-----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, Nkjemsi71ZGjbINiXxhw/bNx/UD+xOmodY8Efxt8szXeOEYf1PqkF+0D38+CYi1i Hc4BU+r1ywDfqYeoYlZKFA== 0000912057-01-006502.txt : 20010226 0000912057-01-006502.hdr.sgml : 20010226 ACCESSION NUMBER: 0000912057-01-006502 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BALANCED FUND INC /OR CENTRAL INDEX KEY: 0000876613 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 931062672 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06338 FILM NUMBER: 1552817 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 DAILY INCOME CO CENTRAL INDEX KEY: 0000022082 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930635121 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-02507 FILM NUMBER: 1552818 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 GROWTH FUND INC CENTRAL INDEX KEY: 0000022105 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930560559 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-01449 FILM NUMBER: 1552819 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FIXED INCOME SECURITIES FUND INC CENTRAL INDEX KEY: 0000707833 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 930824379 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03581 FILM NUMBER: 1552820 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: 0000741558 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930866151 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03983 FILM NUMBER: 1552821 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: [] IRS NUMBER: 930896403 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04362 FILM NUMBER: 1552822 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 SHORT TERM BOND FUND INC CENTRAL INDEX KEY: 0000801962 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930930245 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04842 FILM NUMBER: 1552823 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 SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 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: [] IRS NUMBER: 931062673 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06341 FILM NUMBER: 1552824 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA INTERNATIONAL STOCK FUND INC CENTRAL INDEX KEY: 0000889421 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931089960 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07024 FILM NUMBER: 1552825 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000908730 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 931117637 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07832 FILM NUMBER: 1552826 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: 97207 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOAND FUND INC DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA HIGH YIELD FUND INC CENTRAL INDEX KEY: 0000908836 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931117636 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07834 FILM NUMBER: 1552827 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA REAL ESTATE EQUITY FUND INC CENTRAL INDEX KEY: 0000916900 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931131979 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08256 FILM NUMBER: 1552828 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: [] IRS NUMBER: 931213171 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07671 FILM NUMBER: 1552829 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 STRATEGIC VALUE FUND INC CENTRAL INDEX KEY: 0001124082 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-10161 FILM NUMBER: 1552830 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: 97207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA TECHNOLOGY FUND INC CENTRAL INDEX KEY: 0001124083 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-10159 FILM NUMBER: 1552831 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: 97201 N-30D 1 a2039554zn-30d.txt N-30D [LOGO] - ------------------------------------------------------------------------------- COLUMBIA FUNDS - ------------------------------------------------------------------------------- 2000 ANNUAL REPORT COLUMBIA COMMON STOCK FUND ======================================================================= COLUMBIA GROWTH FUND ======================================================================= COLUMBIA INTERNATIONAL STOCK FUND ======================================================================= COLUMBIA SPECIAL FUND ======================================================================= COLUMBIA SMALL CAP FUND ======================================================================= COLUMBIA REAL ESTATE EQUITY FUND ======================================================================= COLUMBIA TECHNOLOGY FUND ======================================================================= COLUMBIA STRATEGIC VALUE FUND ======================================================================= COLUMBIA BALANCED FUND ======================================================================= COLUMBIA SHORT TERM BOND FUND ======================================================================= COLUMBIA FIXED INCOME SECURITIES FUND ======================================================================= COLUMBIA NATIONAL MUNICIPAL BOND FUND ======================================================================= COLUMBIA OREGON MUNICIPAL BOND FUND ======================================================================= COLUMBIA HIGH YIELD FUND ======================================================================= COLUMBIA DAILY INCOME COMPANY DECEMBER 31, 2000 TABLE OF CONTENTS - ------------------------------------------------------------------------------- COLUMBIA FUNDS ANNUAL REPORT 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 TECHNOLOGY FUND 18 COLUMBIA STRATEGIC VALUE FUND 20 COLUMBIA BALANCED FUND 22 COLUMBIA SHORT TERM BOND FUND 24 COLUMBIA FIXED INCOME SECURITIES FUND 26 COLUMBIA NATIONAL MUNICIPAL BOND FUND 28 COLUMBIA OREGON MUNICIPAL BOND FUND 30 COLUMBIA HIGH YIELD FUND 32 COLUMBIA DAILY INCOME COMPANY ----------------------------------------------------------------------- FINANCIAL 33 FINANCIAL HIGHLIGHTS INFORMATION 41 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 96 REPORT OF INDEPENDENT ACCOUNTANTS COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 1-800-547-1707 WWW.COLUMBIAFUNDS.COM FRONT COVER FEATURES A PHOTOGRAPH OF THE 84-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 Annual Report. The following pages contain detailed financial information for each of our no-load mutual funds for the year ended December 31, 2000. Over the course of the year, we introduced two new funds -- Columbia Technology Fund and Columbia Strategic Value Fund -- and restructured a third - -- Columbia Short Term Bond Fund -- to improve its return potential by broadening its investment strategy. We hope you'll take a closer look at the changes we've made as you review this report. In addition, we'd like to provide you with some insight to the challenging market in which the Funds operated. A VOLATILE INVESTMENT ENVIRONMENT The investment environment during the year 2000 was exceptionally volatile and represented a turning point for the economy and the markets. During the first half of the year, the Fed continued on its tightening path, increasing interest rates three times in an effort to slow growth to a more sustainable pace. Rising energy prices, strong consumer demand and low unemployment had contributed to fears that rapid economic growth would lead to inflation. In late spring and summer, tentative signs of an economic slowdown appeared when consumer spending began to moderate and housing starts declined. Evidence of a slowing economy continued to accumulate through the year. Third quarter GDP expanded at 2.2% and fourth quarter GDP slowed to an estimated 1.4%. The transition to a slower growth environment resulted in lowered expectations for revenue and profit growth, leading to a dramatic decline in equity prices, especially in the telecommunications and technology sectors. As the year ended, it became increasingly clear that economic growth was decelerating more rapidly than anticipated. The Fed shifted from a tightening bias to an easing bias at its December meeting and followed up by cutting short-term interest rates a total of 1.00% in January 2001. Reflecting the turmoil in the equity markets, the S&P 500 returned -9.11% for the year, posting its worst annual loss since 1974. The technology-heavy NASDAQ Composite Index posted its worst year in history, falling 39.29% for the year and tumbling more than 50% from its peak in March. While stocks suffered, the bond market rallied throughout 2000, anticipating the end of the Fed's tightening cycle. The Lehman Aggregate Bond Index returned 11.63% for the year, and Treasury securities were the best performing fixed income sector, benefiting from the U.S. Treasury's buy back program and investor preference for the highest quality issues. [LINE CHART] NASDAQ FALLS IN 2000
Annual Returns 1972 17.18% 1973 -31.06% 1974 -35.11% 1975 29.76% 1976 26.10% 1977 7.33% 1978 12.31% 1979 28.11% 1980 33.88% 1981 -3.21% 1982 18.67% 1983 19.87% 1984 -11.22% 1985 31.48% 1986 7.26% 1987 -5.26% 1988 15.40% 1989 19.26% 1990 -17.80% 1991 56.84% 1992 15.45% 1993 14.75% 1994 -3.20% 1995 39.92% 1996 22.71% 1997 21.64% 1998 39.63% 1999 85.58% 2000 -39.29%
Source: Hypo 1 TO OUR SHAREHOLDERS - -------------------------------------------------------------------------------- STOCKS REFLECT EXPECTATIONS OF SLOWER GROWTH The decline in stock prices during the fourth quarter reflected expectations for more moderate economic and earnings growth in 2001. Weakness in the equity markets was exacerbated by concerns that a negative wealth effect, combined with higher energy prices and higher interest rates, would diminish consumer confidence and subdue spending. Within the S&P 500, the best performing sectors during 2000 were utility, health care and financial stocks, which tend to be less sensitive to downturns in the economy. On the other hand, the technology and telecommunications sectors, which led performance in 1999, declined about 40% each. As the year progressed, we increased portfolio exposure to sectors that were expected to benefit from the change in Fed policy, such as financials and early cyclicals (like paper and chemicals). We increased holdings in the Aging of America theme as we scaled back on technology holdings most sensitive to a slowing economic environment. BOND MARKETS RALLY Expectations that the Fed would begin to lower short-term rates resulted in strong bond performance during December and in early 2001. During the fourth quarter 2000, corporate and mortgage sectors returned 3.10% and 3.88% respectively, but continued to lag the 5.01% return of the Treasury sector. As Fed easing continues, short-term rates should decline further, and the yield curve should resume a more normal shape, in which long-term rates are higher than short-term rates. SEEKING DEPENDABLE EARNINGS GROWTH Earnings growth is expected to retreat from the extraordinary levels seen in late 1999 and in early 2000. Corporate earnings reported for the third quarter continued to be strong, although expectations for the fourth quarter and early 2001 have declined. We continue to have confidence in the long-term trends underlying our investment themes, particularly Technology Age. Recently, we have begun adding to technology and telecommunications holdings in response to oversold market conditions and the shift in monetary policy. At this time, we are also de-emphasizing the Aging of America theme in favor of our newly adopted Beneficiaries of Policy Change theme. As a result, we are increasing our exposure to companies -- such as financials and early cycle stocks -- that should benefit from the shift in monetary policy, as well as from proposed changes in fiscal policy, such as a cut in the federal tax rate. [BAR CHART] ECONOMIC GROWTH SLOWS
GDP Growth 3Q '99 5.7% 4Q '99 8.3% 1Q '00 4.8% 2Q '00 5.6% 3Q '00 2.2% 4Q '00 1.4%
Source: U.S. Department of Commerce 2 TO OUR SHAREHOLDERS - -------------------------------------------------------------------------------- An easing by the Fed should translate into lower short-term rates and stable long-term rates on bonds going forward. Yields on corporate and mortgage issues remain high relative to Treasuries, and we will continue to overweight those sectors to boost the overall yield on fixed income portfolios. With the commencement of Fed easing, high yield securities rallied in January 2001 and continue to trade at very high yields compared to Treasuries. We expect the high yield sector to contribute to returns favorably, particularly on a risk-adjusted basis. FOCUS ON THE LONG-TERM There are some concerns that economic growth has already decelerated sharply. If this deceleration is exacerbated by a negative wealth effect, the downturn in growth could be prolonged. However, there are many reasons to be optimistic regarding the market environment and investment returns going forward. Historically, strong stock performance has followed the initiation of Fed easing. In addition, an environment with lower interest rates, benign inflation and much improved valuations is supportive of improved earnings growth. With further monetary stimulus likely by the Fed and fiscal stimulus possibly introduced by the new administration in the form of a tax cut, we expect investors will look past near-term earnings disappointments towards a recovery in economic and profit growth in 2002. STAY CURRENT WITH MARKET VIEWS AND NEWS To keep apprised of market developments and our investment team's views, we invite you to visit www.columbiafunds.com, where you can also access your account information and track performance. These functions are also available through Columbia Connect, our automated voice response system, by calling 1-800-547-2170. And, as always, our Investor Service Representatives are happy to answer your questions at 1-800-547-1707, Monday through Friday, from 7:30 a.m. to 5:00 p.m. Pacific Standard Time. Thank you for your continued confidence in Columbia Funds. We look forward to helping you achieve financial success in the months and years ahead. Sincerely, /s/ Thomas L. Thomsen /s/ Jeff B. Curtis Thomas L. Thomsen Jeff B. Curtis CHAIRMAN AND CHIEF INVESTMENT OFFICER PRESIDENT COLUMBIA FUNDS MANAGEMENT COMPANY COLUMBIA FUNDS MANAGEMENT COMPANY February 2001 3 COLUMBIA COMMON STOCK FUND PERFORMANCE The start of the new millennium proved to be a challenging year for the equity markets and Columbia Common Stock Fund. In fact, it was the first negative year for the Fund since its inception on October 1, 1991. However, compared to its peers and the market, the Fund more than held its own. For the year ended December 31, 2000, Columbia Common Stock Fund returned -5.73%. The Fund's benchmark, the S&P 500, trailed behind with a return of -9.11%. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
S&P CCSF 500 ---- --- 1 Year -5.73% -9.11% 5 Years 17.77% 18.33% Since Inception 16.90% 16.54%
------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA COMMON STOCK FUND S&P 500 ---------- ------- 10/1/1991 $10,000 $10,000 12/31/1991 $11,025 $10,838 12/31/1992 $12,126 $11,664 12/31/1993 $14,120 $12,840 12/31/1994 $14,411 $13,009 12/31/1995 $18,855 $17,898 12/31/1996 $22,760 $22,007 12/31/1997 $28,534 $29,349 12/31/1998 $36,033 $37,737 12/31/1999 $45,315 $45,677 12/31/2000 $42,716 $41,514
Past performance is not predictive of future results. The S&P 500 is an unmanaged index generally representative of the U.S. stock market. ECONOMIC GROWTH DECELERATES The year began with the U.S. economy on very healthy footing. Nonetheless, as the rapid rate of economic expansion raised concerns of inflation, the Federal Reserve maintained its tightening policy from 1999 and raised short-term interest rates a total of 1.00% in the first half of the year. In late summer, the economy began to slow, and this deceleration led to a steep decline in earnings expectations. Extremely high valuations in some sectors of the market, the swift pace of GDP deceleration, untested business models, and a general complacency regarding the cyclical nature of some businesses led to brutal corrections in the technology, telecommunications and media sectors. INVESTMENT THEMES Investment themes continued to play a role in stock selection for the Fund in 2000. Holdings in the World Recovery theme were sold early in the year. At the time, the world's economies had recovered from their 1998 lows and it appeared that the outlook for global expansion would not see much improvement. Proceeds from the sales of these holdings were channeled into the Aging of America theme and "stalwart" stocks that were expected to withstand a decelerating economic environment. The Technology Age theme was slightly de-emphasized late in the year, as we believed the cyclical nature of the stocks in the group would temporarily overwhelm the secular growth incumbent in the theme. TOP PERFORMERS Fund performance received a boost throughout the year from our holdings in the health care, energy and financial sectors. In particular, Pfizer, Nabors Industries and Washington Mutual performed admirably. Pfizer is one of the largest pharmaceutical and consumer health care companies in the world, and investors gravitated to its 4 superior earnings growth, its strong product line, and the non-cyclical nature of its business. It remains a core holding in the Fund. Nabors Industries was a beneficiary of the higher demand for drilling services. The company provides oil, gas and geothermal land drilling services, which saw a dramatic increase in demand as corporations responded to the higher energy prices of 2000 with increased drilling activity. In addition, financial services provider Washington Mutual saw its shares come back into favor from a very depressed valuation; investors took comfort in the company's credit stability and in its potential to benefit from an easing in Fed policy. Clearly, the Fund was not immune to market weakness, especially the decline experienced in the NASDAQ Composite Index. The portfolio's gains were offset by the underperformance of technology, media, telecommunications and consumer cyclical sectors. Microsoft and America Online were two of our poorer performers in 2000. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 Pfizer, Inc. 6.2 6.7 Citigroup, Inc. 4.5 3.5 Washington Mutual, Inc. 3.5 1.3 American International Group, Inc. 3.5 2.7 Pharmacia Corp. 3.3 1.7 General Electric Co. 3.2 3.9 Merck & Co., Inc. 3.1 2.1 Schering-Plough Corp. 2.9 2.0 Wal-Mart Stores, Inc. 2.7 2.0 Tyco International Ltd. 2.4 2.3
------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 6/30/00 Consumer Staples 21.9 13.2 Finance 20.6 14.0 Technology 19.3 38.2 Basic Industries & Mfg. 10.7 8.5 Media/Telecommunications 8.7 12.8
LOOKING AHEAD Earnings growth is expected to retreat dramatically in 2001 from the very high levels of late 1999 and early 2000. While we are maintaining investments in high quality companies across sectors, we have been raising our exposure to companies and industries that are expected to benefit from the Fed's recently adopted easing policy. Historically, easing by the Fed has set the stage for a positive market tone. This fact and a continued focus on attractive investment opportunities leads us to be optimistic about prospects in 2001. Thank you for your continued support of Columbia Common Stock Fund. GUY W. POPE ON BEHALF OF THE COLUMBIA INVESTMENT TEAM 5 COLUMBIA GROWTH FUND FUND PERFORMANCE A very difficult market in the last half of 2000, particularly for technology and other economically sensitive growth stocks, resulted in a return of -7.94% for Columbia Growth Fund for the year ended December 31, 2000. While this performance was disappointing relative to the positive returns of prior years, it still outpaced the S&P 500's return of -9.11% and the Russell 1000 Growth Index's return of -22.43% for the same period. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
RUSSELL S&P 1000 CGF 500 GROWTH ------ ------ ------- 1 Year -7.94% -9.11% -22.43% 5 Years 18.20% 18.33% 18.15% 10 Years 17.86% 17.46% 17.33% 20 Years 15.81% 15.65% 14.41%
-------------------- GROWTH OF $10,000 OVER 20 YEARS [LINE CHART]
COLUMBIA GROWTH RUSSELL 1000 FUND S&P 500 GROWTH 12/31/1980 $ 10,000 $ 10,000 $ 10,000 12/31/1981 $ 9,661 $ 9,505 $ 8,869 12/31/1982 $ 14,159 $ 11,549 $ 10,683 12/31/1983 $ 17,198 $ 14,138 $ 12,390 12/31/1984 $ 16,238 $ 15,009 $ 12,272 12/31/1985 $ 21,446 $ 19,745 $ 16,303 12/31/1986 $ 22,930 $ 23,426 $ 18,808 12/31/1987 $ 26,310 $ 24,660 $ 19,806 12/31/1988 $ 29,154 $ 28,742 $ 22,039 12/31/1989 $ 37,634 $ 37,827 $ 29,955 12/31/1990 $ 36,389 $ 36,673 $ 29,877 12/31/1991 $ 48,855 $ 47,848 $ 42,174 12/31/1992 $ 54,630 $ 51,494 $ 44,287 12/31/1993 $ 61,737 $ 56,684 $ 45,572 12/31/1994 $ 61,349 $ 57,432 $ 46,784 12/31/1995 $ 81,581 $ 79,016 $ 64,178 12/31/1996 $ 98,550 $ 97,158 $ 79,016 12/31/1997 $124,489 $129,569 $103,100 12/31/1998 $162,258 $166,600 $143,020 12/31/1999 $204,478 $201,653 $190,446 12/31/2000 $188,312 $183,266 $147,724
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). TECH CORRECTION HAMPERS PERFORMANCE Fund performance was, in general, hurt by the large decline in technology stocks. While we had reduced the portfolio's weighting in the technology sector, the 39.29% decline in the technology-heavy NASDAQ Composite Index over the course of the year had a decidedly negative effect on the Fund. Strong gains in stocks of companies whose earnings are less sensitive to the economy, such as health care and energy services stocks, partly offset the weakness caused by the downturn in technology. In particular, Fund performance benefited from holdings in Bristol-Myers Squibb, a worldwide health and personal care company principally involved in medicines, beauty care, nutritionals and medical devices; Cardinal Health, active in improving the quality of health care through a variety of products and services distributed to health care providers and manufacturers; and Baxter International, a worldwide developer, manufacturer and distributor of products, systems and services used in the health care field. In addition, interest rate sensitive stocks performed well. Holdings in Washington Mutual, a financial services company, and Fannie Mae, a supplier of home mortgage funds, both did well during the year. LOOKING AHEAD Though the Fund finished ahead of the S&P 500 and Russell 1000 Growth indices for the year and was highly competitive among its peers, its negative return was certainly disappointing within the context of the very strong equity returns in recent years. So, where do we go from here? While the earnings environment is very uncertain due to rapidly decelerating economic growth, the Federal Reserve has begun an easing process that historically has most often resulted in stronger stock market returns. Although uncertainty about the Fed's effectiveness in turning around a sluggish economy usually exists at cyclical troughs, we believe that the economic and profit outlook will eventually improve. 6 As the Fed injects liquidity into the economy by lowering interest rates and as the profit outlook improves, stock prices are expected to recover. We anticipate selling issues whose prices reach valuation targets in order to make room for stocks whose prices discount the profit softness, but do not reflect the improvement we expect during the year. The investment landscape has clearly changed over the past six months. Prospects for economic and corporate profit growth have slowed abruptly, and recession forecasts are prevalent. However, inflation has remained tame, stock market valuations have improved and, very importantly, the Fed has begun the process of lowering interest rates to support an eventual recovery in economic and profit growth. Considering the stock market's historically positive response following an initial Fed ease, we are optimistic in our longer-term outlook. Thank you for your continued support of Columbia Growth Fund. ALEXANDER S. MACMILLAN PORTFOLIO MANAGER [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 Pfizer, Inc. 6.2 5.7 Tyco International, Ltd. 4.4 3.3 Citigroup, Inc. 3.8 2.2 American International Group, Inc. 3.7 2.4 Flextronics International, Ltd. 3.3 3.0 Wal-Mart Stores, Inc. 3.2 1.4 Pharmacia Corp. 2.9 1.3 Time Warner, Inc. 2.6 1.2 General Electric Co. 2.6 2.3 Cisco Systems, Inc. 2.5 3.8
------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 6/30/00 Technology 29.1 45.9 Consumer Staples 19.5 12.1 Finance 16.4 10.0 Basic Industries & Mfg. 10.5 7.1 Media/Telecommunications 8.8 13.9
7 COLUMBIA INTERNATIONAL STOCK FUND PERFORMANCE Columbia International Stock Fund finished the year ended December 31, 2000, with a return of -22.64%. In comparison, the MSCI EAFE Index posted a return of - -13.96% for the same period. OVERSEAS MARKETS WEAKEN A strong U.S. dollar, high oil prices and high interest rates negatively impacted our global investment strategy in 2000. While world economic growth prospects have remained positive, a steady lowering of forecasts occurred towards the end of 2000, especially for the U.S., which has been the global leader for several years. The extraordinary stock market performance of the technology and telecommunications industries worldwide reversed in the spring of 2000, and prices weakened further in the fourth quarter. The depressed Euro hurt the portfolio's performance throughout the year. However, we are optimistic as signs of a turnaround appeared in the fourth quarter. In Japan, which had the top performing major stock market in 1999, the modest recovery began to slip at year end, leading economists to downgrade their 2001 forecasts. To free up money for European investing, we reduced our weighting in Japan. We think the combination of a stronger Euro and a weakening Yen will provide an important boost to performance in early 2001. We have cautiously reinvested in Hong Kong and Korea, which should benefit from anticipated lower interest rates in the United States. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
MSCI CISF EAFE ------ ------ 1 Year -22.64% -13.96% 5 Years 12.37% 7.43% Since Inception 11.48% 10.01%
------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA INTERNATIONAL MSCI STOCK FUND EAFE 10/1/1992 $10,000 $10,000 12/31/1992 $10,060 $ 9,623 12/31/1993 $13,417 $12,794 12/31/1994 $13,086 $13,825 12/31/1995 $13,760 $15,422 12/31/1996 $16,042 $16,403 12/31/1997 $17,882 $16,740 12/31/1998 $20,177 $20,144 12/31/1999 $31,865 $25,643 12/31/2000 $24,647 $22,067
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. REDUCING TECHNOLOGY AND TELECOM Over the course of the year, we reduced the portfolio's holdings in technology and telecommunications, especially in Europe. Fund performance was particularly hurt by holdings in Vodafone and Equant. Vodafone, a British multinational company specializing in wireless communications, was our largest holding and generated strong gains for the portfolio in 1999 and early 2000. However, despite its strong financial position and market leadership, Vodafone has been under pressure as investors have shied away from emphasizing the telecom sector. Equant, a provider of international data network services, also saw its stock price drop over the course of the year, and we sold off our holdings to minimize losses. 8 As European technology and telecommunications holdings were reduced, proceeds were channeled into financial and consumer staples stocks (such as pharmaceuticals and food producers) that are expected to withstand the slowdown in the global environment. We saw some especially strong performance from leading multinational pharmaceutical companies, such as Glaxo Wellcome, which announced a merger with SmithKline Beecham late in the fourth quarter to form GlaxoSmithKline. In addition, Novartis (a Swiss company involved in the development, manufacturing and marketing of prescription drugs) and Aventis (a French life sciences corporation focused on innovative products in pharmaceuticals and agriculture) saw their stock prices climb over the course of the year. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 Nokia Corp., ADR 1.6 1.0 Banyu Pharmaceutical Co., Ltd. 1.6 1.4 GlaxoSmithKline plc 1.5 1.4 ING Groep NV 1.4 0.5 Riunione Adriatica di Sicurta S.p.A. 1.3 0.5 Nestle SA 1.2 0.9 UBS AG 1.2 0.8 Bombardier, Inc. (Class B) 1.1 0.8 Royal Bank of Scotland Group plc 1.1 0.9 European Aeronautic Defence and Space Co. 1.1 --
------------------- TOP FIVE COUNTRIES % of Net Assets
12/31/00 6/30/00 United Kingdom 22.9 18.0 Japan 12.4 27.1 France 10.9 8.9 Germany 9.5 6.8 Switzerland 7.9 5.7
WHAT LIES AHEAD? European economies continue to exhibit signs of growth and confidence, albeit at a slightly lower level than in mid-2000. The Euro is highly oversold and a recovery for the currency would aid the markets and boost Fund performance. We believe that both energy prices and interest rates will move lower in world markets. This change, combined with the prospect of a slightly weaker U.S. dollar, is expected to improve the investment climate for 2001. All three of these factors impacted performance negatively in 2000, but we believe that a turnaround will produce positive results for stock markets and economies, especially in Europe and Southeast Asia. We appreciate your investment in Columbia International Stock Fund. JAMES M. MCALEAR PORTFOLIO MANAGER 9 COLUMBIA SPECIAL FUND FUND PERFORMANCE Despite a volatile market environment, Columbia Special Fund finished the year up 13.84%. In comparison, the Russell Midcap was up 8.25%, the S&P Mid Cap 400 was up 17.50%, and the Russell Midcap Growth was down -11.75%. Since early March, growth stocks underperformed value stocks, with the technology sector under particular pressure. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
S&P RUSSELL MID CAP RUSSELL MIDCAP CSF 400 MIDCAP GROWTH 1 Year 13.84% 17.50% 8.25% -11.75% 5 Years 18.18% 20.42% 16.68% 17.77% 10 Years 20.32% 19.86% 18.28% 18.10%
------------------- GROWTH OF $10,000 OVER 10 YEARS [LINE CHART]
COLUMBIA RUSSELL RUSSELL MIDCAP S&P SPECIAL FUND MIDCAP GROWTH MID CAP 400 12/31/1990 $10,000 $10,000 $10,000 $10,000 12/31/1991 $15,046 $14,151 $14,703 $15,011 12/31/1992 $17,107 $16,463 $15,984 $16,800 12/31/1993 $20,816 $18,818 $17,772 $19,144 12/31/1994 $21,293 $18,424 $17,388 $18,455 12/31/1995 $27,581 $24,773 $23,297 $24,165 12/31/1996 $31,185 $29,480 $27,369 $28,802 12/31/1997 $35,127 $38,032 $33,538 $38,102 12/31/1998 $40,972 $41,870 $39,531 $45,383 12/31/1999 $55,858 $49,503 $59,807 $52,064 12/31/2000 $63,592 $53,594 $52,761 $61,200
Past performance is not predictive of future results. The S&P Mid Cap 400 is an unmanaged index generally considered representative of the U.S. market for mid-cap stocks. The S&P Mid Cap 400 will be replaced by the Russell Midcap Index, which is more representative of the stocks held by the Fund. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 24% of the total market capitalization of the Russell 1000 Index. The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. A CHALLENGING MARKET ENVIRONMENT The year began with U.S. economic expansion continuing its record pace, markets climbing to new heights, and the Federal Reserve in the midst of a tightening policy. With strong consumer demand, rising energy prices and low unemployment, the Fed instituted rate hikes totaling 1.00% during the first half of the year in an effort to slow growth to a more sustainable pace and contain inflationary pressures. By the third quarter, evidence of a slowing economy was accumulating and companies began ratcheting down their earnings projections. The more rapid than expected economic slowdown and resulting drop in earnings prospects were perhaps the most critical factors in poor overall market performance in the fourth quarter. Uncertainty regarding the outcome of the presidential election also contributed to the widespread declines. By year-end, valuations had been compressed marketwide, with the most severe damage done to technology stocks with very high price-to-earnings ratios. Their prospects for maintaining rapid earnings growth suddenly dimmed and many companies announced disappointing earnings. AVOIDING NON-EARNINGS TECH STOCKS The Fund generated a positive return for the year despite its growth bias and the difficult market environment. One reason for the Fund's success was due to its weightings in energy and health care. Energy performed very well throughout 2000, with solid contributions from holdings such as Nabors Industries and Noble Drilling. Health care was increased earlier in the year and was especially strong; holdings such as Tenet Healthcare and King Pharmaceuticals aided Fund performance. We managed downside risk to the portfolio by avoiding most of the non-earnings technology stocks during the year, particularly the e-tailer and dot.com stocks without established business models. Although technology had been a weak sector since early March, some of our stocks in 10 this area, such as BEA Systems and Ciena Corp., performed relatively well. We did experience disappointing performance from some holdings, particularly in the media sector in the second half of the year. Advertising spending slowed considerably due to slower economic growth and the struggles of dot.coms, whose generous ad budgets previously lifted this sector. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 Tenet Healthcare Corp. 3.5 1.0 Nabors Industries, Inc. 3.4 2.0 Ciena Corp. 3.3 3.2 BEA Systems, Inc. 2.6 2.6 ALZA Corp. 2.0 2.4 AES Corp. 2.0 1.3 FPL Group, Inc. 1.9 -- Noble Drilling Corp. 1.7 1.5 Waters Corp. 1.7 2.1 Univision Communications, Inc. (Class A) 1.4 2.0
------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 6/30/00 Technology 23.4 44.6 Consumer Staples 23.2 12.3 Consumer Cyclical 13.1 12.6 Energy 13.1 12.2 Media/Telecommunications 6.9 7.5
SEEKING NEW OPPORTUNITIES The economy has slowed sharply, valuations have been corrected, and earnings expectations have been lowered. In addition, the Fed has begun to lower short-term interest rates. All of these factors point to a difficult and uncertain environment for the first half of 2001, but we are optimistically looking ahead to some improvement in the second half. We expect that companies that make it through this economic "air pocket" with their earnings power intact should perform very well. Companies that have previously disappointed, but whose valuations have been overly discounted, may also represent attractive situations. We are optimistic that after some "choppy waters" early in the new year, the market will improve, and we are seeking opportunities created by market downturns. Thank you for your confidence in Columbia Special Fund. RICHARD J. JOHNSON PORTFOLIO MANAGER 11 COLUMBIA SMALL CAP FUND A RECAP OF PERFORMANCE For the year ended December 31, 2000, Columbia Small Cap Fund returned 5.85%, outpacing its benchmarks, the Russell 2000, which declined -3.02%, and the Russell 2000 Growth, which declined -22.44%. VOLATILE MARKET CONDITIONS After reaching new heights in March, the NASDAQ Composite Index finished the year down 39.29%, its worst one-year loss in history. Though the markets appeared to make a comeback in August, investors were taken aback by signs of a rapid economic slowdown late in the third quarter and into the fourth. As earnings projections were lowered, prices resumed their downward trend. Although valuations were compressed marketwise, technology and telecommunications stocks were clearly the hardest hit as their prospects for maintaining fast-paced earnings growth diminished. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
RUSSELL RUSSELL 2000 CSCF 2000 GROWTH ------ -------- ------- 1 Year 5.85% -3.02% -22.44% Since Inception 24.27% 9.46% 5.77%
------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA SMALL CAP FUND RUSSELL 2000 RUSSELL 2000 GROWTH 10/1/1996 $10,000 $10,000 $10,000 12/31/1996 $10,762 $10,520 $10,026 12/31/1997 $14,432 $12,872 $11,324 12/31/1998 $15,109 $12,544 $11,464 12/31/1999 $24,045 $15,211 $16,404 12/31/2000 $25,455 $14,751 $12,726
Past performance is not predictive of future results. The Russell 2000 is an unmanaged index generally representative of the market for small, domestic stocks. The Russell 2000 Growth Index measures performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. CONTRIBUTORS TO PERFORMANCE Despite the challenging investment environment, the Fund generated a positive return due to a significant stake in energy and health care. In addition, we significantly trimmed our technology holdings prior to the declines that plagued the sector since early March. Energy proved to be a strong sector for the Fund throughout the period, with positive contributions coming from holdings like Hanover Compressor, a provider of full-service natural gas compression, and UTI Energy, a provider of land drilling services to exploration and production companies. The Fund's health care weighting was increased earlier in the year and supplied some very strong performers. Universal Health Services and Eclipsys Corp. were just two of the holdings that helped keep the Fund in positive territory. Universal Health Services owns and operates various health care facilities, while Eclipsys provides information solutions to health care providers. Since the March correction, the technology sector has posted poor performance as a whole. Nonetheless, some of our individual selections were up for the year. HNC Software and Mentor Graphics, for example, saw their prices rise for the period due to their low valuations and solid earnings prospects. A casualty of the tech correction was the media sector, the performance of which negatively impacted the Fund's total return. Previously boosted by increased ad spending by 12 dot.coms and e-tailers, this sector weakened considerably in the second half of the year as these high tech companies struggled and U.S. economic growth slowed. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 UTI Energy Corp. 2.3 1.0 First Health Group Corp. 2.3 0.9 Universal Health Services, Inc. (Class B) 2.2 0.9 Precision Drilling Corp. 2.1 1.5 Tetra Tech, Inc. 2.0 1.1 National-Oilwell, Inc. 2.0 1.2 Mentor Graphics Corp. 1.9 -- HNC Software, Inc. 1.8 2.1 Barr Laboratories, Inc. 1.7 -- Documentum, Inc. 1.6 1.3
------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 6/30/00 Consumer Staples 28.8 13.9 Technology 23.7 43.0 Energy 16.2 12.1 Consumer Cyclical 13.7 13.8 Finance 3.4 1.4
THE COMING YEAR The economy has slowed sharply, valuations have been corrected, earnings expectations have been lowered, and the Fed has begun to lower short-term interest rates. These factors point to a difficult and uncertain environment for the first half of 2001, but we are optimistic about an improving environment in the second half of the year and are seeking investment opportunities created by this volatile environment. We are focused on maintaining a portfolio of reasonably valued companies that can grow revenues and earnings significantly faster than the market. Thank you for your investment in Columbia Small Cap Fund. RICHARD J. JOHNSON PORTFOLIO MANAGER 13 COLUMBIA REAL ESTATE EQUITY FUND FUND PERFORMANCE Stability of returns, a healthy operating environment and attractive valuations combined to generate the best year for REIT performance since 1996. For the year ended December 31, 2000, Columbia Real Estate Equity Fund's total return of 28.84% compared well to the 26.37% return for the NAREIT Index. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
CREF NAREIT ----- ------ 1 Year 28.84% 26.37% 5 Years 13.71% 10.09% Since Inception 12.74% 9.56%
------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA REAL ESTATE NAREIT EQUITY FUND INDEX 4/1/1994 $10,000 $10,000 12/31/1994 $10,176 $ 9,978 12/31/1995 $11,892 $11,502 12/31/1996 $16,446 $15,558 12/31/1997 $20,515 $18,712 12/31/1998 $17,985 $15,435 12/31/1999 $17,545 $14,722 12/31/2000 $22,603 $18,602
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. MARKET CONDITIONS REITs emerged from a two and a half year bear market in March, just as the NASDAQ Composite Index peaked. While this event was a catalyst for positive REIT performance, fundamental factors were in place to support a sustainable rally. Those factors included downward revisions in the anticipated new supply of real estate, a still healthy economy, and low valuation levels. The prospect of a sustainable balance of supply and demand was (and still is) a strong indication of favorable forward earnings growth and, when combined with low price-to-earnings ratios, produced strong total returns. These same conditions still existed at year-end. The sectors positioned to benefit from this favorable scenario were lodging, office, apartments and industrial. Indeed, many of these companies experienced upward earnings revisions throughout the year due to improved expectations for future growth. The Fund's heavy weightings in these sectors contributed significantly to its outperformance. Our decision to underweight the poorer performing retail and health care sectors also enhanced Fund performance. Negotiations over federal reimbursement levels for health care service providers dragged on longer than expected, hurting prospects for facilities owners, such as hospitals and nursing homes. The retail sector of the REIT market also suffered as consumer spending declined steadily over the course of the year, keyed by earlier Federal Reserve rate hikes. The outlook for retail, however, received a significant boost early in January 2001 with an earlier than expected rate cut by the Fed; the Fund's weighting in this sector has risen in response to an anticipated improvement in fundamentals and in consideration of the sector's low valuation. THE UPS AND DOWNS IN REITS Several large capitalization, high quality companies that are dominant in the portfolio performed very well during 2000. Total returns of 45% or more were generated by Host Marriott, an operator of full service hotels in the U.S. and Canada; AvalonBay, 14 which focuses on upscale apartment communities; Boston Properties, an owner and developer of office properties; and Spieker Properties, an owner of office and industrial properties. These companies benefited from strong demand, low levels of new supply and rising earnings estimates. Conversely, weak demand and doubts over management's ability to improve returns on capital plagued Simon Property Group and Trizec Hahn, respectively. Both companies experienced declining estimates during the year and underperformed. Simon Property Group, primarily involved in regional malls and community shopping centers, finished the year down -15% while Trizec Hahn, active in retail and office space, was down -35%. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 6/30/00 Spieker Properties, Inc. 6.4 4.6 Cousins Properties, Inc. 6.3 4.3 Vornado Realty Trust 6.2 5.6 Equity Office Properties Trust 5.7 4.6 Public Storage, Inc. 4.9 5.0 AvalonBay Communities, Inc. 4.7 4.9 Simon Property Group, Inc. 4.7 4.4 Boston Properties, Inc. 4.6 2.7 Equity Residential Properties Trust 4.6 3.0 General Growth Properties, Inc. 4.4 3.9
------------------- PORTFOLIO COMPOSITION % of Net Assets
12/31/00 6/30/00 Apartments 17.7 14.7 Community Centers 9.5 8.8 Industrial 24.9 27.2 Lodging 3.2 8.8 Office 24.9 22.7 Other 6.6 1.8 Shopping Malls 9.0 8.3 Cash 4.2 7.0
