A. APLET AND JEFFREY L. RIPPEY PORTFOLIO MANAGERS 21 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND - ----------------------------------------- FIRST HALF RESULTS For the six months ended June 30, 2000, Columbia National Municipal Bond Fund returned 3.92%, compared to the Lipper General Municipal Debt Funds Index at 4.03%. MUNICIPALS IN HIGH DEMAND Interest rates were mixed in the first half of 2000, with yields on shorter maturities generally up, and yields on longer maturities ending lower. By the end of the first quarter, it was apparent that economic growth was not slowing and was perhaps even accelerating from 1999's strong pace. The Federal Reserve responded by taking more aggressive action to raise short rates during April and May in hopes of slowing growth to a more sustainable pace and keeping inflation in check. In June, bond markets rallied as leading economic indicators began to weaken, signaling that the Fed may not need to raise rates much further. After underperforming for much of 1999, municipal bonds have generally outperformed their taxable counterparts this year. Municipal bonds were under severe selling pressure in late 1999 as investors sold bonds to take tax losses. Municipals had become extremely cheap: longer issues were available at rates approaching 6.0%, comparable to yields on long Treasury securities. Supply in 2000 was substantially lighter than in 1999 as higher interest rates stalled the issuance of refunding debt. As demand strengthened, the lower availability of new bonds drove prices higher. In fact, severe supply shortages have occurred in some states, including California, where issuance is down 23% from 1999, and Pennsylvania, where issuance is down 70%. The Fund did not own bonds from either state at the end of the period, favoring similar quality issues from other states that offered much higher yields. SEEKING HIGHER YIELDS Portfolio purchases generally focused on intermediate to longer maturity issues, somewhat lengthening the portfolio's average maturity. Municipals with 15- and 20-year maturities, in particular, offered substantial value especially in comparison to 30-year bonds. The Fund maintained an intermediate duration between 8 and 12 years. The longer-term issues in the Fund aided performance during the period, as those bond prices moved higher. As always, we seek opportunities to execute trades that improve the quality or the call features of the Fund's holdings without impacting average maturity. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
LEHMAN LIPPER CNMF MUNI* GENERAL ---- ------- -------- 1 Year 2.58% 3.24% 1.27% Since Inception -0.13% 1.20% -0.55%
--------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
LIPPER GENERAL LEHMAN BROTHERS COLUMBIA NATIONAL MUNICIPAL DEBT MUNICIPAL BOND MUNICIPAL BOND FUND FUNDS INDEX INDEX* ------------------- --------------- ---------------- 2/24/99 $10,000 $10,000 $10,000 3/31/99 $9,920 $10,005 $10,014 6/30/99 $9,733 $9,803 $9,837 9/30/99 $9,675 $9,678 $9,797 12/31/99 $9,607 $9,543 $9,721 3/31/00 $9,867 $9,811 $10,005 6/30/00 $9,983 $9,928 $10,156
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE LEHMAN BROTHERS MUNICIPAL BOND INDEX IS AN UNMANAGED INDEX CONSIDERED REPRESENTATIVE OF THE BROAD MARKET FOR INVESTMENT-GRADE, TAX-EXEMPT BONDS WITH A MATURITY OF AT LEAST ONE YEAR, ISSUED ON OR AFTER JANUARY 1, 1991, WITH A DEAL SIZE GREATER THAN $50 MILLION AND A MATURITY SIZE OF AT LEAST $5 MILLION, AND HAVING A FIXED RATE COUPON. THE LIPPER GENERAL MUNICIPAL DEBT FUNDS INDEX REPRESENTS AVERAGE PERFORMANCE OF THE LARGEST GENERAL MUNICIPAL DEBT FUNDS TRACKED BY LIPPER ANALYTICAL SERVICES. *PERFORMANCE SINCE 3/1/99. 22 INVESTMENT REVIEW - -------------------------------------------------------------------------------- The Fund consists of investment grade issues, including some non-rated issues that we believe are equivalent to investment-grade credits. Over time, we believe these non-rated issues will contribute to strong returns because they offer much higher yields with a comparable level of credit risk. Many issues are not rated simply because the size of the issue is too small relative to the cost of having the bonds rated. Such issues include general obligation bonds with unlimited taxing power to pay down debt and bonds that pay down principal from essential service revenues, like water and sewer billings. Nevertheless, concerns that Fed rate hikes may slow economic growth too much have resulted in increased demand for higher quality bonds this year. This has hurt demand for even good quality non-rated issues, such as those held in the portfolio, relative to their rated counterparts. Approximately 10% of the Fund's assets are invested in bonds of entities that provide health care. These issues have been hurt this year by cutbacks in Medicare payments and calls for new legislation, which could potentially raise operating costs of the health care business. We have been very selective about purchasing issues in this sector; the higher yields available on these bonds should have a favorable impact on performance over time, particularly as investors begin to discriminate between stronger and weaker credits. Fund holdings include hospitals or continuing care centers with a dominant regional presence and strong management teams, such as Tuality Hospital in Oregon and Bingham Memorial Hospital in Idaho. PRICES MAY RISE The outlook for municipal bonds appears positive. Fed tightening appears to be near an end, and it seems likely that interest rates have already peaked for this cycle. If economic growth continues to moderate as we expect and inflation remains stable, municipal bond prices may increase further. The after-tax yields on municipal bonds currently offer excellent value compared to taxable investments, particularly U.S. Government debt. TOP 10 STATES AS A % OF NET ASSETS
6/30/00 12/31/99 Oregon 18.2 11.6 Washington 15.3 14.1 Texas 9.4 15.4 Illinois 7.4 7.7 Michigan 4.4 4.6 New York 4.2 3.5 Alaska 3.5 3.6 Mississippi 3.3 3.4 Oklahoma 2.8 1.0 Kentucky 2.5 0.6
----------------------
PORTFOLIO QUALITY AS A % OF PORTFOLIO HOLDINGS JUNE 30, 2000 [PIE CHART] Aaa 41.7% Aa 18.1% A 15.1% Baa 9.0% Not Rated 16.1%
DECEMBER 31, 1999 [PIE CHART] Aaa 50.6% Aa 20.2% A 12.2% Baa 7.4% Not Rated 9.6%
AS RATED BY MOODY'S INVESTORS SERVICE, INC. Thank you for your interest in Columbia National Municipal Bond Fund. GRETA R. CLAPP PORTFOLIO MANAGER 23 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND - -------------------------------------------- PERFORMANCE FOR THE PERIOD Columbia Oregon Municipal Bond Fund rose 3.57% for the six months ended June 30, 2000. The Fund performed in line with its peers, represented by the Lipper Oregon Municipal Debt Funds average, which returned 4.02% for the period. The Fund was hurt by its intermediate average maturity, while competitors with longer maturities benefited from increases in long bond prices. SHORT RATES MOVE HIGHER Interest rates were mixed in the first half of 2000, as yields rose on shorter maturity issues and declined on longer maturities. Midway through the period, economic growth clearly was not slowing, and was perhaps even accelerating from 1999's strong pace. In response, the Federal Reserve took more aggressive action by increasing short rates in April and May. The Fed hoped to slow demand to a more sustainable pace and to keep inflationary pressures in check. In June, bond markets rallied as leading economic indicators began to weaken, signaling that the Fed may not need to raise rates much further. After poor performance in 1999, municipal bonds have generally outperformed their taxable counterparts in the first half of 2000. In late 1999, municipal bonds were under severe selling pressure as investors sold bonds to take tax losses. Municipals had become extremely cheap: longer issues were available at rates approaching 6.0%, comparable to yields on long Treasury securities. Supply in 2000 has been substantially lighter than in 1999 because higher interest rates have stalled the issuance of refunding debt. As demand strengthened, the lower availability of new bonds drove prices higher. Through June 30, issuance in Oregon is down roughly 40% from 1999. VALUE IN LONGER ISSUES In trading activity during the first half of 2000, we focused on selling shorter maturity issues in favor of longer, higher yielding positions, which lengthened the average maturity of the Fund. During the period, intermediate-term municipals with 15- and 20-year maturities offered substantial value, particularly compared to long 30-year issues. The Fund maintained an intermediate maturity between 8 and 12 years. The longer-term issues in the Fund aided performance during the period, as those bond prices moved higher. The Fund tends to have a shorter average maturity relative to its peers, resulting in underperformance during periods when long bond prices move higher. However, we strongly believe that an intermediate average maturity performs best over time and interest rate cycles. We continue to seek opportunities to execute trades that AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
LEHMAN LIPPER CMBF G.O. OR ----- ------ ------ 1 Year 2.37% 3.60% 1.15% 5 Years 4.89% 5.86% 4.79% 10 Years 5.99% 6.89% 6.02%
--------------------- GROWTH OF $10,000 OVER 10 YEARS [CHART]
COLUMBIA OREGON LEHMAN LIPPER MUNICIPAL GENERAL OREGON BOND OBLIGATION MUNICIPAL FUND BOND INDEX DEBT FUNDS --------- ---------- ---------- 6/30/90 $10,000 $10,000 $10,000 6/30/91 $10,885 $10,828 $10,848 6/30/92 $11,922 $12,048 $11,994 6/30/93 $13,218 $13,454 $13,330 6/30/94 $13,144 $13,534 $13,154 6/30/95 $14,089 $14,646 $14,239 6/30/96 $14,878 $15,591 $15,046 6/30/97 $15,936 $16,882 $16,131 6/29/98 $17,159 $18,266 $17,444 6/30/99 $17,476 $18,798 $17,697 6/30/00 $17,888 $19,477 $17,899
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. 24 INVESTMENT REVIEW - -------------------------------------------------------------------------------- improve the quality or the call features of the Fund's holdings without impacting average maturity. SELECTIVE PURCHASING The Fund consists primarily of investment-grade securities, in addition to some non-rated issues that we believe are equivalent to investment-grade credits. Over time, we believe these non-rated issues will contribute to strong returns because they offer higher yields with a comparable level of credit risk. Many issues are not rated simply because the size of the issue is too small relative to the cost of having the bonds rated. Such issues include general obligation bonds with unlimited taxing power to pay down debt and bonds that pay down principal from essential service revenues, like water and sewer billings. Nevertheless, concerns that Fed rate hikes may slow economic growth too much have resulted in increased demand for higher quality bonds this year. This has hurt demand for even good quality non-rated issues, such as those held in the portfolio, relative to their rated counterparts. Approximately 12% of the Fund's assets are invested in bonds of entities that provide health care. These issues have been hurt this year by cutbacks in Medicare payments and calls for new legislation, which could potentially raise operating costs of the health care business. We have been very selective about purchasing issues in this sector; the higher yields available on these bonds have a favorable impact on performance over time, particularly as investors begin to discriminate between stronger and weaker credits. Holdings in the Fund include hospitals or continuing care centers with a dominant regional presence and strong management team, such as Tuality Hospital in Hillsboro and St. Charles Medical Center in Bend. PRICE IMPROVEMENTS EXPECTED The outlook for municipal bonds appears positive. Fed tightening appears to be near an end, and it seems likely that interest rates have already peaked for this cycle. If economic growth continues to moderate as we expect and inflation remains stable, municipal bond prices may increase further. The after-tax yields on municipal bonds currently offer excellent value compared to taxable investments, particularly U.S. Government debt. PORTFOLIO COMPOSITION AS A % OF NET ASSETS
6/30/00 12/31/99 Revenue 36.2 29.0 Insured Revenue 22.8 23.4 Insured General Obligation 15.2 17.0 General Obligation 12.9 15.7 State General Obligation 5.5 6.0 Other Bonds 2.7 2.8 Cash 1.8 1.9 U.S. Territories 1.5 1.3 Pre-Refunded Bonds 1.4 2.9
-----------------
PORTFOLIO QUALITY AS A % OF PORTFOLIO HOLDINGS JUNE 30, 2000 [PIE CHART] Aaa 41.2% Aa 31.2% A 15.4% Baa 3.5% Not Rated 8.7%
DECEMBER 31, 1999 [PIE CHART] Aaa 44.2% Aa 29.9% A 15.2% Baa 2.5% Not Rated 8.2%
AS RATED BY MOODY'S INVESTORS SERVICE, INC. We appreciate your continued confidence in Columbia Oregon Municipal Bond Fund. GRETA R. CLAPP PORTFOLIO MANAGER 25 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND - ----------------------------------- FUND PERFORMANCE For the first six months of 2000, Columbia High Yield Fund produced a return of 1.50%. In comparison, the Lipper High Yield Bond Fund Index returned -1.91% and the Salomon BB returned 0.28% for the same period. THE MARKET ENVIRONMENT Federal Reserve Board tightening policy took a toll on the high yield market in the first half of 2000. With the U.S. economy in its longest period of expansion ever, the Fed feared that low unemployment and strong consumer spending would lead to inflation. As a result, the Fed raised its federal funds target rate three times in an effort to slow growth. These rate increases raised concerns that the economy might slow too much and fall into a recession, where the credit quality for bonds would deteriorate. The high yield market experienced increased pressure from other factors as well. For instance, banks tightened the availability of credit to borrowers. Default rates remained at relatively high levels throughout the period, and rating agencies downgraded securities considerably more than they upgraded issues. The high yield market also suffered from reduced liquidity due to decreasing capital commitments by dealers. In addition, asset flows into high yield bond funds have been negative this year, placing greater pressure on the sector. In this difficult market environment, we upgraded the credit quality of our portfolio and added names that we believed would perform well and provide attractive yields. CONTRIBUTORS TO PERFORMANCE To help lift Fund performance, we focused on industries that we believed would respond well in an uncertain economic environment. We overweighted the cable sector, where we felt cash flow would continue to grow as companies expanded their digital product offerings. We purchased AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
SALOMON LIPPER CHYF BB HYBF ---- ------- ------- 1 Year 2.93% 1.82% -1.04% 5 Years 7.91% 7.93% 6.89% Since Inception 7.40% 7.90% 6.74%
--------------------- GROWTH OF $10,000 SINCE INCEPTION [CHART]
COLUMBIA LIPPER HIGH YIELD HIGH YIELD FUND BOND FUND INDEX SALOMON BB --------------- ----------------- ---------- 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 $16,012 $15,890 $16,728 6/30/00 $16,250 $15,582 $16,774
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE SOLOMON BB INDEX MEASURES THE TOTAL RETURN OF BONDS WITH A MATURITY OF AT LEAST ONE YEAR AND INCLUDES 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. 26 INVESTMENT REVIEW - -------------------------------------------------------------------------------- issues in Shaw Communications and Charter Communications, both of which provide high speed Internet services along with traditional cable services. We also added to our holdings in Rogers Communications, a cellular and wireless communications company that provides cable television and high speed Internet services. The portfolio was also overweighted in the energy sector, which produced some top performers. Oil and gas prices increased throughout the period, resulting in stronger earnings and cash flow. We benefited from our holdings in Santa Fe Snyder and Vintage Petroleum, companies that explore for, develop, acquire and produce crude oil and natural gas in the U.S. and abroad. The Fund also beat its benchmark during the period by limiting exposure to issuers in the steel and finance industry, which struggled in the period. However, the Fund did experience disappointing performance from some holdings, such as Del Webb. A retirement community builder, Del Webb was hurt by rising interest and mortgage rates. Fund performance was also affected by unique events at specific companies. For example, Westpoint Stevens bonds traded down in response to a proposed leveraged management buyout, and Flooring America filed for bankruptcy in the middle of June. Our small weighting in these companies, however, had little impact on Fund performance. THE OUTLOOK We believe that the key to an improving market environment for high yield issues is the ability of the Fed to engineer a "soft landing," an environment of slow and steady growth. We think that the Fed's tightening policy may be close to an end, with perhaps one more interest rate increase on the horizon. The Fund continues to seek a high level of income for shareholders through exposure to non-investment-grade bonds.
TOP 5 SECTORS AS A % OF NET ASSETS 6/30/00 12/31/99 Business & Consumer Services 27.4 27.9 Consumer Cyclical 15.9 17.4 Telecommunications 11.2 11.8 Energy 10.5 10.5 Consumer Staples 7.8 6.0
-----------------
PORTFOLIO QUALITY AS A % OF PORTFOLIO HOLDINGS JUNE 30, 2000 [PIE CHART] Baa 12.3% Ba 46.4% B 40.8% C 0.5%
DECEMBER 31, 1999 [PIE CHART] Baa 8.3% Ba 53.4% B 37.0% Caa 1.3%
AS RATED BY MOODY'S INVESTORS SERVICE, INC. Thank you for your confidence and interest in Columbia High Yield Fund. JEFFREY L. RIPPEY AND KURT M. HAVNAER PORTFOLIO MANAGERS 27 INVESTMENT REVIEW - -------------------------------------------------------------------------------- COLUMBIA DAILY INCOME FUND - --------------------------------- SIX-MONTH PERFORMANCE For the six months ended June 30, 2000, Columbia Daily Income Company posted a return of 2.80%. The Fund's performance stayed well ahead of inflation, which rose 2.10% as measured by the Consumer Price Index (CPI). INFLATION REMAINS STABLE U.S. economic growth was strong during the first half of 2000. This robust environment, however, generated concerns of rising inflation. Although the CPI rose during the first half of the year, it has not reached levels considered problematic. Nonetheless, the ever-vigilant Federal Reserve Board, intent on slowing economic growth to a more sustainable pace, announced two interest rate increases during the first quarter. A third increase was announced in May, bringing the federal funds target rate to 6.50%. Since its tightening policy began last summer, the Fed has raised interest rates a total of 1.75%. Columbia Daily Income Company benefited during this period of rising short-term interest rates. As issues in the Fund matured, proceeds were reinvested in higher yielding issues. After starting the year with a 7-day yield of 5.58%, the Fund's compound yield had risen to 6.21% by the close of the second quarter. LOOKING AHEAD While the U.S. economy continued to expand in the second quarter, we expect that data will indicate a slower pace of growth from previous periods. More moderate economic growth and steady inflation would likely dissuade the Fed from raising short-term rates much further. However, in the current environment, we believe the Fund will continue to produce compelling yields for shareholders seeking a liquid, low risk investment. As always, the Fund invests in high quality, short-term debt instruments with an average maturity of 30 to 50 days. AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2000
CDIC CPI ----- ----- 1 Year 5.32% 3.70% 5 Years 5.08% 2.50% 10 Years 4.71% 2.88%
----------------- GROWTH OF $10,000 OVER 10 YEARS [CHART]
COLUMBIA DAILY CONSUMER PRICE INCOME COMPANY INDEX (INFLATION) -------------- ----------------- 6/30/90 $10,000 $10,000 6/30/91 $10,699 $10,470 6/30/92 $11,171 $10,795 6/30/93 $11,467 $11,118 6/30/94 $11,779 $11,396 6/30/95 $12,370 $11,738 6/30/96 $13,008 $12,067 6/30/97 $13,657 $12,344 6/30/98 $14,365 $12,554 6/30/99 $15,049 $12,805 6/30/00 $15,848 $13,279
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 GOVERMENTAL 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. ------------------- PORTFOLIO HIGHLIGHTS
6/30/00 12/31/99 Current Yield 6.02% 5.43% Compound Yield 6.21% 5.58% BASED ON THE 7 DAY PERIOD ENDING ON EACH DATE SHOWN Weighted Average Maturity 44 days 38 days
Thank you for your continued confidence in Columbia Daily Income Company. LEONARD A. APLET PORTFOLIO MANAGER 28 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ------------------------ ------------------------ -- COLUMBIA COMMON STOCK FUND -- --------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $28.90 $24.40 $22.02 $19.26 $18.59 $15.16 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ (0.02) 0.03 0.09 0.29 0.25 0.26 Net realized and unrealized gains on investments ........ 2.03 6.25 5.68 4.58 3.61 4.38 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 2.01 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 PERIOD $30.91 $28.90 $24.40 $22.02 $19.26 $18.59 - ----------------------------------------------------------------------------------------------------------------------------------- Total return ............................................... 6.96% (1) 25.76% 26.28% 25.37% 20.71% 30.84% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $1,005,001 $959,910 $797,147 $783,906 $536,760 $358,523 Ratio of expenses to average net assets .................... 0.75% (2) 0.77% 0.80% 0.77% 0.76% 0.80% Ratio of net investment income (loss) to average net assets (0.13%)(2) 0.09% 0.56% 1.37% 1.32% 1.68% Portfolio turnover rate .................................... 99% (2) 97% 141% 90% 111% 75%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- - --------------------------- --------------------------- -- COLUMBIA GROWTH FUND -- --------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, BEGINNING OF PERIOD $48.91 $42.51 $34.34 $30.74 $29.84 $24.84 - ------------------------------------------------------------------------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ........................ (0.05) (0.03) 0.03 0.19 0.19 0.31 Net realized and unrealized gains on investments .... 5.16 11.09 10.39 7.90 6.04 7.86 - ------------------------------------------------------------------------------------------------------------------------------------ Total from investment operations .................. 5.11 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 PERIOD $54.02 $48.91 $42.51 $34.34 $30.74 $29.84 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN ........................................... 10.45%(1) 26.02% 30.34% 26.32% 20.80% 32.98% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ............... $2,352,166 $2,160,739 $1,753,024 $1,324,918 $1,064,100 $848,731 Ratio of expenses to average net assets ................ 0.65% (2) 0.65% 0.68% 0.71% 0.71% 0.75% Ratio of net investment income (loss) to average net assets ................................................ (0.20%)(2) (0.07%) 0.21% 0.55% 0.63% 1.14% Portfolio turnover rate ................................ 101% (2) 118% 105% 96% 75% 95%
* Amount represents less than $0.01 per share. (1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 29 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------- --------------------- -- COLUMBIA INTERNATIONAL STOCK FUND -- ---------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $22.81 $15.45 $13.70 $13.86 $13.07 $12.43 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ 0.01 (0.05) (0.00)* 0.03 0.03 0.02 Net realized and unrealized gains (losses) on investments and foreign currency transactions ..................... (2.75) 9.00 1.76 1.56 2.13 0.62 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... (2.74) 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 PERIOD $20.07 $22.81 $15.45 $13.70 $13.86 $13.07 - ----------------------------------------------------------------------------------------------------------------------------------- Total return ............................................... -12.01%(1) 57.93% 12.83% 11.47% 16.59% 5.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $225,799 $239,223 $134,193 $146,281 $125,510 $100,873 Ratio of expenses to average net assets .................... 1.39%(2) 1.48% 1.56% 1.62% 1.54% 1.54% Ratio of net investment income (loss) to average net assets 0.07%(2) (0.35%) (0.02%) 0.19% 0.22% 0.15% Portfolio turnover rate .................................... 93%(2) 94% 74% 122% 129% 156%
* Amount represents less than $0.01 per share. (1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- - ------------------- ---------------------------------- -- COLUMBIA SPECIAL FUND -- ---------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, BEGINNING OF PERIOD $29.93 $23.62 $20.26 $19.85 $21.44 $18.69 - ------------------------------------------------------------------------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ........................ (0.08) (0.16) (0.03) 0.01 (0.06) 0.03 Net realized and unrealized gains on investments .... 6.62 8.74 3.40 2.50 2.85 5.45 - ------------------------------------------------------------------------------------------------------------------------------------ Total from investment operations .................. 6.54 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 PERIOD $36.47 $29.93 $23.62 $20.26 $19.85 $21.44 - ------------------------------------------------------------------------------------------------------------------------------------ Total return ........................................... 21.85% (1) 36.33% 16.64% 12.64% 13.07% 29.53% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ............... $1,151,216 $918,322 $969,359 $1,249,718 $1,585,284 $1,384,415 Ratio of expenses to average net assets ................ 1.00% (2) 1.09% 1.03% 0.98% 0.94% 0.98% Ratio of net investment income (loss) to average net assets ............................................. (0.46%)(2) (0.64%) (0.09%) 0.04% (0.29%) 0.16% Portfolio turnover rate ................................ 165% (2) 135% 135% 166% 150% 183%
* Amount represents less than $0.01 per share. (1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 30 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------- ------------------------- -- COLUMBIA SMALL CAP FUND -- -----------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996(1) - --------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $27.26 $17.43 $16.65 $12.99 $12.00 - --------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss ................................ (0.08) (0.14) (0.09) (0.08) (0.00)* Net realized and unrealized gains on investments ... 5.00 10.45 0.87 4.51 0.99 - --------------------------------------------------------------------------------------------------------------------- Total from investment operations ................. 4.92 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 ........................ $32.18 $27.26 $17.43 $16.65 $12.99 - --------------------------------------------------------------------------------------------------------------------- TOTAL RETURN .......................................... 18.05% (2) 59.15% 4.69% 34.10% 7.62% (2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) .............. $468,215 $290,374 $160,472 $96,431 $21,061 Ratio of expenses to average net assets ............... 1.22% (3) 1.30% 1.34% 1.46% 1.61% (3) Ratio of net investment loss to average net assets .... (0.57%)(3) (0.84%) (0.68%) (0.81%) (0.00%)(3) Portfolio turnover rate ............................... 138% (3) 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 -- --------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $14.57 $15.76 $18.80 $16.16 $12.71 $11.72 - ---------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.37 0.82 0.75 0.79 0.77 0.78 Net realized and unrealized gains (losses) on investments 1.68 (1.19) (3.04) 3.15 3.94 1.12 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 2.05 (0.37) (2.29) 3.94 4.71 1.90 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.36) (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 ................................... (0.36) (0.82) (0.75) (1.30) (1.26) (0.91) - ---------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $16.26 $14.57 $15.76 $18.80 $16.16 $12.71 - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 14.20%(1) -2.45% -12.33% 24.74% 38.30% 16.86% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $338,775 $241,716 $164,172 $151,554 $68,073 $21,587 Ratio of expenses to average net assets .................... 1.01%(2) 0.99% 1.01% 1.02% 1.06% 1.18% Ratio of net investment income to average net assets ....... 5.07%(2) 5.66% 4.60% 4.87% 6.23% 6.71% Portfolio turnover rate .................................... 6%(2) 29% 6% 34% 46% 54%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 31 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - -------------------------- -------------------------- -- COLUMBIA BALANCED FUND -- ----------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $24.72 $23.17 $21.42 $20.32 $20.08 $17.28 - --------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................ 0.34 0.69 0.72 0.84 0.76 0.73 Net realized and unrealized gains on investments ..... 1.01 2.21 3.52 2.92 1.58 3.54 - --------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ................... 1.35 2.90 4.24 3.76 2.34 4.27 - --------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income ................. (0.34) (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 ................................ (0.34) (1.35) (2.49) (2.66) (2.10) (1.47) - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $25.73 $24.72 $23.17 $21.42 $20.32 $20.08 - --------------------------------------------------------------------------------------------------------------------------------- Total return ............................................ 5.45%(1) 12.70% 20.07% 18.74% 11.78% 25.08% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................ $1,088,479 $1,040,940 $975,381 $792,378 $672,593 $486,767 Ratio of expenses to average net assets ................. 0.65%(2) 0.66% 0.67% 0.68% 0.66% 0.69% Ratio of net investment income to average net assets .... 2.74%(2) 2.85% 3.22% 3.83% 3.82% 4.05% Portfolio turnover rate ................................. 120%(2) 133% 128% 149% 133% 108%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- - ----------------- ----------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- ----------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $8.20 $8.39 $8.29 $8.24 $8.34 $7.99 - -------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.19 0.33 0.38 0.41 0.41 0.45 Net realized and unrealized gains (losses) on investments (0.00)* (0.18) 0.14 0.05 (0.10) 0.35 - -------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.19 0.15 0.52 0.46 0.31 0.80 - -------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.19) (0.33) (0.38) (0.41) (0.41) (0.45) Distributions from capital gains ........................ -- (0.01) (0.04) -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.19) (0.34) (0.42) (0.41) (0.41) (0.45) - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $8.20 $8.20 $8.39 $8.29 $8.24 $8.34 - -------------------------------------------------------------------------------------------------------------------------------- Total return ............................................... 2.41%(1) 1.80% 6.43% 5.76% 3.85% 10.21% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $35,585 $38,072 $40,578 $37,837 $40,776 $41,842 Ratio of expenses to average net assets .................... 0.91%(2) 0.91% 0.89% 0.87% 0.80% 0.79% Ratio of net investment income to average net assets ....... 4.79%(2) 4.09% 4.55% 4.99% 4.99% 5.45% Portfolio turnover rate .................................... 71%(2) 211% 182% 184% 179% 253%
