-----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, Gxb9GvWf38lVO9sqpxd4a+ZdHFxKWk4UFHvQGr7RL6zg4lXV78Ou7rI0FK13HtU+ De9aBX7pqw4+FeTELDMNPQ== 0000912057-96-003000.txt : 19960227 0000912057-96-003000.hdr.sgml : 19960227 ACCESSION NUMBER: 0000912057-96-003000 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960223 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000876606 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06341 FILM NUMBER: 96524932 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA DAILY INCOME CO CENTRAL INDEX KEY: 0000022082 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930635121 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-02507 FILM NUMBER: 96524933 BUSINESS ADDRESS: STREET 1: 1301 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA GROWTH FUND INC CENTRAL INDEX KEY: 0000022105 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930560559 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-01449 FILM NUMBER: 96524934 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: 1940 Act SEC FILE NUMBER: 811-03581 FILM NUMBER: 96524935 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000741558 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930866151 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03983 FILM NUMBER: 96524936 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA SPECIAL FUND INC CENTRAL INDEX KEY: 0000773599 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04362 FILM NUMBER: 96524937 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA U S GOVERNMENT SECURITIES FUND INC CENTRAL INDEX KEY: 0000801962 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04842 FILM NUMBER: 96524938 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA U S GOVERNMENT GUARANTEED SECURITIES FUND INC DATE OF NAME CHANGE: 19920219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BALANCED FUND INC /OR/ CENTRAL INDEX KEY: 0000876613 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06338 FILM NUMBER: 96524939 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: 1940 Act SEC FILE NUMBER: 811-07024 FILM NUMBER: 96524940 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 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: 1940 Act SEC FILE NUMBER: 811-07834 FILM NUMBER: 96524941 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: 1940 Act SEC FILE NUMBER: 811-08256 FILM NUMBER: 96524942 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 N-30D 1 FORM N-30D 1995 ANNUAL REPORT --------------------------------------------------- [LOGO] COLUMBIA FUNDS COLUMBIA COMMON STOCK FUND, INC. ---------------------------------------------------- COLUMBIA GROWTH FUND, INC. ---------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND, INC. ---------------------------------------------------- COLUMBIA SPECIAL FUND, INC. ---------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND, INC. ---------------------------------------------------- COLUMBIA BALANCED FUND, INC. ---------------------------------------------------- COLUMBIA DAILY INCOME COMPANY ---------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. ---------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND, INC. ---------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC. ---------------------------------------------------- COLUMBIA HIGH YIELD FUND, INC. COLUMBIA FINANCIAL CENTER INCORPORATED 1301 S.W. Fifth Avenue P.O. Box 1350 Portland, Oregon 97207-1350 1-800-547-1707 Letter to Shareholders Dear Columbia Investor, We are pleased to present the Columbia Funds 1995 Annual Report. Inside, you will find a discussion of the economy and financial markets in addition to performance and investment information for each Columbia Fund. 1995 proved to be an excellent year for investors. Both the stock and bond markets enjoyed tremendous results during the year, as discussed in greater detail in "An Overview of the Markets." We hope that you find this information helpful in evaluating your investments. As we look to the year ahead, we will continue seeking opportunities to expand our investor services and systems areas, with an eye toward saving your Funds money. If you have any questions or want to let us know how we are doing, please do not hesitate to write or call us toll-free at 1-800-547-1707. We appreciate your investment in Columbia Funds, and we look forward to serving your investment needs in the months and years ahead. Sincerely, J. Jerry Inskeep CHAIRMAN John A. Kemp PRESIDENT AN OVERVIEW OF THE MARKETS ----------------------------------------------------------------- At this time last year, we said that the long-term outlook for stocks and bonds seemed more promising and under appreciated than we had observed in a long time. Even though rising interest rates caused us to question the strength of the economy at the beginning of 1995, favorable productivity trends, a benign inflationary environment, and a more fiscally responsible government created an extremely hospitable environment for financial assets. Long-term interest rates fell more than expected, and stock prices benefited from the fall in bond yields as well as from earnings that were far better than expected. And while economic activity was uneven throughout the year, growth generally met the Federal Reserve Board's objectives of advancing slowly without inflationary pressures.
Benchmark Performance Comparisons Average Annual Total Returns FOR THE PERIODS ENDED DECEMBER 31, 1995 1 year 3 year 5 year 10 year ---------- ---------- ---------- ---------- Standard & Poor's 500 37.58% 15.35% 16.59% 14.87% Lehman Aggregate 18.47% 8.07% 9.48% 9.63% Lehman Bros. Gov't./Corp. 19.24% 8.51% 9.81% 9.65% Russell 2000 28.44% 14.46% 21.00% 11.32% Financial Times/S&P Actuaries Euro-Pacific 10.62% 16.67% 9.30% N/A
As we enter 1996, an uncertainty exists as to how aggressive the Fed will be in lowering interest rates. One view is that the Fed needs to be aggressive in continuing to lower rates to ensure that the economy recovers from the current slowdown and avoids recession. Others believe that the underlying economy is growing at a rate of 2% to 2 1/2% and that only modest easing is necessary. Even after the rate cut in January, however, short-term rates at 5 1/4% seem high compared to inflation at 2 1/2% to 3%. This suggests that the Fed has the flexibility to be aggressive in lowering rates if necessary, particularly since the dollar has stabilized and interest rates overseas are continuing to decline. When short-term rates go down, they tend to influence long-term rates downward as well. Lower long-term rates, in turn, argue for somewhat higher price/earnings (P/E) ratios. Compared to inflation and bond yields, P/E ratios seem fairly valued -- but not cheap. This is surprising given the exceptional gain in stock prices during 1995. Cautious Optimism We do not expect earnings growth to match last year's spectacular showing. In fact, we believe the rate of earnings gain could be flat to up 5% in 1996, since much of the corporate restructuring that drove earnings growth last year has been completed and nominal sales growth is so low. Finally, continued declines in interest rates cannot begin to match the dramatic declines of last year. Nevertheless, we remain optimistic about the financial markets for 1996, and we view the long-range outlook as favorable. The number of Americans reaching their peak savings years is on the rise. The government drive to reduce budget deficits seems more serious than at any other time in recent history; it's less a question of whether to balance the budget, but how quickly to do it. Declining interest rates and low inflation in the U.S. and throughout the industrial world suggest the possibility of global pickup in economic activity in late 1996 or early 1997. Our main concern is that many of the investors lured into the stock market over the last several years may have been spoiled by low volatility and constant gains. With this in mind, a short-term sell-off might be healthy for the long-term outlook. But as events stand today, the long-term bull market seems intact, even if stock prices don't increase as much or as rapidly as last year. 1 AN OVERVIEW OF THE MARKETS, continued --------------------------------------------------------------------------- Current Strategy With the economy growing slowly, inflation under control, low interest rates, and good cash flow into mutual funds, we believe that this is a favorable environment for financial assets. However, upside earnings surprises will be more difficult to uncover. Companies that stand out will be those that continue to innovate, cut costs, compete globally, react to technological changes, and effectively manage their labor force. Our research will focus on identifying companies that can meet these challenges and enjoy above-average earnings growth. Other themes or sectors that we find attractive at this time include overcapitalized industries with the prospects of restructuring (such as insurance, business and consumer services organizations), smaller capitalized companies, and more defensive, dividend- paying industries such as real estate investment trusts (REITs). We also believe energy companies, certain technology stocks with favorable product cycles, and industries benefiting from the aging of America (e.g., health care) offer attractive opportunities. The following pages contain discussions of the investment activity occurring in the Columbia Funds (except for the Money Market Fund) during 1995, along with graphs illustrating the growth of $10,000 during various time periods. Each Fund compares its performance to its relevant benchmark index. Unlike the Funds, however, the indices are not actively managed and have no operating expenses, portfolio transaction costs, or cash flows. As always, we appreciate your continuing confidence in Columbia Funds. The Investment Team Columbia Funds Management Company February 1996 2 INVESTMENT REVIEW ----------------------------------------------------------------- COLUMBIA COMMON STOCK FUND Columbia Common Stock Fund had a total return of 30.84% for the twelve months ended December 31, 1995. The Fund was underweighted in technology issues early in the year, a period when these stocks were among the leaders of the market's advance. In addition, the Fund did not benefit from its greater than market weightings in REITs and energy stocks until the second half of the year. Beginning in the third quarter, we became increasingly concerned about the pace of economic activity and the implications of slower earnings growth for economically sensitive companies. Accordingly, we reduced our portoflio exposure to cyclical issues and increased our investments in more stable growth industries such as health care and financial services. In addition, during price weakness in the technology sector, we increased our weighting in selected issues that we believed would benefit from very favorable product cycles. Combined with our continued overweighting in energy, these strategic moves enabled the Fund to outperform the S&P 500 during the fourth quarter. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CCSF S&P 500 10/1/91 10,000 10,000 31/91 11,025 10,838 31/92 12,126 11,664 31/93 14,120 12,840 31/94 14,411 13,009 12/31/95 18,855 17,898 CCSF S&P 500 Value on 18,855 17,898 12/31/1995 Average Annual Total Returns CCSF S&P 500 1 Year 30.84% 37.58% Since Inception 15.89% 14.50% $10,000 Investment made on 10/1/91 (Inception Date) Past performance is not predictive of future performance.
COLUMBIA GROWTH FUND Columbia Growth Fund posted a total return of 32.98% during the twelve months ended December 31, 1995. During the year, the Fund sought out opportunities in those industries undergoing restructuring or consolidation, such as retail, gaming and health care. During the second half, as earnings growth slowed, we emphasized companies with steady and visible growth, as well as financial issues that we believed would benefit from a declining interest rate environment. Investments in these areas contributed positively to Fund performance. The Fund seeks value by focusing on companies with superior earnings growth and profitability characteristics at reasonable prices. Currently, we believe sectors that meet this criteria are insurance, business and consumer services, energy, health care, and certain technology stocks with favorable product cycles. We are positive about the outlook for inflation and interest rates in the year ahead. Earnings growth is not expected to be nearly as strong as it was throughout 1995. While we are optimistic about the prospects for equities in the long run, we do not expect returns to be as exceptional as they were in 1995. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CGF 20 Years S&P 20 Years 12/31/75 10,000 10,000 31/76 13,082 12,393 31/77 13,068 11,488 31/78 14,118 12,227 31/79 19,846 14,471 31/80 27,761 19,152 31/81 26,820 18,204 31/82 39,307 22,118 31/83 47,742 27,077 31/84 45,078 28,744 31/85 59,534 37,816 31/86 63,654 44,865 31/87 73,037 47,230 31/88 80,932 55,046 31/89 104,475 72,446 31/90 101,017 70,236 31/91 135,626 91,638 31/92 151,657 98,620 31/93 171,387 108,561 31/94 170,307 109,994 12/31/95 226,475 151,330 Average Annual Total Returns CGF S&P 500 1 Year 32.98% 37.58% 5 Years 17.52% 16.59% 10 Years 14.29% 14.87% 20 Years 16.88% 14.55% Value on CGF S&P 500 12/31/95 $226,475 $151,330 $10,000 Investment made on 12/31/75 Past performance is not predictive of future performance.
3 INVESTMENT REVIEW, continued --------------------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND Columbia International Stock Fund posted a total return of 5.15% for 1995. Following a difficult first half, the Fund's performance improved significantly in the final two quarters. While the declining stock market in Japan and a hedge against the yen hurt performance during the first six months of the year, our exposure in Japan helped returns during the second half. The Japanese stock market struggled during the first quarter after the Kobe earthquake, which upset economic forecasts. In addition, the yen experienced a sharp increase against the dollar, contrary to nearly all expectations. These factors affected investor confidence and Japanese companies found it difficult to compete worldwide. In the second half, conditions in Japan began to show signs of improvement. The Bank of Japan acted to reverse the strength of the yen versus the dollar, and the Japanese banking crisis began moving toward resolution. As a result, we increased emphasis on Japanese exporters such as autos and electronics. The Fund also gained ground in the U.K., Germany, and Switzerland. During the fourth quarter, we focused on interest rate-sensitive issues, which responded to the declining trend in interest rates. Also, during the fourth quarter we increased somewhat our investments in emerging markets, many of which had struggled for two years, focusing primarily on Brazil and Hong Kong. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CISF FTA Euro-Pac S&P 500 10/1/92 10,000 10,000 10,000 31/92 10,060 9,628 10,503 31/93 10,747 10,861 10,962 30/93 10,848 11,931 11,016 30/93 11,808 12,738 11,300 31/93 13,415 12,664 11,562 31/94 13,363 13,282 11,124 30/94 13,653 13,991 11,171 30/94 13,623 13,965 11,717 31/94 13,084 13,819 11,714 31/95 12,327 14,020 12,855 30/95 12,401 14,074 14,083 30/95 13,317 14,661 15,203 12/31/95 13,759 15,287 16,118 Average Annual Total Returns CISF FTA S&P 500 1 Year 5.15% 10.62% 37.58% Since Inception 10.49% 14.18% 16.09% Value on CISF FTA S&P 500 12/31/95 $13,759 $15,287 $16,118 $10,000 Investment made on 10/1/92 (Inception Date) Past performance is not predictive of future performance.
COLUMBIA SPECIAL FUND For the year ended December 31, 1995, Columbia Special Fund was up 29.53%, outperforming the Russell 2000 Stock Index at 28.44%. In the first half of the year, the Fund benefited from holdings in technology, energy and machinery companies, as well as from interest rate-sensitive financial services stocks. At the same time, weak performance in consumer-related sectors, such as retailing, detracted from performance early in the year. During the second half, positions in natural gas, energy, health care and business services helped performance, while our holdings in brokerage, consumer credit, and retailing held back returns. A slowing economy and moderate inflation level are expected to set a positive stage for interest rates. Until the Federal Reserve responds more aggressively to slower growth, low inflation and, perhaps a credible budget balancing act, we will continue to concentrate on issues with earnings visibility. As further easing occurs, we will seek out small growth companies in niche industries whose spending cycles are not completely dependent on the pace of the economy. Our focus, therefore, remains on the production side of the economy versus the consumer-oriented sectors. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CSF S&P 500 Russell 2000 12/31/85 10,000 10,000 10,000 31/86 11,562 11,864 10,568 31/87 11,913 12,489 9,641 31/88 16,983 14,556 12,041 31/89 22,404 19,157 13,996 31/90 19,628 18,573 11,266 31/91 29,532 24,232 16,453 31/92 33,578 26,079 19,484 31/93 40,857 28,708 23,167 31/94 41,793 29,087 22,745 12/31/95 54,135 40,017 29,214 Value on 12/31/95 CSF $54,132 S&P 500 $40,014 Russel 2000 $29,214 Average Annual Total Returns CSF S&P 500 Russell 2000 1 Year 29.53% 37.58% 28.44% 5 Year 22.50% 16.59% 21.00% Since Inception 18.40% 14.87% 11.32% $10,000 Investment made on 12/31/85 Past performance is not predictive of future performance.
4 INVESTMENT REVIEW, continued --------------------------------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND Columbia Real Estate Equity Fund posted a total return of 16.86% for the year ended December 31, 1995, which compares to 15.27% for the NAREIT Equity Index for the same period. During the first half of the year, the strong momentum and price gains of the S&P 500 kept investors' attention away from the real estate market and real estate equities, which limited the Fund's performance. In the second half, as investors became increasingly aware of softness in the economy, and began to focus more on defensive, dividend-generating securities, such as real estate investment trusts (REITs), Fund returns improved. This is particularly true in the fourth quarter, the strongest quarter of the year for the Fund. Above-market weightings in the office, industrial and hotel sectors contributed positively to Fund performance, as did our commitment to certain residential issues that we indentified as being undervalued. We limited our exposure to the depressed retail sector, reflecting our view that fundamentals remain soft for these properties. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CREF NAREIT 4/1/94 10,000 10,000 30/94 10,134 10,184 30/94 9,907 9,976 31/94 10,175 9,978 31/95 9,967 9,961 30/95 10,560 10,547 30/95 11,063 11,044 12/31/95 11,891 11,501 Average Annual Total Returns CREF NAREIT 1 Year 16.86% 15.27% Since Inception 10.10% 8.08% Value on 12/31/95 CREF NAREIT $11,891 $11,501 $10,000 Investment made on 4/1/94 (Inception Date) Past performance is not predictive of future performance.
COLUMBIA BALANCED FUND Columbia Balanced Fund posted a total return of 25.08% during 1995. On December 31, 1995, the Fund had an asset allocation of 53% stocks, 42% bonds, and 5% cash equivalents. Because the Fund uses the same investment criteria as Columbia Common Stock Fund and Columbia Fixed Income Securities Fund, please refer to pages 3 and 6 for additional information about how the Fund was managed during the year. As 1995 progressed, we looked for gradual slowing of economic momentum. We emphasized sectors likely to produce steady earnings gains such as health care, and others poised to benefit from falling interest rates such as banking and financial services. The Fund's holdings in cyclical areas, including technology, were generally underweighted versus the market. We look for further economic deceleration, and have maintained a significant exposure in the financial services area, most recently adding to holdings in insurance. Anticipating that steady earnings gains will command greater investor attention, we have added to health care and consumer staples holdings. Finally, we have gradually begun to increase our exposure in certain technology issues, which enjoy favorable product cycle prospects that are not fully discounted and offer good value. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CBF S&P Lehman Agg 10/1/91 10,000 10,000 10,000 31/91 10,780 10,838 10,507 31/92 11,738 11,664 11,285 31/93 13,337 12,840 12,385 31/94 13,350 13,009 12,023 12/31/95 16,699 17,898 14,244 Average Annual Total Returns Lehman CBF S&P 500 Agg 1 Year 25.08% 37.58% 18.47% Since Inception 12.66% 14.50% 8.57% Value on 12/31/95 CBF $16,696 S&P 500 $17,898 Lehman Agg $14,244 $10,000 Investment made on 10/1/91 (Inception Date) Past performance is not predictive of future performance.
5 INVESTMENT REVIEW, continued --------------------------------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND The U.S. Government Securities Fund posted a total return of 10.21% for the twelve months ended December 31, 1995. Throughout the period, the bond market enjoyed a strong rally driven by declining interest rates. During the year, for example, yields dropped by roughly 2.50% for 3-year Treasuries, the maximum maturity allowed for the Fund. The Federal Reserve Board eased interest rates twice during the year. On July 6, the Fed lowered the Federal Fund's rate from 6% to 5 3/4% and eased another .25% on December 19. To capitalize on declining rates, the Fund maintained a relatively long average maturity, closing the year with an average maturity of 2.45 years. Looking ahead, we believe the bond market should respond favorably to the government's drive to reduce budget deficits. Due to weak economic growth and inflationary pressure, we expect short-term rates to continue declining as the Fed eases again in the coming months. Therefore, we plan to maintain an average maturity in the Fund of approximately 2.5 years. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CUSG MLT 1-3 CPI 11/6/86 10,000.0 10,000.0 10,000.0 31/86 10,070 10,088 10,018 31/87 10,487 10,658 10,510 31/88 11,047 11,322 10,938 31/89 12,111 12,553 11,479 31/90 13,236 13,774 12,223 31/91 14,919 15,383 12,570 31/92 15,786 16,352 12,952 31/93 16,719 17,237 13,293 31/94 16,714 17,335 13,642 12/31/95 18,421 19,242 14,003 Average Annual Total Returns CUSG MLT 1-3 CPI 1 Year 10.21% 11.00% ? 5 Year 6.84% 6.92% ? Since Inception 6.87% 7.37% ? Value on 12/31/95 CUSG $18, 420 MLT 1-3 $19, 242 CPI $14, 003 $10,000 Investment made on 11/6/86 Past performance is not predictive of future performance.
COLUMBIA FIXED INCOME SECURITIES FUND Columbia Fixed Income Securities Fund returned 18.91% in 1995, versus 18.47% by the Lehman Aggregate Bond Index for the same period. Early in the year, a weakening economy and Federal Reserve stimulus pushed interest rates lower, triggering a bond market rally that lasted well into the second half. In this environment, the Fund benefited from a duration that was slightly longer than the Lehman Aggregate Bond Index. The Fund also benefited from an overweighting in corporate bonds and mortgage-backed securities. Throughout the period, we maintained an average maturity of 6.5 years and a duration of slightly over 5 years. Over the next three to six months, we expect moderate economic growth, which should cause interest rates to remain stable or modestly decline. Inflation should remain subdued, enabling the Federal Reserve Board to lower short-term interest rates as it deems necessary. We continue to seek above-average returns while maintaining our conservative investing strategy regarding credit quality, derivatives, diversification, and intermediate average maturity. The Fund's average credit quality remains high, with approximately 88% of the Fund's securities rated A or better at year-end. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CFIS Lehman Agg CPI 12/31/85 10,000 10,000 10,000 31/86 11,231 11,526 10,113 31/87 11,383 11,844 10,610 31/88 12,261 12,779 11,041 31/89 14,021 14,635 11,588 31/90 15,185 15,947 12,339 31/91 17,742 18,498 12,689 31/92 19,159 19,867 13,075 31/93 21,165 21,804 13,419 31/94 20,454 21,167 13,772 12/31/95 24,322 25,077 14,135 Average Annual Total Returns Lehman CFIS Agg CPI 1 Year 18.91% 18.47% ? 5 Years 9.88% 9.48% ? Since Inception 9.29% 9.63% ? Value on 12/31/95 Lehman CFIS Agg CPI $ 24,322 $ 25,077 $ 14,135 $10,000 Investment made on 12/31/85 Past performance is not predictive of future performance.
6 INVESTMENT REVIEW, continued --------------------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND Columbia Municipal Bond Fund posted a total return of 14.15% for the year ended December 31, 1995. While the Fund participated in the powerful bond market rally of 1995, the municipal sector continued to experience somewhat dampened performance due to the various tax reform proposals currently under discussion by Congress. It is difficult to predict which plan, if any, will ultimately pass or how such plans will affect the value of municipal securities, but the resulting uncertainty continues to worry investors. The overall strategy of the Fund remains conservative. Currently, 98% of the portfolio is rated A or better. The Fund devotes more than half its portfolio to general obligation bonds, based on our belief that their returns and credit quality are more solid than other municipal issues. The average maturity remains intermediate term; that is, approximately 10 years. Duration continues to hover around 6.5 years. At year-end, the Fund held 246 different issues, and was broadly diversified within the State of Oregon. We believe that Columbia Municipal Bond Fund will provide a high after-tax return to investors over a full interest rate cycle, and will do so with a low level of credit and volatility risk. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CMBF Leh G.O. CPI 12/31/85 10,000 10,000 10,000 31/86 11,677 11,798 10,113 31/87 11,821 11,980 10,610 31/88 13,025 12,899 11,041 31/89 14,191 14,203 11,588 31/90 15,169 15,164 12,339 31/91 16,948 16,893 12,689 31/92 18,043 18,374 13,075 31/93 19,979 20,530 13,419 31/94 19,044 19,569 13,772 12/31/95 21,738 22,731 14,135 Average Annual Total Returns CMBF Lehman G.O. CPI 1 Year 14.15% 16.16% ? 5 Years 7.46% 8.43% ? Since Inception 8.07% 8.56% ? $10,000 Investment made on 12/31/85 Past performance is not predictive of future performance.
COLUMBIA HIGH YIELD FUND Columbia High Yield Fund was up 19.12% for the 12 months ended December 31, 1995. The high yield bond market benefited from declining interest rates throughout most of the year. Yields of 10-year Treasury notes, for example, dropped .60% during the fourth quarter alone, with a total decline of 2.25% for the year. (When interest rates fall, bond prices rise). Slow economic growth, a weak retail sector, and a slight increase in overall bankruptcy filings had a negative effect on the high yield market. However, because of the high credit quality of the high yield bonds held in the portfolio, the Fund continued to outperform many of its peers during the period. In sector emphasis, the Fund focused on forest products, metals and mining, and hotels and gaming during the first half and gradually rotated to health care and media during the second half. At year-end, the Fund held 52 different issues. Looking ahead, the Fund expects to continue emphasizing health care, energy and manufacturing. With slow but steady economic growth, combined with low absolute yields available from alternative investments, this Fund should remain attractive to investors seeking high yield and diversification in their portfolios. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CHYF Lipper HY Salomon BB 10/1/93 10,000 10,000 10,000 31/93 10,112 10,498 10,185 31/94 9,909 10,387 9,937.50 30/94 9,845 10,249 9,840.12 30/94 10,018 10,246 10,007.40 31/94 10,019 10,113 10,047.43 31/95 10,521 10,603 10,693.48 30/95 11,106 11,151 11,453.78 30/95 11,462 11,520 11,798.54 12/31/95 11,935 11,824 12,321.22 Average Annual Total Returns CHYF Lipper HY Salomon BB 1 Year 19.12% 16.92% 22.62% Since Inception 8.37% 7.91% 9.95% Value on 12/31/95 CHYF Lipper HY Salomon BB $11,935 $11,824 $12,321 $10,000 Investment made on 10/1/93 (Inception Date) Past performance is not predictive of future performance.
7 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA COMMON STOCK FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991(1) --------- --------- --------- --------- --------- Net asset value, beginning of period.......... $ 15.16 $ 15.29 $ 14.04 $ 13.15 $ 12.00 --------- --------- --------- --------- --------- Income from investment operations: Net investment income....................... .26 .27 .22 .24 .09 Net realized and unrealized gains on investments................................ 4.38 .04 2.08 1.06 1.17 --------- --------- --------- --------- --------- Total from investment operations.......... 4.64 .31 2.30 1.30 1.26 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)...... (.26) (.25) (.21) (.24) (.10) Distributions (from capital gains).......... (.95) (.19) (.84) (.17) (.01) --------- --------- --------- --------- --------- Total distributions....................... (1.21) (.44) (1.05) (.41) (.11) --------- --------- --------- --------- --------- Net asset value, end of period................ $ 18.59 $ 15.16 $ 15.29 $ 14.04 $ 13.15 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return.................................. 30.84% 2.06% 16.44% 9.99% 10.25%(2) Ratios/Supplemental data Net assets, end of period (in thousands)...... $ 358,523 $ 124,263 $ 100,715 $ 51,049 $ 20,457 Ratio of expenses to average net assets....... .80% .84% .84% .86% .86% Ratio of net investment income to average net assets....................................... 1.68% 1.82% 1.48% 1.97% 2.48% Portfolio turnover rate....................... 75.36% 64.21% 90.90% 67.83% 12.08%
(1) From inception of operations on September 12, 1991. Ratios and portfolio turnover rates are annualized. (2) Not annualized. COLUMBIA GROWTH FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period.......... $ 24.84 $ 26.38 $ 26.18 $ 26.26 $ 21.68 --------- --------- --------- --------- --------- Income from investment operations: Net investment income......................... .31 .29 .16 .17 .32 Net realized and unrealized gains (losses) on investments.................................. 7.86 (.46) 3.24 2.93 7.09 --------- --------- --------- --------- --------- Total from investment operations.......... 8.17 (.17) 3.40 3.10 7.41 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)...... (.29) (.26) (.18) (.20) (.39) Distributions (from capital gains).......... (2.87) (1.11) (2.98) (2.98) (2.44) Distributions (in excess of capital gains)..................................... (.01) -- (.04) -- -- --------- --------- --------- --------- --------- Total distributions....................... (3.17) (1.37) (3.20) (3.18) (2.83) --------- --------- --------- --------- --------- Net asset value, end of period................ $ 29.84 $ 24.84 $ 26.38 $ 26.18 $ 26.26 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return.................................. 32.98% -.63% 13.01% 11.82% 34.26% Ratios/Supplemental data Net assets, end of period (in thousands)...... $ 848,731 $ 591,694 $ 605,401 $ 518,366 $ 431,460 Ratio of expenses to average net assets....... .75% .81% .82% .86% .90% Ratio of net investment income to average net assets....................................... 1.14% 1.12% .66% .77% 1.50% Portfolio turnover rate....................... 94.73% 79.28% 105.64% 116.38% 163.91%
8 FINANCIAL HIGHLIGHTS, continued --------------------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA INTERNATIONAL STOCK FUND, INC.