THE OUTLOOK A period of Fed rate cuts meant to sustain a healthy economic environment is favorable for REITs. The Fund's focus on strong, experienced management teams with the best prospects for future growth should continue to provide compelling returns. We appreciate your interest in Columbia Real Estate Equity Fund. DAVID W. JELLISON PORTFOLIO MANAGER 15 COLUMBIA TECHNOLOGY FUND PERFORMANCE SINCE INCEPTION From its November 9 offering through December 31, 2000, the Fund returned - -13.78%. For the same period, the NASDAQ Composite Index returned -23.55%, the Merrill Lynch 100 Index returned -27.99% and the Morgan Stanley High Tech Index returned -23.92%. Since the Fund is new, no performance over time is illustrated. [SIDENOTE] - -------------------------------------------------------------------------------- "WE'RE OPTIMISTIC ABOUT THE LONG-TERM PROSPECTS FOR TECHNOLOGY COMPANIES POSITIONED TO SATISFY CORPORATE AND CONSUMER DEMAND." CHAD L. FLEISCHMAN CO-MANAGER VOLATILE MARKET CONDITIONS The technology sector experienced exceptional volatility during the period of the Fund's operation, continuing the trend of the entire year. Since its peak in March, the NASDAQ Composite Index fell over 50% by year-end. This decline resulted from a combination of high expectations, historically high valuations, and broadly deteriorating fundamentals. While the much discussed fledgling "dot.com" sector took the biggest beating, share prices across the spectrum of technology-related companies have been damaged. As the year came to an end, indicators concerning U.S. economic growth and corporate earnings continued to point to a surprisingly sudden and material slowing. With the exception of the medical technology sector, technology companies are highly susceptible to changes in consumer and business spending trends. This exposure is being factored negatively into stock prices. While the length and depth of the current spending slowdown remains to be seen, investors should eventually begin to look beyond the present environment and discount a reacceleration. Lower interest rates and perhaps tax legislation may be necessary to bring about the shift in investor perception. MOVING TOWARD FULL INVESTMENT For the partial quarter period of the Fund's operation, performance benefited, on a relative basis, from gradually investing the portfolio's cash. Also, in the midst of an ongoing compression of valuations, some select areas of technology managed to fight the trend. Wireless equipment stocks enjoyed a recovery after a major correction in the summer and early fall. Demand trends remained solid for mobile phones and the infrastructure equipment needed to provide service. This benefited the share prices of a number of the Fund's holdings, including Nokia and Powerwave Technologies. Although performance results in the area were mixed, certain semiconductor-related stocks enjoyed a recovery from earlier aggressive selling. Advances in share prices of Micron Technologies and Novellus Systems aided Fund performance. Also, the portfolio's 10.9% weighting in medical technology companies provided relative performance support, with Inverness Medical Technologies and Waters Corporation both up for the period. 16 Technology stocks posting negative results were widespread as concerns about the financial viability of emerging telecommunications carriers led to intense concerns about the business prospects of wireline telecom equipment companies. Given the former strength of demand and resulting revenue and earnings growth, valuations in the sector reflected high expectations. As concerns developed, selling began despite the fact that immediate growth continued. Stocks caught in the downdraft included Ciena Corp. and Redback Networks. Many software stocks experienced a similar fate, particularly as evidence of a softening U.S. economy mounted and risk to corporate technology budgets developed. Punished stocks included Veritas Software Corp. and Mercury Interactive Corp. These same economic and budget concerns negatively impacted shares of computer hardware companies, such as Avocent Corporation and Sun Microsystems. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 Andrew Corp. 2.2 Advent Software, Inc. 2.1 Invitrogen Corp. 2.0 Watchguard Technologies, Inc. 2.0 Western Wireless Corp. (Class A) 1.9 Mentor Graphics Corp. 1.9 Intel Corp. 1.9 Electronic Arts, Inc. 1.8 Macrovision Corp. 1.8 Enzon, Inc. 1.8
------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 Enterprise Software 15.4 Communication Equipment 13.2 Medical Technology 10.9 Semiconductors & Components 10.2 Peripherals 8.3
LOOKING AHEAD We are deploying assets in a diversified fashion across technology industries. We seek companies with strong management, superior long-term growth opportunities, and dominant market positions at what we hope to be sustainable valuations, regardless of market capitalization. By year-end, semiconductor-related stock prices were approaching valuation levels that may reflect the worst and have been the most recent focus of the Fund's investments. The Fund is positioned to exploit a positive shift in investor attitudes as uncertainties about growth of earnings clear. Thank you for your interest in Columbia Technology Fund. CHAD L. FLEISCHMAN AND STEVEN N. MARSHMAN PORTFOLIO MANAGERS 17 COLUMBIA STRATEGIC VALUE FUND PERFORMANCE From its offering on November 9 through December 31, 2000, Columbia Strategic Value Fund returned 12.25%. The Fund seeks companies that the markets have discounted relative to their intrinsic worth; these companies often have the potential to demonstrate improving cash flows and return on invested capital. Since the Fund is new, no performance over time is illustrated. [SIDENOTE] - -------------------------------------------------------------------------------- "WHEN ADDING SECURITIES TO THE PORTFOLIO, WE COMBINE A `TOP-DOWN' EVALUATION OF THE ECONOMIC ENVIRONMENT WITH FUNDAMENTAL `BOTTOM-UP' RESEARCH TO ANALYZE THE PROSPECTS FOR AN ISSUER BASED ON ITS FINANCIAL STATEMENTS AND OPERATIONS." ROBERT A. UNGER PORTFOLIO MANAGER THE ENVIRONMENT The Fund was introduced in an environment of decelerating economic growth. For the first half of the year, the Federal Reserve had maintained its tightening policy from 1999, raising interest rates to slow economic growth to a more sustainable pace and contain inflation. During the period of the Fund's operation, uncertainty plagued the markets as growth appeared to be slowing too rapidly, companies revised earnings expectations downward, and the presidential election remained undecided for several weeks. As the NASDAQ Composite Index finished the year down nearly 40%, and the S&P 500 also finished in negative territory, value stocks generally outperformed growth stocks. As the Fund moved toward full investment, stock selection was influenced by the anticipation of a possible easing by the Fed. At its December meeting, the Fed adopted an easing bias, and, in fact, cut interest rates early in January 2001. In addition, investment decisions were influenced by expectations that a tax cut and increased defense expenditures would be proposed by the new presidential administration, which should help stimulate the economy. CONTRIBUTORS TO PERFORMANCE Sectors that benefited performance included housing, energy, basic materials and capital goods. Spurred by the prospect of lower interest rates, the Fund increased exposure to the housing industry. Holdings like Masco -- which manufactures, installs and sells home improvement and building products -- were added to the portfolio. The Fund invested in natural gas supplies and energy infrastructure through CBI Industries, Foster Wheeler and Burlington Resources, all of which helped boost the Fund's total return. The basic materials and capital goods sector, consisting of companies expected to improve their competitive positions as a result of a weakening dollar, also contributed to performance. Caterpillar and Deere, manufacturers of equipment and machinery used in earth moving and construction, and Monsanto, a provider of technology-based solutions in the agricultural industry, were all up for the period of the Fund's operation. Crown Cork, a leading manufacturer of packaging products, also performed well. 18 Although communications holdings Andrew Corp. and Motorola were disappointing during the period, the outlook for wireless spending should improve in 2001 and provide growth opportunity. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN HOLDINGS % of Net Assets
12/31/00 Crown Cork & Seal Co., Inc. 2.9 Monsanto Co. 2.7 Masco Corp. 2.2 Vitria Technology, Inc. 2.0 Minnesota Mining and Manufacturing Co. 1.9 IMC Global, Inc. 1.8 Foster Wheeler Corp. 1.7 Nacco Industries, Inc. 1.6 Caterpillar, Inc. 1.5 LandAmerica Financial Group, Inc. 1.5
-------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 Technology 15.2 Financials 13.5 Basic Materials 11.9 Consumer Cyclical 9.0 Energy 7.9
WHAT WE SEE AHEAD We anticipate that the year 2001 will be volatile for stocks, and the portfolio may experience a turnover rate that is higher than what we'd normally expect. We believe that investment opportunities in today's markets lie beneath the top 25 market capitalization issues, where we believe valuations and earnings prospects are much more reasonable. Thank you for your support of Columbia Strategic Value Fund. ROBERT A. UNGER PORTFOLIO MANAGER 19 COLUMBIA BALANCED FUND PERFORMANCE FOR THE YEAR Columbia Balanced Fund returned 0.82% for the year ended December 31, 2000. This compares to the S&P 500, which returned -9.11%, and the Lehman Aggregate Bond Index, which returned 11.63% for the same period. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
S&P LEHMAN CBF 500 AGGREGATE ----- ----- --------- 1 Year 0.82% -9.11% 11.63% 5 Years 12.61% 18.33% 6.46% Since Inception 12.63% 16.54% 7.43%
----------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA S&P LEHMAN BALANCED FUND 500 AGGREGATE 10/1/1991 $10,000 $10,000 $10,000 12/31/1991 $10,673 $10,838 $10,507 12/31/1992 $11,479 $11,664 $11,285 12/31/1993 $12,619 $12,840 $12,385 12/31/1994 $12,518 $13,009 $12,023 12/31/1995 $15,994 $17,898 $14,244 12/31/1996 $18,076 $22,007 $14,761 12/31/1997 $21,908 $29,349 $16,185 12/31/1998 $26,130 $37,737 $17,592 12/31/1999 $28,751 $45,677 $17,448 12/31/2000 $30,233 $41,514 $19,478
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. ECONOMIC GROWTH DECELERATES The year began with the U.S. economy on very healthy footing. Nonetheless, as the rapid rate of economic expansion raised concerns of inflation, the Federal Reserve maintained its tightening policy from 1999 and raised short-term interest rates a total of 1.00% in the first half of the year. In late summer, the economy began to slow, and this deceleration led to a steep decline in earnings expectations. In the equity markets, extremely high valuations in some sectors, the pace of the GDP deceleration, untested business models, and a general complacency regarding the cyclical nature of some businesses led to brutal corrections in the technology, telecommunications and media sectors. In the bond markets, yields fell on longer maturity issues and rose on very short maturity bonds and Treasury bills. In addition, the supply of long-term Treasuries dwindled as the demand increased when the U.S. Treasury used a budget surplus to buy back longer-term issues. EQUITY PERFORMANCE Equity fund performance received a boost throughout the year from holdings in the health care, energy and financial sectors. In particular, Pfizer, Nabors Industries and Washington Mutual performed admirably. Pfizer is one of the largest pharmaceutical and consumer health care companies in the world, and investors gravitated to its superior earnings growth, its strong product portfolio, and the non-cyclical nature of its business. It remains a core equity holding in the portfolio. Nabors Industries was a beneficiary of the higher demand for drilling services. The company provides oil, gas and geothermal land drilling services, which saw a dramatic increase in demand as corporations increased drilling activity in response to higher energy prices. In addition, financial services provider Washington Mutual saw its shares come back into favor from a very depressed valuation; investors took comfort in the company's credit stability and potential to benefit from an easing in Federal Reserve policy. 20 Clearly, the Fund was not immune to market weakness, especially the decline experienced in the NASDAQ Composite Index. The portfolio's gains were offset by the underperformance of technology, media, telecommunications and consumer cyclical sectors. Microsoft and America Online were two of our poorer performers in 2000. [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN STOCK HOLDINGS % of Net Assets
12/31/00 6/30/00 Pfizer, Inc. 3.7 3.7 Citigroup, Inc. 2.6 2.1 Washington Mutual, Inc. 2.1 0.8 General Electric Co. 2.1 2.3 Merck & Co., Inc. 2.0 1.3 Wal-Mart Stores, Inc. 2.0 1.2 American International Group, Inc. 1.9 1.5 Pharmacia Corp. 1.8 1.3 Schering-Plough Corp. 1.7 1.3 Tyco International, Ltd. 1.4 1.4
------------------- PORTFOLIO COMPOSITION % of Net Assets December 31, 2000 [PIE CHART] Common Stocks 59.0% Fixed Income 37.8% Cash 3.2%
[PIE CHART] June 30, 2000 Common Stocks 59.9% Fixed Income 36.9% Cash 3.2%
FIXED INCOME On the bond side of the Fund, the growing preference for Treasuries pushed their performance past other higher yielding bonds. The portfolio's underweighting in Treasuries was offset by solid performance by mortgage-backed securities with comparable maturities. By overweighting the portfolio with highly rated commercial mortgage-backed and asset-backed securities, we were able to boost the Fund's total return. Investment-grade and high yield corporate bonds trailed well behind Treasuries for the year, and our decision to overweight these securities negatively impacted bond portfolio performance. However, the declining prices of corporate bonds has enabled their yields to increase relative to Treasuries and adds to their performance potential. LOOKING AHEAD Earnings growth is expected to retreat dramatically in 2001 from the very high levels of late 1999 and early 2000. While we are maintaining stock investments in high quality companies across sectors, we have been raising our exposure to companies and industries that will benefit from the Fed's recently adopted easing policy. Historically, easing by the Fed has resulted in a positive response by the stock market. We believe that bonds will continue to perform well during 2001 as the Fed continues to lower short-term interest rates. We expect corporate bonds and high yield bonds will outperform Treasury securities during the coming year. GUY W. POPE, LEONARD A. APLET AND JEFFREY L. RIPPEY ON BEHALF OF THE COLUMBIA INVESTMENT TEAM 21 COLUMBIA SHORT TERM BOND FUND NEW INVESTMENT STRATEGY Columbia Short Term Bond Fund started the year as Columbia U.S. Government Securities Fund, then changed its name and expanded its investment strategy on November 1, 2000. In addition to government bonds, the portfolio now includes mortgage- and asset-backed securities along with corporate debt. The Fund seeks a high level of current income consistent with a high degree of stability. FUND PERFORMANCE Columbia Short Term Bond Fund posted a return of 7.26% for the year ended December 31, 2000. This compares to 8.00% posted by the Merrill Lynch 1-3 Year Treasury Index, the Fund's previous benchmark, and 8.88% posted by the Merrill Lynch 1-5 Year Government/Corporate Index, its new benchmark. From November 1 through December 31, 2000, the Fund returned 2.74% versus 2.62% for the Merrill Lynch 1-5 Year Government/Corporate Index and 2.16% for the Merrill Lynch 1-3 Year Treasury Index. The Fund benefited from price gains on its bonds and from a drop in short-term and intermediate-term rates in the fourth quarter of the year. ENVIRONMENT INFLUENCES PERFORMANCE From the summer of 1999 through the first half of 2000, the Federal Reserve raised short-term interest rates a total of 1.75% in an attempt to contain very strong economic growth and stave off inflation. In the second half of 2000, a slowdown in consumer spending and a decline in housing starts pointed to an economic slowdown. In the third quarter, economic growth slowed to a pace of 2.2%, less than half the pace recorded in the first quarter. Although inflation rose 3.4% for the year, most of the increase was due to higher oil prices and appears temporary. The market anticipates inflation will trend lower in the year ahead. The sharply slower rate of economic growth along with stable prices put the Fed on an easing path. Anticipation of the Fed's change in policy resulted in strong performance for bonds late in the fourth quarter as the Fed shifted to an easing bias in its December meeting. In fact, the Fed lowered rates 1.00% in two moves in January 2001. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
MERRILL 1-5 MERRILL CSTB GOV'T/CORP 1-3 ------ ---------- ----- 1 Year 7.26% 8.88% 8.00% 5 Years 5.00% 6.08% 5.92% 10 Years 5.91% 6.92% 6.42%
---------------------- GROWTH OF $10,000 OVER 10 YEARS [LINE CHART]
COLUMBIA SHORT MERRILL LYNCH 1-3 YEAR MERRILL LYNCH 1-5 YEAR TERM BOND FUND TREASURY INDEX GOV'T/CORP INDEX 12/31/1990 $10,000 $10,000 $10,000 12/31/1991 $11,272 $11,168 $11,302 12/31/1992 $11,927 $11,872 $12,081 12/31/1993 $12,632 $12,514 $12,942 12/31/1994 $12,628 $12,585 $12,871 12/31/1995 $13,917 $13,970 $14,539 12/31/1996 $14,453 $14,665 $15,211 12/31/1997 $15,286 $15,642 $16,300 12/31/1998 $16,268 $16,737 $17,552 12/31/1999 $16,561 $17,249 $17,936 12/31/2000 $17,764 $18,627 $19,528
Past performance is not predictive of future results. The Merrill Lynch 1-3 Year Treasury Index represents the average return of all Treasury notes with 1- to 3-year maturities. The Merrill Lynch 1-3 Year Treasury Index will be replaced by the Merrill Lynch 1-5 Year Government/ Corporate Index, which serves as a more useful comparison for the Fund given its revised investment strategy. The Merrill Lynch 1-5 Year Government/Corporate Index is an unmanaged index that includes all U.S. government debt with at least $100 million face value outstanding, as well as investment-grade rated corporate debt with at least $100 million face value outstanding, with a maturity of 1-5 years. 22 MAINTAINING HIGH QUALITY The Fund maintains a short to intermediate maturity and an average duration of 3 years or less. High quality corporate bonds, asset-backed securities and mortgage-backed securities are overweighted in the Fund; currently, their yields are historically high relative to Treasuries. Expectations of further easing of interest rates in the first few months of this year should support bond prices going forward. Thank you for your confidence in Columbia Short Term Bond Fund. LEONARD A. APLET AND JEFFREY L. RIPPEY PORTFOLIO MANAGERS [SIDENOTE] - -------------------------------------------------------------------------------- PORTFOLIO HIGHLIGHTS
12/31/00 6/30/00 Current Yield 5.95% 5.78% Based on the 30 day period ending on each date shown Weighted Averages, in years Duration 2.23 1.07 Maturity 2.38 1.05
[PIE CHART] Portfolio Composition % of Net Assets December 31, 2000 Asset-Backed Securities 18.8% Collateralized Mortgage Obligations 12.4% Corporate Bonds 37.0% Mortgage Pass-Throughs 16.0% Treasury/Agency 12.1% Cash 3.7%
[PIE CHART] June 30, 2000 Treasury/Agency 96.5% Cash 3.5%
23 COLUMBIA FIXED INCOME SECURITIES FUND ANNUAL PERFORMANCE Columbia Fixed Income Securities Fund posted strong results for the year ended December 31, 2000, with a return of 11.27%. The Fund's benchmark, the Lehman Aggregate Bond Index, returned 11.63% for the same period. FED TIGHTENING DRIVES SHORT RATES HIGHER In the first half of the year, the Fed responded to rising energy prices, strong consumer demand and low unemployment by increasing the federal funds rate by 1.00% in three separate moves. The Fed's intent was to slow growth to a more sustainable pace and stave off inflation. Tentative signs of slowing appeared in the late spring and summer. By early fall, the Fed's actions had clearly made an impact, and corporate earnings forecasts were lowered. Growth in the third quarter slowed to 2.2%, less than half the pace recorded in the first quarter. Anticipation of Fed easing resulted in strong performance for bonds in December as the Fed shifted to an easing bias, and also in January 2001 when the Fed lowered short-term rates. During 2000, yields fell on longer maturity issues and rose on very short maturity bonds including Treasury bills. This inverted yield curve was brought about by the Federal Reserve's tightening policy during the first five months of the year. A dwindling supply of long-term Treasury issues also contributed to inverted yields: the demand for long-term Treasuries increased as the U.S. Treasury used a budget surplus to buy back longer-term issues. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
LEHMAN CFIS AGGREGATE ------ --------- 1 Year 11.27% 11.63% 5 Years 5.92% 6.46% 10 Years 7.88% 7.96%
------------------- GROWTH OF $10,000 OVER 10 YEARS [LINE CHART]
COLUMBIA FIXED INCOME LEHMAN AGGREGATE SECURITIES FUND BOND INDEX 12/31/1990 $10,000 $10,000 12/31/1991 $11,684 $11,600 12/31/1992 $12,618 $12,458 12/31/1993 $13,939 $13,673 12/31/1994 $13,470 $13,274 12/31/1995 $16,018 $15,726 12/31/1996 $16,557 $16,296 12/31/1997 $18,140 $17,869 12/31/1998 $19,490 $19,422 12/31/1999 $19,197 $19,263 12/31/2000 $21,358 $21,504
Past performance is not predictive of future results. The Lehman Aggregate Bond Index represents average market-weighted performance of U.S. Treasury and agency securities, investment-grade corporate bonds and mortgage-backed securities with maturities greater than one year. PORTFOLIO HOLDINGS The growing preference for Treasuries during the year pushed their performance past other higher yielding bonds. The portfolio's underweighting in Treasuries was offset by solid security selection in other areas. Mortgage-backed securities with maturities comparable to Treasuries performed quite well during the year. By overweighting the portfolio with highly rated commercial mortgage-backed and asset-backed securities, we were able to boost the Fund's returns. Investment-grade and high yield corporate bonds trailed well behind Treasuries for the year, and our decision to overweight these securities negatively impacted the portfolio. However, the declining prices of corporate bonds has enabled their yields to increase relative to Treasuries and adds to their performance potential. We took advantage of 24 this improved relative value of corporate bonds by increasing their weighting in the Fund by about 6% during 2000. THE COMING YEAR We believe that bonds will continue to perform well during 2001 as the Fed continues to lower short-term interest rates. We expect corporate bonds and high yield bonds will outperform Treasury securities during the coming year. Thank you for your interest in Columbia Fixed Income Securities Fund. LEONARD A. APLET AND JEFFREY L. RIPPEY PORTFOLIO MANAGERS [SIDENOTE] - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION % of Net Assets
12/31/00 6/30/00 Asset-Backed Securities 7.8 8.4 Collateralized Mortgage Obligations 21.4 22.8 Corporate Bonds 43.5 39.2 Mortgage Pass-Throughs 15.2 15.7 Treasury/Agency Obligations 10.1 11.5 Cash 2.0 2.4
[PIE CHART] Portfolio Quality % of Portfolio Holdings December 31, 2000 Treasury/Agency 38.6% Aaa 17.1% Aa 7.1% A 19.3% Baa 11.5% Ba 5.7% B 0.7%
[PIE CHART] June 30, 2000 Treasury/Agency 43.5% Aaa 17.3% Aa 5.0% A 15.0% Baa 14.3% Ba 4.9%
As rated by Moody's Investors Service, Inc. 25 COLUMBIA NATIONAL MUNICIPAL BOND FUND FUND PERFORMANCE Columbia National Municipal Bond Fund posted a return of 10.87% for the year ended December 31, 2000. In comparison, the Lipper General Municipal Debt Funds Index returned 11.10%. FED TIGHTENING TAKES EFFECT During the first half of the year, rising energy prices, strong consumer demand and low unemployment prompted the Fed to increase interest rates three times to slow the accelerating pace of economic growth. In late spring and summer, tentative signs appeared that consumer spending was beginning to moderate, and housing starts declined. Evidence of an economic slowdown accumulated through the fall, and third quarter GDP expanded at a rate of 2.2% -- less than half the rate recorded during the first quarter of 2000. As the year ended, it became increasingly clear that the deceleration in economic indicators was sharper than expected. In response, the Fed shifted to an easing bias in December and cut short rates 1.00% in January 2001. Interest rates on bonds were mixed in the first half of the year, with yields on shorter maturities rising and yields on longer maturities falling, as investors began to suspect that the Fed tightening cycle was coming to an end. As it became clear economic growth was indeed slowing, bond prices rallied in anticipation that the Fed may begin to ease rates. Supply and demand factors worked favorably for municipal bonds during 2000 as well: higher interest rates stemmed the flow of refunding issues while demand picked up as investors sought a haven away from the volatility of the equity market. MUNICIPALITIES IN SOLID POSITION NATIONWIDE Nationally, the supply of new issues was relatively light in 2000, which helped to push prices higher. Despite the rally in prices in the latter half of the year, municipal bonds remain attractive, with yields at historically high levels relative to Treasuries. In addition, the muni bond market is not suffering from credit problems: state budget surpluses remain strong, major rating agencies are upgrading securities at a greater rate than downgrading them, and defaults are virtually non-existent. Also, with the recent volatility in equity prices, investor demand for municipal bonds is strengthening since municipal bonds have the potential to provide the security of a tax-exempt fixed income stream as well as some price appreciation. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
LEHMAN LIPPER CNMF MUNI GENERAL ------ ------ ------- 1 Year 10.87% 11.68% 11.10% Since Inception 3.38% 4.67%* 3.12%
---------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
LIPPER GENERAL LEHMAN BROTHERS COLUMBIA NATIONAL MUNICIPAL DEBT FUNDS MUNICIPAL BOND MUNICIPAL BOND FUND INDEX INDEX* 2/24/1999 $10,000 $10,000 $10,000 3/31/1999 $9,920 $10,005 $10,014 6/30/1999 $9,733 $9,803 $9,837 9/30/1999 $9,675 $9,678 $9,797 12/31/1999 $9,607 $9,543 $9,721 3/31/2000 $9,867 $9,811 $10,005 12/31/2000 $10,652 $10,602 $10,856
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 30 largest general municipal debt funds tracked by Lipper Analytical Services. *Performance since 3/1/99. 26 As always, the Fund's holdings consist of high quality bonds representing issuers in states throughout the country. When selecting bonds for the portfolio, we seek investment-grade issues (or their unrated equivalents) with attractive yields, considering the interest rate, maturity, callability and quality of the specific bond. We tend to focus on municipal bonds that are backed with taxing power or service revenues to pay down debt. THE OUTLOOK FOR MUNIS The municipal bond market should continue to be favorable in 2001. Even as economic growth slows, state and local government finances remain healthy after several years of solid growth and improving real estate values. Therefore, municipal credit quality should remain strong and municipalities should be in a good position to repay their debts. Thank you for your interest in Columbia National Municipal Bond Fund. GRETA R. CLAPP PORTFOLIO MANAGER [SIDENOTE] - -------------------------------------------------------------------------------- TOP TEN STATES % of Net Assets
12/31/00 6/30/00 Oregon 23.9 18.2 Washington 16.8 15.3 Texas 9.0 9.4 Illinois 4.9 7.4 New York 4.4 4.2 Michigan 3.6 4.4 Alaska 3.6 3.5 Mississippi 3.4 3.3 Oklahoma 2.9 2.8 Kentucky 2.6 2.5
[PIE CHART] Portfolio Quality % of Portfolio Holdings December 31, 2000 Aaa 38.2% Aa 17.7% A 14.5% Baa 9.1% Not Rated 20.5%
[PIE CHART] June 30, 2000 Aaa 41.7% Aa 18.1% A 15.1% Baa 9.0% Not Rated 16.1%
As rated by Moody's Investors Service, Inc. 27 COLUMBIA OREGON MUNICIPAL BOND FUND PERFORMANCE FOR THE YEAR For the year ended December 31, 2000, Columbia Oregon Municipal Bond Fund returned 10.28%. In comparison, the Lipper Oregon Municipal Debt Funds Average returned 10.69%, and the Lehman General Obligation Bond Index returned 10.98% for the period. Municipals recorded strong performance in 2000 in an environment of generally declining interest rates, strong financial health for municipal issuers, and low default rates. ECONOMIC GROWTH SLOWS During the first half of the year, rising energy prices, strong consumer demand and low unemployment prompted the Fed to increase interest rates three times to slow the accelerating pace of economic growth. In late spring and summer, tentative signs appeared that consumer spending was beginning to moderate, and housing starts declined. Evidence of an economic slowdown accumulated through the fall, and third quarter GDP expanded at a rate of 2.2% -- less than half the rate recorded during the first quarter of 2000. As the year ended, it became increasingly clear that the deceleration in economic indicators was sharper than expected. In response, the Fed shifted to an easing bias in December and cut short-term interest rates 1.00% in two moves in January 2001. Interest rates on bonds were mixed in the first half of the year, with yields on shorter maturities rising and yields on longer maturities falling, as investors began to suspect that the Fed tightening cycle was coming to an end. As it became clear economic growth was indeed slowing, bond prices rallied in anticipation that the Fed may begin to ease rates. Supply and demand factors worked favorably for municipals during 2000 as well: higher interest rates stemmed the flow of refunding issues while demand picked up as investors sought a haven away from the volatility of the equity market. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
LEHMAN LIPPER CMBF G.O. OR ------ ------ ------- 1 Year 10.28% 10.98% 10.69% 5 Years 4.97% 5.85% 4.59% 10 Years 6.21% 7.13% 6.25%
--------------------- GROWTH OF $10,000 OVER 10 YEARS [LINE CHART]
COLUMBIA OREGON LEHMAN GENERAL LIPPER OREGON MUNICIPAL BOND FUND OBLIGATION BOND INDEX MUNICIPAL DEPT FUNDS 12/31/1990 $ 10,000 $ 10,000 $ 10,000 12/31/1991 $ 11,173 $ 11,140 $ 11,134 12/31/1992 $ 11,895 $ 12,117 $ 12,015 12/31/1993 $ 13,171 $ 13,538 $ 13,450 12/31/1994 $ 12,555 $ 12,905 $ 12,556 12/31/1995 $ 14,331 $ 14,990 $ 14,655 12/31/1996 $ 14,871 $ 15,701 $ 15,124 12/31/1997 $ 16,115 $ 17,082 $ 16,427 12/31/1998 $ 17,014 $ 18,222 $ 17,332 12/31/1999 $ 16,563 $ 17,947 $ 16,564 12/31/2000 $ 18,265 $ 19,920 $ 18,340
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. SELECTING BONDS FOR THE PORTFOLIO The portfolio consists of investment-grade securities, as well as some non-rated issues that we believe are comparable to investment-grade issues. In general, we seek high quality issues that we believe are offered at attractive yields considering their interest rate, maturity and ability to be called by the issuer. We tend to focus on municipal bonds that are backed by the taxing power of a school district, city or county, or by a stable stream of revenues, like water and sewer billings. We also favor health care centers that are the dominant providers in their region. Trades are executed to improve the quality, yield or 28 callability of issues in the portfolio, or to exchange shorter maturity bonds with low yields for longer maturity bonds with higher yields. Many times, trades are executed for both of these reasons. OUTLOOK FOR 2001 The municipal bond market should continue to be favorable in 2001. Even as economic growth slows, state and local government finances remain healthy after several years of solid growth and improving real estate values. Therefore, municipal bond credit quality should remain strong and municipalities should be in a good position to repay their debts. In addition, in light of the recent volatility in equity prices, investors are placing greater value on instruments that offer the security of a fixed income stream as well as potential price appreciation, particularly on an after-tax basis. While supply continues to be light early in 2001, a series of new issuances approved by Oregon voters in the November election may temporarily push prices lower and yields higher in Oregon relative to other states. Oregon's economy remains relatively sound, and the state's more diversified industrial base should provide support as economic growth slows nationwide. Thank you for your continued confidence in Columbia Oregon Municipal Bond Fund. GRETA R. CLAPP PORTFOLIO MANAGER [SIDENOTE] - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION % of Net Assets
12/31/00 6/30/00 State General Obligation 5.0 5.5 General Obligation 13.3 12.9 Insured General Obligation 14.4 15.2 Revenue 39.6 36.2 Insured Revenue 19.4 22.7 Pre-Refunded Bonds 0.1 1.4 U.S. Territories 1.2 1.6 Other Bonds 3.5 2.7 Cash 3.5 1.8
[PIE CHART] Portfolio Quality % of Portfolio Holdings December 31, 2000 Aaa 37.6% Aa 32.4% A 14.8% Baa 3.6% Not Rated 11.6%
[PIE CHART] June 30, 2000 Aaa 41.2% Aa 31.2% A 15.4% Baa 3.5% Not Rated 8.7%
As rated by Moody's Investors Service, Inc. 29 COLUMBIA HIGH YIELD FUND THE YEAR'S PERFORMANCE For the year ending December 31, 2000, Columbia High Yield Fund returned 4.61%. In comparison, the Lipper High Yield Bond Fund Index returned -9.71% and the Salomon BB Index returned 2.96% for the period. FED TIGHTENING PROVOKES INVESTOR CONCERNS The Federal Reserve's attempts to slow economic growth to a more sustainable pace were successful after having increased the federal funds target rate 1.75% since the summer of 1999. The slowing economy was a major contributor to a double-digit drop in the stock market and investor worries that a downturn in spending would translate into a reduced ability for corporations to repay their debts. As earnings estimates began to decrease, banks also began tightening their lending standards, causing investors to demand higher yields on lower quality corporate debt as compared to high quality issues and Treasuries. Yield spreads have risen dramatically over the past year to levels typically seen during recessionary times. In the face of almost weekly lowering of earnings estimates and economic numbers, the high yield market began to rebound in December. Expectations that the Fed would move from a tightening bias to an easing bias began to influence investors' preferences for risk. After shifting to an easing bias in its December meeting, the Fed, in fact, lowered interest rates 1.00% in January 2001. [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
SALOMON LIPPER CHYF BB HYBF ----- ------- ------ 1 Year 4.61% 2.96% -9.71% 5 Years 7.01% 6.93% 3.86% Since Inception 7.32% 7.73% 5.06%
---------------------- GROWTH OF $10,000 SINCE INCEPTION [LINE CHART]
COLUMBIA LIPPER HIGH YIELD HIGH YIELD FUND BOND FUND INDEX SALOMON BB 10/1/1993 $10,000 $10,000 $10,000 12/31/1993 $10,112 $10,498 $10,185 12/31/1994 $10,019 $10,113 $10,048 12/31/1995 $11,935 $11,870 $12,321 12/31/1996 $13,060 $13,410 $13,429 12/31/1997 $14,719 $15,177 $15,142 12/31/1998 $15,640 $15,165 $16,361 12/31/1999 $16,012 $15,890 $16,728 12/31/2000 $16,748 $14,342 $17,221
Past performance is not predictive of future results. The Salomon BB Index measures the total return of bonds with a maturity of at least one year and includes bonds rated BB+, BB or BB- by Standard & Poor's or bonds rated Ba1, Ba2 or Ba3 by Moody's Investors Service. The Lipper High Yield Bond Fund Index represents equally-weighted performance of the 30 largest mutual funds within its category. PERFORMANCE Several factors contributed to the Fund's positive performance in 2000, including good industry weighting decisions, solid individual security selection, and a portfolio with some sensitivity to the drop in overall Treasury rates. Industries that performed very well last year were energy, gaming, cable and electric utilities, and the portfolio was overweighted in these sectors. Telecommunications and retail were two key industries that performed very poorly, and our decision to underweight these sectors aided performance. Individual holdings that performed well were primarily in industries that also performed well. In the energy sector, top-performing bonds that benefited from rising energy prices included Newpark Resources, Pride Petroleum, R&B Falcon and Vintage Petroleum. In the cable sector, Charter Communications added value to the portfolio, while in the gaming sector, International Gaming Technology, Park Place and Harrah's 30 all helped the Fund's overall performance. Other top-performing individual bonds were Allied Waste, Healthcare Properties and Tenet Healthcare. Individual securities that performed poorly were concentrated in the telecommunications sector. In that sector, NextLink, MetroMedia Fiber Network and Level 3 Communications were all down sharply for the year. OUTLOOK Our analysis of the yields currently available on high yield bonds suggests that the market is expecting an environment that is worse than we foresee. We believe that the Fed will continue to cut short rates until GDP growth improves. Despite the Fed's efforts, we believe default rates will rise in 2001 due to tighter bank lending standards and the continued deterioration in the credit fundamentals of lower quality companies that issued high yield bonds in 1997 and 1998. If history serves as a guide, however, high default rates do not necessarily prevent the high yield market from performing well. In 1991, the high yield market generated record returns despite unusually high default rates of approximately 10%. Today, default rates are running around 6%. Thank you for your support of Columbia High Yield Fund. JEFFREY L. RIPPEY AND KURT M. HAVNAER PORTFOLIO MANAGERS [SIDENOTE] - -------------------------------------------------------------------------------- TOP FIVE SECTORS % of Net Assets
12/31/00 6/30/00 Business & Consumer Services 23.3 27.4 Consumer Cyclical 19.0 15.9 Telecommunications 10.4 11.2 Energy 7.6 10.5 Consumer Staples 7.5 7.8
[PIE CHART] Portfolio Quality % of Portfolio Holdings December 31, 2000 Baa 14.3% Ba 51.1% B 34.5% C 0.1%
[PIE CHART] June 30, 2000 Baa 12.3% Ba 46.4% B 40.8% C 0.5%
As rated by Moody's Investors Service, Inc. 31 COLUMBIA DAILY INCOME COMPANY FUND PERFORMANCE Columbia Daily Income Company posted a return of 6.00% for the year ended December 31, 2000. FED MOVES TOWARDS EASING In the first half of the year, the Fed responded to rising energy prices, strong consumer demand and low unemployment by increasing the federal funds rate 1.00% in three separate moves. The Fed's intent was to slow growth to a more sustainable pace and stave off inflation. By early fall, the Fed's actions had clearly made an impact as spending declined and corporate earnings forecasts were lowered. Growth in the third quarter slowed to 2.2%, less than half the pace recorded in the first quarter. In its December meeting, with economic growth decelerating more rapidly than anticipated, the Fed moved to an easing bias; it then followed up with a 1.00% decrease in short-term interest rates in two moves in January 2001. Throughout the first three quarters of the year, the Fund benefited from an environment of rising short-term interest rates. The 7-day compound yield on the Fund, as of December 31, was 6.18%. In addition, the Fund's return continues to compare favorably to inflation. Although the Consumer Price Index rose 3.4% for the year, most of this increase was due to rising oil prices and appears to be temporary. THE OUTLOOK The rate of inflation should decline over the next 12 months, and we expect that more stable prices and slower economic growth will keep the Fed on an easing path. We believe that the Fund will continue to produce compelling returns for shareholders seeking a low risk investment. As always, the Fund invests in high quality, short-term debt instruments and maintains an average maturity of 30 to 50 days. We value your investment with Columbia Daily Income Company. LEONARD A. APLET PORTFOLIO MANAGER [SIDENOTE] - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS As of December 31, 2000
CDIC CPI ------ ----- 1 Year 6.00% 3.40% 5 Years 5.17% 2.54% 10 Years 4.64% 2.66%
-------------------- GROWTH OF $10,000 OVER 10 YEARS [LINE CHART]
COLUMBIA DAILY CONSUMER PRICE INCOME COMPANY INDEX (INFLATION) 12/31/1990 $10,000 $10,000 12/31/1991 $10,566 $10,310 12/31/1992 $10,909 $10,609 12/31/1993 $11,183 $10,895 12/31/1994 $11,595 $11,190 12/31/1995 $12,231 $11,469 12/31/1996 $12,838 $11,848 12/31/1997 $13,494 $12,049 12/31/1998 $14,181 $12,242 12/31/1999 $14,849 $12,573 12/31/2000 $15,742 $13,000
Past performance is not predictive of future results. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund. ------------------- PORTFOLIO HIGHLIGHTS
12/31/00 6/30/00 Current Yield 6.00% 6.02% Compound Yield 6.18% 6.21% Based on the 7 day period ending on each date shown Weighted Average Maturity 40 days 44 days
32
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA COMMON STOCK FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $ 28.90 $ 24.40 $ 22.02 $ 19.26 $ 18.59 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ (0.01) 0.03 0.09 0.29 0.25 Net realized and unrealized gains (losses) on investments (1.54) 6.25 5.68 4.58 3.61 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... (1.55) 6.28 5.77 4.87 3.86 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... -- (0.03) (0.13) (0.27) (0.23) Distributions from capital gains ........................ (3.01) (1.75) (3.26) (1.84) (2.96) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (3.01) (1.78) (3.39) (2.11) (3.19) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $ 24.34 $ 28.90 $ 24.40 $ 22.02 $ 19.26 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... -5.73% 25.76% 26.28% 25.37% 20.71% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 895,134 $ 959,910 $ 797,147 $ 783,906 $ 536,760 Ratio of expenses to average net assets .................... 0.75% 0.77% 0.80% 0.77% 0.76% Ratio of net investment income (loss) to average net assets (0.05)% 0.09% 0.56% 1.37% 1.32% Portfolio turnover rate .................................... 104% 97% 141% 90% 111%
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA GROWTH FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $ 48.91 $ 42.51 $ 34.34 $ 30.74 $ 29.84 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ (0.08) (0.03) 0.03 0.19 0.19 Net realized and unrealized gains (losses) on investments (3.49) 11.09 10.39 7.90 6.04 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... (3.57) 11.06 10.42 8.09 6.23 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... -- (0.00)* (0.08) (0.17) (0.17) Distributions from capital gains ........................ (5.27) (4.66) (2.17) (4.32) (5.16) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (5.27) (4.66) (2.25) (4.49) (5.33) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $ 40.07 $ 48.91 $ 42.51 $ 34.34 $ 30.74 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... -7.94% 26.02% 30.34% 26.32% 20.80% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 1,919,227 $ 2,160,739 $ 1,753,024 $ 1,324,918 $ 1,064,100 Ratio of expenses to average net assets .................... 0.65% 0.65% 0.68% 0.71% 0.71% Ratio of net investment income (loss) to average net assets (0.18)% (0.07)% 0.21% 0.55% 0.63% Portfolio turnover rate .................................... 114% 118% 105% 96% 75%
* Amount represents less than $0.01 per share. See Accompanying Notes to Financial Statements 33
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $ 22.81 $ 15.45 $ 13.70 $ 13.86 $ 13.07 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ (0.04) (0.05) (0.00)* 0.03 0.03 Net realized and unrealized gains (losses) on investments and foreign currency transactions ..................... (5.17) 9.00 1.76 1.56 2.13 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... (5.21) 8.95 1.76 1.59 2.16 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... -- -- -- -- (0.23) Distributions from capital gains ........................ (2.83) (1.59) (0.01) (1.75) (1.14) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (2.83) (1.59) (0.01) (1.75) (1.37) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $ 14.77 $ 22.81 $ 15.45 $ 13.70 $ 13.86 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... -22.64% 57.93% 12.83% 11.47% 16.59% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 175,316 $ 239,223 $ 134,193 $ 146,281 $ 125,510 Ratio of expenses to average net assets .................... 1.42% 1.48% 1.56% 1.62% 1.54% Ratio of net investment income (loss) to average net assets (0.19)% (0.35)% (0.02)% 0.19% 0.22% Portfolio turnover rate .................................... 112% 94% 74% 122% 129%
* Amount represents less than $0.01 per share.