* Amount represents less than $0.01 per share. (1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 32 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ------------------ ------------------- -- COLUMBIA FIXED INCOME SECURITIES FUND -- -------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $12.44 $13.42 $13.41 $13.08 $13.51 $12.16 - --------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.40 0.78 0.83 0.85 0.85 0.88 Net realized and unrealized gains (losses) on investments 0.02 (0.98) 0.14 0.36 (0.43) 1.35 - --------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.42 (0.20) 0.97 1.21 0.42 2.23 - --------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.40) (0.78) (0.83) (0.85) (0.85) (0.88) Distributions from capital gains ........................ -- (0.00)* (0.13) (0.03) -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.40) (0.78) (0.96) (0.88) (0.85) (0.88) - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $12.46 $12.44 $13.42 $13.41 $13.08 $13.51 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 3.46%(1) -1.50% 7.44% 9.56% 3.37% 18.91% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $381,415 $397,147 $422,330 $381,333 $356,421 $316,259 Ratio of expenses to average net assets .................... 0.67%(2) 0.64% 0.65% 0.66% 0.64% 0.65% Ratio of net investment income to average net assets ....... 6.53%(2) 6.03% 6.15% 6.43% 6.53% 6.80% Portfolio turnover rate .................................... 130%(2) 155% 107% 196% 178% 137%
* Amount represents less than $0.01 per share. (1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- - ------------------ ------------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND -- -------------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999(1) - -------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $9.28 $10.00 - -------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.22 0.34 Net realized and unrealized gains (losses) on investments 0.14 (0.72) - -------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.36 (0.38) - -------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.22) (0.34) - -------------------------------------------------------------------------------------------- Total distributions ................................... (0.22) (0.34) - -------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $9.42 $9.28 - -------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 3.92%(2) -3.93%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $10,764 $10,135 Ratio of expenses to average net assets .................... 0.65%(3) 0.65%(3) Ratio of expenses to average net assets before reimbursements .......................................... 1.38%(3) 1.72%(3) Ratio of net investment income to average net assets ....... 4.73%(3) 4.21%(3) Portfolio turnover rate .................................... 26%(3) 12%(3)
(1) From inception of operations on February 10, 1999. (2) Not annualized. (3) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 33 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ------------------ --------------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND -- -----------------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $11.56 $12.46 $12.47 $12.15 $12.37 $11.48 - ---------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.29 0.56 0.58 0.60 0.61 0.63 Net realized and unrealized gains (losses) on investments 0.12 (0.88) 0.10 0.39 (0.16) 0.96 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.41 (0.32) 0.68 0.99 0.45 1.59 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.29) (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 ................................... (0.29) (0.58) (0.69) (0.67) (0.67) (0.70) - ---------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $11.68 $11.56 $12.46 $12.47 $12.15 $12.37 - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 3.57%(1) -2.65% 5.58% 8.36% 3.77% 14.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $412,066 $409,919 $462,809 $409,148 $375,667 $383,796 Ratio of expenses to average net assets .................... 0.58%(2) 0.57% 0.58% 0.57% 0.56% 0.57% Ratio of net investment income to average net assets ....... 4.98%(2) 4.64% 4.60% 4.87% 5.00% 5.22% Portfolio turnover rate .................................... 24%(2) 28% 17% 17% 19% 21%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- - ------------------------- ------------------------- -- COLUMBIA HIGH YIELD FUND -- -------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $9.32 $9.84 $10.04 $9.94 $9.88 $9.04 - -------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.37 0.74 0.76 0.81 0.81 0.82 Net realized and unrealized gains (losses) on investments (0.24) (0.51) (0.15) 0.40 0.07 0.84 - -------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.13 0.23 0.61 1.21 0.88 1.66 - -------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.37) (0.74) (0.76) (0.81) (0.81) (0.82) Distributions from capital gains ........................ -- (0.01) (0.05) (0.30) (0.01) -- - -------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.37) (0.75) (0.81) (1.11) (0.82) (0.82) - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $9.08 $9.32 $9.84 $10.04 $9.94 $9.88 - -------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 1.50%(1) 2.38% 6.26% 12.70% 9.43% 19.12% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $78,935 $71,678 $57,524 $39,278 $28,818 $23,471 Ratio of expenses to average net assets .................... 0.93%(2) 0.91% 0.95% 1.00% 0.93% 1.00% Ratio of expenses to average net assets before voluntary reimbursements .......................................... 0.93%(2) 0.91% 0.95% 1.02% 1.00% 1.06% Ratio of net investment income to average net assets ....... 8.23%(2) 7.71% 7.52% 8.05% 8.29% 8.62% Portfolio turnover rate .................................... 42%(2) 49% 79% 124% 62% 52%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 34 FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD - ---------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 1998 1997 1996 1995 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD ..................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - --------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................. 0.028 0.046 0.050 0.050 0.048 0.053 - --------------------------------------------------------------------------------------------------------------------------------- Total from investment operations .................... 0.028 0.046 0.050 0.050 0.048 0.053 - --------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income ............ (0.028) (0.046) (0.050) (0.050) (0.048) (0.053) - --------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................. (0.028) (0.046) (0.050) (0.050) (0.048) (0.053) - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ........................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................. 2.80%(1) 4.71% 5.09% 5.11% 4.96% 5.49% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................. $1,124,515 $1,165,289 $1,109,141 $1,169,096 $889,800 $800,656 Ratio of expenses to average net assets .................. 0.61%(2) 0.64% 0.62% 0.63% 0.62% 0.64% Ratio of net investment income to average net assets ..... 5.55%(2) 4.61% 4.97% 4.99% 4.84% 5.34%
(1) Not annualized. (2) Annualized - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 35 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- -------------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (99.1%) BANKS (6.2%) Bank of New York Co., Inc. ............. 200,600 $ 9,327,900 Capital One Financial Corp. ......... 96,900 4,324,162 Citigroup, Inc. ..................... 591,400 35,631,850 Washington Mutual, Inc. ............. 444,900 12,846,488 --------------- 62,130,400 --------------- BROADCASTING (3.8%) *America Online, Inc. ................ 240,400 12,681,100 *AT&T Corp. - Liberty Media Group (Class A) .......................... 433,264 10,506,652 *Clear Channel Communications, Inc. .. 121,200 9,090,000 *USA Networks, Inc. .................. 287,800 6,223,675 --------------- 38,501,427 --------------- BROKERS/MONEY MANAGERS (3.7%) American Express Co. ................ 339,300 17,686,013 Merrill Lynch & Co. ................. 21,900 2,518,500 Morgan Stanley Dean Witter & Co. .... 144,450 12,025,462 Schwab (Charles) Corp. .............. 160,200 5,386,725 --------------- 37,616,700 --------------- CABLE (0.6%) *Charter Communications, Inc. (Class A) .......................... 355,200 5,838,600 --------------- COMPUTERS (5.0%) *Apple Computer, Inc. ................ 103,600 5,426,050 Compaq Computer Corp. ............... 348,650 8,912,366 *Dell Computer Corp. ................. 413,050 20,368,528 International Business Machines Corp. ..................... 45,100 4,941,268 *Sun Microsystems, Inc. .............. 119,650 10,880,672 --------------- 50,528,884 --------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (7.7%) Corning, Inc. ....................... 34,700 9,364,663 General Electric Co. ................ 730,800 38,732,400 Honeywell International, Inc. ....... 179,600 6,050,275 Tyco International Ltd. ............. 497,566 23,572,189 --------------- 77,719,527 --------------- ENTERTAINMENT (1.3%) Time Warner, Inc. ................... 168,850 12,832,600 --------------- HEALTH CARE (12.5%) Merck & Co., Inc. ................... 280,550 21,497,143 Pfizer, Inc. ........................ 1,400,987 67,247,376 Pharmacia Corp. ..................... 330,100 17,062,044 Schering-Plough Corp. ............... 394,000 19,897,000 --------------- 125,703,563 --------------- INSURANCE - PROPERTY & CASUALTY (2.7%) American International Group, Inc. ........................ 231,025 27,145,437 --------------- INTERNATIONAL INTEGRATED (3.1%) Exxon Mobil Corp. ................... 284,532 22,335,762 Royal Dutch Petroleum Co. ........... 137,800 8,483,312 --------------- 30,819,074 --------------- MATERIALS (0.7%) International Paper Co. ............. 122,250 3,644,578 Union Carbide Corp. ................. 78,150 3,868,425 --------------- 7,513,003 --------------- MEDICAL DEVICES (0.7%) *Guidant Corp. ....................... 143,650 7,110,675 --------------- MORTGAGE/FINANCE COMPANIES (1.4%) Fannie Mae .......................... 144,000 7,515,000 Freddie Mac ......................... 159,900 6,475,950 --------------- 13,990,950 --------------- OIL SERVICES (5.0%) *BJ Services Co. ..................... 178,900 11,181,250 *Global Marine, Inc. ................. 291,200 8,208,200 *Grant Prideco, Inc. ................. 8,500 212,500 *Nabors Industries, Inc. ............. 310,850 12,919,703 *Noble Drilling Corp. ................ 227,300 9,361,919 Transocean Sedco Forex, Inc. ........ 37,300 1,993,219 *Weatherford International, Inc. ..... 159,000 6,330,187 --------------- 50,206,978 --------------- PERIPHERALS (1.2%) *EMC Corp. ........................... 161,300 12,410,019 --------------- RETAIL (4.3%) *Best Buy Co., Inc. .................. 233,000 14,737,250 Home Depot, Inc. .................... 168,500 8,414,468 Wal-Mart Stores, Inc. ............... 357,500 20,600,938 --------------- 43,752,656 ---------------
See Accompanying Notes to Financial Statements 36
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) SEMICONDUCTORS (13.1%) *Altera Corp. ........................ 67,250 $ 6,855,297 *Applied Materials, Inc. ............. 204,100 18,496,563 *Atmel Corp. ......................... 129,950 4,791,906 Intel Corp. ......................... 390,950 52,265,128 *Micron Technology, Inc. ............. 467,950 41,208,847 Texas Instruments, Inc. ............. 115,100 7,905,931 --------------- 131,523,672 --------------- SERVICES (2.5%) *Celestica, Inc. ..................... 128,500 6,376,813 *Computer Sciences Corp. ............. 244,900 18,290,969 --------------- 24,667,782 --------------- SOFTWARE (5.9%) *Amdocs Ltd. ......................... 245,300 18,826,775 *Microsoft Corp. ..................... 253,750 20,300,000 *Oracle Corp. ........................ 236,600 19,889,188 --------------- 59,015,963 --------------- TELECOMMUNICATION SERVICES (7.1%) AT&T Corp. .......................... 167,675 5,302,722 *Global Crossing Ltd. ................ 114,100 3,002,256 GTE Corp. ........................... 191,500 11,920,875 *McLeodUSA, Inc. (Class A) ........... 103,700 2,145,294 *Nextel Communications, Inc. ......... 43,500 2,661,656 SBC Communications, Inc. ............ 170,000 7,352,500 *Sprint Corp. (PCS Group) ............ 164,500 9,787,750 US West, Inc. ....................... 338,350 29,013,513 --------------- 71,186,566 --------------- TELECOMMUNICATION EQUIPMENT (10.6%) *Cisco Systems, Inc. ................. 554,000 35,213,625 *JDS Uniphase Corp. .................. 70,600 8,463,175 Lucent Technologies, Inc. ........... 405,635 24,033,874 Motorola, Inc. ...................... 187,850 5,459,391 Nokia Corp. ......................... 136,250 6,803,983 Nortel Networks Corp. ............... 188,600 12,871,950 *Tellabs, Inc. ....................... 195,000 13,345,313 --------------- 106,191,311 --------------- Total Common Stocks (Cost $681,362,553) ................ 996,405,787 --------------- REPURCHASE AGREEMENT (1.0%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $9,891,443. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $9,889,643) .................. 9,889,643 9,889,643 --------------- TOTAL INVESTMENTS (100.1%) (Cost $691,252,196) ..................... 1,006,295,430 OTHER ASSETS LESS LIABILITIES (-0.1%) ..... (1,294,471) --------------- NET ASSETS (100.0%) ....................... $1,005,000,959 ===============
* Non-income producing. See Accompanying Notes to Financial Statements 37 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (97.9%) BANKS (2.2%) Citigroup, Inc. ..................... 850,350 $ 51,233,587 --------------- BROADCASTING (5.0%) *America Online, Inc. ................ 551,100 29,070,525 *AT&T Corp. - Liberty Media Group (Class A) .......................... 1,674,400 40,604,200 *Clear Channel Communications, Inc. .. 415,081 31,131,075 *USA Networks, Inc. .................. 731,000 15,807,875 --------------- 116,613,675 --------------- BROKERS/MONEY MANAGERS (3.9%) American Express Co. ................ 350,700 18,280,238 Goldman Sachs Group, Inc. ........... 185,900 17,637,262 Merrill Lynch & Co., Inc. ........... 240,000 27,600,000 Morgan Stanley Dean Witter & Co. .... 350,000 29,137,500 --------------- 92,655,000 --------------- CABLE (0.8%) *Charter Communications, Inc. (Class A) .......................... 654,100 10,751,769 *Comcast Corp. (Class A Special) ..... 225,000 9,112,500 --------------- 19,864,269 --------------- COMPUTERS (5.3%) *Apple Computer, Inc. ................ 233,900 12,250,512 Compaq Computer Corp. ............... 724,150 18,511,084 *Dell Computer Corp. ................. 1,022,800 50,436,825 International Business Machines Corp. ...................... 103,500 11,339,719 *Sun Microsystems, Inc. .............. 353,400 32,137,313 --------------- 124,675,453 --------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (7.1%) Corning, Inc. ....................... 125,600 33,896,300 General Electric Co. ................ 1,035,000 54,855,000 Tyco International Ltd. ............. 1,650,400 78,187,700 --------------- 166,939,000 --------------- ENTERTAINMENT (1.2%) Time Warner, Inc. ................... 372,000 28,272,000 --------------- HEALTH CARE (10.9%) *Amgen, Inc. ......................... 450,000 31,612,500 Cardinal Health, Inc. ............... 290,200 21,474,800 Pfizer, Inc. ........................ 2,773,775 133,141,200 Pharmacia Corp. ..................... 591,800 30,588,662 Schering-Plough Corp. ............... 786,400 39,713,200 --------------- 256,530,362 --------------- INSURANCE - PROPERTY & CASUALTY (2.4%) American International Group, Inc. .. 482,396 56,681,530 --------------- MEDICAL DEVICES (1.2%) *Guidant Corp. ....................... 248,800 12,315,600 PE Corp.-PE Biosystems Group ........ 250,000 16,468,750 --------------- 28,784,350 --------------- MORTGAGE/FINANCE COMPANIES (1.5%) Fannie Mae .......................... 347,600 18,140,375 Freddie Mac ......................... 417,700 16,916,850 --------------- 35,057,225 --------------- OIL SERVICES (2.6%) *BJ Services Co. ..................... 406,550 25,409,375 *Nabors Industries, Inc. ............. 376,550 15,650,359 *Noble Drilling Corp. ................ 380,050 15,653,309 Transocean Sedco Forex, Inc. ........ 85,000 4,542,188 --------------- 61,255,231 --------------- PERIPHERALS (2.5%) *EMC Corp. ........................... 776,200 59,718,887 --------------- RETAIL (6.3%) *Best Buy Co., Inc. .................. 593,600 37,545,200 *Kohl's Corp. ........................ 705,000 39,215,625 Lowe's Cos., Inc. ................... 951,000 39,050,437 Wal-Mart Stores, Inc. ............... 564,100 32,506,263 --------------- 148,317,525 ---------------
See Accompanying Notes to Financial Statements 38 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA GROWTH FUND, INC. -- ---------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) SEMICONDUCTORS (16.6%) *Altera Corp. ........................ 115,900 $ 11,814,556 *Atmel Corp. ......................... 426,600 15,730,875 *Broadcom Corp. ...................... 200,000 43,787,500 *Flextronics International Ltd. ...... 1,023,500 70,301,656 Intel Corp. ......................... 902,800 120,693,075 *KLA-Tencor Corp. .................... 335,000 19,618,438 *Micron Technology, Inc. ............. 1,077,900 94,922,569 Texas Instruments, Inc. ............. 187,600 12,885,775 --------------- 389,754,444 --------------- SERVICES (3.5%) *Computer Sciences Corp. ............. 480,100 35,857,469 *Sanmina Corp. ....................... 100,000 8,550,000 *Solectron Corp. ..................... 930,200 38,952,125 --------------- 83,359,594 --------------- SOFTWARE (6.8%) *Amdocs Ltd. ......................... 627,800 48,183,650 *Comverse Technology, Inc. ........... 150,000 13,950,000 *Microsoft Corp. ..................... 592,500 47,400,000 *Oracle Corp. ........................ 453,600 38,130,750 *Veritas Software Corp. .............. 100,000 11,301,563 --------------- 158,965,963 --------------- TELECOMMUNICATION SERVICES (6.9%) Enron Corp. ......................... 100,000 6,450,000 *Global Crossing Ltd. ................ 770,800 20,281,675 *Nextel Communications, Inc. ......... 690,500 42,249,969 *Sprint Corp. (PCS Group) ............ 373,000 22,193,500 US West, Inc. ....................... 819,900 70,306,425 --------------- 161,481,569 --------------- TELECOMMUNICATIONS EQUIPMENT (11.2%) *Cisco Systems, Inc. ................. 1,396,600 88,771,387 *JDS Uniphase Corp. .................. 276,600 33,157,425 Lucent Technologies, Inc. ........... 1,022,860 60,604,455 Nokia Corp. ......................... 408,600 20,404,463 Nortel Networks Corp. ............... 397,200 27,108,900 *Tellabs, Inc. ....................... 491,250 33,619,922 --------------- 263,666,552 --------------- Total Common Stocks (Cost $1,457,250,388) .............. 2,303,826,216 --------------- REPURCHASE AGREEMENT (2.1%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $49,223,071. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $49,214,114) ................. 49,214,114 49,214,114 --------------- TOTAL INVESTMENTS (100.0%) (Cost $1,506,464,502) ................... 2,353,040,330 OTHER ASSETS LESS LIABILITIES ............. (873,981) --------------- NET ASSETS (100.0%) ....................... $2,352,166,349 ===============
* Non-income producing. See Accompanying Notes to Financial Statements 39 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- --------------------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (93.0%) AUSTRALIA (1.6%) AMP Ltd. (Insurance) ................ 65,000 $ 663,465 CSL Ltd. (Pharmaceuticals) .......... 21,300 422,483 Fairfax (John) Holdings Ltd. (Media/Photography) ................ 355,000 1,002,228 *SecureNet Ltd. (Software/ Computer Services) ................. 260,000 1,439,329 --------------- 3,527,505 --------------- BRAZIL (0.0%) Cia de Tecidos Norte de Minas SA (Household Goods/Textiles) ......... 1,973,067 114,734 --------------- CANADA (4.0%) *Anderson Exploration Ltd. (Oil/Gas) .......................... 90,500 1,643,046 Bombardier, Inc. (Class B) (Diversified Industrials) .......... 65,500 1,777,117 *C-MAC Industries, Inc. (Electronic/Electrical Equipment) ......................... 34,100 1,611,021 Nortel Networks Corp. (Information Technology Hardware) .......................... 31,600 2,190,314 *Precision Drilling Corp. (Oil/Gas) .......................... 45,000 1,737,230 --------------- 8,958,728 --------------- FINLAND (1.7%) Nokia Oyj, ADR (Information Technology Hardware) ............... 43,900 2,192,256 Sonera Oyj (Telecommunication Services) .......................... 34,000 1,556,271 --------------- 3,748,527 --------------- FRANCE (8.9%) Accor SA (Leisure/Entertainment/ Hotels) ............................ 20,500 843,621 Alcatel (Information Technology Hardware) ............... 43,500 2,864,698 Aventis SA (Pharmaceuticals) ........ 14,800 1,084,606 AXA (Insurance) ..................... 11,400 1,803,108 BNP Paribas (Banks) ................. 13,900 1,343,100 Cap Gemini SA (Software/ Computer Services) ................. 9,400 1,662,482 Coflexip SA, ADR (Oil/Gas) .......... 21,700 1,312,850 France Telecom SA, ADR (Telecommunication Services) ....... 10,000 1,425,000 Groupe Danone SA (Food Producers/Processors) .............. 9,100 1,212,520 Lafarge SA (Construction/ Building Materials) ................ 17,200 1,342,103 LVMH Moet Hennessy Louis Vuitton SA (Household Goods/Textiles) .................... 2,900 1,200,643 Schneider Electric SA (Engineering/Machinery) ............ 18,600 1,301,573 Total Fina Elf SA (Oil/Gas) ......... 11,300 1,739,630 Vivendi SA (Diversified Industrials) ....................... 11,300 1,001,425 --------------- 20,137,359 --------------- GERMANY (6.1%) *ADVA AG Optical Networking (Information Technology Hardware) .......................... 1,240 704,169 Allianz AG (Insurance) .............. 2,900 1,046,080 Bayerische Hypo- und Vereinsbank AG (Banks) ............. 13,400 869,100 ce Consumer Electronic AG (Electronic/Electrical Equipment) ......................... 4,550 656,418 Deutsche Bank AG (Banks) ............ 14,600 1,206,405 Deutsche Telekom AG (Telecommunication Services) ....... 17,200 985,967 *Direkt Anlage Bank AG (Specialty/Other Finance) .......... 14,500 528,183 Dresdner Bank AG (Banks) ............ 23,000 950,250 EM.TV & Merchandising AG (Media/Photography) ................ 19,600 1,162,060 *Epcos AG (Information Technology Hardware) ............... 17,600 1,762,870 Muenchener Rueckversicherungs- Gesellschaft AG (Insurance) ........ 4,300 1,356,117 Siemens AG (Electronic/ Electrical Equipment) .............. 16,600 2,514,190 --------------- 13,741,809 ---------------
See Accompanying Notes to Financial Statements 40
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) HONG KONG (0.6%) Asia Satellite Telecommunications Holdings Ltd. (Telecommunication Services) .. 91,000 $ 311,115 Esprit Holdings Ltd. (General Retailers) ......................... 337,000 350,185 Giordano International Ltd. (General Retailers) ................ 500,000 760,100 --------------- 1,421,400 --------------- IRELAND (1.1%) CRH plc (Construction/Building Materials) ......................... 35,500 644,868 *Parthus Technologies plc (Information Technology Hardware) .......................... 700,000 1,976,398 --------------- 2,621,266 --------------- ITALY (3.3%) Assicurazioni Generali S.p.A (Insurance) ........................ 34,400 1,183,820 Banca Intesa S.p.A (Banks) .......... 265,000 1,191,383 Eni S.p.A (Oil/Gas) ................. 194,900 1,130,317 Mediaset S.p.A (Media/ Photography) ....................... 29,300 449,387 Riunione Adriatica Di Sicurta S.p.A (Insurance) ........................ 106,500 1,174,033 San Paolo-IMI S.p.A (Banks) ......... 70,250 1,251,868 Telecom Italia S.p.A, ADR (Telecommunication Services) ....... 8,800 1,210,550 --------------- 7,591,358 --------------- JAPAN (27.1%) Alpha Systems, Inc. (Software/ Computer Services) ................. 3,300 435,107 Asahi Bank Ltd., The (Banks) ........ 500,000 2,107,721 Banyu Pharmaceutical Co., Ltd. (Pharmaceuticals) .................. 125,000 3,065,883 Citizen Electronics Co., Ltd. (Electronic/Electrical Equipment) .. 9,000 986,753 Daibiru Corp. (Real Estate) ......... 69,000 558,905 Daimei Telecom Engineering Corp. (Engineering/Machinery) ............ 73,000 755,519 Drake Beam Morin-Japan, Inc. (Support Services) ................. 5,000 694,697 Fancl Corp. (Personal Care/ Household Products) ................ 5,700 543,593 Fuji Bank, Ltd. (Banks) ............. 190,000 1,447,427 Fuji Machine Mfg. Co., Ltd. (Engineering/Machinery) ............ 20,000 1,052,915 Fujisawa Pharmaceutical Co., Ltd. (Pharmaceuticals) .................. 20,000 810,953 Future System Consulting Corp. (Software/Computer Services) ....... 20 429,105 Isetan Co., Ltd. (General Retailers) ................ 260,000 3,194,662 Japan Lifeline Co., Ltd. (Health) ... 17,400 230,242 Japan Telecom Co., Ltd. (Telecommunication Services) ....... 27 1,173,896 Katokichi Co., Ltd. (Food Producers/Processors) ........ 23,000 583,687 Keyence Corp. (Electronic/ Electrical Equipment) .............. 5,060 1,673,889 Kyocera Corp. (Electronic/ Electrical Equipment) .............. 7,500 1,275,265 Makino Milling Machine Co., Ltd. (Engineering/Machinery) ............ 88,000 865,016 Marubeni Corp. (Construction/ Building Materials) ................ 280,000 965,960 Matsushita Electric Industrial Co., Ltd. (Electronic/ Electrical Equipment) .............. 40,000 1,039,683 Mitsubishi Electric Corp. (Information Technology Hardware) .. 300,000 3,255,152 Mitsubishi Estate Co., Ltd. (Real Estate) ...................... 130,000 1,533,438 Mitsui Fudosan Co., Ltd. (Real Estate) ...................... 140,000 1,521,717 Murata Mfg. Co., Ltd. (Electronic/ Electrical Equipment) .............. 10,000 1,438,543 NEC Corp. (Electronic/Electrical Equipment) ......................... 100,000 3,147,403 Nikko Securities Co., Ltd. (Specialty/Other Finance) .......... 135,000 1,339,773 Nippon Kanzai Co., Ltd. (Construction/Building Materials) .. 42,000 770,121
See Accompanying Notes to Financial Statements 41
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) NTT Docomo, Inc. (Telecommunication Services) ....... 100 $ 2,712,627 OBIC Co., Ltd. (Software/ Computer Services) ................. 2,400 1,088,831 Oji Paper Co., Ltd. (Forestry/Paper) 250,000 1,724,928 Q.P. Corp. (Food Producers/Processors) 180,000 1,505,650 Rohm Co., Ltd. (Electronic/ Electrical Equipment) .............. 7,000 2,051,011 Sankei Building Co., Ltd., The (Real Estate) ...................... 29,000 112,106 Sanwa Bank Ltd., The (Banks) ........ 280,000 2,238,910 Seven-Eleven Japan Co., Ltd. (General Retailers) ................ 10,000 838,362 Shimamura Co., Ltd. (General Retailers) ......................... 20,000 2,342,122 Sony Corp. (Electronic/ Electrical Equipment) .............. 25,000 2,339,286 Sumitomo Bank Ltd., The (Banks) ..... 50,000 614,358 Taisho Pharmaceutical Co., Ltd. (Pharmaceuticals) .................. 34,000 1,221,155 THK Co., Ltd. (Engineering/Machinery) 44,000 2,229,080 Toyota Motor Corp. (Automobiles) .... 30,000 1,369,546 *Trend Micro, Inc. (Software/ Computer Services) ................. 4,000 661,616 Yamada Denki Co., Ltd. (General Retailers) ................ 7,000 629,197 Yokowo Co., Ltd. (Information Technology Hardware) ............... 25,000 639,169 --------------- 61,214,979 --------------- KOREA (0.6%) Samsung Electronics, GDR (Information Technology Hardware) .. 14,000 1,279,250 --------------- MALAYSIA (0.3%) Star Cruises plc (Leisure/ Entertainment/Hotels) .............. 124,000 669,600 --------------- NETHERLANDS (6.9%) Aegon NV (Insurance) ................ 29,600 1,057,509 *ASM Lithography Holding NV (Information Technology Hardware) .. 42,700 1,884,138 *CompleTel Europe NV (Telecommunication Services) ....... 50,000 600,000 *Equant NV (Telecommunication Services) 30,000 1,290,000 Gucci Group NV (Household Goods/Textiles) .................... 10,800 1,023,300 Heineken NV (Restaurants/Pubs/ Breweries) ......................... 23,800 1,454,420 ING Groep NV (Insurance) ............ 15,000 1,018,022 Koninklijke KPN NV (Telecommunication Services) ....... 25,000 1,122,748 Koninklijke Philips Electronics NV (Electronic/Electrical Equipment) 52,300 2,476,632 Royal Dutch Petroleum Co. (Oil/Gas) 20,900 1,304,248 STMicroelectronics NV (Information Technology Hardware) .. 36,000 2,310,750 --------------- 15,541,767 --------------- PORTUGAL (0.4%) *PT Multimedia - Servicos de Telecomunicacoes e Multimedia S.G.P.S., SA (Media/Photography) ... 16,300 812,501 *PT Multimedia.com - Servicos de Acesso a Internet, S.G.P.S., SA (Media/Photography) ................ 16,300 125,469 --------------- 937,970 --------------- SPAIN (1.4%) Banco Bilbao Vizcaya Argentaria, SA (Banks) ......................... 84,600 1,269,163 *Telefonica SA, ADR (Telecommunication Services) ....... 30,241 1,937,314 --------------- 3,206,477 --------------- SWEDEN (3.3%) Atlas Copco AB (Class A) (Engineering/Machinery) ............ 51,300 994,330 Skandia Forsakrings AB (Insurance) ........................ 176,000 4,675,555 Telefonaktiebolaget LM Ericsson AB, ADR (Telecommunication Services) ....... 87,000 1,740,000 --------------- 7,409,885 ---------------