--------- --------- --------- --------- 1995 1994 1993 1992(1) --------- --------- --------- --------- Net asset value, beginning of period........... $ 12.43 $ 12.96 $ 9.95 $ 10.00 --------- --------- --------- --------- Income from investment operations: Net investment income (loss)................. .02 (.02) (.02) (.03) Net realized and unrealized gains (losses) on investments and foreign currency related transactions................................ .62 (.30) 3.34 .11 --------- --------- --------- --------- Total from investment operations........... .64 (.32) 3.32 .08 --------- --------- --------- --------- Less distributions: Distributions (from capital gains)........... -- (.21) (.31) (.13 (2) --------- --------- --------- --------- Total distributions........................ -- (.21) (.31) (.13) --------- --------- --------- --------- Net asset value, end of period................. $ 13.07 $ 12.43 $ 12.96 $ 9.95 --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 5.15% -2.47% 33.37% .60%(3) Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 100,873 $ 118,484 $ 73,047 $ 9,745 Ratio of expenses to average net assets........ 1.54% 1.52% 1.71% 2.22% Ratio of net investment income (loss) to average net assets............................ .15% (.21)% (.62)% (1.28)% Portfolio turnover rate........................ 156.09% 138.79% 144.78% 25.75%
(1) From inception of operations on September 10, 1992. Ratios and portfolio turnover rates are annualized. (2) Includes amounts distributed from net realized gains on foreign currency related transactions taxable as ordinary income. (3) Not annualized. COLUMBIA SPECIAL FUND, INC. (1)
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period......... $ 18.69 $ 19.51 $ 18.79 $ 17.45 $ 12.12 --------- --------- --------- --------- --------- Income from investment operations: Net investment income (loss)............... .03 .08 .01 (.03) (.01) Net realized and unrealized gains on investments............................... 5.45 .36 4.04 2.41 6.11 --------- --------- --------- --------- --------- Total from investment operations......... 5.48 .44 4.05 2.38 6.10 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)..... (.02) (.07) -- -- -- Dividends (in excess of net investment income)................................... -- -- (.01) -- -- Distributions (from capital gains)......... (2.68) (1.16) (3.32) (1.04) (.77) Distributions (in excess of capital gains).................................... (.03) (.03) -- -- -- --------- --------- --------- --------- --------- Total distributions...................... (2.73) (1.26) (3.33) (1.04) (.77) --------- --------- --------- --------- --------- Net asset value, end of period............... $ 21.44 $ 18.69 $ 19.51 $ 18.79 $ 17.45 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................. 29.53% 2.29% 21.68% 13.70% 50.46% Ratios/Supplemental data Net assets, end of period (in thousands)..... $1,384,415 $ 889,526 $ 772,741 $ 470,663 $ 264,358 Ratio of expenses to average net assets...... .98% 1.05% 1.12% 1.19% 1.22% Ratio of net investment income (loss) to average net assets.......................... .16% .40% .01% (.25)% (.16)% Portfolio turnover rate...................... 182.99% 178.91% 154.68% 116.75% 114.53%
(1) As of December 31, 1991, historical per share data has been restated to reflect a 3 for 1 stock split to shareholders of record on January 31, 1992. 9 FINANCIAL HIGHLIGHTS, continued --------------------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA REAL ESTATE EQUITY FUND, INC.
--------- ----------- 1995 1994(1) --------- ----------- Net asset value, beginning of period............. $ 11.72 $ 12.00 --------- ----------- Income from investment operations: Net investment income.......................... .78 .49 Net realized and unrealized gains (losses) on investments................................... 1.12 (.27) --------- ----------- Total from investment operations............. 1.90 .22 --------- ----------- Less distributions: Dividends (from net investment income)......... (.49) (.31) Dividends (in excess of net investment income)....................................... -- (.01) Distributions (in excess of capital gains)..... (.14) -- Tax return of capital.......................... (.28) (.18) --------- ----------- Total distributions.......................... (.91) (.50) --------- ----------- Net asset value, end of period................... $ 12.71 $ 11.72 --------- ----------- --------- ----------- Total return..................................... 16.86% 1.76%(2) Ratios/Supplemental data Net assets, end of period (in thousands)......... $ 21,587 $ 17,402 Ratio of expenses to average net assets.......... 1.18% 1.14% Ratio of net investment income to average net assets.......................................... 6.71% 6.28% Portfolio turnover rate.......................... 53.91% 7.61%
(1) From inception of operations on March 16, 1994. Ratios and portfolio turnover rate are annualized. (2) Not annualized. COLUMBIA BALANCED FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991(1) --------- --------- --------- --------- --------- Net asset value, beginning of period........... $ 17.28 $ 17.91 $ 16.80 $ 16.05 $ 15.00 --------- --------- --------- --------- --------- Income from investment operations: Net investment income........................ .73 .65 .56 .58 .11 Net realized and unrealized gains (losses) on investments................................. 3.54 (.64) 1.71 .82 1.10 --------- --------- --------- --------- --------- Total from investment operations........... 4.27 .01 2.27 1.40 1.21 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)....... (.73) (.64) (.56) (.57) (.12) Dividends (in excess of net investment income)..................................... -- -- (.01) -- -- Distributions (from capital gains)........... (.74) -- (.59) (.08) (.04) --------- --------- --------- --------- --------- Total distributions........................ (1.47) (.64) (1.16) (.65) (.16) --------- --------- --------- --------- --------- Net asset value, end of period................. $ 20.08 $ 17.28 $ 17.91 $ 16.80 $ 16.05 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 25.08% .10% 13.62% 8.89% 7.80%(2) Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 486,767 $ 249,670 $ 186,589 $ 90,230 $ 12,986 Ratio of expenses to average net assets........ .69% .72% .73% .81% .62% Ratio of net investment income to average net assets........................................ 4.05% 3.82% 3.32% 4.08% 3.41% Portfolio turnover rate........................ 108.04% 98.48% 107.60% 138.08% 179.80%
(1) From inception of operations of September 12, 1991. Ratios and portfolio turnover rate are annualized. (2) Not annualized. 10 FINANCIAL HIGHLIGHTS, continued --------------------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA DAILY INCOME COMPANY
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- --------- Income from investment operations: Net investment income........................ .053 .036 .025 .032 .055 --------- --------- --------- --------- --------- Total from investment operations........... .053 .036 .025 .032 .055 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)....... (.053) (.036) (.025) (.032) (.055) --------- --------- --------- --------- --------- Total distributions........................ (.053) (.036) (.025) (.032) (.055) --------- --------- --------- --------- --------- Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 5.49% 3.68% 2.51% 3.25% 5.66% Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 800,656 $ 730,067 $ 544,500 $ 591,186 $ 737,584 Ratio of expenses to average net assets........ .64% .70% .75% .71% .69% Ratio of net investment income to average net assets........................................ 5.34% 3.68% 2.49% 3.22% 5.53%
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period........... $ 7.99 $ 8.36 $ 8.35 $ 8.47 $ 8.43 --------- --------- --------- --------- --------- Income from investment operations: Net investment income........................ .45 .37 .32 .39 .53 Net realized and unrealized gains (losses) on investments................................. .35 (.37) .17 .09 .50 --------- --------- --------- --------- --------- Total from investment operations........... .80 -- .49 .48 1.03 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)....... (.45) (.37) (.32) (.39) (.53) Distributions (from capital gains)........... -- -- (.16) (.21) (.46) --------- --------- --------- --------- --------- Total distributions........................ (.45) (.37) (.48) (.60) (.99) --------- --------- --------- --------- --------- Net asset value, end of period................. $ 8.34 $ 7.99 $ 8.36 $ 8.35 $ 8.47 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 10.21% -.03% 5.91% 5.81% 12.72% Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 41,842 $ 33,512 $ 35,877 $ 35,479 $ 34,867 Ratio of expenses to average net assets........ .79% .81% .75% .76% .76% Ratio of net investment income to average net assets........................................ 5.45% 4.51% 3.74% 4.60% 6.18% Portfolio turnover rate........................ 253.17% 253.80% 254.59% 289.05% 309.13%
11 FINANCIAL HIGHLIGHTS, continued --------------------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA FIXED INCOME SECURITIES FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period........... $ 12.16 $ 13.44 $ 13.28 $ 13.59 $ 12.72 --------- --------- --------- --------- --------- Income from investment operations: Net investment income........................ .88 .83 .85 .95 1.00 Net realized and unrealized gains (losses) on investments................................. 1.35 (1.28) .52 .09 1.05 --------- --------- --------- --------- --------- Total from investment operations........... 2.23 (.45) 1.37 1.04 2.05 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income)....... (.88) (.83) (.85) (.95) (1.00) Distributions (from capital gains)........... -- -- (.36) (.40) (.18) --------- --------- --------- --------- --------- Total distributions........................ (.88) (.83) (1.21) (1.35) (1.18) --------- --------- --------- --------- --------- Net asset value, end of period................. $ 13.51 $ 12.16 $ 13.44 $ 13.28 $ 13.59 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 18.91% -3.36% 10.47% 7.99% 16.84% Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 316,259 $ 252,090 $ 300,532 $ 262,647 $ 207,271 Ratio of expenses to average net assets........ .65% .66% .66% .66% .69% Ratio of net investment income to average net assets........................................ 6.80% 6.53% 6.14% 7.03% 7.63% Portfolio turnover rate........................ 137.41% 139.81% 118.80% 195.67% 158.95%
COLUMBIA MUNICIPAL BOND FUND, INC.
--------- --------- --------- --------- --------- 1995 1994 1993 1992 1991 --------- --------- --------- --------- --------- Net asset value, beginning of period........... $ 11.48 $ 12.71 $ 12.17 $ 12.22 $ 11.65 --------- --------- --------- --------- --------- Income from investment operations: Net investment income........................ .63 .64 .66 .69 .72 Net realized and unrealized gains (losses) on investments................................. .96 (1.23) .62 .07 .60 --------- --------- --------- --------- --------- Total from investment operations........... 1.59 (.59) 1.28 .76 1.32 --------- --------- --------- --------- --------- Less distributions: Dividends (from net investment income) (1)... (.63) (.64) (.66) (.69) (.72) Distributions (from capital gains)........... (.07) -- (.08) (.12) (.03) --------- --------- --------- --------- --------- Total distributions........................ (.70) (.64) (.74) (.81) (.75) --------- --------- --------- --------- --------- Net asset value, end of period................. $ 12.37 $ 11.48 $ 12.71 $ 12.17 $ 12.22 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- Total return................................... 14.15% -4.68% 10.73% 6.46% 11.73% Ratios/Supplemental data Net assets, end of period (in thousands)....... $ 383,796 $ 339,817 $ 430,367 $ 341,924 $ 285,099 Ratio of expenses to average net assets........ .57% .57% .58% .59% .59% Ratio of net investment income to average net assets........................................ 5.22% 5.36% 5.25% 5.69% 6.07% Portfolio turnover rate........................ 21.45% 19.40% 9.92% 17.82% 15.28%
(1) 100% exempt from federal taxation. 12 FINANCIAL HIGHLIGHTS, continued --------------------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD COLUMBIA HIGH YIELD FUND, INC.
--------- --------- ----------- 1995 1994 1993(1) --------- --------- ----------- Net asset value, beginning of period................ $ 9.04 $ 9.94 $ 10.00 --------- --------- ----------- Income from investment operations: Net investment income............................. .82 .80 .18 Net realized and unrealized gains (losses) on investments...................................... .84 (.90) (.06) --------- --------- ----------- Total from investment operations................ 1.66 (.10) .12 --------- --------- ----------- Less distributions: Dividends (from net investment income)............ (.82) (.80) (.18) --------- --------- ----------- Total distributions............................. (.82) (.80) (.18) --------- --------- ----------- Net asset value, end of period...................... $ 9.88 $ 9.04 $ 9.94 --------- --------- ----------- --------- --------- ----------- Total return........................................ 19.12% -.92% 1.12%(2) Ratios/Supplemental data Net assets, end of period (in thousands)............ $ 23,471 $ 12,834 $ 5,940 Ratio of expenses to average net assets (3)......... 1.00% 1.00% 1.00% Ratio of net investment income to average net assets............................................. 8.62% 8.69% 7.30% Portfolio turnover rate............................. 51.60% 36.67% 0.00%
(1) From inception of operations on September 15, 1993. Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The ratio was 1.06% in 1995, 1.19% in 1994 and 2.03% in 1993, before reimbursement of certain expenses by the investment advisor. 13 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA COMMON STOCK FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ -------------- Common Stocks (97.7%) Banking & Finance (12.3%) Ahmanson (H.F.) & Co. ................................................................ 93,000 $ 2,464,500 American Express Co. ................................................................. 186,900 7,732,987 Federal Home Loan Mortgage Corp. ..................................................... 100,000 8,350,000 Federal National Mortgage Assn. ...................................................... 30,500 3,785,813 Fleet Financial Group, Inc. .......................................................... 83,800 3,414,850 Greenpoint Financial Corp. ........................................................... 130,000 3,477,500 Morgan (J.P.) & Co., Inc. ............................................................ 92,200 7,399,050 PNC Bank Corp. ....................................................................... 229,700 7,407,825 -------------- 44,032,525 -------------- Building & Forestry Products (1.6%) Champion International Corp. ......................................................... 135,700 5,699,400 -------------- Business Services (3.9%) *ADT Ltd. ............................................................................ 220,000 3,300,000 Service Corp. International........................................................... 244,000 10,736,000 -------------- 14,036,000 -------------- Chemical (3.7%) Grace (W.R.) & Co. ................................................................... 102,600 6,066,225 Hercules, Inc. ....................................................................... 128,100 7,221,637 -------------- 13,287,862 -------------- Consumer Durable (2.6%) Ford Motor Co. ....................................................................... 203,100 5,889,900 Harley-Davidson, Inc. ................................................................ 125,000 3,593,750 -------------- 9,483,650 -------------- Consumer Non-Durable (8.7%) *Circus Circus Enterprises, Inc. ..................................................... 132,000 3,679,500 *Federated Department Stores, Inc. ................................................... 201,600 5,544,000 Mattel, Inc. ......................................................................... 216,000 6,642,000 Nike, Inc. (Class B).................................................................. 58,400 4,066,100 *Payless Cashways, Inc. .............................................................. 252,700 1,073,975 Rykoff-Sexton, Inc. .................................................................. 102,000 1,785,000 Sears, Roebuck & Co. ................................................................. 164,800 6,427,200 Wendy's International, Inc. .......................................................... 88,000 1,870,000 -------------- 31,087,775 -------------- Consumer Staples (9.4%) Gillette Co. ......................................................................... 123,400 6,432,225 Philip Morris Cos., Inc. ............................................................. 80,000 7,240,000 Pioneer Hi-Bred International, Inc. .................................................. 61,900 3,443,187 Procter & Gamble Co. ................................................................. 77,500 6,432,500 Sunbeam Corp. ........................................................................ 230,400 3,513,600 Sysco Corp. .......................................................................... 200,000 6,500,000 -------------- 33,561,512 -------------- Shares or Principal Amount Value(1) ------------ -------------- Energy (7.6%) Chevron Corp. ........................................................................ 70,000 $ 3,675,000 Exxon Corp. .......................................................................... 20,900 1,674,612 Louisiana Land & Exploration Co. ..................................................... 74,000 3,172,750 Mobil Corp. .......................................................................... 45,400 5,084,800 Noble Affiliates, Inc. ............................................................... 56,500 1,687,938 Royal Dutch Petroleum Co. ADR......................................................... 52,400 7,394,950 Unocal Corp. ......................................................................... 159,000 4,630,875 -------------- 27,320,925 -------------- Energy Services (0.9%) Baker Hughes, Inc. ................................................................... 139,000 3,388,125 -------------- Entertainment & Media (5.2%) Capital Cities/ABC, Inc. ............................................................. 33,000 4,071,375 Reader's Digest Association, Inc. (Class A non vtg.)................................................................... 78,200 4,007,750 Time Warner, Inc. .................................................................... 121,700 4,609,387 *Viacom, Inc. (Class B)............................................................... 123,100 5,831,863 -------------- 18,520,375 -------------- Health (12.2%) *Amgen, Inc. ......................................................................... 129,400 7,683,125 Bausch & Lomb, Inc. .................................................................. 189,400 7,504,975 Becton, Dickinson & Co. .............................................................. 50,400 3,780,000 Johnson & Johnson..................................................................... 86,500 7,406,562 U.S. HealthCare, Inc. ................................................................ 75,800 3,524,700 United Healthcare Corp. .............................................................. 132,700 8,691,850 Warner-Lambert Co. ................................................................... 53,700 5,215,613 -------------- 43,806,825 -------------- Insurance (4.9%) Aetna Life & Casualty Co. ............................................................ 27,000 1,869,750 American International Group, Inc. ................................................... 64,300 5,947,750 Berkley (W.R.) Corp. ................................................................. 70,000 3,762,500 TIG Holdings, Inc. ................................................................... 213,000 6,070,500 -------------- 17,650,500 -------------- Machinery & Capital Spending (5.0%) Case Corp. ........................................................................... 81,700 3,737,775 Emerson Electric Co. ................................................................. 85,400 6,981,450 General Electric Co. ................................................................. 97,700 7,034,400 -------------- 17,753,625 -------------- Metal Mining & Steel (1.0%) Worthington Industries, Inc. ......................................................... 169,000 3,517,313 -------------- Real Estate Securities (4.3%) American Health Properties, Inc. ..................................................... 120,000 2,580,000 Associated Estates Realty Corp. ...................................................... 84,000 1,806,000
14 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA COMMON STOCK FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Beacon Properties Corp. .............................................................. 45,000 $ 1,035,000 Equity Residential Properties Trust................................................... 42,000 1,286,250 JP Realty, Inc. ...................................................................... 97,500 2,132,813 Manufactured Home Communities, Inc. .................................................. 49,000 857,500 National Health Investors, Inc. ...................................................... 100,000 3,312,500 Simon Property Group, Inc. ........................................................... 45,000 1,096,875 Sun Communities, Inc. ................................................................ 50,400 1,329,300 -------------- 15,436,238 -------------- Technology (9.8%) Adobe Systems, Inc. .................................................................. 75,300 4,668,600 Boeing Co. ........................................................................... 50,000 3,918,750 *Cisco Systems, Inc. ................................................................. 54,900 4,096,913 *Computer Sciences Corp. ............................................................. 95,000 6,673,750 Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 270,000 5,265,000 General Motors Corp. (Class E)........................................................ 125,000 6,500,000 Hewlett-Packard Co. .................................................................. 11,800 988,250 *Sun Microsystems, Inc. .............................................................. 68,000 3,102,500 -------------- 35,213,763 -------------- Transportation (1.6%) Norfolk Southern Corp. ............................................................... 51,000 4,048,125 Southwest Airlines Co. ............................................................... 72,600 1,687,950 -------------- 5,736,075 -------------- Utilities/Communications (2.4%) AT&T Corp. ........................................................................... 40,000 2,590,000 Vodafone Group plc ADR................................................................ 166,200 5,858,550 -------------- 8,448,550 -------------- Utilities/Electric/Gas (0.6%) NIPSCO Industries, Inc. ................................................................ 60,000 2,295,000 -------------- Total Common Stocks (Cost $298,816,482).................................................................. 350,276,038 -------------- Shares or Principal Amount Value(1) ------------ -------------- Convertible Preferred Stock (0.9%) Technology (0.9%) American Express Co. (Cost $2,433,700).................................................................... 60,000 $ 3,330,000 -------------- Total investments, excluding temporary cash investment (Cost $301,250,182).................................................................. 353,606,038 -------------- Repurchase Agreement (1.0%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $3,450,244. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $3,448,186).................................................................... $ 3,448,186 3,448,186 -------------- Total Investments (99.6%) (Cost $304,698,368)...................................................................... 357,054,224 Receivables less liabilities (0.4%)....................................................... 1,468,500 -------------- Net Assets (100.0%)....................................................................... $ 358,522,724 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. 15 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA GROWTH FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ -------------- Common Stocks (99.1%) Banking & Finance (8.1%) BankAmerica Corp. .................................................................... 136,300 $ 8,825,425 Barnett Banks, Inc. .................................................................. 137,800 8,130,200 Bear Stearns Cos., Inc. .............................................................. 194,306 3,861,832 Dean Witter, Discover & Co. .......................................................... 175,440 8,245,680 Federal Home Loan Mortgage Corp. ..................................................... 187,300 15,639,550 Federal National Mortgage Assn. ...................................................... 76,700 9,520,387 First USA, Inc. ...................................................................... 150,000 6,656,250 Morgan Stanley Group, Inc. ........................................................... 100,000 8,062,500 -------------- 68,941,824 -------------- Building & Forestry Products (0.6%) *Crown Vantage, Inc. ................................................................. 366,320 5,220,060 -------------- Business & Consumer Services (1.6%) *Mail-Well, Inc. ..................................................................... 400,000 4,900,000 Service Corp. International........................................................... 200,000 8,800,000 -------------- 13,700,000 -------------- Chemical (2.0%) Grace (W.R.) & Co. ................................................................... 100,000 5,912,500 Hercules, Inc. ....................................................................... 201,000 11,331,375 -------------- 17,243,875 -------------- Consumer Non-Durable (17.5%) *AutoZone, Inc. ...................................................................... 275,000 7,940,625 *Borders Group, Inc. ................................................................. 213,300 3,946,050 *Central Tractor Farm & Country, Inc. ................................................ 275,000 2,818,750 *Corporate Express, Inc. ............................................................. 262,300 7,901,787 *Eckerd Corp. (Del.).................................................................. 165,000 7,363,125 *Federated Department Stores, Inc. ................................................... 491,600 13,519,000 *HFS, Inc. ........................................................................... 175,000 14,306,250 Home Depot, Inc. ..................................................................... 175,000 8,378,125 Intimate Brands, Inc. (Class A)....................................................... 350,000 5,250,000 Mattel, Inc. ......................................................................... 501,200 15,411,900 McDonald's Corp. ..................................................................... 168,400 7,599,050 *Office Depot, Inc. .................................................................. 220,400 4,352,900 Rite Aid Corp. ....................................................................... 148,600 5,089,550 Sears, Roebuck & Co. ................................................................. 300,000 11,700,000 Warnaco Group, Inc. (Class A)......................................................... 1,301,200 32,530,000 -------------- 148,107,112 -------------- Shares or Principal Amount Value(1) ------------ -------------- Consumer Staples (9.7%) First Brands Corp. ................................................................... 97,100 $ 4,624,388 Gillette Co. ......................................................................... 400,000 20,850,000 Libbey, Inc. ......................................................................... 300,000 6,750,000 PepsiCo, Inc. ........................................................................ 100,000 5,587,500 Philip Morris Cos., Inc. ............................................................. 300,500 27,195,250 Quaker Oats Co. ...................................................................... 300,000 10,350,000 Sunbeam Corp. ........................................................................ 274,300 4,183,075 Wrigley (Wm.) Jr. Co. ................................................................ 46,400 2,436,000 -------------- 81,976,213 -------------- Energy (5.0%) Amoco Corp. .......................................................................... 95,000 6,828,125 Anadarko Petroleum Corp. ............................................................. 172,500 9,336,562 Apache Corp. ......................................................................... 138,700 4,091,650 British Petroleum Co. plc ADR......................................................... 94,391 9,639,681 Burlington Resources, Inc. ........................................................... 125,000 4,906,250 Chevron Corp. ........................................................................ 150,000 7,875,000 -------------- 42,677,268 -------------- Energy Services (2.1%) Halliburton Co. ...................................................................... 163,000 8,251,875 Schlumberger Ltd...................................................................... 135,500 9,383,375 -------------- 17,635,250 -------------- Entertainment & Media (4.4%) Reader's Digest Association, Inc. (Class A non vtg.)................................................................... 165,800 8,497,250 Time Warner, Inc. .................................................................... 499,700 18,926,138 *Viacom, Inc. (Class B)............................................................... 215,000 10,185,625 -------------- 37,609,013 -------------- Health (10.4%) *Amgen, Inc. ......................................................................... 332,800 19,760,000 *Apria Healthcare Group, Inc. ........................................................ 1,231,520 34,790,440 *Ethical Holdings Ltd. Spon. ADR...................................................... 300,000 2,700,000 *Genesis Health Ventures, Inc. ....................................................... 175,000 6,387,500 *Inhale Therapeutic Systems........................................................... 140,000 1,365,000 Johnson & Johnson..................................................................... 75,000 6,421,875 *PacifiCare Health Systems, Inc. (Class A)............................................................................ 85,000 7,395,000 *Penederm, Inc. ...................................................................... 147,200 1,674,400 Warner-Lambert Co. ................................................................... 78,800 7,653,450 -------------- 88,147,665 --------------
16 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA GROWTH FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Hotels & Gaming (6.1%) *Circus Circus Enterprises, Inc. ..................................................... 613,500 $ 17,101,313 *Host Marriott Corp. ................................................................. 400,000 5,300,000 Marriott International, Inc. ......................................................... 200,000 7,650,000 *Mirage Resorts, Inc. ................................................................ 100,000 3,450,000 *Rio Hotel & Casino, Inc. ............................................................ 500,400 5,942,250 *Station Casinos, Inc. ............................................................... 862,600 12,615,525 -------------- 52,059,088 -------------- Insurance (3.4%) Allstate Corp. ....................................................................... 300,000 12,337,500 American International Group, Inc. ................................................... 96,150 8,893,875 *ITT Hartford Group, Inc. ............................................................ 150,000 7,256,250 -------------- 28,487,625 -------------- Machinery & Capital Spending (5.6%) *American Standard Cos., Inc. ........................................................ 231,400 6,479,200 Case Corp. ........................................................................... 225,000 10,293,750 Emerson Electric Co. ................................................................. 200,000 16,350,000 General Electric Co. ................................................................. 200,000 14,400,000 -------------- 47,522,950 -------------- Real Estate Securities (5.4%) Amli Residential Properties Trust..................................................... 180,500 3,610,000 Beacon Properties Corp. .............................................................. 345,000 7,935,000 Camden Property Trust................................................................. 166,250 3,969,219 Duke Realty Investments, Inc. ........................................................ 84,100 2,638,637 Equity Residential Properties Trust................................................... 355,000 10,871,875 JP Realty, Inc. ...................................................................... 350,000 7,656,250 Simon Property Group, Inc. ........................................................... 194,300 4,736,063 TriNet Corporate Realty Trust, Inc. .................................................. 146,000 3,978,500 -------------- 45,395,544 -------------- Technology (15.4%) Adobe Systems, Inc. .................................................................. 250,300 15,518,600 *Bay Networks, Inc. .................................................................. 200,350 8,239,394 Boeing Co. ........................................................................... 100,000 7,837,500 *Cabletron Systems, Inc. ............................................................. 53,500 4,333,500 *Cisco Systems, Inc. ................................................................. 135,000 10,074,375 Shares or Principal Amount Value(1) ------------ -------------- *Compaq Computer Corp. ............................................................... 170,000 $ 8,160,000 *Computer Sciences Corp. ............................................................. 250,400 17,590,600 *Dell Computer Corp. ................................................................. 100,000 3,462,500 Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 682,300 13,304,850 General Motors Corp. (Class E)........................................................ 155,900 8,106,800 Hewlett-Packard Co. .................................................................. 58,300 4,882,625 *Oracle Corp. ........................................................................ 198,900 8,428,387 *Sun Microsystems, Inc. .............................................................. 200,000 9,125,000 *Tellabs, Inc. ....................................................................... 168,300 6,227,100 *3Com Corp. .......................................................................... 123,800 5,772,175 -------------- 131,063,406 -------------- Utilities/Communications (1.8%) *Paging Network, Inc. ................................................................ 400,000 9,750,000 Vodafone Group plc ADR................................................................ 150,000 5,287,500 -------------- 15,037,500 -------------- Total Common Stocks (Cost $680,853,085).................................................................. 840,824,393 -------------- Repurchase Agreement (1.2%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $10,447,456. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $10,441,223).................................................................. $ 10,441,223 10,441,223 -------------- Total Investments (100.3%) (Cost $691,294,308)...................................................................... 851,265,616 Receivables less liabilities (-0.3%)...................................................... (2,534,764) -------------- Net Assets (100.0%)....................................................................... $ 848,730,852 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. 17 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ -------------- Common Stocks (90.7%) Brazil (0.8%) Companhia Energetica de Minas Gerais SA, ADR (Utilities-Electric)..................... 22,776 $ 498,225 Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 360,000 -------------- 858,225 -------------- Canada (2.9%) Bombardier, Inc. (Class B) (Manufacturing-Diversified Industries)..................... 80,000 1,056,028 *Future Shop Ltd., The (Retail)....................................................... 65,800 711,756 Magna International, Inc. (Class A) (Motor Vehicles & Parts).......................... 11,000 473,929 NOVA Corp. (Chemicals)................................................................ 85,000 680,000 -------------- 2,921,713 -------------- Finland (2.4%) Finnair Oy (Transportation)........................................................... 70,000 516,331 Kesko Oy (Retail)..................................................................... 57,000 710,809 Valmet Oy (Class A) (Machinery & Capital Spending).................................... 50,000 1,244,727 -------------- 2,471,867 -------------- France (5.9%) Alcatel Alsthom SA (Electrical Equipment)............................................. 2,000 172,697 AXA SA (Insurance).................................................................... 14,000 944,882 BIC SA (Consumer Products)............................................................ 7,000 712,956 Brioche Pasquier SA (Food Processing)................................................. 3,000 365,068 Carrefour SA (Retail)................................................................. 1,400 850,680 Cie General des Eaux (Utilities)...................................................... 3,400 339,965 GrandOptical-PhotoService SA (Retail)................................................. 4,000 391,042 LVMH Moet Hennessy Louis Vuitton SA (Consumer Products)............................... 2,800 584,109 Societe Nationale d'Exploitation Industrielle des Tabacs et Allumettes (Consumer Products)............................................................................ 17,000 617,139 Societe Generale SA (Banking)......................................................... 7,600 940,382 -------------- 5,918,920 -------------- Shares or Principal Amount Value(1) ------------ -------------- Germany (5.9%) Allianz Holding AG (Insurance)........................................................ 500 $ 977,281 Bayer AG (Chemicals).................................................................. 3,000 793,778 Daimler-Benz AG (Motor Vehicles & Parts).............................................. 1,000 504,719 Gehe AG (Wholesale Distributor)....................................................... 1,800 918,560 Karstadt AG (Retail).................................................................. 1,500 613,422 Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 766,221 *SGL Carbon AG (Metals, Mining & Steel)............................................................................... 12,000 931,143 Siemens AG (Electrical Equipment)..................................................... 800 439,007 -------------- 5,944,131 -------------- Hong Kong (6.7%) Cheung Kong Holdings Ltd. (Real Estate)............................................... 300,000 1,827,541 Florens Group Ltd. (Container Leasing)................................................ 920,000 600,903 HSBC Holdings plc (Banking)........................................................... 122,855 1,859,104 Hutchison Whampoa Ltd. (Consumer Products)............................................ 135,000 822,394 Sun Hung Kai Properties Ltd. (Real Estate)............................................ 70,000 572,642 Swire Pacific Ltd. (Class A) (Transportation)......................................... 140,000 1,086,436 -------------- 6,769,020 -------------- India (2.4%) Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 12,400 313,100 *Indian Hotels Co. Ltd., GDS, The (Entertainment & Leisure)........................... 30,000 570,000 Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 690,000 Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 66,400 854,900 -------------- 2,428,000 -------------- Italy (1.5%) *De Rigo S.p.A., ADS (Consumer Products).............................................. 24,000 546,000 *Gucci Group NV (Consumer Products)................................................... 25,000 971,875 -------------- 1,517,875 --------------
