-----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, Mrn9zoP3I0+nHxIUEKqHMiqkrpFGTRqOPBdnhS3OUvM2WJew1W3mr64+GkRhHptg lRho4d38RfR0/NOt4A3lmA== 0000912057-96-019352.txt : 19960903 0000912057-96-019352.hdr.sgml : 19960903 ACCESSION NUMBER: 0000912057-96-019352 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960830 SROS: NONE 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: 96624418 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: 96624419 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: 96624420 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: 96624421 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: 96624422 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: 96624423 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: 96624424 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA U S GOVERNMENT GUARANTEED SECURITIES FUND INC DATE OF NAME CHANGE: 19920219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000876606 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06341 FILM NUMBER: 96624425 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: 96624426 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: 96624427 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: 96624428 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 COLUMBIA FUNDS SEMI-ANNUAL REPORT [LOGO] COLUMBIA FUNDS ----------------------- 1996 SEMI-ANNUAL REPORT ----------------------- COLUMBIA COMMON STOCK FUND COLUMBIA GROWTH FUND COLUMBIA INTERNATIONAL STOCK FUND COLUMBIA SPECIAL FUND COLUMBIA REAL ESTATE EQUITY FUND COLUMBIA BALANCED FUND COLUMBIA DAILY INCOME COMPANY COLUMBIA U.S. GOVERNMENT SECURITIES FUND COLUMBIA FIXED INCOME SECURITIES FUND COLUMBIA MUNICIPAL BOND FUND COLUMBIA HIGH YIELD FUND LETTER TO SHAREHOLDERS --------------------------------------------------------- Dear Columbia Investor, We are pleased to present the Columbia Funds 1996 Semi-Annual Report. Inside you will find a discussion of the economy and financial markets, in addition to updated performance, investment and financial information on each Columbia Fund for the six months ended June 30, 1996. The first half of the year has been an exciting time. Our very first fund, Columbia Growth, embarked on its 30th year of operation this June, just after achieving $1 billion in assets. When we first introduced this Fund in 1967, it was one of only a handful of low cost, no-load funds. Today, we are proud to offer an entire family of no-load mutual funds, helping shareholders address a broad spectrum of investment objectives. As always, we remain committed to our goal of providing investors with long-term, competitive performance at a reasonable cost. Also during the year, we have been working to expand our technologies and services to enhance the depth and availability of shareholder information. We are also constantly evaluating the strength of our products and services in an effort to maintain your confidence and satisfaction. We welcome your suggestions about how we might serve you better. We appreciate your continuing investment in Columbia Funds. Sincerely, J. JERRY INSKEEP, JR. JOHN A. KEMP CHAIRMAN PRESIDENT
TABLE OF CONTENTS ----------------------------------------------------------------- SEMI-ANNUAL REPORT, JUNE 30, 1996 AN OVERVIEW OF THE MARKETS.....................................................1 COLUMBIA COMMON STOCK FUND Investment Review............................................................3 Financial Highlights........................................................13 Schedule of Investments.....................................................24 Statement of Assets and Liabilities.........................................56 Statement of Operations.....................................................59 Statement of Changes in Net Assets..........................................62 COLUMBIA GROWTH FUND Investment Review............................................................4 Financial Highlights........................................................14 Schedule of Investments.....................................................26 Statement of Assets and Liabilities.........................................56 Statement of Operations.....................................................59 Statement of Changes in Net Assets..........................................62 COLUMBIA INTERNATIONAL STOCK FUND Investment Review............................................................5 Financial Highlights........................................................15 Schedule of Investments.....................................................28 Statement of Assets and Liabilities.........................................56 Statement of Operations.....................................................59 Statement of Changes in Net Assets..........................................62 COLUMBIA SPECIAL FUND Investment Review............................................................6 Financial Highlights........................................................16 Schedule of Investments.....................................................32 Statement of Assets and Liabilities.........................................56 Statement of Operations.....................................................59 Statement of Changes in Net Assets..........................................63 COLUMBIA REAL ESTATE EQUITY FUND Investment Review............................................................7 Financial Highlights........................................................17 Schedule of Investments.....................................................35 Statement of Assets and Liabilities.........................................57 Statement of Operations.....................................................60 Statement of Changes in Net Assets..........................................63 COLUMBIA BALANCED FUND Investment Review............................................................8 Financial Highlights........................................................18 Schedule of Investments.....................................................36 Statement of Assets and Liabilities.........................................57 Statement of Operations.....................................................60 Statement of Changes in Net Assets..........................................63 COLUMBIA DAILY INCOME COMPANY Financial Highlights........................................................19 Schedule of Investments.....................................................41 Statement of Assets and Liabilities.........................................57 Statement of Operations.....................................................60 Statement of Changes in Net Assets..........................................64 COLUMBIA U.S. GOVERNMENT SECURITIES FUND Investment Review............................................................9 Financial Highlights........................................................20 Schedule of Investments.....................................................43 Statement of Assets and Liabilities.........................................57 Statement of Operations.....................................................60 Statement of Changes in Net Assets..........................................64 COLUMBIA FIXED INCOME SECURITIES FUND Investment Review...........................................................10 Financial Highlights........................................................21 Schedule of Investments.....................................................44 Statement of Assets and Liabilities.........................................58 Statement of Operations.....................................................61 Statement of Changes in Net Assets..........................................64 COLUMBIA MUNICIPAL BOND FUND Investment Review...........................................................11 Financial Highlights........................................................22 Schedule of Investments.....................................................47 Statement of Assets and Liabilities.........................................58 Statement of Operations.....................................................61 Statement of Changes in Net Assets..........................................65 COLUMBIA HIGH YIELD FUND Investment Review...........................................................12 Financial Highlights........................................................23 Schedule of Investments.....................................................53 Statement of Assets and Liabilities.........................................58 Statement of Operations.....................................................61 Statement of Changes in Net Assets..........................................65 NOTES TO FINANCIAL STATEMENTS.................................................66 COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 222-3606 1-800-547-1707 AN OVERVIEW OF THE MARKETS ----------------------------------------------------------------- A LOOK AT THE FIRST HALF When we started the year, investors expected that the Federal Reserve would continue its trend of lowering interest rates. And, in fact, the Fed did cut the discount rate in January while investors remained hopeful that stock and bond prices would keep accelerating, not unlike the financial markets of 1995. Soon after the January rate cut, however, various economic indicators began to signal a stronger economy. With commodity prices and employment figures rising, investor concerns quickly shifted from worries that the economy was growing too slowly to worries that it was growing too fast. Although the Federal Reserve did not raise short-term interest rates, market forces drove long-term interest rates sharply higher. Normally, increasing bond rates would cause stock prices to decline. But money flows into equity mutual funds increased from already record levels and corporate earnings reports were a little better than expected. As a result, stock prices continued advancing even as bond prices fell.
BENCHMARK PERFORMANCE COMPARISONS AVERAGE ANNUAL TOTAL RETURNS, FOR THE PERIODS ENDED JUNE 30, 1996 YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS ---------- ---------- ---------- ---------- ------------ STANDARD & POOR'S 500 10.10% 26.01% 17.23% 15.73% 13.81% LEHMAN BROS. GOV'T./ CORP. -1.88% 4.65% 5.16% 8.48% 8.41% RUSSELL 2000 10.36% 23.89% 15.81% 17.51% 10.42% FINANCIAL TIMES/S&P ACTUARIES EURO-PACIFIC 4.86% 13.89% 10.35% 9.99% 10.43%
The second quarter markets contrasted sharply with those of the first quarter. Sectors that had performed well early in the year, such as financials and cyclicals (metals, chemicals) retreated during the second quarter as long-term interest rates rose. Investors, in turn, shifted their focus toward the steady growth, energy and retail sectors of the market. Later in the quarter, commodity prices began to drift down and long-term interest rates stabilized at just above 7%. CURRENT OUTLOOK We believe the economy is in reasonably good shape considering the length of its current cycle. In the second quarter, growth was above its sustainable long-term trend but seems likely to slow. The actual rate of inflation remains low. Wage rates -- while rising -- are modest compared to productivity gains, and the budget deficit has been significantly reduced. Moreover, worldwide economic health bodes well for U.S. markets as Japan's economy appears to be improving and Europe could follow in early 1997. In order for stock prices to continue to increase, we believe that the forecast for inflation and interest rates has to remain neutral. If conditions leading to higher inflation reappear, the Federal Reserve would almost certainly move to decrease liquidity in the economy by increasing interest rates. Such action could have a negative effect on stocks. On the other hand, if inflationary concerns ease, the Fed is not likely to tighten, and the economic cycle could extend, providing stocks and bonds with additional upside potential. The market's recent focus on steady growth issues, such as consumer staples, suggests that investors are expecting the current strength of the economy to wane in the second half of the year. If inflationary fears subside along with an economic slowdown, the level of long-term interest rates could be at a near-term peak. In this case, cyclical issues such as aluminum could come back into favor as equity investors begin to anticipate a pickup in the world economy in early 1997. This pattern of rotation from one stock group to another, based on sentiment toward economic growth, creates opportunities to buy favored groups on weakness and to "lean against the wind" at times of extremes. - 1 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- OUR STRATEGY Our investment focus continues to center on companies experiencing above-average growth or undergoing restructuring, industries benefiting from the aging of America, and agriculture. We also have a very slight overweighting in cyclicals in anticipation of a pickup in global economic activity in 1997. We believe that the recent decline in small cap stock prices is a normal, healthy correction within a group where speculation had been rising and stock prices got ahead of fundamentals. Although the small cap market is currently experiencing heightened volatility, we continue to believe that the outlook for small cap stocks is positive over the long term. We also favor REITs, whose returns are expected to be attractive in a nervous market environment. The following pages contain discussions of the investment activity occurring in the Columbia Funds (except Columbia Daily Income Company) during the first six months of the year, along with graphs illustrating the growth of $10,000 during various time periods. Each Fund compares its performance to a relevant benchmark. Unlike the Funds, however, these benchmark 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. Sincerely, THE INVESTMENT TEAM COLUMBIA FUNDS MANAGEMENT COMPANY AUGUST 1996 - 2 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA COMMON STOCK FUND -- -------------------------------- The Fund posted a total return of 9.96% for the six months ended June 30. Our "Graying of America" theme made a positive contribution to performance with holdings like Service Corp. International (3.2% of net assets) and American Home Products (3.3% of net assets) outperforming the general stock market. Other strong performers included consumer growth stocks as well as machinery, electrical equipment and selected technology stocks. Metals, media, papers and insurance were among the underperforming groups. In response to a nervous stock market environment and a scarcity of dividend yield, we significantly increased our holdings in real estate investment trusts (REITs) from roughly 3.5% of the portfolio at the end of the first quarter to 8.3% at the end of the second quarter. We also added to our position in the utility sector (electric, gas and communications), bringing our total exposure to 6.5%. We continue to believe that agriculture is attractive on a long-term basis and that certain cyclical industries like aluminum and paper will benefit from an expected pickup in worldwide economic activity in 1997. Growth stocks remain a foundation of our portfolio. Columbia Common Stock Fund continues to be highly diversified, consisting of 84 holdings on June 30. In order to provide value and stability for shareholders, the Fund generally invests in larger companies that are well established -- many of which have a history of paying level or rising dividends. The Fund closed the second quarter by distributing an income dividend of $.06 per share. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA COMMON STOCK FUND S&P 500 10/01/91 10,000 10,000 12/31/91 11,025 10,838 12/31/92 12,126 11,664 12/31/93 14,120 12,840 12/31/94 14,411 13,009 12/31/95 18,855 17,898 6/30/95 20,732 19,706 Average Annual Total Returns as of June 30, 1996 CCSF S&P 500 1 Year 26.70% 26.01% Since Inception 16.40% 15.18% Past performance is not predictive of future performance
- 3 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA GROWTH FUND -- -------------------------- During the six months ended June 30, the Fund returned 11.90%, outperforming the S&P 500, which returned 10.10% for the same period. The Fund's good performance was led by strong gains in retail, gaming, lodging, and other consumer growth issues. In addition, selected technology stocks performed well during the period. Laggard groups included papers, metals and media. In an environment where high corporate earnings are harder to come by, we continue to focus on companies undergoing restructuring, which we believe have a greater likelihood of posting good profits. We are also emphasizing those industries that stand to benefit from the "Graying of America," such as the travel industry, entertainment and health care. In addition, due to a nervous stock market environment, we have increased our exposure to real estate investment trusts (REITs). Columbia Growth Fund continues to seek capital appreciation for its shareholders by investing primarily in common stocks of mid- to large-size companies. The Fund aims for growth rather than dividend income, seeking value by focusing on companies with superior earnings growth and profitability characteristics at reasonable prices. GROWTH OF $10,000 OVER 20 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA GROWTH FUND S&P 500 6/30/76 10,000 10,000 6/30/77 10,679 10,054 6/30/78 11,915 10,054 6/30/79 13,442 11,401 6/30/80 16,890 13,357 6/30/81 23,328 16,096 6/30/82 21,065 14,243 6/30/83 41,027 22,916 6/30/84 33,507 21,839 6/30/85 45,144 28,559 6/30/86 58,217 38,760 6/30/87 67,072 48,501 6/30/88 66,455 45,159 6/30/89 77,028 54,412 6/30/90 89,992 63,374 6/30/91 95,212 68,095 6/30/92 105,237 77,220 6/30/93 129,600 87,745 6/30/94 132,114 88,982 6/30/95 163,319 112,179 6/30/96 207,367 141,357 Average Annual Total Returns as of June 30, 1996 CGF S&P 500 1 Year 26.97% 26.01% 5 Years 16.86% 15.73% 10 Years 13.54% 13.81% 20 Years 16.37% 14.16% Past performance is not predictive of future performance
- 4 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------------- The Fund posted a total return of 12.78% for the year-to-date ended June 30. This performance compares very favorably to the Fund's benchmark, the FT/S&P Actuaries Euro-Pacific Index, which returned 4.86% during the same period. Most major international stock markets rose during the half, with the exception of emerging markets in Southeast Asia, which were generally weak. The Japanese market, where we have our largest country weighting, continued to move higher, thanks to definitive evidence of economic growth and historically low interest rates. In addition, stronger bond markets in the U.K., Spain and Italy also provided clear support to European stock markets during the second quarter. Emerging markets have been volatile this year, in many cases, showing a strong start to the year and then generally trending downward. We have emphasized Brazil and India in particular, where we believe prospects have been especially attractive. Foreign currencies were generally weaker than the U.S. dollar during the period, which reduced Fund performance in U.S. dollar terms. However, through a conservative hedging strategy, we were able to partially offset some of the negative impact of the currency fluctuations. For the near-term, we look for worldwide economic growth to pick up from currently sluggish levels, due in part to liberal monetary policies of central banks in Germany, Japan and the United States. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA INTERNATIONAL STOCK FUND S&P 500 FT/S&P ACTUARIES 10/01/92 10,000 10,000 10,000 12/31/92 10,060 10,503 9,628 3/31/93 10,747 10,962 10,861 6/30/93 10,848 11,016 11,931 9/30/93 11,808 11,300 12,738 12/31/93 13,415 11,562 12,664 3/31/94 13,363 11,124 13,282 6/30/94 13,653 11,171 13,991 9/30/94 13,632 11,717 13,965 12/31/94 13,084 11,714 13,819 3/31/95 12,327 12,855 14,020 6/30/95 12,401 14,083 14,074 9/30/95 13,317 15,203 14,661 12/31/95 13,759 16,118 15,287 3/31/96 14,454 16,984 15,712 6/30/96 15,518 17,746 16,031 Average Annual Total Returns as of June 30, 1996 CISF S&P 500 FT/S&P Actuaries 1 Year 25.13% 26.01% 13.89% Since Inception 12.61% 16.77% 13.60% Past performance is not predictive of future performance
- 5 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA SPECIAL FUND -- --------------------------- The Fund returned 11.94% for the six months ended June 30. Following their positive contribution to performance during the first quarter, the Fund's holdings in finance, brokerage and metals were reduced. The health care sector displayed mixed results during the period, as did technology. Telecommunications equipment stocks demonstrated the greatest strength, while semiconductor stocks continued to falter after their poor showing in late 1995. Recently, the stock market has displayed greater volatility. In fact, following an exceptionally strong April and May for the small- to mid-cap market, profit taking activity and continued concerns about earnings in June caused the Fund to give back some of its earlier gains. Given the uncertain economic environment and upcoming presidential and congressional elections, we look for continued investor nervousness. Nevertheless, we are structuring the portfolio for slow but improving worldwide growth, acceptable levels of inflation and interest rates, and sluggish corporate profit growth. We are focusing on growth companies in niche markets, because we believe they can deliver stronger earnings than larger companies with greater exposure to broad economic trends and foreign currency movements. The Fund generally invests about a third of its portfolio in growth stocks, which are chosen on the basis of bottom-up, fundamental research and analysis. Another roughly one third of the Fund's assets are selected using a top-down, sector rotation approach, where a variety of macro-economic factors are used to identify industries we believe will outperform the broader market. The remainder of the portfolio is invested in companies representing special situations, such as new issues, companies that may benefit from technological or product developments or new management, or companies involved in tender offers, leveraged buyouts or mergers. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA SPECIAL FUND S&P 500 RUSSELL 2000 6/30/86 10,000 10,000 10,000 6/30/87 11,357 10,899 12,513 6/30/88 11,002 10,224 11,651 6/30/89 14,620 11,526 14,038 6/30/90 17,373 11,875 16,350 6/30/91 17,451 12,021 17,568 6/30/92 20,318 13,770 19,922 6/30/93 26,198 17,342 22,638 6/30/94 28,352 18,109 22,957 6/30/95 34,119 21,745 28,942 6/30/96 43,602 26,940 36,470 Average Annual Total Returns as of June 30, 1996 CSF S&P 500 Russell 2000 1 Year 27.77% 26.01% 23.89% 5 Years 20.09% 15.73% 17.51% 10 Years 15.86% 13.81% 10.42% Past performance is not predictive of future performance