See Accompanying Notes to Financial Statements 42
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) SWITZERLAND (5.7%) *ABB Ltd. (Registered) (Electronic/ Electrical/Equipment) .............. 17,800 $ 2,137,338 Charles Voegele Holding AG (Bearer) (General Retailers) ....... 6,000 1,184,454 Cie Financiere Richemont AG Units (Class A) (Bearer) (Household Goods/Textiles) ......... 235 635,168 Julius Baer Holding Ltd. (Bearer) (Banks) 250 991,658 Nestle SA (Registered) (Food Producers/Processors) .............. 1,000 2,007,915 Sulzer AG (Registered) (Engineering/Machinery) ............ 1,700 1,134,334 Swiss RE (Registered) (Insurance) ... 610 1,247,336 UBS AG (Registered) (Banks) ......... 12,400 1,822,559 Zurich Allied AG (Registered) (Insurance) ........................ 3,300 1,635,728 --------------- 12,796,490 --------------- UNITED KINGDOM (18.0%) *ARM Holdings plc (Electronic/Electrical Equipment) ......................... 50,000 535,921 *Baltimore Technologies plc (Software/Computer Services) ....... 125,000 946,188 Barclays plc (Banks) ................ 54,139 1,346,621 BG Group plc (Gas/Distribution) ..... 180,200 1,164,877 *Bookham Technology plc (Telecommunication Services) ....... 25,000 1,455,616 BP Amoco plc, ADR (Oil/Gas) ......... 39,500 2,234,219 British Telecommunications plc (Telecommunication Services) ....... 120,400 1,556,618 *COLT Telecom Group plc (Telecommunication Services) ....... 60,300 2,008,342 Compass Group plc (Restaurants/Pubs/Breweries) ....... 198,400 2,614,617 Diageo plc (Beverages) .............. 150,000 1,346,615 Glaxo Wellcome plc (Pharmaceuticals) .................. 53,400 1,557,832 Granada Group plc (Leisure/ Entertainment/Hotels) .............. 177,154 1,770,078 HSBC Holdings plc (Banks) ........... 158,000 1,807,129 Invensys plc (Engineering/ Machinery) ......................... 290,000 1,088,798 *Marconi plc (Information Technology Hardware) ............... 76,000 989,486 *NDS Group plc, ADR (Software/ Computer Services) ................. 8,500 518,500 Pearson plc (Media/ Photography) ....................... 70,000 2,225,435 Prudential plc (Insurance) .......... 76,800 1,125,471 Royal Bank of Scotland Group plc (Banks) ............................ 115,400 1,932,229 Shell Transport & Trading Co. plc (Oil/Gas) .......................... 93,000 776,472 Shell Transport & Trading Co., ADR (Oil/Gas) .......................... 23,000 1,148,563 SmithKline Beecham plc (Pharmaceuticals) .................. 121,762 1,594,503 *Telewest Communications plc (Media/Photography) ................ 211,300 729,343 Vodafone Airtouch plc (Telecommunication Services) ....... 961,500 3,886,495 WPP Group plc (Media/Photography) ................ 291,000 4,251,262 --------------- 40,611,230 --------------- UNITED STATES (2.0%) *Infonet Services Corp. (Class B) (Telecommunication Services) ....... 46,500 555,094 *NTL, Inc. (Media/Photography) ....... 16,200 969,975 *OpenTV Corp. (Media/Photography) ................ 14,000 628,250 Santa Fe International Corp. (Oil/Gas) .......................... 33,000 1,152,937 Schlumberger Ltd. (Oil/Gas) ......... 15,400 1,149,225 --------------- 4,455,481 --------------- Total Common Stocks (Cost $176,993,663) 209,985,815 ---------------
See Accompanying Notes to Financial Statements 43
SHARES OR PRINCIPAL AMOUNT VALUE ------------- -------------- PREFERRED STOCKS (0.8%) BRAZIL (0.1%) Dixie Toga SA (Packaging) ........... 437,500 $ 133,388 --------------- GERMANY (0.7%) SAP Corp., System, Applications & Products in Data Processing (Software/Computer Services) ....... 9,000 1,671,110 --------------- Total Preferred Stocks (Cost $2,422,189) ................... 1,804,498 --------------- REPURCHASE AGREEMENT (1.8%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $4,044,668. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $4,043,932) .................. $4,043,932 4,043,932 --------------- TOTAL INVESTMENTS (95.6%) (Cost $183,459,784) ..................... 215,834,245 OTHER ASSETS LESS LIABILITIES (4.4%) ...... 9,965,232 --------------- NET ASSETS (100.0%) ....................... $ 225,799,477 ===============
* Non-income producing. See Accompanying Notes to Financial Statements 44 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- --- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (96.4%) BANKS (2.5%) Capital One Financial Corp. .......... 197,200 $ 8,800,050 Charter One Financial, Inc. .......... 500,000 11,500,000 National Commerce Bancorporation ..... 482,600 7,751,762 --------------- 28,051,812 --------------- BROADCASTING (4.6%) *Clear Channel Communications, Inc. ... 160,000 12,000,000 *Cox Radio, Inc. (Class A) ............ 250,000 7,000,000 *Hispanic Broadcasting Corp. .......... 331,400 10,977,625 *Univision Communications, Inc. (Class A) ........................... 226,900 23,484,150 --------------- 53,461,775 --------------- COMPUTERS (0.3%) *Handspring, Inc. ..................... 120,000 3,240,000 --------------- ELECTRIC & NATURAL GAS (1.3%) *AES Corp. ............................ 322,100 14,695,813 --------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (0.1%) *Ballard Power Systems, Inc. .......... 15,000 1,347,187 --------------- EXPLORATION & PRODUCTION (3.9%) Anadarko Petroleum Corp. ............. 225,200 11,105,175 Apache Corp. ......................... 352,900 20,754,931 Devon Energy Corp. ................... 231,800 13,024,263 --------------- 44,884,369 --------------- HEALTH CARE (8.7%) *ALZA Corp. ........................... 466,700 27,593,637 Cardinal Health, Inc. ................ 193,300 14,304,200 *Chiron Corp. ......................... 201,200 9,557,000 *Genentech, Inc. ...................... 85,500 14,706,000 *Millennium Pharmaceuticals, Inc. ..... 84,000 9,397,500 *Tenet Healthcare Corp. ............... 447,500 12,082,500 *Watson Pharmaceuticals, Inc. ......... 226,500 12,174,375 --------------- 99,815,212 --------------- HOTELS & GAMING (2.1%) *Harrah's Entertainment, Inc. ......... 420,000 8,793,750 Starwood Hotels & Resorts Worldwide, Inc. ................... 469,500 15,170,719 --------------- 23,964,469 --------------- MATERIALS (1.6%) Martin Marietta Materials, Inc. ...... 352,000 14,234,000 Southdown, Inc. ...................... 80,000 4,620,000 --------------- 18,854,000 --------------- MEDICAL DEVICES (3.6%) *CYTYC Corp. .......................... 109,700 5,855,237 PE Corp-PE Biosystems Group .......... 183,900 12,114,412 *Waters Corp. ......................... 190,600 23,789,263 --------------- 41,758,912 --------------- OIL SERVICES (8.3%) *BJ Services Co. ...................... 168,900 10,556,250 *Grant Prideco, Inc. .................. 185,000 4,625,000 *Nabors Industries, Inc. .............. 556,200 23,117,062 *Noble Drilling Corp. ................. 415,700 17,121,644 *R & B Falcon Corp. ................... 228,600 5,386,387 Transocean Sedco Forex, Inc. ......... 458,600 24,506,438 *Weatherford International, Inc. ...... 255,000 10,152,188 --------------- 95,464,969 --------------- PERIPHERALS (1.8%) *American Power Conversion Corp. ...... 135,100 5,513,769 Tektronix, Inc. ...................... 207,650 15,366,100 --------------- 20,879,869 --------------- POLLUTION CONTROL (0.4%) *Cuno, Inc. ........................... 210,000 4,856,250 --------------- REAL ESTATE SECURITIES (1.7%) Spieker Properties, Inc. ............. 245,000 11,576,250 Vornado Realty Trust ................. 240,000 8,340,000 --------------- 19,916,250 --------------- RESTAURANTS (1.5%) *Brinker International, Inc. .......... 83,900 2,454,075 *Outback Steakhouse, Inc. ............. 508,200 14,864,850 --------------- 17,318,925 --------------- RETAIL (4.3%) *Best Buy Co., Inc. ................... 77,750 4,917,687 *Dollar Tree Stores, Inc. ............. 382,500 15,132,656 Family Dollar Stores, Inc. ........... 538,000 10,524,625 Limited, Inc. ........................ 711,860 15,393,973 Nordstrom, Inc. ...................... 135,000 3,256,875 --------------- 49,225,816 ---------------
See Accompanying Notes to Financial Statements 45
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) SEMICONDUCTORS (12.2%) *Amkor Technology, Inc. ............... 164,500 $ 5,808,906 *ASM Lithography Holding N.V. ......... 244,350 10,781,944 *Atmel Corp. .......................... 140,750 5,190,156 *Cypress Semiconductor Corp. .......... 324,100 13,693,225 *Flextronics International Ltd. ....... 194,850 13,383,759 *Intersil Holding Corp. ............... 120,000 6,487,500 *Jabil Circuit, Inc. .................. 144,200 7,155,925 *KLA-Tencor Corp. ..................... 102,800 6,020,225 *LAM Research Corp. ................... 213,400 8,002,500 *LSI Logic Corp. ...................... 411,950 22,296,794 *National Semiconductor Corp. ......... 192,450 10,921,537 *QLogic Corp. ......................... 169,200 11,177,775 *Sandisk Corp. ........................ 128,900 7,887,069 *ST Assembly Test Services Ltd. ....... 231,250 5,954,688 *Teradyne, Inc. ....................... 71,200 5,233,200 --------------- 139,995,203 --------------- SERVICES (5.5%) *Apollo Group, Inc. (Class A) ......... 200,800 5,622,400 *Concord EFS, Inc. .................... 500,000 13,000,000 *DST Systems, Inc. .................... 175,000 13,321,875 *Fiserv, Inc. ......................... 320,000 13,840,000 *Keane, Inc. .......................... 158,300 3,423,237 *Mercury Interactive Corp. ............ 30,000 2,902,500 *Solectron Corp. ...................... 236,300 9,895,063 *StorageNetworks, Inc. ................ 12,000 1,083,000 --------------- 63,088,075 --------------- SOFTWARE (13.1%) *Amdocs Ltd. .......................... 241,250 18,515,937 *BEA Systems, Inc. .................... 600,200 29,672,388 *Edwards, J.D. & Co. .................. 238,050 3,585,628 *Electronic Arts, Inc. ................ 130,000 9,481,875 *Intuit, Inc. ......................... 199,800 8,266,725 *Macromedia, Inc. ..................... 112,450 10,872,509 *Peregrine Systems, Inc. .............. 469,600 16,289,250 *Portal Software, Inc. ................ 310,000 19,801,250 *RealNetworks, Inc. ................... 263,000 13,297,938 *Versata, Inc. ........................ 157,800 6,361,313 *Vignette Corp. ....................... 287,300 14,944,089 --------------- 151,088,902 --------------- TELECOMMUNICATION SERVICES (18.9%) *ADC Telecommunications, Inc. ......... 170,000 14,258,750 *Advanced Fibre Communications, Inc. .. 81,750 3,704,297 SHARES OR PRINCIPAL AMOUNT VALUE ------------- -------------- *Alteon WebSystems, Inc. .............. 100,000 10,006,250 *Aspect Telecommunications Corp. ...... 152,150 5,981,397 *AudioCodes Ltd. ...................... 55,000 6,600,000 *Ciena Corp. .......................... 218,800 36,471,225 *Cisco Systems, Inc. .................. 42,436 2,697,338 *Copper Mountain Networks, Inc. ....... 68,950 6,076,219 *Ditech Communications Corp. .......... 157,400 14,884,137 *Efficient Networks, Inc. ............. 150,000 11,034,375 *Exfo Electro-Optical Engineering, Inc. 31,800 1,395,225 *Extreme Networks, Inc. ............... 264,700 27,925,850 *Juniper Networks, Inc. ............... 17,200 2,503,675 *McLeodUSA, Inc. (Class A) ............ 555,000 11,481,562 *Metromedia Fiber Network, Inc. ....... 273,400 10,850,563 *Nextlink Communications, Inc. (Class A) 282,200 10,705,963 *ONI Systems Corp. .................... 43,000 5,039,734 *Polycom, Inc. ........................ 60,700 5,711,491 *Redback Networks, Inc. ............... 36,800 6,591,800 Scientific-Atlanta, Inc. ............. 258,300 19,243,350 *Sycamore Networks, Inc. .............. 42,800 4,724,050 --------------- 217,887,251 --------------- Total Common Stocks (Cost $749,357,869) .................. 1,109,795,059 --------------- CONVERTIBLE PREFERRED STOCK (0.2%) TELECOMMUNICATION EQUIPMENT Nanovation Technologies, Inc. (Private Placement) (Cost $2,164,275) ................... 144,285 2,164,275 --------------- REPURCHASE AGREEMENT (4.3%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $49,433,481. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $49,424,485) .................. $49,424,485 49,424,485 --------------- TOTAL INVESTMENTS (100.9%) (Cost $800,946,629) ...................... 1,161,383,819 OTHER ASSETS LESS LIABILITIES (-0.9%) ...... (10,168,202) --------------- NET ASSETS (100.0%) ........................ $1,151,215,617 ===============
* Non-income producing See Accompanying Notes to Financial Statements 46 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA SMALL CAP FUND, INC. -- ------------------------------------ June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (92.0%) AIRLINES (1.4%) *Atlantic Coast Airlines Holdings, Inc. ...................... 100,400 $ 3,187,700 *EGL, Inc. ............................ 110,100 3,385,575 --------------- 6,573,275 --------------- BANKS (1.4%) Bank United Corp. (Class A) .......... 62,600 2,202,737 City National Corp. .................. 60,300 2,140,650 TCF Financial Corp. .................. 87,700 2,252,794 --------------- 6,596,181 --------------- BROADCASTING (2.2%) *Citadel Communications Corp. ......... 140,000 4,891,250 *Entercom Communications Corp. ........ 110,430 5,383,463 --------------- 10,274,713 --------------- COMPUTERS (4.5%) *Apex, Inc. ........................... 160,400 7,017,500 *C-COR.net Corp. ...................... 166,300 4,490,100 *Concurrent Computer Corp. ............ 171,300 2,248,312 *Radisys Corp. ........................ 126,250 7,164,688 --------------- 20,920,600 --------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (1.5%) PerkinElmer, Inc. .................... 108,800 7,194,400 --------------- ENTERTAINMENT (0.9%) *Imax Corp. ........................... 182,100 4,142,775 --------------- EXPLORATION & PRODUCTION (1.5%) Devon Energy Corp. ................... 88,700 4,983,831 Western Gas Resources, Inc ........... 105,200 2,209,200 --------------- 7,193,031 --------------- FOOD & DRUG RETAIL (0.8%) *Whole Foods Market, Inc. ............. 86,900 3,590,056 --------------- FOOD, BEVERAGE, TOBACCO (0.7%) Adolph Coors Co. (Class B) ........... 51,300 3,103,650 --------------- HEALTH CARE (10.8%) *Alkermes, Inc. ....................... 105,300 4,962,262 Alpharma, Inc. (Class A) ............. 125,300 7,799,925 *AmeriSource Health Corp. (Class A) .............. 76,400 2,368,400 *Angiotech Pharmaceuticals, Inc. ...... 35,800 1,494,650 *Cerner Corp. ......................... 78,500 2,139,125 *First Health Group Corp. ............. 123,400 4,049,063 *Intelligent Polymers Ltd. ............ 33,000 1,200,375 Jones Pharma, Inc. ................... 66,900 2,671,819 *Orthodontic Centers of America, Inc. ....................... 137,600 3,113,200 *Patterson Dental Co. ................. 53,300 2,718,300 *Priority Healthcare Corp. (Class B) ..................... 108,400 8,055,475 *Shire Pharmaceuticals Group plc, ADR ...................... 103,240 5,355,575 *Spiros Development Corp. II, Inc. ...................... 30,000 446,250 *Universal Health Services, Inc. (Class B) ............ 63,000 4,158,000 --------------- 50,532,419 --------------- HOTELS & GAMING (0.5%) Intrawest Corp. ...................... 130,500 2,479,500 --------------- LEISURE PRODUCTS (1.1%) Callaway Golf Co. .................... 324,600 5,295,038 --------------- MACHINERY (0.7%) *Astec Industries, Inc. ............... 126,200 3,202,325 --------------- MEDICAL DEVICES (1.7%) *Aspect Medical Systems, Inc. ......... 59,950 1,618,650 *Oratec Interventions, Inc. ........... 64,700 2,159,363 *ResMed, Inc. ......................... 49,350 1,320,112 *Zoll Medical Corp. ................... 55,800 2,734,200 --------------- 7,832,325 --------------- OIL SERVICES (10.5%) Coflexip SA, ADR ..................... 36,700 2,220,350 *Grant Prideco, Inc. .................. 159,400 3,985,000 *Hanover Compressor Co. ............... 62,200 2,363,600 *Marine Drilling Companies, Inc. ..................... 164,500 4,606,000 *Natco Group, Inc. (Class A) .......... 102,400 966,400 *National-Oilwell, Inc. ............... 176,700 5,809,013
See Accompanying Notes to Financial Statements 47
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) *Noble Drilling Corp. ................. 155,700 $ 6,412,894 *Patterson Energy, Inc. ............... 182,800 5,209,800 *Precision Drilling Corp. ............. 179,800 6,944,775 *Stolt Offshore SA .................... 76,500 1,080,562 *UTI Energy Corp. ..................... 119,900 4,810,987 *Veritas DGC, Inc. .................... 187,500 4,875,000 --------------- 49,284,381 --------------- PERIPHERALS (4.0%) *Maxtor Corp. ......................... 176,750 1,866,922 *Power-One, Inc. ...................... 148,650 16,936,809 --------------- 18,803,731 --------------- POLLUTION CONTROL (1.1%) *Tetra Tech, Inc. ..................... 225,850 5,166,319 --------------- REAL ESTATE SECURITIES (0.7%) Cousins Properties, Inc. ............. 82,100 3,160,850 --------------- RESTAURANTS (1.0%) *Cheesecake Factory, Inc., The ........ 71,250 1,959,375 *P.F. Chang's China Bistro, Inc. ...... 88,000 2,810,500 --------------- 4,769,875 --------------- RETAIL (3.3%) *InterTan, Inc. ....................... 78,550 922,963 *Linens `N Things, Inc. ............... 91,800 2,490,075 *Michaels Stores, Inc. ................ 136,800 6,267,150 *Pacific Sunwear of California, Inc. .................... 259,400 4,863,750 *Tweeter Home Entertainment Group, Inc. ........... 27,150 824,681 --------------- 15,368,619 --------------- SEMICONDUCTORS (15.4%) *Advanced Energy Industries, Inc. .................... 21,550 1,270,103 *ASE Test Ltd.* ....................... 144,400 4,250,775 *ASM International NV ................. 138,200 3,662,300 *Atmel Corp. .......................... 64,750 2,387,656 Cohu, Inc. ........................... 26,050 702,536 *Credence Systems Corp. ............... 56,200 3,101,537 *Cymer, Inc. .......................... 85,600 4,087,400 *duPont Photomasks, Inc. .............. 62,400 4,274,400 *Electro Scientific Industries, Inc. .. 40,500 1,783,266 *Exar Corp. ........................... 45,000 3,923,438 *Integrated Device Technology, Inc. .................... 125,800 7,532,275 Keithley Instruments, Inc. ........... 43,700 3,807,363 *Lattice Semiconductor Corp. .......... 84,200 5,820,325 *Manufacturers Services Ltd. .......... 38,700 795,769 *Mattson Technology, Inc. ............. 197,200 6,409,000 *MIPS Technologies, Inc. (Class A) .... 17,050 724,625 *MMC Networks, Inc. ................... 106,300 5,680,406 *Photronics, Inc. ..................... 165,950 4,708,831 *Sandisk Corp. ........................ 66,800 4,087,325 *Therma-Wave, Inc. .................... 60,100 1,340,981 *Viasystems Group, Inc. ............... 117,100 1,895,556 --------------- 72,245,867 --------------- SERVICES (8.1%) *Acxiom Corp. ......................... 321,500 8,760,875 *American Management Systems, Inc. ....................... 123,900 4,067,405 *Apollo Group, Inc. (Class A) ......... 53,000 1,484,000 *Black Box Corp. ...................... 27,100 2,145,558 *Documentum, Inc. ..................... 67,950 6,073,031 *Getty Images, Inc. ................... 56,500 2,094,031 *Multex.com, Inc. ..................... 249,350 6,280,503 *Nova Corp. ........................... 124,275 3,471,933 *StorageNetworks, Inc. ................ 4,900 442,225 *Technology Solutions Co. ............. 277,000 1,713,938 *TriZetto Group, Inc. ................. 89,800 1,453,637 --------------- 37,987,136 --------------- SOFTWARE (10.4%) *Advent Software, Inc. ................ 66,000 4,257,000 *Amdocs Ltd. .......................... 76,800 5,894,400 *Bindview Development Corp. ........... 238,550 2,862,600 *BSquare Corp. ........................ 33,600 753,900 *Clarus Corp. ......................... 71,600 2,783,450 *HNC Software, Inc. ................... 157,300 9,713,275 *Hyperion Solutions Corp. ............. 46,200 1,498,612 *Internet Pictures Corp. .............. 134,004 2,026,811 *Macromedia, Inc. ..................... 46,250 4,471,797 *Matrixone, Inc. ...................... 9,800 398,125 *Remedy Corp. ......................... 96,900 5,402,175 *Symantec Corp. ....................... 62,250 3,357,609 *Verity, Inc. ......................... 143,850 5,466,300 --------------- 48,886,054 ---------------
See Accompanying Notes to Financial Statements 48
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) TELECOMMUNICATION SERVICES (0.5%) *GT Group Telecom, Inc. (Class B) ..... 132,300 $ 2,091,994 --------------- TELECOMMUNICATION EQUIPMENT (7.3%) *Adaptive Broadband Corp. ............. 59,300 2,179,275 *Advanced Fibre Communications, Inc. ................ 30,150 1,366,172 *Amphenol Corp. (Class A) ............. 93,000 6,155,438 *Andrew Corp. ......................... 119,800 4,020,788 *Commscope, Inc. ...................... 57,900 2,373,900 *Digital Microwave Corp. .............. 61,400 2,340,875 *Proxim, Inc. ......................... 9,150 905,564 *Tekelec .............................. 144,300 6,953,456 *TUT Systems, Inc. .................... 40,900 2,346,637 *Virata Corp. ......................... 92,500 5,515,312 --------------- 34,157,417 --------------- Total Common Stocks (Cost $325,347,573) .................. 430,852,531 --------------- CONVERTIBLE PREFERRED STOCK (0.1%) TELECOMMUNICATION EQUIPMENT *Nanovation Technologies, Inc. (Private Placement) (Cost $626,715) ..................... 41,781 626,715 --------------- WARRANT (0.0%) *Dura Pharmaceuticals, Inc. (12/31/2002) ........................ 30,000 11,250 --------------- REPURCHASE AGREEMENTS (7.5%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $21,185,527. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 ...................... 21,181,672 21,181,672 Merrill Lynch 6.54% dated 06/30/2000, due 07/03/2000 in the amount of $13,602,437. Collateralized by U.S. Treasury Bonds 8.75% to 10.625% due 11/15/2009 to 05/15/2017 ........ 13,600,000 13,600,000 --------------- Total Repurchase Agreements (Cost $34,781,672) ................... 34,781,672 --------------- TOTAL INVESTMENTS (99.6%) (Cost $360,755,960) ...................... 466,272,168 OTHER ASSETS LESS LIABILITIES (0.4%) ....... 1,942,460 --------------- NET ASSETS (100.0%) ........................ $ 468,214,628 ===============
* Non-income producing. See Accompanying Notes to Financial Statements 49 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- ---------------------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (93.0%) REAL ESTATE INVESTMENT TRUSTS APARTMENTS (14.7%) Apartment Investment & Management Co. (Class A) ............ 229,800 $ 9,938,850 Archstone Communities Trust ............................... 309,671 6,522,445 AvalonBay Communities, Inc. .......... 401,064 16,744,422 Equity Residential Properties Trust .................... 224,603 10,331,738 Post Properties, Inc. ................ 144,000 6,336,000 --------------- 49,873,455 --------------- COMMUNITY CENTERS (8.8%) Kimco Realty Corp. ................... 208,500 8,548,500 Pan Pacific Retail Properties, Inc. .. 124,300 2,501,538 Vornado Realty Trust ................. 543,200 18,876,200 --------------- 29,926,238 --------------- HEALTH CARE (0.7%) Nationwide Health Properties, Inc. .................... 183,700 2,560,319 --------------- INDUSTRIAL (27.2%) Alexandria Real Estate Equities, Inc. ...................... 149,500 5,129,719 AMB Property Corp. ................... 265,500 6,056,719 Cabot Industrial Trust ............... 219,700 4,325,344 Centerpoint Properties Corp. ......... 104,700 4,266,525 First Industrial Realty Trust, Inc. .. 226,300 6,675,850 Istar Financial, Inc. ................ 256,335 5,367,014 Liberty Property Trust ............... 263,000 6,821,562 Prologis Trust ....................... 990,345 21,106,728 Public Storage, Inc. ................. 718,232 16,833,562 Spieker Properties, Inc. ............. 327,200 15,460,200 --------------- 92,043,223 --------------- LODGING (8.8%) Host Marriott Corp. .................. 928,400 8,703,750 Starwood Hotels & Resorts Worldwide, Inc. ..................... 656,000 21,197,000 --------------- 29,900,750 --------------- OFFICE (22.7%) Boston Properties, Inc. .............. 232,500 8,980,313 Cousins Properties, Inc. ............. 374,800 14,429,800 Equity Office Properties Trust ....... 563,318 15,526,452 Mack-Cali Realty Corp. ............... 167,500 4,302,656 Prentiss Properties Trust ............ 339,600 8,150,400 Reckson Associates Realty Corp. ........................ 431,300 10,243,375 Trizec Hahn Corp. .................... 847,800 15,154,425 --------------- 76,787,421 --------------- OTHER (1.8%) *Catellus Development Corp. ........... 396,400 5,946,000 --------------- SHOPPING MALLS (8.3%) General Growth Properties, Inc. ...... 413,400 13,125,450 Simon Property Group, Inc. ........... 670,756 14,882,399 --------------- 28,007,849 --------------- Total Common Stocks (Cost $297,340,847) .................. 315,045,255 --------------- REPURCHASE AGREEMENTS (6.7%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $17,305,759. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 ...................... $17,302,610 17,302,610 Merrill Lynch 6.54% dated 06/30/2000, due 07/03/2000 in the amount of $5,500,985. Collateralized by U.S. Treasury Bonds 8.75% to 10.625% due 11/15/2009 to 05/15/2017 ........ 5,500,000 5,500,000 --------------- Total Repurchase Agreements (Cost $22,802,610) ................... 22,802,610 --------------- TOTAL INVESTMENTS (99.7%) (Cost $320,143,457) ...................... 337,847,865 OTHER ASSETS LESS LIABILITIES (0.3%) ....... 927,349 --------------- NET ASSETS (100.0%) ........................ $ 338,775,214 ===============
* Non-income producing See Accompanying Notes to Financial Statements 50 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------- June 30, 2000 (Unaudited)
SHARES VALUE ------------- -------------- COMMON STOCKS (59.9%) BANKS (3.7%) Bank of New York Co., Inc. ........ 109,600 $ 5,096,400 Capital One Financial Corp. ....... 76,750 3,424,969 Citigroup, Inc. ................... 382,075 23,020,019 Washington Mutual, Inc. ........... 289,150 8,349,206 --------------- 39,890,594 --------------- BROADCASTING (2.3%) *America Online, Inc. .............. 147,950 7,804,362 *AT&T Corp. - Liberty Media Group (Class A) .................. 299,728 7,268,404 *Clear Channel Communications, Inc. 76,050 5,703,750 *USA Networks, Inc. ................ 196,700 4,253,638 --------------- 25,030,154 --------------- BROKERS/MONEY MANAGERS (2.2%) American Express Co. .............. 221,100 11,524,838 Merrill Lynch & Co. ............... 14,050 1,615,750 Morgan Stanley Dean Witter & Co. .. 89,100 7,417,575 Schwab (Charles) Corp. ............ 99,150 3,333,918 --------------- 23,892,081 --------------- CABLE (0.3%) *Charter Communications, Inc. (Class A) ......................... 232,150 3,815,965 --------------- COMPUTERS (3.1%) *Apple Computer, Inc. .............. 65,000 3,404,375 Compaq Computer Corp. ............. 214,650 5,486,991 *Dell Computer Corp. ............... 289,750 14,288,297 International Business Machines, Inc. 29,700 3,254,006 *Sun Microsystems, Inc. ............ 79,100 7,193,156 --------------- 33,626,825 --------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (4.7%) Corning, Inc. ..................... 21,100 5,694,363 General Electric Co. .............. 472,500 25,042,500 Honeywell International, Inc. ..... 149,500 5,036,281 Tyco International Ltd. ........... 326,152 15,451,451 --------------- 51,224,595 --------------- ENTERTAINMENT (0.8%) Time Warner, Inc. ................. 108,850 8,272,600 --------------- HEALTH CARE (7.7%) Merck & Co., Inc. ................. 189,950 14,554,919 Pfizer, Inc. ...................... 840,950 40,365,600 Pharmacia Corp. ................... 282,100 14,581,044 Schering-Plough Corp. ............. 283,750 14,329,375 --------------- 83,830,938 --------------- INSURANCE - PROPERTY & CASUALTY (1.5%) American International Group, Inc. 140,875 16,552,812 --------------- INTERNATIONAL INTEGRATED (1.7%) Exxon Mobil Corp. ................. 176,087 13,822,830 Royal Dutch Petroleum Co. ......... 78,500 4,832,656 --------------- 18,655,486 --------------- MATERIALS (0.4%) Dow Chemical Co. .................. 60,100 1,814,269 International Paper Co. ........... 91,850 2,738,278 --------------- 4,552,547 --------------- MEDICAL DEVICES (0.4%) *Guidant Corp. ..................... 91,700 4,539,150 --------------- MORTGAGE/FINANCE COMPANIES (0.8%) Fannie Mae ........................ 55,750 2,909,453 Freddie Mac ....................... 138,400 5,605,200 --------------- 8,514,653 --------------- OIL SERVICES (3.1%) *BJ Services Co. ................... 111,600 6,975,000 *Global Marine, Inc. ............... 180,050 5,075,159 *Grant Prideco, Inc. ............... 5,600 140,000 *Nabors Industries, Inc. ........... 187,850 7,807,516 *Noble Drilling Corp. .............. 189,800 7,817,388 Transocean Sedco Forex, Inc. ...... 29,150 1,557,703 *Weatherford International, Inc. ... 100,500 4,001,156 --------------- 33,373,922 --------------- PERIPHERALS (0.8%) *EMC Corp. ......................... 112,500 8,655,469 --------------- RETAIL (2.7%) *Best Buy Co., Inc. ................ 175,550 11,103,538 Home Depot, Inc. .................. 108,250 5,405,734 Wal-Mart Stores, Inc. ............. 231,600 13,345,950 --------------- 29,855,222 ---------------
See Accompanying Notes to Financial Statements 51