18 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Japan (34.3%) Ajinomoto Co., Inc. (Food & Beverages)................................................ 20,000 $ 223,084 BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 22,000 349,951 CANON, INC. (Electronics)............................................................. 48,000 870,611 Daiwa Securities Co., Ltd. (Financial Services)....................................... 45,000 689,622 Daiwabo Information System Co., Ltd. (Technology)..................................... 9,000 234,821 East Japan Railway Co. (Transportation)............................................... 74 360,310 Fuji Bank Ltd., The (Banking)......................................................... 35,000 774,006 Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 11,000 317,944 FUJICOPIAN CO., LTD. (Machinery & Capital Spending)................................... 21,000 157,042 Industrial Bank of Japan Ltd., The (Banking).......................................... 27,000 819,690 ITO-YOKADO CO., LTD. (Retail)......................................................... 7,000 431,814 JUSCO CO., LTD. (Retail).............................................................. 25,000 652,279 KAJIMA CORP. (Construction)........................................................... 32,000 316,586 Kao Corp. (Consumer Products)......................................................... 20,000 248,303 Kawasaki Steel Corp. (Metals, Mining & Steel)......................................... 158,000 551,697 KEYENCE CORP. (Electronics)........................................................... 12,000 1,385,063 Kinki Nippon Railway Co., Ltd. (Transportation)....................................... 39,000 295,053 KOMATSU LTD. (Machinery & Capital Spending)........................................... 30,000 247,333 KUBOTA CORP. (Machinery & Capital Spending)........................................... 70,000 451,503 Laox Co., Ltd. (Retail)............................................................... 26,000 524,539 Marubeni Corp. (Wholesale Distributor)................................................ 106,000 574,724 Mitsubishi Bank Ltd., The (Banking)................................................... 33,000 777,789 Mitsubishi Chemical Corp. (Chemicals)................................................. 76,000 370,049 Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 72,000 900,873 Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 120,000 957,905 Mitsubishi Trust & Banking Corp., The (Banking)....................................... 23,000 383,705 Mitsui Fudosan Co., Ltd. (Real Estate)................................................ 100,000 1,231,814 MITSUMI ELECTRIC CO., LTD. (Electronics).............................................. 24,000 579,631 MORI SEIKI CO., LTD. (Machinery & Capital Spending)................................... 25,000 564,985 NEC Corp. (Electronics)............................................................... 40,000 488,846 NICHICON CORP. (Electronics).......................................................... 18,000 265,373 Shares or Principal Amount Value(1) ------------ -------------- Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 3,000 $ 228,419 NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 200,000 686,712 NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities-Communication).......................... 200 1,620,597 Nippon Yusen Kabushiki Kaisha (Transportation)........................................ 55,000 319,544 NIPPONDENSO CO., LTD. (Motor Vehicles & Parts)........................................ 23,000 430,553 NISSAN MOTOR CO., LTD. (Motor Vehicles & Parts)....................................... 47,000 361,503 NISSHO ELECTRONICS CORP. (Electronics)................................................ 50,000 1,188,167 Nomura Securities Co., Ltd., The (Financial Services)................................. 42,000 916,586 NSK Ltd. (Machinery & Capital Spending)............................................... 164,000 1,193,016 NTN CORP. (Machinery & Capital Spending).............................................. 161,000 1,077,498 NTT Data Communications Systems Corp. (Business Services)............................. 35 1,177,983 OMRON CORP. (Electronics)............................................................. 10,000 230,844 OSG CORP. (Machinery & Capital Spending).............................................. 13,000 89,273 ROHM CO., LTD. (Electronics).......................................................... 17,000 961,300 SANKYO CO., LTD. (Pharmaceuticals).................................................... 12,000 270,029 Sanwa Bank Ltd., The (Banking)........................................................ 35,000 712,900 Sekisui Chemical Co., Ltd. (Chemicals)................................................ 82,000 1,208,923 SHIMIZU CORP. (Construction).......................................................... 30,000 305,529 Shin-Etsu Chemical Co., Ltd. (Chemicals).............................................. 20,000 415,131 SONY CORP. (Electronics).............................................................. 10,000 600,388 Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 27,000 445,199 Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 65,000 851,115 TORAY INDUSTRIES, INC. (Chemicals).................................................... 75,000 494,665 TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 37,000 785,936 TRANS COSMOS, INC. (Business Services)................................................ 6,000 393,404 Tsuchiya Home Co., Ltd. (Construction)................................................ 35,000 594,083 -------------- 34,556,242 --------------
19 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Korea (2.3%) *CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 $ 1,293,500 Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 1,023,300 -------------- 2,316,800 -------------- Netherlands (4.4%) Aegon NV (Insurance).................................................................. 25,000 1,107,437 *BE Semiconductor Inds. NV (Electronics).............................................. 60,000 780,000 Elsevier NV (Publishing).............................................................. 80,000 1,068,131 Heineken NV (Food & Beverages)........................................................ 3,800 674,981 Royal Dutch Petroleum Co. (Energy).................................................... 5,500 769,341 -------------- 4,399,890 -------------- Norway (1.3%) UNI-Storebrand AS (Class A) (Insurance)............................................... 240,000 1,330,314 -------------- Switzerland (5.2%) Alusuisse-Lonza Holding AG (Bearer) (Metals, Mining & Steel).......................... 1,200 953,739 BBC Brown Boveri Ltd. (Series A) (Bearer) (Electrical Equipment)...................... 750 873,913 Ciba-Geigy AG (Bearer) (Pharmaceuticals).............................................. 1,150 1,010,000 Roche Holding Ltd. (Genusssheine) (Pharmaceuticals)................................... 140 1,110,870 Swiss Reinsurance Co. (Registered) (Insurance)........................................ 560 653,496 Zurich Insurance Co. (Registered) (Insurance)......................................... 2,000 600,000 -------------- 5,202,018 -------------- United Kingdom (14.7%) Abbey National plc (Banking).......................................................... 50,000 493,377 B.A.T Inds. plc (Consumer/Business Services).......................................... 80,000 704,381 Barclays plc (Banking)................................................................ 40,000 458,623 BOC Group plc, The (Chemicals)........................................................ 25,000 349,475 British Aerospace plc (Aircraft & Aerospace).......................................... 48,000 592,645 British Petroleum Co. plc (Energy).................................................... 154,835 1,293,620 British Sky Broadcasting Group plc (Media)............................................ 100,000 630,685 Compass Group plc (Food & Beverages).................................................. 46,000 348,994 Electrocomponents plc (Electronics)................................................... 86,000 479,677 Shares or Principal Amount Value(1) ------------ -------------- Glaxo Wellcome plc (Pharmaceuticals).................................................. 35,000 $ 496,868 Hays plc (Business Services).......................................................... 120,000 700,037 Lloyds TSB Group plc (Banking)........................................................ 189,280 972,041 Next plc (Retail)..................................................................... 160,000 1,131,974 Provident Financial plc (Financial Services).......................................... 66,000 838,136 Prudential Corp. (Insurance).......................................................... 81,155 521,905 Reed International plc (Publishing)................................................... 37,000 563,435 Reuters Holdings plc (Business Services).............................................. 100,000 914,609 Sage Group plc, The (Business Services)............................................................................ 100,000 511,995 Siebe plc (Machinery & Capital Spending).............................................. 71,190 876,431 SmithKline Beecham plc (Class A) (Pharmaceuticals).................................... 60,000 660,939 THORN EMI plc (Entertainment & Leisure)............................................... 42,795 1,006,902 Vodafone Group plc (Utilities-Communication).......................................... 90,000 322,557 -------------- 14,869,306 -------------- Total Common Stocks (Cost $81,259,082)................................................................... 91,504,321 -------------- Preferred Stocks (4.4%) Brazil (2.1%) Companhia Cervejaria Brahma SA (Food & Beverages)..................................... 770,000 316,978 *DIXIE TOGA SA (Receipts) (Containers)................................................ 437,500 382,706 Refrigeracao Parana SA (Consumer Products)............................................ 112,500,000 224,607 Telecomunicacoes Brasileiras SA (Utilities-Communication)............................. 25,000,000 1,204,075 -------------- 2,128,366 -------------- Germany (2.3%) Fresenius AG (Pharmaceuticals)........................................................ 8,500 808,109 Jil Sander AG (Consumer Products)..................................................... 765 564,191 Systeme, Anwendungen, Produkte in der Dattenverarbeitung AG (Business Services)....... 6,000 910,171 -------------- 2,282,471 -------------- Total Preferred Stocks (Cost $3,727,581).................................................................... 4,410,837 --------------
20 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Warrants (1.8%) Germany (0.6%) *Veba AG (04/06/1998) (Utilities- Electric)........................................................................... 4,000 $ 631,947 -------------- Japan (1.2%) *Kyocera Corp. #2 (01/23/1998) (Electronics).......................................... 865 1,081,250 *Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 107,608 -------------- 1,188,858 -------------- Total Warrants (Cost $1,782,383).................................................................... 1,820,805 -------------- Total investments, excluding temporary cash investment (Cost $86,769,046)................................................................... 97,735,963 -------------- Shares or Principal Amount Value(1) ------------ -------------- Repurchase Agreement (2.8%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $2,820,406. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $2,818,723).................................................................... $ 2,818,723 $ 2,818,723 -------------- Total Investments (99.7%) (Cost $89,587,769)....................................................................... 100,554,686 Cash and receivables less liabilities (0.3%).............................................. 318,774 -------------- Net Assets (100.0%)....................................................................... $ 100,873,460 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. 21 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA SPECIAL FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ -------------- Common Stocks (97.9%) Aerospace (0.7%) *BE Aerospace, Inc. .................................................................. 505,000 $ 5,365,625 *Wyman-Gordon Co. .................................................................... 350,000 4,812,500 -------------- 10,178,125 -------------- Banking & Finance (9.6%) Aames Financial Corp. ................................................................ 360,000 10,035,000 ADVANTA Corp. (Class B)............................................................... 330,000 12,003,750 Alex. Brown, Inc. .................................................................... 250,000 10,500,000 Citicorp.............................................................................. 225,000 15,131,250 Great Western Financial Corp. ........................................................ 295,000 7,522,500 Green Tree Financial Corp. ........................................................... 600,000 15,825,000 Morgan Stanley Group, Inc. ........................................................... 85,000 6,853,125 Schwab (Charles) Corp. ............................................................... 400,000 8,050,000 Standard Federal Bancorp.............................................................. 350,000 13,781,250 U.S. Bancorp (Ore.)................................................................... 442,000 14,862,250 Washington Federal, Inc. ............................................................. 350,000 8,968,750 Washington Mutual, Inc. .............................................................. 325,000 9,384,375 -------------- 132,917,250 -------------- Building & Forestry Products (0.7%) *Fort Howard Corp. ................................................................... 450,000 10,125,000 -------------- Business & Consumer Services (7.6%) *American Management Systems, Inc. ................................................... 370,000 11,100,000 *BISYS Group, Inc. ................................................................... 400,000 12,300,000 *CBT Group Public Ltd. plc Spon. ADR.................................................. 102,500 5,432,500 *CKS Group, Inc. ..................................................................... 10,000 390,000 *CompDent Corp. ...................................................................... 220,000 9,130,000 Danka Business Systems plc ADR........................................................ 421,000 15,577,000 DENTSPLY International, Inc. ......................................................... 340,000 13,600,000 *First Commonwealth, Inc. ............................................................ 100,000 2,600,000 *FIserv, Inc. ........................................................................ 320,000 9,600,000 *Learning Tree International, Inc. ................................................... 136,000 2,125,000 Paychex, Inc. ........................................................................ 300,000 14,962,500 *United Dental Care, Inc. ............................................................ 209,000 8,621,250 -------------- 105,438,250 -------------- Chemical (1.0%) Potash Corp. of Saskatchewan, Inc. ................................................... 200,000 14,175,000 -------------- Consumer Durable (1.7%) Harley-Davidson, Inc. ................................................................ 500,000 14,375,000 Polaris Industries, Inc. ............................................................. 50,000 1,468,750 *Ultralife Batteries, Inc. ........................................................... 285,000 6,840,000 -------------- 22,683,750 -------------- Shares or Principal Amount Value(1) ------------ -------------- Consumer Non-Durable (5.0%) *Borders Group, Inc. ................................................................. 600,000 $ 11,100,000 *Eastbay, Inc. ....................................................................... 355,000 7,011,250 *General Nutrition Cos., Inc. ........................................................ 350,000 8,050,000 Intimate Brands, Inc. (Class A)....................................................... 250,000 3,750,000 *Micro Warehouse, Inc. ............................................................... 100,000 4,325,000 *Neostar Retail Group, Inc. .......................................................... 590,000 4,351,250 *OfficeMax, Inc. ..................................................................... 420,000 9,397,500 Quality Food Centers, Inc. ........................................................... 250,000 5,500,000 *Sports Authority, Inc., The.......................................................... 350,000 7,131,250 *Zale Corp. .......................................................................... 490,000 7,901,250 -------------- 68,517,500 -------------- Consumer Staples (0.5%) DEKALB Genetics Corp. (Class B)....................................................... 150,000 6,768,750 -------------- Energy (3.8%) Anadarko Petroleum Corp. ............................................................. 475,000 25,709,375 Apache Corp. ......................................................................... 545,000 16,077,500 Burlington Resources, Inc. ........................................................... 100,000 3,925,000 *Cairn Energy USA, Inc. .............................................................. 500,000 7,000,000 -------------- 52,711,875 -------------- Energy Services (6.9%) *BJ Services Co. ..................................................................... 400,000 11,600,000 *Grant Geophysical, Inc. ............................................................. 400,000 1,000,000 Halliburton Co. ...................................................................... 250,000 12,656,250 *Input/Output, Inc. .................................................................. 260,000 15,015,000 *Landmark Graphics Corp. ............................................................. 300,000 6,975,000 *Nabors Industries, Inc. ............................................................. 700,000 7,787,500 *Noble Drilling Corp. ................................................................ 900,000 8,100,000 *Oceaneering International, Inc. ..................................................... 630,000 8,111,250 *Smith International, Inc. ........................................................... 625,000 14,687,500 Sonat Offshore Drilling, Inc. ........................................................ 220,000 9,845,000 -------------- 95,777,500 -------------- Entertainment & Media (4.8%) Citicasters, Inc. (Class A)........................................................... 300,000 7,087,500 *Electronic Arts, Inc. ............................................................... 310,000 8,098,750 *Evergreen Media Corp. (Class A)...................................................... 420,000 13,440,000 *GT Interactive Software Corp. ....................................................... 225,000 3,150,000 *Hollywood Entertainment Corp. ....................................................... 250,000 2,093,750 Nelson (Thomas), Inc. ................................................................ 420,000 5,460,000 *Regal Cinemas, Inc. ................................................................. 380,000 11,305,000 *SFX Broadcasting, Inc. (Class A)..................................................... 250,000 7,562,500 *Softkey International, Inc. ......................................................... 335,000 7,746,875 -------------- 65,944,375 --------------
22 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA SPECIAL FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Health (12.0%) *Apria Healthcare Group, Inc. ........................................................ 630,000 $ 17,797,500 *Boston Scientific Corp. ............................................................. 300,000 14,700,000 *Elan Corp. plc ADR................................................................... 400,000 19,450,000 *Gilead Sciences, Inc. ............................................................... 300,000 9,600,000 HBO & Co. ............................................................................ 155,000 11,876,875 *Health Care & Retirement Corp. (Del.)................................................ 275,000 9,625,000 *Interneuron Pharmaceuticals, Inc. ................................................... 134,400 3,427,200 *Medic Computer Systems, Inc. ........................................................ 180,000 10,890,000 *Mid-Atlantic Medical Services, Inc. ................................................. 300,000 7,275,000 Omnicare, Inc. ....................................................................... 220,000 9,845,000 *OrNda Healthcorp..................................................................... 430,000 9,997,500 *Oxford Health Plans, Inc. ........................................................... 130,000 9,603,750 *Renal Treatment Centers, Inc. ....................................................... 275,000 12,100,000 *ResMed, Inc. ........................................................................ 529,000 6,877,000 Stryker Corp. ........................................................................ 250,000 13,125,000 -------------- 166,189,825 -------------- Hotels & Gaming (0.9%) *Red Lion Hotels, Inc. ............................................................... 120,000 2,100,000 *Station Casinos, Inc. ............................................................... 700,000 10,237,500 -------------- 12,337,500 -------------- Insurance (3.1%) Berkley (W.R.) Corp. ................................................................. 172,200 9,255,750 Foremost Corp. of America............................................................. 254,000 12,890,500 Mutual Risk Management Ltd. .......................................................... 230,000 10,522,500 PMI Group, Inc., The.................................................................. 220,000 9,955,000 -------------- 42,623,750 -------------- Machinery & Capital Spending (8.2%) AGCO Corp. ........................................................................... 300,000 15,300,000 *American Standard Cos., Inc. ........................................................ 300,000 8,400,000 Applied Power, Inc. (Class A)......................................................... 250,000 7,500,000 *Avondale Industries, Inc. ........................................................... 250,000 3,625,000 *Checkpoint Systems, Inc. ............................................................ 450,000 16,818,750 Duriron Co., Inc. .................................................................... 225,000 5,259,375 *Elsag Bailey Process Automation N.V.................................................. 550,000 14,781,250 *Jacobs Engineering Group, Inc. ...................................................... 402,000 10,050,000 Measurex Corp. ....................................................................... 550,000 15,537,500 *Rauma Oy Spon. ADR................................................................... 350,000 6,606,250 Titan Wheel International, Inc. ...................................................... 600,000 9,750,000 -------------- 113,628,125 -------------- Shares or Principal Amount Value(1) ------------ -------------- Metal Mining & Steel (2.1%) *Alumax, Inc. ........................................................................ 300,000 $ 9,187,500 Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 330,000 9,240,000 Schnitzer Steel Industries, Inc. (Class A)............................................................................ 345,000 10,522,500 -------------- 28,950,000 -------------- Pollution Control (2.3%) *Air & Water Technologies Corp. (Class A)............................................. 467,500 2,863,437 *Osmonics, Inc. ...................................................................... 460,000 9,372,500 *Tetra Tech, Inc. .................................................................... 295,700 6,727,175 *U.S. Filter Corp. ................................................................... 500,000 13,312,500 -------------- 32,275,612 -------------- Real Estate Securities (0.8%) Equity Residential Properties Trust................................................... 360,000 11,025,000 -------------- Technology (23.2%) Adobe Systems, Inc. .................................................................. 375,000 23,250,000 *Andrew Corp. ........................................................................ 350,000 13,387,500 *Ascend Communications, Inc. ......................................................... 270,000 21,903,750 *Asyst Technologies, Inc. ............................................................ 130,000 4,582,500 *Bay Networks, Inc. .................................................................. 170,000 6,991,250 *Cabletron Systems, Inc. ............................................................. 110,000 8,910,000 *Cascade Communications Corp. ........................................................ 160,000 13,640,000 *Cisco Systems, Inc. ................................................................. 220,000 16,417,500 *Coherent Communications Systems Corp. ............................................... 445,000 8,566,250 *Comshare, Inc. ...................................................................... 215,000 5,590,000 *Dell Computer Corp. ................................................................. 200,000 6,925,000 *Diamond Multimedia Systems, Inc. .................................................... 100,000 3,587,500 *Digital Link Corp. .................................................................. 305,000 4,308,125 ECI Telecommunications Ltd. .......................................................... 335,000 7,642,188 Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 300,000 5,850,000 *Harmonic Lightwaves, Inc. ........................................................... 490,000 5,390,000 *HNC Software, Inc. .................................................................. 175,000 8,356,250 *Integrated Measurement Systems, Inc. ................................................ 200,000 2,950,000 *Komag, Inc. ......................................................................... 180,000 8,302,500 *MEMC Electronic Materials, Inc. ..................................................... 375,000 12,234,375 *National Instruments Corp. .......................................................... 160,000 3,240,000 *Novadigm, Inc. ...................................................................... 385,000 10,924,375 *PLATINUM Technology, Inc. ........................................................... 400,000 7,350,000 *Premisys Communications, Inc. ....................................................... 300,000 16,800,000 *Seagate Technology, Inc. ............................................................ 270,000 12,825,000 *Security Dynamics Technologies, Inc. ................................................ 200,000 10,900,000 *Silicon Valley Group, Inc. .......................................................... 185,000 4,671,250
23 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA SPECIAL FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) *Softdesk, Inc. ...................................................................... 290,000 $ 5,727,500 *StrataCom, Inc. ..................................................................... 200,000 14,700,000 *Sun Microsystems, Inc. .............................................................. 360,000 16,425,000 System Software Associates, Inc. ..................................................... 187,500 4,078,125 *Tellabs, Inc. ....................................................................... 250,000 9,250,000 *3Com Corp. .......................................................................... 330,000 15,386,250 -------------- 321,062,188 -------------- Transportation (1.3%) Airborne Freight Corp. ............................................................... 500,000 13,312,500 *Celadon Group, Inc. ................................................................. 560,000 5,040,000 -------------- 18,352,500 -------------- Utilities/Communications (1.7%) Cincinnati Bell, Inc. ................................................................ 210,000 7,297,500 *CommNet Cellular, Inc. .............................................................. 350,000 10,106,250 *Mobile Telecommunication Technologies Corp. ......................................... 300,000 6,412,500 -------------- 23,816,250 -------------- Total Common Stocks (Cost $1,154,264,142)................................................................ 1,355,498,125 -------------- Shares or Principal Amount Value(1) ------------ -------------- Repurchase Agreement (1.8%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $24,213,292. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $24,198,846)................................................................... $ 24,198,846 $ 24,198,846 -------------- Total Investments (99.7%) (Cost $1,178,462,988)........................................... 1,379,696,971 Receivables less liabilities (0.3%)....................................................... 4,718,064 -------------- Net Assets (100.0%)....................................................................... $1,384,415,035 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-Income Producing The accompanying notes are an integral part of the financial statements. 24 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ --------------- Common Stocks (94.1%) Real Estate Apartments (33.3%) Amli Residential Properties Trust.... 30,800 $ 616,000 Associated Estates Realty Corp. ..... 38,000 817,000 Avalon Properties, Inc. ............. 36,000 774,000 Camden Property Trust................ 35,300 842,787 Equity Residential Properties Trust............................... 20,300 621,687 Evans Withycombe Residential, Inc. ............................... 36,000 774,000 Oasis Residential, Inc. ............. 34,800 791,700 Prime Residential, Inc. ............. 38,000 703,000 Smith (Charles E.) Residential Realty, Inc. ....................... 22,500 531,563 Wellsford Residential Property Trust............................... 31,125 715,875 --------------- 7,187,612 --------------- Office (11.0%) Beacon Properties Corp. ............. 33,900 779,700 Cali Realty Corp. ................... 37,100 811,562 Reckson Associates Realty Corp. ..... 27,000 793,125 --------------- 2,384,387 --------------- Industrial (18.7%) First Industrial Realty Trust, Inc. ............................... 35,200 792,000 Liberty Property Trust............... 38,400 796,800 Spieker Properties, Inc. ............ 32,100 806,513 Storage Trust Realty................. 37,700 857,675 TriNet Corporate Realty Trust, Inc. ............................... 28,800 784,800 --------------- 4,037,788 --------------- Manufactured Homes (7.5%) Chateau Properties, Inc. ............ 37,800 850,500 Sun Communities, Inc. ............... 29,000 764,875 --------------- 1,615,375 --------------- Community Centers (9.0%) Excel Realty Trust, Inc. ............ 37,500 768,750 Haagen (Alexander) Properties, Inc. ............................... 49,000 600,250 JP Realty, Inc. ..................... 25,900 566,563 --------------- 1,935,563 --------------- Shares or Principal Amount Value(1) ------------ --------------- Shopping Malls (6.1%) Macerich Co. ........................ 30,700 $ 614,000 Simon Property Group, Inc. .......... 28,500 694,688 --------------- 1,308,688 --------------- Other (8.5%) *Bristol Hotel Co. .................. 40,000 975,000 Starwood Lodging Trust............... 29,000 862,750 --------------- 1,837,750 --------------- Total Common Stocks (Cost $18,771,237).................. 20,307,163 --------------- Repurchase Agreements (7.0%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $1,053,900. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008............... $ 1,053,271 1,053,271 J.P. Morgan Securities, Inc. 5.879% dated 12/29/1995, due 01/02/1996 in the amount of $450,290. Collateralized by U.S. Treasury Note 6.750% due 05/31/1999............... 450,000 450,000 --------------- Total Repurchase Agreements (Cost $1,503,271)................... 1,503,271 --------------- Total Investments (101.1%) (Cost $20,274,508)...................... 21,810,434 Receivables less liabilities (-1.1%)..... (223,234) --------------- Net Assets (100.0%)...................... $ 21,587,200 --------------- ---------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. 25 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA BALANCED FUND, INC.