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA SPECIAL FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $ 29.93 $ 23.62 $ 20.26 $ 19.85 $ 21.44 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss) ............................ (0.10) (0.16) (0.03) 0.01 (0.06) Net realized and unrealized gains on investments ........ 4.45 8.74 3.40 2.50 2.85 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 4.35 8.58 3.37 2.51 2.79 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... -- -- (0.01) -- -- Distributions from capital gains ........................ (8.29) (2.27) (0.00)* (2.10) (4.38) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ..................................... (8.29) (2.27) (0.01) (2.10) (4.38) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $ 25.99 $ 29.93 $ 23.62 $ 20.26 $ 19.85 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 13.84% 36.33% 16.64% 12.64% 13.07% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 1,095,525 $ 918,322 $ 969,359 $ 1,249,718 $ 1,585,284 Ratio of expenses to average net assets .................... 0.99% 1.09% 1.03% 0.98% 0.94% Ratio of net investment income (loss) to average net assets (0.38)% (0.64)% (0.09)% 0.04% (0.29)% Portfolio turnover rate .................................... 169% 135% 135% 166% 150%
* Amount represents less than $0.01 per share. See Accompanying Notes to Financial Statements 34
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA SMALL CAP FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Period 2000 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 ..................................... (0.10) (0.14) (0.09) (0.08) (0.00)* Net realized and unrealized gains on investments ........ 1.75 10.45 0.87 4.51 0.99 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 1.65 10.31 0.78 4.43 0.99 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Distributions from capital gains ........................ (3.04) (0.48) (0.00)* (0.77) -- - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (3.04) (0.48) (0.00) (0.77) -- - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 25.87 $ 27.26 $ 17.43 $ 16.65 $ 12.99 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 5.85% 59.15% 4.69% 34.10% 7.62%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $ 518,970 $ 290,374 $ 160,472 $ 96,431 $ 21,061 Ratio of expenses to average net assets .................... 1.22% 1.30% 1.34% 1.46% 1.61%(3) Ratio of net investment loss to average net assets ......... (0.44)% (0.84)% (0.68)% (0.81)% (0.00)%(3) Portfolio turnover rate .................................... 145% 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 - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR $ 14.57 $ 15.76 $ 18.80 $ 16.16 $ 12.71 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.81 0.82 0.75 0.79 0.77 Net realized and unrealized gains (losses) on investments 3.32 (1.19) (3.04) 3.15 3.94 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 4.13 (0.37) (2.29) 3.94 4.71 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.75) (0.71) (0.66) (0.62) (0.52) Distributions from capital gains ........................ -- -- -- (0.51) (0.53) Return of capital ....................................... (0.06) (0.11) (0.09) (0.17) (0.21) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.81) (0.82) (0.75) (1.30) (1.26) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR $ 17.89 $ 14.57 $ 15.76 $ 18.80 $ 16.16 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 28.84% -2.45% -12.33% 24.74% 38.30% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 436,764 $ 241,716 $ 164,172 $ 151,554 $ 68,073 Ratio of expenses to average net assets .................... 0.96% 0.99% 1.01% 1.02% 1.06% Ratio of net investment income to average net assets ....... 5.16% 5.66% 4.60% 4.87% 6.23% Portfolio turnover rate .................................... 25% 29% 6% 34% 46%
See Accompanying Notes to Financial Statements 35
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA TECHNOLOGY FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Period 2000(1) - ------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00 - ------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ...................................... 0.01 Net realized and unrealized losses on investments .......... (1.37) - ------------------------------------------------------------------------------- Total from investment operations ......................... (1.36) - ------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income ....................... (0.01) - ------------------------------------------------------------------------------- Total distributions ...................................... (0.01) - ------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 8.63 - ------------------------------------------------------------------------------- TOTAL RETURN .................................................. -13.78%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ...................... $ 4,327 Ratio of expenses to average net assets ....................... 1.48%(3) Ratio of expenses to average net assets before voluntary reimbursment ..................................... 8.97%(3) Ratio of net investment income to average net assets .......... 0.99%(3) Portfolio turnover rate ....................................... 63%(2)
(1) From inception of operations on October 27, 2000. (2) Not annualized (3) Annualized
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA STRATEGIC VALUE FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Period 2000(1) - ---------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00 - ---------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ...................................... 0.02 Net realized and unrealized gains on investments ........... 1.23 - ---------------------------------------------------------------------------- Total from investment operations ......................... 1.25 - ---------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income ....................... (0.02) - ---------------------------------------------------------------------------- Total distributions ...................................... (0.02) - ---------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $ 11.23 - ---------------------------------------------------------------------------- TOTAL RETURN .................................................. 12.25%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ...................... $ 9,526 Ratio of expenses to average net assets ....................... 1.34%(3) Ratio of expenses to average net assets before voluntary reimbursment ..................................... 5.31%(3) Ratio of net investment income to average net assets .......... 1.92%(3) Portfolio turnover rate ....................................... 64%(2)
(1) From inception of operations on October 27, 2000. (2) Not annualized (3) Annualized See Accompanying Notes to Financial Statements 36
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA BALANCED FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 24.72 $ 23.17 $ 21.42 $ 20.32 $ 20.08 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.67 0.69 0.72 0.84 0.76 Net realized and unrealized gains (losses) on investments (0.41) 2.21 3.52 2.92 1.58 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.26 2.90 4.24 3.76 2.34 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.68) (0.69) (0.73) (0.83) (0.76) Distributions from capital gains ........................ (1.34) (0.66) (1.76) (1.83) (1.34) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (2.02) (1.35) (2.49) (2.66) (2.10) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 22.96 $ 24.72 $ 23.17 $ 21.42 $ 20.32 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 0.82% 12.70% 20.07% 18.74% 11.78% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 1,126,854 $ 1,040,940 $ 975,381 $ 792,378 $ 672,593 Ratio of expenses to average net assets .................... 0.65% 0.66% 0.67% 0.68% 0.66% Ratio of net investment income to average net assets ....... 2.73% 2.85% 3.22% 3.83% 3.82% Portfolio turnover rate .................................... 105% 133% 128% 149% 133%
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA SHORT TERM BOND FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 8.20 $ 8.39 $ 8.29 $ 8.24 $ 8.34 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.42 0.33 0.38 0.41 0.41 Net realized and unrealized gains (losses) on investments 0.16 (0.18) 0.14 0.05 (0.10) - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.58 0.15 0.52 0.46 0.31 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.42) (0.33) (0.38) (0.41) (0.41) Distributions from capital gains ........................ -- (0.01) (0.04) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.42) (0.34) (0.42) (0.41) (0.41) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 8.36 $ 8.20 $ 8.39 $ 8.29 $ 8.24 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 7.26% 1.80% 6.43% 5.76% 3.85% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 35,856 $ 38,072 $ 40,578 $ 37,837 $ 40,776 Ratio of expenses to average net assets .................... 0.88% 0.91% 0.89% 0.87% 0.80% Ratio of expenses to average net assets before contractual reimbursment ................................ 0.90% 0.91% 0.89% 0.87% 0.80% Ratio of net investment income to average net assets ....... 5.09% 4.09% 4.55% 4.99% 4.99% Portfolio turnover rate .................................... 147% 211% 182% 184% 179%
See Accompanying Notes to Financial Statements 37
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 12.44 $ 13.42 $ 13.41 $ 13.08 $ 13.51 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.82 0.78 0.83 0.85 0.85 Net realized and unrealized gains (losses) on investments 0.53 (0.98) 0.14 0.36 (0.43) - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 1.35 (0.20) 0.97 1.21 0.42 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.82) (0.78) (0.83) (0.85) (0.85) Distributions from capital gains ........................ -- (0.00)* (0.13) (0.03) -- - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ..................................... (0.82) (0.78) (0.96) (0.88) (0.85) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 12.97 $ 12.44 $ 13.42 $ 13.41 $ 13.08 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 11.27% -1.50% 7.44% 9.56% 3.37% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 378,799 $ 397,147 $ 422,330 $ 381,333 $ 356,421 Ratio of expenses to average net assets .................... 0.66% 0.64% 0.65% 0.66% 0.64% Ratio of net investment income to average net assets ....... 6.53% 6.03% 6.15% 6.43% 6.53% Portfolio turnover rate .................................... 105% 155% 107% 196% 178%
* Amount represents less than $0.01 per share.
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Period 2000 1999(1) - --------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD ....................... $ 9.28 $ 10.00 - --------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.44 0.34 Net realized and unrealized gains (losses) on investments 0.54 (0.72) - --------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.98 (0.38) - --------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.44) (0.34) - --------------------------------------------------------------------------------------------- Total distributions ................................... (0.44) (0.34) - --------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD ............................. $ 9.82 $ 9.28 - --------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 10.87% -3.93%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands) ................... $ 10,898 $ 10,135 Ratio of expenses to average net assets .................... 0.65% 0.65%(3) Ratio of expenses to average net assets before contractual reimbursment ................................ 1.29% 1.72%(3) Ratio of net investment income to average net assets ....... 4.68% 4.21%(3) Portfolio turnover rate .................................... 21% 12%(3)
(1) From inception of operations on February 10, 1999. (2) Not annualized (3) Annualized See Accompanying Notes to Financial Statements 38
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 11.56 $ 12.46 $ 12.47 $ 12.15 $ 12.37 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.58 0.56 0.58 0.60 0.61 Net realized and unrealized gains (losses) on investments 0.58 (0.88) 0.10 0.39 (0.16) - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 1.16 (0.32) 0.68 0.99 0.45 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.58) (0.56) (0.58) (0.60) (0.61) Distributions from capital gains ........................ (0.01) (0.02) (0.11) (0.07) (0.06) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.59) (0.58) (0.69) (0.67) (0.67) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 12.13 $ 11.56 $ 12.46 $ 12.47 $ 12.15 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 10.28% -2.65% 5.58% 8.36% 3.77% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 436,544 $ 409,919 $ 462,809 $ 409,148 $ 375,667 Ratio of expenses to average net assets .................... 0.58% 0.57% 0.58% 0.57% 0.56% Ratio of net investment income to average net assets ....... 4.92% 4.64% 4.60% 4.87% 5.00% Portfolio turnover rate .................................... 22% 28% 17% 17% 19%
- ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 9.32 $ 9.84 $ 10.04 $ 9.94 $ 9.88 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.75 0.74 0.76 0.81 0.81 Net realized and unrealized gains (losses) on investments (0.34) (0.51) (0.15) 0.40 0.07 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.41 0.23 0.61 1.21 0.88 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.75) (0.74) (0.76) (0.81) (0.81) Distributions from capital gains ........................ -- (0.01) (0.05) (0.30) (0.01) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.75) (0.75) (0.81) (1.11) (0.82) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 8.98 $ 9.32 $ 9.84 $ 10.04 $ 9.94 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 4.61% 2.38% 6.26% 12.70% 9.43% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 97,575 $ 71,678 $ 57,524 $ 39,278 $ 28,818 Ratio of expenses to average net assets .................... 0.93% 0.91% 0.95% 1.00% 0.93% Ratio of expenses to average net assets before voluntary reimbursment .................................. 0.93% 0.91% 0.95% 1.02% 1.00% Ratio of net investment income to average net assets ....... 8.22% 7.71% 7.52% 8.05% 8.29% Portfolio turnover rate .................................... 50% 49% 79% 124% 62%
See Accompanying Notes to Financial Statements 39
FINANCIAL HIGHLIGHTS - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY - ----------------------------------------------------------------------------------------------------------------------------------- For a Fund Share Outstanding Throughout Each Year 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF YEAR ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income ................................... 0.058 0.046 0.050 0.050 0.048 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations ...................... 0.058 0.046 0.050 0.050 0.048 - ----------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income .................... (0.058) (0.046) (0.050) (0.050) (0.048) - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions ................................... (0.058) (0.046) (0.050) (0.050) (0.048) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF YEAR ............................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN ............................................... 6.00% 4.71% 5.09% 5.11% 4.96% RATIOS/SUPPLEMENTAL DATA Net assets, end of year (in thousands) ..................... $ 1,198,151 $ 1,165,289 $ 1,109,141 $ 1,169,096 $ 889,800 Ratio of expenses to average net assets .................... 0.60% 0.64% 0.62% 0.63% 0.62% Ratio of net investment income to average net assets ....... 5.82% 4.61% 4.97% 4.99% 4.84%
See Accompanying Notes to Financial Statements 40 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA COMMON STOCK FUND DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (98.3%) AUTO & HOUSING (0.4%) Masco Corp. ............................................ 151,092 $ 3,881,176 ------------ BANKS (11.4%) Bank of America Corp. .................................. 231,550 10,622,356 Bank of New York Co., Inc., The ........................ 201,100 11,098,206 Bank One Corp. ......................................... 90,300 3,307,238 Citigroup, Inc. ........................................ 788,533 40,264,466 Old Kent Financial Corp. ............................... 128,000 5,600,000 Washington Mutual, Inc. ................................ 596,650 31,659,741 ------------ 102,552,007 ------------ BROADCASTING (0.5%) *AT&T Corp. - Liberty Media Group (Class A) ............................................. 307,064 4,164,555 ------------ BROKERS, MONEY MANAGERS (3.4%) American Express Co. ................................... 339,300 18,640,294 Goldman Sachs Group, Inc. .............................. 32,150 3,438,040 Morgan Stanley Dean Witter & Co. ....................... 111,200 8,812,600 ------------ 30,890,934 ------------ CABLE (1.2%) *Charter Communications, Inc. (Class A) ................. 443,900 10,070,981 Comcast Corp. (Class A Special) ........................ 13,850 578,238 ------------ 10,649,219 ------------ COMPUTERS (1.6%) Compaq Computer Corp. .................................. 621,050 9,346,802 *Sun Microsystems, Inc. ................................. 165,500 4,613,313 ------------ 13,960,115 ------------ COSMETICS, HOUSEHOLD PRODUCTS (2.6%) Clorox Co. ............................................. 237,750 8,440,125 Kimberly-Clark Corp. ................................... 212,650 15,032,228 ------------ 23,472,353 ------------ ELECTRIC & NATURAL GAS (4.3%) Coastal Corp. .......................................... 129,150 11,405,559 Dynegy, Inc. (Class A) ................................. 244,250 13,693,266 Exelon Corp. ........................................... 192,650 13,525,957 ------------ 38,624,782 ------------ ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIES (9.4%) Corning, Inc. .......................................... 122,000 6,443,125 Emerson Electric Co. ................................... 94,000 7,408,375 General Electric Co. ................................... 605,650 29,033,347 Honeywell International, Inc. .......................... 412,800 19,530,600 Tyco International, Ltd. ............................... 390,116 $ 21,651,438 ------------ 84,066,885 ------------ ENERGY SERVICES (4.8%) *BJ Services Co. ........................................ 49,050 3,378,319 *Cooper Cameron Corp. ................................... 65,200 4,307,275 *Global Marine, Inc. .................................... 217,850 6,181,494 *Nabors Industries, Inc. ................................ 240,000 14,196,000 *Noble Drilling Corp. ................................... 198,700 8,631,031 *Weatherford International, Inc. ........................ 133,150 6,291,337 ------------ 42,985,456 ------------ FOOD & DRUG RETAIL (0.4%) Walgreen Co. ........................................... 84,550 3,535,247 ------------ HEALTH CARE (15.5%) Merck & Co., Inc. ...................................... 293,750 27,502,344 Pfizer, Inc. ........................................... 1,208,287 55,581,202 Pharmacia Corp. ........................................ 491,200 29,963,200 Schering-Plough Corp. .................................. 452,100 25,656,675 ------------ 138,703,421 ------------ INSURANCE - ASSET GATHERERS (0.8%) John Hancock Financial Services, Inc. .................. 187,550 7,056,569 ------------ INSURANCE - PROPERTY & CASUALTY (3.5%) American International Group, Inc. ..................... 316,537 31,198,678 ------------ INTERNATIONAL INTEGRATED (1.5%) Exxon Mobil Corp. ...................................... 151,782 13,195,548 ------------ MACHINERY (0.8%) Caterpillar, Inc. ...................................... 145,602 6,888,794 ------------ MATERIALS (0.5%) International Paper Co. ................................ 120,000 4,897,500 ------------ MEDIA (2.1%) *America Online, Inc. ................................... 138,600 4,823,280 Time Warner, Inc. ...................................... 279,743 14,613,774 ------------ 19,437,054 ------------ MEDICAL DEVICES (3.4%) Baxter International, Inc. ............................. 154,700 13,661,944 *Guidant Corp. .......................................... 310,100 16,726,019 ------------ 30,387,963 ------------ MORTGAGE/FINANCE COMPANIES (1.4%) Freddie Mac ............................................ 177,050 12,194,319 ------------ PERIPHERALS (1.2%) *EMC Corp. .............................................. 160,950 10,703,175 ------------ POLLUTION CONTROL (0.7%) Waste Management, Inc. ................................. 226,600 6,288,150 ------------
See Accompanying Notes to Financial Statements 41 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA COMMON STOCK FUND (CONT.) DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ RETAIL (5.4%) Home Depot, Inc. ....................................... 421,650 $ 19,264,134 Nike, Inc. (Class B) ................................... 74,687 4,168,468 Wal-Mart Stores, Inc. .................................. 461,850 24,535,781 ------------ 47,968,383 ------------ SEMICONDUCTORS (3.5%) *Broadcom Corp. ......................................... 15,150 1,280,175 Intel Corp. ............................................ 523,200 15,826,800 *Micron Technology, Inc. ................................ 145,100 5,151,050 *Novellus Systems, Inc. ................................. 75,800 2,724,063 *PMC-Sierra, Inc. ....................................... 20,800 1,635,400 Texas Instruments, Inc. ................................ 94,750 4,488,781 ------------ 31,106,269 ------------ SOFTWARE (6.2%) *Amdocs Ltd. ............................................ 161,350 10,689,437 *BEA Systems, Inc. ...................................... 36,000 2,423,250 *Comverse Technology, Inc. .............................. 117,750 12,790,594 *Microsoft Corp. ........................................ 352,350 15,327,225 *Oracle Corp. ........................................... 367,100 10,668,844 *Veritas Software Corp. ................................. 37,950 3,320,625 ------------ 55,219,975 ------------ TECHNOLOGY SERVICES (2.3%) *Celestica, Inc. ........................................ 168,200 9,124,850 *Computer Sciences Corp. ................................ 122,350 7,356,294 *Flextronics International, Ltd. ........................ 145,300 4,141,050 ------------ 20,622,194 ------------ TELECOMMUNICATION SERVICES (4.9%) BellSouth Corp. ........................................ 312,250 12,782,734 *Nextel Communications, Inc. ............................ 137,050 3,391,988 *Qwest Communications International, Inc. ............... 280,741 11,510,381 SBC Communications, Inc. ............................... 263,300 12,572,575 *Worldcom, Inc. ......................................... 263,150 3,684,100 ------------ 43,941,778 ------------ TELECOMMUNICATION EQUIPMENT (4.6%) *Cisco Systems, Inc. .................................... 519,350 19,865,138 Nokia Corp.............................................. 271,800 11,823,300 Nortel Networks Corp.................................... 129,350 4,147,284 *Tellabs, Inc. .......................................... 99,000 5,593,500 ------------ 41,429,222 ------------ Total Common Stocks (Cost $683,099,792) .................................... 880,021,721 ------------ PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ REPURCHASE AGREEMENT (1.9%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $17,208,601 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $17,205,499) ..................................... $17,205,499 $ 17,205,499 ------------ TOTAL INVESTMENTS (100.2%) (Cost $700,305,291) ....................................... 897,227,220 OTHER ASSETS LESS LIABILITIES (-0.2%) ...................... (2,093,401) ------------ NET ASSETS (100.0%) ........................................ $895,133,819 ============
* Non-income producing. COLUMBIA GROWTH FUND DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (98.1%) BANKS (5.6%) Citigroup, Inc. ........................................ 1,445,200 $ 73,795,525 Washington Mutual, Inc. ................................ 640,100 33,965,306 ------------ 107,760,831 ------------ BROADCASTING (1.7%) *AT&T Corp. - Liberty Media Group (Class A) ............................................. 714,000 9,683,625 *Clear Channel Communications, Inc. ..................... 292,081 14,147,673 *USA Networks, Inc. ..................................... 488,000 9,485,500 ------------ 33,316,798 ------------ BROKERS, MONEY MANAGERS (3.7%) American Express Co. ................................... 350,700 19,266,581 Goldman Sachs Group, Inc. .............................. 99,300 10,618,894 Merrill Lynch & Co...................................... 306,100 20,872,194 Morgan Stanley Dean Witter & Co. ....................... 257,800 20,430,650 ------------ 71,188,319 ------------
See Accompanying Notes to Financial Statements 42 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ CABLE (2.1%) *Charter Communications, Inc. (Class A) ............................................. 710,100 $ 16,110,394 Comcast Corp. (Class A Special) ........................ 450,350 18,802,112 *Cox Communications, Inc. (Class A) ..................... 128,800 5,997,250 ------------ 40,909,756 ------------ COMPUTERS (2.1%) Compaq Computer Corp. .................................. 1,768,950 26,622,697 *Sun Microsystems, Inc.. ................................ 458,800 12,789,050 ------------ 39,411,747 ------------ ELECTRIC & NATURAL GAS (1.6%) Dynegy, Inc. (Class A) ................................. 543,300 30,458,756 ------------ ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIES (10.5%) Corning, Inc. .......................................... 901,200 47,594,625 General Electric Co. ................................... 1,035,000 49,615,312 Honeywell International, Inc. .......................... 446,300 21,115,569 Tyco International, Ltd. ............................... 1,510,900 83,854,950 ------------ 202,180,456 ------------ ENERGY SERVICES (3.7%) *BJ Services Co. ........................................ 239,100 16,468,013 *Nabors Industries, Inc. ................................ 599,150 35,439,722 *Noble Drilling Corp. ................................... 429,150 18,641,203 ------------ 70,548,938 ------------ FOOD & DRUG RETAIL (0.7%) Walgreen Co. ........................................... 300,850 12,579,291 ------------ HEALTH CARE (15.0%) *Amgen, Inc. ............................................ 349,900 22,371,731 Bristol-Myers Squibb Co. ............................... 268,600 19,859,613 Cardinal Health, Inc. .................................. 167,400 16,677,225 *Immunex Corp. .......................................... 227,400 9,238,125 Pfizer, Inc. ........................................... 2,568,475 118,149,850 Pharmacia Corp. ........................................ 921,450 56,208,450 Schering-Plough Corp. .................................. 780,200 44,276,350 ------------ 286,781,344 ------------ INSURANCE - PROPERTY & CASUALTY (3.7%) American International Group, Inc. ..................... 723,594 71,319,234 ------------ MEDIA (2.6%) Time Warner, Inc. ...................................... 970,397 50,693,539 ------------ MEDICAL DEVICES (3.9%) Applera Corp. - Applied Biosystems Group .............................. 114,300 10,751,344 Baxter International, Inc. ............................. 343,950 30,375,084 *Guidant Corp. .......................................... 620,600 33,473,613 ------------ 74,600,041 ------------ MORTGAGE/FINANCE COMPANIES (3.3%) Fannie Mae ............................................. 467,600 $ 40,564,300 Freddie Mac ............................................ 335,300 23,093,787 ------------ 63,658,087 ------------ PERIPHERALS (2.2%) *EMC Corp. .............................................. 627,200 41,708,800 ------------ RETAIL (8.6%) *Costco Wholesale Corp. ................................. 256,400 10,239,975 Home Depot, Inc. ....................................... 968,100 44,230,069 *Kohls Corp. ............................................ 445,819 27,194,959 Lowe's Cos., Inc. ...................................... 368,100 16,380,450 RadioShack Corp. ....................................... 142,900 6,117,906 Wal-Mart Stores, Inc. .................................. 1,152,300 61,215,938 ------------ 165,379,297 ------------ SEMICONDUCTORS (3.8%) *Altera Corp. ........................................... 222,200 5,846,637 *Broadcom Corp. ......................................... 60,000 5,070,000 Intel Corp. ............................................ 1,120,600 33,898,150 *Micron Technology, Inc. ................................ 302,600 10,742,300 *Novellus Systems, Inc. ................................. 161,500 5,803,906 *PMC-Sierra, Inc. ....................................... 53,900 4,237,888 Texas Instruments, Inc. ................................ 158,100 7,489,988 ------------ 73,088,869 ------------ SOFTWARE (8.1%) *Amdocs Ltd. ............................................ 324,100 21,471,625 *BEA Systems, Inc. ...................................... 349,600 23,532,450 *Comverse Technology, Inc. .............................. 351,200 38,149,100 *Microsoft Corp. ........................................ 395,600 17,208,600 *Oracle Corp. ........................................... 686,700 19,957,219 *Siebel Systems, Inc. ................................... 128,900 8,732,975 *Veritas Software Corp. ................................. 304,400 26,635,000 ------------ 155,686,969 ------------ TECHNOLOGY SERVICES (6.5%) *Celestica, Inc. ........................................ 264,200 14,332,850 *Computer Sciences Corp. ................................ 209,350 12,587,169 *Flextronics International, Ltd. ........................ 2,234,000 63,669,000 *Solectron Corp. ........................................ 1,019,400 34,557,660 ------------ 125,146,679 ------------ TELECOMMUNICATION SERVICES (2.2%) *Nextel Communications, Inc. ............................ 563,900 13,956,525 *Qwest Communications International, Inc. ................................... 707,372 29,002,252 ------------ 42,958,777 ------------ TELECOMMUNICATION EQUIPMENT (6.5%) *Avaya, Inc. ............................................ 33,334 343,757 *Ciena Corp. ............................................ 213,500 17,373,563
See Accompanying Notes to Financial Statements 43 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA GROWTH FUND (CONT.) DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ *Cisco Systems, Inc. .................................... 1,250,600 $ 47,835,450 Nokia Corp. ............................................ 962,700 41,877,450 Nortel Networks Corp. .................................. 278,150 8,918,184 *Tellabs, Inc. .......................................... 141,550 7,997,575 -------------- 124,345,979 -------------- Total Common Stocks (Cost $1,446,240,320) .................................. 1,883,722,507 -------------- REPURCHASE AGREEMENT (2.6%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $49,616,476 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $49,607,532) .................................... $49,607,532 49,607,532 -------------- TOTAL INVESTMENTS (100.7%) (Cost $1,495,847,852) ..................................... 1,933,330,039 OTHER ASSETS LESS LIABILITIES (-0.7%) ...................... (14,103,106) -------------- NET ASSETS (100.0%) ........................................ $1,919,226,933 ==============
* Non-income producing. COLUMBIA INTERNATIONAL STOCK FUND DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (95.5%) AUSTRALIA (0.7%) CSL Ltd. (Pharmaceuticals) ............................. 21,300 $ 462,286 *SecureNet Ltd. (Software/Computer Services) .......................... 260,000 694,458 -------------- 1,156,744 -------------- CANADA (3.7%) Alberta Energy Co., Ltd. (Oil/Gas) ..................... 34,200 $ 1,634,851 Bombardier, Inc. (Class B) (Engineering/Machinery) ..................... 130,100 2,005,192 *C-MAC Inds., Inc. (Information Technology Hardware) ..................... 11,600 517,441 MDS, Inc. (Health) ..................................... 46,000 679,890 Nortel Networks Corp. (Information Technology Hardware) ..................... 22,800 732,420 Royal Bank of Canada (Banks) ........................... 27,200 920,847 -------------- 6,490,641 -------------- DENMARK (1.4%) Danisco AS (Food Producers/Processors) ........................... 26,700 1,098,236 GN Store Nord AS (Telecommunication Services) .......................... 38,000 664,409 Vestas Wind Systems AS (Engineering/Machinery) ............................... 11,700 632,836 -------------- 2,395,481 -------------- FINLAND (2.3%) Nokia Corp., ADR (Information Technology Hardware) ..................... 65,900 2,866,650 Sampo Insurance Co., Ltd. (Insurance) .................. 22,000 1,187,643 -------------- 4,054,293 -------------- FRANCE (10.9%) Accor SA (Leisure/Entertainment/Hotels) ........................ 20,500 866,087 Alcatel (Information Technology Hardware) ..................... 29,000 1,647,209 Aventis SA (Pharmaceuticals) ........................... 22,600 1,983,880 AXA (Insurance) ........................................ 11,400 1,648,242 BNP Paribas (Banks) .................................... 18,400 1,615,194 Carrefour SA (Food/Drug Retailers) ..................... 8,000 502,472 Coflexip SA, ADR (Oil/Gas) ............................. 21,700 1,364,388 Establissements Economiques du Casino Guichard-Perrachon SA (General Retailers) ................................... 10,700 1,078,905 *European Aeronautic Defence and Space Co. (Aeronautic/Defense) .................... 90,000 1,999,183 France Telecom SA (Telecommunication Services) .......................... 8,800 759,678 Groupe Danone SA (Food Producers/Processors) ........................... 12,200 1,839,504 LVMH Moet Hennessy Louis Vuitton SA (Household Goods/Textiles) ............................ 14,500 959,738 Sodexho Alliance SA (Support Services) ................. 6,500 1,204,026 Total Fina Elf SA (Oil/Gas) ............................ 11,300 1,680,463 -------------- 19,148,969 --------------
See Accompanying Notes to Financial Statements 44 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ GERMANY (8.8%) Allianz AG (Insurance) ................................. 4,600 $ 1,721,434 Bayerische Hypo- Und Vereinsbank AG (Banks) ............................................... 18,100 1,024,687 Bayerische Motoren Werke (BMW) AG (Automobiles) ................................ 26,600 871,570 Beiersdorf AG (Personal Care/Household Products) .................... 8,700 910,730 Deutsche Bank AG (Banks) ............................... 19,400 1,630,304 Dresdner Bank AG (Banks) ............................... 38,000 1,657,161 E.On AG (Oil/Gas) ...................................... 18,700 1,137,659 Ergo Versicherungs Gruppe AG (Insurance) ........................................... 7,500 1,267,445 Hannover Rueckversicherungs AG (Insurance) ........................................... 8,500 751,496 Muenchener Rueckversicherungs-Gesellschaft AG (Insurance) ........................................ 5,400 1,931,890 Schering AG (Pharmaceuticals) .......................... 16,200 920,165 Siemens AG (Electronic/Electrical Equipment) ..................... 12,600 1,646,665 -------------- 15,471,206 -------------- HONG KONG (2.2%) Asia Satellite Telecommunications Holdings Ltd. (Media/Photography) ..................... 91,000 189,002 Great Eagle Holdings Ltd. (Real Estate) ......................................... 285,000 484,140 Hang Seng Bank (Banks) ................................. 80,000 1,076,936 HongKong Land Holdings Ltd. (Real Estate) ......................................... 460,000 1,021,200 Sun Hung Kai Properties Ltd. (Real Estate) ......................................... 110,000 1,096,488 -------------- 3,867,766 -------------- IRELAND (0.7%) *Elan Corp. plc, ADR (Pharmaceuticals) .................. 13,000 608,563 *Parthus Technologies plc (Information Technology Hardware) ..................... 236,000 615,177 -------------- 1,223,740 -------------- ITALY (5.6%) Assicurazioni Generali S.p.A (Insurance) ........................................... 46,700 1,854,610 Eni S.p.A (Oil/Gas) .................................... 194,900 1,244,274 Luxottica Group S.p.A, ADR (Health) .................... 71,000 976,250 Riunione Adriatica di Sicurta S.p.A (Insurance) ........................................... 145,200 $ 2,264,288 Saipem S.p.A (Oil/Gas) ................................. 174,000 949,119 San Paolo-Imi S.p.A (Banks) ............................ 71,500 1,155,938 Seat Pagine Gialle S.p.A (Media Photography) ................................... 6,720 14,984 Telecom Italia S.p.A, ADR (Telecommunication Services) .......................... 12,000 1,323,750 -------------- 9,783,213 -------------- JAPAN (12.4%) Banyu Pharmaceutical Co., Ltd. (Pharmaceuticals) ..................................... 125,000 2,829,465 Daibiru Corp. (Real Estate) ............................ 69,000 489,405 Fujisawa Pharmaceutical Co., Ltd. (Pharmaceuticals) ..................................... 20,000 661,996 Japan Telecom Co., Ltd. (Telecommunication Services) .......................... 27 555,604 Jusco Co., Ltd. (General Retailers) .................... 60,000 1,302,977 Katokichi Co., Ltd. (Food Producers/Processors) ........................... 23,000 604,203 Matsushita Electric Industrial Co., Ltd. (Electronic/Electrical Equipment) ..................... 80,000 1,912,434 Mitsubishi Estate Co., Ltd. (Real Estate) ......................................... 130,000 1,388,791 Mitsubishi Heavy Inds., Ltd. (Engineering/Machinery) ............................... 300,000 1,308,231 Mitsui Fudosan Co., Ltd. (Real Estate) ......................................... 140,000 1,391,418 NEC Corp. (Information Technology Hardware) ..................... 50,000 915,061 Nomura Securities Co., Ltd., The (Specialty/Other Finance) ............................. 36,000 647,811 Pioneer Corp. (Electronic/Electrical Equipment) ..................... 30,000 801,226 Q.P. Corp. (Food Producers/Processors) ........................... 180,000 1,494,220 Sankei Building Co., Ltd., The (Real Estate) ......................................... 29,000 91,673 Sanwa Bank Ltd., The (Banks) ........................... 118,000 827,653 Sumitomo Bank Ltd., The (Banks) ........................ 175,000 1,797,504 Tokyu Corp. (Real Estate) .............................. 350,000 1,887,916 *Trend Micro, Inc. (Software/Computer Services) .......................... 4,000 289,667 Yamada Denki Co., Ltd. (General Retailers) ................................... 7,000 570,665 -------------- 21,767,920 --------------
See Accompanying Notes to Financial Statements 45 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND (CONT.) DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ KOREA (3.3%) Daeduck Electronics Co., Ltd. (Electronic/Electrical Equipment) ..................... 106,000 $ 833,755 H&CB (Banks) ........................................... 40,000 907,510 Hankuk Electric Glass Co., Ltd. (Household Goods/Textiles) ............................ 18,000 832,411 Hyundai Department Store Co., Ltd. (General Retailers) ................................... 128,000 677,944 Kookmin Bank (Banks) ................................... 71,500 842,174 Pacific Corp. (Personal Care/Household Products) .................... 41,000 868,616 Samsung Electronics, GDR (Information Technology Hardware) ..................... 25,800 722,400 -------------- 5,684,810 -------------- MALAYSIA (0.1%) Star Cruises Ltd. (Leisure/Entertainment/Hotels) ........................ 355,000 248,500 -------------- NETHERLANDS (7.0%) Aegon NV (Life Assurance) .............................. 29,600 1,224,423 *ASM Lithography Holding NV (Information Technology Hardware) ..................... 63,700 1,437,231 Heineken NV (Restaurants/Pubs/Breweries) .......................... 28,300 1,712,398 ING Groep NV (Insurance) ............................... 30,000 2,396,316 Koninklijke Numico NV (Food Producers/Processors) ........................... 21,600 1,086,961 Koninklijke Philips Electronics NV (Electronic/Electrical Equipment) ..................... 42,000 1,538,622 *Qiagen NV (Health) ..................................... 16,500 596,403 Royal Dutch Petroleum Co. (Oil/Gas) ............................................. 20,900 1,280,527 STMicroelectronics NV (Information Technology Hardware) ..................... 21,500 920,469 -------------- 12,193,350 -------------- SPAIN (2.8%) Banco Bilbao Vizcaya Argentaria SA (Banks) ................................. 84,600 1,258,911 Grupo Dragados SA (Construction/Building Materials) ..................... 167,700 1,826,360 NH Hoteles SA (Leisure/Entertainment/Hotels) ........................ 90,000 1,106,902 *Telefonica SA, ADR (Telecommunication Services) .......................... 15,000 750,000 -------------- 4,942,173 -------------- SWEDEN (0.5%) Nordea AB (Banks) ...................................... 125,500 $ 951,006 -------------- SWITZERLAND (7.9%) Charles Voegele Holding AG (Bearer) (General Retailers) .......................... 6,000 888,616 Julius Baer Holding Ltd. (Bearer) (Banks) ...................................... 250 1,368,407 Nestle SA (Registered) (Food Producers/Processors) ........................... 900 2,099,355 Novartis AG (Registered) (Pharmaceuticals) ..................................... 850 1,502,779 Schindler Holding AG (Part. Certificates) (Engineering/Machinery) ............................... 697 1,076,577 Serono SA (Bearer) (Health) ............................ 1,200 1,155,200 SEZ Holding AG (Registered) (Information Technology Hardware) ..................... 370 205,492 Swiss RE (Registered) (Insurance) ...................... 610 1,462,421 Synthes-Stratec, Inc. (Registered) (Health) ............ 260 192,052 Tecan Group AG (Registered) (Health) ................... 750 778,001 UBS AG (Registered) (Banks) ............................ 12,400 2,023,946 Zurich Financial Services AG (Registered) (Insurance) .............................. 1,700 1,024,932 -------------- 13,777,778 -------------- TAIWAN (0.4%) *Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Information Technology Hardware) ..................... 44,000 759,000 -------------- UNITED KINGDOM (22.9%) *ARM Holdings plc (Information Technology Hardware) ..................... 100,000 755,864 BAE SYSTEMS (Aerospace/Defense) ........................ 179,000 1,021,432 Barclays plc (Banks) ................................... 54,139 1,675,687 Barratt Developments plc (Real Estate) ......................................... 275,000 1,220,062 Berkeley Group plc, The (Real Estate) .................. 120,000 1,353,384 BG Group plc (Oil/Gas) ................................. 270,200 1,057,498 BP Amoco plc, ADR (Oil/Gas) ............................ 21,300 1,019,737 *Cambridge Antibody Technology Group plc (Health) .................................... 12,500 707,688 *COLT Telecom Group plc (Telecommunication Services) .......................... 45,300 974,436 Cookson Group plc (Engineering/Machinery) ............................... 289,400 756,536 Diageo plc (Beverages) ................................. 150,000 1,680,527 *easyJet Airline Co., Ltd. (Transport) .................. 220,000 1,289,898 Enterprise Oil plc (Oil/Gas) ........................... 123,000 1,041,792 *GlaxoSmithKline plc (Pharmaceuticals) .................. 93,326 2,634,859