- 6 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND -- -------------------------------------- The Fund had a total return of 6.83% for the six months ended June 30. During the period, we continued our emphasis on the improving fundamentals in the office and hotel sectors, while an increased weighting in retail real estate investment trusts (REITs) rewarded the Fund in the first half. This positive performance was attributable to good news from retailers about consumer spending. While the office sector continued to perform well during the second quarter, the residential sector underperformed throughout most of the first half. In response, we trimmed holdings in this sector, offsetting some of their negative influence. The Fund continues to seek capital appreciation and above-average current income for its shareholders by investing primarily in equity securities of companies in the real estate industry. These companies include real estate investment trusts (REITs), which own commercial income properties; and mortgage REITs, which make construction development and long-term mortgage loans; as well as real estate brokers and developers. In light of the current volatility in the stock market, we believe investors seeking stability and dividend yield will increasingly seek out REITs as an attractive opportunity. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
NATIONAL ASSOCIATION OF REAL COLUMBIA REAL ESTATE ESTATE Equity Fund Investment Trusts 4/01/94 10,000 10,000 6/30/94 10,134 10,184 9/30/94 9,907 9,976 12/31/94 10,175 9,978 3/31/95 9,967 9,961 6/30/95 10,560 10,547 9/30/95 11,063 11,044 12/31/95 11,891 11,501 3/31/96 12,143 11,762 6/30/96 12,704 12,285 Average Annual Total Returns as of June 30, 1996 CREF NAREIT 1 Year 20.30% 16.48% Since Inception 11.49% 9.81% Past performance is not predictive of future performance
- 7 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA BALANCED FUND -- ---------------------------- The Fund achieved a total return of 4.35% during the first six months of 1996. Throughout the period, the equity market produced excellent returns, focusing on the outlook for continued earnings growth. Conversely, bond market investors became concerned early in the period that ongoing economic strength would ultimately lead to accelerating inflation. Thus, good results in the Fund's stock portfolio, led by business services, energy and selected technology issues, were offset in part by broad-based weakness in bond holdings. As the stock market reached new highs during the second quarter, we began the process of reducing holdings in some areas that had been notably strong, including energy, technology and some financial stocks. These were replaced with issues that we believe offer better value and, having lagged the market, less risk of disappointment. These issues include REITs and stocks in the electric utility and paper industries. Our emphasis on corporate bonds and mortgage-backed securities in the fixed income side of the portfolio, combined with an intermediate average maturity, helped mitigate some of the price declines resulting from rising interest rates. Towards the end of the second quarter, we slightly increased our allocation to fixed income because we look for only a modest uptick in inflation in the coming quarters. We believe that this makes bonds more appealing than they were earlier, especially in light of the bond market's recent weakness. We continue to believe that the yield advantage offered by both mortgage instruments and corporate bonds should continue to benefit relative performance on the fixed income side of the portfolio. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA BALANCED FUND S&P 500 LEHMAN AGGREGATE 10/01/91 10,000 10,000 10,000 12/31/91 10,780 10,838 10,507 12/31/92 11,738 11,664 11,285 12/31/93 13,337 12,840 12,385 12/31/94 13,350 13,009 12,023 12/31/95 16,699 17,898 14,244 6/30/96 17,423 19,706 14,071 Average Annual Total Returns as of June 30, 1996 CBF S&P 500 Lehman Aggregate 1 Year 15.72% 26.01% 5.02% Since Inception 12.26% 15.18% 7.37% Past performance is not predictive of future performance
- 8 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- ---------------------------------------------- The bond market was battered by rising interest rates throughout the first half of 1996. Declining bond prices offset much of the Fund's interest income during the period. As a result, Columbia U.S. Government Securities Fund posted a total return of .44% for the six months ended June 30. Shorter-term bonds, especially those with 2-year maturities, were particularly impacted when investors' expectations for Federal Reserve monetary policy shifted from ease to tighten. However, we believe that the worst, if not all, of the stronger than expected economic news may already be reflected in bond market prices. Good economic news is bad news for the bond market because it reduces investors' expectations that the Federal Reserve will cut interest rates. Two-year Treasury yields, for example, have risen approximately 1% year-to-date, reflecting a potential increase in the Federal Funds rate of approximately .50%. The effect of rising rates on these short-term securities has resulted in an overall decline in price as bond values generally fall when interest rates rise. Due to the conservative nature of the Fund, we expect to maintain its average maturity at close to 2.5 years, which is slightly below the maximum allowable maturity of 3 years. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA U.S. GOVERNMENT CONSUMER PRICE Index Securities Fund Merrill 1-3 (inflation) 11/6/86 10,000 10,000 10,000 12/31/86 10,070 10,088 10,018 12/31/87 10,487 10,658 10,510 12/31/88 11,047 11,322 10,938 12/31/89 12,111 12,553 11,479 12/31/90 13,236 13,774 12,223 12/31/91 14,919 15,383 12,570 12/31/92 15,786 16,352 12,952 12/31/93 16,719 17,237 13,293 12/31/94 16,714 17,335 13,642 12/31/95 18,421 19,242 14,003 6/30/96 18,502 19,501 14,270 Average Annual Total Returns as of June 30, 1996 CUSG Merrill 1-3 1 Year 4.57% 5.46% 5 Years 6.14% 6.32% Since Inception 6.55% 7.13% Past performance is not predictive of future performance
- 9 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND -- ------------------------------------------- The first half of the year was a difficult time for the bond market, with price declines due to rising interest rates offsetting the Fund's interest income. The Fund's total return, reflecting price change and interest income, was -1.51% for the six months ended June 30. A stronger than expected economy, concerns about tighter Federal Reserve policy, and inflation fears have all been problematic for the bond market. Nevertheless, bonds currently appear to offer good value compared to inflation. For example, real rates of return, which is the difference between yields and inflation, are between 3% and 4% for long-term bonds, which is above their long-term average rate of approximately 2.90%. The Fund continues to emphasize mortgage instruments and corporate bonds since we believe their yield advantage will benefit performance. Also, the Fund's intermediate average maturity has helped to mitigate some of the negative price performance during the first and second quarters. On June 30, the Fund had an average maturity of approximately six years and a duration (a measure of risk) of almost five years. We currently have over 85% of the portfolio invested in securities rated A or better, in an effort to provide shareholders with a high level of income at a low level of risk. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA FIXED INCOME LEHMAN CONSUMER PRICE Index Securities Fund Aggregate (inflation) 6/30/86 10,000 10,000 10,000 6/30/87 10,647 10,552 10,372 6/30/88 11,438 11,401 10,796 6/30/89 12,836 12,795 11,369 6/30/90 13,763 13,799 11,908 6/30/91 15,166 15,276 12,480 6/30/92 17,531 17,422 12,858 6/30/93 19,762 19,476 13,248 6/30/94 19,428 19,223 13,542 6/30/95 21,843 21,633 13,981 6/30/96 22,918 22,716 14,376 Average Annual Total Returns as of June 30, 1996 Lehman CFIS Aggregate 1 Year 4.93% 5.02% 5 Years 8.61% 8.26% 10 Years 8.65% 8.55% Past performance is not predictive of future performance
- 10 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND -- ---------------------------------- Columbia Municipal Bond Fund's total return for the six months ended June 30, 1996 was -.45%. During the period, municipal bonds suffered from rising interest rates as the market adjusted to investors' expectations for a stronger economy, fears that the Federal Reserve Board might raise short-term rates, and a possibility that inflation could ignite. Municipal bonds as a whole, however, significantly outperformed Treasury bonds during the period. Interest rates on municipal bonds rose an average of .50% while Treasury rates rose more than 1% across all maturities. (When interest rates rise, bond values generally go down.) The outperformance of municipal securities was due primarily to investors' current perception that a flat tax is unlikely to occur this year or any time soon. Lower income tax rates make the tax-exempt income of municipal securities less attractive to investors in a high current tax bracket. While we do not expect a near-term change in the current tax structure, municipal bonds could lag should tax reform discussions resume. Over 97% of the Fund's securities were rated A or better on June 30. Almost 75% of the Fund consists of general obligation and essential service revenue issues, which we believe have the strongest credit characteristics of all municipal bonds available. The Fund's average maturity is intermediate-term, at approximately 12 years, and the Fund's duration (a measurement of risk) is slightly longer than it was at year-end, about 6.7 years. The increased duration is the result of purchasing bonds with slightly longer maturities to take advantage of substantially higher yields. Our holdings remain broadly diversified, including 227 different issues within the State of Oregon. We remain committed to our goal of providing shareholders with high, after-tax returns with a low level of both credit and volatility risk. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA MUNICIPAL LEHMAN GENERAL CONSUMER PRICE Index Bond Fund Obligation Index (inflation) 6/30/86 10,000 10,000 10,000 6/30/87 10,601 10,781 10,372 6/30/88 11,671 11,431 10,796 6/30/89 12,897 12,503 11,369 6/30/90 13,546 13,340 11,908 6/30/91 14,745 14,444 12,480 6/30/92 16,150 16,072 12,858 6/30/93 17,905 17,948 13,248 6/30/94 17,805 18,054 13,542 6/30/95 19,085 19,538 13,981 6/30/96 20,154 20,784 14,376 Average Annual Total Returns as of June 30, 1996 CMBF Lehman G.O. 1 Year 5.60% 6.38% 5 Years 6.45% 7.55% 10 Years 7.26% 7.59% Past performance is not predictive of future performance
- 11 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA HIGH YIELD FUND -- ------------------------------ Columbia High Yield Fund posted a total return of .80% for the six months ended June 30. Strength in economic activity, particularly gains in employment and fears of rising inflation, has kept the bond market under pressure all year. Interest rates on Treasury securities rose more than 1% during the period. This resulted in negative total returns on long- and intermediate-term bonds. However, the additional yield advantage of lower grade bonds more than offset the decline in bond prices due to the overall upward movement of interest rates. During the period, the high yield market outperformed investment-grade bonds. Five-year Treasuries, for example, posted a total return of -1.24% for the six months ended June 30, and 10-year Treasuries returned -4.44% for the same period. This is because news of a strong economy reduces credit concerns in the high yield market, but also reduces investors expectations for the Federal Reserve to cut interest rates in the investment-grade market. Therefore, in an accelerating economy, the lowest quality junk bonds tend to perform the best. Keeping with its more conservative nature, Columbia High Yield Fund focuses on the "upper tier" of non-investment grade securities by investing no more than 10% of its assets in bonds rated below B. Thus, while the Fund outperformed investment-grade bonds during this period, it did not perform as well as the broader junk bond market. Sectors we favored in the first half of 1996 included hotel/gaming, forest products, media and energy. Near the end of the second quarter, we reduced holdings in the telecommunications and transportation sectors. The Fund's average maturity remains steady between 5 and 5.5 years. The Fund's duration, a measure of risk, averaged 4.39 years during the period. In keeping with the Fund's conservative strategy, 49% of the portfolio was rated Ba on June 30, and 51% was rated B by Moody's Investors Services. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA HIGH YIELD FUND SALOMON BB LIPPER HIGH CURRENT YIELD INDEX 10/1/93 10,000 10,000 10,000 12/31/93 10,112 10,185 10,498 3/31/94 9,909 9,938 10,387 6/30/94 9,845 9,840 10,249 9/30/94 10,018 10,007 10,246 12/31/94 10,019 10,047 10,112 3/31/95 10,521 10,693 10,606 6/30/95 11,106 11,454 11,165 9/30/95 11,462 11,799 11,550 12/31/95 11,935 12,321 11,870 3/31/96 12,005 12,346 12,173 6/30/96 12,030 12,431 12,377 Average Annual Total Returns CHYF Salomon BB Lipper HCYF 1 Year 8.33% 8.53% 10.87% Since Inception 7.08% 8.39% 8.22% Past performance is not predictive of future performance
- 12 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $18.59 $15.16 $15.29 $14.04 $13.15 $12.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .11 .26 .27 .22 .24 .09 Net realized and unrealized gains on investments................... 1.74 4.38 .04 2.08 1.06 1.17 - ------------------------------------------------------------------------------------------------------------------ Total from investment operations..................... 1.85 4.64 .31 2.30 1.30 1.26 - ------------------------------------------------------------------------------------------------------------------ LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.10) (.26) (.25) (.21) (.24) (.10) Distributions (from capital gains)........................... -- (.95) (.19) (.84) (.17) (.01) - ------------------------------------------------------------------------------------------------------------------ Total distributions............. (.10) (1.21) (.44) (1.05) (.41) (.11) NET ASSET VALUE, END OF PERIOD $20.34 $18.59 $15.16 $15.29 $14.04 $13.15 TOTAL RETURN........................ 9.96%(3) 30.84% 2.06% 16.44% 9.99% 10.25%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $440,382 $358,523 $124,263 $100,715 $51,049 $20,457 Ratio of expenses to average net assets............................. .72% .80% .84% .84% .86% .86% Ratio of net investment income to average net assets................. 1.21% 1.68% 1.82% 1.48% 1.97% 2.48% Portfolio turnover rate............. 121.62% 75.36% 64.21% 90.90% 67.83% 12.08% Average commission rate paid on portfolio transactions (4)......... $0.0605
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 12, 1991. (3) Not annualized. (4) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 13 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA GROWTH FUND, INC. -- --------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $29.84 $24.84 $26.38 $26.18 $26.26 $21.68 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .10 .31 .29 .16 .17 .32 Net realized and unrealized gains (losses) on investments.......... 3.45 7.86 (.46) 3.24 2.93 7.09 - ------------------------------------------------------------------------------------------------------------------ Total from investment operations..................... 3.55 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 $33.39 $29.84 $24.84 $26.38 $26.18 $26.26 TOTAL RETURN........................ 11.90%(2) 32.98% -.63% 13.01% 11.82% 34.26% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $988,485 $848,731 $591,694 $605,401 $518,366 $431,460 Ratio of expenses to average net assets............................. .70% .75% .81% .82% .86% .90% Ratio of net investment income to average net assets................. .68% 1.14% 1.12% .66% .77% 1.50% Portfolio turnover rate............. 77.52% 94.73% 79.28% 105.64% 116.38% 163.91% Average commission rate paid on portfolio transactions (3)......... $0.0587
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 14 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $13.07 $12.43 $12.96 $9.95 $10.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)...... .06 .02 (.02) (.02) (.03) Net realized and unrealized gains (losses) on investments and foreign currency related transactions..................... 1.61 .62 (.30) 3.34 .11 - --------------------------------------------------------------------------------------------------------------------- Total from investment operations 1.67 .64 (.32) 3.32 .08 - --------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Distributions (from capital gains)........................... -- -- (.21) (.31) (.13)(3) - --------------------------------------------------------------------------------------------------------------------- Total distributions............. -- -- (.21) (.31) (.13) NET ASSET VALUE, END OF PERIOD $14.74 $13.07 $12.43 $12.96 $9.95 TOTAL RETURN........................ 12.78%(4) 5.15% -2.47% 33.37% .60%(4) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $125,342 $100,873 $118,484 $73,047 $9,745 Ratio of expenses to average net assets............................. 1.50% 1.54% 1.52% 1.71% 2.22% Ratio of net investment income (loss) to average net assets....... .90% .15% (.21)% (.62)% (1.28)% Portfolio turnover rate............. 136.69% 156.09% 138.79% 144.78% 25.75% Average commission rate paid on portfolio transactions (5)......... $0.0007
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 10, 1992. (3) Includes amounts distributed from net realized gains on foreign currency related transactions taxable as ordinary income. (4) Not annualized. (5) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 15 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $21.44 $18.69 $19.51 $18.79 $17.45 $12.12 INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)...... (.04) .03 .08 .01 (.03) (.01) Net realized and unrealized gains on investments................... 2.60 5.45 .36 4.04 2.41 6.11 - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... 2.56 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 $24.00 $21.44 $18.69 $19.51 $18.79 $17.45 TOTAL RETURN........................ 11.94%(3) 29.53% 2.29% 21.68% 13.70% 50.46% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $1,609,188 $1,384,415 $889,526 $772,741 $470,663 $264,358 Ratio of expenses to average net assets............................. .92% .98% 1.05% 1.12% 1.19% 1.22% Ratio of net investment income (loss) to average net assets....... (.38)% .16% .40% .01% (.25)% (.16)% Portfolio turnover rate............. 139.94% 182.99% 178.91% 154.68% 116.75% 114.53% Average commission rate paid on portfolio transactions (4)......... $0.0564
(1) As of December 31, 1991, historical per share data has been restated to reflect a 3 for 1 stock split to shareholders of record on January 31, 1992. (2) Ratios and portfolio turnover rate are annualized. (3) Not annualized. (4) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 16 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $12.71 $11.72 $12.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .38 .78 .49 Net realized and unrealized gains (losses) on investments.......... .48 1.12 (.27) - --------------------------------------------------------------------------------- Total from investment operations..................... .86 1.90 .22 - --------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.37) (.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............. (.37) (.91) (.50) NET ASSET VALUE, END OF PERIOD $13.20 $12.71 $11.72 TOTAL RETURN........................ 6.83%(3) 16.86% 1.76%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $24,720 $21,587 $17,402 Ratio of expenses to average net assets............................. 1.08% 1.18% 1.14% Ratio of net investment income to average net assets................. 5.97% 6.71% 6.28% Portfolio turnover rate............. 54.14% 53.91% 7.61% Average commission rate paid on portfolio transactions (4)......... $0.0585
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on March 16, 1994. (3) Not annualized. (4) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 17 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $20.08 $17.28 $17.91 $16.80 $16.05 $15.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .36 .73 .65 .56 .58 .11 Net realized and unrealized gains (losses) on investments.......... .51 3.54 (.64) 1.71 .82 1.10 - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... .87 4.27 .01 2.27 1.40 1.21 - ---------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.35) (.73) (.64) (.56) (.57) (.12) Dividends (in excess of net investment income)............... -- -- -- (.01) -- -- Distributions (from capital gains)........................... -- (.74) -- (.59) (.08) (.04) - ---------------------------------------------------------------------------------------------------------------------- Total distributions............. (.35) (1.47) (.64) (1.16) (.65) (.16) NET ASSET VALUE, END OF PERIOD $20.60 $20.08 $17.28 $17.91 $16.80 $16.05 TOTAL RETURN........................ 4.35%(3) 25.08% .10% 13.62% 8.89% 7.80%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $573,573 $486,767 $249,670 $186,589 $90,230 $12,986 Ratio of expenses to average net assets............................. .63% .69% .72% .73% .81% .62% Ratio of net investment income to average net assets................. 3.61% 4.05% 3.82% 3.32% 4.08% 3.41% Portfolio turnover rate............. 125.77% 108.04% 98.48% 107.60% 138.08% 179.80% Average commission rate paid on portfolio transactions (4)......... $0.0607