Shares or Principal December 31, 1995 Amount Value(1) ------------ -------------- Common Stocks (52.2%) Banking & Finance (6.4%) Ahmanson (H.F.) & Co. ............. 77,000 $ 2,040,500 American Express Co. .............. 130,200 5,387,025 Federal Home Loan Mortgage Corp. ............................ 70,000 5,845,000 Federal National Mortgage Assn. ... 20,200 2,507,325 Fleet Financial Group, Inc. ....... 59,700 2,432,775 Greenpoint Financial Corp. ........ 120,000 3,210,000 Morgan (J.P.) & Co., Inc. ......... 57,700 4,630,425 PNC Bank Corp. .................... 160,000 5,160,000 -------------- 31,213,050 -------------- Building & Forestry Products (0.9%) Champion International Corp. ...... 100,600 4,225,200 -------------- Business Services (1.9%) *ADT Ltd. ......................... 211,400 3,171,000 Service Corp. International........ 133,600 5,878,400 -------------- 9,049,400 -------------- Chemical (1.9%) Grace (W.R.) & Co. ................ 63,900 3,778,087 Hercules, Inc. .................... 93,100 5,248,513 -------------- 9,026,600 -------------- Consumer Durable (1.3%) Ford Motor Co. .................... 143,000 4,147,000 Harley-Davidson, Inc. ............. 82,000 2,357,500 -------------- 6,504,500 -------------- Consumer Non-Durable (4.8%) *Circus Circus Enterprises, Inc. ............................. 89,600 2,497,600 *Federated Department Stores, Inc. ............................. 131,900 3,627,250 Mattel, Inc. ...................... 157,800 4,852,350 Nike, Inc. (Class B)............... 61,800 4,302,825 *Payless Cashways, Inc. ........... 239,700 1,018,725 Rykoff-Sexton, Inc. ............... 81,000 1,417,500 Sears, Roebuck & Co. .............. 109,900 4,286,100 Wendy's International, Inc. ....... 65,000 1,381,250 -------------- 23,383,600 -------------- Consumer Staples (4.8%) Gillette Co. ...................... 85,400 4,451,475 Philip Morris Cos., Inc. .......... 51,400 4,651,700 Pioneer Hi-Bred International, Inc. ............................. 43,700 2,430,812 Procter & Gamble Co. .............. 53,300 4,423,900 Sunbeam Corp. ..................... 165,300 2,520,825 Sysco Corp. ....................... 146,000 4,745,000 -------------- 23,223,712 -------------- Shares or Principal Amount Value(1) ------------ -------------- Energy (4.2%) Chevron Corp. ..................... 50,600 $ 2,656,500 Exxon Corp. ....................... 14,850 1,189,856 Louisiana Land & Exploration Co. .............................. 64,000 2,744,000 Mobil Corp. ....................... 36,800 4,121,600 Noble Affiliates, Inc. ............ 28,800 860,400 Royal Dutch Petroleum Co. ADR...... 43,450 6,131,881 Unocal Corp. ...................... 100,000 2,912,500 -------------- 20,616,737 -------------- Energy Services (0.5%) Baker Hughes, Inc. ................ 105,000 2,559,375 -------------- Entertainment & Media (3.3%) Capital Cities/ABC, Inc. .......... 36,000 4,441,500 Reader's Digest Association, Inc. (Class A non vtg.)................ 50,400 2,583,000 Time Warner, Inc. ................. 128,800 4,878,300 *Viacom, Inc. (Class B)............ 86,600 4,102,675 -------------- 16,005,475 -------------- Health (6.1%) *Amgen, Inc. ...................... 101,800 6,044,375 Bausch & Lomb, Inc. ............... 128,700 5,099,738 Becton, Dickinson & Co. ........... 34,700 2,602,500 *Humana, Inc. ..................... 86,000 2,354,250 Johnson & Johnson.................. 45,800 3,921,625 U.S. HealthCare, Inc. ............. 53,600 2,492,400 United Healthcare Corp. ........... 61,700 4,041,350 Warner-Lambert Co. ................ 33,200 3,224,550 -------------- 29,780,788 -------------- Insurance (2.6%) Aetna Life & Casualty Co. ......... 20,000 1,385,000 American International Group, Inc. ............................. 44,800 4,144,000 Berkley (W.R.) Corp. .............. 50,000 2,687,500 TIG Holdings, Inc. ................ 150,000 4,275,000 -------------- 12,491,500 -------------- Machinery & Capital Spending (2.6%) Case Corp. ........................ 58,000 2,653,500 Emerson Electric Co. .............. 59,100 4,831,425 General Electric Co. .............. 68,300 4,917,600 -------------- 12,402,525 -------------- Metal Mining & Steel (0.5%) Worthington Industries, Inc. ...... 123,000 2,559,938 -------------- Real Estate Securities (2.9%) American Health Properties, Inc. ............................. 73,600 1,582,400
26 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA BALANCED FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Common Stocks (Continued) Associated Estates Realty Corp. ... 76,200 $ 1,638,300 Beacon Properties Corp. ........... 45,000 1,035,000 Equity Residential Properties Trust............................. 48,500 1,485,312 JP Realty, Inc. ................... 97,500 2,132,812 Manufactured Home Communities, Inc. ............................. 78,000 1,365,000 National Health Investors, Inc. ... 72,000 2,385,000 Simon Property Group, Inc. ........ 52,500 1,279,688 Sun Communities, Inc. ............. 54,700 1,442,713 -------------- 14,346,225 -------------- Technology (5.0%) Adobe Systems, Inc. ............... 58,000 3,596,000 Boeing Co. ........................ 35,000 2,743,125 *Cisco Systems, Inc. .............. 39,200 2,925,300 *Computer Sciences Corp. .......... 63,200 4,439,800 Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR............... 173,000 3,373,500 General Motors Corp. (Class E)..... 82,400 4,284,800 Hewlett-Packard Co. ............... 13,000 1,088,750 *Sun Microsystems, Inc. ........... 46,000 2,098,750 -------------- 24,550,025 -------------- Transportation (0.8%) Norfolk Southern Corp. ............ 33,400 2,651,125 Southwest Airlines Co. ............ 51,700 1,202,025 -------------- 3,853,150 -------------- Utilities/Communications (1.3%) AT&T Corp. ........................ 45,000 2,913,750 Vodafone Group plc ADR............. 92,000 3,243,000 -------------- 6,156,750 -------------- Utilities/Electric/Gas (0.4%) NIPSCO Industries, Inc. ........... 51,400 1,966,050 -------------- Total Common Stocks (Cost $210,794,217)................. 253,914,600 -------------- Convertible Preferred Stock (0.4%) Technology (0.4%) American Express Co. (Cost $1,470,000)................. 40,000 2,220,000 -------------- Shares or Principal Amount Value(1) ------------ -------------- U.S. Government, Federal Agency Obligations (25.1%) U.S. Treasury Bonds & Notes (10.3%) U.S. Treasury Bonds 12.000% 08/15/2013............... $ 4,350,000 $ 6,714,399 8.125% 08/15/2019................ 12,230,000 15,397,326 U.S. Treasury Notes 6.125% 07/31/1996................ 6,195,000 6,229,444 6.875% 08/31/1999................ 14,780,000 15,540,579 7.250% 05/15/2004................ 5,740,000 6,378,058 -------------- 50,259,806 -------------- Government National Mortgage Association (GNMA) (3.9%) 7.500% 11/20/2025 - 12/20/2025 (GNMA II)......................... 2,663,245 2,723,168 8.000% 07/15/2025 - 09/15/2025..... 2,161,304 2,252,511 8.000% 08/20/2025 - 11/20/2025 (GNMA II)......................... 9,176,322 9,505,753 8.750% 08/15/2024.................. 1,530,079 1,621,883 9.000% 01/15/2030.................. 1,028,832 1,095,387 9.375% 11/15/2029 - 02/15/2035..... 1,691,391 1,818,634 -------------- 19,017,336 -------------- Federal Housing Administration (FHA) (1.3%) FHA Insured Project Pool #12 7.430% 12/01/2021................ 922,420 965,645 FHA Insured Project Pool #23-11059 7.700% 08/01/2028................ 1,631,427 1,670,581 FHA Insured Project Pool #42 7.430% 09/01/2022................ 1,240,489 1,305,949 FHA Insured Project Pool #53 7.430% 02/01/2022................ 1,067,856 1,122,766 FHA Insured Project Pool #53-43077 9.125% 07/25/2033................ 1,106,058 1,170,431 -------------- 6,235,372 -------------- Federal National Mortgage Association (FNMA) (0.2%) 8.173% 05/01/2025 (ARM).......... 800,937 826,968 -------------- Federal Home Loan Mortgage Corp. (FHLMC) (0.3%) 8.500% 10/01/2024 - 03/01/2025... 1,473,964 1,539,371 -------------- Agency Collateralized Mortgage Obligations (9.1%) Bear Stearns Secured Inv., Inc. Series 88-6 Cl. B 0.000% 03/20/1996................ 272,081 268,765 Collateralized Mortgage Obligation Trust 22 Cl. Y 7.950% 05/01/2017................ 1,857,800 1,936,200 FHLMC Multiclass Mtg. Partn.
27 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA BALANCED FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- U.S. Government, Federal Agency Obligations (Continued) Ctfs. Gtd. Series 1203 Cl. F 6.750% 07/15/2003................ $ 720,052 $ 722,521 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1339 Cl. C 8.000% 08/15/2006................ 750,000 823,125 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1552 Cl. GA 6.000% 12/15/2021................ 2,000,000 1,965,000 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1694 Cl. MA 6.100% 05/15/2023................ 2,430,954 2,394,101 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1730 Cl. A 7.000% 07/15/2017................ 1,950,024 1,979,274 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. G 8.000% 06/15/2021................ 340,000 360,291 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. H 8.250% 09/15/2023................ 6,025,000 6,550,259 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................ 130,000 141,171 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1782 Cl. A 6.300% 05/15/2008................ 2,340,000 2,286,414 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1782 Cl. C 6.500% 03/15/2009................ 1,894,308 1,872,144 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1793 Cl. A 6.500% 08/15/2008................ 680,000 671,500 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-G35 Cl. M 8.750% 10/25/2021................ 1,920,000 2,094,893 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D 0.000% 04/25/2004................ 1,990,000 1,332,106 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-235 Cl. C 0.000% 10/25/1997................ 1,050,000 966,326 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-225 Cl. WE 6.500% 12/25/2013................ 500,000 480,650 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-91 Cl. C 6.500% 12/25/2012................ 1,450,000 1,423,755 Shares or Principal Amount Value(1) ------------ -------------- FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1995-23D Cl. G 6.500% 06/25/2008................ $ 490,000 $ 479,073 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D 0.000% 05/25/2009................ 1,260,000 941,094 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1994-1 Cl. PE 7.500% 07/16/2022................ 3,515,000 3,744,565 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1994-3 Cl. PG 7.250% 08/16/2019................ 1,370,000 1,443,199 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1994-5 Cl. PC 7.493% 10/16/2018................ 420,000 447,825 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1994-7 Cl. PG 6.500% 08/16/2017................ 1,550,000 1,572,754 Goldman Sachs Trust 7 Series C Cl. 2 9.100% 04/27/2017................ 11,970 11,944 Merrill Lynch Trust 25 Cl. B 8.750% 03/20/2019................ 41,895 41,816 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................ 745,598 745,598 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1993-2 Cl. D 6.750% 02/15/2013................ 480,000 488,549 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1993-3 Cl. 2E 6.000% 11/15/2016................ 550,000 533,335 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1994-3 Cl. 1D 6.500% 06/15/2012................ 1,178,000 1,189,073 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-1D Cl. 4 8.855% 02/15/2025................ 2,257,597 2,490,806 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-3 Cl. 1F 7.250% 12/15/2021................ 1,640,000 1,692,316 -------------- 44,090,442 -------------- Total U.S. Government, Federal Agency Obligations (Cost $116,944,995)............... 121,969,295 --------------
28 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA BALANCED FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Other Securitized Loans (4.7%) Collateralized Mortgage Obligations (2.2%) CMC Securities Corp. I Series 1992-B Cl. B2 7.375% 11/25/2023................ $ 2,728,253 $ 2,774,716 Residential Funding Mtg. Sec., Inc. Series 1995-S14 Cl. A-2 7.500% 09/25/2025................ 2,300,000 2,349,680 Ryland Mortgage Sec. Corp. Three Series 1992-D Cl. 2-A-4 8.200% 09/25/2022................ 2,745,000 2,871,956 Securitized Asset Sales, Inc. Mtg. Pass Thru Ctf. Series 1993-3 Cl. A2 7.301% 11/25/2023................ 745,641 761,001 Securitized Asset Sales, Inc. Mtg. Pass Thru Ctf. Series 1995-B Cl. A3 7.410% 09/25/2024................ 500,000 509,550 Securitized Asset Sales, Inc. Mtg. Pass Thru Ctf. Series 1995-B Cl. A8 7.410% 09/25/2024................ 456,693 464,822 Structured Mtg. Asset Res. Tr. Series 1992-6A Multiclass Ctf. Cl. AF 8.150% 07/25/2008................ 1,000,000 1,025,000 Structured Mtg. Asset Res. Tr. Series 1993-2A Multiclass Ctf. Cl. AB 6.300% 07/25/2004................ 7,705 7,679 -------------- 10,764,404 -------------- Asset Backed Securities (2.5%) Advanta Mortgage Loan Trust Series 1995-3 Cl. A-6 7.150% 09/25/2026................ 997,346 1,009,812 First Alliance Mortgage Trust Series 1994-2 Cl. A-1 7.625% 07/25/2025................ 2,240,630 2,333,393 GE Capital Mtg. Services, Inc. Series 1995-HE1 Cl. A6 7.500% 09/25/2010................ 3,825,846 3,921,492 Prudential Secs. Financial Asset Funding Corp. Pass Thru Ctf. 1994-2 Cl. A 6.350% 11/15/2014................ 4,955,458 4,959,323 -------------- 12,224,020 -------------- Shares or Principal Amount Value(1) ------------ -------------- Total Other Securitized Loans (Cost $22,259,017)................ 22,988,424 -------------- Corporate Bonds (12.0%) Industrial (6.7%) American President Co. Ltd. 8.000% 01/15/2024................ $ 2,025,000 $ 2,094,842 Columbia/HCA Healthcare Corp. 7.190% 11/15/2015................ 2,350,000 2,431,145 Continental Cablevision, Inc. 9.000% 09/01/2008................ 300,000 315,000 Emerson Electric Co. Euro 7.875% 06/05/1998................ 380,000 398,859 Ethan Allen, Inc. 8.750% 03/15/2001................ 500,000 515,000 Federated Department Stores, Inc. 10.000% 02/15/2001............... 1,000,000 1,080,000 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................ 400,000 408,000 Lenfest Communications, Inc. 8.375% 11/01/2005................ 1,400,000 1,405,250 Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................ 300,000 323,673 Louisiana Land & Exploration Co. 7.650% 12/01/2023................ 1,930,000 2,017,448 Magma Copper Co. 8.700% 05/15/2005................ 400,000 456,000 Nabisco, Inc. 6.700% 06/15/2002................ 2,000,000 2,033,780 News America Holdings, Inc. 7.600% 10/11/2015................ 3,900,000 3,988,725 Riverwood International Corp. 10.750% 06/15/2000............... 200,000 215,000 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002............... 1,300,000 1,417,000 Rykoff Sexton, Inc. 8.875% 11/01/2003................ 425,000 420,750 Seagull Energy Corp. 8.625% 08/01/2005................ 250,000 242,500 Sears Roebuck Acceptance Corp. Medium Term Note 5.820% 12/07/1998................ 2,450,000 2,455,758 Southern Pacific Rail Corp. 9.375% 08/15/2005................ 350,000 379,750 Stop & Shop Cos., Inc. 9.750% 02/01/2002................ 215,000 237,038 Tele-Communications, Inc. 8.250% 01/15/2003................ 3,500,000 3,783,990
29 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA BALANCED FUND, INC., CONTINUED
Shares or Principal Amount Value(1) ------------ -------------- Corporate Bonds (Continued) Temple Inland, Inc. Medium Term Note 9.000% 04/20/1998................ $ 200,000 $ 214,648 Time Warner Entertainment Co. L.P. 9.625% 05/01/2002................ 1,900,000 2,200,903 8.875% 10/01/2012................ 1,240,000 1,395,980 Union Oil Co. of California 6.375% 02/01/2004................ 2,275,000 2,289,173 -------------- 32,720,212 -------------- Financial (4.1%) Associates Corp. N.A. 7.250% 05/15/1998................ 450,000 466,425 CIT Group Holdings, Inc. Medium Term Note 7.000% 09/30/1997................ 1,040,000 1,065,605 CP Limited Partnership 8.750% 03/02/2000................ 1,450,000 1,539,363 Commercial Credit Group, Inc. 6.625% 06/01/2015................ 1,250,000 1,291,275 ERP Operating Limited Partnership (144A) 8.500% 05/15/1999................ 800,000 847,944 Equitable Cos., Inc. 9.000% 12/15/2004................ 1,900,000 2,233,241 First Security Corp. (Del.) 7.875% 10/15/1999................ 800,000 850,576 Fleet Mortgage Group, Inc. 6.500% 09/15/1999................ 550,000 561,836 Ford Motor Credit Co. 6.250% 11/08/2000................ 440,000 446,195 General Electric Capital Corp. Medium Term Note 7.640% 01/23/1997................ 1,500,000 1,535,055 Goldman Sachs Group L.P. (144A) 7.800% 07/15/2002................ 1,250,000 1,335,700 Household Finance Corp. 6.750% 06/01/2000................ 1,500,000 1,551,840 International Lease Finance Corp. 4.750% 07/15/1996................ 1,200,000 1,193,784 Morgan Stanley Group, Inc. Medium Term Note 7.790% 02/03/1997................ 1,905,000 1,950,339 Spieker Properties 6.800% 12/15/2001................ 1,460,000 1,463,665 Wachovia Bank Medium Term Note 6.000% 03/15/1999................ 1,425,000 1,441,701 -------------- 19,774,544 -------------- Shares or Principal Amount Value(1) ------------ -------------- Utility (0.4%) GTE Corp. 8.850% 03/01/1998................ $ 750,000 $ 799,612 GTE North, Inc. 5.500% 02/15/1999................ 1,000,000 993,550 -------------- 1,793,162 -------------- Yankee (0.8%) Hydro-Quebec 8.000% 02/01/2013................ 1,520,000 1,688,082 Manitoba Province 7.750% 02/01/2002................ 700,000 765,436 Province Ontario 7.375% 01/27/2003................ 1,300,000 1,408,264 Rogers Cantel Mobile, Inc. 10.750% 11/01/2001............... 150,000 157,875 -------------- 4,019,657 -------------- Total Corporate Bonds (Cost $56,049,815)................ 58,307,575 -------------- Total investments, excluding temporary cash investment (Cost $407,518,044)............... 459,399,894 -------------- Repurchase Agreement (5.2%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $25,207,291. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $25,192,252)................ 25,192,252 25,192,252 -------------- Total Investments (99.6%) (Cost $432,710,296)................... 484,592,146 Receivables less liabilities (0.4%).... 2,175,347 -------------- Net Assets (100.0%).................... $ 486,767,493 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-Income Producing The accompanying notes are an integral part of the financial statements. 30 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY
Principal December 31, 1995 Amount Value(1) ------------ -------------- Commercial Paper (93.9%) Abbott Laboratories, Inc. 5.700% 01/10/1996................ $ 6,820,000 $ 6,809,202 Alabama Power Co. 5.630% 02/08/1996................ 5,000,000 4,969,504 American Express Credit Corp. 5.670% 01/19/1996................ 10,000,000 9,970,075 5.680% 02/07/1996................ 5,000,000 4,970,023 5.670% 02/12/1996................ 5,000,000 4,966,137 5.640% 02/16/1996................ 5,000,000 4,963,183 American General Finance Corp. 5.640% 02/06/1996................ 5,000,000 4,971,017 5.570% 03/05/1996................ 7,000,000 6,929,602 5.590% 03/26/1996................ 12,000,000 11,839,754 Ameritech Capital Funding Corp. 5.700% 01/16/1996................ 10,000,000 9,974,667 Amgen, Inc. 5.710% 02/09/1996................ 6,000,000 5,961,934 Anheuser-Busch Cos., Inc. 5.630% 01/18/1996................ 5,000,000 4,985,925 Archer-Daniels-Midland Co. 6.100% 01/03/1996................ 10,000,000 9,994,917 Associates Corp. of North America 5.850% 01/02/1996................ 22,000,000 21,992,850 Avco Financial Services, Inc. 5.710% 01/18/1996................ 5,000,000 4,985,725 5.710% 02/07/1996................ 5,000,000 4,969,864 5.690% 02/27/1996................ 7,000,000 6,935,830 Barclays U.S. Funding Corp. 5.690% 01/11/1996................ 15,000,000 14,973,921 5.670% 01/19/1996................ 8,000,000 7,976,060 BellSouth Capital Funding Corp. 5.630% 02/06/1996................ 8,000,000 7,953,709 Beneficial Corp. 5.640% 02/13/1996................ 8,000,000 7,944,853 5.540% 03/06/1996................ 10,000,000 9,898,434 Brown-Forman Corp. 5.720% 01/16/1996................ 5,000,000 4,987,289 5.570% 03/11/1996................ 5,000,000 4,945,074 5.580% 03/12/1996................ 6,013,000 5,945,895 CIT Group Holdings, Inc. 5.700% 01/29/1996................ 5,000,000 4,977,042 5.640% 02/16/1996................ 5,000,000 4,963,183 5.600% 03/07/1996................ 10,000,000 9,895,778 5.550% 03/22/1996................ 5,000,000 4,936,792 Cargill, Inc. 5.670% 01/17/1996................ 5,000,000 4,986,612 5.550% 03/05/1996................ 6,500,000 6,434,865 Principal Amount Value(1) ------------ -------------- Chevron Transport Co. 5.730% 02/01/1996................ $ 10,000,000 $ 9,949,067 5.680% 02/05/1996................ 8,000,000 7,954,560 5.480% 03/19/1996................ 7,000,000 6,915,822 Clorox Co. 5.580% 03/13/1996................ 2,500,000 2,471,712 5.590% 03/14/1996................ 6,000,000 5,931,057 5.590% 03/18/1996................ 12,000,000 11,854,660 Coca-Cola Co. 5.520% 03/15/1996................ 10,000,000 9,885,000 Colgate-Palmolive Co. 5.700% 01/08/1996................ 8,000,000 7,989,867 Deere (John) Capital Corp. 5.690% 01/22/1996................ 5,000,000 4,982,614 5.630% 02/23/1996................ 12,000,000 11,898,660 Dow Jones & Co., Inc. 5.470% 03/11/1996................ 5,000,000 4,946,060 Ford Motor Credit Co. 5.690% 01/23/1996................ 5,000,000 4,981,824 5.680% 01/29/1996................ 5,000,000 4,977,122 5.670% 02/01/1996................ 5,000,000 4,974,800 5.550% 03/04/1996................ 5,000,000 4,950,667 General Electric Capital Corp. 5.700% 01/09/1996................ 10,000,000 9,985,750 General Electric Capital Services, Inc. 5.540% 03/08/1996................ 8,000,000 7,916,284 5.550% 03/29/1996................ 10,000,000 9,862,792 Gillette Co., The 5.680% 02/02/1996................ 15,000,000 14,921,900 Glaxo Wellcome plc 5.700% 01/23/1996................ 5,000,000 4,981,792 5.640% 02/21/1996................ 10,000,000 9,918,534 5.650% 02/28/1996................ 5,500,000 5,449,072 5.570% 03/11/1996................ 4,500,000 4,450,566 Goldman Sachs Group L.P. 6.050% 01/05/1996................ 5,000,000 4,995,799 5.680% 01/26/1996................ 15,000,000 14,938,467 5.640% 02/22/1996................ 5,000,000 4,958,483 5.650% 03/06/1996................ 5,000,000 4,948,208 Hewlett-Packard Co. 5.650% 01/18/1996................ 10,000,000 9,971,750 5.610% 02/20/1996................ 10,000,000 9,920,525 Household Finance Corp. 5.680% 02/05/1996................ 10,000,000 9,943,200 5.680% 02/15/1996................ 10,000,000 9,927,423 Indianapolis Power & Light Co. 5.670% 02/08/1996................ 5,000,000 4,969,287 Knight-Ridder, Inc. 5.700% 01/12/1996................ 5,000,000 4,990,500
31 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY, CONTINUED
Principal Amount Value(1) ------------ -------------- Commercial Paper (Continued) Lilly (Eli) & Co. 5.670% 01/17/1996................ $ 10,000,000 $ 9,973,225 5.620% 02/15/1996................ 5,000,000 4,964,095 MetLife Funding, Inc. 5.640% 01/25/1996................ 5,000,000 4,980,417 5.650% 02/21/1996................ 5,000,000 4,959,195 5.540% 03/04/1996................ 10,000,000 9,901,512 Monsanto Co. 5.680% 01/24/1996................ 10,000,000 9,962,134 5.650% 02/13/1996................ 8,000,000 7,944,756 Morgan (J.P.) & Co., Inc. 5.580% 03/15/1996................ 8,000,000 7,907,000 Morgan Stanley Group, Inc. 6.000% 01/04/1996................ 6,000,000 5,996,000 5.750% 01/05/1996................ 10,000,000 9,992,014 5.720% 01/22/1996................ 8,000,000 7,972,036 National Rural Utilities Cooperative Finance Corp. 5.740% 01/12/1996................ 5,000,000 4,990,433 5.680% 01/25/1996................ 10,000,000 9,960,556 5.650% 02/27/1996................ 8,000,000 7,927,178 Norfolk Southern Corp. 5.650% 02/09/1996................ 5,000,000 4,968,611 5.630% 02/12/1996................ 5,000,000 4,966,377 Norwest Corp. 5.670% 02/08/1996................ 10,000,000 9,938,575 PHH Corp. 5.670% 01/18/1996................ 5,000,000 4,985,825 5.700% 01/30/1996................ 5,000,000 4,976,250 Pacific Bell 5.800% 01/04/1996................ 5,000,000 4,996,778 5.650% 01/10/1996................ 10,000,000 9,984,306 Pacific Telesis Group 5.650% 01/11/1996................ 10,000,000 9,982,736 PacifiCorp 5.720% 01/24/1996................ 5,000,000 4,980,933 5.700% 01/31/1996................ 4,000,000 3,980,367 PepsiCo, Inc. 5.650% 02/16/1996................ 5,000,000 4,963,118 Pitney Bowes Credit Corp. 5.650% 01/31/1996................ 5,000,000 4,975,674 5.640% 02/07/1996................ 8,000,000 7,952,373 Procter & Gamble Co. 5.580% 02/28/1996................ 7,000,000 6,935,985 5.570% 03/01/1996................ 10,000,000 9,905,620 St. Paul Cos., Inc. 5.700% 01/12/1996................ 10,000,000 9,981,000 Principal Amount Value(1) ------------ -------------- Smithkline Beecham Corp. 5.660% 01/30/1996................ $ 10,000,000 $ 9,952,833 Southern California Gas Co. 5.620% 02/22/1996................ 9,400,000 9,322,226 Southern New England Telephone Co. 5.700% 01/23/1996................ 3,907,000 3,892,772 Texaco, Inc. 5.950% 01/04/1996................ 10,000,000 9,993,389 USAA Capital Corp. 5.630% 02/14/1996................ 10,000,000 9,929,625 5.560% 03/01/1996................ 5,000,000 4,952,895 Weyerhaeuser Real Estate Co. 5.750% 01/31/1996................ 5,000,000 4,975,243 -------------- Total Commercial Paper (Cost $751,647,602)............... 751,647,602 -------------- U.S. Government Agency Discount Notes (4.3%) Federal Home Loan Mortgage Corp. 5.510% 02/26/1996................ 10,000,000 9,912,759 Federal National Mortgage Association 5.560% 02/09/1996................ 10,000,000 9,938,223 5.530% 02/29/1996................ 15,000,000 14,861,750 -------------- Total U.S. Government Agency Discount Notes (Cost $34,712,732)................ 34,712,732 -------------- Repurchase Agreement (2.6%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $20,549,987. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $20,537,727)............... 20,537,727 20,537,727 -------------- Total Investments (100.8%) (Cost $806,898,061, including $5,508,563 accrued interest receivable)......................... 806,898,061 Cash and receivables less liabilities (-0.8%)............................... (6,242,539) -------------- Net Assets (100.0%).................... $ 800,655,522 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 32 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
Principal December 31, 1995 Amount Value(1) ------------ -------------- U.S. Treasury Notes (97.3%) 5.625% 01/31/1998................... $ 15,775,000 $ 15,908,141 4.750% 08/31/1998................... 19,300,000 19,073,804 4.750% 10/31/1998................... 5,800,000 5,727,500 -------------- Total U.S. Treasury Notes (Cost $40,097,690)................. 40,709,445 Repurchase Agreement (1.2%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $515,121. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $514,814).................... 514,814 514,814 -------------- Total Investments (98.5%) (Cost $40,612,504)..................... 41,224,259 Receivables less liabilities (1.5%)..... 618,125 -------------- Net Assets (100.0%)..................... $ 41,842,384 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 33 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND, INC.