SHARES VALUE ------------- -------------- COMMON STOCKS (CONTINUED) SEMICONDUCTORS (7.7%) *Altera Corp. ...................... 41,600 $ 4,240,600 *Applied Materials, Inc. ........... 126,550 11,468,594 *Atmel Corp. ....................... 85,450 3,150,969 Intel Corp. ....................... 242,000 32,352,375 *Micron Technology, Inc. ........... 313,300 27,589,981 Texas Instruments, Inc. ........... 71,300 4,897,419 --------------- 83,699,938 --------------- SERVICES (1.5%) *Celestica, Inc. ................... 97,600 4,843,400 *Computer Sciences Corp. ........... 149,100 11,135,906 --------------- 15,979,306 --------------- SOFTWARE (3.4%) *Amdocs Ltd. ....................... 151,700 11,642,975 *Microsoft Corp. ................... 171,600 13,728,000 *Oracle Corp. ...................... 146,300 12,298,344 --------------- 37,669,319 --------------- TELECOMMUNICATION SERVICES (4.6%) AT&T Corp. ........................ 106,020 3,352,883 *Global Crossing Ltd. .............. 75,100 1,976,068 GTE Corp. ......................... 124,200 7,731,450 *McLeodUSA, Inc. (Class A) ......... 105,200 2,176,325 *Nextel Communications, Inc. ....... 33,200 2,031,425 SBC Communications, Inc. .......... 162,200 7,015,150 *Sprint Corp. (PCS Group) .......... 100,800 5,997,600 US West, Inc. ..................... 226,900 19,456,675 --------------- 49,737,576 --------------- TELECOMMUNICATIONS EQUIPMENT (6.5%) *Cisco Systems, Inc. ............... 342,500 21,770,156 *JDS Uniphase Corp. ................ 51,650 6,191,544 Lucent Technologies, Inc. ......... 272,360 16,137,330 Motorola, Inc. .................... 186,500 5,420,156 Nokia Corp. ....................... 89,600 4,474,400 Nortel Networks Corp. ............. 121,200 8,271,900 *Tellabs, Inc. ..................... 125,450 8,585,484 --------------- 70,850,970 --------------- Total Common Stocks (Cost $451,953,938) ............... 652,220,122 --------------- BONDS (36.8%) U.S. GOVERNMENT SECURITIES (15.0%) U.S. TREASURY INFLATION INDEX BONDS (0.9%) 3.375% 01/15/2007 ................. 10,049,115 9,639,300 --------------- U.S. TREASURY BONDS (3.4%) ***8.875% 08/15/2017 ................. 24,335,000 30,951,078 8.125% 08/15/2019 ................. 4,750,000 5,728,946 --------------- 36,680,024 --------------- U.S. AGENCY BONDS (0.3%) Federal Home Loan Bank 6.00% 08/15/2002 ................. 3,110,000 3,049,262 --------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (4.3%) 7.00% 10/15/2026 - 05/15/2029 14,557,804 14,152,915 7.50% 08/15/2029 - 10/15/2029 2,127,192 2,111,238 8.00% 10/15/2026 - 04/15/2030 30,100,941 30,420,763 --------------- 46,684,916 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (1.6%) **8.00% 7/15/2030 ................ 18,040,000 18,118,925 --------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.3%) FHA Insured Project Pool #53-43077 9.125% 07/25/2033 ............... 1,580,221 1,617,107 FHA Insured Project Pool #55 7.43% 04/01/2022 ................ 1,488,335 1,445,769 --------------- 3,062,876 --------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (4.2%) GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 2000-6 Cl. VC 7.50% 04/20/2017 ................ 5,652,000 5,620,179 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. B 7.00% 08/20/2026 ................ 3,903,566 3,743,054 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-10 Cl. UU 6.50% 01/25/2024 ................ 2,195,000 1,950,801 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-43 Cl. E 6.50% 02/25/2024 ................ 1,432,843 1,365,227 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1998-61 Cl. PK 6.00% 12/25/2026 ................ 4,670,000 4,243,863
See Accompanying Notes to Financial Statements 52
PRINCIPAL AMOUNT VALUE ------------- -------------- BONDS (CONTINUED) FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1998-63 Cl. PG 6.00% 03/25/2027 ................ $ 4,450,000 $ 4,067,411 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-68 Cl. PJ 7.00% 10/18/2027 ................ 3,000,000 2,866,818 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2153 Cl. CC 6.00% 08/15/2014 ................ 2,160,000 2,056,709 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2116 Cl. VC 6.00% 11/15/2014 ................ 6,440,000 5,749,736 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.25% 07/15/2023 ................ 282,706 286,503 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2065 Cl. PB 6.25% 01/15/2024 ................ 883,000 842,391 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2114 Cl. PF 6.00% 04/15/2027 ................ 3,000,000 2,748,160 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2123 Cl. PE 6.00% 12/15/2027 ................ 2,210,000 2,009,023 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2186 Cl. PG 6.00% 07/15/2028 ................ 4,770,000 4,324,324 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2237 Cl. VB 7.00% 06/25/2030 ................ 4,000,000 3,875,600 --------------- 45,749,799 --------------- Total U.S. Government Securities (Cost $163,725,324) ............... 162,985,102 --------------- CORPORATES (13.3%) INDUSTRIAL (7.9%) Allied Holdings, Inc. Series B 8.625% 10/01/2007 ............... 500,000 442,500 Allied Waste North America, Inc. 7.625% 01/01/2006 ............... 1,000,000 870,000 Aluminum Co. of America, Series B 6.50% 06/15/2018 3,050,000 2,715,415 Ball Corp. 7.75% 08/01/2006 ................ 850,000 794,750 CSC Holdings, Inc. 7.875% 12/15/2007 ............... 3,500,000 3,386,355 CSC Holdings, Inc. Series B 8.125% 08/15/2009 ............... 200,000 194,414 Canadian National Railway Co. 6.45% 07/15/2006 ................ 675,000 631,058 Canadian National Railway Co. Series 1997-A2 7.195% 01/02/2016 ............... 1,200,000 1,084,032 Coca-Cola Enterprises, Inc. 6.75% 01/15/2038 ................ 4,150,000 3,475,749 Conoco, Inc. 5.90% 04/15/2004 ................ 1,000,000 954,930 Cox Communications, Inc. 7.00% 08/15/2001 ................ 2,975,000 2,956,287 Cox Enterprises, Inc. (144A) 8.00% 02/15/2007 ................ 700,000 693,784 Diageo Capital plc 6.625% 06/24/2004 ............... 4,000,000 3,887,240 DaimlerChrysler N.A. Holdings 7.125% 04/10/2003 ............... 4,600,000 4,565,270 Dow Chemical Co. 7.375% 11/01/2029 ............... 2,225,000 2,157,293 Federal Express Corp. Pass Thru Trust Series 1997-1C 7.65% 01/15/2014 ................ 2,012,391 1,943,225 Federated Department Stores, Inc. 6.30% 04/01/2009 ................ 2,200,000 1,933,140 8.50% 06/01/2010 ................ 2,550,000 2,598,144 Ford Motor Credit Co. 6.70% 07/16/2004 ................ 7,000,000 6,782,020 Gulf Canada Resources Ltd. 9.625% 07/01/2005 ............... 2,500,000 2,531,250 Honeywell International, Inc. 7.50% 03/01/2010 ................ 2,120,000 2,124,251 International Paper Co. (144A) 8.00% 07/08/2003 ................ 1,700,000 1,707,106 Jones Intercable, Inc. 8.875% 04/01/2007 ............... 1,425,000 1,449,838 Lenfest Communications, Inc. 8.375% 11/01/2005 ............... 650,000 658,736 Lowe's Cos., Inc. 6.50% 03/15/2029 ................ 2,825,000 2,283,702
See Accompanying Notes to Financial Statements 53
PRINCIPAL AMOUNT VALUE ------------- -------------- BONDS (CONTINUED) MCI Worldcom, Inc. 7.55% 04/01/2004 ................ $ 2,400,000 $ 2,380,968 8.875% 01/15/2006 ............... 1,000,000 1,036,860 Park Place Entertainment Corp. 9.375% 02/15/2007 ............... 1,725,000 1,725,000 Phillips Petroleum Co. 8.50% 05/25/2005 ................ 3,090,000 3,192,217 Qwest Communications International, Inc. 0.00% to 10/15/2002 then 9.47% to 10/15/2007 ............. 2,000,000 1,664,720 Shaw Communications, Inc. 8.25% 04/11/2010 ................ 1,400,000 1,411,354 Teekay Shipping Corp. Gtd. 1st Pfd. Ship. Mtg. Notes 8.32% 02/01/2008 ................ 1,000,000 930,000 TCI Communications, Inc. 8.00% 08/01/2005 ................ 1,900,000 1,940,090 Time Warner, Inc. 7.975% 08/15/2004 ............... 4,303,000 4,381,306 Tyco International Group S.A. 6.25% 06/15/2003 ................ 4,500,000 4,296,510 USA Networks, Inc. 6.75% 11/15/2005 ................ 1,000,000 949,098 USA Waste Services, Inc. 6.125% 07/15/2001 ............... 6,585,000 6,359,266 United Technologies Corp. 6.50% 06/01/2009 ................ 1,685,000 1,589,848 Westpoint Stevens, Inc. 7.875% 06/15/2005 ............... 1,575,000 1,315,125 --------------- 85,992,851 --------------- FINANCIAL (2.4%) Bank of America Corp. 6.625% 06/15/2004 ............... 3,575,000 3,456,310 Chase Manhattan Corp. Medium Term Notes, Series C 6.75% 12/01/2004 ................ 4,250,000 4,140,265 CIT Group, Inc. 7.375% 03/15/2003 ............... 4,500,000 4,441,239 Lehman Brothers, Inc. 7.00% 10/01/2002 ................ 4,400,000 4,328,588 Morgan Stanley Dean Witter & Co. 7.75% 06/15/2005 ................ 4,200,000 4,229,021 Travelers Property Casualty Corp. 6.75% 11/15/2006 ................ 2,350,000 2,243,522 Wachovia Corp. 5.625% 12/15/2008 ............... 4,350,000 3,744,741 --------------- 26,583,686 --------------- UTILITIES (3.0%) Arizona Public Service Co. 5.875% 02/15/2004 ............... 4,100,000 3,843,996 Coastal Corp. 6.50% 05/15/2006 ................ 5,250,000 4,975,373 Edison Mission Energy 7.73% 06/15/2009 ................ 3,200,000 3,120,512 Kinder Morgan Energy Partners L.P. 8.00% 03/15/2005 ................ 3,900,000 3,914,453 MidAmerican Funding Corp. 5.85% 03/01/2001 ................ 7,675,000 7,591,864 National Rural Utilities Cooperative Finance Corp. 6.55% 11/01/2018 ................ 4,295,000 3,817,482 TXU Eastern Funding Co. 6.45% 05/15/2005 ................ 5,200,000 4,848,246 --------------- 32,111,926 --------------- Total Corporates Cost ($149,935,562) ............... 144,688,463 --------------- NON-CORPORATES (0.9%) British Columbia Province 5.375% 10/29/2008 ............... 2,150,000 1,894,559 Korea Development Bank 6.50% 11/15/2002 ................ 775,000 750,471 7.125% 04/22/2004 ............... 2,375,000 2,296,487 Quebec Province 6.50% 01/17/2006 ................ 3,100,000 2,991,035 7.125% 02/09/2024 ............... 2,000,000 1,889,160 --------------- Total Non-Corporates (Cost $10,204,108) ............... 9,821,712 --------------- OTHER SECURITIZED LOANS (7.4%) ASSET-BACKED SECURITIES (3.5%) Cityscape Home Equity Loan Trust Series 1997-B Cl. A7 7.41% 05/25/2028 ................ 3,855,283 3,791,803 Cityscape Home Loan Owner Trust Series 1997-4 Cl. A4 7.44% 10/25/2018 ................ 5,000,000 4,912,470
See Accompanying Notes to Financial Statements 54
PRINCIPAL AMOUNT VALUE ------------- -------------- OTHER SECURITIZED LOANS (CONTINUED) First Alliance Mortgage Trust Series 1996-1 Cl. A1 7.34% 06/20/2027 ................ $ 670,452 $ 665,427 IMC Home Equity Loan Trust Series 1997-3 Cl. A6 7.52% 08/20/2028 ................ 2,310,000 2,256,050 IMC Home Equity Loan Trust Series 1997-5 Cl. A9 7.31% 11/20/2028 ................ 2,180,000 2,113,606 Merit Securities Corp. Series 13 Cl. A4 7.88% 12/28/2033 ................ 2,310,000 2,304,864 New Century Home Equity Loan Trust Series 1997-NC5 Cl. A5 7.13% 10/25/2028 ................ 11,760,000 11,389,031 Salomon Brothers Mortgage Securities VII, Inc. Series 1996-LB2 Cl. A8 7.80% 10/25/2026 ................ 2,800,000 2,798,026 Salomon Brothers Mortgage Securities VII, Inc. Series 1998-AQ1 Cl. A5 7.15% 06/25/2028 ................ 3,000,000 2,928,705 The Money Store Residential Trust Series 1997-II Cl. A4 7.385% 03/15/2029 ............... 3,862,000 3,803,587 UCFC Funding Corp. Series 1997-1 Cl. A3 7.055% 09/15/2013 ............... 1,790,000 1,777,175 --------------- 38,740,744 --------------- COLLATERALIZED MORTGAGE OBLIGATIONS (2.4%) +Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 5.579% 01/25/2025 ............... 3,383,278 3,040,627 --------------- CMC Securities Corp. IV Series 1997-2 Cl. 1A12 7.25% 11/25/2027 ................ 7,235,000 6,972,370 Headlands Mortgage Securities, Inc. Series 1997-3 Cl. 1A6 7.00% 07/25/2027 ................ 5,360,000 5,214,932 PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP2 7.50% 07/25/2027 ................ 2,750,000 2,695,606 Residential Asset Securitization Trust Series 1998-A8 Cl. A2 6.75% 08/25/2028 ................ 1,136,374 1,108,854 +Saco I, Inc. (144A) Series 1995-1 Cl. A 5.872% 9/25/2024 ................ 1,841,376 1,703,008 Structured Asset Securities Corp. Series 1999-ALS2 Cl. A2 6.75% 07/25/2029 ................ 5,872,084 5,667,003 --------------- 26,402,400 --------------- COMMERCIAL MORTGAGE-BACKED SECURITIES (1.5%) Commercial Capital Access One, Inc. (144A) Series 3 Cl. A2 6.615% 11/15/2028 ............... 6,460,000 6,080,774 Morgan Stanley Capital I, Inc. Series 1999-CAM Cl. A3 6.92% 11/15/2008 ................ 5,560,000 5,432,370 NationsLink Funding Corp. Series 1999-SL Cl. A5 6.888% 06/10/2007 ............... 3,480,000 3,360,585 +Nomura Asset Securities Corp. Series 1994-MD1 Cl. A1B 7.70% 03/15/2018 ................ 1,323,925 1,323,614 --------------- 16,197,343 --------------- Total Other Securitized Loans (Cost $83,673,667) 81,340,487 --------------- TAXABLE MUNICIPAL BONDS (0.2%) Chicago Ill. Tax Increment Taxable Allocation Central Loop B 6.375% 06/01/2003 (Cost $2,327,535) ............... 2,250,000 2,195,662 --------------- Total Bonds (Cost $409,866,196) .............. 401,031,426 ---------------
See Accompanying Notes to Financial Statements 55
PRINCIPAL AMOUNT VALUE ------------- -------------- REPURCHASE AGREEMENT (2.6%) J.P. Morgan Securities, Inc. 6.64% Dated 06/30/2000, due 07/03/2000 in the amount of $27,928,477 Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $27,923,395) ............... $ 27,923,395 $ 27,923,395 --------------- TOTAL INVESTMENTS (99.3%) (Cost $889,743,529) ................... 1,081,174,943 OTHER ASSETS LESS LIABILITIES (0.7%) .... 7,304,349 --------------- NET ASSETS (100.0%) ..................... $1,088,479,292 ===============
* Non-income producing. ** 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 June 30, 2000. See Accompanying Notes to Financial Statements 56 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------- -------------- U.S. TREASURY NOTES (96.5%) 4.625% 12/31/2000 ................ $12,650,000 $12,539,313 6.625% 06/30/2001 ................ 9,575,000 9,583,977 5.875% 10/31/2001 ................ 4,000,000 3,968,125 6.125% 12/31/2001 ................ 5,625,000 5,596,875 5.50% 01/31/2003 ................. 2,700,000 2,642,203 --------------- Total U.S. Treasury Notes (Cost $34,468,732) ............... 34,330,493 --------------- REPURCHASE AGREEMENT (3.4%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $1,220,891. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $1,220,669) ............... 1,220,669 1,220,669 --------------- TOTAL INVESTMENTS (99.9%) (Cost $35,689,401) ................... 35,551,162 OTHER ASSETS LESS LIABILITIES (0.1%) ... 33,791 --------------- NET ASSETS (100.0%) .................... $ 35,584,953 ===============
See Accompanying Notes to Financial Statements 57 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------- -------------- U.S. GOVERNMENT SECURITIES (42.5%) U.S. TREASURY INFLATION INDEX BONDS (2.0%) 3.375% 01/15/2007 ................ $ 8,077,111 $ 7,747,717 --------------- U.S. TREASURY BONDS (8.1%) **8.875% 08/15/2017 .............. 16,180,000 20,578,938 8.125% 08/15/2019 ................ 8,400,000 10,131,188 30,710,126 --------------- U.S. AGENCY DISCOUNT NOTES (1.4%) Federal Home Loan Mortgage Corp. 6.09% 07/06/2000 ................. 5,400,000 5,395,485 --------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (10.8%) 7.50% 06/15/2029 - 09/15/2029 .... 7,124,570 7,071,136 8.00% 10/15/2026 - 03/15/2030 .... 33,876,416 34,236,351 --------------- 41,307,487 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (4.3%) 7.00% 12/01/2029 - 01/01/2030 .... 4,751,711 4,573,521 *8.00% 04/15/2030 ................ 11,810,000 11,861,669 --------------- 16,435,190 --------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.6%) FHA Insured Project Pool #051-11078 8.35% 04/01/2030 ................. 2,181,339 2,201,293 --------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (15.3%) GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1999-14 Cl. VD 6.00% 03/20/2014 ................. 4,400,000 3,996,542 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 2000-15 Cl. PD 7.50% 05/20/2026 ................. 3,722,500 3,717,614 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1999-13 Cl. PC 6.00% 03/20/2028 ................. 7,520,000 6,850,758 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1998-49 Cl. TD 6.25% 12/18/2023 ................. 6,410,000 6,107,512 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1999-19 Cl. PF 6.00% 06/25/2024 ................. 1,480,000 1,380,100 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1998-61 Cl. PK 6.00% 12/25/2026 ................. 2,530,000 2,299,137 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 24 Cl. J 6.25% 11/25/2023 ................. 2,310,000 2,148,127 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2116 Cl. VC 6.00% 11/15/2014 ................. 6,510,000 5,812,233 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1558 Cl. C 6.50% 07/15/2023 ................. 2,191,000 2,084,445 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.25% 07/15/2023 ................. 643,348 651,988 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2065 Cl. PB 6.25% 01/15/2024 ................. 1,050,000 1,001,711 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2085 Cl. PD 6.25% 11/15/2026 ................. 2,251,000 2,084,989 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2114 Cl. PF 6.00% 04/15/2027 ................. 2,480,000 2,271,812 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2155 Cl. PG 6.00% 07/15/2027 ................. 4,070,000 3,708,971 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2113 Cl. MU 6.50% 08/15/2027 ................. 2,130,000 1,999,537 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2123 Cl. PE 6.00% 12/15/2027 ................. 3,325,000 3,022,624 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2136 Cl. PE 6.00% 01/15/2028 ................. 4,910,000 4,483,474 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2237 Cl. VB 7.00% 06/25/2030 ................. 4,695,000 4,548,985 --------------- 58,170,559 --------------- Total U.S. Government Securities (Cost $162,087,880) ................ 161,967,857 ---------------
See Accompanying Notes to Financial Statements 58
PRINCIPAL AMOUNT VALUE ------------- -------------- CORPORATES (36.7%) INDUSTRIAL (26.8%) Aluminum Co. of America, Series B 6.50% 06/15/2018 ................. $ 2,325,000 $ 2,069,948 Anadarko Petroleum Corp. 6.625% 01/15/2028 ................ 3,125,000 2,619,813 Anheuser-Busch Cos., Inc. 5.75% 04/01/2010 ................. 3,800,000 3,351,790 Ball Corp. 7.75% 08/01/2006 ................. 850,000 794,750 Calpine Corp. 8.75% 07/15/2007 ................. 1,000,000 990,000 Clear Channel Communications, Inc. 7.875% 06/15/2005 ................ 1,600,000 1,604,592 Coca-Cola Enterprises, Inc. 6.75% 01/15/2038 ................. 3,850,000 3,224,491 Conoco, Inc. 5.90% 04/15/2004 ................. 3,200,000 3,055,776 Cox Enterprises, Inc. (144A) 8.00% 02/15/2007 ................. 400,000 396,448 CSC Holdings, Inc. 7.875% 12/15/2007 ................ 1,500,000 1,451,295 DaimlerChrysler N.A. Holdings 7.125% 04/10/2003 ................ 4,000,000 3,969,800 Diageo Capital plc 6.625% 06/24/2004 ................ 550,000 534,496 Dow Chemical Co. 7.375% 11/01/2029 ................ 2,650,000 2,569,361 Federal Express Corp. Pass Thru Trust Series 1997-1C 7.65% 01/15/2014 ................. 2,103,863 2,031,553 Federated Department Stores, Inc. 6.30% 04/01/2009 ................. 1,000,000 878,700 8.50% 06/01/2010 ................. 1,400,000 1,426,432 Flag Ltd. 8.25% 01/30/2008 ................. 500,000 440,000 Ford Motor Credit Co. 6.70% 07/16/2004 ................. 5,700,000 5,522,502 General Electric Capital Corp. Medium Term Notes 5.65% 03/31/2003 ................. 3,900,000 3,745,599 Gulf Canada Resources Ltd. 9.625% 07/01/2005 ................ 1,900,000 1,923,750 Heritage Media Corp. 8.75% 02/15/2006 ................. 1,250,000 1,231,250 Honeywell International, Inc. 7.50% 03/01/2010 ................. 2,100,000 2,104,210 ICI Wilmington, Inc. 7.05% 09/15/2007 ................. 3,805,000 3,547,021 International Paper Co. (144A) 8.00% 07/08/2003 ................. 1,850,000 1,857,733 Kroger Co., Series B 6.34% 06/01/2001 ................. 4,350,000 4,307,061 Lenfest Communications, Inc. 8.375% 11/01/2005 ................ 1,350,000 1,368,144 Lowe's Cos., Inc. 6.50% 03/15/2029 ................. 2,200,000 1,778,458 MCI Communications Corp. 6.125% 04/15/2002 ................ 4,755,000 4,647,442 MCI Worldcom, Inc. 8.875% 01/15/2006 ................ 900,000 933,174 Nabisco, Inc. 6.00% 02/15/2001 ................. 1,875,000 1,843,387 Park Place Entertainment Corp. 9.375% 02/15/2007 ................ 2,725,000 2,725,000 Pepsi Bottling Holdings, Inc. (144A) 5.625% 02/17/2009 ................ 5,000,000 4,464,250 Phillips Petroleum Co. 8.50% 05/25/2005 ................. 3,625,000 3,744,915 Precision Castparts Corp. 8.75% 03/15/2005 ................. 2,025,000 2,045,446 Qwest Communications International, Inc. 0.00% to 10/15/2002 then 9.470% to 10/15/2007 ............. 2,000,000 1,664,720 Santa Fe Snyder Corp. 8.05% 06/15/2004 ................. 2,700,000 2,647,355 Tenet Healthcare Corp. 8.625% 12/01/2003 ................ 990,000 980,100 Time Warner, Inc. 7.975% 08/15/2004 ................ 3,875,000 3,945,517 Tyco International Group S.A. 6.125% 06/15/2001 ................ 500,000 492,285 6.25% 06/15/2003 ................. 5,575,000 5,322,898 USA Waste Services, Inc. 6.125% 07/15/2001 ................ 5,250,000 5,070,030 US West Communications, Inc. 5.625% 11/15/2008 ................ 3,400,000 2,937,566 --------------- 102,259,058 ---------------
See Accompanying Notes to Financial Statements 59
PRINCIPAL AMOUNT VALUE ------------- -------------- CORPORATES (CONTINUED) FINANCIAL (7.1%) Bank of America Corp. 5.875% 02/15/2009 ................ $3,980,000 $ 3,504,589 Chase Manhattan Corp. Medium Term Notes, Series C 6.75% 12/01/2004 ................. 4,000,000 3,896,720 CIT Group, Inc. Medium Term Notes 5.80% 03/26/2002 ................. 2,200,000 2,129,908 EOP Operating L.P. 6.376% 02/15/2002 ................ 3,125,000 3,039,250 Equitable Cos., Inc. 9.00% 12/15/2004 ................. 980,000 1,023,061 Lehman Brothers Holdings, Inc. 6.50% 10/01/2002 ................. 4,100,000 3,991,883 Morgan Stanley Dean Witter & Co. 7.75% 06/15/2005 ................. 3,775,000 3,801,085 Simon Property Group L.P. 6.625% 06/15/2003 ................ 2,050,000 1,959,636 Wells Fargo Co. 6.625% 07/15/2004 ................ 3,750,000 3,647,888 --------------- 26,994,020 --------------- UTILITIES (2.8%) Enron Corp. 7.375% 05/15/2019 ................ 2,220,000 2,089,708 FPL Group Capital, Inc. 7.625% 09/15/2006 ................ 2,725,000 2,727,908 National Rural Utilities Cooperative Finance Corp. 6.55% 11/01/2018 ................. 2,215,000 1,968,736 TXU Eastern Funding Co. 6.45% 05/15/2005 ................. 4,200,000 3,915,891 --------------- 10,702,243 --------------- Total Corporates (Cost $145,229,837) ................ 139,955,321 --------------- NON-CORPORATES (2.5%) British Columbia Province 5.375% 10/29/2008 ................ 1,900,000 1,674,261 Korea Development Bank 6.50% 11/15/2002 ................. 675,000 653,636 7.125% 04/22/2004 ................ 2,525,000 2,441,529 Quebec Province 7.00% 01/30/2007 ................. 2,490,000 2,441,495 7.125% 02/09/2024 ................ 2,400,000 2,266,992 --------------- Total Non-Corporates (Cost $9,727,969) .................. 9,477,913 --------------- OTHER SECURITIZED LOANS (15.9%) ASSET-BACKED SECURITIES (8.4%) Cityscape Home Loan Owner Trust Series 1997-4 Cl. A4 7.44% 10/25/2018 ................. 3,400,000 3,340,479 +First Union Student Loan Trust Series 1997-1 Cl. A1 6.424% 7/25/2004 ................. 3,056,093 3,040,705 IMC Home Equity Loan Trust Series 1995-3 Cl. A5 7.50% 04/25/2026 ................. 760,000 753,939 IMC Home Equity Loan Trust Series 1997-3 Cl. A6 7.52% 08/20/2028 ................. 3,800,000 3,711,251 IMC Home Equity Loan Trust Series 1997-5 Cl. A9 7.31% 11/20/2028 ................. 4,465,000 4,329,015 New Century Home Equity Loan Trust Series 1999-NCA Cl. A7 7.32% 07/25/2029 ................. 6,893,027 6,820,164 Salomon Brothers Mortgage Securities VII, Inc. Series 1996-LB2 Cl. A8 7.80% 10/25/2026 ................. 1,350,000 1,349,048 Salomon Brothers Mortgage Securities VII, Inc. Series 1998-AQ1 Cl. A5 7.15% 06/25/2028 ................. 1,860,000 1,815,797 Saxon Asset Securities Co. Series 1996-1 Cl. A2 8.06% 09/25/2027 ................. 6,900,000 6,978,609 --------------- 32,139,007 --------------- COLLATERALIZED MORTGAGE OBLIGATIONS (4.3%) +Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 5.579% 01/25/2025 ................ 3,256,295 2,926,504 CMC Securities Corp. IV Series 1997-2 Cl. 1A12 7.25% 11/25/2027 ................. 3,460,000 3,334,402
See Accompanying Notes to Financial Statements 60
PRINCIPAL AMOUNT VALUE ------------- -------------- OTHER SECURITIZED LOANS (CONTINUED) +DLJ Mortgage Acceptance Corp. (144A) Series 1999-B Cl. A1 6.747% 08/28/2029 ................ $2,423,446 $ 2,263,931 PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP2 7.50% 07/25/2027 ................. 3,095,000 3,033,782 Residential Funding Mortgage Securities, Inc. Series 1993-S45 Cl. A10 8.00% 12/25/2023 ................. 588,976 589,523 Structured Asset Securities Corp. Series 1999-ALS2 Cl. A2 6.75% 07/25/2029 ................. 4,409,332 4,255,338 --------------- 16,403,480 --------------- COMMERCIAL MORTGAGE-BACKED SECURITIES (3.2%) Commercial Capital Access One, Inc. (144A) Series 3 Cl. A2 6.615% 11/15/2028 ................ 5,850,000 5,506,583 Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Cl. A1B 6.48% 05/17/2008 ................. 2,940,000 2,768,059 Morgan Stanley Capital I, Inc. Series 1999-CAM Cl. A3 6.92% 11/15/2008 ................. 4,000,000 3,908,180 --------------- 12,182,822 --------------- Total Other Securitized Loans (Cost $61,870,261) ................. 60,725,309 --------------- REPURCHASE AGREEMENT (1.3%) J.P. Morgan Securities, Inc. 6.64% Dated 06/30/2000, due 07/03/2000 in the amount of $4,921,118 Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $4,920,222) ................. 4,920,222 4,920,222 --------------- TOTAL INVESTMENTS (98.9%) (Cost $383,836,169) .................... 377,046,622 OTHER ASSETS LESS LIABILITIES (1.1%) ..... 4,368,877 --------------- NET ASSETS (100.0%) ...................... $381,415,499 ===============
* 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 June 30, 2000. See Accompanying Notes to Financial Statement 61 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- -------------------------------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (97.5%) ALASKA (3.5%) Alaska State Housing Finance Corp. Coll. First Series Veterans Mtg. A 2 (Insured General Obligation) (AMT) 6.00% 06/01/2015 .................... $150,000 $ 150,750 Palmer Alaska Valley Hospital Association (Insured Revenue) 5.35% 12/01/2012 .................... 125,000 121,563 Alaska Industrial Development & Export Authority Snettisham Hydroelectric Series 1 (Insured Revenue) (AMT) 5.50% 01/01/2008 .................... 95,000 96,662 Alaska Industrial Development & Export Authority Power 1st Series Snettisham Hydroelectric (Pre-Refunded Revenue) 5.50% 01/01/2008 .................... 5,000 5,112 --------------- 374,087 --------------- ARIZONA (2.1%) Maricopa County Arizona Individual Development Authority Multi Family Housing Metro Gardens Mesa Ridge PJ A (Insured Revenue) 4.50% 07/01/2009 .................... 130,000 122,038 Sedona Arizona Certificates of Participation 5.75% 07/01/2007 .................... 100,000 103,000 --------------- 225,038 --------------- COLORADO (1.6%) Colorado Housing Financial Authority Single Family PG Sub B (Revenue) 4.875% 04/01/2007 ................... 100,000 98,500 Colorado Sales Tax Metropolitan Football Stadium District Capital Appreciation Series B (Insured Revenue) 0.00% 01/01/2006 .................... 105,000 79,144 --------------- 177,644 --------------- GEORGIA (1.4%) Georgia Municipal Electric Power Series B (Revenue) 5.50% 01/01/2018 .................... 150,000 146,437 --------------- HAWAII (1.0%) Hawaii State Harbor Capital Improvement (Insured Revenue) (AMT) 6.20% 07/01/2008 .................... 100,000 105,250 --------------- IDAHO (1.7%) Idaho Health Facilities Authority Bingham Memorial Hospital Project (Revenue) 5.85% 03/01/2019 .................... 100,000 83,875 Student Loan Fund Marketing, Inc. Series C (Revenue) 5.60% 04/01/2007 .................... 100,000 98,125 --------------- 182,000 --------------- ILLINOIS (7.4%) Broadview Illinois Tax Increment (Revenue) 4.90% 07/01/2006 .................... 75,000 72,094 Chicago Illinois Park District Aquarium & Museum (Insured General Obligation) 5.80% 01/01/2018 .................... 150,000 151,312 Chicago Illinois Tax Increment Allocation-Near South Redevelopment PJ A (Insured General Obligation) 5.00% 11/15/2012 .................... 200,000 194,750 Illinois Healthcare Facilities Authority Refunding-Southern Illinois Healthcare A (Insured Revenue) 5.375% 03/01/2013 ................... 100,000 98,875 Madison County Illinois Community Unit School District #002 Triad Refunding (Insured General Obligation) 4.90% 01/01/2013 .................... 100,000 94,500
See Accompanying Notes to Financial Statements 62