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations of September 12, 1991. (3) Not annualized. (4) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - 18 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .024 .053 .036 .025 .032 .055 - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... .024 .053 .036 .025 .032 .055 - ---------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.024) (.053) (.036) (.025) (.032) (.055) - ---------------------------------------------------------------------------------------------------------------------- Total distributions............. (.024) (.053) (.036) (.025) (.032) (.055) NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 TOTAL RETURN........................ 2.43%(2) 5.49% 3.68% 2.51% 3.25% 5.66% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $802,452 $800,656 $730,067 $544,500 $591,186 $737,584 Ratio of expenses to average net assets............................. .62% .64% .70% .75% .71% .69% Ratio of net investment income to average net assets................. 4.79% 5.34% 3.68% 2.49% 3.22% 5.53%
(1) Ratios are annualized. (2) Not annualized. - 19 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $8.34 $7.99 $8.36 $8.35 $8.47 $8.43 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .20 .45 .37 .32 .39 .53 Net realized and unrealized gains (losses) on investments.......... (.16) .35 (.37) .17 .09 .50 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... .04 .80 -- .49 .48 1.03 - -------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.20) (.45) (.37) (.32) (.39) (.53) Distributions (from capital gains)........................... -- -- -- (.16) (.21) (.46) - -------------------------------------------------------------------------------------------------------------------- Total distributions............. (.20) (.45) (.37) (.48) (.60) (.99) NET ASSET VALUE, END OF PERIOD $8.18 $8.34 $7.99 $8.36 $8.35 $8.47 TOTAL RETURN........................ .44%(2) 10.21% -.03% 5.91% 5.81% 12.72% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $40,416 $41,842 $33,512 $35,877 $35,479 $34,867 Ratio of expenses to average net assets............................. .76% .79% .81% .75% .76% .76% Ratio of net investment income to average net assets................. 4.75% 5.45% 4.51% 3.74% 4.60% 6.18% Portfolio turnover rate............. 177.05% 253.17% 253.80% 254.59% 289.05% 309.13%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - 20 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $13.51 $12.16 $13.44 $13.28 $13.59 $12.72 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .43 .88 .83 .85 .95 1.00 Net realized and unrealized gains (losses) on investments.......... (.63) 1.35 (1.28) .52 .09 1.05 - ---------------------------------------------------------------------------------------------------------------- Total from investment operations..................... (.20) 2.23 (.45) 1.37 1.04 2.05 - ---------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.43) (.88) (.83) (.85) (.95) (1.00) Distributions (from capital gains)........................... -- -- -- (.36) (.40) (.18) - ---------------------------------------------------------------------------------------------------------------- Total distributions............. (.43) (.88) (.83) (1.21) (1.35) (1.18) NET ASSET VALUE, END OF PERIOD $12.88 $13.51 $12.16 $13.44 $13.28 $13.59 TOTAL RETURN........................ -1.51%(2) 18.91% -3.36% 10.47% 7.99% 16.84% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $328,442 $316,259 $252,090 $300,532 $262,647 $207,271 Ratio of expenses to average net assets............................. .63% .65% .66% .66% .66% .69% Ratio of net investment income to average net assets................. 6.48% 6.80% 6.53% 6.14% 7.03% 7.63% Portfolio turnover rate............. 133.59% 137.41% 139.81% 118.80% 195.67% 158.95%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - 21 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993 1992 1991 NET ASSET VALUE, BEGINNING OF PERIOD $12.37 $11.48 $12.71 $12.17 $12.22 $11.65 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .30 .63 .64 .66 .69 .72 Net realized and unrealized gains (losses) on investments.......... (.36) .96 (1.23) .62 .07 .60 - ---------------------------------------------------------------------------------------------------------------- Total from investment operations..................... (.06) 1.59 (.59) 1.28 .76 1.32 - ---------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: - ---------------------------------------------------------------------------------------------------------------- Dividends (from net investment income) (2)...................... (.30) (.63) (.64) (.66) (.69) (.72) Distributions (from capital gains)........................... -- (.07) -- (.08) (.12) (.03) - ---------------------------------------------------------------------------------------------------------------- Total distributions............. (.30) (.70) (.64) (.74) (.81) (.75) NET ASSET VALUE, END OF PERIOD...... $12.01 $12.37 $11.48 $12.71 $12.17 $12.22 TOTAL RETURN........................ -.45%(3) 14.15% -4.68% 10.73% 6.46% 11.73% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $371,271 $383,796 $339,817 $430,367 $341,924 $285,099 Ratio of expenses to average net assets............................. .56% .57% .57% .58% .59% .59% Ratio of net investment income to average net assets................. 4.99% 5.22% 5.36% 5.25% 5.69% 6.07% Portfolio turnover rate............. 20.83% 21.45% 19.40% 9.92% 17.82% 15.28%
(1) Ratios and portfolio turnover rate are annualized. (2) 100% exempt from federal taxation. (3) Not annualized. - 22 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)(1) 1995 1994 1993(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $9.88 $9.04 $9.94 $10.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............. .40 .82 .80 .18 Net realized and unrealized gains (losses) on investments.......... (.32) .84 (.90) (.06) - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations..................... .08 1.66 (.10) .12 - ---------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......................... (.40) (.82) (.80) (.18) - ---------------------------------------------------------------------------------------------------------------------- Total distributions............. (.40) (.82) (.80) (.18) NET ASSET VALUE, END OF PERIOD $9.56 $9.88 $9.04 $9.94 TOTAL RETURN........................ .80%(3) 19.12% -.92% 1.12%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)......................... $23,843 $23,471 $12,834 $5,940 Ratio of expenses to average net assets............................. 0.99% 1.00%(4) 1.00%(4) 1.00%(4) Ratio of net investment income to average net assets................. 8.20% 8.62% 8.69% 7.30% Portfolio turnover rate............. 55.90% 51.60% 36.67% 0.00%
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 15, 1993. (3) Not annualized. (4) The ratio was 1.06% in 1995, 1.19% in 1994 and 2.03% in 1993, before voluntary reimbursement of certain expenses by the investment advisor. - 23 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (99.3%) BANKING & FINANCE (8.3%) American Express Co. ................................................................. 100,900 $ 4,502,662 BankAmerica Corp. .................................................................... 67,500 5,113,125 Federal Home Loan Mortgage Corp. ..................................................... 57,000 4,873,500 Morgan (J.P.) & Co., Inc. ............................................................ 74,300 6,287,637 Morgan Stanley Group, Inc. ........................................................... 119,300 5,860,613 PNC Bank Corp. ....................................................................... 140,700 4,185,825 U.S. Bancorp (Ore.)................................................................... 154,800 5,592,150 -------------- 36,415,512 -------------- BUILDING & FORESTRY PRODUCTS (3.2%) Champion International Corp. ......................................................... 182,100 7,602,675 Willamette Industries, Inc. .......................................................... 112,000 6,664,000 -------------- 14,266,675 -------------- BUSINESS & CONSUMER SERVICES (4.2%) *ADT Ltd. ............................................................................ 245,000 4,624,375 Service Corp. International........................................................... 244,000 14,030,000 -------------- 18,654,375 -------------- CHEMICAL (5.1%) Grace (W.R.) & Co. ................................................................... 108,300 7,675,762 Hercules, Inc. ....................................................................... 141,100 7,795,775 IMC Global, Inc. ..................................................................... 183,000 6,885,375 -------------- 22,356,912 -------------- CONSUMER NON-DURABLE (9.2%) *Circus Circus Enterprises, Inc. ..................................................... 98,700 4,046,700 *Federated Department Stores, Inc. ................................................... 127,600 4,354,350 Home Depot, Inc. ..................................................................... 82,200 4,438,800 Marriott International, Inc. ......................................................... 97,000 5,213,750 Mattel, Inc. ......................................................................... 226,250 6,476,406 *Payless Cashways, Inc. .............................................................. 252,700 1,137,150 *Price/Costco, Inc. .................................................................. 350,000 7,568,750 Rite Aid Corp. ....................................................................... 64,000 1,904,000 Rykoff-Sexton, Inc. .................................................................. 102,000 1,466,250 Sears, Roebuck & Co. ................................................................. 84,100 4,089,363 -------------- 40,695,519 -------------- CONSUMER STAPLES (7.9%) ConAgra, Inc. ........................................................................ 100,000 4,537,500 Gillette Co. ......................................................................... 72,500 4,522,187 Nabisco Holdings Corp. (Class A)...................................................... 127,000 4,492,625 PepsiCo, Inc. ........................................................................ 194,100 6,866,287 Pioneer Hi-Bred International, Inc. .................................................. 79,900 4,224,713 Procter & Gamble Co. ................................................................. 47,900 4,340,938 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Sunbeam Corp. ........................................................................ 403,100 $ 5,945,725 -------------- 34,929,975 -------------- ENERGY (4.7%) Mobil Corp. .......................................................................... 45,400 5,090,475 Noble Affiliates, Inc. ............................................................... 56,500 2,132,875 Royal Dutch Petroleum Co. ADR......................................................... 52,400 8,056,500 Unocal Corp. ......................................................................... 159,000 5,366,250 -------------- 20,646,100 -------------- ENTERTAINMENT & MEDIA (2.3%) Time Warner, Inc. .................................................................... 121,700 4,776,725 *Viacom, Inc. (Class B)............................................................... 135,500 5,267,562 -------------- 10,044,287 -------------- HEALTH (11.5%) American Home Products Corp. ......................................................... 243,000 14,610,375 Bausch & Lomb, Inc. .................................................................. 95,400 4,054,500 Baxter International, Inc. ........................................................... 148,400 7,011,900 Johnson & Johnson..................................................................... 178,000 8,811,000 Merck & Co., Inc. .................................................................... 146,000 9,435,250 Pfizer, Inc. ......................................................................... 96,000 6,852,000 -------------- 50,775,025 -------------- INSURANCE (5.2%) Aetna Life & Casualty Co. ............................................................ 118,800 8,494,200 Berkley (W.R.) Corp. ................................................................. 100,000 4,175,000 General Re Corp. ..................................................................... 30,100 4,582,725 TIG Holdings, Inc. ................................................................... 188,000 5,452,000 -------------- 22,703,925 -------------- MACHINERY & CAPITAL SPENDING (5.0%) Case Corp. ........................................................................... 81,700 3,921,600 Emerson Electric Co. ................................................................. 49,000 4,428,375 General Electric Co. ................................................................. 50,800 4,394,200 Grainger (W.W.), Inc. ................................................................ 60,000 4,650,000 Honeywell, Inc. ...................................................................... 82,300 4,485,350 -------------- 21,879,525 -------------- METAL MINING & STEEL (2.6%) Aluminum Company of America........................................................... 139,300 7,992,337 Worthington Industries, Inc. ......................................................... 169,000 3,527,875 -------------- 11,520,212 -------------- REAL ESTATE SECURITIES (8.3%) American Health Properties, Inc. ..................................................... 120,000 2,655,000 Associated Estates Realty Corp. ...................................................... 157,400 3,305,400 Beacon Properties Corp. .............................................................. 124,100 3,180,062 DeBartolo Realty Corp. ............................................................... 280,000 4,515,000
- 24 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Equity Residential Properties Trust................................................... 125,000 $ 4,109,375 First Industrial Realty Trust, Inc. .................................................. 150,000 3,525,000 Highwoods Properties, Inc. ........................................................... 36,200 1,000,025 JP Realty, Inc. ...................................................................... 106,500 2,276,438 Liberty Property Trust................................................................ 97,600 1,939,800 Manufactured Home Communities, Inc. .................................................. 49,000 943,250 National Health Investors, Inc. ...................................................... 100,000 3,275,000 Spieker Properties, Inc. ............................................................. 158,000 4,305,500 Sun Communities, Inc. ................................................................ 50,400 1,354,500 -------------- 36,384,350 -------------- TECHNOLOGY (12.6%) Adobe Systems, Inc. .................................................................. 200,000 7,175,000 *Cisco Systems, Inc. ................................................................. 78,400 4,439,400 *Computer Sciences Corp. ............................................................. 83,800 6,264,050 *Electronic Data Systems Corp. ....................................................... 162,100 8,712,875 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 405,000 8,707,500 Intel Corp. .......................................................................... 94,000 6,903,125 International Business Machines Corp. ................................................ 70,300 6,959,700 Motorola, Inc. ....................................................................... 100,000 6,287,500 -------------- 55,449,150 -------------- TRANSPORTATION (2.7%) *Federal Express Corp. ............................................................... 86,000 7,052,000 Southwest Airlines Co. ............................................................... 169,300 4,930,863 -------------- 11,982,863 -------------- UTILITIES/COMMUNICATIONS (3.6%) AT&T Corp. ........................................................................... 58,300 3,614,600 GTE Corp. ............................................................................ 93,300 4,175,175 Vodafone Group plc Spon. ADR.......................................................... 104,300 3,846,063 *Western Wireless Corp. (Class A)..................................................... 200,000 4,275,000 -------------- 15,910,838 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- UTILITIES/ELECTRIC/GAS (2.9%) Idaho Power Co. ...................................................................... 118,300 $ 3,682,088 NIPSCO Industries, Inc. .............................................................. 115,800 4,660,950 NorAm Energy Corp. ................................................................... 400,000 4,350,000 -------------- 12,693,038 -------------- Total Common Stocks (Cost $393,182,133).................................................................. 437,308,281 -------------- REPURCHASE AGREEMENT (2.2%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $9,673,696. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020 (Cost $9,669,190).................................................................... $ 9,669,190 9,669,190 -------------- TOTAL INVESTMENTS (101.5%) (Cost $402,851,323)...................................................................... 446,977,471 RECEIVABLES LESS LIABILITIES (-1.5%)...................................................... (6,595,406) -------------- NET ASSETS (100.0%)....................................................................... $ 440,382,065 -------------- --------------
(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 GROWTH FUND, INC. -- --------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (98.4%) BANKING & FINANCE (6.4%) BankAmerica Corp. .................................................................... 100,000 $ 7,575,000 Barnett Banks, Inc. .................................................................. 100,000 6,100,000 Bear Stearns Cos., Inc. .............................................................. 204,021 4,819,996 Dean Witter, Discover & Co. .......................................................... 125,440 7,181,440 Federal Home Loan Mortgage Corp. ..................................................... 202,300 17,296,650 Federal National Mortgage Assn. ...................................................... 306,800 10,277,800 Morgan Stanley Group, Inc. ........................................................... 200,000 9,825,000 -------------- 63,075,886 -------------- BUILDING & FORESTRY PRODUCTS (1.0%) *Crown Vantage, Inc. ................................................................. 376,320 5,456,640 Mead Corp. ........................................................................... 91,600 4,751,750 -------------- 10,208,390 -------------- BUSINESS & CONSUMER SERVICES (2.5%) *FIserv, Inc. ........................................................................ 300,000 9,000,000 *Mail-Well, Inc. ..................................................................... 459,000 4,016,250 Service Corp. International........................................................... 200,000 11,500,000 -------------- 24,516,250 -------------- CHEMICAL (2.9%) Grace (W.R.) & Co. ................................................................... 169,900 12,041,662 Hercules, Inc. ....................................................................... 300,000 16,575,000 -------------- 28,616,662 -------------- CONSUMER NON-DURABLE (22.3%) Authentic Fitness Corp. .............................................................. 168,000 3,129,000 *AutoZone, Inc. (Nev.)................................................................ 320,000 11,120,000 *Borders Group, Inc. ................................................................. 138,300 4,460,175 *Central Tractor Farm & Country, Inc. ................................................ 255,100 3,124,975 *Consolidated Stores Corp. ........................................................... 200,000 7,350,000 *Corporate Express, Inc. ............................................................. 307,300 12,292,000 *Dollar Tree Stores, Inc. ............................................................ 300,000 9,525,000 *Federated Department Stores, Inc. ................................................... 400,000 13,650,000 *HFS, Inc. ........................................................................... 500,000 35,000,000 Mattel, Inc. ......................................................................... 600,000 17,175,000 McDonald's Corp. ..................................................................... 100,400 4,693,700 *Office Depot, Inc. .................................................................. 400,400 8,158,150 *Price/Costco, Inc. .................................................................. 400,000 8,650,000 Rite Aid Corp. ....................................................................... 400,000 11,900,000 Sears, Roebuck & Co. ................................................................. 347,800 16,911,775 *Thrifty PayLess Holdings, Inc. (Class B)............................................. 600,500 10,358,625 *Waban, Inc. ......................................................................... 