Principal December 31, 1995 Amount Value(1) ------------ --------------- U.S. Government, Federal Agency Obligations (59.7%) U.S. Treasury Bonds & Notes (22.8%) U.S. Treasury Bonds 12.000% 08/15/2013............... $ 5,620,000 $ 8,674,695 8.875% 08/15/2017............... 510,000 683,221 8.125% 08/15/2019............... 27,605,000 34,754,143 U.S. Treasury Notes 6.125% 07/31/1996............... 4,990,000 5,017,744 7.000% 04/15/1999............... 10,870,000 11,427,414 7.250% 05/15/2004............... 10,350,000 11,500,506 --------------- 72,057,723 --------------- Other Government Agency Obligation (1.8%) Farm Credit Systems Financial Assistance Corp. Series A 9.375% 07/21/2003................ 4,660,000 5,665,535 --------------- Government National Mortgage Association (GNMA) (4.4%) 7.500% 11/20/2025 (GNMA II)........ 2,199,136 2,248,617 8.000% 10/15/2024 - 06/15/2025..... 4,617,652 4,812,517 8.000% 07/20/2025 - 10/20/2025 (GNMA II)......................... 6,649,559 6,888,278 --------------- 13,949,412 --------------- Government National Mortgage Association Graduated Payment Mortgage (GNMA GPM) (0.2%) 9.000% 05/15/2009.................. 682,098 718,334 --------------- Federal Housing Administration (FHA) (5.2%) FHA Insured Project Pool #40 7.430% 08/01/2021................ 2,745,437 2,876,257 FHA Insured Project Pool #42 7.430% 09/01/2022................ 5,737,259 6,040,014 FHA Insured Project Pool #44 7.430% 08/01/2022................ 1,310,665 1,379,828 FHA Insured Project Pool #2022 7.430% 12/01/2020................ 1,473,379 1,518,081 FHA Insured Project Pool #1984-D 9.680% 02/01/2024................ 1,430,728 1,500,476 FHA Insured Project Pool #051-11078 8.350% 04/01/2030................ 2,240,000 2,324,314 FHA Insured Project Pool #092-35499 8.450% 11/15/2031................ 796,918 833,027 --------------- 16,471,997 --------------- Federal National Mortgage Association (FNMA) (2.3%) 8.173% 05/01/2025 (ARM)............ 6,927,024 7,152,153 --------------- Principal Amount Value(1) ------------ --------------- Agency Collateralized Mortgage Obligations (23.0%) American Southwest Financial Corp. Series 64 Cl. E 8.500% 06/17/2019................ $ 1,146,370 $ 1,164,277 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1118 Cl. H 8.250% 07/15/2001................ 696,744 700,228 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1547 Cl. C 5.750% 04/15/2023................ 398,962 377,458 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1641 Cl. WE 6.500% 12/15/2013................ 1,214,600 1,158,607 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1694 Cl. MA 6.100% 05/15/2023................ 5,968,104 5,877,627 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1730 Cl. A 7.000% 07/15/2017................ 1,192,648 1,210,538 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. D 7.625% 08/15/2016................ 2,445,000 2,530,575 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. G 8.000% 06/15/2021................ 4,460,000 4,726,173 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. H 8.250% 09/15/2023................ 10,575,000 11,496,928 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................ 552,000 599,433 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1779 Cl. G 9.500% 12/15/2023................ 1,000,000 1,091,400 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1782 Cl. A 6.300% 05/15/2008................ 3,610,000 3,527,331 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1782 Cl. C 6.500% 03/15/2009................ 1,973,650 1,950,559 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1793 Cl. A 6.500% 08/15/2008................ 2,780,000 2,745,250 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 31 Cl. A 0.000% 09/25/1996................ 638,601 625,031 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 35 Cl. PH 7.750% 03/17/2023................ 1,580,000 1,700,965
34 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
Principal Amount Value(1) ------------ --------------- U.S. Government, Federal Agency Obligations (Continued) FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D 0.000% 05/25/2009................ $ 2,340,000 $ 1,747,746 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-94 Cl. C 0.000% 01/25/1999................ 2,969,467 2,594,571 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1992-214 Cl. PL 7.500% 05/25/2021................ 1,700,000 1,790,304 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-92 Cl. A 0.000% 03/25/1996................ 277,560 275,043 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-176 Cl. A 0.000% 06/26/1996................ 930,147 910,084 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D 0.000% 04/25/2004................ 7,040,000 4,712,576 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-225 Cl. WE 6.500% 12/25/2013................ 2,000,000 1,922,600 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-20 Cl. PJ 5.800% 05/25/2004................ 410,000 409,487 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1995-11 Cl. B 0.000% 12/25/2003................ 2,587,000 1,586,866 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1994-1 Cl. PE 7.500% 07/16/2022................ 7,500,000 7,989,825 Merrill Lynch Trust 25 Cl. B 8.750% 03/20/2019................ 146,631 146,355 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................ 1,350,138 1,350,138 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1994-3 Cl. 1D 6.500% 06/15/2012................ 1,260,000 1,271,844 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-1C Cl. 3E 8.000% 07/15/2018................ 870,000 940,644 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-1D Cl. 4 8.855% 02/15/2025................ 2,142,315 2,363,616 Principal Amount Value(1) ------------ --------------- U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-3 Cl. 1F 7.250% 12/15/2021................ $ 1,220,000 $ 1,258,918 --------------- 72,752,997 --------------- Total U.S. Government, Federal Agency Obligations (Cost $178,994,832)............. 188,768,151 --------------- Other Securitized Loans (11.7%) Collateralized Mortgage Obligations (9.1%) CMC Securities Corp. I Series 1992-B Cl. B2 7.375% 11/25/2023................ 5,589,809 5,685,003 Chase Mortgage Financial Corp. Series 1993-L Cl. 2A-6 8.000% 10/25/2024................ 2,000,000 2,084,600 First Bank Systems Mortgage Corp. Series 1993-E Cl. A-3 7.200% 01/25/2023................ 1,842,080 1,861,422 Independent National Mortgage Corp. Series 1995-H Cl. A13 8.350% 06/25/2025................ 5,392,000 5,571,554 Residential Funding Mtg. Sec., Inc. Series 1993-S45 Cl. A-10 8.000% 12/23/2023................ 1,250,000 1,316,250 Securitized Asset Sales, Inc. Mtg. Pass Thru Ctf. Series 1995-B Cl. A8 7.410% 09/25/2024................ 9,200,455 9,364,222 Structured Mtg. Asset Res. Tr. Series 1992-6A Multiclass Ctf. Cl. AF 8.150% 07/25/2008................ 2,385,000 2,444,625 Structured Mtg. Asset Res. Tr. Series 1993-2A Multiclass Ctf. Cl. AB 6.300% 07/25/2004................ 327,481 326,368 --------------- 28,654,044 --------------- Asset Backed Securities (2.6%) Advanta Home Equity Loan Trust Series 1993-1 Cl. A2 5.950% 05/25/2009................ 2,293,128 2,272,948 First Alliance Mortgage Trust Series 1994-2 Cl. A-1 7.625% 07/25/2025................ 3,008,846 3,133,413
35 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
Principal Amount Value(1) ------------ --------------- Other Securitized Loans (Continued) GE Capital Mtg. Services, Inc. Series 1995-HE1 Cl. A6 7.500% 09/25/2010................ $ 2,869,385 $ 2,941,119 --------------- 8,347,480 --------------- Total Other Securitized Loans (Cost $36,293,193)................ 37,001,524 --------------- Corporate Bonds (25.7%) Industrial (15.2%) American President Co. Ltd. 8.000% 01/15/2024................ 2,925,000 3,025,883 American Standard, Inc. Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005....... 500,000 428,750 Continental Cablevision, Inc. 9.000% 09/01/2008................ 700,000 735,000 Ethan Allen, Inc. 8.750% 03/15/2001................ 475,000 489,250 Federated Department Stores, Inc. 10.000% 02/15/2001............... 600,000 648,000 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................ 300,000 306,000 Harrahs Operating, Inc. 10.875% 04/15/2002............... 1,000,000 1,075,000 Honeywell, Inc. Medium Term Note 7.350% 05/15/2000................ 4,150,000 4,393,522 Hospital Corp. America 0.000% 06/01/1997................ 1,750,000 1,611,837 Host Marriott Travel Plazas, Inc. 9.500% 05/15/2005................ 300,000 297,000 La Quinta Inns, Inc. 9.250% 05/15/2003................ 375,000 397,500 Lenfest Communications, Inc. 8.375% 11/01/2005................ 2,100,000 2,107,875 Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................ 650,000 701,291 Marriott International, Inc. 6.750% 12/01/2009................ 3,000,000 2,970,000 Nabisco, Inc. 6.700% 06/15/2002................ 3,750,000 3,813,338 News America Holdings, Inc. 7.600% 10/11/2015................ 6,250,000 6,392,188 Principal Amount Value(1) ------------ --------------- Occidental Petroleum Corp. 10.125% 11/15/2001............... $ 1,285,000 $ 1,536,847 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002............... 1,725,000 1,880,250 Schering Plough Corp. Euro 7.750% 05/15/1996................ 2,220,000 2,235,962 Sears Roebuck & Co. Medium Term Note 7.820% 02/23/1998................ 4,525,000 4,720,616 Southern Pacific Rail Corp. 9.375% 08/15/2005................ 550,000 596,750 Temple Inland, Inc. Medium Term Note 8.850% 03/20/1997................ 3,350,000 3,479,545 Time Warner Entertainment Co. L.P. 8.875% 10/01/2012................ 2,265,000 2,549,914 Union Oil Co. of California 6.375% 02/01/2004................ 1,625,000 1,635,124 --------------- 48,027,442 --------------- Financial (6.1%) Ahmanson (H.F.) & Co. 8.250% 10/01/2002................ 2,500,000 2,766,950 Ford Motor Credit Co. 6.250% 02/26/1998................ 3,070,000 3,115,773 General Motors Acceptance Corp. 6.625% 10/01/2002................ 3,240,000 3,327,221 Goldman Sachs Group L.P. (144A) 7.800% 07/15/2002................ 2,375,000 2,537,830 International Lease Finance Corp. 4.750% 07/15/1996................ 2,100,000 2,089,122 Mellon Financial Co. 7.625% 11/15/1999................ 5,200,000 5,528,016 --------------- 19,364,912 --------------- Utility (1.4%) California Energy, Inc. 9.875% 06/30/2003................ 350,000 367,500 Northern Indiana Public Service Co. Medium Term Note 6.900% 06/01/2000................ 1,250,000 1,295,500 6.750% 06/01/2000................ 2,500,000 2,577,575 --------------- 4,240,575 ---------------
36 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
Principal Amount Value(1) ------------ --------------- Corporate Bonds (Continued) Yankee (3.0%) Manitoba Province 7.750% 02/01/2002................ $ 2,685,000 $ 2,935,994 Province Ontario 7.375% 01/27/2003................ 5,625,000 6,093,450 Rogers Cantel Mobile, Inc. 10.750% 11/01/2001............... 550,000 578,875 --------------- 9,608,319 --------------- Total Corporate Bonds (Cost $78,609,570)................ 81,241,248 --------------- Total investments, excluding temporary cash investment (Cost $293,897,595)............... 307,010,923 Principal Amount Value(1) ------------ --------------- Repurchase Agreement (2.3%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $7,384,951. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $7,380,545)................ $ 7,380,545 $ 7,380,545 --------------- Total Investments (99.4%) (Cost $301,278,140)................. 314,391,468 Receivables less liabilities (0.6%).... 1,867,335 --------------- Net Assets (100.0%).................... $ 316,258,803 --------------- ---------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 37 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC.
Principal December 31, 1995 Amount Value(1) ------------ -------------- State of Oregon General Obligation Bonds (11.8%) Board of Higher Education Series A 6.350% 08/01/2014................. $ 1,535,000 $ 1,669,312 Department of Environmental Quality Series D 5.625% 08/01/2006................. 430,000 448,275 5.700% 08/01/2007................. 455,000 474,906 5.750% 08/01/2008................. 485,000 505,006 Elderly & Disabled Housing Refunding Series B 6.250% 08/01/2013................. 1,000,000 1,071,250 Pollution Control Series C 5.625% 06/01/2013................. 1,735,000 1,758,856 5.900% 06/01/2014................. 5,735,000 6,000,244 Veterans' Welfare 0.000% 07/01/2001................. 1,200,000 940,500 5.850% 10/01/2015................. 1,105,000 1,149,200 7.700% 07/01/1998................. 1,025,000 1,113,406 11.250% 10/01/1998................. 2,860,000 3,385,525 9.000% 04/01/1999................. 1,570,000 1,797,650 11.000% 06/01/1999................. 765,000 929,475 7.000% 07/01/2000................. 1,350,000 1,506,938 9.000% 10/01/2000................. 1,000,000 1,202,500 11.000% 12/01/2000................. 1,330,000 1,725,675 7.250% 01/01/2007................. 600,000 728,250 8.000% 01/01/2008................. 400,000 508,500 6.000% 08/01/2002................. 2,000,000 2,187,500 6.000% 02/01/2004................. 695,000 762,763 9.000% 04/01/2005................. 950,000 1,250,438 6.750% 05/01/2005................. 2,000,000 2,317,500 9.000% 10/01/2005................. 240,000 319,200 9.200% 04/01/2007................. 1,020,000 1,398,675 9.200% 10/01/2007................. 1,095,000 1,515,206 7.300% 07/01/2008................. 500,000 611,875 8.000% 07/01/2008................. 125,000 160,156 6.875% 12/01/2013................. 3,320,000 3,602,200 7.000% 12/01/2015................. 2,125,000 2,313,594 Veterans' Welfare Series 73F 5.150% 12/01/2017................. 2,000,000 2,000,000 -------------- Total State of Oregon General Obligation Bonds (Cost $42,066,950)....................... 45,354,575 -------------- Oregon General Obligation Bonds (25.5%) Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 08/01/2009................. 1,000,000 1,047,500 5.875% 10/01/2009................. 2,500,000 2,637,500 Principal Amount Value(1) ------------ -------------- Clackamas County School District #1 6.250% 07/01/2002................. $ 925,000 $ 1,011,719 6.300% 07/01/2003................. 700,000 767,375 6.500% 07/01/2004................. 1,235,000 1,366,219 6.500% 07/01/2005................. 1,355,000 1,498,969 6.500% 07/01/2006................. 1,485,000 1,639,069 Clackamas County School District #7J Lake Oswego Series A 5.300% 06/15/2005................. 1,000,000 1,055,000 5.500% 06/15/2006................. 1,000,000 1,062,500 5.700% 06/15/2010................. 1,515,000 1,569,919 Clackamas County School District #12 North Clackamas 4.650% 06/01/2004................. 750,000 751,875 5.000% 06/01/2011................. 1,500,000 1,443,750 Clackamas Community College District 5.250% 12/01/2009................. 1,270,000 1,290,637 Deschutes County Administrative School District #1 Bend-Lapine 0.000% 02/01/2000................. 1,175,000 984,062 0.000% 02/01/2001................. 1,135,000 910,837 0.000% 02/01/2002................. 1,445,000 1,110,844 5.800% 02/01/2004................. 780,000 836,550 5.900% 02/01/2005................. 980,000 1,048,600 Jackson County School District #549C Medford 5.375% 06/01/2012................. 1,200,000 1,219,500 Lane Community College 4.850% 06/01/2008................. 4,080,000 4,059,600 Lane County School District #4J Eugene 0.000% 01/01/2003................. 1,345,000 975,125 0.000% 01/01/2005................. 1,395,000 906,750 Lane County School District #4J Eugene Refunding Series A 0.000% 07/01/2001................. 2,015,000 1,576,737 0.000% 07/01/2003................. 1,480,000 1,048,950 0.000% 07/01/2005................. 2,325,000 1,476,375 5.250% 07/01/2008................. 2,440,000 2,491,850 Lane County School District #19 Springfield Refunding 0.000% 02/01/1997................. 470,000 450,542 0.000% 02/01/1999................. 470,000 412,425 Metro Open Spaces Program Series C 5.100% 09/01/2009................. 2,375,000 2,380,937 Multnomah-Clackamas Counties School District #28-302JT 0.000% 12/01/2004................. 750,000 492,187
38 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Oregon General Obligation Bonds (Continued) Multnomah County Public Improvements 5.250% 10/01/2013................. $ 1,800,000 $ 1,806,750 Multnomah County School District #1 Portland Refunding 6.000% 12/15/1997................. 645,000 664,350 Multnomah County School District #1J Portland 4.250% 06/01/2003................. 5,000,000 4,931,250 Multnomah County School District #4 Gresham 6.100% 01/01/2008................. 3,000,000 3,206,250 6.100% 01/01/2009................. 200,000 212,750 Multnomah County School District #7 Reynolds 6.900% 01/01/2000................. 250,000 250,000 5.250% 06/01/2011................. 1,500,000 1,473,750 Multnomah County School District #40 David Douglas 7.100% 06/01/2002................. 880,000 1,008,700 Port of Portland Series A 4.500% 03/01/2006................. 2,000,000 1,935,000 0.000% 03/01/2007................. 5,000,000 2,868,750 Portland Public Improvements Series A 5.750% 06/01/2014................. 2,975,000 3,105,156 5.000% 06/01/2004................. 240,000 243,900 Portland Public Improvements Series B 4.625% 12/01/2010................. 3,815,000 3,805,462 Portland Water Refunding 5.000% 10/01/2008................. 1,500,000 1,496,250 Portland Recreational Facilities Improvements Series A 5.750% 06/01/2012................. 1,370,000 1,436,788 5.750% 06/01/2013................. 1,345,000 1,410,569 5.750% 06/01/2015................. 1,155,000 1,202,644 Portland Recreational Facilities Improvements Series B 5.500% 06/01/2009................. 2,115,000 2,173,163 5.750% 06/01/2014................. 1,750,000 1,828,750 5.750% 06/01/2015................. 2,955,000 3,076,894 Portland Community College District 0.000% 07/01/2000................. 800,000 660,000 0.000% 07/01/2007................. 2,025,000 1,141,594 Portland Community College District Series A 6.000% 07/01/2012................. 1,500,000 1,569,375 Principal Amount Value(1) ------------ -------------- Salem-Keizer School District #24J 5.400% 06/01/2006................. $ 1,000,000 $ 1,041,250 Tri-County Metropolitan Transportation District Light Rail Extension Series A 6.000% 07/01/2012................. 3,495,000 3,665,381 Tualatin Hills Park & Recreation District 5.500% 03/01/2006................. 1,000,000 1,043,750 5.700% 03/01/2009................. 1,340,000 1,413,700 5.750% 03/01/2010................. 730,000 766,500 Washington County Criminal Justice Facilities Improvements 6.000% 12/01/2013................. 2,000,000 2,107,500 Washington County Refunding 6.200% 12/01/2007................. 1,500,000 1,618,125 Washington & Clackamas Counties School District #23J Tigard Refunding 5.400% 01/01/2010................. 1,705,000 1,754,019 6.200% 08/01/2007................. 1,000,000 1,066,250 Washington County School District #48J Beaverton 7.800% 06/01/2003................. 1,200,000 1,449,000 Washington County School District #48J Beaverton Series B 6.150% 06/01/2008................. 1,000,000 1,058,750 -------------- Total Oregon General Obligation Bonds (Cost $94,031,940)................. 98,016,223 -------------- Oregon Revenue Bonds (20.9%) Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income Project 7.000% 11/15/2011................. 1,750,000 1,822,187 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.500% 10/20/2031................. 1,030,000 1,140,725 Deschutes County Hospital Facility Authority 5.750% 01/01/2009................. 1,670,000 1,755,587 Deschutes Valley Water District 5.875% 09/01/2005................. 1,220,000 1,294,725 Eugene Electric Utility 5.000% 08/01/2017................. 1,450,000 1,390,187 Eugene Electric Utility Refunding 5.800% 08/01/2008................. 1,435,000 1,508,544 5.800% 08/01/2009................. 1,300,000 1,358,500 Eugene Electric Utility Series C 5.750% 08/01/2011................. 715,000 741,813
39 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Oregon Revenue Bonds (Continued) Eugene Trojan Nuclear Project 5.750% 09/01/1997................. $ 1,500,000 $ 1,505,460 5.750% 09/01/1998................. 1,500,000 1,504,485 Eugene Water Refunding 6.600% 08/01/2005................. 365,000 376,717 6.600% 08/01/2006................. 890,000 918,311 Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012................. 750,000 780,000 Gresham Sewer 5.350% 06/01/2006................. 860,000 895,475 Gresham Stormwater 6.100% 10/01/2009................. 1,115,000 1,204,200 Lebanon Wastewater Refunding 5.750% 06/01/2011................. 1,225,000 1,229,594 Metro General Refunding Metro Regional Center Project Series A 5.000% 08/01/2009................. 500,000 494,375 Metropolitan Service District Metro Central Transfer Station A 5.125% 07/01/2009................. 2,360,000 2,389,500 North Clackamas Parks & Recreation District Recreational Facilities 5.700% 04/01/2013................. 1,660,000 1,705,650 Northern Wasco County People's Utility District Electric 0.000% 02/01/2006................. 610,000 358,375 0.000% 02/01/2007................. 585,000 318,825 0.000% 02/01/2008................. 610,000 308,050 0.000% 02/01/2011................. 500,000 203,125 Oregon City Sewer 6.500% 10/01/2007................. 500,000 560,000 Oregon Health, Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.300% 07/01/2011................. 500,000 501,250 Oregon Housing Agency Mortgage Single-Family Mortgage Project Series A 7.375% 07/01/2010................. 865,000 902,844 Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi-Unit B 6.800% 07/01/2013................. 8,270,000 8,776,538 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series A 6.800% 07/01/2016................. 2,485,000 2,609,250 Principal Amount Value(1) ------------ -------------- Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series B 5.375% 07/01/2017................. $ 1,020,000 $ 1,002,150 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series D 6.700% 07/01/2013................. 1,000,000 1,042,500 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series E 6.750% 07/01/2016................. 3,715,000 3,872,888 Portland Hydroelectric Power 6.800% 10/01/2004................. 465,000 469,236 Portland Parking Refunding 6.375% 10/01/2012................. 1,700,000 1,810,500 Portland Sewer System Revenue Refunding Series A 5.000% 03/01/2006................. 3,035,000 3,076,731 5.100% 03/01/2007................. 1,485,000 1,505,419 Portland Sewer System Revenue Series A 6.100% 06/01/2010................. 510,000 553,350 6.200% 06/01/2012................. 6,540,000 7,087,725 6.250% 06/01/2015................. 4,670,000 5,043,600 Portland Water System 5.250% 08/01/2013................. 2,615,000 2,624,806 Prineville Sewer First Lien 6.500% 07/01/2004................. 500,000 546,250 6.800% 07/01/2012................. 1,000,000 1,121,250 Reedsport Water 7.000% 10/01/2014................. 520,000 586,300 South Fork Water Board First Lien 5.450% 02/01/2014................. 1,300,000 1,300,000 Tri-County Metropolitan Transportation District Refunding Series A 5.700% 08/01/2013................. 5,175,000 5,323,781 Warm Springs Reservation, Confederated Tribes Health & Wellness Center 5.000% 04/01/2002................. 400,000 414,000 5.100% 04/01/2003................. 400,000 416,000 Washington County Unified Sewer Agency Revenue Series A 6.200% 10/01/2010................. 3,400,000 3,676,250 -------------- Total Oregon Revenue Bonds (Cost $75,781,779)................. 80,027,028 --------------
40 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Oregon Insured Bonds (24.2%) Albany Water Revenue Refunding 2nd Lien Series B 4.875% 08/01/2007................. $ 1,000,000 $ 995,000 Central Oregon Community College District 5.800% 06/01/2007................. 760,000 802,750 Clackamas County Health Facility Authority Revenue Refunding Adventist Health A 6.350% 03/01/2009................. 1,500,000 1,623,750 Clackamas County School District #115 Gladstone 6.150% 06/01/2014................. 1,000,000 1,072,500 Clatsop County Administrative School District #10 5.850% 07/01/2010................. 550,000 570,625 5.850% 07/01/2011................. 590,000 610,650 5.875% 07/01/2012................. 630,000 653,625 Columbia River People's Utility District Refunding 7.250% 05/01/2009................. 1,870,000 1,888,363 Crook County School District 4.900% 02/01/2009................. 1,165,000 1,143,156 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.600% 06/01/2009................. 1,000,000 1,030,000 Hood River County School District 5.650% 06/01/2008................. 1,020,000 1,072,275 Josephine County School District #7 Grants Pass 5.700% 06/01/2013................. 2,000,000 2,065,000 Lane County School District #19 Springfield 6.150% 10/15/2009................. 1,500,000 1,631,250 Lane County School District #52 Bethel 6.250% 12/01/2007................. 500,000 560,000 6.400% 12/01/2009................. 750,000 831,562 Lincoln County School District 6.000% 06/15/2007................. 1,855,000 2,033,544 6.000% 06/15/2008................. 1,150,000 1,259,250 6.000% 06/15/2009................. 1,465,000 1,600,512 5.600% 06/15/2010................. 2,430,000 2,548,462 5.250% 06/15/2012................. 2,900,000 2,910,875 Malheur County School District #26 Nyssa 5.750% 06/01/2015................. 1,910,000 1,979,237 Principal Amount Value(1) ------------ -------------- Marion & Linn County Elementary School District #77J Stayton 6.250% 07/01/2013................. $ 1,260,000 $ 1,370,250 Marion County Solid Waste & Electric Revenue Ogden Martin System Marion Income 7.700% 10/01/2009................. 2,305,000 2,414,211 Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services 6.800% 12/01/2011................. 1,310,000 1,444,275 Morrow County School District #1 6.000% 06/01/2006................. 880,000 958,100 Multnomah County School District #3 Parkrose 5.400% 12/01/2005................. 1,010,000 1,071,862 5.700% 12/01/2008................. 1,130,000 1,199,213 5.700% 12/01/2009................. 1,085,000 1,143,319 5.500% 12/01/2011................. 1,000,000 1,023,750 Oregon Department of General Services Certificates Participation Series C 5.800% 03/01/2015................. 840,000 858,900 Oregon Department of Administrative Services Certificates Participation Series A 5.375% 11/01/2004................. 1,500,000 1,580,625 Oregon Veterans' Welfare 7.200% 03/01/1997................. 1,000,000 1,038,750 Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.000% 10/01/2013................. 965,000 1,024,106 Port of Portland Airport Revenue Portland International Airport Series 7-A 6.500% 07/01/2004................. 500,000 549,375 6.750% 07/01/2015................. 2,790,000 3,069,000 Port of Portland Airport Revenue Series 9-A 5.500% 07/01/2006................. 500,000 520,000 Portland Hospital Facility Authority Legacy Health Systems Series A 6.100% 05/01/1998................. 1,000,000 1,051,250 6.625% 05/01/2011................. 1,620,000 1,769,850 Portland Hospital Facility Authority Legacy Health Systems Series B 6.625% 05/01/2011................. 3,830,000 4,184,275 6.700% 05/01/2021................. 2,955,000 3,220,950
41 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Oregon Insured Bonds (Continued) Portland Sewer System Revenue Series A 6.000% 10/01/2012................. $ 2,075,000 $ 2,215,063 Suburban East Salem Water District Refunding 5.700% 09/01/2009................. 890,000 924,488 Tillamook County 6.250% 01/01/2014................. 960,000 1,039,200 Umatilla County School District #8R Hermiston 6.000% 12/01/2010................. 695,000 736,700 Union Health District 5.350% 02/01/2005................. 400,000 413,000 5.450% 02/01/2006................. 425,000 438,813 5.550% 02/01/2007................. 460,000 474,950 5.650% 02/01/2008................. 480,000 495,600 5.750% 02/01/2010................. 1,070,000 1,099,425 Washington County Unified Sewer Agency Revenue Series A 0.000% 10/01/2003................. 1,000,000 702,500 0.000% 10/01/2005................. 5,230,000 3,288,363 5.900% 10/01/2006................. 3,730,000 4,047,050 0.000% 10/01/2007................. 4,835,000 2,719,688 6.125% 10/01/2012................. 8,010,000 8,590,725 Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph Peace 5.625% 08/01/2007................. 2,000,000 2,125,000 Yamhill County School District #29J Newberg 5.500% 06/01/2010................. 1,360,000 1,392,300 6.100% 06/01/2011................. 3,355,000 3,589,850 -------------- Total Oregon Insured Bonds (Cost $87,722,421)................. 92,667,162 -------------- Oregon Pre-Refunded Bonds (7.2%) Beaverton Water Revenue Series A 7.150% 06/01/2004................. 455,000 508,462 Clackamas County School District #7J Lake Oswego Series A 7.000% 06/15/2008................. 1,250,000 1,393,750 7.100% 06/15/2010................. 750,000 839,062 Clackamas County School District #12 North Clackamas 6.500% 06/01/2005................. 1,000,000 1,093,750 6.500% 06/01/2007................. 1,455,000 1,591,406 6.500% 06/01/2009................. 1,655,000 1,810,156 6.500% 06/01/2011................. 1,885,000 2,061,719 Principal Amount Value(1) ------------ -------------- Clackamas County Elementary School District #86 6.500% 07/01/2003................. $ 1,535,000 $ 1,653,962 6.500% 07/01/2004................. 1,585,000 1,707,838 Eugene Electric Utility Revenue 4.000% 08/01/1998................. 340,000 343,400 Jackson County School District #4 Refunding 6.700% 06/01/2004................. 420,000 446,250 Metropolitan Service District Convention Center 6.900% 12/01/1999................. 750,000 791,250 Metropolitan Service District General Revenue Metro Headquarters Building Project A 6.600% 07/01/2011................. 785,000 861,538 Metropolitan Service District Metro East Transfer Station A 7.000% 01/01/2001................. 500,000 559,375 Oregon Department of General Services Certificates Participation Series A 7.200% 01/15/2015................. 1,100,000 1,241,625 Oregon Department of General Services Certificates Participation Series B 7.200% 01/15/2015................. 670,000 756,263 Oregon Department of General Services Certificates Participation Series F 7.500% 09/01/2015................. 2,330,000 2,696,975 Oregon Veterans' Welfare 12.500% 09/01/2001................ 480,000 516,701 12.500% 09/01/2003................ 1,200,000 1,291,752 12.500% 09/01/2004................ 515,000 554,377 Oregon Housing, Educational & Cultural Facilities Authority Reed College Project Series A 6.350% 07/01/2002................. 320,000 356,000 6.400% 07/01/2003................. 280,000 312,200 Oregon Housing, Educational & Cultural Facilities Authority Revenue Lewis & Clark College Project A 7.000% 07/01/2010................. 1,100,000 1,245,750 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series A 7.300% 06/01/2010................. 1,400,000 1,576,750 Washington County 7.800% 12/01/2007................. 1,245,000 1,333,706 -------------- Total Oregon Pre-Refunded Bonds (Cost $24,930,058)................. 27,544,017 --------------