See Accompanying Notes to Financial Statements 46 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ *Granada Compass plc (Restaurants/Pubs/Breweries) .......................... 139,035 $ 1,513,027 HSBC Holdings plc (Banks) .............................. 130,000 1,912,812 Imperial Tobacco Group plc (Tobacco) ................... 86,000 894,772 Marconi plc (Information Technology Hardware) ..................... 102,900 1,105,191 Matalan plc (General Retailers) ........................ 94,000 982,921 *NDS Group plc, ADR (Software/Computer Services) .......................... 13,300 726,512 Pearson plc (Media/Photography) ........................ 53,000 1,258,827 Prudential plc (Life Assurance) ........................ 104,200 1,676,395 Reckitt Benckiser plc (Personal Care/Household Products) .................... 109,600 1,509,504 Royal Bank of Scotland Group plc (Banks) ............... 84,700 2,001,625 Scottish and Southern Energy plc (Electricity) ......................................... 160,400 1,485,556 Shell Transport & Trading Co. plc (Oil/Gas) ............................................. 93,000 762,690 Shell Transport & Trading Co., ADR (Oil/Gas) ......................................... 23,000 1,135,625 Unilever plc (Personal Care/Household Products) .................... 175,000 1,497,909 Vodafone Group plc (Telecommunication Services) .......................... 481,500 1,765,797 William Morrison Supermarkets plc (Food/Drug Retailers) ................................. 545,000 1,481,702 WPP Group plc (Media/Photography) ...................... 99,600 1,297,385 -------------- 40,197,650 -------------- UNITED STATES (1.9%) Santa Fe International Corp. (Oil/Gas) ................. 45,000 1,442,811 Schlumberger Ltd. (Oil/Gas) ............................ 22,400 1,790,600 -------------- 3,233,411 -------------- Total Common Stocks (Cost $158,146,835) .................................... 167,347,651 -------------- PREFERRED STOCK (0.6%) GERMANY Hugo Boss AG (Household Goods/Textiles) (Cost $1,126,336) ..................................... 4,000 1,126,618 -------------- PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ REPURCHASE AGREEMENT (3.1%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $5,521,228 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $5,520,233) ..................................... $5,520,233 $ 5,520,233 -------------- TOTAL INVESTMENTS (99.2%) (Cost $164,793,404) ....................................... 173,994,502 OTHER ASSETS LESS LIABILITIES (0.8%) ....................... 1,321,881 -------------- NET ASSETS (100.0%) ........................................ $ 175,316,383 ==============
* Non-income producing COLUMBIA SPECIAL FUND DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (91.6%) AUTO & HOUSING (1.0%) Centex Corp. ........................................... 294,900 $ 11,077,181 -------------- BANKS (4.0%) Capital One Financial Corp. ............................ 72,200 4,751,663 Charter One Financial, Inc. ............................ 384,100 11,090,887 Comerica, Inc. ......................................... 100,700 5,979,063 Golden State Bancorp, Inc. ............................. 146,110 4,593,333 KeyCorp ................................................ 204,800 5,734,400 Washington Mutual, Inc. ................................ 150,000 7,959,375 Zions Bancorporation ................................... 54,300 3,390,356 -------------- 43,499,077 -------------- BROADCASTING (2.5%) *Gemstar-TV Guide International, Inc. ................... 125,000 5,796,875 *Hispanic Broadcasting Corp. ............................ 200,000 5,100,000 *Univision Communications, Inc. (Class A) ............... 387,500 15,863,281 -------------- 26,760,156 -------------- CABLE (1.1%) *Charter Communications, Inc. (Class A) ................. 545,200 12,369,225 -------------- CONSUMER CYCLICAL SERVICES (6.8%) *Acxiom Corp. ........................................... 223,200 8,690,850
See Accompanying Notes to Financial Statements 47 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA SPECIAL FUND (CONT.) DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ *Apollo Group, Inc. (Class A) ........................... 252,700 $ 12,429,681 *Concord EFS, Inc. ...................................... 100,000 4,393,750 *Convergys Corp. ........................................ 267,350 12,114,297 *Critical Path, Inc ..................................... 195,000 5,996,250 *DST Systems, Inc. ...................................... 145,040 9,717,680 *Fiserv, Inc. ........................................... 153,800 7,295,888 *Sabre Holdings Corp. ................................... 331,770 14,307,581 -------------- 74,945,977 -------------- DOMESTIC INTEGRATED (0.8%) Tosco Corp. ............................................ 254,000 8,620,125 -------------- ELECTRIC & NATURAL GAS (6.2%) *AES Corp. .............................................. 398,000 22,039,250 *Calpine Corp. .......................................... 272,400 12,275,025 Dynegy, Inc. (Class A) ................................. 235,900 13,225,144 FPL Group, Inc. ........................................ 285,400 20,477,450 -------------- 68,016,869 -------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (1.7%) Corning, Inc. .......................................... 98,350 5,194,109 PerkinElmer, Inc. ...................................... 81,400 8,547,000 *Thermo Electron Corp. .................................. 175,300 5,215,175 -------------- 18,956,284 -------------- ENERGY SERVICES (8.4%) *Grant Prideco, Inc. .................................... 185,000 4,058,438 *Nabors Industries, Inc. ................................ 620,500 36,702,575 *Noble Drilling Corp. ................................... 435,500 18,917,031 *R&B Falcon Corp. ....................................... 292,100 6,700,044 Transocean Sedco Forex, Inc. ........................... 238,100 10,952,600 *Weatherford International, Inc. ........................ 305,400 14,430,150 -------------- 91,760,838 -------------- EXPLORATION & PRODUCTION (3.9%) Anadarko Petroleum Corp. ............................... 164,800 11,713,984 Apache Corp. ........................................... 190,500 13,346,906 Burlington Resources, Inc. ............................. 150,200 7,585,100 Devon Energy Corp. ..................................... 166,500 10,151,505 -------------- 42,797,495 -------------- HEALTH CARE (21.0%) *ALZA Corp. ............................................. 522,000 22,185,000 *Biovail Corp. .......................................... 331,900 12,890,996 Cardinal Health, Inc. ................................... 102,100 10,171,712 *Caremark Rx, Inc. ...................................... 585,600 7,942,200 *Chiron Corp. ........................................... 201,200 8,953,400 *Elan Corp. plc ADR ..................................... 200,100 9,367,181 *Enzon, Inc. ............................................ 217,768 13,515,227 *Genentech, Inc. ........................................ 171,000 13,936,500 *Health Management Associates, Inc. (Class A) ............................................. 627,100 $ 13,012,325 *Immunex Corp. .......................................... 213,400 8,669,375 IMS Health, Inc. ....................................... 518,700 14,004,900 *Inhale Therapeutic Systems, Inc. ....................... 174,600 8,817,300 *King Pharmaceuticals, Inc. ............................. 217,060 11,219,289 McKesson HBOC, Inc. .................................... 342,700 12,299,503 *Millennium Pharmaceuticals, Inc. ....................... 105,000 6,496,875 *QIAGEN N.V ............................................. 147,660 5,108,113 *Shire Pharmaceuticals Group plc ADR .................... 185,900 8,563,019 *Tenet Healthcare Corp. ................................. 857,300 38,096,269 *Watson Pharmaceuticals, Inc. ........................... 100,000 5,118,750 -------------- 230,367,934 -------------- HOTELS & GAMING (1.0%) *Harrah's Entertainment, Inc. ........................... 420,000 11,077,500 -------------- MEDICAL DEVICES (2.2%) Applera Corp. - Applied Biosystems Group ...................................... 58,800 5,530,875 *Waters Corp. ........................................... 222,900 18,612,150 -------------- 24,143,025 -------------- PERIPHERALS (1.4%) *Emulex Corp. ........................................... 108,800 8,697,200 Tektronix, Inc. ........................................ 197,600 6,656,650 -------------- 15,353,850 -------------- POLLUTION CONTROL (0.5%) *Cuno, Inc. ............................................. 210,000 5,630,625 -------------- PUBLISHING/ADVERTISING (2.1%) E.W. Scripps Co. (Class A) ............................. 92,400 5,809,650 New York Times Co. (Class A) ........................... 136,000 5,448,500 Reader's Digest Association, Inc. (Class A) ............ 294,200 11,510,575 -------------- 22,768,725 -------------- RESTAURANTS (2.1%) *Brinker International, Inc. ............................ 238,500 10,076,625 *Outback Steakhouse, Inc. ............................... 508,200 13,149,675 -------------- 23,226,300 -------------- RETAIL (1.6%) *Jones Apparel Group, Inc. .............................. 200,000 6,437,500 Limited, Inc. .......................................... 643,660 10,982,449 -------------- 17,419,949 -------------- SEMICONDUCTORS (2.1%) *Altera Corp. ........................................... 323,500 8,512,094 *Micron Technology, Inc. ................................ 200,000 7,100,000 *Sandisk Corp. .......................................... 253,700 7,040,175 -------------- 22,652,269 -------------- SOFTWARE (10.6%) +*BEA Systems, Inc. ...................................... 420,600 28,311,638
See Accompanying Notes to Financial Statements 48 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES OR CONTRACTS VALUE - ------------------------------------------------------------------------------------------ *Cadence Design Systems, Inc. ........................... 450,800 $ 12,397,000 *Electronic Arts, Inc. .................................. 278,100 11,854,013 *Informatica Corp. ...................................... 91,200 3,608,100 *Internet Security Systems, Inc. ........................ 92,200 7,231,937 *Intuit, Inc. ........................................... 353,200 13,929,325 *Macromedia, Inc. ....................................... 129,050 7,839,787 *Mercury Interactive Corp. .............................. 80,000 7,220,000 *Micromuse, Inc. ........................................ 88,000 5,311,625 *Peregrine Systems, Inc. ................................ 277,700 5,484,575 *Rational Software Corp. ................................ 333,600 12,989,550 -------------- 116,177,550 -------------- TECHNOLOGY SERVICES (1.6%) *Flextronics International, Ltd. ........................ 145,300 4,141,050 *Macrovision Corp. ...................................... 181,600 13,441,237 -------------- 17,582,287 -------------- TELECOMMUNICATION SERVICES (1.3%) *McLeodUSA, Inc. (Class A) .............................. 409,600 5,785,600 *Western Wireless Corp. (Class A) ....................... 209,000 8,190,188 -------------- 13,975,788 -------------- TELECOMMUNICATIONS EQUIPMENT (7.7%) *ADC Telecommunications, Inc. ........................... 421,000 7,630,625 +*Ciena Corp. ............................................ 437,600 35,609,700 *Juniper Networks, Inc. ................................. 34,300 4,323,944 *Polycom, Inc. .......................................... 301,200 9,694,875 *Powerwave Technologies, Inc. ........................... 169,200 9,898,200 *Redback Networks, Inc. ................................. 58,810 2,411,210 Scientific-Atlanta, Inc. ............................... 91,400 2,976,212 *Sycamore Networks, Inc. ................................ 179,800 6,697,550 *Tellabs, Inc. .......................................... 91,500 5,169,750 -------------- 84,412,066 -------------- Total Common Stocks (Cost $782,979,872) .................................... 1,003,591,095 -------------- CONVERTIBLE PREFERRED STOCK (0.2%) TELECOMMUNICATIONS EQUIPMENT *Nanovation Technologies, Inc. (Private Placement)(Cost $2,164,275) .................. 144,285 2,164,275 -------------- PUT OPTIONS (0.4%) SOFTWARE (0.2%) BEA Systems Strike Price $65 Expires 03/17/2001 .................................... 1,750 1,881,250 -------------- TELECOMMUNICATIONS EQUIPMENT (0.2%) Ciena Corp. Strike Price $97.50 Expires 01/20/2001 .................................... 1,500 2,906,250 -------------- Total Options (Cost $4,033,250) ...................................... 4,787,500 -------------- PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS (9.5%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $56,821,146. Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 ..................... $ 56,810,903 $ 56,810,903 Merrill Lynch 6.59% dated 12/29/2000, due 01/02/2001 in the amount of $47,008,486. Collateralized by U.S. Treasury Strips due 02/15/2006 to 05/15/2027 .......................... 47,000,000 47,000,000 -------------- Total Repurchase Agreements (Cost $103,810,903) .................................... 103,810,903 -------------- TOTAL INVESTMENTS (101.7%) (Cost $892,988,300) ....................................... 1,114,353,773 OTHER ASSETS LESS LIABILITIES (-1.7%) ...................... (18,829,007) -------------- NET ASSETS (100.0%) ........................................ $1,095,524,766 ==============
* Non-income producing
+CALL OPTIONS CONTRACTS EXPIRATION EXERCISE PRICE VALUE - ----------------------------------------------------------------------- 1750 BEA Systems, Inc. 03/17/2001 $ 85 $1,192,188 1500 Ciena Corp. 01/20/2001 $ 115 168,750
COLUMBIA SMALL CAP FUND DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (91.4%) AIRLINES (2.2%) *Atlantic Coast Airlines Holdings, Inc. ................. 168,700 $ 6,895,613 *EGL, Inc. .............................................. 178,300 4,268,056 -------------- 11,163,669 -------------- AUTO & HOUSING (1.0%) D.R. Horton, Inc. ...................................... 112,400 2,746,775 Kaufman & Broad Home Corp. ............................. 74,600 2,513,087 -------------- 5,259,862 --------------
See Accompanying Notes to Financial Statements 49 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA SMALL CAP FUND (CONT.) DECEMBER 31, 2000
SHARES VALUE - ------------------------------------------------------------------------------------------ BANKS (2.3%) Bank United Corp. (Class A) ............................ 86,700 $ 5,911,856 TCF Financial Corp. .................................... 139,100 6,198,644 -------------- 12,110,500 -------------- BROADCASTING (0.3%) *Radio One, Inc. (Class D) .............................. 134,300 1,477,300 -------------- BROKERS, MONEY MANAGERS (1.0%) *W.P. Stewart & Co., Ltd. ............................... 209,400 5,444,400 -------------- COMPUTERS (2.3%) *Avocent Corp. .......................................... 103,180 2,785,860 *C-COR.net Corp. ........................................ 173,100 1,682,316 *Concurrent Computer Corp. .............................. 395,900 2,127,962 *Radisys Corp. .......................................... 199,550 5,163,356 -------------- 11,759,494 -------------- CONSUMER CYCLICAL SERVICES (4.2%) *Acxiom Corp. ........................................... 106,182 4,134,462 *Apollo Group, Inc. (Class A) ........................... 53,000 2,606,937 *Corporate Executive Board Co., The ..................... 40,700 1,618,461 *Getty Images, Inc. ..................................... 171,500 5,488,000 *Internap Network Services Corp. ........................ 171,000 1,239,750 *Sylvan Learning Systems, Inc. .......................... 66,700 987,994 *Teletech Holdings, Inc. ................................ 220,100 4,044,337 *TriZetto Group, Inc. ................................... 96,900 1,617,019 -------------- 21,736,960 -------------- DOMESTIC INTEGRATED (0.8%) Valero Energy Corp. .................................... 112,900 4,198,469 -------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (2.4%) C&D Technologies, Inc. ................................. 95,000 4,102,812 PerkinElmer, Inc. ...................................... 77,800 8,169,000 -------------- 12,271,812 -------------- ENERGY SERVICES (14.3%) Coflexip SA ADR ........................................ 36,700 2,307,512 *Grant Prideco, Inc. .................................... 331,140 7,264,384 *Hanover Compressor Co. ................................. 106,000 4,723,625 *Marine Drilling Cos., Inc. ............................. 184,300 4,930,025 *National-Oilwell, Inc. ................................. 262,900 10,170,944 *Noble Drilling Corp. ................................... 155,700 6,763,219 *Patterson Energy, Inc. ................................. 93,600 3,486,600 *Precision Drilling Corp. ............................... 284,800 10,697,800 *Stolt Offshore SA ...................................... 76,500 841,500 *UTI Energy Corp. ....................................... 366,900 12,061,837 *Varco International, Inc. .............................. 125,700 2,733,975 *Veritas DGC, Inc. ...................................... 254,100 $ 8,207,430 -------------- 74,188,851 -------------- EXPLORATION & PRODUCTION (1.1%) Devon Energy Corp. ..................................... 95,300 5,810,441 -------------- FOOD & DRUG RETAIL (0.4%) *Whole Foods Market, Inc. ............................... 34,900 2,133,263 -------------- HEALTH CARE (25.1%) *Alkermes, Inc. ......................................... 159,100 4,991,763 Alpharma, Inc. (Class A) ............................... 100,300 4,400,663 *AmeriSource Health Corp. (Class A) ..................... 47,200 2,383,600 *Angiotech Pharmaceuticals, Inc. ........................ 34,700 1,596,200 *Barr Laboratories, Inc. ................................ 124,400 9,073,425 *Biopure Corp. .......................................... 143,390 2,867,800 *Biovail Corp. .......................................... 200,200 7,775,768 *Caremark Rx, Inc. ...................................... 453,100 6,145,169 *Cima Labs, Inc. ........................................ 49,800 3,240,113 *Davita, Inc. ........................................... 448,200 7,675,425 *Dendrite International, Inc. ........................... 138,150 3,091,106 *Eclipsys Corp. ......................................... 231,000 5,659,500 *First Health Group Corp. ............................... 257,200 11,975,875 *Impath, Inc. ........................................... 35,100 2,334,150 *Inspire Pharmaceuticals, Inc. .......................... 130,000 3,388,125 *Invitrogen Corp. ....................................... 84,400 7,290,050 *King Pharmaceuticals, Inc. ............................. 97,420 5,035,396 *Manor Care, Inc. ....................................... 201,900 4,164,187 *Patterson Dental Co. ................................... 198,300 6,717,412 *Quintiles Transnational Corp. .......................... 178,400 3,735,250 *Shire Pharmaceuticals Group plc ADR .................... 103,140 4,750,886 *Techne Corp. ........................................... 122,600 4,421,262 *Triad Hospitals, Inc. .................................. 197,340 6,425,884 *Universal Health Services, Inc. (Class B) .............. 101,300 11,320,275 -------------- 130,459,284 -------------- HOTELS & GAMING (0.5%) Intrawest Corp. ........................................ 130,500 2,601,844 -------------- LEISURE PRODUCTS (0.6%) Callaway Golf Co. ...................................... 165,100 3,074,988 -------------- MACHINERY (0.3%) *Astec Industries, Inc. ................................. 105,200 1,387,325 -------------- MEDICAL DEVICES (3.3%) *Ciphergen Biosystems, Inc. ............................. 21,300 282,225 *Cyberonics, Inc. ....................................... 126,200 2,934,150 *Harvard Bioscience, Inc. ............................... 89,300 881,838 *Inverness Medical Technology, Inc. ..................... 108,700 4,232,506 *Novoste Corp. .......................................... 176,400 4,851,000
See Accompanying Notes to Financial Statements 50 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ *Respironics, Inc. ..................................... 57,800 $ 1,647,300 *Wilson Greatbatch Technologies, Inc. .................. 76,000 2,147,000 -------------- 16,976,019 -------------- PERIPHERALS (2.6%) *Inrange Technologies Corp. ............................ 10,200 172,762 *Power-One, Inc. ....................................... 96,800 3,805,450 *Watchguard Technologies, Inc. ......................... 126,690 4,006,571 *Zebra Technologies Corp. (Class A) .................... 130,650 5,330,112 -------------- 13,314,895 -------------- POLLUTION CONTROL (2.0%) *Tetra Tech, Inc. ...................................... 327,450 10,437,469 -------------- PUBLISHING/ADVERTISING (0.6%) *Lamar Advertising Co. ................................. 77,500 2,991,016 -------------- RESTAURANTS (1.4%) *California Pizza Kitchen, Inc. ........................ 27,663 781,480 *Cheesecake Factory, Inc., The ......................... 16,450 631,269 *Outback Steakhouse, Inc. .............................. 232,700 6,021,112 -------------- 7,433,861 -------------- RETAIL (3.9%) *AnnTaylor Stores Corp. ................................ 101,700 2,536,144 *Linens `n Things, Inc. ................................ 145,800 4,027,725 *Michaels Stores, Inc. ................................. 99,350 2,632,775 *Quiksilver, Inc. ...................................... 122,000 2,363,750 *Venator Group, Inc. ................................... 295,000 4,572,500 *Williams-Sonoma, Inc. ................................. 213,800 4,276,000 -------------- 20,408,894 -------------- SEMICONDUCTORS (3.0%) *IXYS Corp. ............................................ 21,065 308,076 *Lattice Semiconductor Corp. ........................... 204,600 3,759,525 Methode Electronics, Inc. (Class A) .................... 158,500 3,635,594 *MIPS Technologies, Inc. (Class A) ..................... 28,750 767,266 *MIPS Technologies, Inc. (Class B) ..................... 144,800 3,690,136 *Sandisk Corp. ......................................... 117,600 3,263,400 -------------- 15,423,997 -------------- SOFTWARE (9.3%) *Actuate Corp. ......................................... 109,140 2,087,302 *Advent Software, Inc. ................................. 88,400 3,541,525 *Aremissoft Corp. ...................................... 111,850 4,774,597 *Bindview Development Corp. ............................ 34,350 323,105 *HNC Software, Inc. .................................... 313,100 9,295,156 *Iona Technologies plc ADR ............................. 26,000 1,742,000 *Macromedia, Inc. ...................................... 60,750 3,690,562 *MatrixOne, Inc. ....................................... 152,200 2,768,138 *Mentor Graphics Corp. ................................. 356,600 9,784,213 *Retek, Inc. ........................................... 309,547 7,545,208 *Verity, Inc. .......................................... 117,250 2,821,328 -------------- 48,373,134 -------------- SHARES OR PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ TECHNOLOGY SERVICES (1.8%) *Documentum, Inc. ...................................... 171,400 $ 8,516,437 *Viasystems Group, Inc. ................................ 111,500 926,844 -------------- 9,443,281 -------------- TELECOMMUNICATION EQUIPMENT (4.7%) *Amphenol Corp. (Class A) .............................. 138,200 5,415,712 *Andrew Corp. .......................................... 237,040 5,155,620 *Ixia .................................................. 15,300 349,988 *Proxim, Inc. .......................................... 160,800 6,914,400 *Stanford Microdevices, Inc. ........................... 35,203 1,267,308 *Tekelec ............................................... 179,710 5,391,300 -------------- 24,494,328 -------------- Total Common Stocks (Cost $410,959,083) .................................... 474,375,356 -------------- CONVERTIBLE PREFERRED STOCK (0.1%) TELECOMMUNICATION EQUIPMENT *Nanovation Technologies, Inc. (Private Placement)(Cost $626,715) .................... 41,781 626,715 -------------- REPURCHASE AGREEMENTS (9.1%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $27,018,529. Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 ..................... $27,013,658 27,013,658 Merrill Lynch 6.59% dated 12/29/2000, due 01/02/2001 in the amount of $20,103,629. Collateralized by U.S. Treasury Strips due 02/15/2006 to 05/15/2027 .......................... 20,100,000 20,100,000 -------------- Total Repurchase Agreements (Cost $47,113,658) ..................................... 47,113,658 -------------- TOTAL INVESTMENTS (100.6%) (Cost $458,699,456) ....................................... 522,115,729 OTHER ASSETS LESS LIABILITIES (-0.6%) ...................... (3,145,490) -------------- NET ASSETS (100.0%) ........................................ $ 518,970,239 ==============
* Non-income producing See Accompanying Notes to Financial Statements 51 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND December 31, 2000 SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (95.8%) REAL ESTATE INVESTMENT TRUSTS APARTMENTS (17.7%) Apartment Investment & Management Co. (Class A) ............................................. 307,200 $ 15,340,800 Archstone Communities Trust ............................ 710,871 18,304,928 AvalonBay Communities, Inc. ............................ 412,800 20,691,600 Equity Residential Properties Trust .................... 360,503 19,940,322 Essex Property Trust, Inc. ............................. 57,300 3,137,175 -------------- 77,414,825 -------------- COMMUNITY CENTERS (9.5%) Kimco Realty Corp. ..................................... 254,400 11,241,300 Pan Pacific Retail Properties, Inc. .................... 124,300 2,773,444 Vornado Realty Trust ................................... 711,000 27,240,188 -------------- 41,254,932 -------------- INDUSTRIAL (24.9%) Alexandria Real Estate Equities, Inc. .................. 252,700 9,397,281 AMB Property Corp. ..................................... 299,300 7,725,681 Centerpoint Properties Corp. ........................... 107,600 5,084,100 First Industrial Realty Trust, Inc. .................... 226,300 7,694,200 Liberty Property Trust ................................. 433,200 12,373,275 Prologis Trust ......................................... 778,845 17,329,301 Public Storage, Inc. ................................... 875,132 21,276,647 Spieker Properties, Inc. ............................... 555,300 27,834,413 -------------- 108,714,898 -------------- LODGING (3.2%) Host Marriott Corp. .................................... 1,085,600 14,044,950 -------------- OFFICE (24.9%) Boston Properties, Inc. ................................ 462,500 20,118,750 CarrAmerica Realty Corp. ............................... 413,300 12,941,456 Cousins Properties, Inc. ............................... 992,350 27,723,778 Equity Office Properties Trust ......................... 764,218 24,932,612 Prentiss Properties Trust .............................. 372,500 10,034,219 Reckson Associates Realty Corp. ........................ 520,700 13,050,044 -------------- 108,800,859 -------------- OTHER (6.6%) *Catellus Development Corp. ............................ 379,700 6,644,750 MGM Mirage, Inc. ....................................... 156,100 4,400,069 *Security Capital Group, Inc. (Class B) ................ 738,500 14,816,156 *Security Capital US Realty ADR ........................ 120,000 2,715,000 -------------- 28,575,975 -------------- SHOPPING MALLS (9.0%) General Growth Properties, Inc. ........................ 526,900 19,067,194 SHARES OR PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ Simon Property Group, Inc. ............................. 849,456 $ 20,386,944 -------------- 39,454,138 -------------- Total Common Stocks (Cost $363,975,551) .................................... 418,260,577 -------------- REPURCHASE AGREEMENT (5.1%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $22,375,135. Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $22,371,101) .................................... $22,371,101 22,371,101 -------------- TOTAL INVESTMENTS (100.9%) (Cost $386,346,652) ....................................... 440,631,678 OTHER ASSETS LESS LIABILITIES (-0.9%) ...................... (3,867,464) -------------- NET ASSETS (100.0%) ........................................ $ 436,764,214 ==============
* Non-income producing
COLUMBIA TECHNOLOGY FUND December 31, 2000 SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (87.2%) COMPUTERS (3.9%) *Avocent Corp. ......................................... 1,963 $ 53,001 Compaq Computer Corp. .................................. 1,690 25,434 *Palm, Inc. ............................................ 845 23,924 *Sun Microsystems, Inc. ................................ 2,358 65,729 -------------- 168,088 -------------- CONSUMER CYCLICAL - SERVICES (3.6%) *Corporate Executive Board Co., The .................... 1,607 63,903 *DST Systems, Inc. ..................................... 205 13,735 *Internap Network Services Corp. ....................... 3,010 21,822 *Sabre Holdings Corp. .................................. 1,350 58,219 -------------- 157,679 -------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (1.8%) C&D Technologies, Inc. ................................. 908 39,214 Corning, Inc. .......................................... 704 37,180 -------------- 76,394 --------------
See Accompanying Notes to Financial Statements 52 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ HEALTH CARE (7.8%) *Eclipsys Corp. ........................................ 2,200 $ 53,900 *Enzon, Inc. ........................................... 1,250 77,578 *Genentech, Inc. ....................................... 357 29,095 *Inhale Therapeutic Systems, Inc. ...................... 560 28,280 *Invitrogen Corp. ...................................... 1,002 86,548 *Millennium Pharmaceuticals, Inc. ...................... 557 34,464 *Regeneration Technologies, Inc. ....................... 2,000 28,500 -------------- 338,365 -------------- MEDIA (1.9%) *America Online, Inc. .................................. 771 26,831 *eBay, Inc. ............................................ 842 27,786 *Yahoo! Inc. ........................................... 954 28,784 -------------- 83,401 -------------- MEDICAL DEVICES (3.1%) *Inverness Medical Technology, Inc. .................... 1,300 50,619 *Respironics, Inc. ..................................... 1,360 38,760 *Waters Corp. .......................................... 530 44,255 -------------- 133,634 -------------- PERIPHERALS (9.2%) *Brocade Communications Systems, Inc. .................. 484 44,437 *EMC Corp. ............................................. 581 38,636 *Emulex Corp. .......................................... 950 75,941 *Network Appliance, Inc. ............................... 526 33,787 Tektronix, Inc. ........................................ 1,480 49,858 *Watchguard Technologies, Inc. ......................... 2,684 84,882 *Zebra Technologies Corp. (Class A) .................... 1,720 70,171 -------------- 397,712 -------------- SEMICONDUCTORS (11.2%) *Applied Materials, Inc ................................ 810 30,932 *Applied Mirco Circuits Corp. .......................... 509 38,199 Intel Corp. ............................................ 2,683 81,161 *IXYS Corp. ............................................ 2,235 32,687 *JDS Uniphase Corp ..................................... 902 37,602 *KLA-Tencor Corp ....................................... 672 22,638 *Lam Research Corp. .................................... 1,290 18,705 Methode Electronics, Inc. (Class A) .................... 1,440 33,030 *Micron Technology, Inc. ............................... 881 31,275 *Novellus Systems, Inc. ................................ 729 26,198 *Q Logic Corp. ......................................... 401 30,877 Texas Instruments, Inc. ................................ 826 39,132 *Transmeta Corp. ....................................... 933 21,925 *Xilinx, Inc. .......................................... 822 37,915 -------------- 482,276 -------------- SOFTWARE (25.2%) *Actuate Corp. ......................................... 3,151 60,263 *Advent Software, Inc. ................................. 2,266 90,782 *Amdocs Ltd. ........................................... 771 $ 51,079 *Aremissoft Corp. ...................................... 1,340 57,201 *BEA Systems, Inc. ..................................... 810 54,523 *Cadence Design Systems, Inc. .......................... 2,150 59,125 *Comverse Technology, Inc. ............................. 452 49,099 *Electronic Arts, Inc. ................................. 1,865 79,495 *HNC Software, Inc. .................................... 1,957 58,098 *Internet Security Systems, Inc. ....................... 899 70,515 *Intuit, Inc. .......................................... 1,490 58,762 *Mentor Graphics Corp. ................................. 2,965 81,352 *Mercury Interactive Corp. ............................. 602 54,331 *Micromuse, Inc. ....................................... 780 47,080 *Microsoft Corp. ....................................... 459 19,967 *Oracle Corp. .......................................... 1,630 47,372 *Peregrine Systems, Inc. ............................... 1,390 27,453 *Rational Software Corp. ............................... 990 38,548 *Veritas Software Corp. ................................ 622 54,425 *Verity, Inc. .......................................... 1,310 31,522 -------------- 1,090,992 -------------- TECHNOLOGY SERVICES (3.0%) *Computer Sciences Corp. ............................... 577 34,692 *Macrovision Corp. ..................................... 1,074 79,493 *Viasystems Group, Inc. ................................ 1,862 15,478 -------------- 129,663 -------------- TELECOMMUNICATIONS EQUIPMENT (13.7%) *Amphenol Corp. (Class A) .............................. 500 19,594 *Andrew Corp. .......................................... 4,362 94,873 *Ciena Corp. ........................................... 514 41,827 *Cisco Systems, Inc. ................................... 785 30,026 *Juniper Networks, Inc. ................................ 193 24,330 Motorola, Inc. ......................................... 2,030 41,107 Nokia Corp. ............................................ 848 36,888 *Polycom, Inc. ......................................... 1,270 40,878 *Powerwave Technologies, Inc. .......................... 682 39,897 *Proxim, Inc. .......................................... 950 40,850 *Qualcomm, Inc. ........................................ 616 50,628 *Redback Networks, Inc. ................................ 570 23,370 *Tekelec ............................................... 2,377 71,310 *Tellabs, Inc. ......................................... 635 35,878 -------------- 591,456 -------------- TELECOMMUNICATIONS SERVICES (2.8%) *Qwest Communications International, Inc. .............. 978 40,098 *Western Wireless Corp. (Class A) ...................... 2,100 82,294 -------------- 122,392 -------------- Total Common Stocks (Cost $4,010,511) ...................................... 3,772,052 --------------
See Accompanying Notes to Financial Statements 53 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
COLUMBIA TECHNOLOGY FUND (CONT.) December 31, 2000 PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS (21.4%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $531,318. Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 ..................... $531,222 $ 531,222 Merrill Lynch 6.59% dated 12/29/2000, due 01/02/2001 in the amount of $397,072 Collateralized by U.S. Treasury Strips due 02/15/2006 to 05/15/2027 .......................... 397,000 397,000 -------------- Total Repurchase Agreements (Cost $928,222) ........................................... 928,222 -------------- TOTAL INVESTMENTS (108.6%) (Cost $4,938,733) ......................................... 4,700,274 OTHER ASSETS LESS LIABILITIES (-8.6%) ...................... (372,818) -------------- NET ASSETS (100.0%) ........................................ $ 4,327,456 ==============
* Non-income producing
COLUMBIA STRATEGIC VALUE FUND December 31, 2000 SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (85.9%) BASIC MATERIALS (11.9%) Abitibi-Consolidated, Inc. ............................. 4,000 $ 36,750 Air Products & Chemicals, Inc. ......................... 2,000 82,000 *Albany International Corp. ............................ 2,000 26,875 Crown Cork & Seal Co., Inc. ............................ 37,500 278,906 *Gaylord Container Corp. (Class A) ..................... 25,000 25,000 IMC Global, Inc. ....................................... 11,000 171,188 Louisiana-Pacific Corp. ................................ 7,500 75,937 Lubrizol Corp. ......................................... 3,000 77,250 *Monsanto Co. .......................................... 9,500 257,094 Pohang Iron & Steel Co., Ltd. ADR ...................... 2,000 31,125 *Smurfit-Stone Container Corp. ......................... 4,000 $ 59,750 *Special Metals Corp. .................................. 5,000 12,500 -------------- 1,134,375 -------------- BUSINESS & CONSUMER SERVICES (2.2%) *Cendant Corp. ......................................... 5,000 48,125 G & K Services, Inc. (Class A) ......................... 2,500 70,313 Lawson Products, Inc. .................................. 1,000 27,187 *Sylvan Learning Systems, Inc. ......................... 4,100 60,731 -------------- 206,356 -------------- CAPITAL GOODS (7.2%) Caterpillar, Inc. ...................................... 3,000 141,938 Cooper Industries, Inc. ................................ 3,000 137,812 Deere & Co. ............................................ 3,000 137,437 *Fluor Corp. ........................................... 1,500 49,594 Foster Wheeler Corp. ................................... 30,000 157,500 Kennametal, Inc. ....................................... 2,000 58,250 -------------- 682,531 -------------- CONSUMER CYCLICAL (9.0%) Circuit City Stores - Circuit City Group ............... 5,000 57,500 Clayton Homes, Inc. .................................... 7,500 86,250 Electrolux AB ADR ...................................... 3,000 76,875 Masco Corp. ............................................ 8,000 205,500 Mattel, Inc. ........................................... 1,500 21,660 *P & O Princess Cruises plc ADR ........................ 3,500 58,188 *Six Flags, Inc. ....................................... 4,000 68,750 *Speedway Motorsports, Inc. ............................ 3,000 72,000 TJX Companies, Inc. .................................... 3,000 83,250 *Tricon Global Resaurants, Inc. ........................ 2,000 66,000 *Williams-Sonoma, Inc. ................................. 3,000 60,000 -------------- 855,973 -------------- CONSUMER STAPLES (5.6%) *American Italian Pasta Co. ............................ 3,500 93,844 Conagra Foods, Inc. .................................... 3,000 78,000 Dean Food Co. .......................................... 4,500 138,094 *Energizer Holdings, Inc. .............................. 3,000 64,125 Fomento Economico Mexicano SA De CV ADR .......................................... 2,500 74,687 Longs Drug Stores Corp. ................................ 3,500 84,438 -------------- 533,188 -------------- ENERGY (7.9%) Arch Coal, Inc. ........................................ 5,000 70,625 BP Amoco plc ADR ....................................... 600 28,725 Burlington Resources, Inc. ............................. 2,500 126,250 Chicago Bridge & Iron Co. NV ........................... 2,000 35,875 *Forest Oil Corp. ...................................... 3,400 125,375 Massey Energy Co. ...................................... 2,500 31,875 McDermott International, Inc. .......................... 6,000 64,500