161,200 3,848,650 Warnaco Group, Inc. (Class A)......................................................... 1,501,200 38,655,900 -------------- 220,002,950 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CONSUMER STAPLES (6.8%) Gillette Co. ......................................................................... 200,000 $ 12,475,000 Libbey, Inc. ......................................................................... 325,000 9,018,750 PepsiCo, Inc. ........................................................................ 200,000 7,075,000 Philip Morris Cos., Inc. ............................................................. 300,500 31,252,000 Richfood Holdings, Inc. .............................................................. 45,000 1,462,500 Sunbeam Corp. ........................................................................ 400,000 5,900,000 -------------- 67,183,250 -------------- ENERGY (1.6%) Anadarko Petroleum Corp. ............................................................. 112,000 6,496,000 Apache Corp. ......................................................................... 113,700 3,737,887 Chevron Corp. ........................................................................ 100,000 5,900,000 -------------- 16,133,887 -------------- ENERGY SERVICES (1.4%) Halliburton Co. ...................................................................... 143,000 7,936,500 Schlumberger Ltd. .................................................................... 75,000 6,318,750 -------------- 14,255,250 -------------- ENTERTAINMENT & MEDIA (2.4%) Time Warner, Inc. .................................................................... 400,000 15,700,000 *Viacom, Inc. (Class B)............................................................... 200,000 7,775,000 -------------- 23,475,000 -------------- HEALTH (12.2%) *Amgen, Inc. ......................................................................... 200,000 10,800,000 *Apria Healthcare Group, Inc. ........................................................ 1,524,820 47,841,228 *BioChem Pharma, Inc. ................................................................ 250,000 9,375,000 *Ethical Holdings Ltd. Spon. ADR...................................................... 300,000 2,925,000 *Genesis Health Ventures, Inc. ....................................................... 369,400 11,589,925 *Inhale Therapeutic Systems........................................................... 140,000 2,590,000 Johnson & Johnson..................................................................... 240,000 11,880,000 Merck & Co., Inc. .................................................................... 100,000 6,462,500 *PacifiCare Health Systems, Inc. (Class B)............................................ 50,000 3,387,500 *Penederm, Inc. ...................................................................... 162,200 2,757,400 Teva Pharmaceutical Industries Ltd. ADR............................................... 80,000 3,030,000 Warner-Lambert Co. ................................................................... 150,000 8,250,000 -------------- 120,888,553 -------------- HOTELS & GAMING (7.2%) *Circus Circus Enterprises, Inc. ..................................................... 423,500 17,363,500 *Host Marriott Corp. ................................................................. 400,000 5,250,000 Marriott International, Inc. ......................................................... 298,100 16,022,875 *MGM Grand, Inc. ..................................................................... 300,000 11,962,500 *Rio Hotel & Casino, Inc. ............................................................ 300,400 4,618,650
- 26 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- --------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) *Station Casinos, Inc. ............................................................... 1,126,600 $ 16,194,875 -------------- 71,412,400 -------------- INSURANCE (5.0%) Aetna Life & Casualty Co. ............................................................ 195,000 13,942,500 Allstate Corp. ....................................................................... 300,000 13,687,500 American International Group, Inc. ................................................... 96,150 9,482,794 Berkley (W.R.) Corp. ................................................................. 300,000 12,525,000 -------------- 49,637,794 -------------- MACHINERY & CAPITAL SPENDING (4.7%) Case Corp. ........................................................................... 300,000 14,400,000 Emerson Electric Co. ................................................................. 200,000 18,075,000 General Electric Co. ................................................................. 159,000 13,753,500 -------------- 46,228,500 -------------- REAL ESTATE SECURITIES (5.1%) Amli Residential Properties Trust..................................................... 180,500 3,745,375 Beacon Properties Corp. .............................................................. 145,000 3,715,625 Camden Property Trust................................................................. 166,250 3,948,438 Duke Realty Investments, Inc. (Ind.).................................................. 84,100 2,544,025 Equity Residential Properties Trust................................................... 355,000 11,670,625 Highwoods Properties, Inc. ........................................................... 300,000 8,287,500 JP Realty, Inc. ...................................................................... 350,000 7,481,250 Public Storage, Inc. ................................................................. 50,000 1,031,250 Simon Property Group, Inc. ........................................................... 144,300 3,535,350 TriNet Corporate Realty Trust, Inc. .................................................. 146,000 4,234,000 -------------- 50,193,438 -------------- TECHNOLOGY (15.1%) Adobe Systems, Inc. .................................................................. 300,300 10,773,262 *Altera Corp. ........................................................................ 150,000 5,700,000 *Cisco Systems, Inc. ................................................................. 250,000 14,156,250 *Compaq Computer Corp. ............................................................... 167,600 8,254,300 *Computer Sciences Corp. ............................................................. 300,400 22,454,900 *Electronic Data Systems Corp. ....................................................... 200,900 10,798,375 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 682,300 14,669,450
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Intel Corp. .......................................................................... 150,000 $ 11,015,625 Nokia Corp. Spon. ADR (Class A)....................................................... 200,000 7,400,000 *Oracle Corp. ........................................................................ 598,350 23,597,428 *Tellabs, Inc. ....................................................................... 133,300 8,914,438 *3Com Corp. .......................................................................... 252,200 11,538,150 -------------- 149,272,178 -------------- TRANSPORTATION (0.3%) Southwest Airlines Co. ............................................................... 100,000 2,912,500 -------------- UTILITIES/COMMUNICATIONS (1.5%) *Paging Network, Inc. ................................................................ 400,000 9,600,000 Vodafone Group plc Spon. ADR.......................................................... 150,000 5,531,250 -------------- 15,131,250 -------------- Total Common Stocks (Cost $785,096,231).................................................................. 973,144,138 -------------- REPURCHASE AGREEMENT (2.2%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $21,685,304. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020. (Cost $21,675,202)................................................................... $ 21,675,202 21,675,202 -------------- TOTAL INVESTMENTS (100.6%) (Cost $806,771,433)...................................................................... 994,819,340 RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (6,334,500) -------------- NET ASSETS (100.0%)....................................................................... $ 988,484,840 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 27 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (83.7%) AUSTRALIA (1.3%) Broken Hill Proprietary Co., Ltd. (Metals, Mining & Steel)............................ 40,574 $ 560,613 Reinsurance Australia Corp., Ltd. (Insurance)......................................... 360,000 1,047,485 -------------- 1,608,098 -------------- BRAZIL (0.9%) Companhia Energetica de Minas Gerais SA, ADR (Utilities-Electric)..................... 22,776 646,269 Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 486,675 -------------- 1,132,944 -------------- CANADA (2.5%) Bombardier, Inc. (Class B) (Manufacturing - Diversified Inds.)........................ 80,000 1,198,359 *Future Shop Ltd., The (Retail)....................................................... 56,700 548,227 *QLT Phototherapeutics, Inc. (Pharmaceuticals)........................................ 38,000 707,003 *Skyjack, Inc. (Machinery & Capital Spending)......................................... 22,500 741,650 -------------- 3,195,239 -------------- FINLAND (0.9%) Finnair Oy (Transportation)........................................................... 70,000 479,504 Finnlines Oy (Transportation)......................................................... 34,000 681,128 -------------- 1,160,632 -------------- FRANCE (6.7%) BIC SA (Consumer Products)............................................................ 7,000 994,364 Cardif SA (Insurance)................................................................. 5,212 728,333 Carrefour SA (Retail)................................................................. 3,750 2,101,632 *Dassault Systemes SA, ADR (Computer Software)........................................ 30,000 930,000 Guilbert SA (Business Services)....................................................... 1,800 262,340 Legrand (Electrical Equipment)........................................................ 2,500 446,949 LVMH Moet Hennessy Louis Vuitton SA (Consumer Products)............................... 2,800 664,361 SEB SA (Consumer Products)............................................................ 4,000 696,463 Societe Nationale d'Exploitation Industrielle des Tabacs et Allumettes (Consumer Products)............................................................................ 17,000 779,635 Synthelabo SA (Pharmaceuticals)....................................................... 3,600 304,314 Total SA (Class B) (Oil Exploration & Production)..................................... 7,000 519,355 -------------- 8,427,746 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- GERMANY (5.8%) adidas AG (Consumer Products)......................................................... 16,000 $ 1,345,431 Bayer AG (Chemicals).................................................................. 40,000 1,413,544 Bilfinger & Berger Bau AG (Engineering & Construction)................................ 1,500 633,136 Gehe AG (Wholesale Distributor)....................................................... 1,800 1,209,468 Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 829,980 SGL Carbon AG (Metals, Mining & Steel)................................................ 12,000 1,404,339 Systeme, Anwendungen, Produkte in der Dattenverarbeitung AG (Business Services)....... 2,600 385,470 -------------- 7,221,368 -------------- HONG KONG (4.4%) *Asia Satellite Telecommunications Holdings Ltd., ADS (Media)......................... 50,000 1,487,500 Cheung Kong Holdings Ltd. (Real Estate)............................................... 80,000 576,227 COSCO Pacific Ltd. (Container Leasing)................................................ 920,000 659,690 Guangnan Holdings (Wholesale Distributor)............................................. 1,626,000 971,609 HSBC Holdings plc (Banking)........................................................... 55,231 834,887 Hutchison Whampoa Ltd. (Consumer Products)............................................ 160,000 1,006,718 -------------- 5,536,631 -------------- INDIA (3.0%) Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 12,400 474,300 *Indian Hotels Co., Ltd., The, GDR (Entertainment & Leisure).......................... 30,000 855,000 Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 750,000 Steel Authority of India, Ltd., GDR (Metals, Mining & Steel).......................... 35,000 516,250 Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 66,400 1,195,200 -------------- 3,790,750 -------------- ITALY (2.1%) Bulgari S.p.A., ADR (Consumer Products)............................................... 40,000 639,192 Fila Holding S.p.A., ADR (Consumer Products).......................................... 10,000 862,500 *Gucci Group NV (Consumer Products)................................................... 17,500 1,128,750 -------------- 2,630,442 -------------- JAPAN (22.8%) Bank of Tokyo-Mitsubishi Ltd., The (Banking).......................................... 50 1,158
- 28 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 32,000 $ 609,941 CANON, INC. (Electronics)............................................................. 28,000 582,216 Daiwa Securities Co., Ltd. (Financial Services)....................................... 30,000 385,773 Daiwabo Information System Co., Ltd. (Business Services).............................. 300 7,387 East Japan Railway Co. (Transportation)............................................... 74 388,053 Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 11,000 347,104 Hitachi Maxell, Ltd. (Electronics).................................................... 18,000 375,923 KAJIMA CORP. (Construction)........................................................... 32,000 329,777 Kao Corp. (Consumer Products)......................................................... 20,000 269,950 KEYENCE CORP. (Electronics)........................................................... 3,000 407,661 Kinki Nippon Railway Co., Ltd. (Transportation)....................................... 40,170 289,048 KOMATSU LTD. (Machinery & Capital Spending)........................................... 60,000 590,971 KUBOTA CORP. (Machinery & Capital Spending)........................................... 70,000 461,559 Laox Co., Ltd. (Retail)............................................................... 26,000 621,249 Matsushita-Kotobuki Electronics Inds., Ltd. (Electronics)............................. 14,000 365,162 Mitsubishi Corp. (Wholesale Distributor).............................................. 125,000 1,641,587 Mitsubishi Chemical Corp. (Chemicals)................................................. 76,000 350,716 Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 140,000 1,927,953 Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 120,000 1,042,955 NEC Corp. (Electronics)............................................................... 40,000 434,109 Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 3,000 223,529 NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 200,000 685,818 NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities-Communication).......................... 100 740,538 Nippon Television Network Corp. (Media)............................................... 1,700 527,132 NIPPONDENSO CO., LTD. (Motor Vehicles & Parts)........................................ 23,000 499,225 NISSAN MOTOR CO., LTD. (Motor Vehicles & Parts)....................................... 47,000 417,063 NISSHO ELECTRONICS CORP. (Electronics)................................................ 44,000 766,439 Nomura Securities Co., Ltd., The (Financial Services)................................. 42,000 819,699 NSK Ltd. (Machinery & Capital Spending)............................................... 82,000 619,954
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- NTN CORP. (Machinery & Capital Spending).............................................. 80,000 $ 565,435 NTT Data Communications Systems Corp. (Business Services)............................. 35 1,046,968 ROHM CO., LTD. (Electronics).......................................................... 17,000 1,122,481 SANKYO CO., LTD. (Pharmaceuticals).................................................... 12,000 310,807 Sawako Corp. (Construction)........................................................... 12,000 415,869 Sharp Corp. (Electronics)............................................................. 33,000 577,839 SHIMIZU CORP. (Construction).......................................................... 30,000 331,053 SONY CORP. (Electronics).............................................................. 40,000 2,630,187 Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 27,000 477,702 Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 65,000 865,481 TORAY INDUSTRIES, INC. (Chemicals).................................................... 75,000 517,100 TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 75,000 1,874,145 TRANS COSMOS, INC. (Business Services)................................................ 6,600 300,958 USHIO INC. (Electronics).............................................................. 30,000 366,621 YOKOGAWA ELECTRIC CORP. (Electronics)................................................. 50,000 501,596 -------------- 28,633,891 -------------- KOREA (1.7%) *CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 1,189,500 Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 970,650 -------------- 2,160,150 -------------- MALAYSIA (2.2%) *Konsortium Perkapalan Berhad (Transportation)........................................ 115,000 691,438 Malayan Banking Berhad (Banking)...................................................... 116,000 1,115,921 Tenaga Nasional Berhad (Utilities-Electric)........................................... 211,000 888,047 -------------- 2,695,406 -------------- MEXICO (0.7%) Panamerican Beverages, Inc. (Class A) (Food & Beverages).............................. 20,000 895,000 -------------- NETHERLANDS (5.4%) Aegon NV (Insurance).................................................................. 25,490 1,173,842 *Baan Co. NV (Business Services)...................................................... 8,800 299,200 Elsevier NV (Publishing).............................................................. 80,000 1,213,968 Getronics NV (Business Services)...................................................... 60,000 1,328,802 Heineken NV (Food & Beverages)........................................................ 5,800 1,296,063
- 29 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Randstad Holdings NV (Business Services).............................................. 19,000 $ 1,402,625 -------------- 6,714,500 -------------- NORWAY (1.5%) Den norske Bank ASA (Banking)......................................................... 50,000 151,730 Kvaerner AS (Class B) (Engineering & Construction).................................... 15,000 579,962 Kverneland Gruppen AS (Machinery & Capital Spending).................................. 22,000 542,223 Norsk Hydro ASA (Oil Exploration & Production)........................................ 12,000 587,818 -------------- 1,861,733 -------------- SWEDEN (3.3%) Assa Abloy AB (Class B) (Manufacturing - Diversified Inds.)........................... 43,300 627,006 *Frontec AB (Class B) (Business Services)............................................. 30,000 368,801 Getinge Industrier AB (Class B) (Consumer Products)................................... 43,500 820,185 Hoganas AB (Class B) (Metals, Mining & Steel)......................................... 22,000 769,881 Telefonaktiebolaget LM Ericsson, ADR (Electronics).................................... 53,000 1,139,500 WM-data AB (Class B) (Business Services).............................................. 6,000 380,113 -------------- 4,105,486 -------------- SWITZERLAND (3.6%) ABB AG (Bearer) (Electrical Equipment)................................................ 750 927,835 Alusuisse-Lonza Holding AG (Bearer) (Metals, Mining & Steel).......................... 1,200 987,773 Ciba-Geigy AG (Bearer) (Pharmaceuticals).............................................. 1,500 1,819,708 Holderbank Financiere Glaris AG (Bearer) (Building Materials)......................... 1,000 799,169 -------------- 4,534,485 -------------- TAIWAN (1.1%) Taiwan Fund, Inc. (Investment Company)................................................ 55,000 1,320,000 -------------- THAILAND (1.9%) PTT Exploration & Production Public Co., Ltd. (Oil Exploration & Production).......... 85,000 1,245,127 Thai Fund, Inc., The (Investment Company)............................................. 50,000 1,181,250 -------------- 2,426,377 -------------- UNITED KINGDOM (11.9%) Airtours plc (Entertainment & Leisure)................................................ 80,600 636,663