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (CONTINUED) ILLINOIS Regional Transportation Authority Illinois Series A (Insured Revenue) 6.40% 06/01/2012 .................... $100,000 $ 110,125 Will County Illinois Forest Preservation District Series B (Insured General Obligation) 0.00% 12/01/2011 .................... 150,000 80,625 --------------- 802,281 --------------- INDIANA (1.8%) Indiana State Office Building Commission Correction Facilities Program Series B Womens Prison (Insured Revenue) 5.50% 07/01/2020 .................... 100,000 96,625 Indiana Transportation Financial Authority Airport Facilities Lease Series A (Revenue) 5.50% 11/01/2017 .................... 100,000 96,625 --------------- 193,250 --------------- IOWA (2.3%) Davenport Iowa Series B (General Obligation) 5.125% 06/01/2010 ................... 100,000 99,375 Iowa Finance Authority Single Family Mortgage Series A (Insured Revenue) 5.80% 07/01/2016 .................... 145,000 144,275 --------------- 243,650 --------------- KENTUCKY (2.5%) Kentucky State Property & Buildings Commission Project #65 (Revenue) 5.90% 02/01/2016 .................... 200,000 209,250 Louisville & Jefferson County Kentucky Visitors & Convention Commission Capital Appreciation Series BBB (Insured Revenue) 0.00% 12/01/2008 .................... 100,000 64,750 --------------- 274,000 --------------- LOUISIANA (0.9%) Orleans Parish Louisiana Parishwide School District Series A (Insured General Obligation) 5.125% 09/01/2016 ................... 100,000 95,125 --------------- MAINE (0.9%) Regional Waste System Industry Maine Solid Waste Resource Recovery Series Q (Revenue) (AMT) 5.50% 07/01/2004 .................... 100,000 102,125 --------------- MARYLAND (0.8%) Maryland State Economic Development Corp. Student Housing Collegiate Housing- Towson Series A (Revenue) 5.75% 06/01/2029 .................... 100,000 91,625 --------------- MICHIGAN (4.4%) Detroit Michigan City School District Refunding Series C (Insured General Obligation) 5.25% 05/01/2012 .................... 175,000 175,438 Grandville Michigan Public School District (General Obligation) 4.75% 05/01/2011 .................... 100,000 94,375 Michigan State Hospital Finance Authority Ascension Health Credit Series A (Revenue) 6.00% 11/15/2019 .................... 100,000 100,125 5.375% 11/15/2033 ................... 100,000 99,125 --------------- 469,063 --------------- MISSISSIPPI (3.3%) Jones County Mississippi Hospital Refunding-South Central Regional Medical Center (Revenue) 4.90% 12/01/2004 .................... 100,000 94,750
See Accompanying Notes to Financial Statements 63
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (CONTINUED) MISSISSIPPI Mississippi Development Bank Special Obligation Natchez Convention Center Project (Insured Revenue) 6.50% 07/01/2013 .................... $230,000 $ 255,588 --------------- 350,338 --------------- MONTANA (1.8%) Whitefish Montana Tax Increment Urban Renewal (Revenue) 6.625% 07/15/2020 ................... 200,000 196,250 --------------- NEBRASKA (0.9%) American Public Energy Agency Nebraska Gas Supply Public Gas Agency Project Series A (Insured Revenue) 5.25% 06/01/2011 .................... 100,000 98,375 --------------- NEVADA (1.8%) Clark County Nevada Passenger Facility Charge Las Vegas McCarran International Airport B (Insured Revenue) (AMT) 6.25% 07/01/2011 .................... 100,000 104,500 Clark County Nevada School District Comp Interest Series B (General Obligation) 0.00% 06/01/2003 .................... 100,000 86,500 --------------- 191,000 --------------- NEW YORK (4.2%) Metropolitan Transit Authority New York Dedicated Tax Fund Series A (Insured Revenue) 5.25% 04/01/2014 .................... 100,000 98,375 New York City, New York Series A (General Obligation) 6.00% 05/15/2021 .................... 250,000 252,500 New York State Urban Development Corporation Refunding-Correctional Capital Facilities A (Revenue) 5.45% 01/01/2007 .................... 100,000 101,750 --------------- 452,625 --------------- OHIO (1.1%) Oak Hills Ohio Local School District (Insured General Obligation) 7.20% 12/01/2009 .................... 100,000 115,750 --------------- OKLAHOMA (2.8%) Oklahoma County Independent School District #012 Edmond Building Series B (Insured General Obligation) 4.70% 08/01/2005 .................... 100,000 99,625 Okmulgee County Oklahoma 1st Mortgage (Insured Revenue) 6.00% 03/01/2015 .................... 200,000 205,500 --------------- 305,125 --------------- OREGON (18.2%) Bend Municipal Airport PJ Series B (Revenue)(AMT) 5.375% 06/01/2013 ................... 100,000 98,125 Benton County Oregon Hospital Facilities Authority Refunding Samaritan Health Services Project (Revenue) 4.20% 10/01/2005 .................... 40,000 37,350 4.60% 10/01/2009 .................... 40,000 36,350 Clackamas County Oregon Hospital Facility Authority Refunding Odd Fellows Home Series A (Revenue) 5.875% 09/15/2021 ................... 50,000 41,500 Damascus Oregon Water District Certificates of Participation 5.25% 03/01/2019 .................... 100,000 91,250 Eugene Trojan Nuclear Project (Revenue) 5.90% 09/01/2009 .................... 20,000 20,050
See Accompanying Notes to Financial Statements 64
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (CONTINUED) OREGON Hillsboro Oregon Hospital Authority Refunding-Tuality Healthcare (Revenue) 5.25% 10/01/2004 ................... $150,000 $ 146,063 5.75% 10/01/2012 ................... 25,000 23,625 Klamath Community College Service District Oregon (Revenue) 4.70% 04/01/2010 ................... 55,000 51,563 4.80% 04/01/2011 ................... 25,000 23,469 Lebanon Oregon Urban Renewal Agency (Revenue) 5.625% 06/01/2019 .................. 100,000 94,625 Oregon School Boards Association Flexfund Financing Program Series E 5.50% 06/01/2005 ................... 100,000 100,750 Port of St. Helens Pollution Control Portland General Electric Co. Series B (Revenue) 4.80% 06/01/2010 ................... 105,000 98,306 Port Umpqua Pollution Control Refunding International Paper Co. PJS A (Revenue) 5.05% 06/01/2009 ................... 135,000 128,081 Portland Housing Authority Pearl Court Apartments (Revenue) 5.55% 01/01/2003 ................... 100,000 99,500 Portland Oregon Urban Renewal & Redevelopment Reference-Downtown Waterfront Series L 5.90% 06/01/2001 ................... 130,000 131,759 City of Redmond Airport Improvement Project Refunding (General Obligation) 4.50% 05/01/2007 ................... 50,000 47,312 Redmond Oregon Urban Renewal Agency Downtown Area-B (Revenue) 5.65% 06/01/2013 ................... 100,000 94,625 Roseburg Oregon Urban Sanitation Authority (General Obligation) 5.40% 09/01/2002 ................... 100,000 100,875 Salem Oregon Educational Facilities Refunding Willamette University Projects (Revenue) 6.00% 04/01/2010 ................... 100,000 103,625 Salem Oregon Hospital Facility Authority Capital Manor, Inc. (Revenue) 7.50% 12/01/2024 ................... 150,000 153,562 Sunriver Library County Service District (General Obligation) 5.75% 06/01/2004 ................... 20,000 20,575 Washington County Housing Authority Affordable Housing Pool Series A (Revenue) 6.00% 07/01/2020 ................... 100,000 90,625 Washington & Clackamas Counties School District #23J Tigard (General Obligation) 0.00% 06/15/2021 ................... 450,000 127,125 --------------- 1,960,690 --------------- SOUTH CAROLINA (1.0%) Piedmont Municipal Power Agency South Carolina Electric Unrefunded Balance Series A (Insured Revenue) 6.125% 01/01/2007 .................. 100,000 105,875 --------------- SOUTH DAKOTA (1.1%) South Dakota State Building Authority Lease Capital Appreciation Series A (Insured Revenue) 0.00% 12/01/2013 ................... 250,000 118,125 --------------- TENNESSEE (0.7%) Montgomery County Tennessee Health Educational & Housing Facility Board Hospital Refunding & Improvement- Clarksville Regional (Revenue) 5.375% 01/01/2018 .................. 100,000 80,375 ---------------
See Accompanying Notes to Financial Statements 65
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (CONTINUED) TEXAS (9.4%) Amarillo Texas Health Facilities Corp. Baptist St. Anthonys Hospital Corp. (Insured Revenue) 5.50% 01/01/2013 ................... $100,000 $ 100,750 Arlington Texas Independent School District Capital Appreciation Refunding (Insured General Obligation) 0.00% 02/15/2007 ................... 150,000 105,938 Dallas Texas Civic Center Refunding & Improvement (Insured Revenue) 5.00% 08/15/2016 ................... 150,000 139,875 Harris County Texas Health Facilities De Teco Project Series B (Insured Revenue) 5.70% 02/15/2015 ................... 150,000 150,750 Lubbock Texas Health Facility Development St. Josephs Health System (Revenue) 5.25% 07/01/2012 ................... 150,000 143,063 Richardson Texas Independent School District Series B (Insured General Obligation) 5.00% 02/15/2018 ................... 145,000 132,312 Texas State University System Financing System Series A (Insured Revenue) 5.00% 03/15/2015 ................... 100,000 94,250 West Harris County Texas Municipal Utility District #7 Capital Appreciation Refunding (Insured General Obligation) 0.00% 03/01/2009 ................... 225,000 140,062 --------------- 1,007,000 --------------- UTAH (0.9%) Utah Assisted Municipal Power System Refunding Hunter Project (Insured Revenue) 5.00% 07/01/2011 ................... 100,000 96,125 --------------- WASHINGTON (15.3%) Clark County (General Obligation) 4.85% 12/01/2012 ................... 150,000 141,000 Jefferson County Washington Public Utility District #1 Water & Sewer (Revenue) 5.25% 05/01/2016 ................... 50,000 46,125 5.25% 05/01/2017 ................... 50,000 45,938 King County Public Hospital District #4 Snoqualmie Valley Hospital (General Obligation) 7.00% 12/01/2011 ................... 150,000 148,875 King County Washington School District #415 Kent Series B (General Obligation) 6.00% 12/01/2008 ................... 100,000 105,625 Port of Grays Harbor Washington (Revenue)(AMT) 6.375% 12/01/2014 .................. 150,000 156,375 Seattle Washington Municipal Light & Power Refunding (Revenue) 5.00% 07/01/2018 ................... 110,000 99,275 Seattle Washington Municipal Light & Power (Revenue) 6.00% 10/01/2016 ................... 150,000 154,500 Shelton Water & Sewer (Revenue) 5.25% 12/01/2018 ................... 50,000 45,687 Tacoma Washington Solid Waste Utilities Refunding Series B (Insured Revenue) 6.00% 12/01/2009 ................... 100,000 106,500 Thurston County Washington School District #401 Rochester (General Obligation) 4.80% 12/01/2007 ................... 55,000 53,144 Toppenish Washington (General Obligation) 4.60% 12/01/2006 ................... 65,000 62,319 University of Washington Educational Research Properties Lease 4225 Roosevelt Project Series A (Revenue) 5.375% 06/01/2029 .................. 100,000 91,723
See Accompanying Notes to Financial Statements 66
PRINCIPAL AMOUNT VALUE ------------- -------------- MUNICIPAL BONDS (CONTINUED) WASHINGTON Washington State Department of General Administration Certificates of Participation 5.40% 07/01/2013 ................... $100,000 $ 100,000 5.00% 07/01/2017 ................... 140,000 127,575 Washington State Public Power Supply System Nuclear Project #1 Refunding Series A (Revenue) 6.00% 07/01/2005 ................... 100,000 103,875 Washington State Public Power Supply System Nuclear Project #2 Refunding Series A (Revenue) 5.00% 07/01/2011 ................... 50,000 48,250 Yakima County School District #119 Selah (Insured General Obligation) 5.00% 12/01/2006 ................... 10,000 10,012 --------------- 1,646,798 --------------- WISCONSIN (1.8%) Burlington Area Wisconsin School District (Insured General Obligation) 4.90% 04/01/2016 ................... 100,000 91,125 Milwaukie County Wisconsin Corporate Purpose Series A (General Obligation) 5.00% 10/01/2010 ................... 100,000 99,000 --------------- 190,125 --------------- WYOMING (0.9%) Wyoming Municipal Power Agency Power Supply Refunding Series 1998 (Insured Revenue) 5.250% 01/01/2011 .................. 100,000 99,500 --------------- TOTAL BONDS (Cost $10,696,089) ................... 10,495,651 --------------- TAX EXEMPT MONEY MARKET INVESTMENT (1.1%) SEI Tax Exempt Trust (Cost $114,513) ..................... 114,513 114,513 --------------- TOTAL INVESTMENTS (98.6%) (Cost $10,810,602) ....................... 10,610,164 OTHER ASSETS LESS LIABILITIES (1.4%) ....... 153,374 --------------- TOTAL NET ASSETS (100.0%) .................. $10,763,538 ===============
See Accompanying Notes to Financial Statements 67 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- - ---------------- ----------------- -- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. -- ----------------------------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------- -------------- GENERAL OBLIGATION BONDS (33.6%) STATE OF OREGON GENERAL OBLIGATION (5.5%) Board of Higher Education Refunding Series B 6.25% 10/15/2012 .......................... $ 740,000 $ 757,575 Board of Higher Education Deferred Interest Series A 0.00% 08/01/2014 .......................... 450,000 207,562 Elderly & Disabled Housing Refunding Series B 6.25% 08/01/2013 .......................... 1,000,000 1,037,500 Pollution Control Series C 5.625% 06/01/2013 ......................... 575,000 573,563 5.90% 06/01/2014 .......................... 1,380,000 1,380,000 Veteran's Welfare 0.00% 07/01/2001 .......................... 1,200,000 1,148,484 9.00% 04/01/2002 .......................... 900,000 964,125 9.00% 04/01/2004 .......................... 280,000 319,200 9.00% 04/01/2005 .......................... 1,130,000 1,324,925 8.25% 07/01/2005 .......................... 520,000 597,350 9.00% 10/01/2005 .......................... 1,645,000 1,955,494 7.25% 01/01/2007 .......................... 1,485,000 1,672,481 9.20% 04/01/2007 .......................... 2,390,000 2,954,637 8.25% 07/01/2007 .......................... 540,000 642,600 9.20% 10/01/2007 .......................... 1,275,000 1,593,750 7.30% 01/01/2008 .......................... 445,000 507,300 8.00% 01/01/2008 .......................... 1,275,000 1,506,094 7.30% 07/01/2008 .......................... 1,170,000 1,342,575 8.00% 07/01/2008 .......................... 580,000 690,925 9.20% 10/01/2008 .......................... 285,000 363,731 5.85% 10/01/2015 .......................... 930,000 939,300 ------------ 22,479,171 ------------ GENERAL OBLIGATION (12.9%) Aurora 5.60% 06/01/2024 .......................... 1,205,000 1,147,763 Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 10/01/2009 ......................... 2,550,000 2,616,938 Clackamas County School District #7J Lake Oswego Series A 5.70% 06/15/2010 .......................... 2,735,000 2,793,119 Deschutes County Administrative School District #1 Bend-La Pine 0.00% 02/01/2002 .......................... 1,445,000 1,336,625 5.00% 12/01/2017 .......................... 1,500,000 1,366,875 Eugene Public Safety Facilities 5.50% 06/01/2010 .......................... 850,000 864,875 5.625% 06/01/2013 ......................... 1,295,000 1,311,187 Jackson County School District #549C Medford 5.375% 06/01/2012 ......................... 1,200,000 1,200,000 Lane County Area Education District Lane Community College 4.85% 06/01/2008 .......................... 1,000,000 986,250 Lane County School District #4J Eugene Refunding Series A 0.00% 07/01/2001 .......................... 2,015,000 1,928,496 0.00% 07/01/2005 .......................... 2,325,000 1,813,500 Lane County School District #4J Eugene 0.00% 01/01/2005 .......................... 1,395,000 1,112,512 Linn County Community School District #9 Lebanon 6.125% 06/15/2014 ......................... 1,410,000 1,501,650 Metro Washington Park Zoo Series A 5.30% 01/15/2011 .......................... 1,000,000 1,005,000 Multnomah-Clackamas Counties School District #10JT Gresham 5.25% 06/01/2017 .......................... 1,620,000 1,547,100 Multnomah County Refunding 4.25% 10/01/2010 .......................... 2,300,000 2,087,250 4.30% 10/01/2011 .......................... 1,110,000 1,001,775 4.50% 10/01/2013 .......................... 400,000 358,000 Multnomah County Certificates of Participation Series A 4.75% 08/01/2013 .......................... 1,000,000 935,000 Multnomah County School District #7 Reynolds 5.25% 06/01/2011 .......................... 1,500,000 1,498,125 Port of Portland Series A 0.00% 03/01/2007 .......................... 3,000,000 2,137,500 Portland Community College District 0.00% 07/01/2007 .......................... 2,025,000 1,420,031 Portland Public Improvements Series A 5.75% 06/01/2014 .......................... 1,500,000 1,515,000 Portland Recreational Facilities Improvements Series B 5.75% 06/01/2014 .......................... 1,750,000 1,780,625 5.75% 06/01/2015 .......................... 2,955,000 3,003,019
See Accompanying Notes to Financial Statements 68
PRINCIPAL AMOUNT VALUE ------------- -------------- GENERAL OBLIGATION BONDS (CONTINUED) Portland Recreational Facilities Improvements Series A 5.75% 06/01/2012 .......................... $1,370,000 $ 1,404,250 5.75% 06/01/2013 .......................... 1,345,000 1,371,900 5.75% 06/01/2015 .......................... 1,155,000 1,173,769 Portland Series A 4.875% 06/01/2018 ......................... 790,000 709,025 Washington & Clackamas Counties School District #23J Tigard 0.00% 06/15/2018 .......................... 2,700,000 928,125 Washington & Clackamas Counties School District #23J Tigard Refunding 5.40% 01/01/2010 .......................... 1,720,000 1,732,900 Washington & Clackamas Counties School District #23J Tigard Deferred Interest Series A 0.00% 06/01/2010 .......................... 1,520,000 889,200 Washington County Deferred Interest Operations Yard Facilities Obligation 0.00% 06/01/2003 .......................... 1,000,000 866,250 Washington County School District #088J Sherwood 4.50% 06/15/2014 .......................... 350,000 311,500 Washington County Refunding 6.20% 12/01/2007 .......................... 1,500,000 1,531,875 Washington County Refunding Criminal Justice Facilities 5.00% 12/01/2010 .......................... 1,400,000 1,387,750 Washington County School District #48J Beaverton Series B 6.15% 06/01/2008 .......................... 1,010,000 1,015,878 Washington, Multnomah & Yamhill Counties School District #1J 5.25% 06/01/2014 .......................... 500,000 490,625 Wilsonville Limited Tax Improvement 5.00% 12/01/2020 .......................... 1,165,000 1,146,069 ------------ 53,227,331 ------------ INSURED GENERAL OBLIGATION (15.2%) Central Oregon Community College 5.80% 06/01/2007 .......................... 760,000 782,800 Chemeketa Community College District Series B 5.60% 06/01/2014 .......................... 1,180,000 1,197,700 Clackamas County School District #12 North Clackamas 5.25% 06/01/2011 .......................... 1,000,000 1,006,250 5.25% 06/01/2015 .......................... 2,750,000 2,681,250 4.80% 06/01/2018 .......................... 2,000,000 1,775,000 Clatsop County Administrative School District #10 5.875% 07/01/2012 ......................... 630,000 637,875 Columbia County School District #502 Deferred Interest 0.00% 06/01/2007 .......................... 260,000 182,975 0.00% 06/01/2012 .......................... 1,530,000 803,250 0.00% 06/01/2013 .......................... 1,685,000 834,075 0.00% 06/01/2014 .......................... 1,025,000 476,625 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.60% 06/01/2009 .......................... 1,000,000 1,015,000 Hood River County School District 5.65% 06/01/2008 .......................... 1,020,000 1,042,950 Josephine County School District #7 Grants Pass 5.70% 06/01/2013 .......................... 2,000,000 2,047,500 Lane & Douglas Counties School District #97-J 5.30% 06/15/2015 .......................... 1,155,000 1,134,788 Lane County School District #52 Bethel 6.25% 12/01/2007 .......................... 580,000 621,325 6.40% 12/01/2009 .......................... 750,000 805,313 Lane County School District #19 Springfield Refunding 6.00% 10/15/2012 .......................... 740,000 797,350 6.00% 10/15/2014 .......................... 1,310,000 1,404,975 Lincoln County School District 6.00% 06/15/2007 .......................... 1,855,000 1,970,938 6.00% 06/15/2008 .......................... 1,450,000 1,547,875 6.00% 06/15/2009 .......................... 3,465,000 3,707,550 5.60% 06/15/2010 .......................... 3,480,000 3,614,850 5.25% 06/15/2012 .......................... 3,315,000 3,319,144 Marion County Certificates of Participation Courthouse Square Project Series A 4.45% 06/01/2010 .......................... 430,000 398,288
See Accompanying Notes to Financial Statements 69
PRINCIPAL AMOUNT VALUE ------------- -------------- GENERAL OBLIGATION BONDS (CONTINUED) Marion County School District #103C Woodburn Series B 0.00% 11/01/2006 .......................... $2,000,000 $ 1,455,000 0.00% 11/01/2007 .......................... 2,000,000 1,377,500 0.00% 11/01/2009 .......................... 2,500,000 1,543,750 0.00% 11/01/2011 .......................... 2,210,000 1,218,262 Multnomah County School District #3 Parkrose 5.70% 12/01/2008 .......................... 1,330,000 1,368,237 5.70% 12/01/2009 .......................... 1,970,000 2,021,712 5.50% 12/01/2010 .......................... 895,000 909,544 5.50% 12/01/2011 .......................... 1,000,000 1,013,750 Northern Oregon Corrections 5.25% 09/15/2012 .......................... 1,000,000 1,000,000 5.30% 09/15/2013 .......................... 1,000,000 1,000,000 Salem Pedestrian Safety Improvements 5.40% 05/01/2009 .......................... 1,000,000 1,018,750 Salem Keizer School District #24J 5.00% 06/01/2015 .......................... 1,000,000 952,500 State Department Administrative Services Certificates of Participation Refunding Series A 4.50% 05/01/2012 .......................... 1,020,000 937,125 5.00% 05/01/2013 .......................... 4,240,000 4,134,000 5.00% 05/01/2014 .......................... 1,000,000 971,250 5.00% 05/01/2024 .......................... 1,500,000 1,344,375 Tillamook County 5.70% 01/15/2016 .......................... 700,000 707,000 Tillamook County Refunding 4.40% 01/01/2011 .......................... 550,000 505,312 4.60% 01/01/2013 .......................... 600,000 549,750 Umatilla County School District #16R Pendleton 4.65% 07/01/2010 .......................... 1,660,000 1,587,375 Washington County School District #15 Forest Grove 5.125% 06/01/2010 ......................... 1,000,000 1,015,000 5.25% 08/01/2010 .......................... 1,150,000 1,157,187 Washington County School District #88J Sherwood 6.10% 06/01/2012 .......................... 185,000 191,937 Yamhill County School District #40 6.00% 06/01/2009 .......................... 500,000 535,000 5.35% 06/01/2010 .......................... 500,000 508,125 ------------ 62,828,087 ------------ Total General Obligation Bonds (Cost $138,429,931) 138,534,589 ------------ REVENUE (36.2%) Albany Hospital Facility Authority Mennonite Home 5.625% 10/01/2017 ......................... 635,000 539,750 Bend Municipal Airport PJ Series B 5.375% 06/01/2013 ......................... 150,000 147,188 Benton County Hospital Facilities Authority Refunding Samaritan Health Services Project 4.30% 10/01/2006 .......................... 230,000 212,750 4.40% 10/01/2007 .......................... 220,000 201,850 4.80% 10/01/2011 .......................... 245,000 222,338 5.20% 10/01/2017 .......................... 2,255,000 2,023,863 Clackamas County Hospital Facility Authority Odd Fellows Home Series A 5.50% 09/15/2008 .......................... 1,690,000 1,542,125 5.875% 09/15/2021 ......................... 3,015,000 2,502,450 Clackamas County Hospital Facility Authority Willamette View, Inc. Project 6.00% 11/01/2008 .......................... 670,000 642,363 Clackamas County Hospital Facility Authority Legacy Health System 5.375% 02/15/2012 ......................... 3,135,000 3,076,219 5.50% 02/15/2013 .......................... 3,350,000 3,320,687 5.50% 02/15/2014 .......................... 1,000,000 983,750 5.00% 02/15/2015 .......................... 1,400,000 1,284,500 5.00% 02/15/2016 .......................... 1,000,000 910,000 Clackamas County Hospital Facility Kaiser Permanente Series A Refunding 6.50% 04/01/2011 .......................... 1,000,000 1,023,750 Clackamas County Hospital Facility Kaiser Permanente Series A 5.375% 04/01/2014 ......................... 6,270,000 5,917,313
See Accompanying Notes to Financial Statements 70
PRINCIPAL AMOUNT VALUE ------------- -------------- REVENUE (CONTINUED) Clackamas County Hospital Facility Authority Willamette Falls Project 5.750% 04/01/2014 ......................... $1,005,000 $ 928,369 6.00% 04/01/2019 .......................... 1,000,000 910,000 Clackamas County Hospital Facility Authority Robison Jewish Home Project 6.25% 10/01/2021 .......................... 1,630,000 1,579,063 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.50% 10/20/2031 .......................... 1,030,000 1,050,600 Clackamas County Housing Authority Multifamily Housing Easton Ridge Series A 5.80% 12/01/2016 .......................... 2,255,000 2,243,725 Clackamas County Hospital Authority Senior Living Facility Marys Woods A 6.375% 05/15/2020 ......................... 1,405,000 1,275,037 Clackamas County Hospital Facility Authority Willamette View, Inc. PJ Series A 6.85% 11/01/2015 .......................... 1,580,000 1,489,150 Deschutes County Hospital Facility Authority 5.75% 01/01/2009 .......................... 1,670,000 1,676,262 Deschutes Valley Water District 5.875% 09/01/2005 ......................... 3,670,000 3,784,688 Eugene Airport Refunding 5.50% 05/01/2005 .......................... 260,000 262,600 5.65% 05/01/2006 .......................... 240,000 244,200 5.65% 05/01/2007 .......................... 555,000 563,325 5.70% 05/01/2008 .......................... 515,000 522,081 Eugene Electric Utility Refunding 5.80% 08/01/2008 .......................... 1,435,000 1,456,525 5.80% 08/01/2009 .......................... 1,300,000 1,317,875 6.00% 08/01/2011 .......................... 1,375,000 1,397,344 Gresham Sewer 5.35% 06/01/2006 .......................... 860,000 871,825 Gresham Stormwater 6.10% 10/01/2009 .......................... 1,115,000 1,158,206 Hillsboro Hospital Facility Authority Tuality Healthcare 5.75% 10/01/2012 .......................... 5,840,000 5,518,800 Lebanon Urban Renewal Agency 5.625% 06/01/2019 ......................... 1,000,000 946,250 Lebanon Wastewater Refunding 5.75% 06/01/2011 .......................... 1,225,000 1,244,906 Medford Hospital Facilities Authorization Asante Health System Series A 5.25% 08/15/2010 .......................... 1,500,000 1,500,000 North Clackamas Parks & Recreation District Recreational Facilities 5.70% 04/01/2013 .......................... 2,920,000 2,956,500 Northern Wasco County People's Utility District Electric 0.00% 02/01/2006 .......................... 610,000 449,875 0.00% 02/01/2007 .......................... 585,000 402,919 0.00% 02/01/2008 .......................... 610,000 391,162 0.00% 02/01/2011 .......................... 500,000 260,000 Oregon Health, Housing, Educational & Cultural Facilities Authority/Aquarium 4.75% 10/01/2008 .......................... 1,550,000 1,333,000 4.90% 10/01/2009 .......................... 670,000 571,175 Oregon Health, Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.10% 07/01/2010 .......................... 900,000 893,250 5.30% 07/01/2011 .......................... 500,000 498,750 Oregon Health, Housing, Educational & Cultural Facilities Authority Goodwill Industries Lane County Series A 6.65% 11/15/2022 .......................... 4,225,000 3,791,937 Oregon Health, Housing, Educational & Cultural Facilities Authority Linfield College Project-Series A 4.55% 10/01/2008 .......................... 525,000 487,594 4.65% 10/01/2009 .......................... 555,000 516,844 5.50% 10/01/2018 .......................... 1,000,000 917,500 Oregon Housing & Community Services Department Single Family Mortgage Program Series A 4.85% 07/01/2010 .......................... 310,000 293,725 5.10% 07/01/2014 .......................... 425,000 403,219
See Accompanying Notes to Financial Statements 71
PRINCIPAL AMOUNT VALUE ------------- -------------- REVENUE (CONTINUED) Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi Unit B 6.80% 07/01/2013 .......................... $8,360,000 $ 8,589,900 Oregon Housing & Community Services Department Single Family Mortgage Program Series D 6.70% 07/01/2013 .......................... 1,000,000 1,030,220 Oregon Housing & Community Services Department Single Family Mortgage Program Series E 5.375% 07/01/2021 ......................... 4,000,000 3,800,000 Oregon Housing & Community Services Department Single Family Mortgage Program Series F 5.65% 07/01/2028 .......................... 1,235,000 1,154,725 Oregon Housing & Community Services Department Single Family Mortgage Program Series F MBIA-IBC 5.65% 07/01/2028 .......................... 925,000 866,031 Oregon Housing Financial 5.80% 07/01/2009 .......................... 355,000 355,650 Oregon State Department Administrative Services Lottery Educational Project Series A 5.25% 04/01/2013 .......................... 1,500,000 1,500,000 Oregon State Economic Development 24 hr. Dove Lewis Emergency Animal Hospital 7.00% 12/01/2019 .......................... 1,545,000 1,521,825 Oregon State Housing & Community Services Department Multifamily Housing-Series B 6.00% 07/01/2031 .......................... 6,935,000 6,761,625 Oregon State Housing & Community Services Department Mortgage Series M 5.80% 07/01/2012 .......................... 875,000 882,656 Oregon State Housing & Community Services Department Single Family Mortgage Program Series E 5.70% 07/01/2012 .......................... 1,210,000 1,220,587 5.80% 07/01/2014 .......................... 1,080,000 1,084,050 6.00% 07/01/2020 .......................... 3,000,000 3,015,000 Oregon State Housing & Community Services Department Single Family Mortgage Program Series L 6.05% 07/01/2020 .......................... 2,575,000 2,613,625 Oregon State Housing & Community Services Department Single Family Mortgage Program Series A 6.20% 07/01/2027 .......................... 3,700,000 3,700,000 Port of St. Helens 5.60% 08/01/2014 .......................... 315,000 294,131 5.75% 08/01/2019 .......................... 425,000 392,062 Port of St. Helens Pollution Control Portland General Electric Co. Series A 4.80% 04/01/2010 .......................... 5,195,000 4,870,312 Port of St. Helens Pollution Control Portland General Electric Co. Series B 4.80% 06/01/2010 .......................... 3,500,000 3,276,875 Port Umpqua Pollution Control Refunding International Paper Co. PJS A 5.05% 06/01/2009 .......................... 300,000 284,625 Portland Housing Authority Refunding Pooled Housing-Series A 4.50% 01/01/2009 .......................... 660,000 621,225 5.00% 01/01/2019 .......................... 5,540,000 4,923,675 5.10% 01/01/2027 .......................... 3,000,000 2,565,000 Portland Housing Authority Multifamily Housing Senior Lien Civic Apartments Series A 5.60% 01/01/2018 .......................... 1,240,000 1,221,400 Portland Hydroelectric Power 6.80% 10/01/2004 .......................... 465,000 465,232 Portland Parking Refunding 6.375% 10/01/2012 ......................... 1,700,000 1,704,471 Portland Water System 5.00% 08/01/2017 .......................... 1,185,000 1,109,456 Prineville Sewer First Lien 6.50% 07/01/2004 .......................... 500,000 519,375 Redmond Urban Renewal Agency Downtown Area B 5.65% 06/01/2013 .......................... 720,000 681,300 5.85% 06/01/2019 .......................... 785,000 732,994 Redmond Urban Renewal Agency Refunding South Airport Industrial Area A 5.70% 06/01/2019 .......................... 650,000 608,562