42 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Oregon Other Bonds (2.9%) Lane County Special Obligation Series A 5.250% 03/01/2008................. $ 400,000 $ 402,000 Lane County School District #4J Eugene Certificates Participation 6.900% 10/01/2000................. 500,000 557,500 Lebanon Special Obligation Revenue Refunding Lease Water 5.400% 10/01/2013................. 755,000 759,719 Multnomah County School District #1J Portland Special Obligation Series A 4.500% 03/01/2003................. 350,000 347,375 5.000% 03/01/2007................. 1,340,000 1,348,375 Newberg Certificates Participation 5.900% 12/01/1998................. 365,000 379,600 6.000% 12/01/1999................. 390,000 409,500 6.100% 12/01/2000................. 410,000 435,112 6.200% 12/01/2001................. 410,000 439,725 Oregon Health, Housing, Educational & Cultural Facilities Authority OMSI-A 5.900% 10/01/2016................. 500,000 508,420 5.900% 10/01/2021................. 500,000 508,420 Portland Building Refunding Series A 4.750% 04/01/2007................. 2,000,000 1,977,500 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.900% 06/01/2006................. 860,000 914,825 Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L 6.400% 06/01/2008................. 2,085,000 2,262,225 -------------- Total Oregon Other Bonds (Cost $10,714,403)................. 11,250,296 -------------- Other Bonds (5.0%) Puerto Rico Commonwealth Public Improvements 6.250% 07/01/2009................. 3,000,000 3,393,750 6.250% 07/01/2013................. 1,000,000 1,125,000 Puerto Rico Commonwealth Aquaduct & Sewer Authority Revenue Series A 9.000% 07/01/2009................. 5,060,000 6,774,075 Principal Amount Value(1) ------------ -------------- Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B 7.500% 10/15/2012................. $ 1,040,000 $ 1,106,300 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C 6.750% 10/15/2013................. 710,000 756,150 Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1 7.500% 04/01/2022................. 1,680,000 1,785,000 Puerto Rico Industrial, Medical & Environmental Pollution Control Facilities Financing Authority Revenue FHA Insured Mortgage Dr. Pila Hospital Project A 7.700% 08/01/2008................. 2,000,000 2,217,500 Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA Homeownership 5th Portfolio 7.500% 12/01/2015................. 610,000 691,587 Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A 7.300% 10/01/2018................. 1,105,000 1,401,969 -------------- Total Other Bonds (Cost $17,722,705)................. 19,251,331 -------------- Total investments, excluding temporary cash investment (Cost $352,970,256)................ 374,110,632 Tax-Exempt Money Market Investment (1.3%) SEI Tax Exempt Trust (Cost $4,958,852)................. 4,958,852 4,958,852 -------------- Total Investments (98.8%) (Cost $357,929,108).................. 379,069,484 Receivables less liabilities (1.2%)..... 4,726,434 -------------- Net Assets (100.0%)..................... $ 383,795,918 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 43 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA HIGH YIELD FUND, INC.
Principal December 31, 1995 Amount Value(1) ------------ -------------- U.S. Treasury Bond (4.4%) 7.625% 02/15/2025 (Cost $1,005,641)................. $ 850,000 $ 1,040,332 -------------- Corporate Bonds (90.6%) Basic Industry (10.7%) Chemicals (4.7%) Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes 8.750% 02/15/2004.................... 600,000 612,000 IMC Global, Inc. Series B Senior Notes 10.125% 06/15/2001................... 450,000 493,875 -------------- 1,105,875 -------------- Forest Products (1.4%) Riverwood International Corp. Senior Notes 10.750% 06/15/2000................... 300,000 322,500 -------------- Metals/Mining (4.6%) Armco, Inc. Senior Notes 9.375% 11/01/2000.................... 400,000 396,000 Inland Steel Industries, Inc. Notes 12.750% 12/15/2002................... 250,000 281,250 Magma Copper Co. Senior Subordinated Notes 8.700% 05/15/2005.................... 350,000 399,000 -------------- 1,076,250 -------------- Total Basic Industry................. 2,504,625 -------------- Consumer Related (25.4%) Hotel/Gaming (7.9%) Harrahs Operating, Inc. Senior Subordinated Notes 10.875% 04/15/2002................... 450,000 483,750 Host Marriott Travel Plazas, Inc. Senior Secured Notes 9.500% 05/15/2005.................... 400,000 396,000 La Quinta Inns, Inc. Senior Subordinated Notes 9.250% 05/15/2003.................... 350,000 371,000 Station Casinos, Inc. Senior Subordinated Notes 9.625% 06/01/2003.................... 615,000 605,775 -------------- 1,856,525 -------------- Principal Amount Value(1) ------------ -------------- Healthcare (12.3%) Abbey Healthcare Group, Inc. Senior Subordinated Notes 9.500% 11/01/2002.................... $ 500,000 $ 532,500 Community Health Systems, Inc. Senior Subordinated Debenture 10.250% 11/30/2003................... 400,000 432,000 Genesis Health Ventures, Inc. Senior Subordinated Notes 9.750% 06/15/2005.................... 500,000 530,000 HEALTHSOUTH Rehabilitation Corp. Senior Subordinated Notes 9.500% 04/01/2001.................... 300,000 320,250 Quorum Health Group, Inc. Senior Subordinated Notes 8.750% 11/01/2005.................... 500,000 517,500 Tenet Healthcare Corp. Senior Note 9.625% 09/01/2002.................... 500,000 550,000 -------------- 2,882,250 -------------- Other (5.2%) Royal Caribbean Cruises Ltd. Senior Subordinated Notes 11.375% 05/15/2002................... 400,000 436,000 Rykoff Sexton, Inc. Senior Subordinated Notes 8.875% 11/01/2003.................... 450,000 445,500 Westpoint Stevens, Inc. Senior Note 8.750% 12/15/2001.................... 350,000 350,000 -------------- 1,231,500 -------------- Total Consumer Related............... 5,970,275 -------------- Energy (11.6%) Global Marine, Inc. Notes 12.750% 12/15/1999................... 285,000 314,925 Gulf Canada Resources Ltd. Subordinated Debentures 9.625% 07/01/2005.................... 400,000 422,000 Louis Dreyfus Natural Gas Corp. Senior Subordinated Notes 9.250% 06/15/2004.................... 500,000 539,455 Maxus Energy Corp. Notes 9.875% 10/15/2002.................... 500,000 502,500
44 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA HIGH YIELD FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Corporate Bonds (Continued) Noble Drilling Corp. Senior Notes 9.250% 10/01/2003.................... $ 250,000 $ 262,500 Santa Fe Energy Resource, Inc. Senior Subordinated Debentures 11.000% 05/15/2004................... 400,000 436,000 Seagull Energy Corp. Senior Subordinated Notes 8.625% 08/01/2005.................... 250,000 242,500 -------------- Total Energy......................... 2,719,880 -------------- Housing Related (2.7%) Toll Corp. Senior Subordinated Notes 10.500% 03/15/2002................... 250,000 263,125 USG Corp. Senior Note 8.500% 08/01/2005.................... 350,000 362,250 -------------- Total Housing Related................ 625,375 -------------- Manufacturing (16.0%) American Standard, Inc. Senior Subordinated Discount Debenture Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005.......................... 750,000 643,125 Blount, Inc. Senior Subordinated Notes 9.000% 06/15/2003.................... 200,000 210,000 Easco Corp. Senior Notes, Series B 10.000% 03/15/2001................... 350,000 349,125 Exide Corp. Senior Notes 10.000% 04/15/2005................... 350,000 379,750 Hayes Wheels International, Inc. Notes 9.250% 11/15/2002.................... 275,000 295,625 Mark IV Industries, Inc. Subordinated Notes 8.750% 04/01/2003.................... 200,000 208,000 Rohr, Inc. Senior Note 11.625% 05/15/2003................... 600,000 643,500 Principal Amount Value(1) ------------ -------------- SPX Corp. Senior Subordinated Notes 11.750% 06/01/2002................... $ 350,000 $ 371,000 Wolverine Tube, Inc. Senior Subordinated Notes 10.125% 09/01/2002................... 625,000 662,500 -------------- Total Manufacturing.................. 3,762,625 -------------- Media (12.5%) Continental Cablevision, Inc. Debentures 9.000% 09/01/2008.................... 500,000 525,000 Jones Intercable, Inc. Senior Notes 9.625% 03/15/2002.................... 350,000 376,250 Lenfest Communications, Inc. Senior Secured Notes 8.375% 11/01/2005.................... 500,000 501,875 Mobilemedia Corp. Senior Subordinated Notes 9.375% 11/01/2007.................... 500,000 515,000 Rogers Cantel Mobile, Inc. Notes 10.750% 11/01/2001................... 400,000 421,000 Rogers Communications, Inc. Debenture 10.875% 04/15/2004................... 200,000 209,000 United International Holdings, Inc. Senior Note with Warrants 0.000% 11/15/1999.................... 650,000 390,000 -------------- Total Media.......................... 2,938,125 -------------- Retail (7.6%) Supermarkets (4.0%) Kroger Co. Senior Secured Debenture 9.250% 01/01/2005.................... 300,000 325,500 Safeway, Inc. Debenture 10.000% 12/01/2001................... 300,000 339,000 Stop & Shop Cos., Inc. Senior Subordinated Notes 9.750% 02/01/2002.................... 250,000 275,625 -------------- 940,125 --------------
45 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- COLUMBIA HIGH YIELD FUND, INC., CONTINUED
Principal Amount Value(1) ------------ -------------- Corporate Bonds (Continued) Other (3.6%) Ethan Allen, Inc. Senior Notes 8.750% 03/15/2001.................... $ 400,000 $ 412,000 Federated Department Stores, Inc. Senior Notes 10.000% 02/15/2001................... 400,000 432,000 -------------- 844,000 -------------- Total Retail......................... 1,784,125 -------------- Transportation (2.3%) Other (2.3%) Southern Pacific Rail Corp. Senior Notes 9.375% 08/15/2005.................... 500,000 542,500 -------------- Utility (1.8%) California Energy, Inc. Senior Secured Note 9.875% 06/30/2003.................... 400,000 420,000 -------------- Total Corporate Bonds (Cost $20,449,549).................... 21,267,530 -------------- Principal Amount Value(1) ------------ -------------- Total investments, excluding temporary cash investment (Cost $21,455,190).................... $22,307,862 Repurchase Agreement (3.3%) Goldman Sachs Corp. 5.447% dated 12/29/1995, due 01/02/1996 in the amount of $762,538. Collateralized by U.S. Treasury Bond 8.750% due 11/15/2008 (Cost $762,083)...................... $ 762,083 762,083 -------------- Total Investments (98.3%) (Cost $22,217,273)........................ 23,069,945 Receivables less liabilities (1.7%)........ 401,022 -------------- Net Assets (100.0%)........................ $ 23,470,967 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 46 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia Columbia Columbia International Common Stock Growth Stock December 31, 1995 Fund, Inc. Fund, Inc. Fund, Inc. -------------- ----------- ----------------- ASSETS: Investments at identified cost.......................................... $301,250,182 $680,853,085 $ 86,769,046 - -------------------------------------------------------------------------- -------------- ----------- ----------------- Investments at value (Notes 1 and 2).................................... $353,606,038 $840,824,393 $ 97,735,963 Temporary cash investments, at cost (Note 1)............................ 3,448,186 10,441,223 2,818,723 Cash.................................................................... 112,354 Cash denominated in foreign currencies (cost $644,615) (Note 1)......... 645,940 Receivable for: Interest.............................................................. 13,076 53,667 7,932 Dividends............................................................. 598,598 1,426,356 140,083 Investments sold...................................................... 3,714,326 1,018,750 Capital stock sold.................................................... 725,948 1,195,259 407,637 -------------- ----------- ----------------- Total assets............................................................ 362,106,172 853,940,898 102,887,382 -------------- ----------- ----------------- LIABILITIES: Payable for: Capital stock redeemed................................................ 123,349 467,770 105,639 Dividends and distributions........................................... 117,524 3,470,303 Investments purchased................................................. 3,025,450 605,090 1,731,574 Investment management fee (Note 4).................................... 180,209 433,294 84,874 Accrued expenses...................................................... 136,916 233,589 91,835 -------------- ----------- ----------------- Total liabilities....................................................... 3,583,448 5,210,046 2,013,922 -------------- ----------- ----------------- Net assets applicable to outstanding shares............................... $358,522,724 $848,730,852 $ 100,873,460 -------------- ----------- ----------------- -------------- ----------- ----------------- Net assets consist of: Undistributed net investment income................................... $ 395,967 $ 1,523,877 Unrealized appreciation on: Investments......................................................... 52,355,856 159,971,308 $ 10,966,917 Translation of assets and liabilities in foreign currencies......... 5,720 Undistributed net realized loss from: Investments......................................................... (42,896) (1,015,931) (1,055,061) Capital shares (Note 3)............................................... 284,392 Capital paid in (Notes 1 and 3)....................................... 305,813,797 687,967,206 90,955,884 -------------- ----------- ----------------- $358,522,724 $848,730,852 $ 100,873,460 -------------- ----------- ----------------- -------------- ----------- ----------------- Shares of capital stock outstanding (Note 3).............................. 19,288,675 28,439,194 7,716,168 -------------- ----------- ----------------- -------------- ----------- ----------------- Net asset value, offering and redemption price per share (1).............. $ 18.59 $ 29.84 $ 13.07 -------------- ----------- ----------------- -------------- ----------- ----------------- Columbia Special December 31, 1995 Fund, Inc. ------------- ASSETS: Investments at identified cost.......................................... $1,154,264,142 - -------------------------------------------------------------------------- ------------- Investments at value (Notes 1 and 2).................................... $1,355,498,125 Temporary cash investments, at cost (Note 1)............................ 24,198,846 Cash.................................................................... Cash denominated in foreign currencies (cost $644,615) (Note 1)......... Receivable for: Interest.............................................................. 153,790 Dividends............................................................. 617,940 Investments sold...................................................... 32,742,719 Capital stock sold.................................................... 2,298,798 ------------- Total assets............................................................ 1,415,510,218 ------------- LIABILITIES: Payable for: Capital stock redeemed................................................ 3,231,177 Dividends and distributions........................................... 8,455,988 Investments purchased................................................. 18,078,664 Investment management fee (Note 4).................................... 979,604 Accrued expenses...................................................... 349,750 ------------- Total liabilities....................................................... 31,095,183 ------------- Net assets applicable to outstanding shares............................... $1,384,415,035 ------------- ------------- Net assets consist of: Undistributed net investment income................................... $ (51,817) Unrealized appreciation on: Investments......................................................... 201,233,983 Translation of assets and liabilities in foreign currencies......... Undistributed net realized loss from: Investments......................................................... (2,440,560) Capital shares (Note 3)............................................... 645,737 Capital paid in (Notes 1 and 3)....................................... 1,185,027,692 ------------- $1,384,415,035 ------------- ------------- Shares of capital stock outstanding (Note 3).............................. 64,573,734 ------------- ------------- Net asset value, offering and redemption price per share (1).............. $ 21.44 ------------- -------------
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital stock outstanding. The accompanying notes are an integral part of the financial statements. 47 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia Real Estate Columbia Columbia Equity Balanced Daily Income December 31, 1995 Fund, Inc. Fund, Inc. Company ---------------- ----------- ------------ ASSETS: Investments at identified cost...................................... $ 18,771,237 $407,518,044 8$06,898,061 - ---------------------------------------------------------------------- ---------------- ----------- ------------ Investments at value (Notes 1 and 2)................................ $ 20,307,163 $459,399,894 8$06,898,061 Temporary cash investments, at cost (Note 1)........................ 1,503,271 25,192,252 Cash................................................................ 3,800,000 Receivable for: Interest.......................................................... 6,435 2,935,461 13,954 Dividends......................................................... 206,968 439,429 Investments sold.................................................. 2,486,885 Capital stock sold................................................ 260,404 598,554 1,845,408 ---------------- ----------- ------------ Total assets........................................................ 22,284,241 491,052,475 812,557,423 ---------------- ----------- ------------ LIABILITIES: Payable for: Capital stock redeemed............................................ 625,862 247,138 11,225,749 Dividends and distributions....................................... 33,282 126,681 Investments purchased............................................. 3,493,780 Investment management fee (Note 4)................................ 13,200 202,649 324,674 Accrued expenses.................................................. 24,697 214,734 351,478 ---------------- ----------- ------------ Total liabilities................................................... 697,041 4,284,982 11,901,901 ---------------- ----------- ------------ Net assets applicable to outstanding shares........................... $ 21,587,200 $486,767,493 8$00,655,522 ---------------- ----------- ------------ ---------------- ----------- ------------ Net assets consist of: Undistributed net investment income............................... $ 2,476 $ 211,082 Unrealized appreciation on investments............................ 1,535,926 51,881,850 Undistributed net realized gain (loss) from investments........... (50,216) 21,339 Capital shares (Note 3)........................................... $ 800,656 Capital paid in (Notes 1 and 3)................................... 20,099,014 434,653,222 799,854,866 ---------------- ----------- ------------ $ 21,587,200 $486,767,493 8$00,655,522 ---------------- ----------- ------------ ---------------- ----------- ------------ Shares of capital stock outstanding (Note 3).......................... 1,698,923 24,241,479 800,655,522 ---------------- ----------- ------------ ---------------- ----------- ------------ Net asset value, offering and redemption price per share (1).......... $ 12.71 $ 20.08 $ 1.00 ---------------- ----------- ------------ ---------------- ----------- ------------ Columbia U.S. Government Securities December 31, 1995 Fund, Inc. -------------------- ASSETS: Investments at identified cost...................................... $ 40,097,690 - ---------------------------------------------------------------------- -------------------- Investments at value (Notes 1 and 2)................................ $ 40,709,445 Temporary cash investments, at cost (Note 1)........................ 514,814 Cash................................................................ Receivable for: Interest.......................................................... 730,489 Dividends......................................................... Investments sold.................................................. Capital stock sold................................................ 1,317 -------------------- Total assets........................................................ 41,956,065 -------------------- LIABILITIES: Payable for: Capital stock redeemed............................................ 56,897 Dividends and distributions....................................... 9,868 Investments purchased............................................. Investment management fee (Note 4)................................ 17,660 Accrued expenses.................................................. 29,256 -------------------- Total liabilities................................................... 113,681 -------------------- Net assets applicable to outstanding shares........................... $ 41,842,384 -------------------- -------------------- Net assets consist of: Undistributed net investment income............................... Unrealized appreciation on investments............................ $ 611,755 Undistributed net realized gain (loss) from investments........... (496,594) Capital shares (Note 3)........................................... 50,160 Capital paid in (Notes 1 and 3)................................... 41,677,063 -------------------- $ 41,842,384 -------------------- -------------------- Shares of capital stock outstanding (Note 3).......................... 5,016,001 -------------------- -------------------- Net asset value, offering and redemption price per share (1).......... $ 8.34 -------------------- --------------------
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital stock outstanding. The accompanying notes are an integral part of the financial statements. 48 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia Fixed Income Columbia Securities Municipal Bond December 31, 1995 Fund, Inc. Fund, Inc. ---------------- --------------- ASSETS: Investments at identified cost............................................................ $293,897,595 $ 352,970,256 - -------------------------------------------------------------------------------------------- ---------------- --------------- Investments at value (Notes 1 and 2)...................................................... $307,010,923 $ 374,110,632 Temporary cash investments, at cost (Note 1).............................................. 7,380,545 4,958,852 Receivable for: Interest................................................................................ 4,098,497 5,536,704 Investments sold........................................................................ 47,995 Capital stock sold...................................................................... 394,121 327,596 ---------------- --------------- Total assets.............................................................................. 318,932,081 384,933,784 ---------------- --------------- LIABILITIES: Payable for: Capital stock redeemed.................................................................. 892,556 450,660 Dividends and distributions............................................................. 178,768 418,700 Investments purchased................................................................... 1,364,187 46,352 Investment management fee (Note 4)...................................................... 132,834 162,746 Accrued expenses........................................................................ 104,933 59,408 ---------------- --------------- Total liabilities......................................................................... 2,673,278 1,137,866 ---------------- --------------- Net assets applicable to outstanding shares................................................. $316,258,803 $ 383,795,918 ---------------- --------------- ---------------- --------------- Net assets consist of: Unrealized appreciation on investments.................................................. $ 13,113,328 $ 21,140,376 Undistributed net realized loss from investments........................................ (3,614,749) (39,875) Capital shares (Note 3)................................................................. 234,158 310,142 Capital paid in (Notes 1 and 3)......................................................... 306,526,066 362,385,275 ---------------- --------------- $316,258,803 $ 383,795,918 ---------------- --------------- ---------------- --------------- Shares of capital stock outstanding (Note 3)................................................ 23,415,807 31,014,220 ---------------- --------------- ---------------- --------------- Net asset value, offering and redemption price per share (1)................................ $ 13.51 $ 12.37 ---------------- --------------- ---------------- --------------- Columbia High Yield December 31, 1995 Fund, Inc. ---------- ASSETS: Investments at identified cost............................................................ $21,455,190 - -------------------------------------------------------------------------------------------- ---------- Investments at value (Notes 1 and 2)...................................................... $22,307,862 Temporary cash investments, at cost (Note 1).............................................. 762,083 Receivable for: Interest................................................................................ 414,734 Investments sold........................................................................ Capital stock sold...................................................................... 32,188 ---------- Total assets.............................................................................. 23,516,867 ---------- LIABILITIES: Payable for: Capital stock redeemed.................................................................. 4,151 Dividends and distributions............................................................. 16,612 Investments purchased................................................................... Investment management fee (Note 4)...................................................... 11,830 Accrued expenses........................................................................ 13,307 ---------- Total liabilities......................................................................... 45,900 ---------- Net assets applicable to outstanding shares................................................. $23,470,967 ---------- ---------- Net assets consist of: Unrealized appreciation on investments.................................................. $ 852,672 Undistributed net realized loss from investments........................................ (190,638) Capital shares (Note 3)................................................................. Capital paid in (Notes 1 and 3)......................................................... 22,808,933 ---------- $23,470,967 ---------- ---------- Shares of capital stock outstanding (Note 3)................................................ 2,375,540 ---------- ---------- Net asset value, offering and redemption price per share (1)................................ $ 9.88(2) ---------- ----------
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital stock outstanding. (2) Redemption of Columbia High Yield Fund shares held less than one year, other than shares acquired through the reinvestment of dividends and capital gains, will be at 99% of the net asset value. The accompanying notes are an integral part of the financial statements. 49 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia Columbia Columbia Common Stock Growth International Year Ended December 31, 1995 Fund, Inc. Fund, Inc. Stock Fund, Inc. -------------- ----------- ----------------- INVESTMENT INCOME: Income: Interest............................................................... $ 986,480 $ 1,472,781 $ 347,468 Dividends.............................................................. 4,925,301 12,106,308 1,607,048 Foreign taxes withheld (net of reclaims)............................... (228,538) -------------- ----------- ----------------- Total income......................................................... 5,911,781 13,579,089 1,725,978 -------------- ----------- ----------------- Expenses: Investment management fees (Note 4).................................... 1,453,843 4,483,699 1,013,873 Shareholder servicing costs (Note 4)................................... 209,719 471,919 201,826 Reports to shareholders................................................ 59,253 204,780 72,056 Accounting expense..................................................... 40,042 51,156 96,954 Financial information and subscriptions................................ 4,657 16,829 5,058 Custodian fees......................................................... 8,437 24,769 95,224 Bank transaction and checking fees..................................... 12,289 18,768 32,148 Registration fees...................................................... 96,277 82,582 21,649 Legal, insurance and auditing fees..................................... 25,362 38,232 28,518 Other.................................................................. 4,483 13,355 3,641 -------------- ----------- ----------------- Total expenses....................................................... 1,914,362 5,406,089 1,570,947 -------------- ----------- ----------------- Net investment income (Note 1)........................................... 3,997,419 8,173,000 155,031 -------------- ----------- ----------------- Realized gain (loss) and unrealized appreciation from investment and foreign currency transactions: Net realized gain (loss) from: Investments (Note 2)................................................... 17,260,066 73,961,335 (286,889) Foreign currency transactions (Note 1)................................. (1,246,443) -------------- ----------- ----------------- Net realized gain (loss)............................................. 17,260,066 73,961,335 (1,533,332) -------------- ----------- ----------------- Net unrealized appreciation on: Investments (Note 1)................................................... 44,119,110 120,496,613 5,614,702 Translation of assets and liabilities in foreign currencies (Note 1)... 92 -------------- ----------- ----------------- Net unrealized appreciation during the period........................ 44,119,110 120,496,613 5,614,794 -------------- ----------- ----------------- Net gain on investment and foreign currency related transactions (Note 1)...................................................................... 61,379,176 194,457,948 4,081,462 -------------- ----------- ----------------- Net increase in net assets resulting from operations..................... $ 65,376,595 $202,630,948 $ 4,236,493 -------------- ----------- ----------------- -------------- ----------- ----------------- Columbia Special Year Ended December 31, 1995 Fund, Inc. ----------- INVESTMENT INCOME: Income: Interest............................................................... $ 5,047,489 Dividends.............................................................. 8,295,374 Foreign taxes withheld (net of reclaims)............................... ----------- Total income......................................................... 13,342,863 ----------- Expenses: Investment management fees (Note 4).................................... 10,125,466 Shareholder servicing costs (Note 4)................................... 674,584 Reports to shareholders................................................ 270,067 Accounting expense..................................................... 71,513 Financial information and subscriptions................................ 22,268 Custodian fees......................................................... 41,841 Bank transaction and checking fees..................................... 73,415 Registration fees...................................................... 167,078 Legal, insurance and auditing fees..................................... 47,268 Other.................................................................. 21,129 ----------- Total expenses....................................................... 11,514,629 ----------- Net investment income (Note 1)........................................... 1,828,234 ----------- Realized gain (loss) and unrealized appreciation from investment and foreign currency transactions: Net realized gain (loss) from: Investments (Note 2)................................................... 154,437,430 Foreign currency transactions (Note 1)................................. ----------- Net realized gain (loss)............................................. 154,437,430 ----------- Net unrealized appreciation on: Investments (Note 1)................................................... 148,707,165 Translation of assets and liabilities in foreign currencies (Note 1)... ----------- Net unrealized appreciation during the period........................ 148,707,165 ----------- Net gain on investment and foreign currency related transactions (Note 1)...................................................................... 303,144,595 ----------- Net increase in net assets resulting from operations..................... $304,972,829 ----------- -----------