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- British Aerospace plc (Aircraft & Aerospace).......................................... 72,620 $ 1,101,569 British Petroleum Co. plc (Energy).................................................... 110,407 968,153 British Sky Broadcasting Group plc (Media)............................................ 70,000 477,903 Compass Group plc (Restaurants)....................................................... 96,000 873,135 Electrocomponents plc (Electronics)................................................... 86,000 509,655 Fairey Group plc (Manufacturing - Diversified Inds.).................................. 68,000 691,884 Granada Group plc (Entertainment & Leisure)........................................... 60,000 802,952 Great Universal Stores plc (Retail)................................................... 42,000 426,362 Hays plc (Business Services).......................................................... 120,000 846,292 Next plc (Retail)..................................................................... 80,000 699,030 Provident Financial plc (Financial Services).......................................... 134,538 960,315 Prudential Corp. (Insurance).......................................................... 51,967 327,342 Reuters Holdings plc (Business Services).............................................. 60,000 726,059 RTZ Corp. plc (Metals, Mining & Steel)................................................ 39,491 584,621 Sage Group plc (Business Services).................................................... 100,000 758,059 Siebe plc (Machinery & Capital Spending).............................................. 71,587 1,017,510 THORN EMI plc (Entertainment & Leisure)............................................... 28,000 780,304 Wetherspoon, J.D. (Restaurants)....................................................... 72,800 1,147,838 Zeneca Group plc (Pharmaceuticals).................................................... 24,000 530,704 -------------- 14,866,350 -------------- Total Common Stocks (Cost $89,913,091)................................................................... 104,917,228 -------------- PREFERRED STOCKS (4.4%) BRAZIL (3.4%) Bardella Industrias Mecanicas SA (Manufacturing - Diversified Inds.).................. 4,000 438,247 Companhia Cervejaria Brahma SA (Food & Beverages)..................................... 2,140,000 1,276,753 Companhia Tecidos do Norte de Minas SA (Textiles)..................................... 1,195,000 470,145 DIXIE TOGA SA (Containers)............................................................ 437,500 422,684 Telecomunicacoes Brasileiras SA (Utilities - Communication)........................... 22,925,241 1,600,657 -------------- 4,208,486 -------------- GERMANY (1.0%) Jil Sander AG (Consumer Products)..................................................... 765 505,473 Porsche AG (Motor Vehicles & Parts)................................................... 1,260 757,988 -------------- 1,263,461 -------------- Total Preferred Stocks (Cost $4,336,024).................................................................... 5,471,947 --------------
- 30 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- WARRANTS (1.8%) GERMANY (0.9%) *Veba AG (04/06/1998) (Utilities-Electric)............................................ 4,000 $ 1,141,354 -------------- JAPAN (0.9%) *Kyocera Corp. #2 (01/23/1998) (Electronics)........................................................................ 865 962,312 *Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 135,859 -------------- 1,098,171 -------------- Total Warrants (Cost $1,782,384).................................................................... 2,239,525 -------------- CONVERTIBLE BOND (1.6%) ITALY (1.6%) *I.N.A. S.p.A Privatisation Exchange Note 5.000% 06/28/2001 (Insurance) (Cost $2,000,000).................................................................... $ 2,000,000 2,040,000 -------------- Total investments, excluding temporary cash investments (Cost $98,031,499)................................................................... 114,668,700 -------------- REPURCHASE AGREEMENTS (8.5%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $5,638,936. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020....................................................................... 5,636,309 5,636,309 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- J.P. Morgan Securities, Inc. 5.741% dated 06/28/1996, due 07/01/1996 in the amount of $4,981,956. Collateralized by U.S. Treasury Notes 5.125% to 6.125% due 04/30/1998 to 07/31/2000......................................................... $ 4,979,613 $ 4,979,613 -------------- Total Repurchase Agreements (Cost $10,615,922)................................................................... 10,615,922 -------------- TOTAL INVESTMENTS (100.0%) (Cost $108,647,421)...................................................................... 125,284,622 CASH AND RECEIVABLES LESS LIABILITIES (0.0%).............................................. 57,737 -------------- NET ASSETS (100%)......................................................................... $ 125,342,359 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 31 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (95.5%) AEROSPACE (0.3%) *Wyman-Gordon Co. .................................................................... 275,000 $ 4,881,250 -------------- BANKING & FINANCE (6.5%) Aames Financial Corp. ................................................................ 500,000 17,937,500 Alex. Brown, Inc. .................................................................... 250,000 14,125,000 *ContiFinancial Corp. ................................................................ 191,600 5,652,200 First Security Corp. (Del.)........................................................... 360,000 8,640,000 Green Tree Financial Corp. ........................................................... 500,000 15,625,000 *Olympic Financial Ltd. .............................................................. 360,000 8,280,000 Schwab (Charles) Corp. ............................................................... 400,000 9,800,000 Standard Federal Bancorp.............................................................. 350,000 13,475,000 U.S. Bancorp (Ore.)................................................................... 300,000 10,837,500 -------------- 104,372,200 -------------- BUILDING & FORESTRY PRODUCTS (1.4%) *BMC West Corp. ...................................................................... 300,000 5,137,500 *Fort Howard Corp. ................................................................... 450,000 8,943,750 Mosinee Paper Corp. .................................................................. 166,666 4,458,315 Wausau Paper Mills Co. ............................................................... 200,000 3,950,000 -------------- 22,489,565 -------------- BUSINESS & CONSUMER SERVICES (9.3%) *AccuStaff, Inc. ..................................................................... 408,400 11,128,900 *Career Horizons, Inc. ............................................................... 291,000 10,185,000 *CBT Group Public Ltd. Spon. ADR...................................................... 215,000 9,943,750 *Consolidated Graphics, Inc. ......................................................... 134,500 2,925,375 Danka Business Systems plc Spon. ADR.................................................. 539,100 15,768,675 DENTSPLY International, Inc. ......................................................... 317,500 13,493,750 *FIserv, Inc. ........................................................................ 400,000 12,000,000 *HFS, Inc. ........................................................................... 190,000 13,300,000 *Medaphis Corp. ...................................................................... 200,000 7,950,000 *Patterson Dental Co. ................................................................ 67,500 2,446,875 *Renaissance Solutions, Inc. ......................................................... 31,300 888,138 *Romac International, Inc. ........................................................... 324,000 8,262,000 *United Dental Care, Inc. ............................................................ 515,000 21,758,750 Unitog Co. ........................................................................... 250,000 7,062,500 Watsco, Inc. ......................................................................... 600,000 12,600,000 -------------- 149,713,713 -------------- CHEMICAL (1.4%) IMC Global, Inc. ..................................................................... 600,000 22,575,000 -------------- CONSUMER DURABLE (1.3%) *Brightpoint, Inc. ................................................................... 299,000 6,428,500 *Colonial Data Technologies Corp. .................................................... 275,000 4,090,625 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Harley-Davidson, Inc. ................................................................ 250,000 $ 10,281,250 -------------- 20,800,375 -------------- CONSUMER NON-DURABLE (9.5%) Apple South, Inc. .................................................................... 525,000 14,043,750 *Bombay Co. (The), Inc. .............................................................. 500,000 3,125,000 *Borders Group, Inc. ................................................................. 400,000 12,900,000 *Donna Karan International, Inc. ..................................................... 62,000 1,736,000 *Eastbay, Inc. ....................................................................... 400,000 6,000,000 *General Nutrition Cos., Inc. ........................................................ 500,000 8,750,000 *Logan's Roadhouse, Inc. ............................................................. 223,200 4,185,000 *Lone Star Steakhouse & Saloon, Inc. ................................................. 510,000 19,252,500 *Micro Warehouse, Inc. ............................................................... 300,000 6,000,000 *OfficeMax, Inc. ..................................................................... 600,000 14,325,000 *Papa John's International, Inc. ..................................................... 160,000 7,800,000 *Price/Costco, Inc. .................................................................. 200,000 4,325,000 *Quality Dining, Inc. ................................................................ 31,000 1,015,250 *Quality Food Centers, Inc. .......................................................... 385,000 9,913,750 *Sports Authority, Inc. (The)......................................................... 450,000 14,737,500 Warnaco Group, Inc. (Class A)......................................................... 550,000 14,162,500 *Zale Corp. .......................................................................... 600,000 10,125,000 -------------- 152,396,250 -------------- ENERGY SERVICES (7.9%) *BJ Services Co. ..................................................................... 400,000 14,050,000 *GeoScience Corp. .................................................................... 200,000 2,800,000 *Grant Geophysical, Inc. ............................................................. 400,000 1,450,000 *Input/Output, Inc. .................................................................. 350,000 11,331,250 *J. Ray McDermott, S.A. .............................................................. 200,000 5,000,000 *Landmark Graphics Corp. ............................................................. 430,000 8,277,500 *Nabors Industries, Inc. ............................................................. 700,000 11,375,000 *Noble Drilling Corp. ................................................................ 900,000 12,487,500 *Oceaneering International, Inc. ..................................................... 600,000 9,075,000 *Pride Petroleum Services, Inc. ...................................................... 651,400 9,282,450 *Smith International, Inc. ........................................................... 550,000 16,568,750 Sonat Offshore Drilling, Inc. ........................................................ 250,000 12,625,000 Tidewater, Inc. ...................................................................... 300,000 13,162,500 -------------- 127,484,950 -------------- ENTERTAINMENT & MEDIA (4.5%) *American Radio Systems Corp. (Class A)............................................... 250,000 10,750,000 *Clear Channel Communications, Inc. .................................................. 125,000 10,296,875 *Evergreen Media Corp. (Class A)...................................................... 400,000 17,100,000 Nelson (Thomas), Inc. ................................................................ 420,000 5,617,500 *Regal Cinemas, Inc. ................................................................. 260,000 11,895,000 *SFX Broadcasting, Inc. (Class A)..................................................... 250,000 9,750,000
- 32 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) *WMS Industries, Inc. ................................................................ 300,000 $ 7,387,500 -------------- 72,796,875 -------------- HEALTH (9.3%) *Apria Healthcare Group, Inc. ........................................................ 850,000 26,668,750 *Coventry Corp. ...................................................................... 450,000 7,087,500 *Elan Corp. plc ADR................................................................... 210,000 11,996,250 *Gilead Sciences, Inc. ............................................................... 275,000 6,943,750 HBO & Co. ............................................................................ 180,000 12,195,000 *Healthsource, Inc. .................................................................. 700,000 12,250,000 *Medic Computer Systems, Inc. ........................................................ 150,000 12,168,750 *OrNda Healthcorp..................................................................... 550,000 13,200,000 *Oxford Health Plans, Inc. ........................................................... 250,000 10,281,250 *Renal Treatment Centers, Inc. ....................................................... 400,000 11,500,000 *ResMed, Inc. ........................................................................ 600,000 9,300,000 *Transition Systems, Inc. ............................................................ 165,000 4,702,500 *Vivra, Inc. ......................................................................... 350,000 11,506,250 -------------- 149,800,000 -------------- HOTELS & GAMING (1.2%) *Red Lion Hotels, Inc. ............................................................... 360,000 7,560,000 *Station Casinos, Inc. ............................................................... 780,000 11,212,500 -------------- 18,772,500 -------------- INSURANCE (2.2%) Berkley (W.R.) Corp. ................................................................. 250,000 10,437,500 Foremost Corp. of America............................................................. 254,000 14,414,500 Mutual Risk Management Ltd. .......................................................... 333,333 10,416,667 -------------- 35,268,667 -------------- MACHINERY & CAPITAL SPENDING (6.5%) AGCO Corp. ........................................................................... 500,000 13,875,000 Albany International Corp. (Class A).................................................. 225,000 5,090,625 Applied Power, Inc. (Class A)......................................................... 273,100 7,646,800 *Avondale Industries, Inc. ........................................................... 380,000 6,840,000 *Checkpoint Systems, Inc. ............................................................ 660,000 22,687,500 *Cognex Corp. ........................................................................ 225,000 3,628,125 Duriron Co., Inc. .................................................................... 325,000 7,800,000 *Jacobs Engineering Group, Inc. ...................................................... 402,000 10,602,750 Measurex Corp. ....................................................................... 550,000 16,087,500 Titan Wheel International, Inc. ...................................................... 610,000 9,760,000 -------------- 104,018,300 -------------- METAL MINING & STEEL (1.7%) *Alumax, Inc. ........................................................................ 300,000 9,112,500 Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 330,000 9,858,750
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Schnitzer Steel Industries, Inc. (Class A)............................................ 345,000 $ 9,228,750 -------------- 28,200,000 -------------- POLLUTION CONTROL (1.8%) Air & Water Technologies Corp. (Class A).............................................. 467,500 2,805,000 *Osmonics, Inc. ...................................................................... 458,300 10,311,750 *U.S. Filter Corp. ................................................................... 450,000 15,637,500 -------------- 28,754,250 -------------- TECHNOLOGY (23.5%) *ADC Telecommunications, Inc. ........................................................ 300,000 13,500,000 Adobe Systems, Inc. .................................................................. 375,000 13,453,125 Allen Group, Inc. .................................................................... 500,000 10,875,000 *Altera Corp. ........................................................................ 300,000 11,400,000 *America Online, Inc. (Del.).......................................................... 330,000 14,437,500 *Analog Devices, Inc. ................................................................ 360,000 9,180,000 *Andrew Corp. ........................................................................ 400,000 21,500,000 *Ascend Communications, Inc. ......................................................... 300,000 16,875,000 *Bay Networks, Inc. .................................................................. 500,000 12,875,000 *Cascade Communications Corp. ........................................................ 260,000 17,680,000 *Cisco Systems, Inc. ................................................................. 300,000 16,987,500 *Coherent Communications Systems Corp. ............................................... 390,900 8,306,625 *Comshare, Inc. ...................................................................... 326,000 10,106,000 *General Instrument Corp. ............................................................ 300,000 8,662,500 *Harmonic Lightwaves, Inc. ........................................................... 450,000 10,237,500 *HNC Software, Inc. .................................................................. 220,000 10,175,000 *Informix Corp. ...................................................................... 600,000 13,500,000 *KLA Instruments Corp. ............................................................... 300,000 6,975,000 *LSI Logic Corp. ..................................................................... 330,000 8,580,000 *MEMC Electronic Materials, Inc. ..................................................... 300,000 11,625,000 *Netscape Communications Corp. ....................................................... 100,000 6,225,000 Nokia Corp. Spon. ADR (Class A)....................................................... 300,000 11,100,000 *Novadigm, Inc. ...................................................................... 500,000 7,500,000 *Ortel Corp. ......................................................................... 50,000 1,225,000 *Planning Sciences International plc Spon. ADR........................................ 210,000 4,725,000 *PLATINUM Technology, Inc. ........................................................... 400,000 6,050,000 *Premisys Communications, Inc. ....................................................... 250,000 15,250,000 *Security Dynamics Technologies, Inc. ................................................ 90,000 7,402,500 *Softdesk, Inc. ...................................................................... 450,000 4,275,000 *SS&C Technologies, Inc. ............................................................. 216,800 3,306,200 *Sync Research, Inc. ................................................................. 450,000 6,412,500 System Software Associates, Inc. ..................................................... 440,000 7,480,000 *TCSI Corp. .......................................................................... 320,000 7,720,000 *Tellabs, Inc. ....................................................................... 225,000 15,046,875 *3Com Corp. .......................................................................... 420,000 19,215,000