See Accompanying Notes to Financial Statements 72
PRINCIPAL AMOUNT VALUE ------------- -------------- REVENUE (CONTINUED) Reedsport Water 7.00% 10/01/2014 .......................... $ 520,000 $ 552,500 Salem Hospital Facility Authority 5.25% 08/15/2014 .......................... 2,900,000 2,747,750 5.00% 08/15/2018 .......................... 2,000,000 1,765,000 Salem Hospital Facility Authority Capital Manor, Inc. 7.50% 12/01/2024 .......................... 905,000 926,494 Sheridan Water 6.20% 05/01/2015 .......................... 625,000 636,719 6.45% 05/01/2020 .......................... 520,000 527,800 Sheridan Water Refunding 5.35% 04/01/2018 .......................... 300,000 280,500 South Fork Water Board First Lien 5.45% 02/01/2014 .......................... 1,300,000 1,274,000 Tri-County Metropolitan Transportation District Series A 4.70% 08/01/2010 .......................... 480,000 465,000 Umatilla County Hospital Facility Authority Catholic Health Initiatives-A 5.75% 12/01/2020 .......................... 530,000 518,075 6.00% 12/01/2030 .......................... 4,825,000 4,794,844 Washington County Housing Authority Affordable Housing Pool Series A 6.00% 07/01/2020 .......................... 2,000,000 1,812,500 ------------ 149,326,948 ------------ INSURED REVENUE (22.8%) Clackamas County Health Facility Authority Refunding Adventist Health A 6.35% 03/01/2009 .......................... 1,525,000 1,584,094 Emerald Peoples Utilities District 7.20% 11/01/2006 .......................... 630,000 708,750 7.35% 11/01/2010 .......................... 2,160,000 2,551,500 7.35% 11/01/2011 .......................... 2,000,000 2,380,000 7.35% 11/01/2012 .......................... 2,490,000 2,991,113 7.35% 11/01/2013 .......................... 2,675,000 3,186,594 Eugene Electric Utility System Series B 4.55% 08/01/2010 .......................... 600,000 564,750 4.65% 08/01/2011 .......................... 625,000 589,844 5.00% 08/01/2018 .......................... 1,000,000 925,000 5.00% 08/01/2023 .......................... 525,000 471,844 Marion County Certificates of Participation Courthouse Square Project Series A 4.65% 06/01/2012 .......................... 355,000 330,150 5.00% 06/01/2023 .......................... 1,000,000 897,500 Medford Hospital Facilities Authority Asante Health System Series A 5.25% 08/15/2008 .......................... 1,645,000 1,659,394 5.25% 08/15/2011 .......................... 800,000 797,000 Multnomah County Educational Facilities University of Portland Project 5.70% 04/01/2015 .......................... 1,000,000 983,750 5.00% 04/01/2018 .......................... 1,530,000 1,430,550 Ontario Catholic Health Holy Rosary Medical Center 5.50% 11/15/2012 .......................... 1,500,000 1,518,750 Oregon Department of Administrative Services Certificates Participation Series A 5.30% 05/01/2008 .......................... 750,000 761,250 5.70% 05/01/2015 .......................... 1,000,000 1,016,250 6.25% 05/01/2018 .......................... 1,000,000 1,055,000 5.75% 05/01/2020 .......................... 1,500,000 1,503,750 6.00% 05/01/2012 .......................... 2,695,000 2,876,912 Oregon Department of Administrative Services Certificates Participation Series B 5.50% 11/01/2011 .......................... 1,635,000 1,671,787 5.00% 11/01/2013 .......................... 1,000,000 973,750 5.00% 11/01/2014 .......................... 500,000 485,625 Oregon Department of Administrative Services Certificates Participation Series C 5.50% 05/01/2011 .......................... 2,000,000 2,042,500 5.75% 05/01/2017 .......................... 2,000,000 2,012,500 Oregon Department of General Services Certificates Participation Series C 5.80% 03/01/2015 .......................... 840,000 851,550 Oregon Health Sciences University Series A 0.00% 07/01/2009 .......................... 1,530,000 961,988 0.00% 08/01/2012 .......................... 1,315,000 692,019 0.00% 07/01/2014 .......................... 2,495,000 1,157,056 0.00% 07/01/2015 .......................... 4,325,000 1,875,969 Oregon Health Sciences University Capital Appreciation Insured Series A 0.00% 07/01/2021 .......................... 10,315,000 3,004,244
See Accompanying Notes to Financial Statements 73
PRINCIPAL AMOUNT VALUE ------------- -------------- INSURED REVENUE (CONTINUED) Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.00% 10/01/2013 .......................... $ 965,000 $ 1,001,187 Port of Portland Airport Series 9A 5.50% 07/01/2006 .......................... 500,000 511,250 Port of Portland Airport Refunding Portland International Airport Series 12B 5.25% 07/01/2012 .......................... 1,000,000 1,003,750 Portland Arena Gas Tax 0.00% 06/01/2016 .......................... 1,100,000 426,250 0.00% 06/01/2017 .......................... 2,320,000 838,100 Portland Gas Tax Series A 5.80% 06/01/2016 .......................... 1,625,000 1,655,469 Portland Sewer System Series A 4.50% 06/01/2015 .......................... 1,510,000 1,336,350 5.00% 06/01/2015 .......................... 2,100,000 2,023,875 4.50% 06/01/2018 .......................... 2,300,000 1,983,750 Oregon Housing & Community Services Department Single Family Mortgage Project Series J 5.75% 07/01/2029 .......................... 9,015,000 8,519,175 Tri-County Metropolitan Transportation District Series One 5.40% 06/01/2019 .......................... 4,200,000 3,993,234 Tualatin Hills Park & Recreation District 5.75% 03/01/2014 .......................... 990,000 1,035,787 Washington County Housing Authority Multi-Family Tualatin Meadows 5.90% 11/01/2018 .......................... 1,000,000 992,500 Washington County Unified Sewer Agency Series A 0.00% 10/01/2003 .......................... 1,975,000 1,688,625 0.00% 10/01/2005 .......................... 5,230,000 4,027,100 0.00% 10/01/2007 .......................... 4,835,000 3,348,237 5.75% 10/01/2009 .......................... 2,745,000 2,878,819 5.75% 10/01/2010 .......................... 2,000,000 2,107,500 5.75% 10/01/2011 .......................... 1,825,000 1,923,094 5.75% 10/01/2012 .......................... 2,000,000 2,102,500 Washington County Unified Sewer Agency Senior Lien 5.50% 10/01/2016 .......................... 1,250,000 1,248,437 Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph Peace 5.625% 08/01/2007 ......................... 2,460,000 2,546,100 ------------ 93,703,822 ------------ Total Revenue Bonds (Cost $248,725,567) ........................ 243,030,770 ------------ PRE-REFUNDED BONDS (1.4%) Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income Project 7.00% 11/15/2011 .......................... 470,000 493,500 Clackamas County School District #1 6.30% 07/01/2003 .......................... 700,000 712,488 Clackamas County School District #115 Gladstone 6.15% 06/01/2014 .......................... 1,200,000 1,278,000 Multnomah County Educational Facilities University of Portland Project 6.00% 04/01/2014 .......................... 1,000,000 1,048,750 Oregon City Sewer 6.50% 10/01/2007 .......................... 500,000 527,500 Portland Sewer System Series A 6.05% 06/01/2009 .......................... 535,000 563,756 Prineville Sewer First Lien 6.80% 07/01/2012 .......................... 1,050,000 1,124,813 ------------ Total Pre-Refunded Bonds (Cost $5,473,007) .......................... 5,748,807 ------------ OTHER BONDS (2.7%) Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012 ......................... 755,000 760,421 Hood River Urban Renewal Agency 6.25% 12/15/2011 .......................... 1,250,000 1,315,625 Lebanon Special Obligation Revenue Refunding Lease Water 5.40% 10/01/2013 .......................... 755,000 746,506 Medford Urban Renewal Agency Tax Revenue 5.875% 09/01/2010 ......................... 500,000 513,125
See Accompanying Notes to Financial Statements 74
PRINCIPAL AMOUNT VALUE ------------- -------------- OTHER BONDS (CONTINUED) Multnomah County Certificate Participation 4.55% 08/01/2010 .......................... $1,725,000 $ 1,632,281 Newberg Certificates of Participation 6.10% 12/01/2000 .......................... 410,000 411,976 6.20% 12/01/2001 .......................... 410,000 415,125 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.90% 06/01/2006 .......................... 860,000 892,250 Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L 5.90% 05/01/2001 .......................... 200,000 202,706 6.00% 06/01/2002 .......................... 1,170,000 1,196,325 6.40% 06/01/2008 .......................... 3,095,000 3,176,244 ------------ Total Other Bonds (Cost $11,153,750) ......................... 11,262,584 ------------ U.S. TERRITORIES BONDS (1.5%) Guam Housing Corp. Single Family Mortgage Backed Securities Series A 5.75% 09/01/2031 .......................... 1,500,000 1,423,125 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B 7.50% 10/15/2012 .......................... 1,040,000 1,063,722 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C 6.75% 10/15/2013 .......................... 710,000 732,188 Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-I 7.50% 04/01/2022 .......................... 1,365,000 1,392,300 Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A 7.30% 10/01/2018 .......................... 1,185,000 1,408,669 ------------ Total U.S. Territories Bonds (Cost $5,933,828) .......................... 6,020,004 ------------ TAX EXEMPT MONEY MARKET INVESTMENT (0.8%) SEI Tax Exempt Trust (Cost $3,314,518) 3,314,518 3,314,518 ------------ TOTAL INVESTMENTS (99.0%) (Cost $413,030,601) 407,911,272 OTHER ASSETS LESS LIABILITIES (1.0%) 4,154,305 ------------ TOTAL NET ASSETS (100%) $412,065,577 ============
See Accompanying Notes to Financial Statements 75 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ----------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ---------- ----- CORPORATE BONDS (90.5%) AUTO & AUTO PARTS (3.5%) American Axle & Manufacturing, Inc. Senior Subordinated Notes 9.75% 03/01/2009 ........................... $1,450,000 $1,381,125 Lear Corp Senior Notes, Series B 7.96% 05/15/2005 ........................... 1,500,000 1,409,961 ----------- 2,791,086 ----------- ELECTRIC (4.0%) AES Corp Senior Subordinated Notes 10.25% 07/15/2006 .......................... 800,000 796,000 Calpine Corp Senior Notes 7.625% 04/15/2006 .......................... 1,500,000 1,436,280 CMS Energy X-Tras (144A) Pass Thru Trust I Senior Unsecured Notes 7.00% 01/15/2005 ........................... 1,000,000 920,670 ----------- 3,152,950 ----------- ENERGY (10.5%) Gulf Canada Resources Ltd Senior Subordinated Debentures 9.625% 07/01/2005 .......................... 1,350,000 1,366,875 Newpark Resources, Inc. Senior Subordinated Notes, Series B 8.625% 12/15/2007 .......................... 1,000,000 877,500 Pride International, Inc. Senior Notes 10.00% 06/01/2009 .......................... 1,000,000 1,030,000 R&B Falcon Corp. Senior Notes, Series B 6.50% 04/15/2003 ........................... 500,000 460,000 RBF Finance Co. Senior Secured Notes 11.00% 03/15/2006 .......................... 1,000,000 1,070,000 Santa Fe Snyder Corp. Senior Notes 8.05% 06/15/2004 ........................... 1,750,000 1,715,878 Vintage Petroleum, Inc. Senior Subordinated Notes 9.75% 06/30/2009 ........................... 1,750,000 1,780,625 ----------- 8,300,878 ----------- ENTERTAINMENT & MEDIA (19.3%) Adelphia Communications Corp. Senior Notes, Series B 10.50% 07/15/2004 ............................ 1,500,000 1,500,000 Chancellor Media Corp. Senior Subordinated Notes, Series B 8.125% 12/15/2007 ............................ 1,500,000 1,503,750 Charter Communications Holdings L.L.C./ Charter Communications Holdings Capital Corp. Senior Notes 10.00% 04/01/2009 ............................ 1,500,000 1,458,750 CSC Holdings, Inc. Senior Notes 7.875% 12/15/2007 ............................ 250,000 241,882 CSC Holdings, Inc. Senior Debentures, Series B 8.125% 08/15/2009 ............................ 1,400,000 1,360,898 Fox/Liberty Networks L.L.C. Senior Notes 8.875% 08/15/2007 ............................ 1,500,000 1,492,500 Heritage Media Corp. Senior Subordinated Notes 8.75% 02/15/2006 ............................. 750,000 738,750 Jones Intercable, Inc. Senior Notes 8.875% 04/01/2007 ............................ 700,000 712,201 7.625% 04/15/2008 ............................ 300,000 288,924 Lamar Media Corp. Senior Subordinated Notes 9.625% 12/01/2006 ............................ 1,250,000 1,256,250 Lenfest Communications, Inc. Senior Notes 8.375% 11/01/2005 ............................ 1,450,000 1,469,488 Outdoor Systems, Inc. Senior Subordinated Notes 9.375% 10/15/2006 ............................ 1,185,000 1,232,329 Rogers Communications, Inc. Senior Notes 8.875% 07/15/2007 ............................ 1,000,000 980,000
See Accompanying Notes to Financial Statements 76
PRINCIPAL AMOUNT VALUE ---------- ----- CORPORATE BONDS (CONTINUED) Shaw Communications, Inc. Senior Notes 8.25% 04/11/2010 ......................... $ 1,000,000 $ 1,008,110 ----------- 15,243,832 ----------- FOREST PRODUCTS (1.8%) Buckeye Technologies, Inc. ................. Senior Subordinated Notes 8.50% 12/15/2005 ......................... 1,500,000 1,436,250 ----------- HEALTH CARE (4.5%) Conmed Corp. ............................... Senior Subordinated Notes 9.00% 03/15/2008 ......................... 1,000,000 912,500 Healthsouth Corp. Senior Subordinated Notes 9.50% 04/01/2001 ......................... 1,000,000 1,002,500 Tenet Healthcare Corp. Senior Notes 8.625% 12/01/2003 ........................ 500,000 495,000 Tenet Healthcare Corp. Senior Subordinated Notes, Series B 8.125% 12/01/2008 ........................ 1,250,000 1,140,625 ----------- 3,550,625 ----------- HOTELS & GAMING (6.2%) Harrahs Operating, Inc. Senior Subordinated Notes 7.875% 12/15/2005 ........................ 1,250,000 1,175,000 International Game Technology Senior Notes 7.875% 05/15/2004 ........................ 1,000,000 960,000 Park Place Entertainment Corp. Senior Subordinated Notes 9.375% 02/15/2007 ........................ 1,500,000 1,500,000 Station Casinos, Inc. Senior Subordinated Notes 10.125% 03/15/2006 ....................... 500,000 502,500 9.75% 04/15/2007 ......................... 750,000 748,125 ----------- 4,885,625 ----------- HOUSEHOLD PRODUCTS (2.1%) The Scotts Co. (144A) Senior Subordinated Notes 8.625% 01/15/2009 ........................ 1,750,000 1,688,750 ----------- HOUSING RELATED/REAL ESTATE (2.8%) Health Care Property Investors, Inc. Notes 6.875% 06/08/2005 ......................... 1,500,000 1,346,850 Webb (Del) Corp. Senior Subordinated Debentures 9.375% 05/01/2009 ......................... 1,000,000 830,000 ----------- 2,176,850 ----------- MANUFACTURING (4.9%) Ball Corp. ................................... Senior Notes 7.75% 08/01/2006 ........................... 2,000,000 1,870,000 Precision Castparts Corp. Senior Notes 8.75% 03/15/2005 ........................... 1,500,000 1,515,146 Silgan Holdings, Inc. Senior Subordinated Debentures 9.00% 06/01/2009 ........................... 500,000 455,000 ----------- 3,840,146 ----------- METALS/MINING (0.9%) Ryerson Tull, Inc. Notes 8.50% 07/15/2001 ........................... 750,000 757,742 ----------- RESTAURANTS (1.2%) Tricon Global Restaurants, Inc. Senior Notes 7.45% 05/15/2005 ........................... 1,000,000 937,461 ----------- RETAIL (3.4%) *Flooring America, Inc. Senior Subordinated Notes, Series B 12.75% 10/15/2002 .......................... 739,000 389,446 Westpoint Stevens, Inc. Senior Notes 7.875% 06/15/2005 .......................... 1,500,000 1,252,500 Zale Corp. Senior Notes, Series B 8.50% 10/01/2007 ........................... 1,110,000 1,032,300 ----------- 2,674,246 ----------- SERVICES & PUBLISHING (8.1%) Allied Waste North America, Inc. ............. Senior Notes, Series B 7.625% 01/01/2006 .......................... 1,200,000 1,044,000
See Accompanying Notes to Financial Statements 77
PRINCIPAL AMOUNT VALUE ---------- ----- CORPORATE BONDS (CONTINUED) Iron Mountain, Inc. Senior Subordinated Notes 10.125% 10/01/2006 ....................... $ 1,500,000 $ 1,500,000 United Rentals, Inc. Senior Subordinated Notes, Series B 9.50% 06/01/2008 ......................... 950,000 869,250 8.80% 08/15/2008 ......................... 500,000 437,500 9.25% 01/15/2009 ......................... 500,000 450,000 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 ........................ 1,000,000 965,720 ----------- 6,396,495 ----------- TECHNOLOGY (3.2%) Flextronics International Ltd. (144A) Senior Subordinated Notes 9.875% 07/01/2010 ........................ 1,000,000 1,007,500 Unisys Corp. Senior Notes 11.75% 10/15/2004 ........................ 1,400,000 1,484,000 ----------- 2,491,500 ----------- TELECOMMUNICATIONS (11.2%) Crown Castle International Corp. Senior Notes 10.75% 08/01/2011 ........................ 1,500,000 1,515,000 Flag Ltd. Senior Notes 8.25% 01/30/2008 ......................... 1,250,000 1,100,000 Level 3 Communications, Inc. Senior Notes 9.125% 05/01/2008 ........................ 500,000 448,750 Level 3 Communications, Inc. Senior Discount Notes 0.00% to 12/01/2003 then 10.50% to 12/01/2008 ..................... 2,050,000 1,245,375 McLeodUSA, Inc. Senior Notes 9.50% 11/01/2008 ......................... 1,500,000 1,455,000 Metromedia Fiber Network, Inc. Senior Notes, Series B 10.00% 11/15/2008 ........................ 1,450,000 1,431,875 Nextlink Communications, Inc. Senior Discount Notes 0.00% to 04/15/2003 then 9.45% to 4/15/2008 ....................... 1,000,000 625,000 Nextlink Communications, Inc. Senior Notes 10.75% 11/15/2008 ........................ 1,000,000 985,000 ----------- 8,806,000 ----------- TRANSPORTATION (2.9%) Allied Holdings, Inc. Senior Notes, Series B 8.625% 10/01/2007 ........................ 1,000,000 885,000 Delta Air Lines, Inc. Medium Term Notes, Series C 6.65% 03/15/2004 ......................... 500,000 468,445 Teekay Shipping Corp. Gtd 1st Pfd. Ship. Mtg. Notes 8.32% 02/01/2008 ......................... 1,000,000 930,000 ----------- 2,283,445 ----------- Total Corporate Bonds (Cost $74,762,135) ......................... 71,413,881 -----------
See Accompanying Notes to Financial Statements 78
PRINCIPAL AMOUNT VALUE ---------- ----- REPURCHASE AGREEMENTS (8.2%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $3,859,666. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 ..... $ 3,858,964 $ 3,858,964 Merrill Lynch 6.54% dated 06/30/2000, due 07/03/2000 in the amount of $2,600,466 Collateralized by U.S. Treasury Bonds 8.75% to 10.625% due 11/15/2009 to 05/15/2017 .................... 2,600,000 2,600,000 ----------- Total Repurchase Agreements (Cost $6,458,964) ............................ 6,458,964 ----------- TOTAL INVESTMENTS (98.7%) (Cost $81,221,099) .............................. 77,872,845 OTHER ASSETS LESS LIABILITIES (1.3%) ............. 1,062,425 ----------- NET ASSETS (100.0%) .............................. $78,935,270 ===========
* Flooring America, Inc., filed a bankruptcy petition for reorganization on June 15, 2000. Effective on that date, interest is not being accrued. See Accompanying Notes to Financial Statements 79 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------ -- COLUMBIA DAILY INCOME COMPANY -- ----------------------------- June 30, 2000 (Unaudited)
PRINCIPAL AMOUNT VALUE ---------- ----- U.S. GOVERNMENT SECURITIES (4.7%) *Fannie Mae 6.401% 05/10/2001 ........................ $20,000,000 $ 20,000,000 *Federal Home Loan Bank 6.229% 07/31/2000 ........................ 18,000,000 18,001,807 *Sallie Mae 6.497% 10/02/2000 ........................ 15,000,000 15,013,649 ----------- Total U.S. Government Securities (Cost $53,015,456) ........................ 53,015,456 ----------- COMMERCIAL PAPER (95.3%) Abbey National NA 6.57% 09/12/2000 ......................... 25,000,000 24,662,375 Alcoa, Inc. 6.58% 09/07/2000 ......................... 18,405,000 18,172,882 6.56% 09/13/2000 ......................... 15,000,000 14,795,000 American General Finance Corp. 6.50% 07/18/2000 ......................... 13,000,000 12,957,750 6.78% 10/05/2000 ......................... 20,000,000 19,634,633 Archer Daniels Midland Co. 6.10% 07/11/2000 ......................... 8,000,000 7,985,089 6.12% 07/13/2000 ......................... 25,000,000 24,944,750 Associates Corp. NA 6.85% 07/03/2000 ......................... 9,300,000 9,294,691 6.56% 08/01/2000 ......................... 16,000,000 15,906,702 6.54% 10/04/2000 ......................... 5,600,000 5,502,336 AT&T Corp. 6.72% 10/02/2000 ......................... 18,000,000 17,684,160 6.61% 11/02/2000 ......................... 20,000,000 19,540,972 Bank of America Corp. 6.45% 08/02/2000 ......................... 17,000,000 16,899,488 6.64% 10/10/2000 ......................... 20,000,000 19,623,733 Barclays U.S. Funding Corp. 6.59% 07/26/2000 ......................... 13,700,000 13,634,796 Becton, Dickinson & Co. 6.55% 07/27/2000 ......................... 16,000,000 15,921,400 Bell Atlantic Financial Services, Inc. 6.42% 07/10/2000 ......................... 13,000,000 12,976,817 6.57% 07/31/2000 ......................... 8,300,000 8,253,043 6.61% 08/09/2000 ......................... 7,600,000 7,544,182 Bellsouth Capital Funding 6.53% 08/04/2000 ......................... 22,000,000 21,860,331 Caterpillar Financial Services Corp. 6.48% 07/11/2000 ......................... 14,000,000 13,972,280 6.60% 08/29/2000 ......................... 9,000,000 8,901,000 6.57% 09/28/2000 ......................... 17,000,000 16,720,775 Chevron Transport Corp. 6.65% 10/03/2000 ......................... 11,000,000 10,806,965 6.64% 10/06/2000 ......................... 14,000,000 13,746,942 Chevron U.K. Investment plc 6.57% 09/11/2000 ......................... 15,000,000 14,800,163 CIT Group, Inc. 6.43% 07/07/2000 ......................... 18,000,000 17,977,495 6.58% 09/14/2000 ......................... 21,000,000 20,708,287 Citicorp 6.53% 07/25/2000 ......................... 11,000,000 10,950,118 6.54% 07/25/2000 ......................... 12,500,000 12,443,229 6.53% 07/26/2000 ......................... 6,500,000 6,469,345 Coca Cola Co. 6.54% 09/21/2000 ......................... 15,000,000 14,773,825 DaimlerChrysler NA Holding Corp. 6.10% 07/12/2000 ......................... 20,000,000 19,959,333 6.53% 07/21/2000 ......................... 18,000,000 17,931,435 E. I. du Pont de Nemours & Co. 6.54% 08/09/2000 ......................... 14,000,000 13,898,267 Eastman Kodak Co. 6.58% 09/19/2000 ......................... 16,000,000 15,763,120 Ford Motor Credit Co. 6.60% 07/03/2000 ......................... 8,300,000 8,295,435 6.54% 07/06/2000 ......................... 12,000,000 11,986,920 6.58% 07/07/2000 ......................... 5,400,000 5,393,091 General Electric Capital Corp. 6.77% 07/05/2000 ......................... 8,000,000 7,992,478 6.33% 07/13/2000 ......................... 11,000,000 10,974,856 6.76% 10/12/2000 ......................... 21,500,000 21,080,129 General Motors Acceptance Corp. 6.19% 07/14/2000 ......................... 15,000,000 14,963,892 6.56% 08/11/2000 ......................... 20,000,000 19,846,933 Goldman Sachs & Co. 6.14% 07/10/2000 ......................... 11,000,000 10,981,239 6.57% 08/08/2000 ......................... 15,000,000 14,893,238 Heinz (H.J.) Co. 6.54% 08/03/2000 ......................... 18,000,000 17,888,820 6.57% 08/22/2000 ......................... 11,100,000 10,992,635
See Accompanying Notes to Financial Statements 80
PRINCIPAL AMOUNT VALUE ---------- ----- COMMERCIAL PAPER (CONTINUED) Household Finance Corp. 6.10% 07/10/2000 ....................... $12,000,000 $ 11,979,667 6.57% 09/25/2000 ....................... 13,000,000 12,793,593 6.69% 10/06/2000 ....................... 15,000,000 14,726,825 International Lease Finance Corp. 6.65% 08/25/2000 ....................... 25,000,000 24,741,389 John Deere Capital Corp. 6.53% 07/24/2000 ....................... 11,000,000 10,952,113 6.61% 09/06/2000 ....................... 14,000,000 13,825,202 6.60% 09/13/2000 ....................... 12,000,000 11,835,000 Lubrizol Corp. 6.46% 07/06/2000 ....................... 16,500,000 16,482,235 Merrill Lynch & Co., Inc. 6.17% 07/14/2000 ....................... 11,000,000 10,973,606 6.48% 07/19/2000 ....................... 26,000,000 25,911,080 MetLife Funding, Inc. 6.12% 07/05/2000 ....................... 20,000,000 19,983,000 6.63% 08/10/2000 ....................... 16,000,000 15,879,187 Minnesota Mining & Manufacturing Co. 6.27% 07/17/2000 ....................... 19,000,000 18,943,744 Morgan Stanley Dean Witter & Co. 6.57% 09/27/2000 ....................... 16,500,000 16,231,999 Motorola Credit Corp. 6.60% 09/29/2000 ....................... 23,000,000 22,616,283 Motorola, Inc. 6.10% 07/07/2000 ....................... 13,000,000 12,984,581 Norwest Financial, Inc. 6.14% 07/03/2000 ....................... 16,000,000 15,991,813 Pharmacia Corp. 6.58% 07/20/2000 ....................... 12,000,000 11,956,133 Prudential Funding Corp. 6.52% 07/28/2000 ....................... 15,000,000 14,923,933 6.64% 08/24/2000 ....................... 16,000,000 15,837,689 Sonoco Products Co. 6.95% 07/05/2000 ....................... 10,000,000 9,990,347 UBS Finance, Inc. 6.08% 07/06/2000 ....................... 20,000,000 19,979,733 6.60% 09/05/2000 ....................... 8,000,000 7,901,733 Walt Disney Co. 6.64% 10/16/2000 ....................... 10,000,000 9,800,800 Wells Fargo & Co. 6.61% 08/23/2000 ....................... 11,000,000 10,890,935 ----------- Total Commercial Paper (Cost $1,071,039,995) ................... 1,071,039,995 ------------- REPURCHASE AGREEMENT (0.2%) J.P. Morgan Securities, Inc. 6.64% dated 06/30/2000, due 07/03/2000 in the amount of $2,731,849. Collateralized by U.S. Treasury Notes 4.875% to 6.625% due 03/31/2001 to 06/30/2003 U.S. Treasury Bonds 6.375% to 12.375% due 05/15/2004 to 08/15/2027 U.S. Treasury Bill 5.80% due 09/21/2000 (Cost $2,731,352)......................... 2,731,352 2,731,352 ----------- TOTAL INVESTMENTS (100.2%) (Cost $1,126,786,803)......................... 1,126,786,803 OTHER ASSETS LESS LIABILITIES (-0.2%).......... (2,271,658) ----------- NET ASSETS (100.0%)............................ $1,124,515,145 ==============
* Floating rate note whose interest rate is reset periodically based on an index. The interest rate shown reflects the rate currently in effect. See Accompanying Notes to Financial Statements 81 STATEMENTS OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- COLUMBIA FUNDS June 30, 2000 (Unaudited)
COMMON INTERNATIONAL STOCK GROWTH STOCK FUND FUND FUND --------------- --------------- --------------- ASSETS: Investments at cost ............................................... $ 691,252,196 $ 1,506,464,502 $ 183,459,784 Investments at cost -- federal income tax purposes ................ $ 693,806,263 $ 1,509,660,764 $ 183,459,784 - --------------------------------------------------------------------- --------------- --------------- --------------- Investments at value .............................................. $ 1,006,295,430 $ 2,353,040,330 $ 215,834,245 Cash .............................................................. -- -- 54,859 Cash denominated in foreign currencies (cost $10,276,137).......... -- -- 10,263,098 Receivable for: Investments sold ................................................ 13,352,362 14,130,347 1,349,464 Capital stock sold .............................................. 464,810 947,070 394,754 Interest ........................................................ 50,260 277,658 150,885 Dividends ....................................................... 272,435 410,909 318,404 Expense reimbursement ........................................... -- -- -- --------------- --------------- --------------- Total assets ...................................................... 1,020,435,297 2,368,806,314 228,365,709 --------------- --------------- --------------- LIABILITIES: Payable for: Investments purchased ........................................... 10,897,234 13,493,521 -- Capital stock redeemed .......................................... 3,851,043 1,815,420 2,239,079 Dividends and distributions ..................................... -- -- -- Investment management fees ...................................... 495,668 1,021,996 189,196 Accrued expenses ................................................ 190,393 309,028 137,957 --------------- --------------- --------------- Total liabilities ................................................. 15,434,338 16,639,965 2,566,232 --------------- --------------- --------------- NET ASSETS .......................................................... $ 1,005,000,959 $ 2,352,166,349 $ 225,799,477 =============== =============== =============== NET ASSETS consist of: Paid-in capital ................................................... $ 584,456,339 $ 1,278,414,620 $ 157,816,539 Undistributed net investment income (loss) ........................ (613,866) (2,260,081) 88,035 Undistributed net realized gain (loss) from: Investment transactions ......................................... 106,115,252 229,435,982 35,857,367 Foreign currency transactions ................................... -- -- (314,067) Unrealized appreciation (depreciation) on: Investments ..................................................... 315,043,234 846,575,828 32,374,461 Translation of other assets and liabilities in foreign currencies -- -- (22,858) --------------- --------------- --------------- NET ASSETS .......................................................... $ 1,005,000,959 $ 2,352,166,349 $ 225,799,477 =============== =============== =============== SHARES OF CAPITAL STOCK OUTSTANDING ................................. 32,510,172 43,546,139 11,248,849 =============== =============== =============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ............ $ 30.91 $ 54.02 $ 20.07 =============== =============== =============== SPECIAL SMALL CAP FUND FUND ---------------- --------------- ASSETS: Investments at cost ............................................... $ 800,946,629 $ 360,755,960 Investments at cost -- federal income tax purposes ................ $ 803,994,456 $ 362,038,040 - --------------------------------------------------------------------- ---------------- --------------- Investments at value .............................................. $ 1,161,383,819 $ 466,272,168 Cash .............................................................. -- -- Cash denominated in foreign currencies (cost $10,276,137).......... -- -- Receivable for: Investments sold ................................................ 5,998,030 3,231,908 Capital stock sold .............................................. 2,965,769 2,447,182 Interest ........................................................ 226,386 195,097 Dividends ....................................................... 345,518 6,563 Expense reimbursement ........................................... -- -- ---------------- --------------- Total assets ...................................................... 1,170,919,522 472,152,918 ---------------- --------------- LIABILITIES: Payable for: Investments purchased ........................................... 16,639,383 2,821,738 Capital stock redeemed .......................................... 2,069,537 665,295 Dividends and distributions ..................................... -- -- Investment management fees ...................................... 794,731 359,963 Accrued expenses ................................................ 200,254 91,294 ---------------- --------------- Total liabilities ................................................. 19,703,905 3,938,290 ---------------- --------------- NET ASSETS .......................................................... $ 1,151,215,617 $ 468,214,628 ================ =============== NET ASSETS consist of: Paid-in capital ................................................... $ 515,751,012 $ 298,053,520 Undistributed net investment income (loss) ........................ (2,481,082) (1,135,999) Undistributed net realized gain (loss) from: Investment transactions ......................................... 277,508,497 65,780,899 Foreign currency transactions ................................... -- -- Unrealized appreciation (depreciation) on: Investments ..................................................... 360,437,190 105,516,208 Translation of other assets and liabilities in foreign currencies -- -- ---------------- --------------- NET ASSETS .......................................................... $ 1,151,215,617 $ 468,214,628 ================ =============== SHARES OF CAPITAL STOCK OUTSTANDING ................................. 31,567,401 14,552,041 ================ =============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ............ $ 36.47 $ 32.18 ================ ===============