The accompanying notes are an integral part of the financial statements. 50 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia Real Estate Columbia Columbia Equity Fund, Balanced Daily Income Year Ended December 31, 1995 Inc. Fund, Inc. Company ---------------- ---------- ------------ INVESTMENT INCOME: Income: Interest........................................................... $ 55,792 $13,405,453 $44,653,912 Dividends.......................................................... 1,403,153 4,162,846 ---------------- ---------- ------------ Total income..................................................... 1,458,945 17,568,299 44,653,912 ---------------- ---------- ------------ Expenses: Investment management fees (Note 4)................................ 138,673 1,871,284 3,611,202 Shareholder servicing costs (Note 4)............................... 24,369 317,522 645,042 Reports to shareholders............................................ 9,055 103,146 154,325 Accounting expense................................................. 15,658 56,157 90,366 Financial information and subscriptions............................ 722 17,276 15,799 Custodian fees..................................................... 696 12,872 25,264 Bank transaction and checking fees................................. 571 22,026 84,801 Registration fees.................................................. 14,395 114,555 76,538 Legal, insurance and auditing fees................................. 14,489 30,492 42,681 Other.............................................................. 245 7,488 13,139 ---------------- ---------- ------------ Total expenses................................................... 218,873 2,552,818 4,759,157 ---------------- ---------- ------------ Net investment income (Note 1)....................................... 1,240,072 15,015,481 39,894,755 ---------------- ---------- ------------ Realized gain (loss) and unrealized appreciation from investment transactions: Net realized gain (loss) from investments (Note 2)................... (132) 20,555,403 Net unrealized appreciation on investments during the period (Note 1).................................................................. 1,834,154 47,270,141 ---------------- ---------- Net gain on investments (Note 1)..................................... 1,834,022 67,825,544 ---------------- ---------- ------------ Net increase in net assets resulting from operations................. $3,074,094 $82,841,025 $39,894,755 ---------------- ---------- ------------ ---------------- ---------- ------------ Columbia U.S. Government Securities Fund, Year Ended December 31, 1995 Inc. -------------------- INVESTMENT INCOME: Income: Interest........................................................... $2,331,015 Dividends.......................................................... ----------- Total income..................................................... 2,331,015 ----------- Expenses: Investment management fees (Note 4)................................ 187,343 Shareholder servicing costs (Note 4)............................... 40,973 Reports to shareholders............................................ 12,879 Accounting expense................................................. 13,579 Financial information and subscriptions............................ 1,180 Custodian fees..................................................... 1,257 Bank transaction and checking fees................................. 649 Registration fees.................................................. 16,859 Legal, insurance and auditing fees................................. 19,107 Other.............................................................. 736 ----------- Total expenses................................................... 294,562 ----------- Net investment income (Note 1)....................................... 2,036,453 ----------- Realized gain (loss) and unrealized appreciation from investment transactions: Net realized gain (loss) from investments (Note 2)................... 571,638 Net unrealized appreciation on investments during the period (Note 1).................................................................. 1,000,875 ----------- Net gain on investments (Note 1)..................................... 1,572,513 ----------- Net increase in net assets resulting from operations................. $3,608,966 ----------- -----------
The accompanying notes are an integral part of the financial statements. 51 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia Fixed Income Columbia Securities Fund, Municipal Bond Year Ended December 31, 1995 Inc. Fund, Inc. ---------------- --------------- INVESTMENT INCOME: Income: Interest................................................................................ $ 21,119,106 $21,307,223 ---------------- --------------- Total income.......................................................................... 21,119,106 21,307,223 ---------------- --------------- Expenses: Investment management fees (Note 4)..................................................... 1,413,769 1,840,676 Shareholder servicing costs (Note 4).................................................... 192,151 90,846 Reports to shareholders................................................................. 76,274 30,624 Accounting expense...................................................................... 38,467 17,244 Financial information and subscriptions................................................. 16,984 44,181 Custodian fees.......................................................................... 9,567 12,266 Bank transaction and checking fees...................................................... 9,638 43 Registration fees....................................................................... 38,423 9,964 Legal, insurance and auditing fees...................................................... 33,170 32,203 Other................................................................................... 4,906 6,252 ---------------- --------------- 1,833,349 2,084,299 Expenses reimbursed by investment advisor (1)........................................... ---------------- --------------- Total expenses........................................................................ 1,833,349 2,084,299 ---------------- --------------- Net investment income (Note 1)............................................................ 19,285,757 19,222,924 ---------------- --------------- Realized gain (loss) and unrealized appreciation from investment transactions: Net realized gain (loss) from investments (Note 2)........................................ 7,333,401 2,099,378 Net unrealized appreciation on investments during the period (Note 1)..................... 22,005,760 27,002,836 ---------------- --------------- Net gain on investments (Note 1).......................................................... 29,339,161 29,102,214 ---------------- --------------- Net increase in net assets resulting from operations...................................... $ 48,624,918 $48,325,138 ---------------- --------------- ---------------- --------------- Columbia High Yield Year Ended December 31, 1995 Fund, Inc. ----------- INVESTMENT INCOME: Income: Interest................................................................................ $1,742,294 ----------- Total income.......................................................................... 1,742,294 ----------- Expenses: Investment management fees (Note 4)..................................................... 109,022 Shareholder servicing costs (Note 4).................................................... 16,590 Reports to shareholders................................................................. 6,849 Accounting expense...................................................................... 17,526 Financial information and subscriptions................................................. 4,772 Custodian fees.......................................................................... 607 Bank transaction and checking fees...................................................... 1,304 Registration fees....................................................................... 17,743 Legal, insurance and auditing fees...................................................... 16,473 Other................................................................................... 356 ----------- 191,242 Expenses reimbursed by investment advisor (1)........................................... (10,219) ----------- Total expenses........................................................................ 181,023 ----------- Net investment income (Note 1)............................................................ 1,561,271 ----------- Realized gain (loss) and unrealized appreciation from investment transactions: Net realized gain (loss) from investments (Note 2)........................................ (31,194) Net unrealized appreciation on investments during the period (Note 1)..................... 1,544,937 ----------- Net gain on investments (Note 1).......................................................... 1,513,743 ----------- Net increase in net assets resulting from operations...................................... $3,075,014 ----------- -----------
(1) The advisor of Columbia High Yield Fund has voluntarily agreed to assume ordinary recurring expenses of the Fund to the extent these expenses, together with the Fund's management fee, exceed 1% of the Fund's average net assets. The accompanying notes are an integral part of the financial statements. 52 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Common Stock Growth International Stock Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc. -------------------------- ---------------------------- -------------------------- 1995 1994 1995 1994 1995 1994 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income (loss)............ $ 3,997,419 $ 2,103,636 $ 8,173,000 $ 6,656,618 $ 155,031 $ (237,133) Net realized gain (loss) from: Investments (Note 2).................. 17,260,066 1,543,445 73,961,335 25,753,811 (286,889) 5,355,530 Foreign currency transactions (Note 1)................................... (1,246,443) (4,405,623) Change in net unrealized appreciation (depreciation) on: Investments........................... 44,119,110 (1,339,989) 120,496,613 (36,404,981) 5,614,702 (5,188,078) Translation of assets and liabilities in Foreign currencies (Note 1).................. 92 (159,098) ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations.............. 65,376,595 2,307,092 202,630,948 (3,994,552) 4,236,493 (4,634,402) Distributions to shareholders: From net investment income.............. (3,764,094) (1,944,648) (7,437,014) (5,880,690) In excess of net investment income...... (4,119)* (31,322)* From net realized gain from investment transactions........................... (17,260,066) (1,528,338) (73,961,335) (25,106,027) (1,937,123) In excess of net realized gain from investment transactions................ (17,932)* (206,957)* (34,209)* Capital share transactions, net (Note 3)....................................... 189,924,932 24,718,553 136,042,951 21,274,002 (21,847,478) 52,043,582 ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 234,259,435 23,548,540 257,037,271 (13,707,267) (17,610,985) 45,437,848 NET ASSETS: Beginning of period....................... 124,263,289 100,714,749 591,693,581 605,400,848 118,484,445 73,046,597 ------------ ------------ ------------- ------------ ------------ ------------ End of period (1)......................... $358,522,724 $124,263,289 $ 848,730,852 $591,693,581 $100,873,460 $118,484,445 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income (loss) of: $ 395,967 $ 162,642 $ 1,523,877 $ 819,213 $ -- $ (28,910) * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. 53 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Special Real Estate Equity Balanced Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc. -------------------------- ---------------------- ----------- 1995 1994 1995 1994(2) 1995 ------------- ----------- ---------- ---------- ----------- INCREASE IN NET ASSETS: Operations: Net investment income.............................. $ 1,828,234 $ 3,456,005 $1,240,072 $ 642,745 $15,015,481 Net realized gain (loss) from investments (Note 2)................................................ 154,437,430 51,779,847 (132) (6,499) 20,555,403 Change in net unrealized appreciation (depreciation) on investments..................... 148,707,165 (41,675,166) 1,834,154 (298,228) 47,270,141 ------------- ----------- ---------- ---------- ----------- Net increase in net assets resulting from operations........................................ 304,972,829 13,560,686 3,074,094 338,018 82,841,025 Distributions to shareholders: From net investment income......................... (1,151,123) (3,128,013) (774,447) (405,620) (14,812,967) In excess of net investment income................. (11,481)* (46,117)* From net realized gain from investment transactions...................................... (154,437,430) (51,779,847) (17,052,999) In excess of net realized gain from investment transactions...................................... (1,539,578)* (1,396,366)* (235,252)* From tax return of capital......................... (451,668) (237,125) Capital share transactions, net (Note 3)............. 347,044,146 159,528,287 2,572,289 17,718,392 186,168,310 ------------- ----------- ---------- ---------- ----------- Net increase in net assets......................... 494,888,844 116,784,747 4,185,016 17,402,184 237,097,252 NET ASSETS: Beginning of period.................................. 889,526,191 772,741,444 17,402,184 249,670,241 ------------- ----------- ---------- ---------- ----------- End of period (1).................................... $1,384,415,035 $889,526,191 $21,587,200 $17,402,184 $486,767,493 ------------- ----------- ---------- ---------- ----------- ------------- ----------- ---------- ---------- ----------- - ------------------------------------------------------- ------------- ----------- ---------- ---------- ----------- (1) Includes undistributed net investment income (loss) of:................................................... $ (51,817) $ (226,836) $ 2,476 $ (11,481) $ 211,082 (2) From inception of operations on March 16, 1994. * On a tax basis, there was no return of capital. Years Ended December 31, 1994 ----------- INCREASE IN NET ASSETS: Operations: Net investment income.............................. $ 8,699,173 Net realized gain (loss) from investments (Note 2)................................................ (3,479,941) Change in net unrealized appreciation (depreciation) on investments..................... (4,914,068) ----------- Net increase in net assets resulting from operations........................................ 305,164 Distributions to shareholders: From net investment income......................... (8,528,093) In excess of net investment income................. (64,270)* From net realized gain from investment transactions...................................... In excess of net realized gain from investment transactions...................................... From tax return of capital......................... Capital share transactions, net (Note 3)............. 71,368,736 ----------- Net increase in net assets......................... 63,081,537 NET ASSETS: Beginning of period.................................. 186,588,704 ----------- End of period (1).................................... $249,670,241 ----------- ----------- - ------------------------------------------------------- ----------- (1) Includes undistributed net investment income (loss) of:................................................... $ 54,685 (2) From inception of operations on March 16, 1994. * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. 54 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Fixed Income Daily Income U.S. Government Securities Years Ended December 31, Company Securities Fund, Inc. Fund, Inc. -------------------------- ------------------------ ------------ 1995 1994 1995 1994 1995 ------------ ------------ ----------- ----------- ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income............................... $ 39,894,755 $ 23,002,486 $ 2,036,453 $ 1,555,509 $ 19,285,757 Net realized gain (loss) from investments (Note 2)................................................. 571,638 (1,051,398) 7,333,401 Change in net unrealized appreciation (depreciation) on investments..................................... 1,000,875 (428,478) 22,005,760 ------------ ------------ ----------- ----------- ------------ Net increase (decrease) in net assets resulting from operations......................................... 39,894,755 23,002,486 3,608,966 75,633 48,624,918 Distributions to shareholders: From net investment income.......................... (39,894,755) (23,002,486) (2,036,453) (1,555,509) (19,285,757) Capital share transactions, net (Note 3).............. 70,588,520 185,567,215 6,758,002 (885,283) 34,830,059 ------------ ------------ ----------- ----------- ------------ Net increase (decrease) in net assets............... 70,588,520 185,567,215 8,330,515 (2,365,159) 64,169,220 NET ASSETS: Beginning of period................................... 730,067,002 544,499,787 33,511,869 35,877,028 252,089,583 ------------ ------------ ----------- ----------- ------------ End of period......................................... $800,655,522 $730,067,002 $41,842,384 $33,511,869 $316,258,803 ------------ ------------ ----------- ----------- ------------ ------------ ------------ ----------- ----------- ------------ Years Ended December 31, 1994 ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income............................... $ 17,677,556 Net realized gain (loss) from investments (Note 2)................................................. (10,832,491) Change in net unrealized appreciation (depreciation) on investments..................................... (17,001,971) ------------ Net increase (decrease) in net assets resulting from operations......................................... (10,156,906) Distributions to shareholders: From net investment income.......................... (17,677,556) Capital share transactions, net (Note 3).............. (20,607,880) ------------ Net increase (decrease) in net assets............... (48,442,342) NET ASSETS: Beginning of period................................... 300,531,925 ------------ End of period......................................... $252,089,583 ------------ ------------
The accompanying notes are an integral part of the financial statements. 55 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Municipal Bond High Yield Years Ended December 31, Fund, Inc. Fund, Inc. ------------------------ ---------- 1995 1994 1995 ----------- ----------- ---------- INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income............................................................ $19,222,924 $20,638,374 $1,561,271 Net realized gain (loss) from investments (Note 2)............................... 2,099,378 91,018 (31,194) Change in net unrealized appreciation (depreciation) on investments.............. 27,002,836 (41,231,934) 1,544,937 ----------- ----------- ---------- Net increase (decrease) in net assets resulting from operations.................. 48,325,138 (20,502,542) 3,075,014 Distributions to shareholders: From net investment income....................................................... (19,222,924) (20,638,374) (1,561,271) From net realized gain from investment transactions.............................. (2,099,378) In excess of net realized gain from investment transaction....................... (52,790)* Capital share transactions, net (Note 3)........................................... 17,029,241 (49,409,756) 9,123,656 ----------- ----------- ---------- Net increase (decrease) in net assets............................................ 43,979,287 (90,550,672) 10,637,399 NET ASSETS: Beginning of period................................................................ 339,816,631 430,367,303 12,833,568 ----------- ----------- ---------- End of period...................................................................... $383,795,918 $339,816,631 $23,470,967 ----------- ----------- ---------- ----------- ----------- ---------- Years Ended December 31, 1994 ---------- INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income............................................................ $ 818,604 Net realized gain (loss) from investments (Note 2)............................... (159,444) Change in net unrealized appreciation (depreciation) on investments.............. (689,630) ---------- Net increase (decrease) in net assets resulting from operations.................. (30,470) Distributions to shareholders: From net investment income....................................................... (818,604) From net realized gain from investment transactions.............................. In excess of net realized gain from investment transaction....................... Capital share transactions, net (Note 3)........................................... 7,742,417 ---------- Net increase (decrease) in net assets............................................ 6,893,343 NET ASSETS: Beginning of period................................................................ 5,940,225 ---------- End of period...................................................................... $12,833,568 ---------- ----------
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* On a tax basis, there was no return of capital. The accompanying notes are an integral part of the financial statements. 56 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- 1. Significant accounting policies: The Columbia Funds (the Funds) consist of Columbia Common Stock Fund, Inc. (CCSF), Columbia Growth Fund, Inc. (CGF), Columbia International Stock Fund, Inc. (CISF), Columbia Special Fund, Inc. (CSF), Columbia Real Estate Equity Fund, Inc. (CREF), Columbia Balanced Fund, Inc. (CBF), Columbia Daily Income Company (CDIC), Columbia U.S. Government Securities Fund, Inc. (CUSG), Columbia Fixed Income Securities Fund, Inc. (CFIS), Columbia Municipal Bond Fund, Inc. (CMBF), and Columbia High Yield Fund, Inc. (CHYF). All Funds, except CMBF, are open-end, diversified investment companies registered under the Investment Company Act of 1940, as amended. CMBF is an open-end, non-diversified investment company registered under the Investment Company Act of 1940, as amended. The policies described below are consistently followed by the Funds in the preparation of their financial statements in conformity with generally accepted accounting principles. Investment valuation - The values of CCSF, CGF, CISF, CSF, CREF and CBF equity investments are based on the last sale prices reported by the principal securities exchanges on which the investments are traded, or, in the absence of recorded sales, at the closing bid prices on such exchanges or over-the-counter markets. Temporary cash investments in short-term securities (principally repurchase agreements) are valued at cost, which approximates market. CDIC investments are carried at values deemed best to reflect their fair values as determined in good faith by or under the supervision of officers of CDIC specifically so authorized by its Directors. These values are based on cost adjusted for amortization of discount or premium and accrued interest, unless unusual circumstances indicate that another method of determining fair value should be considered. CBF, CUSG, CFIS, CMBF and CHYF fixed income investments are carried at values deemed best to reflect their fair values as determined in good faith by or under the supervision of officers of CBF, CUSG, CFIS, CMBF and CHYF, specifically so authorized by their Directors. These values are based on market value as quoted by dealers who are market makers in these securities or by an independent pricing service unless unusual circumstances indicate that another method of determining fair value should be considered. Market values for CBF, CUSG, CFIS and CHYF fixed income investments are based on the average of bid and ask prices and market value for CMBF is based on bid prices, or by reference to other securities with comparable ratings, interest rates and maturities. Temporary cash investments in short-term securities (principally repurchase agreements) are valued at cost, which approximates market. Futures contracts - CSF occasionally utilizes futures contracts to hedge against market conditions affecting the value of securities that CSF owns or intends to purchase. Futures contracts are marked to market daily and the variation margin is recorded as an unrealized gain or loss. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. Net realized losses arising from such transactions were not significant for the year ended December 31, 1995 and are included in realized losses on investment transactions. CSF had no outstanding contracts at December 31, 1995. Forward foreign currency exchange contracts - In connection with portfolio purchases and sales of securities denominated in a foreign currency, CISF enters into forward foreign currency exchange contracts (contracts). Additionally, CISF enters into contracts to hedge certain other foreign currency denominated assets. Contracts are recorded at market value. CISF could be exposed to risks if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Net realized losses arising from such transactions amounted to $1,420,747 and are included in net realized loss from foreign currency related transactions. CISF had no outstanding hedge contracts at December 31, 1995. 57 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 1. Significant accounting policies (continued): Foreign currency translations - The books and records of CISF are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets, and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. CISF does not separate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on CISF's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in exchange rates. Interest and dividend income - Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date. The majority of dividend income recorded by CREF is from Real Estate Investment Trusts (REITs). For tax purposes, a portion of these dividends consist of capital gains and return of capital. For financial reporting purposes, these dividends are recorded as dividend income. For the year ended December 31, 1995, the return of capital portion of such distributions amounted to approximately 31%. Shareholder distributions - CCSF, CREF and CBF distribute net investment income quarterly and any net realized gains from investment transactions annually. CGF, CISF and CSF distribute net investment income and any net realized gains annually. CDIC distributes its net investment income daily - including any realized investment gains or losses. CUSG, CFIS, CMBF and CHYF distribute their net investment income monthly and any net realized gains annually. Distributions to shareholders are recorded on the record date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, net operating losses, deferral of losses from wash sales and return of capital received from Real Estate Investment Trusts. Federal income taxes - The Funds have made no provision for federal income taxes on net investment income or net realized gains from sales of securities, since it is the intention of the Funds to comply with the provisions of the Internal Revenue Code available to certain investment companies, and to make distributions of income and security profits sufficient to relieve them from substantially all federal income taxes. As of December 31, 1995, certain Funds have capital loss carryovers available to offset future capital gains as follows:
Year Carryover Expires CISF CUSG CFIS CHYF - ----------------------------------------------------------- ----------- ----------- ------------- ----------- 2002....................................................... $ 479,759 $ 3,284,789 $ 159,444 2003....................................................... $ 294,185 31,194 ----------- ----------- ------------- ----------- $ 294,185 $ 479,759 $ 3,284,789 $ 190,638 ----------- ----------- ------------- ----------- ----------- ----------- ------------- -----------
To the extent that the capital loss carryovers are used to offset any capital gains, it is unlikely that the gains so offset will be distributed to shareholders. 58 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 1. Significant accounting policies (continued): Other - Investment transactions are accounted for on the date the investments are purchased or sold. The cost of investments sold is determined by the use of the specific identification method for both financial reporting and income tax purposes. Realized gains and losses from investment transactions and unrealized appreciation or depreciation of investments are reported on the basis of identified costs. The Funds, through their custodians, receive delivery of underlying securities collateralizing repurchase agreements (included in temporary cash investments). Market values of these securities are required to be at least 100% of the cost of the repurchase agreements. The Funds' investment advisor determines that the value of the underlying securities is at all times at least equal to the resale price. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. CHYF invests in lower rated debt securities, which may be more susceptible to adverse economic conditions than investment grade holdings. These securities are often subordinated to the prior claims of other senior lenders, and uncertainties exist as to an issuer's ability to meet principal and interest payments. At December 31, 1995, 95% of the Fund's portfolio was invested in securities rated Ba (58%) or B (37%) by Moody's Investor Services, Inc.; the remaining 5% of the portfolio was invested in a U.S. Treasury Bond. 2. Investment transactions: Aggregate purchases, sales and maturities, net realized gain (loss) and unrealized appreciation (depreciation) of securities, including temporary cash investments for CDIC and excluding temporary cash investments for all other Funds, as of and for the period ended December 31, 1995, were as follows:
Columbia Columbia Common International Stock Fund, Inc. Columbia Growth Stock (CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF) ----------------- ---------------- ----------------- Purchases: Investment securities other than U.S. Government obligations... $ 346,197,213 $747,095,468 $ 148,072,448 ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- Sales and Maturities: Investment securities other than U.S. Government obligations... $ 169,888,876 $662,797,667 $ 166,905,505 ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations... $ 17,260,066 $ 73,961,335 $ (286,889) ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation................................................... $ 57,772,788 $175,844,768 $ 13,064,543 Depreciation................................................... (5,416,932) (15,873,460) (2,097,626) ----------------- ---------------- ----------------- Net unrealized appreciation.................................. $ 52,355,856 $159,971,308 $ 10,966,917 ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation................................................... $ 58,036,355 $176,658,318 $ 12,398,529 Depreciation................................................... (5,339,834) (16,170,268) (2,137,926) ----------------- ---------------- ----------------- Net unrealized appreciation.................................. $ 52,696,521 $160,488,050 $ 10,260,603 ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- For federal income tax purposes, the cost of investments owned at December 31, 1995............................................... $ 300,909,517 $680,336,343 $ 87,475,360 ----------------- ---------------- ----------------- ----------------- ---------------- ----------------- Columbia Special Fund, Inc. (CSF) --------------- Purchases: Investment securities other than U.S. Government obligations... $2,253,815,949 --------------- --------------- Sales and Maturities: Investment securities other than U.S. Government obligations... $2,004,583,075 --------------- --------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations... $ 154,437,430 --------------- --------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation................................................... $ 249,496,752 Depreciation................................................... (48,262,769) --------------- Net unrealized appreciation.................................. $ 201,233,983 --------------- --------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation................................................... $ 249,436,009 Depreciation................................................... (50,288,978) --------------- Net unrealized appreciation.................................. $ 199,147,031 --------------- --------------- For federal income tax purposes, the cost of investments owned at December 31, 1995............................................... $1,156,351,094 --------------- ---------------
The net realized gain for CGF and CSF includes proceeds of approximately $372,000 and $617,000, respectively, from shareholder class action suits related to securities held by those Funds. 59 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 2. Investment transactions (continued):
Columbia Real Estate Columbia Columbia Equity Fund, Balanced Fund, Daily Income Inc. (CREF) Inc. (CBF) Company (CDIC) ---------------- --------------- ---------------- Purchases: Investment securities other than U.S. Government obligations................................................ $ 11,549,479 $ 310,893,650 $8,765,471,361 U.S. Government obligations................................. 214,984,335 132,997,843 ---------------- --------------- ---------------- Total purchases........................................... $ 11,549,479 $ 525,877,985 $8,898,469,204 ---------------- --------------- ---------------- ---------------- --------------- ---------------- Sales and Maturities: Investment securities other than U.S. Government obligations................................................ $ 9,485,226 $ 189,253,289 $8,651,791,176 U.S. Government obligations................................. 182,028,057 176,177,079 ---------------- --------------- ---------------- Total sales and maturities................................ $ 9,485,226 $ 371,281,346 $8,827,968,255 ---------------- --------------- ---------------- ---------------- --------------- ---------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations................................................ $ (132) $ 17,195,677 U.S. Government obligations................................. 3,359,726 ---------------- --------------- Total net realized gain (loss) $ (132) $ 20,555,403 ---------------- --------------- ---------------- --------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation................................................ $ 1,700,526 $ 55,548,255 Depreciation................................................ (164,600) (3,666,405) ---------------- --------------- Net unrealized appreciation............................... $ 1,535,926 $ 51,881,850 ---------------- --------------- ---------------- --------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation................................................ $ 2,056,659 $ 55,769,038 Depreciation................................................ (62,873) (3,560,483) ---------------- --------------- Net unrealized appreciation............................... $ 1,993,786 $ 52,208,555 ---------------- --------------- ---------------- --------------- For federal income tax purposes, the cost of investments owned at December 31, 1995......................................... $ 18,313,377 $ 407,191,339 $ 806,898,061 ---------------- --------------- ---------------- ---------------- --------------- ---------------- Columbia U.S. Government Securities Fund, Inc. (CUSG) -------------------- Purchases: Investment securities other than U.S. Government obligations................................................ U.S. Government obligations................................. $106,366,414 -------------------- Total purchases........................................... $106,366,414 -------------------- -------------------- Sales and Maturities: Investment securities other than U.S. Government obligations................................................ U.S. Government obligations................................. $100,153,457 -------------------- Total sales and maturities................................ $100,153,457 -------------------- -------------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations................................................ U.S. Government obligations................................. $ 571,638 -------------------- Total net realized gain (loss) $ 571,638 -------------------- -------------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation................................................ $ 611,755 Depreciation................................................ -------------------- Net unrealized appreciation............................... $ 611,755 -------------------- -------------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation................................................ $ 611,755 Depreciation................................................ -------------------- Net unrealized appreciation............................... $ 611,755 -------------------- -------------------- For federal income tax purposes, the cost of investments owned at December 31, 1995......................................... $ 40,097,690 -------------------- --------------------
60 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 2. Investment transactions (continued):
Columbia Fixed Income Columbia Securities Fund, Municipal Bond Inc. (CFIS) Fund, Inc. (CMBF) ---------------- ----------------- Purchases: Investment securities other than U.S. Government obligations.................... $136,432,334 $ 90,547,626 U.S. Government obligations..................................................... 272,207,018 ---------------- ----------------- Total purchases............................................................... $408,639,352 $ 90,547,626 ---------------- ----------------- ---------------- ----------------- Sales and Maturities: Investment securities other than U.S. Government obligations.................... $115,770,042 $ 76,696,109 U.S. Government obligations..................................................... 257,680,793 ---------------- ----------------- Total sales and maturities.................................................... $373,450,835 $ 76,696,109 ---------------- ----------------- ---------------- ----------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations.................... $ 1,901,406 $ 2,099,378 U.S. Government obligations..................................................... 5,431,995 ---------------- ----------------- Total net realized gain (loss)................................................ $ 7,333,401 $ 2,099,378 ---------------- ----------------- ---------------- ----------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation.................................................................... $ 13,239,666 $ 21,361,180 Depreciation.................................................................... (126,338) (220,804) ---------------- ----------------- Net unrealized appreciation................................................... $ 13,113,328 $ 21,140,376 ---------------- ----------------- ---------------- ----------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation.................................................................... $ 13,021,794 $ 21,361,180 Depreciation.................................................................... (126,338) (220,804) ---------------- ----------------- Net unrealized appreciation................................................... $ 12,895,456 $ 21,140,376 ---------------- ----------------- ---------------- ----------------- For federal income tax purposes, the cost of investments owned at December 31, 1995............................................................. $294,115,467 $ 352,970,256 ---------------- ----------------- ---------------- ----------------- Columbia High Yield Fund, Inc. (CHYF) ----------------- Purchases: Investment securities other than U.S. Government obligations.................... $ 14,660,694 U.S. Government obligations..................................................... 2,881,891 ----------------- Total purchases............................................................... $ 17,542,585 ----------------- ----------------- Sales and Maturities: Investment securities other than U.S. Government obligations.................... $ 6,873,947 U.S. Government obligations..................................................... 1,897,852 ----------------- Total sales and maturities.................................................... $ 8,771,799 ----------------- ----------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations.................... $ (52,796) U.S. Government obligations..................................................... 21,602 ----------------- Total net realized gain (loss)................................................ $ (31,194) ----------------- ----------------- Unrealized Appreciation (Depreciation) as of December 31, 1995: Appreciation.................................................................... $ 899,527 Depreciation.................................................................... (46,855) ----------------- Net unrealized appreciation................................................... $ 852,672 ----------------- ----------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1995: Appreciation.................................................................... $ 899,527 Depreciation.................................................................... (46,855) ----------------- Net unrealized appreciation................................................... $ 852,672 ----------------- ----------------- For federal income tax purposes, the cost of investments owned at December 31, 1995............................................................. $ 21,455,190 ----------------- -----------------
61 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 3. Capital stock:
Columbia International Columbia Columbia Stock Common Stock Growth Fund, Inc. Fund, Inc. (CCSF) Fund, Inc. (CGF) (CISF) ------------------------ -------------------------- ----------- 1995 1994 1995 1994 1995 ----------- ----------- ------------ ------------ ----------- Shares: Shares sold......................................... 12,907,792 3,682,715 6,481,595 4,615,526 3,176,713 Shares issued for reinvestment of dividends......... 1,137,709 226,986 2,636,586 1,199,800 -- ----------- ----------- ------------ ------------ ----------- 14,045,501 3,909,701 9,118,181 5,815,326 3,176,713 Less shares redeemed................................ (2,953,090) (2,300,962) (4,495,529) (4,945,078) (4,992,567) ----------- ----------- ------------ ------------ ----------- Net increase (decrease) in shares................... 11,092,411 1,608,739 4,622,652 870,248 (1,815,854) ----------- ----------- ------------ ------------ ----------- ----------- ----------- ------------ ------------ ----------- Amounts: Sales............................................... $221,012,822 $56,500,667 $187,801,317 $120,942,572 $38,698,162 Reinvestment of dividends........................... 20,863,972 3,433,537 78,122,044 29,707,040 -- ----------- ----------- ------------ ------------ ----------- 241,876,794 59,934,204 265,923,361 150,649,612 38,698,162 Less redemptions.................................... (51,951,862) (35,215,651) (129,880,410) (129,375,610) (60,545,640) ----------- ----------- ------------ ------------ ----------- Net increase (decrease)............................. $189,924,932 $24,718,553 $136,042,951 $ 21,274,002 $(21,847,478) ----------- ----------- ------------ ------------ ----------- ----------- ----------- ------------ ------------ ----------- Capital stock authorized (shares)................... 100,000,000 100,000,000 100,000,000 Par Value........................................... no par $.01 no par 1994 ----------- Shares: Shares sold......................................... 7,451,585 Shares issued for reinvestment of dividends......... 157,112 ----------- 7,608,697 Less shares redeemed................................ (3,712,084) ----------- Net increase (decrease) in shares................... 3,896,613 ----------- ----------- Amounts: Sales............................................... $98,676,874 Reinvestment of dividends........................... 1,951,331 ----------- 100,628,205 Less redemptions.................................... (48,584,623) ----------- Net increase (decrease)............................. $52,043,582 ----------- ----------- Capital stock authorized (shares)................... Par Value...........................................
Columbia Columbia Columbia Balanced Special Real Estate Equity Fund, Inc. Fund, Inc. (CSF) Fund, Inc. (CREF) (CBF) ------------------------ ------------------------ ----------- 1995 1994 1995 1994(1) 1995 ----------- ----------- ----------- ----------- ----------- Shares: Shares sold.......................................... 24,380,701 28,466,146 745,236 1,626,036 12,164,908 Shares issued for reinvestment of dividends.......... 7,030,821 2,783,927 116,209 55,087 1,603,299 ----------- ----------- ----------- ----------- ----------- 31,411,522 31,250,073 861,445 1,681,123 13,768,207 Less shares redeemed................................. (14,439,180) (23,254,058) (647,683) (195,962) (3,974,088) ----------- ----------- ----------- ----------- ----------- Net increase in shares............................... 16,972,342 7,996,015 213,762 1,485,161 9,794,119 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Amounts: Sales................................................ $507,005,537 $564,106,978 $ 8,920,599 $19,353,479 $230,627,211 Reinvestment of dividends............................ 148,631,551 51,753,189 1,402,375 638,352 31,608,126 ----------- ----------- ----------- ----------- ----------- 655,637,088 615,860,167 10,322,974 19,991,831 262,235,337 Less redemptions..................................... (308,592,942) (456,331,880) (7,750,685) (2,273,439) (76,067,027) ----------- ----------- ----------- ----------- ----------- Net increase......................................... $347,044,146 $159,528,287 $ 2,572,289 $17,718,392 $186,168,310 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Capital stock authorized (shares).................... 100,000,000 100,000,000 100,000,000 Par Value............................................ $.01 no par no par 1994 ----------- Shares: Shares sold.......................................... 7,663,751 Shares issued for reinvestment of dividends.......... 481,500 ----------- 8,145,251 Less shares redeemed................................. (4,116,129) ----------- Net increase in shares............................... 4,029,122 ----------- ----------- Amounts: Sales................................................ $135,254,333 Reinvestment of dividends............................ 8,338,614 ----------- 143,592,947 Less redemptions..................................... (72,224,211) ----------- Net increase......................................... $71,368,736 ----------- ----------- Capital stock authorized (shares).................... Par Value............................................
(1) From inception of operations on March 16, 1994. 62 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 3. Capital stock (continued):
Columbia Fixed Income Columbia Columbia U.S. Securities Daily Income Gov't Securities Fund, Inc. Fund, Inc. (CDIC) Fund, Inc. (CUSG) (CFIS) ------------------------------ ------------------------ ----------- 1995 1994 1995 1994 1995 -------------- -------------- ----------- ----------- ----------- Shares: Shares sold..................................... 1,191,109,050 1,294,012,916 2,438,332 3,000,274 6,735,955 Shares issued for reinvestment of dividends..... 39,866,838 22,994,899 229,910 174,819 1,319,739 -------------- -------------- ----------- ----------- ----------- 1,230,975,888 1,317,007,815 2,668,242 3,175,093 8,055,694 Less shares redeemed............................ (1,160,387,368) (1,131,440,600) (1,843,924) (3,277,333) (5,373,406) -------------- -------------- ----------- ----------- ----------- Net increase (decrease) in shares............... 70,588,520 185,567,215 824,318 (102,240) 2,682,288 -------------- -------------- ----------- ----------- ----------- -------------- -------------- ----------- ----------- ----------- Amounts: Sales........................................... $1,191,109,050 $1,294,012,916 $19,955,069 $24,536,810 $86,697,840 Reinvestment of dividends....................... 39,866,838 22,994,899 1,885,143 1,423,095 17,119,289 -------------- -------------- ----------- ----------- ----------- 1,230,975,888 1,317,007,815 21,840,212 25,959,905 103,817,129 Less redemptions................................ (1,160,387,368) (1,131,440,600) (15,082,210) (26,845,188) (68,987,070) -------------- -------------- ----------- ----------- ----------- Net increase (decrease)......................... $ 70,588,520 $ 185,567,215 $ 6,758,002 $ (885,283) $34,830,059 -------------- -------------- ----------- ----------- ----------- -------------- -------------- ----------- ----------- ----------- Capital stock authorized (shares)............... 2,000,000,000 100,000,000 200,000,000 Par Value....................................... $.001 $ .01 $ .01 1994 ------------ Shares: Shares sold..................................... 5,778,520 Shares issued for reinvestment of dividends..... 1,244,614 ------------ 7,023,134 Less shares redeemed............................ (8,652,209) ------------ Net increase (decrease) in shares............... (1,629,075) ------------ ------------ Amounts: Sales........................................... $ 73,805,629 Reinvestment of dividends....................... 15,689,020 ------------ 89,494,649 Less redemptions................................ (110,102,529) ------------ Net increase (decrease)......................... $(20,607,880) ------------ ------------ Capital stock authorized (shares)............... Par Value.......................................
Columbia Columbia Municipal Bond High Yield Fund, Inc. (CMBF) Fund, Inc. (CHYF) ------------------------ ------------------------ 1995 1994 1995 1994 ----------- ----------- ----------- ----------- Shares: Shares sold..................................... 5,057,133 6,856,898 1,176,046 931,402 Shares issued for reinvestment of dividends..... 1,460,826 1,422,578 146,858 83,757 ----------- ----------- ----------- ----------- 6,517,959 8,279,476 1,322,904 1,015,159 Less shares redeemed............................ (5,096,815) (12,549,998) (367,495) (192,577) ----------- ----------- ----------- ----------- Net increase (decrease) in shares............... 1,421,144 (4,270,522) 955,409 822,582 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Amounts: Sales........................................... $60,766,673 $83,098,663 $11,217,136 $ 8,749,569 Reinvestment of dividends....................... 17,726,251 16,933,561 1,406,479 779,126 ----------- ----------- ----------- ----------- 78,492,924 100,032,224 12,623,615 9,528,695 Less redemptions................................ (61,463,683) (149,441,980) (3,499,959) (1,786,278) ----------- ----------- ----------- ----------- Net increase (decrease)......................... $17,029,241 $(49,409,756) $ 9,123,656 $ 7,742,417 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Capital stock authorized (shares)............... 100,000,000 100,000,000 Par Value....................................... $.01 no par Shares: Shares sold..................................... Shares issued for reinvestment of dividends..... Less shares redeemed............................ Net increase (decrease) in shares............... Amounts: Sales........................................... Reinvestment of dividends....................... Less redemptions................................ Net increase (decrease)......................... Capital stock authorized (shares)............... Par Value.......................................
63 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 4. Transactions with affiliates and related parties:
Columbia Columbia Common Columbia Int'l Stock Stock Fund, Inc. Growth Fund, Inc. (CCSF) Fund, Inc. (CGF) (CISF) ----------------- --------------------- ------------- Investment management fees incurred...................... $1,453,843 $4,483,699 $1,013,873 Investment management fee computation basis (percentage of daily net assets per annum)............................. .60 of 1% .75 of 1% to 1% $200,000,000 daily net assets; .625 of 1% between $200,000,000 and $500,000,000; and .50 of 1% in excess of $500,000,000 Transfer agent fee (included in shareholder servicing costs).................................................. $151,994 $445,028 $178,755 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co........................................... $3,294 $10,226 $1,468 Value of investments held at December 31, 1995 by: Columbia Management Co................................. $425,842 $90,738 $58,573 Columbia Funds Management Company...................... $78,712 $39,966 $14,353 Columbia Special Fund, Inc. (CSF) --------------------- Investment management fees incurred...................... $10,125,466 Investment management fee computation basis (percentage of daily net assets per annum)............................. 1% to $500,000,000 daily net assets; .75 of 1% in excess of $500,000,000 Transfer agent fee (included in shareholder servicing costs).................................................. $590,067 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co........................................... $16,704 Value of investments held at December 31, 1995 by: Columbia Management Co................................. $1,752,771 Columbia Funds Management Company...................... $812,613
Columbia Real Estate Columbia Columbia Equity Balanced Fund, Daily Income Fund, Inc. (CREF) Inc. (CBF) Fund, Inc. (CDIC) ----------------- ---------------- --------------------- Investment management fees incurred....................... $138,673 $1,871,284 $3,611,202 Investment management fee computation basis (percentage of daily net assets per annum).............................. .75 of 1% .50 of 1% .50 of 1% to $500,000,000 daily net assets; .45 of 1% between $500,000,000 and $1,000,000,000; and .40 of 1% in excess of $1,000,000,000 Transfer agent fee (included in shareholder servicing costs)................................................... $17,103 $232,573 $559,551 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co............................................ $262 $5,214 $10,704 Value of investments held at December 31, 1995 by: Columbia Management Co.................................. $123,183 $10,419,106 Columbia Funds Management Company....................... $22,097 $4,935,281 Columbia U.S. Gov't Securities Fund, Inc. (CUSG) ------------------ Investment management fees incurred....................... $187,343 Investment management fee computation basis (percentage of daily net assets per annum).............................. .50 of 1% Transfer agent fee (included in shareholder servicing costs)................................................... $32,348 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co............................................ $534 Value of investments held at December 31, 1995 by: Columbia Management Co.................................. $407,477 Columbia Funds Management Company....................... $63,761
64 NOTES TO FINANCIAL STATEMENTS, continued --------------------------------------------------------------------------- 4. Transactions with affiliates and related parties (continued):
Columbia Fixed Income Securities Columbia Fund, Inc. Municipal Bond (CFIS) Fund, Inc. (CMBF) ---------------- ----------------- Investment management fees incurred............................................... $1,413,769 $1,840,676 Investment management fee computation basis (percentage of daily net assets per .50 of 1% .50 of 1% annum)........................................................................... Transfer agent fee (included in shareholder servicing costs)...................... $163,387 $83,607 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co........................................ $4,048 $5,290 Value of investments held at December 31, 1995 by: Columbia Management Co.......................................................... $896,789 $1,665,449 Columbia Funds Management Company............................................... $281,938 $234,086 Columbia High Yield Fund, Inc. (CHYF) ----------------- Investment management fees incurred............................................... $109,022 Investment management fee computation basis (percentage of daily net assets per .60 of 1% annum)........................................................................... Transfer agent fee (included in shareholder servicing costs)...................... $15,324 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co........................................ $256 Value of investments held at December 31, 1995 by: Columbia Management Co.......................................................... $298,345 Columbia Funds Management Company............................................... $286,777
The investment advisor of the Funds is Columbia Funds Management Company. The transfer agent for the Funds is Columbia Trust Company, a subsidiary of Columbia Funds Management Company. The transfer agent is compensated based on a per account fee. The contracts for investment advisory and transfer agent services for the Funds must be renewed annually by a majority vote of the Funds' shareholders or by the directors of the Funds. Certain officers and directors of the Funds are also officers and directors of Columbia Funds Management Company, Columbia Trust Company and Columbia Management Co. They did not receive any direct payments from the Funds. At December 31, 1995, certain officers and directors of the Funds held investments of $2,828,800 in CREF. At December 31, 1995, CSF had investments in securities of U.S. Bancorp and Morgan Stanley Group, Inc., both of which provide primarily custodial services to CSF. 65 REPORT OF INDEPENDENT ACCOUNTANTS ----------------------------------------------------------------- To the Directors and Shareholders, Columbia Common Stock Fund, Inc. (CCSF) Columbia Growth Fund, Inc. (CGF) Columbia International Stock Fund, Inc. (CISF) Columbia Special Fund, Inc. (CSF) Columbia Real Estate Equity Fund, Inc. (CREF) Columbia Balanced Fund, Inc. (CBF) Columbia Daily Income Company (CDIC) Columbia U.S. Government Securities Fund, Inc. (CUSG) Columbia Fixed Income Securities Fund, Inc. (CFIS) Columbia Municipal Bond Fund, Inc. (CMBF) Columbia High Yield Fund, Inc. (CHYF) We have audited the accompanying statements of assets and liabilities, including the schedules of investments for each of the eleven funds comprising Columbia Funds, as of December 31, 1995, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, except for CREF which is for the period from inception, March 16, 1994 to December 31, 1994 and for the year ended December 31, 1995, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1995 by correspondence with the custodian, and confirmation by correspondence with brokers as to securities purchased but not received at that date, or other auditing procedures where confirmations from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the eleven funds comprising Columbia Funds as of December 31, 1995, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, except for CREF which is for the period from inception March 16, 1994 to December 31, 1994 and for the year ended December 31, 1995, and the financial highlights for the periods indicated therein, in conformity with generally accepted accounting principles. COOPERS & LYBRAND L.L.P. Portland, Oregon January 31, 1996 66 [LOGO] COLUMBIA FUNDS ------------------------------------------------------------------ DIRECTORS -------------------------------------------- James C. George J. Jerry Inskeep, Jr. John A. Kemp Thomas R. Mackenzie James F. Rippey Richard L. Woolworth ------------------------------------------------------------------ OFFICERS -------------------------------------------- J. Jerry Inskeep, Jr., Chairman John A. Kemp, President George L. Hanseth, Senior Vice President Albert D. Corrado, Vice President Lawrence S. Viehl, Vice President Jeff B. Curtis, Secretary ------------------------------------------------------------------ INVESTMENT ADVISOR -------------------------------------------- COLUMBIA FUNDS MANAGEMENT COMPANY 1300 S.W. Sixth Avenue P.O. Box 1350 Portland, Oregon 97207-1350 ------------------------------------------------------------------ LEGAL COUNSEL -------------------------------------------- STOEL RIVES L.L.P. 900 S.W. Fifth Avenue, Suite 2300 Portland, Oregon 97204-1268 ------------------------------------------------------------------ AUDITORS -------------------------------------------- COOPERS & LYBRAND L.L.P. 2700 First Interstate Tower Portland, Oregon 97201 ------------------------------------------------------------------ TRANSFER AGENT -------------------------------------------- COLUMBIA TRUST COMPANY 1301 S.W. Fifth Avenue P.O. Box 1350 Portland, Oregon 97207-1350 This information must be preceded or accompanied by a current prospectus. Portfolio changes should not be considered recommendations for action by individual investors. -----END PRIVACY-ENHANCED MESSAGE-----