- 33 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) *Workgroup Technology Corp. .......................................................... 330,000 $ 8,291,250 -------------- 378,155,075 -------------- TRANSPORTATION (2.1%) Airborne Freight Corp. ............................................................... 500,000 13,000,000 *Celadon Group, Inc. ................................................................. 580,000 4,495,000 Southwest Airlines Co. ............................................................... 550,000 16,018,750 -------------- 33,513,750 -------------- UTILITIES/COMMUNICATIONS (5.1%) *Arch Communications Group, Inc. ..................................................... 370,000 6,891,250 *Cellular Communications International, Inc. ......................................... 229,000 7,728,750 Cincinnati Bell, Inc. ................................................................ 175,000 9,121,875 *Comcast UK Cable Partners Ltd. (Class A)............................................. 500,000 6,375,000 *CommNet Cellular, Inc. .............................................................. 350,000 10,500,000 *Geotek Communications, Inc. ......................................................... 500,000 6,843,750 *NEXTEL Communications, Inc. (Class A)................................................ 500,000 9,531,250 *Paging Network, Inc. ................................................................ 380,000 9,120,000 *ProNet, Inc. ........................................................................ 350,000 4,287,500 *Western Wireless Corp. (Class A)..................................................... 294,600 6,297,075 *Winstar Communications, Inc. ........................................................ 250,000 6,234,375 -------------- 82,930,825 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Total Common Stocks (Cost $1,319,334,547)................................................................ $1,536,923,545 -------------- REPURCHASE AGREEMENT (4.2%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/96 in the amount of $67,502,510. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020 (Cost $67,471,064)................................................................... $ 67,471,064 67,471,064 -------------- TOTAL INVESTMENTS (99.7%) (Cost $1,386,805,611)........................................... 1,604,394,609 RECEIVABLES LESS LIABILITIES (0.3%)....................................................... 4,792,974 -------------- NET ASSETS (100.0%)....................................................................... $1,609,187,583 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 34 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------- ------------------- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (95.3%) REAL ESTATE APARTMENTS (25.0%) Associated Estates Realty Corp. ...................................................... 41,100 $ 863,100 Avalon Properties, Inc. .............................................................. 32,800 713,400 Camden Property Trust................................................................. 32,100 762,375 Colonial Properties Trust............................................................. 36,600 887,550 Equity Residential Properties Trust................................................... 27,800 913,925 Oasis Residential, Inc. .............................................................. 31,700 693,437 Smith (Charles E.) Residential Realty, Inc. .......................................... 20,500 492,000 Wellsford Residential Property Trust.................................................. 37,525 844,313 -------------- 6,170,100 -------------- OFFICE (15.1%) Beacon Properties Corp. .............................................................. 34,400 881,500 Cali Realty Corp. .................................................................... 39,000 945,750 Highwoods Properties, Inc. ........................................................... 36,000 994,500 Reckson Associates Realty Corp. ...................................................... 27,300 900,900 -------------- 3,722,650 -------------- INDUSTRIAL (20.6%) First Industrial Realty Trust, Inc. .................................................. 36,800 864,800 Liberty Property Trust................................................................ 39,000 775,125 Public Storage, Inc. ................................................................. 42,800 882,750 Spieker Properties, Inc. ............................................................. 33,000 899,250 Storage Trust Realty.................................................................. 39,400 807,700 TriNet Corporate Realty Trust, Inc. .................................................. 30,200 875,800 -------------- 5,105,425 -------------- MANUFACTURED HOMES (3.2%) Chateau Properties, Inc. ............................................................. 35,600 792,100 -------------- COMMUNITY CENTERS (9.4%) Excel Realty Trust, Inc. ............................................................. 39,200 803,600 Haagen (Alexander) Properties, Inc. .................................................. 44,600 568,650 JP Realty, Inc. ...................................................................... 44,800 957,600 -------------- 2,329,850 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- SHOPPING MALLS (10.3%) DeBartolo Realty Corp. ............................................................... 59,200 $ 954,600 Macerich Co. ......................................................................... 45,100 947,100 Simon Property Group, Inc. ........................................................... 25,900 634,550 -------------- 2,536,250 -------------- OTHER (11.7%) FelCor Suite Hotels, Inc. ............................................................ 27,300 832,650 *Interstate Hotels Co. ............................................................... 50,000 1,112,500 Starwood Lodging Trust................................................................ 26,400 960,300 -------------- 2,905,450 -------------- Total Common Stocks (Cost $21,788,363)................................................................... 23,561,825 -------------- REPURCHASE AGREEMENT (4.6%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $1,142,912. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020. (Cost $1,142,380).................................................................... $ 1,142,380 1,142,380 -------------- TOTAL INVESTMENTS (99.9%) (Cost $22,930,743)....................................................................... 24,704,205 RECEIVABLES LESS LIABILITIES (0.1%)....................................................... 16,049 -------------- NET ASSETS (100.0%)....................................................................... $ 24,720,254 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 35 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (50.7%) BANKING & FINANCE (4.7%) American Express Co. ................................................................. 75,200 $ 3,355,800 BankAmerica Corp. .................................................................... 49,900 3,779,925 Federal Home Loan Mortgage Corp. ..................................................... 42,000 3,591,000 Morgan (J.P.) & Co., Inc. ............................................................ 48,200 4,078,925 Morgan Stanley Group, Inc. ........................................................... 97,400 4,784,775 PNC Bank Corp. ....................................................................... 101,600 3,022,600 U.S. Bancorp (Ore.)................................................................... 119,000 4,298,875 -------------- 26,911,900 -------------- BUILDING & FORESTRY PRODUCTS (1.4%) Champion International Corp. ......................................................... 115,000 4,801,250 Willamette Industries, Inc. .......................................................... 53,000 3,153,500 -------------- 7,954,750 -------------- BUSINESS & CONSUMER SERVICES (2.0%) *ADT Ltd. ............................................................................ 211,400 3,990,175 Service Corp. International........................................................... 133,600 7,682,000 -------------- 11,672,175 -------------- CHEMICAL (2.3%) Grace (W.R.) & Co. ................................................................... 68,200 4,833,675 Hercules, Inc. ....................................................................... 93,100 5,143,775 IMC Global, Inc. ..................................................................... 82,100 3,089,012 -------------- 13,066,462 -------------- CONSUMER DURABLE (0.5%) Ford Motor Co. ....................................................................... 83,200 2,693,600 -------------- CONSUMER NON-DURABLE (5.5%) *Circus Circus Enterprises, Inc. ..................................................... 67,600 2,771,600 *Federated Department Stores, Inc. ................................................... 96,900 3,306,712 Home Depot, Inc. ..................................................................... 62,000 3,348,000 Marriott International, Inc. ......................................................... 69,700 3,746,375 Mattel, Inc. ......................................................................... 197,250 5,646,281 *Payless Cashways, Inc. .............................................................. 239,700 1,078,650 *Price/Costco, Inc. .................................................................. 200,000 4,325,000 Rite Aid Corp. ....................................................................... 90,000 2,677,500 Rykoff-Sexton, Inc. .................................................................. 81,000 1,164,375 Sears, Roebuck & Co. ................................................................. 76,900 3,739,263 -------------- 31,803,756 -------------- CONSUMER STAPLES (4.2%) ConAgra, Inc. ........................................................................ 63,800 2,894,925 Gillette Co. ......................................................................... 49,000 3,056,375 McDonald's Corp. ..................................................................... 30,600 1,430,550 Nabisco Holdings Corp. (Class A)...................................................... 86,900 3,074,087 PepsiCo, Inc. ........................................................................ 131,000 4,634,125 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Pioneer Hi-Bred International, Inc. .................................................. 43,700 $ 2,310,637 Procter & Gamble Co. ................................................................. 32,300 2,927,188 Sunbeam Corp. ........................................................................ 271,200 4,000,200 -------------- 24,328,087 -------------- ENERGY (3.4%) Louisiana Land & Exploration Co. ..................................................... 54,000 3,111,750 Mobil Corp. .......................................................................... 47,800 5,359,575 Noble Affiliates, Inc. ............................................................... 28,800 1,087,200 Royal Dutch Petroleum Co. ADR......................................................... 43,450 6,680,437 Unocal Corp. ......................................................................... 100,000 3,375,000 -------------- 19,613,962 -------------- ENTERTAINMENT & MEDIA (1.6%) Time Warner, Inc. .................................................................... 128,800 5,055,400 *Viacom, Inc. (Class B)............................................................... 106,600 4,144,075 -------------- 9,199,475 -------------- HEALTH (5.5%) American Home Products Corp. ......................................................... 162,600 9,776,325 Bausch & Lomb, Inc. .................................................................. 64,700 2,749,750 Baxter International, Inc. ........................................................... 104,400 4,932,900 Johnson & Johnson..................................................................... 116,000 5,742,000 Merck & Co., Inc. .................................................................... 80,700 5,215,238 Pfizer, Inc. ......................................................................... 40,000 2,855,000 -------------- 31,271,213 -------------- INSURANCE (2.6%) Aetna Life & Casualty Co. ............................................................ 64,900 4,640,350 Berkley (W.R.) Corp. ................................................................. 71,000 2,964,250 General Re Corp. ..................................................................... 20,400 3,105,900 TIG Holdings, Inc. ................................................................... 150,000 4,350,000 -------------- 15,060,500 -------------- MACHINERY & CAPITAL SPENDING (2.3%) Case Corp. ........................................................................... 58,000 2,784,000 Emerson Electric Co. ................................................................. 32,800 2,964,300 General Electric Co. ................................................................. 34,000 2,941,000 Grainger (W.W.), Inc. ................................................................ 23,000 1,782,500 Honeywell, Inc. ...................................................................... 55,100 3,002,950 -------------- 13,474,750 -------------- METAL MINING & STEEL (1.3%) Aluminum Company of America........................................................... 86,400 4,957,200 Worthington Industries, Inc. ......................................................... 123,000 2,567,625 -------------- 7,524,825 -------------- REAL ESTATE SECURITIES (3.1%) American Health Properties, Inc. ..................................................... 73,600 1,628,400
- 36 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Associated Estates Realty Corp. ...................................................... 76,200 $ 1,600,200 Beacon Properties Corp. .............................................................. 45,000 1,153,125 Equity Residential Properties Trust................................................... 48,500 1,594,437 JP Realty, Inc. ...................................................................... 97,500 2,084,063 Manufactured Home Communities, Inc. .................................................. 78,000 1,501,500 National Health Investors, Inc. ...................................................... 72,000 2,358,000 Simon Property Group, Inc. ........................................................... 52,500 1,286,250 Spieker Properties, Inc. ............................................................. 106,000 2,888,500 Sun Communities, Inc. ................................................................ 54,700 1,470,063 -------------- 17,564,538 -------------- TECHNOLOGY (6.0%) Adobe Systems, Inc. .................................................................. 120,000 4,305,000 *Cisco Systems, Inc. ................................................................. 52,400 2,967,150 *Computer Sciences Corp. ............................................................. 63,200 4,724,200 *Electronic Data Systems Corp. ....................................................... 100,000 5,375,000 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 135,900 2,921,850 Hewlett-Packard Co. .................................................................. 13,000 1,295,125 Intel Corp. .......................................................................... 67,200 4,935,000 International Business Machines Corp. ................................................ 41,300 4,088,700 Motorola, Inc. ....................................................................... 61,300 3,854,238 -------------- 34,466,263 -------------- TRANSPORTATION (1.1%) *Federal Express Corp. ............................................................... 36,500 2,993,000 Southwest Airlines Co. ............................................................... 122,000 3,553,250 -------------- 6,546,250 -------------- UTILITIES/COMMUNICATIONS (1.7%) AT&T Corp. ........................................................................... 46,700 2,895,400 GTE Corp. ............................................................................ 69,200 3,096,700 Vodafone Group plc Spon. ADR.......................................................... 77,100 2,843,062 *Western Wireless Corp. (Class A)..................................................... 37,500 801,563 -------------- 9,636,725 -------------- UTILITIES/ELECTRIC/GAS (1.5%) Idaho Power Co. ...................................................................... 78,700 2,449,538 NIPSCO Industries, Inc. .............................................................. 77,200 3,107,300 NorAm Energy Corp. ................................................................... 256,800 2,792,700 -------------- 8,349,538 -------------- Total Common Stocks (Cost $252,959,364).................................................................. 291,138,769 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (30.0%) U.S. TREASURY BONDS & NOTES (14.8%) U.S. Treasury Bonds 12.000% 08/15/2013................................................................... $ 12,975,000 $ 18,297,475 8.875% 08/15/2017................................................................... 1,925,000 2,310,173 8.125% 08/15/2019................................................................... 7,845,000 8,808,915 U.S. Treasury Notes 5.750% 09/30/1997................................................................... 6,290,000 6,278,804 8.875% 02/15/1999................................................................... 7,100,000 7,543,750 7.000% 04/15/1999................................................................... 10,750,000 10,955,325 6.875% 08/31/1999................................................................... 18,370,000 18,651,245 7.250% 05/15/2004................................................................... 11,510,000 11,927,007 -------------- 84,772,694 -------------- U.S. TREASURY STRIP (PRINCIPAL) (1.1%) 0.000% 11/15/2004................................................................... 11,280,000 6,435,353 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (6.2%) 7.500% 09/20/2025 - 07/15/2026 (GNMA II)............................................ 17,974,815 17,649,022 7.500% 03/15/2026................................................................... 544,841 537,349 8.000% 05/15/2025 - 07/20/2026...................................................... 17,381,049 17,538,565 -------------- 35,724,936 -------------- FEDERAL HOUSING ADMINISTRATION (FHA) (1.1%) FHA Insured Project Pool #12 7.430% 12/01/2021................................................................... 1,498,131 1,510,775 FHA Insured Project Pool #23-11059 7.700% 08/01/2028................................................................... 1,626,070 1,600,313 FHA Insured Project Pool #42 7.430% 09/01/2022................................................................... 1,231,609 1,239,307 FHA Insured Project Pool #53 7.430% 02/01/2022................................................................... 932,055 937,881 FHA Insured Project Pool #53-43077 9.125% 07/25/2033................................................................... 1,104,152 1,153,231 -------------- 6,441,507 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (0.1%) 8.157% 05/01/2025 (ARM)............................................................. 615,803 625,619 -------------- FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) (0.6%) 7.500% 07/15/2003................................................................... 1,710,000 1,729,237 8.500% 10/01/2024 - 03/01/2025...................................................... 1,366,746 1,404,331 -------------- 3,133,568 -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (6.1%) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1203 Cl. F 6.750% 07/15/2003................................................................... 351,455 351,233
- 37 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (CONTINUED) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1233 Cl. H 7.000% 04/15/2007................................................................... $ 600,000 $ 591,186 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1468 Cl. HA 5.000% 02/15/2021................................................................... 894,000 781,410 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1627 Cl. EA 6.000% 05/15/2023................................................................... 1,670,000 1,365,225 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1715 Cl. K 7.000% 09/15/2020................................................................... 2,470,000 2,388,243 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1735 Cl. M 6.500% 06/15/2024................................................................... 550,000 480,219 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. H 8.250% 09/15/2023................................................................... 6,025,000 6,247,142 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................................................................... 130,000 134,793 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1843 Cl. D 7.000% 01/15/2024................................................................... 470,000 435,411 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1848 Cl. PC 7.000% 06/15/2022................................................................... 1,500,000 1,459,922 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 24 Cl. B 4.500% 01/25/2004................................................................... 294,985 293,142 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-58 Cl. H 5.500% 04/25/2023................................................................... 3,900,000 3,467,334 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. G1993-26 Cl. PJ 6.500% 02/25/2021................................................................... 3,420,000 3,250,060 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-184 Cl. H 0.000% 02/25/2002................................................................... 2,395,000 1,720,664 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D 0.000% 04/25/2004................................................................... 1,990,000 1,313,997 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-235 Cl. C 0.000% 10/25/1997................................................................... 1,050,000 991,914
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-8 Cl. J 7.750% 07/25/2023................................................................... $ 1,540,000 $ 1,553,952 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-26 Cl. C 0.000% 07/25/2001................................................................... 3,030,000 2,313,193 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. G1996-1 Cl. PG 7.500% 06/17/2022................................................................... 1,580,000 1,599,276 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W2 Cl. A5 7.550% 04/25/2025................................................................... 815,000 823,558 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D 0.000% 05/25/2009................................................................... 1,260,000 947,356 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 663,022 663,022 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-3 Cl. 1F 7.250% 12/15/2021................................................................... 1,640,000 1,558,508 -------------- 34,730,760 -------------- Total U.S. Government, Federal Agency Obligations (Cost $173,334,189).................................................................. 171,864,437 -------------- OTHER SECURITIZED LOANS (4.7%) COLLATERALIZED MORTGAGE OBLIGATIONS (2.1%) Bear Stearns Mortgage Securities, Inc. 1996-2 Cl. A 7.010% 01/25/2025................................................................... 992,957 915,705 CMC Securities Corp. I Series 1992-B Cl. B2 7.375% 11/25/2023................................................................... 2,520,215 2,511,949 Cityscape Home Equity Loan Trust Series 1996-2 Cl. A3 7.600% 04/25/2011................................................................... 1,760,000 1,774,573 Residential Funding Mtg. Sec., Inc. Series 1996-S9 Cl. A12 7.250% 04/25/2026................................................................... 446,093 440,798 Ryland Mortgage Sec. Corp. Three Series 1992-D Cl. 2-A-4 8.200% 09/25/2022................................................................... 2,745,000 2,747,470 Securitized Asset Sales, Inc. Mtg. Pass Thru Ctf. Series 1993-3 Cl. A2 7.297% 11/25/2023................................................................... 701,405 695,723