See Accompanying Notes to Financial Statements 82 STATEMENTS OF ASSETS AND LIABILITIES - --------------------------------------------------------------------------------
U.S. REAL ESTATE GOVERNMENT EQUITY BALANCED SECURITIES FUND FUND FUND ---------------- --------------- --------------- ASSETS: Investments at cost ............................................... $ 320,143,457 $ 889,743,529 $ 35,689,401 Investments at cost -- federal income tax purposes ................ $ 317,088,115 $ 890,562,508 $ 35,784,415 - --------------------------------------------------------------------- ---------------- --------------- --------------- Investments at value .............................................. $ 337,847,865 $ 1,081,174,943 $ 35,551,162 Cash .............................................................. -- -- -- Cash denominated in foreign currencies (cost $10,276,137).......... $ -- -- -- Receivable for: Investments sold ................................................ 108,994 28,672,559 -- Capital stock sold .............................................. 2,709,587 582,547 560,393 Interest ........................................................ 93,633 5,169,144 109,132 Dividends ....................................................... 2,006,816 203,015 -- Expense reimbursement ........................................... -- -- -- ---------------- --------------- --------------- Total assets ...................................................... 342,766,895 1,115,802,208 36,220,687 ---------------- --------------- --------------- LIABILITIES: Payable for: Investments purchased ........................................... 2,404,560 23,652,335 -- Capital stock redeemed .......................................... 1,145,627 2,881,428 584,368 Dividends and distributions ..................................... 137,277 113,140 8,031 Investment management fees ...................................... 199,883 444,463 14,591 Accrued expenses ................................................ 104,334 231,550 28,744 ---------------- --------------- --------------- Total liabilities ................................................. 3,991,681 27,322,916 635,734 ---------------- --------------- --------------- NET ASSETS .......................................................... $ 338,775,214 $ 1,088,479,292 $ 35,584,953 ================ =============== =============== NET ASSETS consist of: Paid-in capital ................................................... $ 328,746,702 $ 831,049,322 $ 36,196,008 Undistributed net investment income (loss) ........................ 144,318 465,743 -- Undistributed net realized gain (loss) from: Investment transactions ......................................... (7,820,214) 65,532,813 (472,816) Foreign currency transactions ................................... -- -- -- Unrealized appreciation (depreciation) on: Investments ..................................................... 17,704,408 191,431,414 (138,239) Translation of other assets and liabilities in foreign currencies -- -- -- ---------------- --------------- --------------- NET ASSETS .......................................................... $ 338,775,214 $ 1,088,479,292 $ 35,584,953 ================ =============== =============== SHARES OF CAPITAL STOCK OUTSTANDING ................................. 20,835,621 42,306,671 4,340,741 ================ =============== =============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ............ $ 16.26 $ 25.73 $ 8.20 ================ =============== =============== FIXED NATIONAL OREGON INCOME MUNICIPAL MUNICIPAL SECURITIES BOND BOND FUND FUND FUND ---------------- --------------- --------------- ASSETS: Investments at cost ............................................... $ 383,836,169 $ 10,810,602 $ 413,030,601 Investments at cost -- federal income tax purposes ................ $ 384,066,428 $ 10,810,602 $ 413,057,041 - --------------------------------------------------------------------- ---------------- --------------- --------------- Investments at value .............................................. $ 377,046,622 $ 10,610,164 $ 407,911,272 Cash .............................................................. -- -- -- Cash denominated in foreign currencies (cost $10,276,137).......... $ -- -- -- Receivable for: Investments sold ................................................ 11,980,867 -- -- Capital stock sold .............................................. 221,095 121 7,892 Interest ........................................................ 4,763,446 161,600 5,455,857 Dividends ....................................................... -- -- -- Expense reimbursement ........................................... -- 18,512 -- ---------------- --------------- --------------- Total assets ...................................................... 394,012,030 10,790,397 413,375,021 ---------------- --------------- --------------- LIABILITIES: Payable for: Investments purchased ........................................... 11,725,611 -- -- Capital stock redeemed .......................................... 389,740 -- 728,188 Dividends and distributions ..................................... 235,892 2,344 357,208 Investment management fees ...................................... 155,811 4,338 167,592 Accrued expenses ................................................ 89,477 20,177 56,456 ---------------- --------------- --------------- Total liabilities ................................................. 12,596,531 26,859 1,309,444 ---------------- --------------- --------------- NET ASSETS .......................................................... $ 381,415,499 $ 10,763,538 $ 412,065,577 ================ =============== =============== NET ASSETS consist of: Paid-in capital ................................................... $ 403,868,383 $ 11,013,048 $ 417,305,804 Undistributed net investment income (loss) ........................ -- -- -- Undistributed net realized gain (loss) from: Investment transactions ......................................... (15,663,337) (49,072) (120,898) Foreign currency transactions ................................... -- -- -- Unrealized appreciation (depreciation) on: Investments ..................................................... (6,789,547) (200,438) (5,119,329) Translation of other assets and liabilities in foreign currencies -- -- -- ---------------- --------------- --------------- NET ASSETS .......................................................... $ 381,415,499 $ 10,763,538 $ 412,065,577 ================ =============== =============== SHARES OF CAPITAL STOCK OUTSTANDING ................................. 30,622,244 1,143,100 35,279,053 ================ =============== =============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ............ $ 12.46 $ 9.42 $ 11.68 ================ =============== =============== COLUMBIA HIGH YIELD DAILY INCOME FUND COMPANY --------------- --------------- ASSETS: Investments at cost ............................................... $ 81,221,099 $ 1,126,786,803 Investments at cost -- federal income tax purposes ................ $ 81,226,724 $ 1,126,786,803 - --------------------------------------------------------------------- --------------- --------------- Investments at value .............................................. $ 77,872,845 $ 1,126,786,803 Cash .............................................................. -- 4,000,001 Cash denominated in foreign currencies (cost $10,276,137).......... -- -- Receivable for: Investments sold ................................................ 1,358,650 -- Capital stock sold .............................................. 110,032 2,335,532 Interest ........................................................ 1,501,270 896,391 Dividends ....................................................... -- -- Expense reimbursement ........................................... -- -- --------------- --------------- Total assets ...................................................... 80,842,797 1,134,018,727 --------------- --------------- LIABILITIES: Payable for: Investments purchased ........................................... 1,528,125 -- Capital stock redeemed .......................................... 251,356 8,715,514 Dividends and distributions ..................................... 53,935 -- Investment management fees ...................................... 37,343 434,926 Accrued expenses ................................................ 36,768 353,142 --------------- --------------- Total liabilities ................................................. 1,907,527 9,503,582 --------------- --------------- NET ASSETS .......................................................... $ 78,935,270 $ 1,124,515,145 =============== =============== NET ASSETS consist of: Paid-in capital ................................................... $ 84,335,144 $ 1,124,515,145 Undistributed net investment income (loss) ........................ -- -- Undistributed net realized gain (loss) from: Investment transactions ......................................... (2,051,620) -- Foreign currency transactions ................................... -- -- Unrealized appreciation (depreciation) on: Investments ..................................................... (3,348,254) -- Translation of other assets and liabilities in foreign currencies -- -- --------------- --------------- NET ASSETS .......................................................... $ 78,935,270 $ 1,124,515,145 =============== =============== SHARES OF CAPITAL STOCK OUTSTANDING ................................. 8,688,857 1,124,515,145 =============== =============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ............ $ 9.08 $ 1.00 =============== ===============
See Accompanying Notes to Financial Statements 83 STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- COLUMBIA FUNDS For the six months ended June 30, 2000 (Unaudited)
COMMON INTERNATIONAL STOCK GROWTH STOCK FUND FUND FUND --------------- --------------- --------------- NET INVESTMENT INCOME: Income: Interest ........................................................ $ 505,044 $ 1,199,825 $ 687,332 Dividends ....................................................... 2,521,674 3,722,913 1,220,336 Foreign withholding tax on dividend income ...................... -- -- (141,856) --------------- --------------- --------------- Total income .................................................. 3,026,718 4,922,738 1,765,812 --------------- --------------- --------------- Expenses: Investment management fees ...................................... 2,910,036 5,971,133 1,211,055 Transfer agent fees and expenses ................................ 425,605 741,429 260,057 Shareholder servicing fees ...................................... 152,563 86,129 8,425 Postage, printing, and other .................................... 73,801 258,150 70,322 Custodian fees .................................................. 48,907 96,123 97,154 Registration and filing fees .................................... 17,645 18,461 16,101 Legal, insurance, and audit fees ................................ 20,776 28,467 21,208 Directors' fees ................................................. 3,905 8,890 968 --------------- --------------- --------------- Total expenses ................................................ 3,653,238 7,208,782 1,685,290 Fees paid indirectly/expense reimbursements ..................... (12,654) (25,963) (7,513) --------------- --------------- --------------- Net expenses .................................................. 3,640,584 7,182,819 1,677,777 --------------- --------------- --------------- Net investment income (loss) ...................................... (613,866) (2,260,081) 88,035 --------------- --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ......................................... 81,024,205 160,547,998 24,838,297 Foreign currency transactions ................................... -- -- (240,956) --------------- --------------- --------------- Net realized gain (loss) ...................................... 81,024,205 160,547,998 24,597,341 --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) on: Investments ..................................................... (16,009,253) 61,894,379 (55,586,108) Translation of other assets and liabilities in foreign currencies -- -- (18,542) --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) ....... (16,009,253) 61,894,379 (55,604,650) --------------- --------------- --------------- Net realized and unrealized gain (loss) on investments ........ 65,014,952 222,442,377 (31,007,309) --------------- --------------- --------------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ................................................... $ 64,401,086 $ 220,182,296 $ (30,919,274) =============== =============== =============== SPECIAL SMALL CAP FUND FUND --------------- --------------- NET INVESTMENT INCOME: Income: Interest ........................................................ $ 1,780,059 $ 1,069,813 Dividends ....................................................... 1,120,547 196,717 Foreign withholding tax on dividend income ...................... -- -- --------------- --------------- Total income .................................................. 2,900,606 1,266,530 --------------- --------------- Expenses: Investment management fees ...................................... 4,685,714 1,983,499 Transfer agent fees and expenses ................................ 440,872 199,374 Shareholder servicing fees ...................................... 110,532 89,335 Postage, printing, and other .................................... 56,879 20,895 Custodian fees .................................................. 59,650 44,226 Registration and filing fees .................................... 16,417 52,300 Legal, insurance, and audit fees ................................ 24,644 18,960 Directors' fees ................................................. 4,260 1,528 --------------- --------------- Total expenses ................................................ 5,398,968 2,410,117 Fees paid indirectly/expense reimbursements ..................... (17,280) (7,588) --------------- --------------- Net expenses .................................................. 5,381,688 2,402,529 --------------- --------------- Net investment income (loss) ...................................... (2,481,082) (1,135,999) --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ......................................... 170,389,752 46,892,738 Foreign currency transactions ................................... -- -- --------------- --------------- Net realized gain (loss) ...................................... 170,389,752 46,892,738 --------------- --------------- Change in net unrealized appreciation or (depreciation) on: Investments ..................................................... 33,140,893 11,741,139 Translation of other assets and liabilities in foreign currencies -- -- --------------- --------------- Change in net unrealized appreciation or (depreciation) ....... 33,140,893 11,741,139 --------------- --------------- Net realized and unrealized gain (loss) on investments ........ 203,530,645 58,633,877 --------------- --------------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ................................................... $ 201,049,563 $ 57,497,878 =============== ===============
See Accompanying Notes to Financial Statements 84
U.S. REAL ESTATE GOVERNMENT EQUITY BALANCED SECURITIES FUND FUND FUND --------------- --------------- --------------- NET INVESTMENT INCOME: Income: Interest ........................................................ $ 420,764 $ 16,077,696 $ 1,012,143 Dividends ....................................................... 8,009,511 1,555,630 -- Foreign withholding tax on dividend income ...................... -- -- -- --------------- --------------- --------------- Total income .................................................. 8,430,275 17,633,326 1,012,143 --------------- --------------- --------------- Expenses: Investment management fees ...................................... 1,041,284 2,601,770 88,973 Transfer agent fees and expenses ................................ 102,578 464,737 47,085 Shareholder servicing fees ...................................... 113,981 164,959 51 Postage, printing, and other .................................... 55,506 68,596 6,211 Custodian fees .................................................. 18,441 56,675 3,283 Registration and filing fees .................................... 50,108 12,433 4,987 Legal, insurance, and audit fees ................................ 14,292 23,091 10,948 Directors' fees ................................................. 1,087 4,207 145 --------------- --------------- --------------- Total expenses ................................................ 1,397,277 3,396,468 161,683 Fees paid indirectly/expense reimbursements ..................... (4,974) (13,864) (1,481) --------------- --------------- --------------- Net expenses .................................................. 1,392,303 3,382,604 160,202 --------------- --------------- --------------- Net investment income (loss) ...................................... 7,037,972 14,250,722 851,941 --------------- --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ......................................... (486,105) 45,677,829 (136,254) Foreign currency transactions ................................... -- -- -- --------------- --------------- --------------- Net realized gain (loss) ...................................... (486,105) 45,677,829 (136,254) --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) on: Investments ..................................................... 30,956,046 (4,773,949) 126,107 Translation of other assets and liabilities in foreign currencies -- -- -- --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) ....... 30,956,046 (4,773,949) 126,107 --------------- --------------- --------------- Net realized and unrealized gain (loss) on investments ........ 30,469,941 40,903,880 (10,147) --------------- --------------- --------------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ................................................... $ 37,507,913 $ 55,154,602 $ 841,794 =============== =============== =============== FIXED NATIONAL OREGON INCOME MUNICIPAL MUNICIPAL SECURITIES BOND BOND FUND FUND FUND --------------- --------------- --------------- NET INVESTMENT INCOME: Income: Interest ........................................................ $ 13,680,875 $ 275,633 $ 11,161,660 Dividends ....................................................... -- -- -- Foreign withholding tax on dividend income ...................... -- -- -- --------------- --------------- --------------- Total income .................................................. 13,680,875 275,633 11,161,660 --------------- --------------- --------------- Expenses: Investment management fees ...................................... 950,213 25,614 1,003,103 Transfer agent fees and expenses ................................ 174,974 18,586 78,133 Shareholder servicing fees ...................................... 48,298 -- 5,467 Postage, printing, and other .................................... 44,106 10,531 40,956 Custodian fees .................................................. 23,947 917 15,070 Registration and filing fees .................................... 20,639 2,089 4,598 Legal, insurance, and audit fees ................................ 17,626 12,845 20,130 Directors' fees ................................................. 1,548 40 1,634 --------------- --------------- --------------- Total expenses ................................................ 1,281,351 70,622 1,169,091 Fees paid indirectly/expense reimbursements ..................... (6,243) (37,324) (2,965) --------------- --------------- --------------- Net expenses .................................................. 1,275,108 33,298 1,166,126 --------------- --------------- --------------- Net investment income (loss) ...................................... 12,405,767 242,335 9,995,534 --------------- --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ......................................... (6,414,309) (44,834) (48,277) Foreign currency transactions ................................... -- -- -- --------------- --------------- --------------- Net realized gain (loss) ...................................... (6,414,309) (44,834) (48,277) --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) on: Investments ..................................................... 6,930,088 200,205 4,251,445 Translation of other assets and liabilities in foreign currencies -- -- -- --------------- --------------- --------------- Change in net unrealized appreciation or (depreciation) ....... 6,930,088 200,205 4,251,445 --------------- --------------- --------------- Net realized and unrealized gain (loss) on investments ........ 515,779 155,371 4,203,168 --------------- --------------- --------------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ................................................... $ 12,921,546 $ 397,706 $ 14,198,702 =============== =============== =============== COLUMBIA HIGH YIELD DAILY INCOME FUND COMPANY --------------- --------------- NET INVESTMENT INCOME: Income: Interest ........................................................ $ 3,306,336 $ 36,684,911 Dividends ....................................................... -- -- Foreign withholding tax on dividend income ...................... -- -- --------------- --------------- Total income .................................................. 3,306,336 36,684,911 --------------- --------------- Expenses: Investment management fees ...................................... 216,719 2,759,061 Transfer agent fees and expenses ................................ 55,346 510,749 Shareholder servicing fees ...................................... 18,218 343 Postage, printing, and other .................................... 10,508 128,904 Custodian fees .................................................. 7,675 167,103 Registration and filing fees .................................... 13,291 19,749 Legal, insurance, and audit fees ................................ 12,311 23,350 Directors' fees ................................................. 293 4,813 --------------- --------------- Total expenses ................................................ 334,361 3,614,072 Fees paid indirectly/expense reimbursements ..................... (2,467) (51,498) --------------- --------------- Net expenses .................................................. 331,894 3,562,574 --------------- --------------- Net investment income (loss) ...................................... 2,974,442 33,122,337 --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ......................................... (925,529) -- Foreign currency transactions ................................... -- -- --------------- --------------- Net realized gain (loss) ...................................... (925,529) -- --------------- --------------- Change in net unrealized appreciation or (depreciation) on: Investments ..................................................... (879,357) -- Translation of other assets and liabilities in foreign currencies -- -- --------------- --------------- Change in net unrealized appreciation or (depreciation) ....... (879,357) -- --------------- --------------- Net realized and unrealized gain (loss) on investments ........ (1,804,886) -- --------------- --------------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ................................................... $ 1,169,556 $ 33,122,337 =============== ===============
See Accompanying Notes to Financial Statements 85 STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- COLUMBIA FUNDS