See Accompanying Notes to Financial Statements 54 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ Nacco Industries, Inc. ................................. 3,500 $ 152,906 *OSCA, Inc. ............................................ 5,000 84,688 *Willbros Group, Inc. .................................. 5,600 35,700 -------------- 756,519 -------------- FINANCIALS (13.5%) AON Corp. .............................................. 2,000 68,500 Bank of America Corp. .................................. 1,500 68,812 Bear Stearns Cos., Inc. ................................ 1,000 50,687 Charter One Financial, Inc. ............................ 4,500 129,938 Golden State Bancorp, Inc. ............................. 2,000 62,875 Hartford Financial Services Group, Inc. ................ 2,000 141,250 John Hancock Financial Services, Inc. .................. 3,000 112,875 LandAmerica Financial Group, Inc. ...................... 3,500 141,531 Old Republic International Corp. ....................... 2,000 64,000 Protective Life Corp. .................................. 2,000 64,500 Safeco Corp. ........................................... 2,500 82,188 St. Paul Co., Inc. ..................................... 2,000 108,625 Washington Mutual, Inc. ................................ 1,500 79,594 Wesco Financial Corp. .................................. 400 112,700 -------------- 1,288,075 -------------- HEALTH CARE (3.8%) Abbott Laboratories .................................... 1,500 72,656 *American Dental Partners, Inc. ........................ 5,000 37,500 *Boston Scientific Corp. ............................... 3,000 41,063 *Edwards Lifesciences Corp. ............................ 3,000 53,250 Mylan Laboratories, Inc. ............................... 2,000 50,375 Novartis AG ADR ........................................ 2,000 89,500 Omnicare, Inc. ......................................... 1,000 21,625 -------------- 365,969 -------------- MEDIA/TELECOM SERVICES (2.7%) BellSouth Corp. ........................................ 1,500 61,406 Liberty Corp. .......................................... 1,800 73,237 McClatchy Co., The ..................................... 1,500 63,844 *Metro-Goldwyn-Mayer, Inc. ............................. 2,500 40,781 *Sinclair Broadcast Group, Inc. (Class A) .............. 1,500 15,047 -------------- 254,315 -------------- REAL ESTATE INVESTMENTS TRUSTS (1.0%) Post Properties, Inc. .................................. 2,500 93,906 -------------- TECHNOLOGY (15.2%) *Andrew Corp. .......................................... 5,000 108,750 Avnet, Inc. ............................................ 1,700 36,550 *BMC Software, Inc. .................................... 1,300 18,200 Diebold, Inc. .......................................... 3,000 100,125 *Extensity, Inc. ....................................... 15,000 90,234 *Gateway, Inc. ......................................... 3,000 53,970 General Motors Corp. (Class H) ......................... 3,000 69,000 Lockheed Martin Corp. .................................. 3,000 101,850 SHARES OR PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ Lucent Technologies, Inc. .............................. 6,000 $ 81,000 Minnesota Mining & Manufacturing Co. ................... 1,500 180,750 Motorola, Inc. ......................................... 5,300 107,325 *National Semiconductor Corp. .......................... 5,000 100,625 *Parametric Technology Corp. ........................... 4,000 53,750 Raytheon Co. (Class A) ................................. 4,000 116,000 *Remedy Corp. .......................................... 1,500 24,844 Reynolds & Reynolds Co. ................................ 500 10,125 *Vitria Technology, Inc. ............................... 25,000 193,750 -------------- 1,446,848 -------------- TRANSPORTATION (1.3%) Kansas City Southern Industries, Inc. .................. 5,000 50,625 Transportacion Maritima Mexicana SA De CV ADR ............................................. 7,500 71,250 -------------- 121,875 -------------- UTILITIES - GAS/ELECTRIC/WATER (4.6%) *Azurix Corp. .......................................... 4,000 32,750 California Water Service Group ......................... 2,500 67,500 CMS Energy Corp. ....................................... 3,000 95,063 Constellation Energy Group ............................. 2,500 112,656 Kansas City Power & Light Co. .......................... 2,000 54,875 NiSource, Inc. ......................................... 2,500 76,875 -------------- 439,719 -------------- Total Common Stocks (Cost $7,333,276) ...................................... 8,179,649 -------------- REPURCHASE AGREEMENTS (11.5%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $476,956 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 ..................... $ 476,870 476,870 Merrill Lynch 6.59% dated 12/29/2000, due 01/02/2001 in the amount of $620,112 Collateralized by U.S. Treasury Strips due 02/15/2006 to 05/15/2027 .......................... 620,000 620,000 --------------
See Accompanying Notes to Financial Statements 55 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
COLUMBIA STRATEGIC VALUE FUND (CONT.) December 31, 2000 SHARES VALUE - ------------------------------------------------------------------------------------------ Total Repurchase Agreements (Cost $1,096,870) ..................................... $ 1,096,870 -------------- TOTAL INVESTMENTS (97.4%) (Cost $8,430,146) ......................................... 9,276,519 OTHER ASSETS LESS LIABILITIES (2.6%) ....................... 249,979 -------------- NET ASSETS (100.0%) ........................................ $ 9,526,498 ==============
* Non-income producing
COLUMBIA BALANCED FUND December 31, 2000 SHARES VALUE - ------------------------------------------------------------------------------------------ COMMON STOCKS (59.0%) AUTO & HOUSING (0.3%) Masco Corp. ............................................ 112,238 $ 2,883,114 -------------- BANKS (6.8%) Bank of America Corp. .................................. 163,450 7,498,269 Bank of New York Co., Inc. ............................. 159,600 8,807,925 Bank One Corp. ......................................... 82,300 3,014,238 Citigroup, Inc. ........................................ 584,433 29,842,610 Fifth Third Bancorp .................................... 68,800 4,110,800 Washington Mutual, Inc. ................................ 449,300 23,840,981 -------------- 77,114,823 -------------- BROADCASTING (0.4%) *AT&T Corp. - Liberty Media Group (Class A) ............................................. 319,728 4,336,311 -------------- BROKERS, MONEY MANAGERS (2.0%) American Express Co. ................................... 258,100 14,179,369 Goldman Sachs Group, Inc. .............................. 22,800 2,438,175 Morgan Stanley Dean Witter & Co. ....................... 72,900 5,777,325 -------------- 22,394,869 -------------- CABLE (0.8%) *Charter Communications, Inc. .......................... (Class A) ............................................. 376,200 8,535,037 Comcast Corp. (Class A Special) ........................ 10,100 421,675 -------------- 8,956,712 -------------- COMPUTERS (1.0%) Compaq Computer Corp. .................................. 420,700 6,331,535 *Sun Microsystems, Inc. ................................ 156,850 4,372,194 -------------- 10,703,729 -------------- COSMETICS, HOUSEHOLD PRODUCTS (1.5%) Clorox Co. ............................................. 145,850 $ 5,177,675 Kimberly-Clark Corp. ................................... 165,750 11,716,867 -------------- 16,894,542 -------------- ELECTRIC & NATURAL GAS (2.5%) Coastal Corp. .......................................... 93,900 8,292,544 Dynegy, Inc. (Class A) ................................. 174,150 9,763,284 Exelon Corp. ........................................... 141,800 9,955,778 -------------- 28,011,606 -------------- ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIES (5.4%) Corning, Inc. .......................................... 119,350 6,303,172 Emerson Electric Co. ................................... 60,750 4,787,859 General Electric Co. ................................... 482,500 23,129,844 Honeywell International, Inc. .......................... 240,200 11,364,463 Tyco International, Ltd. ............................... 284,552 15,792,636 -------------- 61,377,974 -------------- ENERGY SERVICES (2.8%) *BJ Services Co. ....................................... 36,250 2,496,718 *Cooper Cameron Corp. .................................. 48,150 3,180,909 *Global Marine, Inc. ................................... 150,100 4,259,088 *Nabors Industries, Inc. ............................... 166,050 9,821,858 *Noble Drilling Corp. .................................. 150,200 6,524,313 *Weatherford International, Inc. ....................... 100,500 4,748,625 -------------- 31,031,511 -------------- FOOD & DRUG RETAIL (0.4%) Walgreen Co. ........................................... 96,400 4,030,725 -------------- HEALTH CARE (9.2%) Merck & Co., Inc. ...................................... 236,350 22,128,269 Pfizer, Inc. ........................................... 900,950 41,443,700 Pharmacia Corp. ........................................ 337,150 20,566,150 Schering-Plough Corp. .................................. 339,950 19,292,162 -------------- 103,430,281 -------------- INSURANCE - ASSET GATHERERS (0.5%) John Hancock Financial Services, Inc. .................. 152,750 5,747,219 -------------- INSURANCE - PROPERTY & CASUALTY (1.9%) American International Group, Inc. ..................... 221,312 21,813,064 -------------- INTERNATIONAL INTEGRATED (0.8%) Exxon Mobil Corp. ...................................... 104,987 9,127,307 -------------- MACHINERY (0.4%) Caterpillar, Inc. ...................................... 100,564 4,757,934 -------------- MATERIALS (0.4%) International Paper Co. ................................ 101,850 4,156,753 -------------- MEDIA (1.4%) *America Online, Inc. .................................. 116,350 4,048,980
See Accompanying Notes to Financial Statements 56 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
SHARES VALUE - ------------------------------------------------------------------------------------------ Time Warner, Inc. ...................................... 217,475 $ 11,360,894 -------------- 15,409,874 -------------- MEDICAL DEVICES (2.1%) Baxter International, Inc. ............................. 130,200 11,498,287 *Guidant Corp. ......................................... 234,150 12,629,466 -------------- 24,127,753 -------------- MORTGAGE/FINANCE COMPANIES (0.8%) Freddie Mac ............................................ 135,350 9,322,231 -------------- PERIPHERALS (0.7%) *EMC Corp. ............................................. 117,050 7,783,825 -------------- POLLUTION CONTROL (0.4%) Waste Management, Inc. ................................. 170,450 4,729,987 -------------- RETAIL (3.5%) Home Depot, Inc. ....................................... 322,200 14,720,513 Nike, Inc. (Class B) ................................... 54,275 3,029,223 Wal-Mart Stores, Inc. .................................. 415,150 22,054,844 -------------- 39,804,580 -------------- SEMICONDUCTORS (2.0%) *Broadcom Corp. ........................................ 10,750 908,375 Intel Corp. ............................................ 386,950 11,705,238 *Micron Technology, Inc. ............................... 88,500 3,141,750 *Novellus Systems, Inc. ................................ 56,200 2,019,688 *PMC-Sierra, Inc. ...................................... 17,550 1,379,868 Texas Instruments, Inc. ................................ 67,400 3,193,075 -------------- 22,347,994 -------------- SOFTWARE (4.1%) *Amdocs, Ltd. .......................................... 130,300 8,632,375 *BEA Systems, Inc. ..................................... 53,750 3,618,047 *Comverse Technology, Inc. ............................. 88,600 9,624,175 *Microsoft Corp. ....................................... 276,000 12,006,000 *Oracle Corp. .......................................... 279,300 8,117,156 *Veritas Software Corp. ................................ 42,550 3,723,125 -------------- 45,720,878 -------------- TECHNOLOGY SERVICES (1.3%) *Celestica, Inc. ....................................... 123,150 6,680,887 *Computer Sciences Corp. ............................... 81,500 4,900,188 *Flextronics International, Ltd. ....................... 107,300 3,058,050 -------------- 14,639,125 -------------- TELECOMMUNICATION SERVICES (2.9%) AT&T Corp. ............................................. 5 87 BellSouth Corp. ........................................ 243,000 9,947,812 *Nextel Communications, Inc. ........................... 99,600 2,465,100 *Qwest Communications International, Inc. ................................... 213,616 8,758,256 SBC Communications, Inc. ............................... 186,100 8,886,275 SHARES OR PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ *Worldcom, Inc. ........................................ 181,350 $ 2,538,900 -------------- 32,596,430 -------------- TELECOMMUNICATIONS EQUIPMENT (2.7%) *Avaya, Inc. ........................................... 16,354 168,650 *Cisco Systems, Inc. ................................... 383,750 14,678,438 Nokia Corp. ............................................ 213,400 9,282,900 Nortel Networks Corp. .................................. 95,650 3,066,778 *Tellabs, Inc. ......................................... 65,850 3,720,525 -------------- 30,917,291 -------------- Total Common Stocks (Cost $535,043,256) .................................... 664,168,442 -------------- BONDS (37.8%) U.S. GOVERNMENT SECURITIES (13.4%) U.S. TREASURY NOTES & BONDS (3.7%) U.S. Treasury Bonds 8.875% 08/15/2017 ..................................... $23,255,000 31,594,099 U.S. Treasury Inflation Index Bonds 3.375% 01/15/2007 ..................................... 10,213,074 10,023,175 -------------- 41,617,274 -------------- U.S. AGENCY BONDS (1.2%) Federal Home Loan Bank 6.875% 07/18/2002 ..................................... 9,700,000 9,865,191 Federal National Mortgage Association 7.125% 06/15/2010 ..................................... 3,590,000 3,880,575 -------------- 13,745,766 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (5.2%) 7.00% 01/15/2028 - 04/15/2028 .......................... 5,625,272 5,649,882 7.50% 08/15/2029 - 11/15/2030 .......................... 5,048,638 5,136,989 8.00% 10/15/2026 - 12/15/2030 .......................... 46,538,750 47,774,936 -------------- 58,561,807 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (0.0%) 7.50% 09/01/2030 ....................................... 269,401 273,442 -------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.3%) FHA Insured Project Pool #55 7.43% 04/01/2022 ...................................... 1,472,652 1,510,179 FHA Insured Project Pool #53-43077 9.125% 07/25/2033 ..................................... 1,576,520 1,635,910 -------------- 3,146,089 -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATION (3.0%) GNMA Gtd. Remic Pass Thru Secs ......................... Remic Tr. 2000-6 Cl. VC 7.50% 04/20/2017 ...................................... 5,652,000 5,848,011 FNMA Gtd. Remic Pass Thru Ctf .......................... Remic Tr. 1994-10 Cl. UU 6.50% 01/25/2024 ...................................... 2,255,000 2,170,947
See Accompanying Notes to Financial Statements 57 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA BALANCED FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ Remic Tr. 1994-43 Cl. E 6.50% 02/25/2024 ...................................... $ 1,432,843 $ 1,424,892 Remic Tr. 1998-63 Cl. PG 6.00% 03/25/2027 ...................................... 4,450,000 4,328,582 Remic Tr. 1997-68 Cl. PJ 7.00% 10/18/2027 ...................................... 3,000,000 3,049,480 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2235 Cl. VN 7.00% 06/15/2014 ...................................... 3,980,000 4,081,604 Gtd. Series 2116 Cl. VC 6.00% 11/15/2014 ...................................... 6,440,000 6,181,030 Gtd. Series 2114 Cl. QD 5.75% 06/15/2021 ...................................... 2,500,000 2,469,962 Gtd. Series 2065 Cl. PB 6.25% 01/15/2024 ...................................... 1,083,000 1,079,479 Gtd. Series 2114 Cl. PF 6.00% 04/15/2027 ...................................... 3,000,000 2,927,714 -------------- 33,561,701 -------------- Total U.S. Government Securities (Cost $146,016,708) .................................... 150,906,079 -------------- CORPORATE NOTES & BONDS (16.0%) INDUSTRIAL (7.3%) Alcoa, Inc., Series B 6.50% 06/15/2018 ...................................... 3,050,000 2,856,264 Allied Waste North America, Inc. Senior Subordinated Notes, Series B 10.00% 08/01/2009 ..................................... 1,000,000 935,000 Ball Corp. Senior Notes 7.75% 08/01/2006 ...................................... 850,000 818,125 B.P. Amoco PLC 5.90% 04/15/2009 ...................................... 2,075,000 2,030,720 Buckeye Technologies, Inc. Senior Subordinated Notes 8.50% 12/15/2005 ...................................... 600,000 573,750 Burlington Northern Sante Fe Corp. 7.125% 12/15/2010 ..................................... 2,150,000 2,185,518 Canadian National Railway Co. 6.45% 07/15/2006 ...................................... 675,000 668,993 Series 1997-A2 7.195% 01/02/2016 ..................................... 1,200,000 1,139,328 Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp. 8.25% 04/01/2007 ...................................... 2,000,000 1,820,000 Coca-Cola Enterprises, Inc. 6.75% 01/15/2038 ...................................... $ 3,050,000 $ 2,828,539 Computer Sciences Corp. 7.50% 08/08/2005 ...................................... 3,900,000 3,984,903 Cox Communications, Inc. 7.00% 08/15/2001 ...................................... 2,950,000 2,963,717 Cox Enterprises, Inc. (144A) 8.00% 02/15/2007 ...................................... 700,000 719,550 CSC Holdings, Inc. 7.875% 12/15/2007 ..................................... 3,500,000 3,483,445 Diageo Capital plc 6.625% 06/24/2004 ..................................... 4,000,000 4,037,040 Dow Chemical Co. 7.375% 11/01/2029 ..................................... 2,225,000 2,227,514 Federal Express Corp. Pass Thru Trust Series 1997-1C 7.65% 01/15/2014 ...................................... 2,012,391 2,026,236 Gulf Canada Resources Ltd. Senior Subordinated Debentures 9.625% 07/01/2005 ..................................... 2,500,000 2,571,875 HCA-The Healthcare Co. 6.91% 06/15/2005 ...................................... 1,450,000 1,402,875 Heritage Media Corp. Senior Subordinated Notes 8.75% 02/15/2006 ...................................... 1,000,000 967,500 Hewlett-Packard Co. 7.15% 06/15/2005 ...................................... 4,000,000 4,132,136 Honeywell International, Inc. 7.50% 03/01/2010 ...................................... 2,120,000 2,287,590 International Paper Co. (144A) 8.00% 07/08/2003 ...................................... 1,700,000 1,763,682 Jones Intercable, Inc. 8.875% 04/01/2007 ..................................... 1,425,000 1,512,823 Lear Corp. Senior Notes, Series B 7.96% 05/15/2005 ...................................... 2,000,000 1,888,524 Lowe's Cos., Inc. 6.50% 03/15/2029 ...................................... 2,825,000 2,349,637 Park Place Entertainment Corp. Senior Subordinated Notes 9.375% 02/15/2007 ..................................... 1,825,000 1,879,750 Phillips Petroleum Co. 8.50% 05/25/2005 ...................................... 3,090,000 3,342,916 Shaw Communications, Inc. 8.25% 04/11/2010 ...................................... 1,400,000 1,472,618 Teekay Shipping Corp. Gtd. 1st Pfd. Ship. Mtg. Notes 8.32% 02/01/2008 ...................................... 1,000,000 958,750
See Accompanying Notes to Financial Statements 58 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ Tenet Healthcare Corp. Senior Notes 8.00% 01/15/2005 ...................................... $1,500,000 $ 1,518,750 Time Warner, Inc. 7.975% 08/15/2004 ..................................... 4,303,000 4,500,426 Tyco International Group SA 6.25% 06/15/2003 ...................................... 4,500,000 4,436,235 United Technologies Corp. 6.50% 06/01/2009 ...................................... 1,685,000 1,688,977 7.125% 11/15/2010 ..................................... 1,660,000 1,751,566 USA Waste Services, Inc. 6.125% 07/15/2001 ..................................... 6,585,000 6,540,222 -------------- 82,265,494 -------------- FINANCIAL (3.3%) Bank of America Corp. 6.625% 06/15/2004 ..................................... 2,100,000 2,118,438 Bank One Corp. 7.875% 08/01/2010 ..................................... 2,950,000 3,072,986 Chase Manhattan Corp. Medium Term Notes, Series C 6.75% 12/01/2004 ...................................... 4,250,000 4,302,317 CIT Group, Inc. 7.625% 08/16/2005 ..................................... 4,500,000 4,575,915 Citigroup, Inc. 7.25% 10/01/2010 ...................................... 2,000,000 2,068,580 Ford Motor Credit Co. 6.70% 07/16/2004 ...................................... 3,500,000 3,498,005 7.375% 10/28/2009 ..................................... 3,585,000 3,575,966 First Union National Bank 7.80% 08/18/2010 ...................................... 2,900,000 2,991,698 Lehman Brothers, Inc. 7.00% 10/01/2002 ...................................... 2,200,000 2,215,554 Morgan Stanley Dean Witter & Co. 7.75% 06/15/2005 ...................................... 4,200,000 4,419,450 Travelers Property Casualty Corp. 6.75% 11/15/2006 ...................................... 2,350,000 2,354,794 Wells Fargo & Co. 7.25% 08/24/2005 ...................................... 2,000,000 2,074,360 -------------- 37,268,063 -------------- UTILITIES (3.6%) Arizona Public Service Co. 5.875% 02/15/2004 ..................................... 4,100,000 4,015,417 Calpine Corp. Senior Notes 7.625% 04/15/2006 ..................................... 1,000,000 955,280 Coastal Corp. 6.50% 05/15/2006 ...................................... $ 3,300,000 $ 3,270,894 7.625% 09/01/2008 ..................................... 1,950,000 2,043,015 FPL Group Capital, Inc. 6.875% 06/01/2004 ..................................... 375,000 378,379 Kinder Morgan Energy Partners L.P. 8.00% 03/15/2005 ...................................... 3,900,000 4,107,519 MCI Worldcom, Inc. 7.55% 04/01/2004 ...................................... 2,400,000 2,414,184 8.875% 01/15/2006 ..................................... 1,000,000 1,032,960 MidAmerican Funding Corp. 5.85% 03/01/2001 ...................................... 3,775,000 3,768,284 National Rural Utilities Cooperative Finance Corp. 6.55% 11/01/2018 ...................................... 4,295,000 3,929,225 Qwest Communications International, Inc. Senior Discount Notes 0.00% to 10/15/2002 then 9.470% to 10/15/2007 ............................. 2,000,000 1,800,260 TCI Communications, Inc. 8.00% 08/01/2005 ...................................... 1,900,000 1,960,420 Texas Eastern Transmission 7.30% 12/01/2010 ...................................... 2,000,000 2,064,340 TXU Eastern Funding Co. 6.45% 05/15/2005 ...................................... 4,200,000 4,090,552 Verizon Global Funding (144A) 7.25% 12/01/2010 ...................................... 2,700,000 2,756,538 Vodafone Group PLC 7.75% 02/15/2010 ...................................... 2,000,000 2,110,040 -------------- 40,697,307 -------------- INTERNATIONAL (1.8%) British Columbia Province 5.375% 10/29/2008 ..................................... 2,150,000 2,057,657 Government of Canada 5.25% 11/05/2008 ...................................... 4,300,000 4,115,659 Kingdom of Spain 7.00% 07/19/2005 ...................................... 4,050,000 4,235,401 Korea Development Bank 6.625% 11/21/2003 ..................................... 775,000 760,895 7.125% 04/22/2004 ..................................... 2,375,000 2,357,188 Quebec Province 6.50% 01/17/2006 ...................................... 3,100,000 3,147,988 7.125% 02/09/2024 ..................................... 2,000,000 2,041,160 United Mexican States 9.875% 02/01/2010 ..................................... 1,000,000 1,073,000 -------------- 19,788,948 -------------- Total Corporate Notes & Bonds (Cost $177,694,786) .................................... 180,019,812 --------------
See Accompanying Notes to Financial Statements 59 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA BALANCED FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ OTHER SECURITIZED LOANS (8.2%) ASSET BACKED SECURITIES (3.8%) Cityscape Home Equity Loan Trust Series 1997-B Cl. A7 7.41% 05/25/2028 ...................................... $3,499,728 $ 3,576,745 Cityscape Home Loan Owner Trust Series 1997-4 Cl. A4 7.44% 10/25/2018 ...................................... 5,000,000 5,123,809 Contimortgage Home Equity Loan Trust Series 1999-1 Cl. A6 6.85% 10/25/2029 ...................................... 2,235,000 2,180,688 First Alliance Mortgage Trust Series 1996-1 Cl. A1 7.34% 06/20/2027 ...................................... 617,341 622,298 Green Tree Financial Corp. Series 1998-4 Cl. A7 6.87% 02/01/2030 ...................................... 505,000 488,354 IMC Home Equity Loan Trust Series 1997-3 Cl. A6 7.52% 08/20/2028 ...................................... 2,310,000 2,381,617 Series 1997-5 Cl. A9 7.31% 11/20/2028 ...................................... 2,180,000 2,254,273 Merit Securities Corp. Series 13 Cl. A4 7.88% 12/28/2033 ...................................... 2,550,000 2,651,181 New Century Home Equity Loan Trust Series 1997-NC5 Cl. A5 7.13% 10/25/2028 ...................................... 11,760,000 11,945,220 Salomon Brothers Mortgage Securities VII, Inc. Series 1996-LB2 Cl. A8 7.80% 10/25/2026 ...................................... 2,800,000 2,904,850 Series 1998-AQ1 Cl. A5 7.15% 06/25/2028 ...................................... 3,000,000 3,049,964 The Money Store Residential Trust Series 1997-II Cl. A4 7.385% 03/15/2029 ..................................... 3,862,000 3,951,043 UCFC Funding Corp. Series 1997-1 Cl. A3 7.055% 09/15/2013 ..................................... 1,542,094 1,545,999 -------------- 42,676,041 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (3.0%) **Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 5.55% 01/25/2025 ...................................... 3,234,662 3,032,781 CMC Securities Corp. IV Series 1997-2 Cl. 1A12 7.25% 11/25/2027 ...................................... $ 7,235,000 $ 7,406,831 First Nationwide Trust Series 2000-1 Cl. 2A3 8.00% 10/25/2030 ...................................... 4,900,000 5,100,582 Headlands Mortgage Securities, Inc. Series 1997-3 Cl. 1A6 7.00% 07/25/2027 ...................................... 5,360,000 5,407,168 PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP2 7.50% 07/25/2027 ...................................... 2,750,000 2,832,854 Series 1999-5 Cl. 2A6 6.75% 07/25/2029 ...................................... 2,150,611 2,134,700 Residential Asset Securitization Trust Series 1998-A8 Cl. A2 6.75% 08/25/2028 ...................................... 910,715 910,502 **Saco I, Inc. (144A) Series 1995-1 Cl. A 5.84% 09/25/2024 ...................................... 2,214,877 2,129,374 Structured Asset Securities Corp. Series 1999-ALS2 Cl. A2 6.75% 07/25/2029 ...................................... 5,442,677 5,432,530 -------------- 34,387,322 -------------- COMMERCIAL MORTGAGE BACKED SECURITIES (1.4%) Commercial Capital Access One, Inc. (144A) Series 3A Cl. A2 6.615% 11/15/2028 ..................................... 6,460,000 6,494,288 Morgan Stanley Capital I, Inc. Series 1999-CAM1 Cl. A3 6.92% 11/15/2008 ...................................... 5,560,000 5,726,849 Nationslink Funding Corp. Series 1999-Sl Cl. A5 6.888% 06/10/2007 ..................................... 3,560,000 3,627,345 -------------- 15,848,482 -------------- Total Other Securitized Loans (Cost $91,059,102) ..................................... 92,911,845 -------------- TAXABLE MUNICIPAL BONDS (0.2%) Chicago Illinois Tax Increment Taxable Allocation Central Loop B 6.375% 06/01/2003 (Cost $2,327,535) ..................................... 2,250,000 2,268,495 -------------- Total Bonds (Cost $417,098,131) ................................... 426,106,231 --------------
See Accompanying Notes to Financial Statements 60 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ REPURCHASE AGREEMENT (4.1%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $46,403,607 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $46,395,242) .................................... $46,395,242 $ 46,395,242 -------------- TOTAL INVESTMENTS (100.9) (Cost $998,536,629) ....................................... 1,136,669,915 OTHER ASSETS LESS LIABILITIES (-0.9%) ...................... (9,816,176) -------------- NET ASSETS (100.0%) ........................................ $1,126,853,739 ==============
* Non-income producing. ** Variable rate security - the rate reported is the rate in effect as of December 31, 2000 COLUMBIA SHORT TERM BOND FUND December 31, 2000
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ U.S. GOVERNMENT SECURITIES (29.6%) U.S. TREASURY NOTES (7.3%) 6.125% 12/31/2001 ...................................... $2,600,000 $ 2,614,625 -------------- U.S. AGENCY BONDS (4.8%) Federal Home Loan Bank 6.875% 07/18/2002 ..................................... 700,000 711,921 Federal National Mortgage Association 7.125% 06/15/2010 ..................................... 930,000 1,005,274 -------------- 1,717,195 -------------- FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) (16.0%) 7.50% 07/01/2015 - 11/01/2015 .......................... 5,621,431 5,746,156 -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATION (1.5%) FNMA Gtd. Remic Pass Thru Ctf. Remic Tr. 1991-146 Cl. Z 8.00% 10/25/2006 ...................................... 161,262 163,734 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1138 Cl. G 8.50% 09/15/2006 ...................................... $ 359,854 $ 372,111 -------------- 535,845 -------------- Total U.S. Government Securities (Cost 10,446,580) ...................................... 10,613,821 -------------- CORPORATE NOTES (37.0%) INDUSTRIAL (13.4%) Alcoa, Inc. 7.25% 08/01/2005 ...................................... 750,000 782,835 Computer Sciences Corp. 7.50% 08/08/2005 ...................................... 435,000 444,470 Conoco, Inc. 5.90% 04/15/2004 ...................................... 500,000 496,485 Dow Chemical Co. 7.00% 08/15/2005 ...................................... 750,000 775,897 International Paper Co. (144A) 8.00% 07/08/2003 ...................................... 500,000 518,730 Pepsi Bottling Holdings, Inc. (144A) 5.375% 02/17/2004 ..................................... 750,000 732,733 Phillips Petroleum Co. 8.50% 05/25/2005 ...................................... 500,000 540,925 Tyco International Group S.A. 6.125% 06/15/2001 ..................................... 500,000 499,665 -------------- 4,791,740 -------------- FINANCIAL (14.1%) Associates Corp. N.A. 5.80% 04/20/2004 ...................................... 750,000 737,257 Bank of America Corp. 6.625% 06/15/2004 ..................................... 750,000 756,585 Equitable Cos., Inc. 9.00% 12/15/2004 ...................................... 700,000 755,342 First Union Corp. 7.55% 08/18/2005 ...................................... 750,000 773,445 Ford Motor Credit Co. 7.25% 01/15/2003 ...................................... 750,000 762,938 Morgan Stanley Dean Witter & Co. 7.75% 06/15/2005 ...................................... 750,000 789,188 Simon Property Group L.P. 6.625% 06/15/2003 ..................................... 500,000 491,095 -------------- 5,065,850 -------------- UTILITIES (6.3%) Arizona Public Service Co. 5.875% 02/15/2004 ..................................... 500,000 489,685 FPL Group Capital, Inc. 7.625% 09/15/2006 ..................................... 500,000 525,590 MCI Communications Corp. 6.125% 04/15/2002 ..................................... 750,000 747,390
See Accompanying Notes to Financial Statements 61 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA SHORT TERM BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - ------------------------------------------------------------------------------------------ TXU Eastern Funding Co. 6.45% 05/15/2005 ...................................... $ 500,000 $ 486,971 -------------- 2,249,636 -------------- INTERNATIONAL (3.2%) Korea Development Bank 7.125% 04/22/2004 ..................................... 350,000 347,375 Ontario Province 7.625% 06/22/2004 ..................................... 750,000 790,222 -------------- 1,137,597 -------------- Total Corporate Notes (Cost $12,982,662) ..................................... 13,244,823 -------------- OTHER SECURITIZED LOANS (29.7%) ASSET BACKED SECURITIES (18.8%) IMC Home Equity Loan Trust Series 1997-3 Cl. A7 7.08% 08/20/2028 ...................................... 815,803 829,316 *Keycorp Student Loan Trust Series 1996-A Cl. A2 6.51% 08/27/2025 ...................................... 1,141,509 1,129,061 Mellon Bank Home Equity Installment Loan Trust Series 1998-1 Cl. A3 6.32% 06/25/2012 ...................................... 1,250,000 1,247,169 *SLM Student Loan Trust Series 1996-3 Cl. A2 6.54% 10/26/2009 ...................................... 1,200,000 1,190,166 *SMS Student Loan Trust Series 1997-A Cl. A 6.46% 10/27/2025 ...................................... 1,320,000 1,302,292 TMS Home Equity Loan Trust Series 1996-C Cl. A7 7.91% 12/15/2027 ...................................... 1,000,000 1,028,955 -------------- 6,726,959 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (9.0%) Ocwen Residential MBS Corp. (144A) Series 1998-R1 Cl. A1 7.00% 10/25/2040 ...................................... 1,037,898 1,034,992 *PNC Mortgage Securities Corp. (144A) Series 1996-PR1 Cl. A 6.94% 04/28/2027 ...................................... 175,682 167,808 PNC Mortgage Securities Corp. Series 1999-5 Cl. 2A6 6.75% 07/25/2029 ...................................... 1,013,976 1,006,475 Structured Asset Securities Corp. Series 1999-ALS2 Cl. A2 6.75% 07/25/2029 ...................................... $ 1,039,305 $ 1,037,367 -------------- 3,246,642 -------------- COMMERCIAL MORTGAGE BACKED SECURITIES (1.9%) Morgan Stanley Capital I, Inc. Series 1999-CAM1 Cl. A3 6.92% 11/15/2008 ...................................... 300,000 309,003 Prudential Securities Secured Financing Corp. Series 1999-C2 Cl. A2 7.193% 04/15/2009 ..................................... 350,000 363,746 -------------- 672,749 -------------- Total Other Securitized Loans (Cost $10,514,132) ..................................... 10,646,350 -------------- REPURCHASE AGREEMENT (2.5%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $911,835 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $911,671) ....................................... 911,671 911,671 -------------- TOTAL INVESTMENTS (98.8%) (Cost $34,855,045) ........................................ 35,416,665 OTHER ASSETS LESS LIABILITIES (1.2%) ....................... 439,675 -------------- NET ASSETS (100.0%) ........................................ $ 35,856,340 ==============
* Variable rate security - the rate reported is the rate in effect as of December 31, 2000. See Accompanying Notes to Financial Statements 62 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES (37.8%) U.S. TREASURY NOTES & BONDS (9.0%) U.S. Treasury Inflation Index Bonds 3.375% 01/15/2007 ..................................... $ 10,108,747 $ 9,920,788 U.S. Treasury Bonds 8.875% 08/15/2017 ..................................... 17,780,000 24,155,798 ------------- 34,076,586 ------------- U.S. AGENCY BONDS (1.1%) Federal Home Loan Bank 6.875% 07/18/2002 ..................................... 4,000,000 4,068,120 ------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (11.7%) 8.00% 07/15/2027 - 12/15/2030 .......................... 43,181,164 44,328,164 ------------- FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) (1.5%) 7.00% 08/01/2030 - 12/01/2030 .......................... 3,599,642 3,607,516 7.50% 11/01/2030 ....................................... 1,926,856 1,956,361 ------------- 5,563,877 ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (1.4%) 7.00% 12/01/2029 - 11/01/2030 .......................... 4,914,152 4,910,144 7.50% 09/01/2030 ....................................... 618,624 627,903 ------------- 5,538,047 ------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.6%) FHA Insured Project Pool #051-11078 8.35% 04/01/2030 ...................................... 2,174,586 2,282,059 ------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (12.5%) GNMA Gtd. Remic Pass Thru Secs. Remic TR. 1999-14 Cl. VD 6.00% 03/20/2014 ...................................... 4,400,000 4,260,498 Remic TR. 2000-15 Cl. PD 7.50% 05/20/2026 ...................................... 8,302,500 8,572,331 FNMA Gtd. Remic Pass Thru Ctf. Remic TR. 1999-19 Cl. PF 6.00% 06/25/2024 ...................................... 1,480,000 1,458,400 Remic TR. 1998-61 Cl. PK 6.00% 12/25/2026 ...................................... 1,530,000 1,496,871 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 24 Cl. J 6.25% 11/25/2023 ...................................... 2,310,000 2,258,221 Gtd. Series 37 Cl. Z 6.00% 07/17/2024 ...................................... 2,821,759 2,697,884 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 2235 Cl. VN 7.00% 06/15/2014 ...................................... 4,680,000 4,799,474 Gtd. Series 2116 Cl. VC 6.00% 11/15/2014 ...................................... 6,560,000 6,296,205 Gtd. Series 1558 Cl. C 6.50% 07/15/2023 ...................................... $ 2,991,000 $ 2,977,506 Gtd. Series 2065 Cl. PB 6.25% 01/15/2024 ...................................... 1,050,000 1,046,586 Gtd. Series 2085 Cl. PD 6.25% 11/15/2026 ...................................... 2,251,000 2,207,364 Gtd. Series 2114 Cl. PF 6.00% 04/15/2027 ...................................... 2,480,000 2,420,244 Gtd. Series 2113 Cl. MU 6.50% 08/15/2027 ...................................... 2,130,000 2,125,505 Gtd. Series 2136 Cl. PE 6.00% 01/15/2028 ...................................... 4,910,000 4,790,549 ------------- 47,407,638 ------------- Total U.S. Government Securities (Cost $ 138,532,774) ................................... 143,264,491 ------------- CORPORATE NOTES & BONDS (43.5%) INDUSTRIAL (23.0%) Alcoa, Inc., Series B 6.50% 06/15/2018 ...................................... 2,325,000 2,177,316 Allied Waste North America, Inc. 10.00% 08/01/2009 ..................................... 1,000,000 935,000 Anadarko Petroleum Corp. 6.625% 01/15/2028 ..................................... 3,125,000 2,855,844 Anheuser-Busch Cos., Inc. 5.75% 04/01/2010 ...................................... 3,800,000 3,677,526 Ball Corp. 7.75% 08/01/2006 ...................................... 850,000 818,125 B.P. Amoco plc 5.90% 04/15/2009 ...................................... 1,800,000 1,761,588 Buckeye Technologies, Inc. 8.50% 12/15/2005 ...................................... 500,000 478,125 Burlington Northern Sante Fe Corp. 7.125% 12/15/2010 ..................................... 1,900,000 1,931,388 Charter Communications Holdings L.L.C./ Charter Communications Holdings Capital Corp. 8.25% 04/01/2007 ...................................... 2,000,000 1,820,000 Coca-Cola Enterprises, Inc. 6.75% 01/15/2038 ...................................... 3,850,000 3,570,451 Computer Sciences Corp. 7.50% 08/08/2005 ...................................... 3,500,000 3,576,195 Cox Enterprises, Inc. (144A) 8.00% 02/15/2007 ...................................... 400,000 411,172 CSC Holdings, Inc. 7.875% 12/15/2007 ..................................... 3,000,000 2,985,810
See Accompanying Notes to Financial Statements 63 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Diageo Capital plc 6.625% 06/24/2004 ..................................... $ 3,550,000 $ 3,582,873 Dow Chemical Co. 7.375% 11/01/2029 ..................................... 2,650,000 2,652,994 Federal Express Corp. Pass Thru Trust Series 1997-1C 7.65% 01/15/2014 ...................................... 2,103,863 2,118,338 Gulf Canada Resources Ltd. 9.625% 07/01/2005 ..................................... 1,900,000 1,954,625 HCA-The Healthcare Co. 6.91% 06/15/2005 ...................................... 500,000 483,750 Heritage Media Corp. 8.75% 02/15/2006 ...................................... 1,750,000 1,693,125 Hewlett-Packard Co. 7.15% 06/15/2005 ...................................... 3,485,000 3,600,123 Honeywell International, Inc. 7.50% 03/01/2010 ...................................... 2,100,000 2,266,009 ICI Wilmington, Inc. 7.05% 09/15/2007 ...................................... 3,805,000 3,636,857 International Paper Co. (144A) 8.00% 07/08/2003 ...................................... 1,850,000 1,919,301 Kroger Co., Series B 6.34% 06/01/2001 ...................................... 2,450,000 2,444,706 Lear Corp. 7.96% 05/15/2005 ...................................... 1,500,000 1,416,393 Lowe's Cos., Inc. 6.50% 03/15/2029 ...................................... 2,200,000 1,829,806 Park Place Entertainment Corp. 9.375% 02/15/2007 ..................................... 2,725,000 2,806,750 Pepsi Bottling Holdings, Inc. (144A) 5.625% 02/17/2009 ..................................... 5,000,000 4,768,200 Phillips Petroleum Co. 8.50% 05/25/2005 ...................................... 3,625,000 3,921,706 Precision Castparts Corp. 8.75% 03/15/2005 ...................................... 2,025,000 2,117,976 Tenet Healthcare Corp. 8.625% 12/01/2003 ..................................... 990,000 1,014,750 8.00% 01/15/2005 ...................................... 500,000 506,250 Time Warner, Inc. 7.975% 08/15/2004 ..................................... 3,875,000 4,052,789 Tyco International Group S.A. 6.25% 06/15/2003 ...................................... 3,075,000 3,031,427 United Technologies Corp. 7.125% 11/15/2010 ..................................... 3,000,000 3,165,480 USA Waste Services, Inc. 6.125% 07/15/2001 ..................................... 5,250,000 5,214,300 ------------- 87,197,068 ------------- FINANCIAL (8.7%) Bank One Corp. 7.875% 08/01/2010 ..................................... $ 2,360,000 $ 2,458,388 Chase Manhattan Corp. Medium Term Notes, Series C 6.75% 12/01/2004 ...................................... 4,000,000 4,049,240 CIT Group, Inc. 7.50% 11/14/2003 ...................................... 2,000,000 2,046,960 Citigroup, Inc. 7.25% 10/01/2010 ...................................... 1,500,000 1,551,435 Equitable Cos., Inc. 9.00% 12/15/2004 ...................................... 980,000 1,057,479 First Union National Bank 7.80% 08/18/2010 ...................................... 2,235,000 2,305,671 Ford Motor Credit Co. 6.70% 07/16/2004 ...................................... 5,700,000 5,696,751 Lehman Brothers Holdings, Inc. 6.50% 10/01/2002 ...................................... 4,100,000 4,095,572 Morgan Stanley Dean Witter & Co. 7.75% 06/15/2005 ...................................... 3,775,000 3,972,244 Simon Property Group L.P. 6.625% 06/15/2003 ..................................... 2,050,000 2,013,490 Wells Fargo & Co. 6.625% 07/15/2004 ..................................... 3,750,000 3,801,412 ------------- 33,048,642 ------------- UTILITIES (7.9%) Calpine Corp. 7.625% 04/15/2006 ..................................... 450,000 429,876 8.75% 07/15/2007 ...................................... 1,000,000 994,400 Coastal Corp. 7.625% 09/01/2008 ..................................... 2,100,000 2,200,170 Flag Ltd. 8.25% 01/30/2008 ...................................... 500,000 425,000 FPL Group Capital, Inc. 7.625% 09/15/2006 ..................................... 2,725,000 2,864,468 MCI Communications Corp. 6.125% 04/15/2002 ..................................... 4,755,000 4,738,453 MCI Worldcom, Inc. 8.875% 01/15/2006 ..................................... 900,000 929,664 National Rural Utilities Cooperative Finance Corp. 6.55% 11/01/2018 ...................................... 2,215,000 2,026,364 Qwest Communications International, Inc. 0.00% to 10/15/2002 then 9.470% to 10/15/2007 .................................. 2,000,000 1,800,260 Texas Eastern Transmission 7.30% 12/01/2010 ...................................... 1,800,000 1,857,906 TXU Eastern Funding Co. 6.45% 05/15/2005 ...................................... 4,200,000 4,090,552