- 38 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OTHER SECURITIZED LOANS (CONTINUED) Structured Mtg. Asset Res. Tr. Series 1993-3C Multiclass Ctf. Cl. CG 7.500% 08/25/2021................................................................... $ 2,912,485 $ 2,913,068 -------------- 11,999,286 -------------- ASSET BACKED SECURITIES (2.6%) Amresco Residential Securities Corp. Mortgage Loan Trust Series 1996-2 Ctf. Cl. Al 7.425% 05/25/2027................................................................... 3,058,179 3,061,849 First Alliance Mortgage Trust Series 1994-2 Cl. A-1 7.625% 07/25/2025................................................................... 3,144,291 3,158,126 GE Capital Mtg. Services, Inc. Series 1995-HE1 Cl. A6 7.500% 09/25/2010................................................................... 3,373,656 3,373,117 Prudential Secs. Financial Asset Funding Corp. Pass Thru Ctf. 1994-2 Cl. A 6.350% 11/15/2014................................................................... 4,541,301 4,371,729 Prudential Securities Secured Financing Corp. Mtg. Pass Thru Ctf. Series 1996-1 Cl. A3 7.175% 08/15/2026................................................................... 980,639 972,401 -------------- 14,937,222 -------------- Total Other Securitized Loans (Cost $26,867,377)................................................................... 26,936,508 -------------- CORPORATE BONDS (11.3%) INDUSTRIAL (5.3%) American President Co. Ltd. 8.000% 01/15/2024................................................................... 2,025,000 1,896,068 Continental Cablevision, Inc. 9.000% 09/01/2008................................................................... 1,300,000 1,412,931 Emerson Electric Co. Euro 7.875% 06/05/1998................................................................... 380,000 389,960 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 500,000 500,000 Federated Department Stores, Inc. 10.000% 02/15/2001................................................................... 1,000,000 1,052,500 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 400,000 400,000 Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... 1,400,000 1,277,500 Lockheed Martin Corp. 6.625% 06/15/1998................................................................... 5,000,000 5,017,950
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................................................................... $ 600,000 $ 620,376 Louisiana Land & Exploration Co. 7.650% 12/01/2023................................................................... 2,020,000 1,955,340 Nabisco, Inc. 6.700% 06/15/2002................................................................... 2,000,000 1,950,820 News America Holdings, Inc. 7.600% 10/11/2015................................................................... 3,900,000 3,629,808 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002................................................................... 1,300,000 1,397,500 Rykoff Sexton, Inc. 8.875% 11/01/2003................................................................... 250,000 225,000 Seagull Energy Corp. 8.625% 08/01/2005................................................................... 250,000 235,000 Sears Roebuck Acceptance Corp. 6.510% 02/03/1999................................................................... 2,450,000 2,445,761 Stop & Shop Cos., Inc. 9.750% 02/01/2002................................................................... 215,000 235,425 Temple Inland, Inc. Medium Term Note 9.000% 04/20/1998................................................................... 200,000 208,940 Time Warner Entertainment Co. L.P. 9.625% 05/01/2002................................................................... 1,900,000 2,093,895 8.875% 10/01/2012................................................................... 1,240,000 1,294,114 Union Oil Co. of California 6.375% 02/01/2004................................................................... 2,485,000 2,336,621 -------------- 30,575,509 -------------- FINANCIAL (5.0%) Associates Corp. N.A. 6.750% 10/15/1999................................................................... 450,000 451,035 Beneficial Corp. Medium Term Note 8.170% 11/09/1999................................................................... 4,120,000 4,286,407 CIT Group Holdings, Inc. Medium Term Note 7.000% 09/30/1997................................................................... 1,040,000 1,050,504 CP Limited Partnership 8.750% 03/02/2000................................................................... 1,450,000 1,503,708 Commercial Credit Group, Inc. 6.625% 06/01/2015................................................................... 1,250,000 1,239,725 ERP Operating Limited Partnership (144A) 8.500% 05/15/1999................................................................... 800,000 826,520 Equitable Cos., Inc. 9.000% 12/15/2004................................................................... 1,900,000 2,091,121 First Security Corp. (Del.) 7.875% 10/15/1999................................................................... 800,000 823,288
- 39 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) Fleet Mortgage Group, Inc. 6.500% 09/15/1999................................................................... $ 550,000 $ 547,013 General Electric Capital Corp. Medium Term Note 7.875% 11/15/1997................................................................... 1,500,000 1,537,860 Goldman Sachs Group L.P. (144A) 6.750% 02/15/2006................................................................... 3,225,000 3,067,136 Household Finance Corp. 6.375% 06/30/2000................................................................... 2,375,000 2,332,891 8.375% 11/15/2001................................................................... 3,100,000 3,293,409 Morgan Stanley Group, Inc. Medium Term Note 5.750% 02/15/2001................................................................... 2,100,000 1,998,927 Spieker Properties 6.900% 01/15/2004................................................................... 2,450,000 2,304,593 Wachovia Bank Medium Term Note 6.000% 03/15/1999................................................................... 1,425,000 1,408,442 -------------- 28,762,579 -------------- UTILITY (0.3%) GTE Corp. 8.850% 03/01/1998................................................................... 750,000 777,577 GTE North, Inc. 5.500% 02/15/1999................................................................... 1,000,000 975,340 -------------- 1,752,917 -------------- YANKEE (0.7%) Hydro-Quebec 8.000% 02/01/2013................................................................... 1,520,000 1,560,751 Manitoba Province 7.750% 02/01/2002................................................................... 700,000 726,733
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Province Ontario 7.000% 08/04/2005................................................................... $ 1,600,000 $ 1,577,136 -------------- 3,864,620 -------------- Total Corporate Bonds (Cost $65,943,648)................................................................... 64,955,625 -------------- Total investments, excluding temporary cash investment (Cost $519,104,578).................................................................. 554,895,339 -------------- REPURCHASE AGREEMENT (3.6%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $20,674,101 Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020 (Cost $20,664,470)................................................................... 20,664,470 20,664,470 -------------- TOTAL INVESTMENTS (100.3%) (Cost $539,769,048)...................................................................... 575,559,809 RECEIVABLES LESS LIABILITIES (-0.3%)...................................................... (1,987,041) -------------- NET ASSETS (100.0%)....................................................................... $ 573,572,768 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 40 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMERCIAL PAPER (98.4%) Air Products & Chemicals, Inc. 5.260% 08/21/1996................................................................... $ 10,000,000 $ 9,924,022 American Express Credit Corp. 5.290% 08/19/1996................................................................... 5,000,000 4,963,264 5.270% 08/27/1996................................................................... 10,000,000 9,915,095 5.280% 08/29/1996................................................................... 10,000,000 9,912,000 American General Finance Corp. 5.300% 07/11/1996................................................................... 5,000,000 4,991,903 5.270% 08/12/1996................................................................... 10,000,000 9,937,053 5.370% 09/18/1996................................................................... 10,000,000 9,880,667 Ameritech Corp. 5.250% 07/29/1996................................................................... 10,000,000 9,957,708 5.280% 08/09/1996................................................................... 10,000,000 9,941,334 Associates Corp. of North America 5.550% 07/01/1996................................................................... 24,000,000 23,996,300 Avco Financial Services, Inc. 5.270% 07/19/1996................................................................... 5,000,000 4,986,093 5.390% 08/06/1996................................................................... 5,000,000 4,972,301 Barclays U.S. Funding Corp. 5.300% 07/18/1996................................................................... 10,000,000 9,973,500 5.260% 08/14/1996................................................................... 10,000,000 9,934,250 5.280% 08/26/1996................................................................... 5,000,000 4,958,200 Beneficial Corp. 5.260% 09/03/1996................................................................... 10,000,000 9,905,028 5.310% 09/05/1996................................................................... 10,000,000 9,901,175 5.400% 09/26/1996................................................................... 5,000,000 4,934,000 Brown-Forman Corp. 5.260% 07/25/1996................................................................... 3,202,000 3,190,304 5.430% 09/06/1996................................................................... 4,832,000 4,782,440 CIT Group Holdings, Inc. 5.270% 08/23/1996................................................................... 8,000,000 7,936,760 5.310% 08/26/1996................................................................... 5,000,000 4,957,962 5.380% 09/09/1996................................................................... 7,000,000 6,925,726 5.390% 09/12/1996................................................................... 5,000,000 4,944,603 Cargill, Inc. 5.300% 07/17/1996................................................................... 10,000,000 9,974,972 5.380% 09/19/1996................................................................... 5,000,000 4,939,475 Cargill Financial Services Corp. 5.280% 08/30/1996................................................................... 6,000,000 5,946,320 5.500% 12/09/1996................................................................... 5,000,000 4,876,251 Chevron Transport Co. 5.280% 08/08/1996................................................................... 5,000,000 4,971,400 5.290% 09/04/1996................................................................... 12,000,000 11,883,620 5.400% 09/12/1996................................................................... 8,000,000 7,911,200 Citizens Utilities Co. 5.240% 07/03/1996................................................................... 10,000,000 9,995,633 PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Coca-Cola Co. 5.240% 07/22/1996................................................................... $ 10,000,000 $ 9,967,978 Commercial Credit Co. 5.270% 07/10/1996................................................................... 10,000,000 9,985,361 Deere (John) Capital Corp. 5.300% 07/01/1996................................................................... 10,000,000 9,998,528 5.290% 07/31/1996................................................................... 10,000,000 9,954,447 5.340% 08/05/1996................................................................... 5,000,000 4,973,300 Disney (Walt) Co. 5.290% 07/12/1996................................................................... 8,000,000 7,985,893 5.260% 08/20/1996................................................................... 7,000,000 6,947,839 5.420% 10/09/1996................................................................... 5,000,000 4,923,970 Dow Jones & Co., Inc. 5.300% 09/06/1996................................................................... 10,000,000 9,899,889 DuPont (E.I.) de Nemours & Co. 5.240% 07/09/1996................................................................... 5,000,000 4,993,450 5.270% 08/07/1996................................................................... 13,000,000 12,927,684 Ford Motor Credit Co. 5.290% 07/05/1996................................................................... 5,000,000 4,996,326 5.280% 07/24/1996................................................................... 10,000,000 9,964,800 5.280% 07/25/1996................................................................... 5,000,000 4,981,667 5.280% 08/15/1996................................................................... 5,000,000 4,966,267 General Electric Capital Corp. 5.320% 07/09/1996................................................................... 8,000,000 7,989,360 5.260% 07/24/1996................................................................... 10,000,000 9,964,933 5.290% 08/12/1996................................................................... 6,000,000 5,962,089 Glaxo Wellcome plc 5.300% 07/08/1996................................................................... 3,665,000 3,660,684 5.310% 08/28/1996................................................................... 5,000,000 4,956,488 5.280% 09/09/1996................................................................... 5,000,000 4,947,934 5.370% 09/13/1996................................................................... 10,000,000 9,888,126 Goldman Sachs Group L.P. 5.320% 07/08/1996................................................................... 5,000,000 4,994,089 5.250% 07/10/1996................................................................... 10,000,000 9,985,417 5.290% 08/16/1996................................................................... 10,000,000 9,930,936 Hewlett-Packard Co. 5.250% 08/30/1996................................................................... 10,000,000 9,911,042 Household Finance Corp. 5.250% 07/12/1996................................................................... 7,000,000 6,987,750 5.260% 07/26/1996................................................................... 10,000,000 9,962,011 5.380% 09/20/1996................................................................... 8,000,000 7,901,965 Lilly (Eli) & Co. 5.290% 08/13/1996................................................................... 10,000,000 9,935,345 MetLife Funding, Inc. 5.400% 09/23/1996................................................................... 10,000,000 9,872,500 5.380% 10/01/1996................................................................... 10,000,000 9,861,017
- 41 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMERCIAL PAPER (CONTINUED) Monsanto Co. 5.250% 07/19/1996................................................................... $ 5,000,000 $ 4,986,146 5.290% 08/06/1996................................................................... 9,000,000 8,951,068 5.380% 09/04/1996................................................................... 10,680,000 10,574,660 Morgan (J.P.) & Co., Inc. 5.250% 07/02/1996................................................................... 8,000,000 7,997,667 5.260% 07/11/1996................................................................... 8,000,000 7,987,142 Morgan Stanley Group, Inc. 5.310% 07/19/1996................................................................... 5,000,000 4,985,988 5.310% 08/01/1996................................................................... 10,000,000 9,952,800 National Rural Utilities Cooperative Finance Corp. 5.290% 08/02/1996................................................................... 5,000,000 4,975,754 5.270% 08/08/1996................................................................... 10,000,000 9,942,909 5.400% 09/20/1996................................................................... 5,000,000 4,938,500 5.400% 09/24/1996................................................................... 5,000,000 4,935,500 Norfolk Southern Corp. 5.250% 07/08/1996................................................................... 5,000,000 4,994,167 5.340% 07/15/1996................................................................... 14,072,000 14,040,690 5.290% 08/29/1996................................................................... 5,000,000 4,955,917 Norwest Corp. 5.310% 07/23/1996................................................................... 5,000,000 4,983,038 5.270% 07/30/1996................................................................... 10,000,000 9,956,084 5.380% 08/20/1996................................................................... 5,000,000 4,961,892 PacifiCorp 5.280% 07/15/1996................................................................... 2,634,000 2,628,205 5.280% 08/19/1996................................................................... 5,000,000 4,963,334 Pitney Bowes, Inc. 5.380% 09/11/1996................................................................... 9,700,000 9,594,178 Pitney Bowes Credit Corp. 5.260% 08/28/1996................................................................... 5,000,000 4,956,898 Prudential Funding Corp. 5.290% 07/16/1996................................................................... 10,000,000 9,976,489 5.290% 08/05/1996................................................................... 5,000,000 4,973,550 5.400% 09/25/1996................................................................... 10,000,000 9,869,500 Siemens Corp. 5.270% 08/15/1996................................................................... 5,000,000 4,966,331 Sonoco Products Co. 5.310% 09/10/1996................................................................... 15,000,000 14,840,700 5.400% 09/17/1996................................................................... 10,000,000 9,881,500 Southern California Gas Co. 5.300% 08/02/1996................................................................... 9,446,000 9,400,108
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Southwestern Bell Capital Corp. 5.260% 07/22/1996................................................................... $ 5,000,000 $ 4,983,928 5.400% 09/05/1996................................................................... 3,350,000 3,316,333 5.380% 09/05/1996................................................................... 5,000,000 4,949,936 Temple-Inland, Inc. 5.270% 08/22/1996................................................................... 8,500,000 8,434,052 USAA Capital Corp. 5.270% 08/22/1996................................................................... 10,000,000 9,922,414 5.370% 09/19/1996................................................................... 10,000,000 9,879,176 WMX Technologies, Inc. 5.410% 09/24/1996................................................................... 10,000,000 9,870,762 Weyerhaeuser Co. 5.270% 07/18/1996................................................................... 5,000,000 4,986,825 5.290% 07/23/1996................................................................... 8,000,000 7,972,962 5.290% 07/30/1996................................................................... 5,000,000 4,977,958 -------------- Total Commercial Paper (Cost $789,864,705).................................................................. 789,864,705 -------------- U.S. GOVERNMENT AGENCY DISCOUNT NOTE (1.9%) Federal Home Loan Mortgage Corp. 5.340% 09/16/1996 (Cost $14,826,450)................................................................... 15,000,000 14,826,450 -------------- REPURCHASE AGREEMENT (0.2%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/96 in the amount of $1,667,864. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020 (Cost $1,667,087).................................................................... 1,667,087 1,667,087 -------------- TOTAL INVESTMENTS (100.5%) (Cost $806,358,242, including $5,276,924 accrued interest receivable).................... 806,358,242 CASH AND RECEIVABLES LESS LIABILITIES (-0.5%)............................................. (3,906,679) -------------- NET ASSETS (100.0%)....................................................................... $ 802,451,563 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 42 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - -------------- -------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