COMMON STOCK FUND --------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ (613,866) $ 798,941 Net realized gain (loss) from: Investment transactions ....................................... 81,024,205 97,974,252 Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... (16,009,253) 103,218,921 Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 64,401,086 201,992,114 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... -- (954,346) From net realized gain from investment transactions and foreign currency transactions ................................. -- (54,980,735) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... (19,310,070) 16,706,345 --------------- --------------- Net increase (decrease) in net assets ............................... 45,091,016 162,763,378 NET ASSETS: Beginning of period ............................................. 959,909,943 797,146,565 --------------- --------------- End of period ................................................... $ 1,005,000,959 $ 959,909,943 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ (613,866) $ -- =============== =============== U.S. GOVERNMENT SECURITIES FUND --------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income ........................................... $ 851,941 $ 1,564,524 Net realized gain (loss) from investment transactions ........... (136,254) (336,562) Change in net unrealized appreciation or (depreciation) on investments ................................................ 126,107 (537,091) --------------- --------------- Net increase (decrease) resulting from operations ............... 841,794 690,871 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (851,941) (1,564,524) From net realized gain from investment transactions ............. -- (21,399) NET CAPITAL SHARE TRANSACTIONS ...................................... (2,476,751) (1,610,963) --------------- --------------- Net increase (decrease) in net assets ............................... (2,486,898) (2,506,015) NET ASSETS: Beginning of period ............................................... 38,071,851 40,577,866 --------------- --------------- End of period ..................................................... $ 35,584,953 $ 38,071,851 =============== =============== GROWTH FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- ---------------- OPERATIONS: Net investment income (loss) .................................... $ (2,260,081) $ (1,286,446) Net realized gain (loss) from: Investment transactions ....................................... 160,547,998 293,681,987 Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... 61,894,379 158,791,288 Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- ---------------- Net increase (decrease) resulting from operations ............... 220,182,296 451,186,829 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... -- (31,399) From net realized gain from investment transactions and foreign currency transactions ................................. -- (188,737,105) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... (28,754,467) 145,296,654 --------------- ---------------- Net increase (decrease) in net assets ............................... 191,427,829 407,714,979 NET ASSETS: Beginning of period ............................................. 2,160,738,520 1,753,023,541 --------------- ---------------- End of period ................................................... $ 2,352,166,349 $ 2,160,738,520 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ (2,260,081) $ -- =============== =============== FIXED INCOME SECURITIES FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- ---------------- OPERATIONS: Net investment income ........................................... $ 12,405,767 $ 25,394,003 Net realized gain (loss) from investment transactions ........... (6,414,309) (9,249,028) Change in net unrealized appreciation or (depreciation) on investments ................................................ 6,930,088 (23,036,495) --------------- ---------------- Net increase (decrease) resulting from operations ............... 12,921,546 (6,891,520) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (12,405,767) (25,394,003) From net realized gain from investment transactions ............. -- (123,381) NET CAPITAL SHARE TRANSACTIONS ...................................... (16,247,234) 7,225,727 --------------- ---------------- Net increase (decrease) in net assets ............................... (15,731,455) (25,183,177) NET ASSETS: Beginning of period ............................................... 397,146,954 422,330,131 --------------- ---------------- End of period ..................................................... $ 381,415,499 $ 397,146,954 =============== =============== INTERNATIONAL STOCK FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ 88,035 $ (557,313) Net realized gain (loss) from: Investment transactions ....................................... 24,838,297 31,646,061 Foreign currency transactions ................................. (240,956) (447,670) Change in net unrealized appreciation or (depreciation) on: Investments ................................................... (55,586,108) 53,446,643 Translation of other assets and liabilities in foreign currencies ................................................... (18,542) (8,562) --------------- --------------- Net increase (decrease) resulting from operations ............... (30,919,274) 84,079,159 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... -- -- From net realized gain from investment transactions and foreign currency transactions ................................. -- (15,581,514) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... 17,495,832 36,532,274 --------------- --------------- Net increase (decrease) in net assets ............................... (13,423,442) 105,029,919 NET ASSETS: Beginning of period ............................................. 239,222,919 134,193,000 --------------- --------------- End of period ................................................... $ 225,799,477 $ 239,222,919 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ 88,035 $ -- =============== =============== NATIONAL MUNICIPAL BOND FUND ---------------------------------- SIX MONTHS FEBRUARY 10 ENDED THROUGH JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income ........................................... $ 242,335 $ 227,984 Net realized gain (loss) from investment transactions ........... (44,834) (4,238) Change in net unrealized appreciation or (depreciation) on investments ................................................ 200,205 (400,643) --------------- --------------- Net increase (decrease) resulting from operations ............... 397,706 (176,897) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (242,335) (227,984) From net realized gain from investment transactions ............. -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... 473,245 10,539,803 --------------- --------------- Net increase (decrease) in net assets ............................... 628,616 10,134,922 NET ASSETS: Beginning of period ............................................... 10,134,922 -- --------------- --------------- End of period ..................................................... $ 10,763,538 $ 10,134,922 =============== ===============
See Accompanying Notes to Financial Statements 86
SPECIAL FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ (2,481,082) $ (4,980,345) Net realized gain (loss) from: Investment transactions ....................................... 170,389,752 202,258,383 Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... 33,140,893 38,703,738 Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 201,049,563 235,981,776 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... -- -- From net realized gain from investment transactions and foreign currency transactions ................................. -- (64,905,812) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... 31,844,062 (222,112,863) --------------- --------------- Net increase (decrease) in net assets ............................... 232,893,625 (51,036,899) NET ASSETS: Beginning of period ............................................. 918,321,992 969,358,891 --------------- --------------- End of period ....................................................... $ 1,151,215,617 $ 918,321,992 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ (2,481,082) $ -- =============== =============== OREGON MUNICIPAL BOND FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income ........................................... $ 9,995,534 $ 20,838,199 Net realized gain (loss) from investment transactions ........... (48,277) 583,400 Change in net unrealized appreciation or (depreciation) on investments ................................................ 4,251,445 (33,170,458) --------------- --------------- Net increase (decrease) resulting from operations ............... 14,198,702 (11,748,859) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (9,995,534) (20,838,199) From net realized gain from investment transactions ............. -- (664,050) NET CAPITAL SHARE TRANSACTIONS ...................................... (2,056,132) (19,639,074) --------------- --------------- Net increase (decrease) in net assets ............................... 2,147,036 (52,890,182) NET ASSETS: Beginning of period ............................................... 409,918,541 462,808,723 --------------- --------------- End of period ..................................................... $ 412,065,577 $ 409,918,541 =============== =============== SMALL CAP FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ (1,135,999) $ (1,462,744) Net realized gain (loss) from: Investment transactions ....................................... 46,892,738 35,579,689 Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... 11,741,139 68,026,459 Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 57,497,878 102,143,404 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... -- -- From net realized gain from investment transactions and foreign currency transactions ................................. -- (4,983,750) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... 120,342,761 32,742,128 --------------- --------------- Net increase (decrease) in net assets ............................... 177,840,639 129,901,782 NET ASSETS: Beginning of period ............................................. 290,373,989 160,472,207 --------------- --------------- End of period ................................................... $ 468,214,628 $ 290,373,989 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ (1,135,999) $ -- =============== =============== HIGH YIELD FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income ........................................... $ 2,974,442 $ 5,210,530 Net realized gain (loss) from investment transactions ........... (925,529) (1,090,679) Change in net unrealized appreciation or (depreciation) on investments ................................................ (879,357) (2,631,537) --------------- --------------- Net increase (decrease) resulting from operations ............... 1,169,556 1,488,314 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (2,974,442) (5,210,530) From net realized gain from investment transactions ............. -- (53,874) NET CAPITAL SHARE TRANSACTIONS ...................................... 9,062,329 17,930,084 --------------- --------------- Net increase (decrease) in net assets ............................... 7,257,443 14,153,994 NET ASSETS: Beginning of period ............................................... 71,677,827 57,523,833 --------------- --------------- End of period ..................................................... $ 78,935,270 $ 71,677,827 =============== =============== REAL ESTATE EQUITY FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ 7,037,972 $ 11,701,442 Net realized gain (loss) from: Investment transactions ....................................... (486,105) (7,830,003) Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... 30,956,046 (10,932,476) Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 37,507,913 (7,061,037) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (6,893,654) (10,095,164) From net realized gain from investment transactions and foreign currency transactions ................................. -- From return of capital .......................................... -- (1,606,278) NET CAPITAL SHARE TRANSACTIONS ...................................... 66,445,217 96,305,863 --------------- --------------- Net increase (decrease) in net assets ............................... 97,059,476 77,543,384 NET ASSETS: Beginning of period ............................................. 241,715,738 164,172,354 --------------- --------------- End of period ................................................... $ 338,775,214 $ 241,715,738 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ 144,318 $ -- =============== =============== COLUMBIA DAILY INCOME COMPANY ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income ........................................... $ 33,122,337 $ 51,617,530 Net realized gain (loss) from investment transactions ........... -- -- Change in net unrealized appreciation or (depreciation) on investments ................................................ -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 33,122,337 51,617,530 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (33,122,337) (51,617,530) From net realized gain from investment transactions ............. -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... (40,774,267) 56,148,201 --------------- --------------- Net increase (decrease) in net assets ............................... (40,774,267) 56,148,201 NET ASSETS: Beginning of period ............................................... 1,165,289,412 1,109,141,211 --------------- --------------- End of period ..................................................... $ 1,124,515,145 $ 1,165,289,412 =============== =============== BALANCED FUND ---------------------------------- SIX MONTHS YEAR ENDED ENDED JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 --------------- --------------- OPERATIONS: Net investment income (loss) .................................... $ 14,250,722 $ 29,080,146 Net realized gain (loss) from: Investment transactions ....................................... 45,677,829 58,919,954 Foreign currency transactions ................................. -- -- Change in net unrealized appreciation or (depreciation) on: Investments ................................................... (4,773,949) 33,437,705 Translation of other assets and liabilities in foreign currencies ................................................... -- -- --------------- --------------- Net increase (decrease) resulting from operations ............... 55,154,602 121,437,805 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ...................................... (14,084,266) (28,986,708) From net realized gain from investment transactions and foreign currency transactions ................................. -- (27,016,924) From return of capital .......................................... -- -- NET CAPITAL SHARE TRANSACTIONS ...................................... 6,469,117 124,908 --------------- --------------- Net increase (decrease) in net assets ............................... 47,539,453 65,559,081 NET ASSETS: Beginning of period ............................................. 1,040,939,839 975,380,758 --------------- --------------- End of period ....................................................... $ 1,088,479,292 $ 1,040,939,839 =============== =============== Undistributed net investment income (loss) at end of period .................................................. $ 465,743 $ 299,287 =============== ===============
See Accompanying Notes to Financial Statements 87 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) - -- 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, by independent pricing services, or by the Funds' investment adviser using a methodology approved by the Board of Directors. 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 are 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 be settled a month or more after trade date; interest income is not accrued until settlement date. Each Fund segregates liquid assets with a current value at least equal to the amount of its when-issued purchase commitments until settlement date. INVESTMENT INCOME AND EXPENSES. Dividend income less foreign taxes withheld (if any) is recorded on the ex-dividend date. Certain dividends from foreign securities are 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 premiums or accretion of discounts. 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 Funds' custodian charges. 88 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) - -- 1. SIGNIFICANT ACCOUNTING POLICIES, -- CONTINUED FORWARD CURRENCY EXCHANGE CONTRACTS. Certain Funds may enter into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of the 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. The 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 six months ended June 30, 2000, 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. 89 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) - -- 1. SIGNIFICANT ACCOUNTING POLICIES, -- CONTINUED 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 that results in no tax to the Fund. Thus, no federal income or excise tax provision is required. 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, post-October losses, and non-taxable dividends. 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 were deferred to January 1, 2000. 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. 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 June 30, 2000, 12% of the Fund's debt securities were rated Baa, 46% were rated Ba, 41% were rated B, and 1% were rated C, as rated by Moody's Investors Service, Inc. 90 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) -- 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 transfer and shareholder servicing agent. CFMC and CTC are indirect, wholly owned subsidiaries of FleetBoston Financial 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 ending December 31, 2000, CFMC contractually agreed to reimburse expenses in excess of 0.65% of 1% for the National Municipal Bond Fund. 91 NOTEST OF INANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) -- 3. INVESTMENT TRANSACTIONS -- Aggregate purchases, sales and maturities, net realized gains (losses) and unrealized appreciation (depreciation) of investments, excluding short-term investments, as of and for the six months ended June 30, 2000, were as follows:
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL FUND FUND FUND FUND --------------- --------------- --------------- --------------- PURCHASES: Investment securities other than U.S. Government obligations ............. $ 475,740,097 $ 1,103,990,836 $ 122,659,692 $ 855,218,512 U.S. Government obligations ................ -- -- -- -- --------------- --------------- --------------- --------------- Total purchases .......................... $ 475,740,097 $ 1,103,990,836 $ 122,659,692 $ 855,218,512 =============== =============== =============== =============== SALES AND MATURITIES: Investment securities other than U.S. Government obligations ............. $ 475,084,635 $ 1,104,108,363 $ 99,996,063 $ 838,428,663 U.S. Government obligations ................ -- -- -- -- --------------- --------------- --------------- --------------- Total sales and maturities ............... $ 475,084,635 $ 1,104,108,363 $ 99,996,063 $ 838,428,663 =============== =============== =============== =============== NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations ............. $ 81,024,205 $ 160,547,998 $ 24,838,297 $ 170,389,752 U.S. Government obligations ................ -- -- -- -- --------------- --------------- --------------- --------------- Total net realized gain (loss) ........... $ 81,024,205 $ 160,547,998 $ 24,838,297 $ 170,389,752 =============== =============== =============== =============== UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation ................................. $ 335,090,214 $ 874,148,203 $ 43,213,814 $ 380,627,836 Depreciation ............................... (22,601,047) (30,768,637) (10,839,353) (23,238,473) --------------- --------------- --------------- --------------- Net unrealized appreciation (depreciation) $ 312,489,167 $ 843,379,566 $ 32,374,461 $ 357,389,363 =============== =============== =============== =============== SMALL CAP FUND --------------- PURCHASES: Investment securities other than U.S. Government obligations ............. $ 348,594,091 U.S. Government obligations ................ -- --------------- Total purchases .......................... $ 348,594,091 =============== SALES AND MATURITIES: Investment securities other than U.S. Government obligations ............. $ 247,260,279 U.S. Government obligations ................ -- --------------- Total sales and maturities ............... $ 247,260,279 =============== NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations ............. $ 46,892,738 U.S. Government obligations ................ -- --------------- Total net realized gain (loss) ........... $ 46,892,738 =============== UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation ................................. $ 118,298,094 Depreciation ............................... (14,063,966) --------------- Net unrealized appreciation (depreciation) $ 104,234,128 ===============
92
U.S. FIXED REAL ESTATE GOVERNMENT INCOME EQUITY BALANCED SECURITIES SECURITIES FUND FUND FUND FUND --------------- --------------- --------------- --------------- PURCHASES: Investment securities other than U.S. Government obligations ............. $ 64,623,238 $ 456,851,963 $ -- $ 108,628,209 U.S. Government obligations ................ -- 149,633,017 9,645,383 123,885,495 --------------- --------------- --------------- --------------- Total purchases .......................... $ 64,623,238 $ 606,484,980 $ 9,645,383 $ 232,513,704 =============== =============== =============== =============== SALES AND MATURITIES: Investment securities other than U.S. Government obligations ............. $ 8,093,855 $ 462,925,943 $ -- $ 126,928,900 U.S. Government obligations ................ -- 159,908,589 17,367,867 125,282,758 --------------- --------------- --------------- --------------- Total sales and maturities ............... $ 8,093,855 $ 622,834,532 $ 17,367,867 $ 252,211,658 =============== =============== =============== =============== NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations ............. $ (486,105) $ 48,248,387 $ -- $ (3,772,807) U.S. Government obligations ................ -- (2,570,558) (136,254) (2,641,502) --------------- --------------- --------------- --------------- Total net realized gain (loss) ........... $ (486,105) $ 45,677,829 $ (136,254) $ (6,414,309) =============== =============== =============== =============== UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation ................................. $ 31,743,876 $ 217,694,134 $ 44,283 $ 2,051,848 Depreciation ............................... (10,984,126) (27,081,699) (277,536) (9,071,654) --------------- --------------- --------------- --------------- Net unrealized appreciation (depreciation) $ 20,759,750 $ 190,612,435 $ (233,253) $ (7,019,806) =============== =============== =============== =============== NATIONAL OREGON MUNICIPAL MUNICIPAL BOND BOND HIGH YIELD FUND FUND FUND --------------- --------------- --------------- PURCHASES: Investment securities other than U.S. Government obligations ............. $ 2,008,777 $ 45,784,404 $ 18,720,291 U.S. Government obligations ................ -- -- -- --------------- --------------- --------------- Total purchases .......................... $ 2,008,777 $ 45,784,404 $ 18,720,291 =============== =============== =============== SALES AND MATURITIES: Investment securities other than U.S. Government obligations ............. $ 1,291,845 $ 48,293,944 $ 13,392,810 U.S. Government obligations ................ -- -- -- --------------- --------------- --------------- Total sales and maturities ............... $ 1,291,845 $ 48,293,944 $ 13,392,810 =============== =============== =============== NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations ............. $ (44,834) $ (48,277) $ (925,529) U.S. Government obligations ................ -- -- -- --------------- --------------- --------------- Total net realized gain (loss) ........... $ (44,834) $ (48,277) $ (925,529) =============== =============== =============== UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation ................................. $ -- $ 5,088,614 $ 202,280 Depreciation ............................... (200,438) (10,234,383) (3,556,159) --------------- --------------- --------------- Net unrealized appreciation (depreciation) $ (200,438) $ (5,145,769) $ (3,353,879) =============== =============== ===============
93 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) -- 4. CAPITAL STOCK ACTIVITY--
COMMON STOCK FUND GROWTH FUND INTERNATIONAL STOCK FUND ---------------------------- ---------------------------- ------------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 ------------- ------------- ------------- ------------- ------------- ------------- SHARES: Shares sold ................. 5,698,295 11,517,632 5,727,868 9,878,594 4,895,191 6,568,847 Shares reinvested for dividends and distributions -- 1,925,063 -- 3,704,725 -- 672,171 ------------- ------------- ------------- ------------- ------------- ------------- 5,698,295 13,442,695 5,727,868 13,583,319 4,895,191 7,241,018 Shares redeemed ............. (6,398,646) (12,902,897) (6,358,161) (10,645,707) (4,133,347) (5,437,082) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease) ..... (700,351) 539,798 (630,293) 2,937,612 761,844 1,803,936 ============= ============= ============= ============= ============= ============= AMOUNTS: Sales ....................... $ 169,244,663 $ 303,390,022 $ 291,537,356 $ 458,631,367 $ 105,994,397 $ 115,830,456 Reinvestment of dividends and distributions ......... -- 55,517,942 -- 181,198,091 -- 15,332,212 ------------- ------------- ------------- ------------- ------------- ------------- 169,244,663 358,907,964 291,537,356 639,829,458 105,994,397 131,162,668 Less redemptions ............ (188,554,733) (342,201,619) (320,291,823) (494,532,804) (88,498,565) (94,630,394) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease) ..... $ (19,310,070) $ 16,706,345 $ (28,754,467) $ 145,296,654 $ 17,495,832 $ 36,532,274 ============= ============= ============= ============= ============= ============= Captial 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 -------------------------------- -------------------------------- ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS FEBRUARY 10 ENDED ENDED ENDED ENDED ENDED THROUGH JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 --------------- -------------- ------------- --------------- ------------- --------------- SHARES: Shares sold ..................... 827,654 1,622,111 4,771,705 11,566,401 206,302 1,167,112 Shares reinvested for dividends and distributions 96,948 179,825 876,946 1,654,141 24,458 22,266 --------------- -------------- ------------- --------------- ------------- --------------- 924,602 1,801,936 5,648,651 13,220,542 230,760 1,189,378 Shares redeemed ............... (1,227,416) (1,994,828) (6,961,244) (12,763,958) (179,864) (97,174) --------------- -------------- ------------- --------------- ------------- --------------- Net increase (decrease) ....... (302,814) (192,892) (1,312,593) 456,584 50,896 1,092,204 =============== ============== ============= =============== ============= =============== AMOUNTS: Sales ......................... $ 6,771,930 13,439,970 $ 59,016,577 $ 149,896,177 $ 1,912,921 $ 11,243,302 Reinvestment of dividends and distributions ........... 792,711 1,487,740 10,839,505 21,208,934 227,362 210,997 --------------- -------------- ------------- --------------- ------------- --------------- 7,564,641 14,927,710 69,856,082 171,105,111 2,140,283 11,454,299 Less redemptions .............. (10,041,392) (16,538,673) (86,103,316) (163,879,384) (1,667,038) (914,496) --------------- -------------- ------------- --------------- ------------- --------------- Net increase (decrease) ....... $ (2,476,751) (1,610,963) $ (16,247,234) $ 7,225,727 $ 473,245 $ 10,539,803 =============== ============== ============= =============== ============= =============== Captial stock authorized ...... 100,000,000 200,000,000 100,000,000 Par value ..................... $ 0.01 $ 0.01 $ 0.01
94 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- (Unaudited) -- 4. CAPITAL STOCK ACTIVITY--
SPECIAL FUND SMALL CAP FUND REAL ESTATE EQUITY FUND ---------------------------- ------------------------------ ------------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 ------------- ------------- ------------- ------------- ------------- ------------- SHARES: Shares sold ................. 7,186,912 8,091,686 9,619,399 9,154,142 9,706,721 14,484,357 Shares reinvested for dividends and distributions -- 2,110,467 -- 179,125 426,552 741,606 ------------- ------------- ------------- ------------- ------------- ------------- 7,186,912 10,202,153 9,619,399 9,333,267 10,133,273 15,225,963 Shares redeemed ............. (6,306,085) (20,554,037) (5,718,120) (7,888,604) (5,887,980) (9,054,829) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease) ..... 880,827 (10,351,884) 3,901,279 1,444,663 4,245,293 6,171,134 ============= ============= ============= ============= ============= ============= AMOUNTS: Sales ....................... $ 251,211,807 $ 189,699,087 $ 296,430,900 $ 173,956,372 $ 150,242,830 $ 223,469,596 Reinvestment of dividends and distributions ......... -- 63,166,278 -- 4,882,952 6,658,276 11,170,622 ------------- ------------- ------------- ------------- ------------- ------------- 251,211,807 252,865,365 296,430,900 178,839,324 156,901,106 234,640,218 Less redemptions ............ (219,367,745) (176,088,139) (90,455,889) (138,334,355) (183,187,953) (479,171,475) ------------- ------------- ------------- ------------- ------------- ------------- Net increase (decrease) ..... $ 31,844,062 $(222,112,863) $ 120,342,761 $ 32,742,128 $ 66,445,217 $ 96,305,863 ============= ============= ============= ============= ============= ============= Captial stock authorized .... 100,000,000 100,000,000 100,000,000 Par value ................... $0.01 no par no par OREGON MUNICIPAL BALANCED FUND BOND FUND ------------------------------ --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 ------------- ------------- -------------- --------------- SHARES: Shares sold ................. 6,962,257 17,873,300 3,792,002 7,638,760 Shares reinvested for dividends and distributions 533,392 2,275,603 676,901 1,429,175 ------------- ------------- -------------- --------------- 7,495,649 20,148,903 4,468,903 9,067,935 Shares redeemed ............. (7,300,082) (20,132,726 (4,648,002) (10,762,622) ------------- ------------- -------------- --------------- Net increase (decrease) ..... 195,567 16,177 (179,099) (1,694,687) ============= ============= ============== =============== AMOUNTS: Sales ....................... $ 175,795,283 $ 423,883,086 43,757,491 $ 92,826,600 Reinvestment of dividends and distributions ......... 13,861,787 55,413,297 7,818,681 17,180,278 ------------- ------------- -------------- --------------- 189,657,070 479,296,383 51,576,172 110,006,878 Less redemptions ............ (53,632,304) (129,645,952) ------------- ------------- -------------- --------------- Net increase (decrease) ..... $ 6,469,117 $ 124,908 (2,056,132) $ (19,639,074) ============= ============= ============== =============== Captial stock authorized .... 100,000,000 100,000,000 Par value ................... no par no par HIGH YIELD COLUMBIA DAILY FUND INCOME COMPANY ---------------------------------- ---------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 --------------- --------------- --------------- --------------- SHARES: Shares sold ................. 3,272,070 5,482,451 1,046,648,106 1,662,164,367 Shares reinvested for dividends and distributions 290,021 481,404 33,108,884 51,589,441 --------------- --------------- --------------- --------------- 3,562,091 5,963,855 1,079,756,990 1,713,753,808 Shares redeemed ............. (2,563,729) (4,117,581) (1,657,605,607) --------------- --------------- --------------- --------------- Net increase (decrease) ..... 998,362 1,846,274 (40,774,267) 56,148,201 =============== =============== =============== =============== AMOUNTS: Sales ....................... $ 29,834,224 $ 52,700,054 $ 1,046,648,106 $ 1,662,164,367 Reinvestment of dividends and distributions ......... 2,631,262 4,589,655 33,108,884 51,589,441 --------------- --------------- --------------- --------------- 32,465,486 57,289,709 1,079,756,990 1,713,753,808 Less redemptions ............ (23,403,157) (39,359,625) (1,657,605,607) --------------- --------------- --------------- --------------- Net increase (decrease) ..... $ 9,062,329 $ 17,930,084 $ (40,774,267) $ 56,148,201 =============== =============== =============== =============== Captial stock authorized .... 100,000,000 2,000,000,000 Par value ................... no par $ 0.001
95 NOTES - -------------------------------------------------------------------------------- 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. PATRICK J. SIMPSON 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 -- 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-----