See Accompanying Notes to Financial Statements 64 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- US West Communications, Inc. 5.625% 11/15/2008 ..................................... $ 3,400,000 $ 3,051,772 Verizon Global Funding (144A) 7.25% 12/01/2010 ...................................... 2,400,000 2,450,256 Vodafone Group plc 7.75% 02/15/2010 ...................................... 1,765,000 1,862,110 ------------- 29,721,251 ------------- INTERNATIONAL (3.9%) British Columbia Province 5.375% 10/29/2008 ..................................... 1,900,000 1,818,395 Kingdom of Spain 7.00% 07/19/2005 ...................................... 3,700,000 3,869,379 Korea Development Bank 6.625% 11/21/2003 ..................................... 550,000 539,990 7.125% 04/22/2004 ..................................... 2,525,000 2,506,062 Quebec Province 7.00% 01/30/2007 ...................................... 2,490,000 2,585,392 7.125% 02/09/2024 ..................................... 2,400,000 2,449,392 United Mexican States 9.875% 02/01/2010 ..................................... 1,000,000 1,073,000 ------------- 14,841,610 ------------- Total Corporate Notes & Bonds (Cost $ 163,282,501) ................................... 164,808,571 ------------- OTHER SECURITIZED LOANS (16.6%) ASSET BACKED SECURITIES (7.8%) Cityscape Home Loan Owner Trust Series 1997-4 Cl. A4 7.44% 10/25/2018 ...................................... 3,400,000 3,484,190 IMC Home Equity Loan Trust Series 1995-3 Cl. A5 7.50% 04/25/2026 ...................................... 760,000 778,533 Series 1997-3 Cl. A6 7.52% 08/20/2028 ...................................... 3,800,000 3,917,811 Series 1997-5 Cl. A9 7.31% 11/20/2028 ...................................... 4,465,000 4,617,123 New Century Home Equity Loan Trust Series 1999-NCA Cl. A7 7.32% 07/25/2029 ...................................... 6,073,121 6,195,913 Salomon Brothers Mortgage Securities VII, Inc. Series 1996-LB2 Cl. A8 7.80% 10/25/2026 ...................................... 1,350,000 1,400,553 Series 1998-AQ1 Cl. A5 7.15% 06/25/2028 ...................................... 1,860,000 1,890,978 Saxon Asset Securities Co. Series 1996-1 Cl. A2 8.06% 09/25/2027 ...................................... $ 6,900,000 $ 7,273,068 ------------- 29,558,169 ------------- COLLATERALIZED MORTGAGE OBLIGATIONS (6.2%) *Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 5.55% 01/25/2025 ...................................... 3,113,031 2,918,741 CMC Securities Corp. IV Series 1997-2 Cl. 1A12 7.25% 11/25/2027 ...................................... 3,460,000 3,542,175 *DLJ Mortgage Acceptance Corp. (144A) Series 1999-B Cl. A1 6.72% 08/28/2029 ...................................... 2,322,321 2,275,874 PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP2 7.50% 07/25/2027 ...................................... 3,095,000 3,188,249 Series 1998-12 Cl. 4A4 6.50% 01/25/2029 ...................................... 3,896,681 3,839,010 Series 1999-5 Cl. 2A6 6.75% 07/25/2029 ...................................... 3,241,454 3,217,472 Residential Funding Mortgage Securities, Inc Series 1993-S45 Cl. A10 8.00% 12/25/2023 ...................................... 463,549 465,718 Structured Asset Securities Corp. Series 1999-AlS2 Cl. A2 6.75% 07/25/2029 ...................................... 4,086,891 4,079,273 ------------- 23,526,512 ------------- COMMERCIAL MORTGAGE BACKED SECURITIES (2.6%) Commercial Capital Access One, Inc. (144A) Series 3A Cl. A2 6.615% 11/15/2028 ..................................... 5,850,000 5,881,051 Morgan Stanley Capital I, Inc. Series 1999-CAM1 Cl. A3 6.92% 11/15/2008 ...................................... 4,000,000 4,120,035 ------------- 10,001,086 ------------- Total Other Securitized Loans (Cost $ 61,401,935) .................................... 63,085,767 -------------
See Accompanying Notes to Financial Statements 65 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT (1.8%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $6,639,143 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $ 6,637,946) .................................... $ 6,637,946 $ 6,637,946 ------------- TOTAL INVESTMENTS (99.7%) (Cost $ 369,855,156) ...................................... 377,796,775 OTHER ASSETS LESS LIABILITIES (0.3%) ....................... 1,002,719 ------------- NET ASSETS (100.0%) ........................................ $378,799,494 =============
* Variable rate security - the rate reported is the rate in effect as of December 31, 2000 COLUMBIA NATIONAL MUNICIPAL BOND FUND December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (98.7%) ALASKA (3.6%) Alaska State Housing Finance Corp. Coll. First Series Veterans Mtg. A2 (Insured General Obligation) (AMT) 6.00% 06/01/2015 ...................................... $ 150,000 $ 156,289 Palmer Alaska Valley Hospital Association (Insured Revenue) 5.35% 12/01/2012 ...................................... 125,000 127,635 Alaska Industrial Development & Export Authority Snettisham Hydroelectric Series 1 (Insured Revenue) (AMT) 5.50% 01/01/2008 ...................................... 95,000 100,118 Alaska Industrial Development & Export Authority Snettisham Hydroelectric Series 1 (Pre-Refunded) (AMT) 5.50% 01/01/2008 ...................................... 5,000 5,306 ------------- 389,348 ------------- 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 $ 129,185 Sedona Arizona Certificates of Participation 5.75% 07/01/2007 ...................................... 100,000 103,820 ------------- 233,005 ------------- COLORADO (1.7%) Colorado Housing Financial Authority Single Family PG Sub B (Revenue) 4.875% 04/01/2007 ..................................... 100,000 101,416 Colorado Sales Tax Metropolitan Football Stadium District Capital Appreciation Series B (Insured Revenue) 0.00% 01/01/2006 ...................................... 105,000 83,872 ------------- 185,288 ------------- GEORGIA (1.4%) Georgia Municipal Electric Power Revenue Series B (Revenue) 5.50% 01/01/2018 ...................................... 150,000 151,150 ------------- HAWAII (1.0%) Hawaii State Harbor Capital Improvement (Insured Revenue) (AMT) 6.20% 07/01/2008 ...................................... 100,000 107,182 ------------- IDAHO (1.7%) Idaho Health Facilities Authority Bingham Memorial Hospital Project (Revenue) 5.85% 03/01/2019 ...................................... 100,000 85,100 Idaho Student Loan Fund Marketing Association, Inc. Series C (Revenue) (AMT) 5.600% 04/01/2007 ..................................... 100,000 100,194 ------------- 185,294 ------------- ILLINOIS (4.9%) Broadview Illinois Tax Increment (Revenue) 4.90% 07/01/2006 ...................................... 75,000 73,855 Chicago Illinois Park District Aquarium & Museum (Insured General Obligation) 5.80% 01/01/2018 ...................................... 150,000 159,759 Madison County Illinois Community Unit School District #002 Triad Refunding (Insured General Obligation) 4.90% 01/01/2013 ...................................... 100,000 100,463 Regional Transportation Authority Illinois Series A (Insured Revenue) 6.40% 06/01/2012 ...................................... 100,000 115,324
See Accompanying Notes to Financial Statements 66 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Will County Illinois Forest Preservation District Series B (Insured General Obligation) 0.00% 12/01/2011 ...................................... $ 150,000 $ 88,936 ------------- 538,337 ------------- INDIANA (1.9%) Indiana State Office Building Commission Correction Facilities Program Series B Womens Prison (Insured Revenue) 5.50% 07/01/2020 ...................................... 100,000 101,565 Indiana Transportation Financial Authority Airport Facilities Lease Series A (Revenue) 5.50% 11/01/2017 ...................................... 100,000 102,264 ------------- 203,829 ------------- IOWA (2.3%) Davenport Iowa Series B (General Obligation) 5.125% 06/01/2010 ..................................... 100,000 102,104 Iowa Finance Authority Single Family Mortgage Series A (Insured Revenue) 5.80% 07/01/2016 ...................................... 145,000 149,102 ------------- 251,206 ------------- KENTUCKY (2.6%) Kentucky State Property & Buildings Commission Project #65 (Revenue) 5.90% 02/01/2016 ...................................... 200,000 217,000 Louisville & Jefferson County Kentucky Visitors & Convention Commission Capital Appreciation Series BBB (Insured Revenue) 0.00% 12/01/2008 ...................................... 100,000 68,447 ------------- 285,447 ------------- MAINE (0.9%) Regional Waste System Industry Maine Solid Waste Resource Recovery Series Q (Revenue) (AMT) 5.50% 07/01/2004 ...................... 100,000 103,688 ------------- MARYLAND (0.9%) Maryland State Economic Development Corp. Student Housing Collegiate Housing Towson Series A (Revenue) 5.75% 06/01/2029 ...................................... 100,000 95,953 ------------- MICHIGAN (3.6%) Detroit Michigan City School District Refunding Series C (Insured General Obligation) 5.25% 05/01/2012 ...................................... 175,000 184,882 Michigan State Hospital Finance Authority Ascension Health Credit Series A (Revenue) 6.00% 11/15/2019 ...................................... $ 100,000 $ 106,457 5.375% 11/15/2033 ..................................... 100,000 101,319 ------------- 392,658 ------------- MISSISSIPPI (3.4%) Jones County Mississippi Hospital Refunding South Central Regional Medical Center (Revenue) 4.90% 12/01/2004 ...................................... 100,000 97,042 Mississippi Development Bank Special Obligation Natchez Convention Center Project (Insured Revenue) 6.50% 07/01/2013 ...................................... 230,000 268,732 ------------- 365,774 ------------- MONTANA (1.8%) Whitefish Montana Tax Increment Urban Renewal (Revenue) 6.625% 07/15/2020 ................... 200,000 200,544 ------------- 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 99,791 ------------- NEVADA (1.8%) Clark County Nevada Passenger Facility Charge Las Vegas McCarran International Airport B (Insured Revenue) (AMT) 6.25% 07/01/2011 ...................................... 100,000 104,546 Clark County Nevada School District Comp Interest Series B (Insured General Obligation) 0.00% 06/01/2003 ...................................... 100,000 89,879 ------------- 194,425 ------------- NEW YORK (4.4%) Metropolitan Transit Authority New York Dedicated Tax Fund Series A (Insured Revenue) 5.25% 04/01/2014 ...................................... 100,000 103,572 New York City, New York Series A (General Obligation) 6.00% 05/15/2021 ...................................... 250,000 268,590 New York State Urban Development Corporation Refunding Correctional Capital Facilities A (Revenue) 5.45% 01/01/2007 ...................................... 100,000 105,352 ------------- 477,514 -------------
See Accompanying Notes to Financial Statements 67 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- OHIO (1.1%) Oak Hills Ohio Local School District (Insured General Obligation) 7.20% 12/01/2009 ...................................... $ 100,000 $ 120,486 ------------- OKLAHOMA (2.9%) Oklahoma County Independent School District #012 Edmond Building-Series B (Insured General Obligation) 4.70% 08/01/2005 ...................................... 100,000 102,268 Okmulgee County Oklahoma 1st Mortgage (Insured Revenue) 6.00% 03/01/2015 ...................................... 200,000 217,106 ------------- 319,374 ------------- OREGON (23.9%) Bend Oregon Municipal Airport PJ Series B (Revenue) (AMT) 5.375% 06/01/2013 ..................................... 100,000 102,419 Benton County Oregon Hospital Facilities Authority Refunding Samaritan Health Services Project (Revenue) 4.20% 10/01/2005 ...................................... 40,000 38,889 4.60% 10/01/2009 ...................................... 40,000 38,156 Clackamas County Oregon Limited Tax Assessment 6.25% 05/01/2015 ...................................... 200,000 200,350 Clackamas County Oregon Hospital Facility Authority Refunding Odd Fellows Home Series A (Revenue) 5.875% 09/15/2021 ..................................... 50,000 42,796 Damascus Oregon Water District Certificates of Participation 5.25% 03/01/2019 ...................................... 100,000 96,020 Eugene Oregon Airport (Revenue) (AMT) 5.50% 05/01/2003 ...................................... 100,000 101,669 Eugene Oregon Trojan Nuclear Project (Revenue) 5.90% 09/01/2009 ...................................... 35,000 35,097 Hillsboro Oregon Hospital Facility Authority Refunding Tuality Healthcare (Revenue) 5.25% 10/01/2004 ...................................... 150,000 149,133 Hillsboro Oregon Hospital Facility Authority Tuality Healthcare (Revenue) 5.75% 10/01/2012 ...................................... 25,000 24,558 Klamath Community College Service District Oregon (Revenue) 4.70% 04/01/2010 ...................................... $ 55,000 $ 54,887 4.80% 04/01/2011 ...................................... 25,000 24,967 Lebanon Oregon Urban Renewal Agency (Revenue) 5.625% 06/01/2019 ..................................... 100,000 99,359 Oregon School Boards Association Flexfund Financing Program Certificates of Participation Series E 5.50% 06/01/2005 ...................................... 100,000 101,087 Oregon State Housing & Community Services Department Single Family Mortgage Program Series B (Revenue) 6.00% 07/01/2012 ...................................... 85,000 89,904 Port of St. Helens Oregon Pollution Control Portland General Electric Co. Series B (Revenue) 4.80% 06/01/2010 ...................................... 105,000 102,863 Port Umpqua Oregon Pollution Control Refunding International Paper Co. PJS-A (Revenue) 5.05% 06/01/2009 ...................................... 135,000 132,840 Portland Oregon Housing Authority Pearl Court Apartments (Revenue) (AMT) 5.55% 01/01/2003 ...................................... 100,000 100,111 Portland Oregon Urban Renewal & Redevelopment Downtown Waterfront Series L Tax Allocation 5.90% 06/01/2001 ...................................... 130,000 131,005 City of Redmond Oregon Airport Improvement Project Refunding (General Obligation) 4.50% 05/01/2007 ...................................... 50,000 49,798 Redmond Oregon Urban Renewal Agency Downtown Area B (Revenue) 5.65% 06/01/2013 ...................................... 100,000 98,430 Roseburg Oregon Urban Sanitation Authority (General Obligation) 5.40% 09/01/2002 ...................................... 100,000 101,098 Salem Oregon Educational Facilities Refunding Willamette University Projects (Revenue) 6.00% 04/01/2010 ...................................... 100,000 105,150 Salem Oregon Hospital Facility Authority Capital Manor, Inc. (Revenue) 7.50% 12/01/2024 ...................................... 150,000 154,210 Sunriver Oregon Library County Service District (General Obligation) 5.75% 06/01/2004 ...................................... 20,000 20,871
See Accompanying Notes to Financial Statements 68 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Washington County Oregon Housing Authority Affordable Housing Pool Series A (Revenue) 6.00% 07/01/2020 ...................................... $ 100,000 $ 96,117 Washington & Clackamas Counties Oregon School District #23J Tigard (General Obligation) 0.00% 06/15/2021 ...................................... 450,000 147,236 West Linn Oregon Water System (Revenue) 6.00% 10/01/2020 ...................................... 165,000 166,594 ------------- 2,605,614 ------------- SOUTH CAROLINA (1.0%) Piedmont Municipal Power Agency South Carolina Electric Unrefunded Balance-Series A (Insured Revenue) 6.125% 01/01/2007 ..................................... 100,000 109,039 ------------- SOUTH DAKOTA (1.2%) South Dakota State Building Authority Lease Capital Appreciation Series A (Insured Revenue) 0.00% 12/01/2013 ...................................... 250,000 131,180 ------------- TEXAS (9.0%) Amarillo Texas Health Facilities Corp. Baptist St. Anthonys Hospital Corp. (Insured Revenue) 5.50% 01/01/2013 ...................................... 100,000 106,295 Arlington Texas Independent School District Capital Appreciation Refunding (Insured General Obligation) 0.00% 02/15/2007 ...................................... 150,000 113,809 Dallas Texas Civic Center Refunding & Improvement (Insured Revenue) 5.00% 08/15/2016 ...................................... 150,000 150,716 Harris County Texas Health Facilities De Teco Project Series B (Insured Revenue) 5.70% 02/15/2015 ...................................... 150,000 159,035 Lubbock Texas Health Facility Development St. Josephs Health System (Revenue) 5.250% 07/01/2012 ..................................... 150,000 149,958 Richardson Texas Independent School District Series B (Insured General Obligation) 5.00% 02/15/2018 ...................................... 145,000 143,986 West Harris County Texas Municipal Utility District #7 Capital Appreciation Refunding (Insured General Obligation) 0.00% 03/01/2009 ...................................... 225,000 152,154 ------------- 975,953 ------------- WASHINGTON (16.8%) Clark County Washington (General Obligation) 4.85% 12/01/2012 ...................................... $ 150,000 $ 150,687 Jefferson County Washington Public Utility District #1 Water & Sewer (Revenue) 5.25% 05/01/2016 ...................................... 50,000 49,056 5.25% 05/01/2017 ...................................... 50,000 48,756 King County Washington Public Hospital District #4 Snoqualmie Valley Hospital (General Obligation) 7.00% 12/01/2011 ...................................... 150,000 150,249 King County Washington School District #415 Kent Series B (General Obligation) 6.00% 12/01/2008 ...................................... 100,000 110,109 Pierce County Washington Housing Authority Housing (Revenue) 5.40% 12/01/2013 ...................................... 100,000 93,717 Port of Grays Harbor Washington (Revenue) (AMT) 6.375% 12/01/2014 ..................................... 150,000 163,135 Seattle Washington Municipal Light & Power Refunding (Revenue) 5.00% 07/01/2018 ...................................... 110,000 108,599 6.00% 10/01/2016 ...................................... 150,000 164,646 Shelton Washington Water & Sewer (Revenue) 5.25% 12/01/2018 ...................................... 50,000 48,857 Tacoma Washington Solid Waste Utilities Refunding Series B (Insured Revenue) 6.00% 12/01/2009 ...................................... 100,000 111,245 Thurston County Washington School District #401 Rochester (General Obligation) 4.80% 12/01/2007 ...................................... 55,000 55,051 Toppenish Washington (General Obligation) 4.60% 12/01/2006 ...................................... 65,000 65,284 University of Washington Educational Research Properties Lease 4225 Roosevelt Project Series A (Revenue) 5.375% 06/01/2029 ..................................... 100,000 99,509 Washington State Department of General Administration Certificates of Participation 5.40% 07/01/2013 ...................................... 100,000 104,019 5.00% 07/01/2017 ...................................... 140,000 139,047 Washington State Public Power Supply System Nuclear Project #1 Refunding Series A (Revenue) 6.00% 07/01/2005 ...................................... 100,000 106,499
See Accompanying Notes to Financial Statements 69 SCHEDULE OF INVESTMENTS - ------------------------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Washington State Public Power Supply System Nuclear Project #2 Refunding Series A (Revenue) 5.00% 07/01/2011 ...................................... $ 50,000 $ 51,037 Yakima County Washington School District #119 Selah (Insured General Obligation) 5.00% 12/01/2006 ...................................... 10,000 10,338 ------------- 1,829,840 ------------- WISCONSIN (0.9%) Burlington Area Wisconsin School District (Insured General Obligation) 4.90% 04/01/2016 ...................................... 100,000 98,915 ------------- WYOMING (1.0%) Wyoming Municipal Power Agency Power Supply Refunding Series 1998 (Insured Revenue) 5.25% 01/01/2011 ...................................... 100,000 104,767 ------------- Total Municipal Bonds (Cost $ 10,466,377) .................................... 10,755,601 ------------- TAX EXEMPT MONEY MARKET INVESTMENT (2.8%) SEI Tax Exempt Trust (Cost $ 308,486) ....................................... 308,486 308,486 ------------- TOTAL INVESTMENTS (101.5%) (Cost $ 10,774,863) ....................................... 11,064,087 OTHER ASSETS LESS LIABILITIES (-1.5%) ...................... (166,253) ------------- TOTAL NET ASSETS (100.0%) .................................. $ 10,897,834 =============
COLUMBIA OREGON MUNICIPAL BOND FUND December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- GENERAL OBLIGATION BONDS (32.7%) STATE OF OREGON GENERAL OBLIGATION (5.0%) Board of Higher Education Deferred Interest Series A 0.00% 08/01/2014 ...................................... $ 490,000 $ 250,356 Board of Higher Education Refunding Series B 6.25% 10/15/2012 ...................................... 740,000 761,985 Elderly & Disabled Housing Refunding Series B 6.25% 08/01/2013 ...................................... $ 1,000,000 $ 1,044,930 Pollution Control Series C 5.62% 06/01/2013 ...................................... 575,000 580,434 5.90% 06/01/2014 ...................................... 1,380,000 1,400,286 Veteran's Welfare Series 80A 5.70% 10/01/2032 ...................................... 2,610,000 2,695,164 Veteran's Welfare 9.00% 04/01/2004 ...................................... 280,000 319,668 9.00% 04/01/2005 ...................................... 1,130,000 1,332,869 8.25% 07/01/2005 ...................................... 520,000 603,356 9.00% 10/01/2005 ...................................... 1,645,000 1,971,993 7.25% 01/01/2007 ...................................... 1,485,000 1,709,829 9.20% 04/01/2007 ...................................... 2,390,000 3,009,918 8.25% 07/01/2007 ...................................... 540,000 656,640 7.30% 01/01/2008 ...................................... 445,000 521,976 8.00% 01/01/2008 ...................................... 1,275,000 1,547,085 7.30% 07/01/2008 ...................................... 1,170,000 1,384,730 8.00% 07/01/2008 ...................................... 580,000 711,306 9.20% 10/01/2008 ...................................... 285,000 373,544 5.85% 10/01/2015 ...................................... 875,000 910,446 ------------- 21,786,515 ------------- GENERAL OBLIGATION (13.3%) Aurora 5.60% 06/01/2024 ...................................... 1,205,000 1,192,564 Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 10/01/2009 ..................................... 2,550,000 2,635,400 Clackamas County School District #086 6.00% 06/15/2016 ...................................... 2,350,000 2,555,437 Clackamas County School District #7J Lake Oswego Series A 5.70% 06/15/2010 ...................................... 2,735,000 2,842,185 Coos Bay 4.90% 09/01/2007 ...................................... 3,190,000 3,271,473 Deschutes County Administrative School District #1 Bend-LaPine 0.00% 02/01/2002 ...................................... 1,445,000 1,376,204 Douglas County School District #4 Roseburg 4.90% 12/15/2001 ...................................... 415,000 424,985 5.00% 12/15/2012 ...................................... 500,000 511,970 5.15% 12/15/2014 ...................................... 540,000 552,404 Eugene Public Safety Facilities 5.50% 06/01/2010 ...................................... 850,000 889,304 5.625% 06/01/2013 ..................................... 1,295,000 1,346,178 Jackson County School District #549C Medford 5.375% 06/01/2012 ..................................... 1,200,000 1,227,480
See Accompanying Notes to Financial Statements 70 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Lane County School District #4J Eugene 0.00% 01/01/2005 ...................................... $ 1,395,000 $ 1,168,424 Lane County School District #4J Eugene Refunding Series A 0.00% 07/01/2005 ...................................... 2,325,000 1,907,570 Linn County Community School District #9 Lebanon 6.125% 06/15/2014 ..................................... 1,410,000 1,580,638 Metro Washington Park Zoo Series A 5.30% 01/15/2011 ...................................... 1,000,000 1,036,300 Multnomah County Refunding 4.25% 10/01/2010 ...................................... 2,300,000 2,250,274 4.30% 10/01/2011 ...................................... 1,110,000 1,080,563 4.50% 10/01/2013 ...................................... 400,000 387,020 Multnomah County School District #7 Reynolds 5.25% 06/01/2011 ...................................... 1,500,000 1,545,720 Multnomah-Clackamas Counties School District #10JT Gresham 5.25% 06/01/2017 ...................................... 1,620,000 1,629,250 Port of Portland Series A 0.00% 03/01/2007 ...................................... 3,010,000 2,283,326 Portland Community College District 0.00% 07/01/2007 ...................................... 2,025,000 1,513,424 Portland Public Improvements Series A 5.75% 06/01/2014 ...................................... 1,365,000 1,406,127 Portland Recreational Facilities Improvements Series A 5.75% 06/01/2012 ...................................... 1,370,000 1,436,568 5.75% 06/01/2013 ...................................... 1,345,000 1,405,431 5.75% 06/01/2015 ...................................... 1,155,000 1,200,819 Portland Recreational Facilities Improvements Series B 5.75% 06/01/2014 ...................................... 1,750,000 1,823,658 5.75% 06/01/2015 ...................................... 2,955,000 3,072,225 Portland Series A 4.875% 06/01/2018 ..................................... 715,000 695,659 Washington & Clackamas Counties School District #23J Tigard 0.00% 06/15/2018 ...................................... 2,700,000 1,060,479 Washington & Clackamas Counties School District #23J Tigard Deferred Interest Series A 0.00% 06/01/2010 ...................................... 1,520,000 967,358 Washington & Clackamas Counties School District #23J Tigard Refunding 5.40% 01/01/2010 ...................................... 1,720,000 1,773,440 Washington County Deferred Interest Operations Yard Facilities Obligation 0.00% 06/01/2003 ...................................... 1,000,000 901,330 Washington County Refunding 6.20% 12/01/2007 ...................................... $ 1,500,000 $ 1,528,005 Washington County Refunding Criminal Justice Facilities 5.00% 12/01/2010 ...................................... 1,400,000 1,442,714 Washington County School District #088J Sherwood 4.50% 06/15/2014 ...................................... 350,000 339,237 Washington County School District #48J Beaverton Series B 6.15% 06/01/2008 ...................................... 1,010,000 1,018,636 Washington, Multnomah & Yamhill Counties School District #1J 5.00% 11/01/2013 ...................................... 1,375,000 1,404,590 5.25% 06/01/2014 ...................................... 500,000 512,680 Wilsonville Limited Tax Improvement 5.00% 12/01/2020 ...................................... 1,025,000 1,026,640 ------------- 58,223,689 ------------- INSURED GENERAL OBLIGATION (14.4%) Central Oregon Community 5.80% 06/01/2007 ...................................... 760,000 796,488 Chemeketa Community College District Series B 5.60% 06/01/2014 ...................................... 1,180,000 1,234,964 Clackamas County School District #12 North Clackamas 5.25% 06/01/2011 ...................................... 1,000,000 1,052,880 5.25% 06/01/2015 ...................................... 2,750,000 2,829,310 4.80% 06/01/2018 ...................................... 3,400,000 3,305,616 Clatsop County Administrative School District #10 5.875% 07/01/2012 ..................................... 630,000 644,276 Columbia County School District #502 Deferred Interest 0.00% 06/01/2007 ...................................... 260,000 195,042 0.00% 06/01/2012 ...................................... 1,530,000 879,796 0.00% 06/01/2013 ...................................... 1,685,000 919,774 0.00% 06/01/2014 ...................................... 1,025,000 528,029 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.60% 06/01/2009 ...................................... 1,000,000 1,028,250 Hood River County School District 5.65% 06/01/2008 ...................................... 1,020,000 1,062,850 Josephine County School District #7 Grants Pass 5.70% 06/01/2013 ...................................... 2,000,000 2,117,180 Lane & Douglas Counties School District #97J 5.30% 06/15/2015 ...................................... 1,155,000 1,185,169
See Accompanying Notes to Financial Statements 71 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Lane County School District #19 Springfield Refunding 6.00% 10/15/2012 ...................................... $ 1,740,000 $ 1,972,621 6.00% 10/15/2014 ...................................... 1,310,000 1,483,850 Lane County School District #52 Bethel 6.25% 12/01/2007 ...................................... 580,000 639,293 6.40% 12/01/2009 ...................................... 750,000 829,200 Lincoln County School District 6.00% 06/15/2007 ...................................... 1,855,000 2,034,026 6.00% 06/15/2008 ...................................... 1,450,000 1,604,787 5.60% 06/15/2010 ...................................... 3,480,000 3,775,208 5.25% 06/15/2012 ...................................... 3,315,000 3,469,645 Marion County Certificates of Participation Courthouse Square Project Series A 4.45% 06/01/2010 ...................................... 430,000 428,792 Marion County School District #103C Woodburn Series B 0.00% 11/01/2006 ...................................... 2,000,000 1,545,200 0.00% 11/01/2007 ...................................... 2,000,000 1,472,640 0.00% 11/01/2009 ...................................... 2,500,000 1,673,300 0.00% 11/01/2011 ...................................... 2,210,000 1,329,580 Multnomah County School District #3 Parkrose 5.70% 12/01/2008 ...................................... 1,330,000 1,397,724 5.70% 12/01/2009 ...................................... 1,970,000 2,067,298 5.50% 12/01/2010 ...................................... 895,000 930,889 5.50% 12/01/2011 ...................................... 1,000,000 1,036,700 Northern Oregon Corrections 5.25% 09/15/2012 ...................................... 1,000,000 1,038,120 5.30% 09/15/2013 ...................................... 1,000,000 1,036,300 Salem Pedestrian Safety Improvements 5.40% 05/01/2009 ...................................... 1,000,000 1,049,090 Salem/Keizer School District #24J 5.00% 06/01/2015 ...................................... 1,000,000 1,004,160 State Department Administrative Services Certificate Participation Refunding Series A 4.50% 05/01/2012 ...................................... 1,020,000 1,012,411 5.00% 05/01/2013 ...................................... 4,240,000 4,348,926 5.00% 05/01/2014 ...................................... 1,000,000 1,023,400 5.00% 05/01/2024 ...................................... 1,500,000 1,473,675 Tillamook County 5.70% 01/15/2016 ...................................... 700,000 730,275 Tillamook County Refunding 4.40% 01/01/2011 ...................................... 550,000 544,489 4.60% 01/01/2013 ...................................... 600,000 593,250 Washington County School District #15 Forest Grove 5.125% 06/01/2010 ..................................... $ 1,000,000 $ 1,065,200 5.25% 08/01/2010 ...................................... 1,150,000 1,202,612 Washington County School District Sherwood 6.10% 06/01/2012 ...................................... 185,000 197,621 Yamhill County School District #40 6.00% 06/01/2009 ...................................... 500,000 557,680 5.35% 06/01/2010 ...................................... 500,000 526,485 ------------- 62,874,071 ------------- Total General Obligation Bonds (Cost $ 137,531,401) ................................... 142,884,275 ------------- REVENUE BONDS (59.0%) OREGON REVENUE (39.6%) Albany Hospital Facility Authority Mennonite Home 5.625% 10/01/2017 ..................................... 635,000 553,688 Bend Municipal Airport PJ Series B (AMT) 5.375% 06/01/2013 ..................................... 150,000 153,628 Benton County Hospital Facilities Authority Refunding Samaritan Health Services Project 4.30% 10/01/2006 ...................................... 230,000 222,691 4.40% 10/01/2007 ...................................... 220,000 212,214 4.80% 10/01/2011 ...................................... 245,000 237,559 5.20% 10/01/2017 ...................................... 2,255,000 2,122,812 Clackamas County Hospital Facility Authority Willamette View, Inc. PJ- Series A 6.85% 11/01/2015 ...................................... 1,580,000 1,554,183 Clackamas County Hospital Facility Authority Legacy Health System 5.375% 02/15/2012 ..................................... 3,135,000 3,186,665 Clackamas County Hospital Facility Authority Odd Fellows Home Series A 5.50% 09/15/2008 ...................................... 1,540,000 1,443,873 Clackamas County Hospital Facility Authority Robison Jewish Home Project 6.25% 10/01/2021 ...................................... 1,630,000 1,544,148 Clackamas County Hospital Facility Authority Willamette View, Inc. Project 6.00% 11/01/2008 ...................................... 670,000 658,014 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.50% 10/20/2031 ...................................... 1,030,000 1,050,281 Clackamas County Hospital Facility Authority Legacy Health System 5.50% 02/15/2013 ...................................... 5,350,000 5,487,923
See Accompanying Notes to Financial Statements 72 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Clackamas County Hospital Facility Authority Refunding Odd Fellows Home Series A 5.875% 09/15/2021 ..................................... $ 3,015,000 $ 2,580,599 Clackamas County Hospital Facility Authority Legacy Health Systems 5.50% 02/15/2014 ...................................... 2,385,000 2,436,683 5.00% 02/15/2015 ...................................... 1,400,000 1,361,836 Clackamas County Hospital Facility Authority Willamette Falls Hospital Project 5.75% 04/01/2014 ...................................... 1,005,000 969,855 6.00% 04/01/2019 ...................................... 1,750,000 1,687,122 Clackamas County Hospital Facility Kaiser Permanente Series A 5.375% 04/01/2014 ..................................... 7,085,000 7,036,822 Clackamas County Hospital Facility Legacy Health System 5.00% 02/15/2016 ...................................... 1,000,000 966,510 Clackamas County Hospital Facility Refunding Kaiser Permanente Series A 6.50% 04/01/2011 ...................................... 1,000,000 1,022,720 Clackamas County Hospital Authority Senior Living Facility Marys Woods Series A 6.375% 05/15/2020 ..................................... 1,405,000 1,374,582 Clackamas County Housing Authority Multifamily Housing Easton Ridge Series A 5.80% 12/01/2016 ...................................... 2,255,000 2,311,443 Deschutes County Hospital Facility Authority 5.75% 01/01/2009 ...................................... 1,670,000 1,711,583 Deschutes Valley Water District 5.875% 09/01/2005 ..................................... 3,670,000 3,849,940 Eugene Airport Refunding (AMT) 5.50% 05/01/2005 ...................................... 260,000 266,076 5.65% 05/01/2006 ...................................... 240,000 248,143 5.65% 05/01/2007 ...................................... 555,000 575,446 5.70% 05/01/2008 ...................................... 515,000 536,841 Eugene Electric Utility Refunding 5.80% 08/01/2008 ...................................... 1,435,000 1,466,068 5.80% 08/01/2009 ...................................... 1,300,000 1,327,157 6.00% 08/01/2011 ...................................... 1,375,000 1,405,965 Gresham Sewer 5.35% 06/01/2006 ...................................... 860,000 886,385 Gresham Stormwater 6.10% 10/01/2009 ...................................... 1,115,000 1,177,284 Hillsboro Hospital Facility Authority Tuality Healthcare 5.75% 10/01/2012 ...................................... 5,840,000 5,736,749 Lebanon Urban Renewal Agency 5.625% 06/01/2019 ..................................... $ 1,000,000 $ 993,590 Lebanon Wastewater Refunding 5.75% 06/01/2011 .......................................... 1,225,000 1,266,699 Medford Hospital Facilities Authorization Asante Health System Series A 5.25% 08/15/2010 .......................................... 1,500,000 1,574,370 Multnomah County EDL Facilities Refunding University of Portland Project 5.00% 04/01/2011 .......................................... 1,150,000 1,187,708 Myrtle Point Water 6.00% 12/01/2020 .......................................... 510,000 515,018 North Clackamas Parks & Recreation District Facilities 5.70% 04/01/2013 .......................................... 2,920,000 3,146,942 Northern Wasco County People's Utility District Electric 0.00% 02/01/2006 .......................................... 610,000 472,945 0.00% 02/01/2007 .......................................... 585,000 423,739 0.00% 02/01/2008 .......................................... 610,000 412,159 0.00% 02/01/2011 .......................................... 500,000 273,430 Oregon Health, Housing, Educational & Cultural Facilities Authority/Aquarium 4.75% 10/01/2008 .......................................... 1,550,000 1,365,689 4.90% 10/01/2009 .......................................... 670,000 587,409 Oregon Health, Housing, Educational & Cultural Facilities Authority Linfield College Project Series A 4.55% 10/01/2008 .......................................... 525,000 505,869 4.65% 10/01/2009 .......................................... 555,000 533,205 5.50% 10/01/2018 .......................................... 1,000,000 974,330 Oregon Health Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.10% 07/01/2010 .......................................... 900,000 938,799 5.30% 07/01/2011 .......................................... 500,000 517,495 Oregon Health, Housing, Educational & Cultural Facilities Authority Goodwill Industries Lane County Series A 6.65% 11/15/2022 .......................................... 4,140,000 3,901,991 Oregon Housing & Community Services Department Single Family Mortgage Program Series A (AMT) 6.20% 07/01/2027 .......................................... 3,700,000 3,800,603 Oregon Housing & Community Services Department Single Family Mortgage Program Series D 6.70% 07/01/2013 .......................................... 1,000,000 1,026,680
See Accompanying Notes to Financial Statements 73 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi Unit B 6.80% 07/01/2013 .......................................... $ 8,360,000 $ 8,583,714 Oregon Housing & Community Services Department Single Family Mortgage Program Series F (AMT) 5.65% 07/01/2028 .......................................... 1,235,000 1,228,170 Oregon Housing & Community Services Department Single Family Mortgage Series F MBIA-IBC (AMT) 5.65% 07/01/2028 .......................................... 925,000 922,429 Oregon Housing & Community Services Department Single Family Mortgage Project Series E 5.375% 07/01/2021 ......................................... 4,000,000 4,007,920 Oregon Housing & Community Services Department Single Family Mortgage Program Series A 4.85% 07/01/2010 .......................................... 310,000 312,344 Oregon Housing & Community Services Mountain Shadows Apts. B-1 6.25% 12/01/2005 .......................................... 4,000,000 3,994,720 Oregon Housing & Community Services Department Single Family Mortgage Program Series L (AMT) 5.90% 07/01/2031 .......................................... 4,220,000 4,234,559 Oregon Housing Financial 5.80% 07/01/2009 .......................................... 315,000 316,509 Oregon State Department Administrative Services Lottery Education Project 5.25% 04/01/2013 .......................................... 1,500,000 1,571,895 Oregon State Economic Development Dove Lewis 24 Hour Emergency Animal Hospital 7.00% 12/01/2019 .......................................... 1,510,000 1,522,140 Oregon State Housing & Community Services Department Multifamily Housing Series B (AMT) 6.00% 07/01/2031 .......................................... 6,935,000 7,068,776 Oregon State Housing & Community Services Department Single Family Mortgage Program Series L 6.05% 07/01/2020 .......................................... 2,575,000 2,689,562 Oregon State Housing & Community Services Department Mortgage Series M (AMT) 5.80% 07/01/2012 .......................................... 875,000 917,394 Oregon State Housing & Community Services Single Family Mortgage PG Series E 5.800% 07/01/2014 ......................................... $ 1,080,000 $ 1,133,179 Oregon State Housing & Community Services Dept. Mortgage Single Family Series E 5.70% 07/01/2012 .......................................... 1,210,000 1,278,813 6.00% 07/01/2020 .......................................... 3,000,000 3,105,270 Port Morrow 6.70% 06/01/2020 .......................................... 2,000,000 2,003,360 Port of St. Helens 5.60% 08/01/2014 .......................................... 315,000 306,889 5.75% 08/01/2019 .......................................... 425,000 412,110 Port of St. Helens Pollution Control Portland General Electric Co. Series A 4.80% 04/01/2010 .......................................... 5,195,000 5,090,425 Port of St. Helens Pollution Control Portland General Electric Co. Series B 4.80% 06/01/2010 .......................................... 3,500,000 3,428,775 Port Umpqua Pollution Control Refunding International Paper Co. PJS - A 5.05% 06/01/2009 .......................................... 300,000 295,200 Portland Housing Authority Multifamily Housing Senior Lien Civic Apartments Series A 5.60% 01/01/2018 .......................................... 1,240,000 1,265,842 Portland Housing Authority Refunding Pooled Housing Series A 4.50% 01/01/2009 .......................................... 660,000 655,624 5.00% 01/01/2019 .......................................... 5,600,000 5,264,392 Portland Hydroelectric Power 6.80% 10/01/2004 .......................................... 465,000 466,023 Portland Housing Authority Refunding Pooled Housing Series A 5.10% 01/01/2027 .......................................... 3,250,000 2,944,272 Portland Parking Refunding 6.375% 10/01/2012 ......................................... 1,700,000 1,706,902 Powell Valley Water District 6.00% 02/01/2015 .......................................... 620,000 619,994 Prineville Sewer First Lien 6.50% 07/01/2004 .......................................... 500,000 524,405 Redmond Urban Renewal Agency Downtown Area B 5.65% 06/01/2013 .......................................... 720,000 708,696 5.85% 06/01/2019 .......................................... 785,000 769,975 Redmond Urban Renewal Agency Refunding South Airport Industrial Area A 5.70% 06/01/2019 .......................................... 650,000 626,782 Reedsport Water 7.00% 10/01/2014 .......................................... 520,000 553,758
See Accompanying Notes to Financial Statements 74 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Salem Hospital Facility Authority 5.25% 08/15/2014 .......................................... $ 2,900,000 $ 2,886,979 5.00% 08/15/2018 .......................................... 2,000,000 1,873,720 Salem Hospital Facility Authority Capital Manor, Inc. 7.50% 12/01/2024 .......................................... 905,000 930,403 Salem Water & Sewer 5.30% 06/01/2015 .......................................... 1,500,000 1,553,160 Sheridan Water 6.20% 05/01/2015 .......................................... 625,000 655,744 6.45% 05/01/2020 .......................................... 520,000 541,476 Sheridan Water Refunding 5.35% 04/01/2018 .......................................... 300,000 292,344 South Fork Water Board First Lien 5.45% 02/01/2014 .......................................... 1,300,000 1,313,234 Umatilla County Hospital Facility Authority Catholic Health Initiatives Series A 5.75% 12/01/2020 .......................................... 530,000 538,618 6.00% 12/01/2030 .......................................... 4,825,000 4,955,661 Washington County Authority Affordable Housing Pool Series A 6.00% 07/01/2020 .......................................... 2,000,000 1,922,340 Washington County Housing Authority Multifamily Bethany Meadows Project (AMT) 6.25% 08/01/2010 ...................................... 850,000 850,434 ------------- 172,627,089 ------------- INSURED REVENUE (19.4%) Clackamas County Health Facility Authority Refunding Adventist Health A 6.35% 03/01/2009 ...................................... 1,525,000 1,587,510 Emerald Peoples Utilities District 7.20% 11/01/2006 ...................................... 630,000 725,256 7.35% 11/01/2010 ...................................... 2,160,000 2,660,969 7.35% 11/01/2011 ...................................... 2,000,000 2,487,400 7.35% 11/01/2012 ...................................... 2,490,000 3,131,922 7.35% 11/01/2013 ...................................... 2,675,000 3,345,462 Eugene Electric Utilities System Series B 4.55% 08/01/2010 ...................................... 600,000 600,666 4.65% 08/01/2011 ...................................... 375,000 375,532 5.00% 08/01/2018 ...................................... 1,000,000 1,000,480 5.00% 08/01/2023 ...................................... 525,000 517,330 Marion County Certificates of Participation Courthouse Square Project Series A 4.65% 06/01/2012 ...................................... 355,000 355,280 Medford Hospital Facilities Authority Asante Health System Series A 5.25% 08/15/2008 ...................................... 1,645,000 1,728,155 5.25% 08/15/2011 ...................................... 800,000 835,600 Multnomah County Educational Facilities University of Portland Project 5.70% 04/01/2015 ...................................... $ 1,000,000 $ 1,013,720 5.00% 04/01/2018 ...................................... 1,530,000 1,534,131 Ontario Catholic Health Holy Rosary Medical Center 5.50% 11/15/2012 ...................................... 1,500,000 1,573,125 Oregon Department of Administrative Services Certificates Participation Series A 5.30% 05/01/2008 ...................................... 750,000 791,850 6.00% 05/01/2012 ...................................... 2,695,000 3,047,371 5.70% 05/01/2015 ...................................... 1,000,000 1,050,050 6.25% 05/01/2018 ...................................... 1,000,000 1,117,880 5.75% 05/01/2020 ...................................... 1,500,000 1,595,355 Oregon Department of Administrative Services Certificates Participation Series B 5.50% 11/01/2011 ...................................... 1,635,000 1,731,874 5.00% 11/01/2013 ...................................... 1,000,000 1,022,080 Oregon Department of Administrative Services Certificates Participation Series C 5.50% 05/01/2011 ...................................... 2,000,000 2,110,800 5.75% 05/01/2017 ...................................... 2,000,000 2,101,060 Oregon Department of General Services Certificates Participation Series C 5.80% 03/01/2015 ...................................... 840,000 860,773 Oregon Health Sciences University Capital Appreciation Insured Series A 0.00% 07/01/2021 ...................................... 10,315,000 3,483,376 Oregon Health Sciences University Series A 0.00% 07/01/2009 ...................................... 1,530,000 1,039,666 0.00% 08/01/2012 ...................................... 1,315,000 757,374 0.00% 07/01/2014 ...................................... 2,495,000 1,280,035 0.00% 07/01/2015 ...................................... 4,325,000 2,091,051 Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.00% 10/01/2013 ...................................... 965,000 1,031,981 Oregon Housing & Community Services Department Single Family Mortgage Project Series J (AMT) 5.75% 07/01/2029 ...................................... 8,995,000 9,006,873 Port of Portland Airport Refunding Portland International Airport Series 12B 5.25% 07/01/2012 ...................................... 1,000,000 1,051,440 Port of Portland Airport Series 9A 5.50% 07/01/2006 ...................................... 500,000 513,295 Portland Arena Gas Tax 0.00% 06/01/2016 ...................................... 1,100,000 451,627 0.00% 06/01/2017 ...................................... 2,320,000 890,207 Portland Gas Tax Series A 5.80% 06/01/2016 ...................................... 1,625,000 1,706,591
See Accompanying Notes to Financial Statements 75 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA OREGON MUNICIPAL BOND FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Portland Sewer System Series A 4.50% 06/01/2015 ...................................... $ 1,510,000 $ 1,452,197 4.50% 06/01/2018 ...................................... 2,300,000 2,164,392 Tri-County Metropolitan Transportation District Series 1 5.40% 06/01/2019 ...................................... 4,200,000 4,189,290 Tualatin Hills Park & Recreation District 5.75% 03/01/2014 ...................................... 990,000 1,092,920 Washington County Housing Authority Multifamily Tualatin Meadows (AMT) 5.90% 11/01/2018 ...................................... 1,000,000 1,029,690 Washington County Unified Sewer Agency 5.50% 10/01/2016 ...................................... 1,250,000 1,296,213 Washington County Unified Sewer Agency Series A 0.00% 10/01/2003 ...................................... 1,000,000 888,950 0.00% 10/01/2005 ...................................... 5,230,000 4,244,302 0.00% 10/01/2007 ...................................... 4,835,000 3,573,403 Western Lane Hospital District Facility Authority Refunding Sisters St. Joseph Peace 5.625% 08/01/2007 ..................................... 2,460,000 2,610,798 ------------- 84,747,302 ------------- Total Revenue Bonds (Cost $ 252,773,645) ................................... 257,374,391 ------------- PRE-REFUNDED BONDS (0.1%) Oregon City Sewer 6.50% 10/01/2007 (Cost $ 496,044) ...................................... 500,000 537,575 ------------- OTHER BONDS (3.5%) Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012 ..................................... 755,000 760,104 Hood River Urban Renewal Agency 6.25% 12/15/2011 ...................................... 1,250,000 1,343,925 Lebanon Urban Renewal Agency 5.75% 06/01/2015 ...................................... 1,120,000 1,134,784 6.00% 06/01/2020 ...................................... 1,580,000 1,594,884 Lebanon Special Obligation Refunding Lease Water 5.40% 10/01/2013 ...................................... 755,000 761,795 Medford Urban Renewal Agency 5.875% 09/01/2010 ..................................... 500,000 527,470 Multnomah County Certificate of Participation 4.55% 08/01/2010 ...................................... $ 1,000,000 $ 1,007,200 Newberg Certificates of Participation 6.20% 12/01/2001 ...................................... 410,000 415,642 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.90% 06/01/2006 ...................................... 860,000 895,733 Portland Urban Renewal & Redevelopment Oregon Convention Center Series A 5.75% 06/15/2017 ...................................... 1,500,000 1,615,365 5.75% 06/15/2018 ...................................... 2,050,000 2,198,932 Portland Urban Renewal & Redevelopment Downtown Waterfront Series L 6.40% 06/01/2008 ...................................... 3,095,000 3,182,310 ------------- Total Other Bonds (Cost $ 14,914,386) .................................... 15,438,144 ------------- U.S. TERRITORIES (1.2%) Guam Housing Corporation Single Family Mortgage Backed Securities Series A (AMT) 5.75% 09/01/2031 ...................................... 1,500,000 1,510,680 Puerto Rico Housing Finance Corp. Multi Family Mortgage Portfolio A-1 7.50% 04/01/2022 ...................................... 1,365,000 1,399,057 Puerto Rico Housing Finance Corp. Single Family Mortgage Portfolio 1 Series C 6.75% 10/15/2013 ...................................... 710,000 731,257 Virgin Islands Public Finance Authority Unrefunded Balance Series A 7.30% 10/01/2018 ...................................... 1,185,000 1,483,442 ------------- Total U.S. Territories Bonds (Cost $ 4,889,859) ..................................... 5,124,436 ------------- TAX EXEMPT MONEY MARKET INVESTMENT (2.4%) SEI Tax Exempt #21 Money Market Fund (Cost $ 10,581,285) ................................... $10,581,285 $ 10,581,285 ------------- TOTAL INVESTMENTS (98.9%) (Cost $ 421,186,620) ...................................... 431,940,106 OTHER ASSETS LESS LIABILITIES (1.1%) ....................... 4,603,554 ------------- NET ASSETS (100%) .......................................... $ 436,543,660 =============
See Accompanying Notes to Financial Statements 76 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- CORPORATE NOTES & BONDS (87.5%) AEROSPACE (1.9%) Precision Castparts Corp. Senior Notes 8.75% 03/15/2005 ...................................... $ 1,750,000 $ 1,830,350 ------------- AUTOMOTIVE/AUTO PARTS (4.3%) American Axle & Manufacturing, Inc. Senior Subordinated Notes 9.75% 03/01/2009 ...................................... 1,950,000 1,638,000 Hayes Wheels International, Inc. Senior Subordinated Notes, Series B 9.125% 07/15/2007 ..................................... 1,000,000 660,000 Lear Corp. Senior Notes, Series B 7.96% 05/15/2005 ...................................... 2,000,000 1,888,524 ------------- 4,186,524 ------------- BROADCASTING (1.5%) Heritage Media Corp. Senior Subordinated Notes 8.75% 02/15/2006 ...................................... 1,500,000 1,451,250 ------------- CABLE TV (10.2%) Adelphia Communications Corp. Senior Notes, Series B 10.50% 07/15/2004 ..................................... 1,500,000 1,470,000 Adelphia Communications Corp. Senior Notes 9.50% 03/01/2005 ...................................... 500,000 457,500 Senior Discount Notes 0.00% 03/15/2003 ...................................... 50,000 37,500 Charter Communications Holdings L.L.C./ Charter Communications Holdings Capital Corp. Senior Notes 10.00% 04/01/2009 ..................................... 2,000,000 1,920,000 CSC Holdings, Inc. Senior Notes 7.875% 12/15/2007 ..................................... 1,750,000 1,741,722 CSC Holdings, Inc. Senior Debentures, Series B 8.125% 08/15/2009 ..................................... 475,000 484,082 Jones Intercable, Inc. Senior Notes 8.875% 04/01/2007 ..................................... 700,000 743,141 Rogers Cablesystems Ltd. Notes 9.625% 08/01/2002 ..................................... $ 490,000 $ 498,575 Rogers Cablesystems Ltd. Senior Secured Second Priority Debentures 10.00% 12/01/2007 ..................................... 500,000 526,250 Rogers Communications, Inc. Senior Notes 8.875% 07/15/2007 ..................................... 1,000,000 995,000 Shaw Communications, Inc. Senior Notes 8.25% 04/11/2010 ...................................... 1,000,000 1,051,870 ------------- 9,925,640 ------------- CONSUMER PRODUCTS (1.7%) The Scotts Co. (144A) Senior Subordinated Notes 8.625% 01/15/2009 ..................................... 1,750,000 1,666,875 ------------- CONTAINERS (3.5%) Ball Corp. Senior Notes 7.75% 08/01/2006 ...................................... 2,000,000 1,925,000 Silgan Holdings, Inc. Senior Subordinated Debentures 9.00% 06/01/2009 ...................................... 1,750,000 1,496,250 ------------- 3,421,250 ------------- DIVERSIFIED MEDIA (6.1%) Fox/Liberty Networks L.L.C. Senior Notes 8.875% 08/15/2007 ..................................... 2,000,000 2,035,000 Lamar Media Corp. Senior Subordinated Notes 9.625% 12/01/2006 ..................................... 1,750,000 1,802,500 Outdoor Systems, Inc. Senior Subordinated Notes 9.375% 10/15/2006 ..................................... 1,285,000 1,336,400 8.875% 06/15/2007 ..................................... 750,000 778,125 ------------- 5,952,025 ------------- ELECTRIC (4.5%) AES Corp. Senior Subordinated Notes 10.25% 07/15/2006 ..................................... 800,000 826,000 8.50 11/01/2007 ....................................... 750,000 723,750 Calpine Corp. Senior Notes 7.625% 04/15/2006 ..................................... 1,500,000 1,432,920 8.75% 07/15/2007 ...................................... 500,000 497,200
See Accompanying Notes to Financial Statements 77 SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- COLUMBIA HIGH YIELD FUND (CONT.) December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- CMS Energy X-Tras (144A) Pass Thru Trust I Senior Notes 7.00% 01/15/2005 ...................................... $ 1,000,000 $ 914,370 ------------- 4,394,240 ------------- ENERGY (7.5%) Gulf Canada Resources Ltd. Senior Subordinated Debentures 9.625% 07/01/2005 ..................................... 1,350,000 1,388,813 Newpark Resources, Inc. Senior Subordinated Notes, Series B 8.625% 12/15/2007 ..................................... 1,000,000 927,500 Pride International, Inc. Senior Notes 9.375% 05/01/2007 ..................................... 500,000 511,250 10.00% 06/01/2009 ..................................... 1,000,000 1,050,000 R&B Falcon Corp. Senior Notes, Series B 6.50% 04/15/2003 ...................................... 500,000 480,000 RBF Finance Co. Senior Secured Notes 11.00% 03/15/2006 ..................................... 1,000,000 1,157,500 Vintage Petroleum, Inc. Senior Subordinated Notes 9.75% 06/30/2009 ...................................... 1,750,000 1,855,000 ------------- 7,370,063 ------------- ENVIRONMENTAL (4.0%) Allied Waste North America, Inc. Senior Subordinated Notes, Series B 10.00% 08/01/2009 ..................................... 1,750,000 1,636,250 USA Waste Services, Inc. Notes 6.125% 07/15/2001 ..................................... 1,000,000 993,200 Waste Management, Inc. Notes 7.125% 06/15/2001 ..................................... 500,000 499,125 WMX Technologies, Inc. Notes 6.70% 05/01/2001 ...................................... 750,000 748,125 ------------- 3,876,700 ------------- GAMING (7.2%) Harrah's Operating, Inc. Senior Subordinated Notes 7.875% 12/15/2005 ..................................... 2,250,000 2,227,500 International Game Technology Senior Notes 7.875% 05/15/2004 ..................................... $ 1,000,000 $ 990,000 Park Place Entertainment Corp. Senior Subordinated Notes 9.375% 02/15/2007 ..................................... 2,000,000 2,060,000 Station Casinos, Inc. Senior Subordinated Notes 10.125% 03/15/2006 .................................... 500,000 515,000 9.75% 04/15/2007 ...................................... 1,250,000 1,265,625 ------------- 7,058,125 ------------- HEALTHCARE (3.8%) HCA - The Healthcare Co. Notes 6.91% 06/15/2005 ...................................... 2,000,000 1,935,000 Tenet Healthcare Corp. Senior Notes 8.625% 12/01/2003 ..................................... 500,000 512,500 Tenet Healthcare Corp. Senior Subordinated Notes, Series B 8.125% 12/01/2008 ..................................... 1,250,000 1,259,375 ------------- 3,706,875 ------------- HOMEBUILDERS/REAL ESTATE (2.3%) Toll Corp. Senior Subordinated Notes 8.75% 11/15/2006 ...................................... 500,000 490,000 7.75% 09/15/2007 ...................................... 500,000 466,250 8.00% 05/01/2009 ...................................... 500,000 462,500 Webb (Del) Corp. Senior Subordinated Debentures 9.375% 05/01/2009 ..................................... 1,000,000 855,000 ------------- 2,273,750 ------------- MISCELLANEOUS (3.0%) United Rentals, Inc. Senior Subordinated Notes, Series B 9.50% 06/01/2008 ...................................... 950,000 739,812 8.80% 08/15/2008 ...................................... 500,000 374,375 United Rentals, Inc. Senior Notes, Series B 9.25% 01/15/2009 ...................................... 500,000 379,375 United Stationers Supply Co. Senior Subordinated Notes 8.375% 04/15/2008 ..................................... 1,500,000 1,395,000 ------------- 2,888,562 ------------- PAPER/FOREST PRODUCTS (1.5%) Buckeye Technologies, Inc. Senior Subordinated Notes 8.50% 12/15/2005 ...................................... 1,500,000 1,434,375 -------------
See Accompanying Notes to Financial Statements 78 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- PUBLISHING/PRINTING (1.0%) Primedia, Inc. Senior Notes 10.25% 06/01/2004 ..................................... $ 1,000,000 $ 1,000,000 ------------- REAL ESTATE INVESTMENT TRUSTS (3.8%) Health Care Property Investors, Inc. Notes 6.875% 06/08/2005 ..................................... 1,500,000 1,419,660 Simon Property Group, Inc. Notes 6.75% 02/09/2004 ...................................... 2,400,000 2,345,424 ------------- 3,765,084 ------------- RESTAURANTS (2.0%) Tricon Global Restaurants, Inc. Senior Notes 7.45% 05/15/2005 ...................................... 2,000,000 1,963,370 ------------- SERVICES (1.6%) Iron Mountain, Inc. Senior Subordinated Notes 10.125% 10/01/2006 .................................... 1,500,000 1,552,500 ------------- SHIPPING (1.0%) Teekay Shipping Corp. Gtd. 1st Pfd. Ship. Mtg. Notes 8.32% 02/01/2008 ...................................... 1,000,000 958,750 ------------- SOVEREIGN - OTHER (1.7%) United Mexican States Notes 9.875% 02/01/2010 ..................................... 1,600,000 1,716,800 ------------- SPECIALTY RETAILERS (1.2%) *Flooring America, Inc. Senior Subordinated Notes, Series B 12.75% 10/15/2002 ..................................... 739,000 96,070 Zale Corp. Senior Notes, Series B 8.50% 10/01/2007 ...................................... 1,110,000 1,065,600 ------------- 1,161,670 ------------- TECHNOLOGY (1.8%) Unisys Corp. Senior Notes 11.75% 10/15/2004 ..................................... 1,650,000 1,736,625 ------------- TELECOMMUNICATIONS (10.4%) Crown Castle International Corp. Senior Notes 10.75% 08/01/2011 ..................................... 1,500,000 1,545,000 Flag Ltd. Senior Notes 8.25% 01/30/2008 ...................................... 1,750,000 1,487,500 Level 3 Communications, Inc. Senior Notes 9.125% 05/01/2008 ..................................... 1,000,000 800,000 Senior Discount Notes 0.00% to 12/01/2003 then 10.50% to 12/01/2008 .................................. $ 2,050,000 $ 1,107,000 McLeodUSA, Inc. Senior Notes 9.25% 07/15/2007 ...................................... 500,000 455,000 9.50% 11/01/2008 ...................................... 1,500,000 1,365,000 Metromedia Fiber Network, Inc. Senior Notes, Series B 10.00% 11/15/2008 ..................................... 1,950,000 1,623,375 Nextlink Communications, Inc. Senior Discount Notes 0.00% to 04/15/2003 then 9.45% to 04/15/2008 ................................... 1,000,000 520,000 Senior Notes 10.75% 11/15/2008 ..................................... 1,000,000 815,000 10.75% 06/01/2009 ..................................... 500,000 407,500 ------------- 10,125,375 ------------- Total Corporate Notes & Bonds (Cost $ 88,942,897) .................................... 85,416,778 ------------- REPURCHASE AGREEMENTS (13.8%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $8,662,846. Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 ..................... 8,661,284 8,661,284 Merrill Lynch 6.59% dated 12/29/2000, due 01/02/2001 in the amount of $4,800,867. Collateralized by U.S. Treasury Strips due 02/15/2006 to 05/15/2027 .......................... 4,800,000 4,800,000 ------------- Total Repurchase Agreements (Cost $ 13,461,284) .................................... 13,461,284 ------------- TOTAL INVESTMENTS (101.3%) (Cost $ 102,404,181) ...................................... 98,878,062 OTHER ASSETS LESS LIABILITIES (-1.3%) ...................... (1,302,761) ------------- NET ASSETS (100.0%) ........................................ $ 97,575,301 =============
* 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 December 31, 2000
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES (3.3%) *Fannie Mae 6.26% 05/10/2001 ...................................... $20,000,000 $ 20,000,000 *Sallie Mae 6.31% 08/08/2001 ...................................... 20,000,000 19,994,157 ------------- Total U.S. Government Securities (Cost $ 39,994,157) .................................... 39,994,157 ------------- COMMERCIAL PAPER (95.9%) Abbey National NA 6.52% 01/18/2001 ...................................... 10,000,000 9,967,400 6.51% 01/25/2001 ...................................... 17,000,000 16,923,087 6.52% 01/29/2001 ...................................... 13,000,000 12,931,721 Alcoa, Inc. 6.52% 01/08/2001 ...................................... 20,000,000 19,971,022 American Express Credit Corp. 6.20% 03/21/2001 ...................................... 16,000,000 15,779,555 American General Finance Corp. 6.51% 02/09/2001 ...................................... 15,000,000 14,891,500 American Honda Finance Corp. 6.50% 02/21/2001 ...................................... 16,000,000 15,849,778 6.51% 02/22/2001 ...................................... 11,000,000 10,894,574 6.49% 02/23/2001 ...................................... 12,000,000 11,883,180 Archer Daniels Midland Co. 6.47% 03/06/2001 ...................................... 20,000,000 19,766,361 6.45% 03/07/2001 ...................................... 7,000,000 6,917,225 6.35% 04/11/2001 ...................................... 15,000,000 14,732,771 Associates Corp. NA 6.53% 01/09/2001 ...................................... 20,000,000 19,967,350 AT&T Corp. 6.51% 01/29/2001 ...................................... 18,000,000 17,905,605 Bank One Corp. 6.17% 04/20/2001 ...................................... 18,000,000 17,660,650 6.14% 04/23/2001 ...................................... 20,000,000 19,614,544 Becton, Dickinson & Co. 6.37% 03/22/2001 ...................................... 16,000,000 15,770,680 Campbell Soup Co. 6.49% 02/07/2001 ...................................... 23,000,000 22,842,437 Caterpillar Financial Services Corp. 6.56% 01/03/2001 ...................................... 25,000,000 24,986,333 6.44% 03/13/2001 ...................................... 15,000,000 14,806,800 Chevron Transport Corp. 6.53% 01/16/2001 ...................................... 14,000,000 13,959,369 6.49% 02/15/2001 ...................................... 12,000,000 11,900,487 CIT Group, Inc. 6.53% 01/31/2001 ...................................... 22,000,000 21,876,293 6.49% 02/16/2001 ...................................... 20,000,000 19,830,539 Citicorp 6.55% 01/17/2001 ...................................... $13,000,000 $ 12,959,790 6.57% 01/23/2001 ...................................... 12,000,000 11,949,630 Coca Cola Co. 6.50% 01/22/2001 ...................................... 14,000,000 13,944,389 DaimlerChrysler NA Holding Corp. 6.51% 02/23/2001 ...................................... 12,000,000 11,882,820 Deere & Co. 6.55% 01/04/2001 ...................................... 21,000,000 20,984,717 Deutsche Bank Financial, Inc. 6.50% 02/08/2001 ...................................... 10,000,000 9,929,583 E. I. Du Pont De Nemours & Co. 6.48% 01/26/2001 ...................................... 10,200,000 10,152,264 Eastman Kodak Co. 6.52% 01/30/2001 ...................................... 11,000,000 10,940,233 Ford Motor Credit Co. 6.53% 01/17/2001 ...................................... 10,500,000 10,467,622 6.30% 03/19/2001 ...................................... 20,000,000 19,727,000 General Electric Capital Corp. 6.51% 01/19/2001 ...................................... 14,000,000 13,951,898 6.50% 02/13/2001 ...................................... 13,800,000 13,690,367 General Motors Acceptance Corp. 6.51% 02/01/2001 ...................................... 15,000,000 14,913,200 6.51% 02/05/2001 ...................................... 22,000,000 21,856,780 Goldman Sachs & Co. 6.06% 01/02/2001 ...................................... 23,000,000 22,991,758 6.56% 01/12/2001 ...................................... 14,000,000 13,969,387 Grainger (W.W.), Inc. 6.22% 03/27/2001 ...................................... 7,500,000 7,388,558 Halliburton Co. 6.56% 01/25/2001 ...................................... 12,000,000 11,945,333 6.36% 03/09/2001 ...................................... 10,000,000 9,879,867 6.32% 03/27/2001 ...................................... 8,000,000 7,879,218 Heinz, H.J. Co. 6.48% 02/14/2001 ...................................... 11,500,000 11,406,850 6.50% 02/15/2001 ...................................... 13,000,000 12,892,028 Household Finance Corp. 6.51% 01/26/2001 ...................................... 11,000,000 10,948,282 Illinois Tool Works, Inc. 6.46% 01/30/2001 ...................................... 17,000,000 16,908,483 International Lease Finance Corp. 6.48% 02/12/2001 ...................................... 11,000,000 10,914,860 6.45% 03/02/2001 ...................................... 25,000,000 24,726,771 John Deere Capital Corp. 6.53% 01/18/2001 ...................................... 10,000,000 9,967,350 6.56% 01/23/2001 ...................................... 10,000,000 9,958,089 Kellogg Co. 6.55% 01/05/2001 ...................................... 15,670,000 15,655,745 Lubrizol Corp. 6.46% 02/06/2001 ...................................... 15,000,000 14,900,408 6.50% 02/20/2001 ...................................... 16,000,000 15,852,667
See Accompanying Notes to Financial Statements 80 SCHEDULE OF INVESTMENTS - --------------------------------------------------------------------------------
PRINCIPAL AMOUNT VALUE - --------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 6.54% 01/16/2001 ...................................... $11,000,000 $ 10,968,027 6.54% 01/17/2001 ...................................... 10,000,000 9,969,117 6.55% 02/09/2001 ...................................... 12,000,000 11,912,667 Morgan, J.P. & Co., Inc. 6.56% 02/01/2001 ...................................... 10,000,000 9,941,689 6.36% 03/13/2001 ...................................... 14,000,000 13,821,920 6.32% 03/19/2001 ...................................... 12,000,000 11,835,680 Morgan Stanley Dean Witter & Co. 6.65% 01/05/2001 ...................................... 10,000,000 9,990,764 6.51% 02/06/2001 ...................................... 21,000,000 20,859,492 6.35% 03/15/2001 ...................................... 11,000,000 10,856,419 Motorola Credit Corp. 6.23% 03/23/2001 ...................................... 11,500,000 11,336,809 Motorola, Inc. 6.46% 03/20/2001 ...................................... 20,000,000 19,716,478 Pacificorp 6.30% 03/16/2001 ...................................... 20,000,000 19,737,500 Pitney Bowes Credit Corp. 6.21% 03/22/2001 ...................................... 15,000,000 14,790,413 PPG Industries, Inc. 6.55% 01/09/2001 ...................................... 20,000,000 19,967,250 6.56% 01/12/2001 ...................................... 14,000,000 13,969,387 6.40% 01/30/2001 ...................................... 8,000,000 7,957,333 Prudential Funding Corp. 6.50% 01/23/2001 ...................................... 8,500,000 8,464,701 6.50% 01/24/2001 ...................................... 23,000,000 22,900,333 St. Paul Cos. 6.55% 01/26/2001 ...................................... 7,000,000 6,966,886 UBS Finance, Inc. 6.53% 01/18/2001 ...................................... 12,000,000 11,960,820 6.49% 02/22/2001 ...................................... 11,000,000 10,894,898 6.46% 03/02/2001 ...................................... 18,000,000 17,802,970 Verizon Global Funding Corp. 6.52% 02/16/2001 ...................................... 15,000,000 14,872,317 Wells Fargo & Co. 6.55% 02/08/2001 ...................................... 20,000,000 19,858,083 ------------- Total Commercial Paper (Cost $ 1,148,517,161) ................................. 1,148,517,161 ------------- REPURCHASE AGREEMENT (0.9%) J.P. Morgan Securities, Inc. 6.58% Dated 12/29/2000, due 01/02/2001 in the amount of $ 10,396,115 Collateralized by U.S. Treasury Notes 5.25% to 6.625% due 05/15/2001 to 02/15/2006 U.S. Treasury Bonds 5.25% to 8.875% due 08/15/2017 to 11/15/2028 U.S. Treasury Bill due 03/01/2001 (Cost $ 10,394,241) ................................... $10,394,241 $ 10,394,241 ------------- TOTAL INVESTMENTS (100.1%) (Cost $ 1,198,905,559) .................................... 1,198,905,559 OTHER ASSETS LESS LIABILITIES (-0.1%) ...................... (754,866) ------------- NET ASSETS (100.0%) ........................................ $1,198,150,693 =============
* Floating rate note whose interest rate is reset periodically based on an index. The interest rate shown reflects the rate at December 31, 2000. See Accompanying Notes to Financial Statements 81 STATEMENTS OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- COLUMBIA FUNDS DECEMBER 31, 2000 (IN THOUSANDS EXCEPT NET ASSET VALUE)
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND -------- ---------- -------- ---------- -------- ASSETS: Investments at cost ........................................... $700,305 $1,495,848 $164,793 $ 892,988 $458,699 Investments at cost--federal income tax purposes .............. $708,495 $1,499,166 $164,793 $ 903,002 $462,550 --------- ---------- -------- ---------- -------- Investments at value .......................................... $897,227 $1,933,330 $173,994 $1,114,354 $522,116 Cash .......................................................... -- 337 43 -- -- Cash denominated in foreign currencies (cost $1,669) .......... -- -- 1,705 -- -- Receivable for: Investments sold ............................................ 15,467 1,721 2,794 1,050 1,755 Capital stock sold .......................................... 951 1,375 222 7,150 4,492 Interest .................................................... 127 318 88 473 360 Dividends ................................................... 535 704 192 115 -- Expense reimbursement ....................................... -- -- -- -- -- -------- ---------- -------- ---------- -------- Total assets .................................................. 914,307 1,937,785 179,038 1,123,142 528,723 -------- ---------- -------- ---------- -------- LIABILITIES: Payable for: Covered call options at value (cost $3,988) ................... -- -- -- 1,361 -- Investments purchased ......................................... 14,853 14,129 2,168 13,696 6,337 Capital stock redeemed ........................................ 3,695 3,272 1,289 11,580 2,827 Dividends and distributions ................................... -- -- -- -- -- Investment management fee ..................................... 456 902 147 794 425 Transfer agent fees and expenses .............................. 71 127 45 76 40 Other accrued expenses ........................................ 98 128 73 110 124 -------- ---------- -------- ---------- -------- Total liabilities ............................................... 19,173 18,558 3,722 27,617 9,753 -------- ---------- -------- ---------- -------- NET ASSETS ...................................................... $895,134 $1,919,227 $175,316 $1,095,525 $518,970 ======== ========== ======== ========== ======== NET ASSETS consist of: Paid-in capital ............................................... $705,835 $1,478,700 $169,298 $ 845,437 $475,787 Undistributed net realized gains (accumulated losses) from investment transactions ..................................... (7,623) 3,045 (3,219) 26,095 (20,234) Unrealized appreciation (depreciation) on: Investments ................................................. 196,922 437,482 9,201 223,993 63,417 Translation of assets and liabilities in foreign currencies.. -- -- 36 -- -- -------- ---------- -------- ---------- -------- NET ASSETS ...................................................... $895,134 $1,919,227 $175,316 $1,095,525 $518,970 ======== ========== ======== ========== ======== SHARES OF CAPITAL STOCK OUTSTANDING ............................. 36,781 47,895 11,867 42,157 20,058 ======== ========== ======== ========== ======== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ........ $ 24.34 $ 40.07 $ 14.77 $ 25.99 $ 25.87 ======== ========== ======== ========== ========
See Accompanying Notes to Financial Statements 82 STATEMENTS OF ASSETS AND LIABILITIES - --------------------------------------------------------------------------------
REAL ESTATE STRATEGIC SHORT TERM EQUITY TECHNOLOGY VALUE BALANCED BOND FUND FUND FUND FUND FUND --------- --------- -------- ----------- ----------- ASSETS: Investments at cost ........................................... $ 386,347 $ 4,939 $ 8,430 $ 998,537 $ 34,855 Investments at cost--federal income tax purposes .............. $ 383,306 $ 5,110 $ 8,436 $ 1,004,188 $ 35,019 --------- --------- -------- ----------- ----------- Investments at value .......................................... $ 440,632 $ 4,700 $ 9,277 $ 1,136,670 $ 35,417 Cash .......................................................... -- -- -- -- -- Cash denominated in foreign currencies (cost $1,669) .......... -- -- -- -- -- Receivable for: Investments sold ............................................ 5,287 222 219 780 322 Capital stock sold .......................................... 2,764 102 401 6,089 43 Interest .................................................... 167 6 7 6,126 437 Dividends ................................................... 1,983 -- 7 418 -- Expense reimbursement ....................................... -- 33 28 -- 9 --------- --------- -------- ----------- ----------- Total assets .................................................. 450,833 5,063 9,939 1,150,083 36,228 --------- --------- -------- ----------- ----------- LIABILITIES: Payable for: Covered call options at value (cost $3,988) ................. -- -- -- -- -- Investments purchased ....................................... 11,362 707 391 2,126 306 Capital stock redeemed ...................................... 2,174 4 -- 10,306 21 Dividends and distributions ................................. 180 -- -- 117 9 Investment management fee ................................... 270 3 4 478 15 Transfer agent fees and expenses ............................ 18 1 1 77 8 Other accrued expenses ...................................... 65 21 17 125 13 --------- --------- -------- ----------- ----------- Total liabilities ............................................. 14,069 736 413 23,229 372 --------- --------- -------- ----------- ----------- NET ASSETS ...................................................... $ 436,764 $ 4,327 $ 9,526 $ 1,126,854 $ 35,856 ========= ========= ======== =========== =========== NET ASSETS consist of: Paid-in capital ............................................... $ 390,982 $ 4,781 $ 8,699 $ 1,002,698 $ 35,791 Undistributed net realized gains (accumulated losses) from investment transactions ..................................... (8,503) (215) (20) (13,977) (497) Unrealized appreciation (depreciation) on: Investments ................................................. 54,285 (239) 847 138,133 562 Translation of assets and liabilities in foreign currencies.. -- -- -- -- -- --------- --------- -------- ----------- ----------- NET ASSETS ...................................................... $ 436,764 $ 4,327 $ 9,526 $ 1,126,854 $ 35,856 ========= ========= ======== =========== =========== SHARES OF CAPITAL STOCK OUTSTANDING ............................. 24,410 501 848 49,073 4,291 ========= ========= ======== =========== =========== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ........ $ 17.89 $ 8.63 $ 11.23 $ 22.96 $ 8.36 ========= ========= ======== =========== =========== FIXED NATIONAL OREGON COLUMBIA INCOME MUNICIPAL MUNICIPAL DAILY SECURITIES BOND BOND HIGH YIELD INCOME FUND FUND FUND FUND COMPANY ----------- ----------- ----------- ----------- ----------- ASSETS: Investments at cost ........................................... $ 369,855 $ 10,775 $ 421,187 $ 102,404 $ 1,198,906 Investments at cost-- federal income tax purposes ............. $ 370,086 $ 10,775 $ 421,196 $ 102,404 $ 1,198,906 ----------- ----------- ----------- ----------- ----------- Investments at value .......................................... $ 377,797 $ 11,064 $ 431,940 $ 98,878 $ 1,198,906 Cash .......................................................... -- -- -- -- 4,000 Cash denominated in foreign currencies (cost $1,669) .......... -- -- -- -- -- Receivable for: Investments sold ............................................ 64 -- -- -- -- Capital stock sold .......................................... 335 -- 112 867 4,916 Interest .................................................... 5,054 164 5,637 1,948 403 Dividends ................................................... -- -- -- -- -- Expense reimbursement ....................................... -- 10 -- -- -- ----------- ----------- ----------- ----------- ----------- Total assets .................................................. 383,250 11,238 437,689 101,693 1,208,225 ----------- ----------- ----------- ----------- ----------- LIABILITIES: Payable for: Covered call options at value (cost $3,988) ................... -- -- -- -- -- Investments purchased ......................................... 2,635 -- -- 3,714 -- Capital stock redeemed ........................................ 1,331 286 447 211 9,377 Dividends and distributions ................................... 258 35 470 111 -- Investment management fee ..................................... 160 5 183 45 469 Transfer agent fees and expenses .............................. 28 3 13 10 85 Other accrued expenses ........................................ 39 11 32 27 143 ----------- ----------- ----------- ----------- ----------- Total liabilities ............................................. 4,451 340 1,145 4,118 10,074 ----------- ----------- ----------- ----------- ----------- NET ASSETS ...................................................... $ 378,799 $ 10,898 $ 436,544 $ 97,575 $ 1,198,151 =========== =========== =========== =========== =========== NET ASSETS consist of: Paid-in capital ............................................... $ 385,999 $ 10,674 $ 425,828 $ 103,797 $ 1,198,151 Undistributed net realized gains (accumulated losses) from investment transactions ..................................... (15,142) (65) (37) (2,696) -- Unrealized appreciation (depreciation) on: Investments ................................................. 7,942 289 10,753 (3,526) -- Translation of assets and liabilities in foreign currencies -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- NET ASSETS ...................................................... $ 378,799 $ 10,898 $ 436,544 $ 97,575 $ 1,198,151 =========== =========== =========== =========== =========== SHARES OF CAPITAL STOCK OUTSTANDING ............................. 29,197 1,110 35,997 10,863 1,198,151 =========== =========== =========== =========== =========== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ........ $ 12.97 $ 9.82 $ 12.13 $ 8.98 $ 1.00 =========== =========== =========== =========== ===========
See Accompanying Notes to Financial Statements 83 STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- COLUMBIA FUNDS FOR THE YEAR ENDED DECEMBER 31, 2000 (IN THOUSANDS)
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ---------- ---------- ---------- ---------- --------- NET INVESTMENT INCOME: Income: Interest .................................................... $ 1,201 $ 2,974 $ 965 $ 4,806 $ 3,050 Dividends ................................................... 5,583 7,448 1,952 2,094 454 Foreign withholding tax on dividend income .................. -- -- (230) -- -- ---------- ---------- ---------- ---------- --------- Total income .............................................. 6,784 10,422 2,687 6,900 3,504 ---------- ---------- ---------- ---------- --------- Expenses: Investment management fees .................................. 5,845 12,039 2,197 9,717 4,515 Transfer agent fees and expenses ............................ 857 1,504 532 895 434 Shareholder servicing fees .................................. 309 198 17 253 218 Postage, printing, and other ................................ 150 396 132 167 98 Custodian fees .............................................. 92 174 169 112 92 Registration and filing fees ................................ 38 66 28 26 113 Legal, insurance, and audit fees ............................ 40 55 43 48 37 Director fees ............................................... 8 18 2 9 4 ---------- ---------- ---------- ---------- --------- Total expenses ............................................ 7,339 14,450 3,120 11,227 5,511 Fees paid indirectly ........................................ (27) (53) (15) (34) (19) Expense reimbursements ...................................... -- -- -- -- -- ---------- ---------- ---------- ---------- --------- Net expenses .............................................. 7,312 14,397 3,105 11,193 5,492 ---------- ---------- ---------- ---------- --------- Net investment income (loss) .................................. (528) (3,975) (418) (4,293) (1,988) ---------- ---------- ---------- ---------- --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ..................................... 77,923 181,942 22,823 228,792 34,983 Foreign currency transactions ............................... -- -- (571) -- -- ---------- ---------- ---------- ---------- --------- Net realized gain (loss) .................................. 77,923 181,942 22,252 228,792 34,983 ---------- ---------- ---------- ---------- --------- Change in net unrealized appreciation or depreciation on: Investments ................................................. (134,130) (347,199) (78,760) (103,303) (30,358) Translation of assets and liabilities in foreign currencies.. -- -- 40 -- -- ---------- ---------- ---------- ---------- --------- Change in net unrealized appreciation or depreciation ..... (134,130) (347,199) (78,720) (103,303) (30,358) ---------- ---------- ---------- ---------- --------- Net realized and unrealized gain (loss) on investments .... (56,207) (165,257) (56,468) 125,489 4,625 ---------- ---------- ---------- ---------- --------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ............................................... $ (56,735) $(169,232) $ (56,886) $ 121,196 $ 2,637 ========== ========== ========== ========== =========
*For the period October 27, 2000 (inception of operations) through December 31, 2000. See Accompanying Notes to Financial Statements 84 STATEMENTS OF OPERATIONS - --------------------------------------------------------------------------------
REAL ESTATE STRATEGIC SHORT TERM EQUITY TECHNOLOGY VALUE BALANCED BOND FUND FUND* FUND* FUND FUND --------- -------- --------- ----------- ----------- NET INVESTMENT INCOME: Income: Interest .................................................... $ 1,148 $ 10 $ 12 $ 32,786 $ 2,115 Dividends ................................................... 19,449 -- 10 3,696 -- Foreign withholding tax on dividend income .................. -- -- -- -- -- --------- -------- --------- ----------- ----------- Total income .............................................. 20,597 10 22 36,482 2,115 --------- -------- --------- ----------- ----------- Expenses: Investment management fees .................................. 2,528 4 5 5,394 178 Transfer agent fees and expenses ............................ 206 1 1 927 93 Shareholder servicing fees .................................. 295 7 7 352 1 Postage, printing, and other ................................ 41 -- 1 118 12 Custodian fees .............................................. 40 13 8 109 7 Registration and filing fees ................................ 82 2 3 69 8 Legal, insurance, and audit fees ............................ 28 12 12 45 21 Director fees ............................................... 3 -- -- 9 -- --------- -------- --------- ----------- ----------- Total expenses ............................................ 3,223 39 37 7,023 320 Fees paid indirectly ........................................ (11) (28) (3) Expense reimbursements ...................................... -- (33) (28) -- (9) --------- -------- --------- ----------- ----------- Net expenses .............................................. 3,212 6 9 6,995 308 --------- -------- --------- ----------- ----------- Net investment income (loss) ................................ 17,385 4 13 29,487 1,807 --------- -------- --------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ..................................... (2,132) (215) (20) 34,216 (160) Foreign currency transactions ............................... -- -- -- -- -- --------- -------- --------- ----------- ----------- Net realized gain (loss) .................................. (2,132) (215) (20) 34,216 (160) --------- -------- --------- ----------- ----------- Change in net unrealized appreciation or depreciation on: Investments ................................................. 67,537 (239) 847 (58,072) 826 Translation of assets and liabilities in foreign currencies.. -- -- -- -- -- --------- -------- --------- ----------- ----------- Change in net unrealized appreciation or depreciation ..... 67,537 (239) 847 (58,072) 826 --------- -------- --------- ----------- ----------- Net realized and unrealized gain (loss) on investments .... 65,405 (454) 827 (23,856) 666 --------- -------- --------- ----------- ----------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ............................................... $ 82,790 $ (450) $ 840 $ 5,631 $ 2,473 ========= ======== ========= =========== =========== FIXED NATIONAL OREGON COLUMBIA INCOME MUNICIPAL MUNICIPAL DAILY SECURITIES BOND BOND HIGH YIELD INCOME FUND FUND FUND FUND COMPANY ------- ------ ------- ------- ------- NET INVESTMENT INCOME: Income: Interest .................................................... $27,121 $ 576 $22,778 $ 7,061 $75,895 Dividends ................................................... -- -- -- -- -- Foreign withholding tax on dividend income .................. -- -- -- -- -- ------- ------ ------- ------- ------- Total income .............................................. 27,121 576 22,778 7,061 75,895 ------- ------ ------- ------- ------- Expenses: Investment management fees .................................. 1,886 54 2,074 464 5,483 Transfer agent fees and expenses ............................ 345 37 154 112 1,021 Shareholder servicing fees .................................. 93 -- 14 40 2 Postage, printing, and other ................................ 71 18 69 23 224 Custodian fees .............................................. 43 2 29 21 292 Registration and filing fees ................................ 23 2 5 27 43 Legal, insurance, and audit fees ............................ 34 25 38 27 46 Director fees ............................................... 3 -- 3 1 10 ------- ------ ------- ------- ------- Total expenses ............................................ 2,498 138 2,386 715 7,121 Fees paid indirectly ........................................ (13) -- (6) (7) (117) Expense reimbursements ...................................... -- (68) -- -- -- ------- ------ ------- ------- ------- Net expenses .............................................. 2,485 70 2,380 708 7,004 ------- ------ ------- ------- ------- Net investment income (loss) .................................. 24,636 506 20,398 6,353 68,891 ------- ------ ------- ------- ------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions ..................................... (5,893) (61) 320 (1,570) -- Foreign currency transactions ............................... -- -- -- -- -- ------- ------ ------- ------- ------- Net realized gain (loss) .................................. (5,893) (61) 320 (1,570) -- ------- ------ ------- ------- ------- Change in net unrealized appreciation or depreciation on: Investments ................................................. 21,661 690 20,124 (1,057) -- Translation of assets and liabilities in foreign currencies.. -- -- -- -- -- ------- ------ ------- ------- ------- Change in net unrealized appreciation or depreciation ..... 21,661 690 20,124 (1,057) -- ------- ------ ------- ------- ------- Net realized and unrealized gain (loss) on investments .... 15,768 629 20,444 (2,627) -- ------- ------ ------- ------- ------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS ............................................... $40,404 $1,135 $40,842 $ 3,726 $68,891 ======= ====== ======= ======= =======
See Accompanying Notes to Financial Statements 85 STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- COLUMBIA FUNDS FOR THE YEAR ENDED DECEMBER 31, (IN THOUSANDS)
INTERNATIONAL COMMON STOCK FUND GROWTH FUND STOCK FUND 2000 1999 2000 1999 2000 1999 -------- -------- ---------- ---------- -------- -------- OPERATIONS: Net investment income (loss) ......... ........................ $ (528) $ 799 $ (3,975) $ (1,286) $ (418) $ (557) Net realized gain (loss) from: Investment transactions ..................................... 77,923 97,974 181,942 293,682 22,823 31,646 Foreign currency transactions ............................... -- -- -- -- (571) (448) Change in net unrealized appreciation or depreciation on: Investments ................................................. (134,130) 103,219 (347,199) 158,791 (78,760) 53,447 Translation of assets and liabilities in foreign currencies.. -- -- -- -- 40 (9) -------- -------- ---------- ---------- -------- -------- Net increase (decrease) resulting from operations (56,735) 201,992 (169,232) 451,187 (56,886) 84,079 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income .................................... -- (954) -- (31) -- -- From net realized gain from investment transactions and foreign currency transactions ............................... (98,504 (54,981) (227,212) (188,737) (28,787) (15,581) From return of capital ........................................ -- -- -- -- -- -- NET CAPITAL SHARE TRANSACTIONS .................................. 90,463 16,706 154,932 145,296 21,766 36,532 -------- -------- ---------- ---------- -------- -------- Net increase (decrease) in net assets (64,776) 162,763 (241,512) 407,715 (63,907) 105,030 NET ASSETS: Beginning of year ............................................. 959,910 797,147 2,160,739 1,753,024 239,223 134,193 -------- -------- ---------- ---------- -------- -------- End of year ................................................... $895,134 $959,910 $1,919,227 $2,160,739 $175,316 $239,223 ======== ======== ========== ========== ======== ========
FIXED INCOME BALANCED FUND SHORT TERM BOND FUND SECURITIES FUND 2000 1999 2000 1999 2000 1999 ---------- ---------- ------- ------- ------- -------- OPERATIONS: Net investment income ......................................... $ 29,487 $29,080 $ 1,807 $ 1,565 $24,636 $25,394 Net realized gain (loss) from investment transactions ......... 34,216 58,920 (160) (337) (5,893) (9,249) Change in net unrealized appreciation or depreciation on investments .............................................. (58,072) 33,438 826 (537) 21,661 (23,036) ---------- ---------- ------- ------- ------- -------- Net increase (decrease) resulting from operations ............. 5,631 121,438 2,473 691 40,404 (6,891) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income .................................... (29,675) (28,987) (1,807) (1,565) (24,636) (25,394) From net realized gain from investment transactions ........... (60,990) (27,017) -- (21) -- (123) NET CAPITAL SHARE TRANSACTIONS .................................. 170,948 125 (2,882) (1,611) (34,116) 7,225 ---------- ---------- ------- ------- ------- -------- Net increase (decrease) in net assets 85,914 65,559 (2,216) (2,506) (18,348) (25,183) NET ASSETS: Beginning of year ............................................. 1,040,940 975,381 38,072 40,578 397,147 422,330 ---------- ---------- ------- ------- ------- -------- End of year ................................................... $1,126,854 $1,040,940 $35,856 $38,072 $378,799 $397,147 ========== ========== ======= ======= ======== ======== Undistributed net investment income at end of year .............. $ -- $ 299 $ -- $ -- $ -- $ -- ========== ========== ======= ======= ======== ========
(1) For the period October 27, 2000 (inception of operations) through December 31, 2000. (2) For the period February 10, 1999 (inception of operations) through December 31, 1999. See Accompanying Notes to Financial Statements 86 STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPECIAL FUND SMALL CAP FUND 2000 1999 2000 1999 ---------- -------- -------- -------- OPERATIONS: Net investment income (loss) .................................. $ (4,293) $ (4,980) $(1,988) $ (1,463) Net realized gain (loss) from: Investment transactions ..................................... 228,792 202,258 34,983 35,580 Foreign currency transactions ............................... -- -- -- -- Change in net unrealized appreciation or depreciation on: Investments ................................................. (103,303) 38,704 (30,358) 68,027 Translation of assets and liabilities in foreign currencies.. -- -- -- -- ---------- -------- -------- -------- Net increase (decrease) resulting from operations ............. 121,196 235,982 2,637 102,144 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income .................................... -- -- -- -- From net realized gain from investment transactions and foreign currency transactions ............................... (267,238) (64,906) (53,611) (4,984) From return of capital ........................................ -- -- -- -- NET CAPITAL SHARE TRANSACTIONS .................................. 323,245 (222,113) 279,570 32,742 ---------- -------- -------- -------- Net increase (decrease) in net assets 177,203 (51,037) 228,596 129,902 NET ASSETS: Beginning of year ............................................. 918,322 969,359 290,374 160,472 ---------- -------- -------- -------- End of year ................................................... $1,095,525 $918,322 $518,970 $290,374 ========== ======== ======== ======== TECHNOLOGY STRATEGIC REAL ESTATE EQUITY FUND FUND VALUE FUND 2000 1999 2000 (1) 2000 (1) -------- -------- ------ ------ OPERATIONS: Net investment income (loss) .................................. $ 17,385 $ 11,701 $ 4 $ 13 Net realized gain (loss) from: Investment transactions ..................................... (2,132) (7,830) (215) (20) Foreign currency transactions ............................... -- -- -- -- Change in net unrealized appreciation or depreciation on: Investments ................................................. 67,537 (10,932) (239) 847 Translation of assets and liabilities in foreign currencies.. -- -- -- -- -------- -------- ------ ------ Net increase (decrease) resulting from operations ............. 82,790 (7,061) (450) 840 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income .................................... (17,385) (10,095) (4) (13) From net realized gain from investment transactions and foreign currency transactions ............................... -- -- -- -- From return of capital ........................................ 2 (1,606) -- -- NET CAPITAL SHARE TRANSACTIONS .................................. 129,641 96,306 4,781 8,699 -------- -------- ------ ------ Net increase (decrease) in net assets 195,048 77,544 4,327 9,526 NET ASSETS: Beginning of year ............................................. 241,716 164,172 -- -- -------- -------- ------ ------ End of year ................................................... $436,764 $241,716 $4,327 $9,526 ======== ======== ====== ======
NATIONAL MUNICIPAL OREGON MUNICIPAL BOND FUND BOND FUND 2000 1999 (2) 2000 1999 --------- --------- --------- --------- OPERATIONS: Net investment income .................. $ 506 $ 228 $ 20,398 $ 20,838 Net realized gain (loss) from investment transactions .............. (61) (4) 320 583 Change in net unrealized appreciation or depreciation on investments ....................... 690 (401) 20,124 (33,170) --------- --------- --------- --------- Net increase (decrease) resulting from operations ........................... 1,135 (177) 40,842 (11,749) DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ............. (506) (228) (20,398) (20,838) From net realized gain from investment transactions ......................... -- -- (286) (664) NET CAPITAL SHARE TRANSACTIONS ........... 134 10,540 6,467 (19,639) --------- --------- --------- --------- Net increase (decrease) in net assets 763 10,135 26,625 (52,890) NET ASSETS: Beginning of year ...................... 10,135 -- 409,919 462,809 --------- --------- --------- --------- End of year ............................ $ 10,898 $ 10,135 $ 436,544 $ 409,919 ========= ========= ========= ========= Undistributed net investment income at end of year .............................. $ -- $ -- $ -- $ -- ========= ========= ========= ========= COLUMBIA DAILY HIGH YIELD FUND INCOME COMPANY 2000 1999 2000 1999 -------- -------- ---------- ---------- OPERATIONS: Net investment income .................. $ 6,353 $ 5,211 $ 68,891 $ 51,618 Net realized gain (loss) from investment transactions .............. (1,570) (1,091) -- -- Change in net unrealized appreciation or depreciation on investments ....................... (1,057) (2,631) -- -- -------- -------- ---------- --------- Net increase (decrease) resulting from operations ........................... 3,726 1,489 68,891 51,618 DISTRIBUTIONS TO SHAREHOLDERS: From net investment income ............. (6,353) (5,211) (68,891) (51,618) From net realized gain from investment transactions ......................... -- (54) -- -- NET CAPITAL SHARE TRANSACTIONS ........... 28,524 17,930 32,862 56,148 -------- -------- ---------- --------- Net increase (decrease) in net assets 25,897 14,154 32,862 56,148 NET ASSETS: Beginning of year ...................... 71,678 57,524 1,165,289 1,109,141 -------- -------- ---------- ---------- End of year ............................ $ 97,575 $ 71,678 $1,198,151 $1,165,289 ======== ======== ========== ========== Undistributed net investment income at end of year .............................. $ -- $ -- $ -- $ -- ======== ======== ========== ==========
See Accompanying Notes to Financial Statements 87 NOTES TO FINANCIAL STATEMENTS - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- NOTE 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 Technology Fund, Inc. Columbia Strategic Value Fund, Inc. Columbia Balanced Fund, Inc. Columbia Short Term Bond 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 Technology and Oregon Municipal Bond Funds, which are non-diversified. The Technology and Strategic Value Funds began operations on October 27, 2000 and commenced a public offering on November 9, 2000. On September 15, 2000, shareholders of the Short Term Bond Fund approved a change of the Fund's name from Columbia U.S. Government Securities Fund, Inc. to Columbia Short Term Bond Fund, Inc. 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 sale prices reported by the principal securities exchanges on which the investments are traded or, in the absence of recorded sales, at the closing bid prices on such exchanges or over-the-counter markets. Fixed income securities are valued based on market values as quoted by dealers who are market makers in these securities, by independent pricing services, or by the 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 values for municipal securities are based on bid prices. Investment securities with less than 60 days to maturity when purchased, and all securities held by Columbia Daily Income Company, are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available will be valued at fair market value as determined in good faith under procedures established by and under the general supervision of the Board of Directors of each Fund. REPURCHASE AGREEMENTS. The Funds may engage in repurchase agreement transactions. The Funds, through their custodians, receive delivery of underlying securities collateralizing repurchase agreements. The Funds' investment advisor determines that the value of the underlying securities is at all times at least equal to the resale price. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. OPTION CONTRACTS. Certain Funds may engage in option contracts. A fund may use option contracts to manage their exposure to the stock and bond markets and to fluctuations in interest rates and currency values. The underlying principal amounts and option values are shown in the schedule of investments. These amounts reflect each contract's exposure to the underlying instrument. Buying puts and writing calls tends to decrease a fund's exposure to the underlying instruments or to hedge other fund investments. Upon the purchase of a put option or a call option by a fund, the premium paid is recorded as an investment, the value of which is marked to market daily. When a purchased option expires, the fund will realize a loss in the amount of the cost of the option. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sale proceeds from the closing sale transaction are greater or less than the cost of the option. When a fund exercises a put option, they will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. 88 - ------------------------------------------------------------------------------- NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES (CONT.) - ------------------------------------------------------------------------------- When a fund exercises a call option, the cost of the security which the fund purchases upon exercise will be increased by the premium originally paid. When a fund writes a call option or a put option, an amount equal to the premium received by the fund is recorded as a liability, the value of which is marked to market daily. When a written option expires, the fund will realize a gain equal to the amount of the premium received. When a fund enters into a closing purchase transaction, the fund will realize a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option is sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised, the fund will realize a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the security that the fund purchased upon exercise. 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 will segregate 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 will be recorded as soon as the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of discounts or accretion of premiums. Expenses are recorded on the accrual basis and each Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses incurred on behalf of all Funds. Expenses for "fees paid indirectly" reflect earnings credits on uninvested cash balances used to reduce the Fund's custodian charges. FORWARD CURRENCY EXCHANGE CONTRACTS. Certain Funds may enter into forward currency exchange 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 year ended December 31, 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. 89 - ------------------------------------------------------------------------------- NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES (CONT.) - ------------------------------------------------------------------------------- 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, Small Cap, Technology and Strategic Value Funds are declared and paid annually. Dividends from net investment income of the Short Term Bond, 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. Additional distributions of net investment income and capital gains for each Fund may be made at the discretion of the Board of Directors in accordance with federal income tax regulations. FEDERAL INCOME TAXES. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing substantially all taxable net investment income and net realized gains to its shareholders in a manner that results in no tax to the Fund. Therefore, no federal income or excise tax provision is required. 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%. Each Fund provides for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction. PREMIUM AND DISCOUNT AMORTIZATION/PAYDOWN GAINS-LOSSES. In November 2000, a revised AICPA Audit and Accounting Guide, Audits of Investment Companies, was issued, and is effective for fiscal years beginning after December 15, 2000. The revised Guide will require the Funds to amortize premium and discount on all fixed income securities, and classify gains and losses realized on prepayments received on mortgage-backed securities presently included in realized gain/loss, as part of interest income. Upon initial adoption, the Funds will be required to adjust the cost of their fixed-income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding. Adopting these accounting principles will not affect the Funds' net asset values, but will change the classification of certain amounts between interest income and realized and unrealized gain/loss in the statements of operations. Had the Funds included paydown gains and losses in interest income in their statements of operations for the year ended December 31, 2000, net investment income and realized gain/loss would not have been materially affected. The Funds have not at this time quantified the impact, if any, resulting from the adoption of premium and discount amortization on the financial statements. OTHER. The High Yield Fund invests in lower rated debt securities, which may be more susceptible to adverse economic conditions than investment grade holdings. These securities are often subordinated to the prior claims of other senior lenders, and uncertainties exist as to an issuer's ability to meet principal and interest payments. As of December 31, 2000, 14.3% of the Fund's debt securities were rated Baa, 51.1% were rated Ba, 34.5% were rated B, and 0.1% were rated C, as rated by Moody's Investors Service, Inc. The Fund currently holds Flooring America, Inc., 12.75% Senior Subordinate Notes, Series B, due 10/15/2002, which represents less than 1% of the Fund's portfolio. Flooring America filed a bankruptcy petition for reorganization on June 15, 2000, and effective on that date, the Fund stopped accruing income on the bonds. Prior to the bankruptcy petition the Fund received payments for interest and a partial tender of the Bonds. Flooring America has filed a petition for return of these payments. The Fund has joined other bondholders and is vigorously defending the litigation. If the Fund is required to return the payments, the potential loss to the Fund as of December 31, 2000 is approximately $0.03 per share. 90 - ------------------------------------------------------------------------------- NOTE 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), a wholly owned subsidiary of CFMC, is the transfer and shareholder servicing agent. CFMC is an indirect subsidiary 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% Technology Fund .................................... 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1% Strategic Value 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% Short Term Bond 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 period October 27, 2000 through December 31, 2000, CFMC voluntarily agreed to reimburse expenses, after fees paid indirectly, in excess of 1.44% and 1.31% for the Technology and Strategic Value Funds, respectively. For the three years commencing November 1, 2000 and ending October 31, 2003, CFMC has contractually agreed to reimburse expenses, after fees paid indirectly, in excess of 0.75% for the Short Term Bond Fund. For the year ended December 31, 2000, CFMC contractually agreed to reimburse expenses, after fees paid indirectly, in excess of 0.65% for the National Municipal Bond Fund. 91 - ------------------------------------------------------------------------------- NOTE 3 -- FEDERAL INCOME TAX - ------------------------------------------------------------------------------- Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, net operating losses, deferral of losses from wash sales, passive foreign investment companies (PFIC), post-October losses, equalization payments, and non-taxable dividends. During the year ended December 31, 2000, the Common Stock, Growth, International Stock, Special, Small Cap, and Balanced Funds utilized earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for federal income tax purposes. As of December 31, 2000, for federal income tax purposes, the unused capital loss carryforwards that expire in 2007 and 2008, post-October losses that were deferred to January 1, 2001, and unrealized appreciation (depreciation) excluding short-term investments, were as follows:
NET CAPITAL POST OCTOBER NET LOSS LOSSES DEFERRED UNREALIZED UNREALIZED APPRECIATION CARRYFORWARDS TO JANUARY 1, 2001 APPRECIATION (DEPRECIATION) (DEPRECIATION) ------------- ------------------ ------------ -------------- -------------- Common Stock Fund .................... $ -- $ -- $ 227,007,751 $ (38,275,494) $188,732,257 Growth Fund .......................... -- -- 542,467,983 (108,303,859) 434,164,124 International Stock Fund ............. -- 3,219,216 19,027,550 (9,826,452) 9,201,098 Special Fund ......................... -- -- 258,619,325 (44,640,281) 213,979,044 Small Cap Fund ....................... -- 16,383,766 104,274,428 (44,708,235) 59,566,193 Real Estate Equity Fund .............. 7,485,840 498,523 61,501,866 (4,176,083) 57,325,783 Technology Fund ...................... -- 43,859 163,043 (572,715) (409,672) Strategic Value Fund ................. -- 14,165 912,162 (71,893) 840,269 Balanced Fund ........................ -- 8,325,669 169,445,021 (36,962,768) 132,482,253 Short Term Bond Fund ................. 330,002 2,830 529,644 (130,896) 398,748 Fixed Income Securities Fund ......... 14,910,886 -- 9,922,298 (2,211,410) 7,710,888 National Municipal Bond Fund ......... 47,911 17,662 343,485 (54,260) 289,225 Oregon Municipal Bond Fund ........... -- 27,604 13,627,874 (2,883,331) 10,744,543 High Yield Fund ...................... 2,583,996 111,749 991,982 (4,518,101) (3,526,119)
During the year ended December 31, 2000, the following distributions were designated as long-term gains: Common Stock Fund - $80,586,379, Growth Fund - -$185,874,379, International Stock Fund - $31,480,649, Special Fund - -$176,292,577, Small Cap Fund - $35,218,908, Balanced Fund - $51,857,073, and Oregon Municipal Bond Fund - $285,085. - ------------------------------------------------------------------------------- NOTE 4 -- SHAREHOLDER MEETING RESULTS - ------------------------------------------------------------------------------- A special meeting of the Short Term Bond Fund's shareholders was held on September 15, 2000. The shareholders were asked to approve a modification of the Fund's investment objective, strategy and investment restrictions, and a change of the Fund's name from Columbia U.S. Government Securities Fund, Inc. to Columbia Short Term Bond Fund, Inc. Results from the meeting were 2,221,381 shares "voted for," 295,692 "voted against," and 222,853 "abstained." 92 - ------------------------------------------------------------------------------- NOTE 5 -- INVESTMENT TRANSACTIONS - ------------------------------------------------------------------------------- During the year ended December 31, 2000, purchases, sales, and net realized gains (losses) of long-term securities, excluding U.S. government securities, were as follows:
REALIZED PURCHASES SALES GAINS (LOSSES) --------------- -------------- -------------- Common Stock Fund ................................ $ 993,409,343 $ 987,915,465 $ 77,923,027 Growth Fund ...................................... 2,464,772,923 2,496,957,422 181,941,585 International Stock Fund ......................... 226,235,541 222,196,519 22,822,932 Special Fund ..................................... 1,740,718,320 1,746,949,414 228,791,594 Small Cap Fund ................................... 775,012,656 576,153,403 34,983,358 Real Estate Equity Fund .......................... 205,629,489 80,819,497 (2,132,008) Technology Fund* ................................. 5,402,416 1,176,833 (215,072) Strategic Value Fund* ............................ 9,750,080 2,396,536 (20,268) Balanced Fund .................................... 1,120,884,412 1,029,690,294 34,891,510 Short Term Bond Fund ............................. 30,185,946 3,095,983 3,855 Fixed Income Securities Fund ..................... 327,357,258 363,728,062 (6,208,776) National Municipal Bond Fund ..................... 2,453,961 2,177,907 (61,335) Oregon Municipal Bond Fund ....................... 86,415,811 89,927,806 320,481 High Yield Fund .................................. 48,891,447 31,752,529 (1,569,654)
* For the period October 27, 2000 (inception of operations) through December 31, 2000. During the year ended December 31, 2000, purchases, sales, and net realized gains (losses) of U.S. Government securities were as follows:
REALIZED PURCHASES SALES GAINS (LOSSES) ------------- ------------- -------------- Balanced Fund .................................... $ 38,781,856 $ 45,362,292 $ (675,556) Short Term Bond Fund ............................. 13,532,617 47,776,429 (163,998) Fixed Income Securities Fund ..................... 46,569,529 38,551,624 316,187
During the year ended December 31, 2000, written option transactions for the Special Fund were as follows:
PUTS CALLS ------------------------- ------------------------- NUMBER OF NUMBER OF CONTRACTS PREMIUMS CONTRACTS PREMIUMS --------- -------- --------- -------- Outstanding at December 31, 1999 ................. -- $ -- -- $ -- Options written .................................. 4,000 4,997,500 4,000 4,964,834 Options expired .................................. -- -- -- -- Options closed ................................... (750) (964,250) (750) (976,342) Options exercised ................................ -- -- -- -- --------- ---------- --------- ---------- Outstanding at December 31, 2000 ................. 3,250 $4,033,250 3,250 $3,988,492 ========= ========== ========= ==========
93 - ------------------------------------------------------------------------------- NOTE 6 -- CAPITAL STOCK ACTIVITY - ------------------------------------------------------------------------------- (In Thousands)
COMMON STOCK FUND GROWTH FUND INTERNATIONAL STOCK FUND 2000 1999 2000 1999 2000 1999 ------ ------ ------ ------ ------ ------ SHARES: Shares sold ................... 9,768 11,518 9,514 9,879 8,814 6,569 Shares reinvested for dividends and distributions .. 3,643 1,925 5,075 3,705 1,893 672 ----------- --------- ----------- --------- ----------- -------- 13,411 13,443 14,589 13,584 10,707 7,241 Shares redeemed ............... (9,840) (12,903) (10,871) (10,646) (9,327) (5,437) ----------- --------- ----------- --------- ----------- -------- Net increase (decrease) ....... 3,571 540 3,718 2,938 1,380 1,804 =========== ========= =========== ========= =========== ======== AMOUNTS: Sales ......................... $ 286,558 $ 303,390 $ 486,166 $ 458,631 $ 176,958 $115,830 Reinvestment of dividends and distributions ............ 91,883 55,518 215,989 181,198 27,529 15,332 ----------- --------- ----------- --------- ----------- -------- 378,441 358,908 702,155 639,829 204,487 131,162 Less redemptions .............. (287,978) (342,202) (547,223) (494,533) (182,721) (94,630) ----------- --------- ----------- --------- ----------- -------- Net increase (decrease) ....... $ 90,463 $ 16,706 $ 154,932 $ 145,296 $ 21,766 $ 36,532 =========== ========= =========== ========= =========== ======== Captial stock authorized ...... 100 million 100 million 100 million Par value ..................... no par $0.01 no par
SHORT TERM FIXED INCOME BALANCED FUND BOND FUND SECURITIES FUND 2000 1999 2000 1999 2000 1999 ------------ ------------ ------------ ------------ ----------- ---------- SHARES: Shares sold ....................... 15,974 17,873 2,376 1,622 8,755 11,566 Shares reinvested for dividends and distributions ...... 3,707 2,276 205 180 1,721 1,654 ----------- ---------- ----------- --------- ----------- --------- 19,681 20,149 2,581 1,802 10,476 13,220 Shares redeemed ................... (12,719) (20,133) (2,933) (1,995) (13,214) (12,763) ----------- ---------- ----------- --------- ----------- --------- Net increase (decrease) .......... 6,962 16 (352) (193) (2,738) 457 =========== ========== =========== ========= =========== ========= AMOUNTS: Sales ............................. $ 398,071 $ 423,883 $ 19,516 $ 13,440 $ 109,490 $ 149,896 Reinvestment of dividends and distributions ................ 89,921 55,413 1,688 1,488 21,530 21,209 ----------- ---------- ----------- --------- ----------- --------- 487,992 479,296 21,204 14,928 131,020 171,105 Less redemptions .................. (317,044) (479,171) (24,086) (16,539) (165,136) (163,880) ----------- ---------- ----------- --------- ----------- --------- Net increase (decrease) ........... $ 170,948 $ 125 $ (2,882) $ (1,611) $ (34,116) $ 7,225 =========== ========== =========== ========= =========== ========= Captial stock authorized .......... 100 million 100 million 200 million Par value ......................... no par $0.01 $0.01
(1) For the period October 27, 2000 (inception of operations) through December 31, 2000. (2) For the period February 10, 1999 (inception of operations) through December 31, 1999. 94
SPECIAL FUND SMALL CAP FUND REAL ESTATE EQUITY FUND 2000 1999 2000 1999 2000 1999 ------------- ----------- ----------- ---------- ----------- ----------- SHARES: Shares sold ................... 14,843 8,092 19,208 9,154 19,858 14,484 Shares reinvested for dividends and distributions .. 9,709 2,110 1,960 179 1,001 742 ----------- --------- ----------- --------- ----------- --------- 24,552 10,202 21,168 9,333 20,859 15,226 Shares redeemed ............... (13,081) (20,554) (11,761) (7,888) (13,039) (9,055) ----------- --------- ----------- --------- ----------- --------- Net increase (decrease) ....... 11,471 (10,352) 9,407 1,445 7,820 6,171 =========== ========= =========== ========= =========== ========= AMOUNTS: Sales ......................... $ 519,898 $ 189,699 $ 586,333 $ 173,956 $ 326,388 $ 223,470 Reinvestment of dividends and distributions ............ 258,830 63,166 51,634 4,883 16,814 11,171 ----------- --------- ----------- --------- ----------- --------- 778,728 252,865 637,968 178,839 343,202 234,641 Less redemptions .............. (455,483) (474,978) (358,397) (146,097) (213,561) (138,335) ----------- --------- ----------- --------- ----------- --------- Net increase (decrease) ....... $ 323,245 $(222,113) $ 279,570 $ 32,742 $ 129,641 $ 96,306 =========== ========= =========== ========= =========== ========= Captial stock authorized ...... 100 million 100 million 100 million Par value ..................... $0.01 no par no par TECHNOLOGY STRATEGIC FUND VALUE FUND 2000 (1) 2000 (1) ------------- ------------ SHARES: Shares sold ................... 530 850 Shares reinvested for dividends and distributions .. 1 1 ----------- ----------- 531 851 Shares redeemed ............... (30) (3) ----------- ----------- Net increase (decrease) ....... 501 848 =========== =========== AMOUNTS: Sales ......................... $ 5,054 $ 8,719 Reinvestment of dividends and distributions ............ 4 13 ----------- ----------- 5,057 8,733 Less redemptions .............. (277) (33) ----------- ----------- Net increase (decrease) ....... $ 4,781 $ 8,699 =========== =========== Captial stock authorized ...... 100 million 100 million Par value ..................... no par no par
NATIONAL MUNICIPAL OREGON MUNICIPAL HIGH YIELD COLUMBIA DAILY BOND FUND BOND FUND FUND INCOME COMPANY 2000 1999 (2) 2000 1999 2000 1999 2000 1999 ------------ ----------- ----------- --------- ----------- --------- ------------ --------- SHARES: Shares sold .................. 363 1,167 7,011 7,639 7,960 5,483 1,917,314 1,662,164 Shares reinvested for dividends and distributions . 43 22 1,363 1,429 613 481 68,861 51,590 ---------- --------- ----------- --------- ----------- -------- ----------- ----------- 406 1,189 8,374 9,068 8,573 5,964 1,986,175 1,713,754 Shares redeemed .............. (388) (97) (7,836) (10,763) (5,400) (4,118) (1,953,313) (1,657,606) ---------- --------- ----------- --------- ----------- -------- ----------- ----------- Net increase (decrease) ..... 18 1,092 538 (1,695) 3,173 1,846 32,862 56,148 ========== ========= =========== ========= =========== ======== =========== =========== AMOUNTS: Sales ........................ $ 3,420 $ 11,243 $ 82,023 $ 92,827 $ 72,120 $ 52,700 $ 1,917,314 $ 1,662,164 Reinvestment of dividends and distributions ........... 409 211 15,992 17,180 5,546 4,590 68,861 51,590 ---------- --------- ----------- --------- ----------- -------- ----------- ----------- 3,829 11,454 98,015 110,007 77,666 57,290 1,986,175 1,713,754 Less redemptions ............. (3,695) (914) (91,548) (129,646) (49,142) (39,360) (1,953,313) (1,657,606) ---------- --------- ----------- --------- ----------- -------- ----------- ----------- Net increase (decrease) ...... $ 134 $ 10,540 $ 6,467 $ (19,639) $ 28,524 $ 17,930 $ 32,862 $ 56,148 ========== ========= =========== ========= =========== ======== =========== =========== Captial stock authorized ..... 100 million 100 million 100 million 2 billion Par value .................... $0.01 no par no par $0.001
95 REPORT OF INDEPENDENT ACCOUNTANTS - ------------------------------------------------------------------------------- TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF: Columbia Common Stock Fund, Inc. Columbia Growth Fund, Inc. Columbia International Stock Fund, Inc. Columbia Special Fund, Inc. Columbia Small Cap Fund, Inc. Columbia Real Estate Equity Fund, Inc. Columbia Technology Fund, Inc. Columbia Strategic Value Fund, Inc. Columbia Balanced Fund, Inc. Columbia Short Term Bond Fund, Inc. Columbia Fixed Income Securities Fund, Inc. Columbia National Municipal Bond Fund, Inc. Columbia Oregon Municipal Bond Fund, Inc. Columbia High Yield Fund, Inc. Columbia Daily Income Company In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the funds listed above comprising the Columbia Funds (collectively, the "Funds") at December 31, 2000, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, except for the Columbia Technology Fund, Inc., and the Columbia Strategic Value Fund, Inc., for which the period is October 27, 2000 (inception of operations) through December 31, 2000, and the Columbia National Municipal Bond Fund, Inc., for which the period is February 10, 1999 (inception of operations) through December 31, 1999 and the year ended December 31, 2000, and the financial highlights for each of the periods presented therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as financial statements) are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2000, by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PRICEWATERHOUSECOOPERS LLP Portland, Oregon February 7, 2001 96 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. [GRAPHIC] 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 -- INDEPENDENT ACCOUNTANTS-- - -------------------------------------------------------------------------------- PRICEWATERHOUSECOOPERS LLP 1300 S.W. FIFTH AVENUE, SUITE 3100 PORTLAND, OREGON 97201 -- TRANSFER AGENT-- - -------------------------------------------------------------------------------- COLUMBIA TRUST COMPANY 1301 S.W. FIFTH AVENUE PORTLAND, OREGON 97201 THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME, BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS. FUNDS DISTRIBUTED BY PFPC DISTRIBUTORS, INC. -----END PRIVACY-ENHANCED MESSAGE-----