U.S. June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------ -------------- U.S. TREASURY NOTES (97.0%) 8.250% 07/15/1998................................................................... $ 8,750,000 $ 9,100,000 4.750% 10/31/1998................................................................... 11,650,000 11,289,549 8.875% 02/15/1999................................................................... 17,700,000 18,806,250 -------------- Total U.S. Treasury Notes (Cost $39,535,374)................................................................... 39,195,799 REPURCHASE AGREEMENT (1.3%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $528,813. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020 (Cost $528,567)...................................................................... 528,567 528,567 -------------- TOTAL INVESTMENTS (98.3%) (Cost $40,063,941)....................................................................... 39,724,366 RECEIVABLES LESS LIABILITIES (1.7%)....................................................... 691,935 -------------- NET ASSETS (100.0%)....................................................................... $ 40,416,301 -------------- --------------
(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 FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (56.7%) U.S. TREASURY BONDS & NOTES (25.0%) U.S. Treasury Bonds 12.000% 08/15/2013................................................................... $ 14,220,000 $ 20,053,186 8.125% 08/15/2019................................................................... 12,230,000 13,732,700 U.S. Treasury Notes 5.750% 09/30/1997................................................................... 9,440,000 9,423,197 7.000% 04/15/1999................................................................... 11,020,000 11,230,482 6.875% 08/31/1999................................................................... 8,575,000 8,706,283 7.250% 05/15/2004................................................................... 18,145,000 18,802,394 -------------- 81,948,242 -------------- U.S. TREASURY STRIP (PRINCIPAL) (2.6%) 0.000% Due 11/15/2004............................................................... 14,905,000 8,503,452 -------------- OTHER GOVERNMENT AGENCY OBLIGATION (1.6%) Farm Credit Systems Financial Assistance Corp. Series A 9.375% 07/21/2003................................................................... 4,660,000 5,317,479 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (7.1%) 7.500% 12/20/2025 - 06/20/2026 (GNMA II)............................................ 16,087,061 15,795,482 7.500% 05/15/2026................................................................... 1,009,999 996,112 8.000% 10/15/2025 - 06/15/2026...................................................... 6,479,598 6,538,319 -------------- 23,329,913 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GRADUATED PAYMENT MORTGAGE (GNMA GPM) (0.2%) 9.000% 05/15/2009................................................................... 613,421 638,342 -------------- FEDERAL HOUSING ADMINISTRATION (FHA) (4.6%) FHA Norwest Insured Project Pool #40 7.430% 08/01/2021................................................................... 2,725,145 2,746,864 FHA Insured Project Pool #42 7.430% 09/01/2022................................................................... 5,696,190 5,731,792 FHA Insured Project Pool #44 7.430% 08/01/2022................................................................... 1,302,126 1,310,264 FHA Insured Project Pool #2022 7.430% 12/01/2020................................................................... 1,428,116 1,441,726 FHA Insured Project Pool #1984-D 9.680% 02/01/2024................................................................... 831,343 858,886 FHA Insured Project Pool #051-11078 8.350% 04/01/2030................................................................... 2,235,354 2,269,376 FHA Insured Project Pool #092-35499 8.450% 11/15/2031................................................................... 795,191 809,854 -------------- 15,168,762 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (1.6%) 8.157% 05/01/2025 (ARM)............................................................. 5,325,863 5,410,757 -------------- PRINCIPAL AMOUNT VALUE(1) ------------- -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (14.0%) American Southwest Financial Corp. Series 64 Cl. E 8.500% 06/17/2019.................................................................... $ 1,011,288 $ 1,017,922 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1118 Cl. H 8.250% 07/15/2001.................................................................... 13,945 13,914 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1547 Cl. C 5.750% 04/15/2023.................................................................... 379,776 333,075 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. D 7.625% 08/15/2016.................................................................... 2,445,000 2,491,602 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. G 8.000% 06/15/2021............................................. 1,700,000 1,741,429 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1761 Cl. H 8.250% 09/15/2023............................................. 10,575,000 10,964,900 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023............................................. 692,000 717,514 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1779 Cl. G 9.500% 12/15/2023............................................. 1,000,000 1,063,125 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1843 Cl. D 7.000% 01/15/2024............................................. 1,890,000 1,750,908 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 31 Cl. A 0.000% 09/25/1996.................................................................... 186,511 184,295 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 35 Cl. PH 7.750% 03/17/2023.................................................................... 1,580,000 1,606,670 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1990-95 Cl. H 6.500% 08/25/2020.............. 5,200,000 4,827,056 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-94 Cl. C 0.000% 01/25/1999.............. 2,969,466 2,655,802 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1992-214 Cl. PL 7.500% 05/25/2021............ 1,700,000 1,704,250 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-58 Cl. H 5.500% 04/25/2023.............. 1,380,000 1,226,903 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D 0.000% 04/25/2004............. 7,440,000 4,912,632
- 44 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (CONTINUED) FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-20 Cl. PJ 5.800% 05/25/2004................................................................... $ 410,000 $ 403,592 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W2 Cl. A5 7.550% 04/25/2025................................................................... 2,770,000 2,799,085 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D 0.000% 05/25/2009................................................................... 2,340,000 1,759,376 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 1,200,608 1,200,607 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-1C Cl. 3E 8.000% 07/15/2018................................................................... 870,000 888,487 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-3 Cl. 1F 7.250% 12/15/2021................................................................... 1,720,000 1,634,533 -------------- 45,897,677 -------------- Total U.S. Government, Federal Agency Obligations (Cost $187,267,302)....................................... 186,214,624 -------------- OTHER SECURITIZED LOANS (12.4%) COLLATERALIZED MORTGAGE OBLIGATIONS (8.2%) Bear Stearns Mortgage Securities, Inc. 1996-2 Cl. A 7.010% 01/25/2025................................................................... 2,978,234 2,746,527 CMC Securities Corp. I Series 1992-B Cl. B2 7.375% 11/25/2023................................................................... 5,163,568 5,146,632 Cityscape Home Equity Loan Trust Series 1996-2 Cl. A3 7.600% 04/25/2011................................................................... 3,450,000 3,478,566 Independent National Mortgage Corp. Series 1995-H Cl. A13 8.350% 06/25/2025................................................................... 5,392,000 5,483,125 Residential Funding Mtg. Sec., Inc. Series 1993-S45 Cl. A-10 8.000% 12/23/2023................................................................... 1,250,000 1,258,600 Residential Funding Mtg. Sec., Inc. Series 1996-S9 Cl. A12 7.250% 04/25/2026................................................................... 8,991,245 8,884,519 -------------- 26,997,969 --------------
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- ASSET BACKED SECURITIES (4.2%) Amresco Residential Securities Corp. Mortgage Loan Trust Series 1996-2 Ctf. Cl. A1 7.425% 05/25/2027................................................................... $ 1,425,588 $ 1,427,299 Amresco Residential Securities Corp. Mortgage Loan Trust Series 1996-3 Ctf. Cl. A6 7.875% 11/25/2024................................................................... 1,860,000 1,878,061 Amresco Residential Securities Corp. Mortgage Loan Trust Series 1996-3 Ctf. Cl. A7 8.075% 04/25/2026................................................................... 1,541,000 1,552,804 First Alliance Mortgage Trust Series 1994-2 Cl. A-1 7.625% 07/25/2025................................................................... 2,781,773 2,794,012 First Alliance Mortgage Trust Series 1996-1 Cl. A-1 7.340% 06/20/2027................................................................... 2,938,524 2,925,683 GE Capital Mtg. Services, Inc. Series 1995-HE1 Cl. A6 7.500% 09/25/2010................................................................... 3,175,454 3,174,946 -------------- 13,752,805 -------------- Total Other Securitized Loans (Cost $40,635,595)................................................................... 40,750,774 -------------- CORPORATE BONDS (26.0%) INDUSTRIAL (14.2%) American President Co. Ltd. 8.000% 01/15/2024................................................................... 2,925,000 2,738,765 American Standard, Inc. Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................... 500,000 436,250 Continental Cablevision, Inc. 9.000% 09/01/2008................................................................... 1,700,000 1,847,679 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 475,000 475,000 Federated Department Stores, Inc. 10.000% 02/15/2001................................................................... 600,000 631,500 Foster Wheeler Corp. 6.750% 11/15/2005................................................................... 2,925,000 2,784,951 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 300,000 300,000 Harrahs Operating, Inc. 10.875% 04/15/2002................................................................... 1,250,000 1,340,625 Hospital Corp. America 0.000% 06/01/1997................................................................... 1,750,000 1,655,080 La Quinta Inns, Inc. 9.250% 05/15/2003................................................................... 375,000 381,562
- 45 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... $ 2,100,000 $ 1,916,250 Lockheed Martin Corp. 6.625% 06/15/1998................................................................... 6,400,000 6,422,976 Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................................................................... 650,000 672,074 Marriott International, Inc. 6.750% 12/01/2009................................................................... 3,000,000 2,736,420 Nabisco, Inc. 6.700% 06/15/2002................................................................... 3,750,000 3,657,788 News America Holdings, Inc. 7.600% 10/11/2015................................................................... 6,250,000 5,817,000 Occidental Petroleum Corp. 10.125% 11/15/2001................................................................... 1,285,000 1,460,325 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002................................................................... 2,900,000 3,117,500 Sears, Roebuck Acceptance Corp. Medium Term Notes 6.400% 10/11/2000................................................................... 4,525,000 4,452,238 Time Warner Entertainment Co. L.P. 8.875% 10/01/2012................................................................... 2,265,000 2,363,845 Union Oil Co. of California 6.375% 02/01/2004................................................................... 1,625,000 1,527,971 -------------- 46,735,799 -------------- FINANCIAL (7.5%) Ahmanson (H.F.) & Co. 8.250% 10/01/2002................................................................... 2,500,000 2,631,475 Ford Motor Credit Co. 6.850% 08/15/2000................................................................... 4,000,000 3,980,840 General Motors Acceptance Corp. 9.000% 10/15/2002................................................................... 2,900,000 3,162,160 Goldman Sachs Group L.P.(144A) 6.750% 02/15/2006................................................................... 3,700,000 3,518,885 Health Care Properties, Inc. 6.500% 02/15/2006................................................................... 6,400,000 5,885,056 Mellon Financial Co. 7.625% 11/15/1999................................................................... 5,200,000 5,324,592 -------------- 24,503,008 -------------- UTILITY (1.8%) California Energy, Inc. 9.875% 06/30/2003................................................................... 350,000 357,000 Northern Indiana Public Service Co. Medium Term Note 6.900% 06/01/2000................................................................... 1,250,000 1,252,025 6.750% 06/01/2000................................................................... 2,500,000 2,491,325
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Pacificorp Medium Term Note 6.120% 01/15/2006................................................................... $ 1,825,000 $ 1,683,398 -------------- 5,783,748 -------------- YANKEE (2.5%) Manitoba Province 7.750% 02/01/2002................................................................... 2,685,000 2,787,540 Province Ontario 7.000% 08/04/2005................................................................... 5,625,000 5,544,619 -------------- 8,332,159 -------------- Total Corporate Bonds (Cost $88,052,519)................................................................... 85,354,714 -------------- Total investments, excluding temporary cash investments (Cost $315,955,416).................................................................. 312,320,112 -------------- REPURCHASE AGREEMENTS (4.1%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $13,359,313. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020. ..................................................................... 13,353,090 13,353,090 J.P. Morgan Securities, Inc. 5.741% dated 06/28/1996, due 07/01/1996 in the amount of $200,094. Collateralized by U.S. Treasury Notes 5.125% to 6.125% due 04/30/1998 to 07/31/2000. ....................................................... 200,000 200,000 -------------- Total Repurchase Agreements (Cost $13,553,090)................................................................... 13,553,090 -------------- TOTAL INVESTMENTS (99.2%) (Cost $329,508,506)...................................................................... 325,873,202 RECEIVABLES LESS LIABILITIES (0.8%)....................................................... 2,568,954 -------------- NET ASSETS (100.0%)....................................................................... $ 328,442,156 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 46 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- STATE OF OREGON GENERAL OBLIGATION BONDS (13.0%) Board of Higher Education Refunding Series B 6.250% 10/15/2012................................................................... $ 1,015,000 $ 1,039,106 Board of Higher Education Series A 0.000% 08/01/2014................................................................... 450,000 154,687 5.900% 08/01/2018................................................................... 1,000,000 1,010,000 6.350% 08/01/2014................................................................... 1,535,000 1,600,237 Elderly & Disabled Housing Refunding Series B 6.250% 08/01/2013................................................................... 1,000,000 1,038,750 Pollution Control Series C 5.625% 06/01/2013................................................................... 1,630,000 1,619,812 5.900% 06/01/2014................................................................... 5,135,000 5,122,162 Veterans' Welfare 0.000% 07/01/2001................................................................... 1,200,000 945,000 5.850% 10/01/2015................................................................... 1,105,000 1,102,238 11.250% 10/01/1998................................................................... 2,860,000 3,281,850 9.000% 04/01/1999................................................................... 1,800,000 2,009,250 11.000% 06/01/1999................................................................... 865,000 1,017,456 7.000% 07/01/2000................................................................... 1,350,000 1,471,500 9.000% 10/01/2000................................................................... 1,010,000 1,179,175 11.000% 12/01/2000................................................................... 1,180,000 1,477,950 7.250% 01/01/2007................................................................... 1,350,000 1,571,063 8.000% 01/01/2008................................................................... 1,145,000 1,394,038 6.000% 08/01/2002................................................................... 2,000,000 2,125,000 6.000% 02/01/2004................................................................... 695,000 740,175 9.000% 04/01/2005................................................................... 950,000 1,200,563 6.750% 05/01/2005................................................................... 2,050,000 2,293,438 9.000% 10/01/2005................................................................... 1,585,000 2,022,856 9.200% 04/01/2007................................................................... 1,080,000 1,416,150 8.250% 07/01/2007................................................................... 505,000 629,356 9.200% 10/01/2007................................................................... 1,200,000 1,587,000 7.300% 07/01/2008................................................................... 575,000 675,625 8.000% 07/01/2008................................................................... 480,000 588,000 6.875% 12/01/2013................................................................... 3,320,000 3,535,800 7.000% 12/01/2015................................................................... 2,125,000 2,263,125 Veterans' Welfare Series 73F 3.350% 12/01/2017................................................................... 2,000,000 2,000,000 -------------- Total State of Oregon General Obligation Bonds (Cost $46,257,781)................................................................... 48,111,362 -------------- PRINCIPAL AMOUNT VALUE(1) ------------- -------------- OREGON GENERAL OBLIGATION BONDS (24.6%) Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 08/01/2009................................................................... $ 1,000,000 $ 1,021,250 5.875% 10/01/2009................................................................... 2,550,000 2,620,125 Clackamas County School District #1 6.250% 07/01/2002................................................................... 925,000 986,281 6.300% 07/01/2003................................................................... 700,000 746,375 6.500% 07/01/2004................................................................... 1,235,000 1,327,625 6.500% 07/01/2005................................................................... 1,355,000 1,456,625 6.500% 07/01/2006................................................................... 1,485,000 1,592,662 Clackamas County School District #7J Lake Oswego Series A 5.300% 06/15/2005................................................................... 1,000,000 1,021,250 5.500% 06/15/2006................................................................... 1,000,000 1,027,500 5.700% 06/15/2010................................................................... 2,365,000 2,376,825 Clackamas County School District #12 North Clackamas 4.650% 06/01/2004................................................................... 750,000 726,562 5.000% 06/01/2011................................................................... 2,000,000 1,837,500 Clackamas Community College District 5.250% 12/01/2009................................................................... 1,270,000 1,236,662 Deschutes County Administrative School District #1 Bend-Lapine 0.000% 02/01/2000................................................................... 1,175,000 992,875 0.000% 02/01/2001................................................................... 1,135,000 916,512 0.000% 02/01/2002................................................................... 1,445,000 1,107,231 5.800% 02/01/2004................................................................... 780,000 813,150 5.900% 02/01/2005................................................................... 980,000 1,020,425 Eugene Public Safety Facilities 5.625% 06/01/2013................................................................... 1,295,000 1,290,144 Jackson County School District #549C Medford 5.375% 06/01/2012................................................................... 1,200,000 1,171,500 Jefferson County School District No. 509J 5.500% 06/15/2013................................................................... 1,400,000 1,373,750 Lane Community College 4.850% 06/01/2008................................................................... 4,080,000 3,876,000 Lane County School District #4J Eugene 0.000% 01/01/2003................................................................... 1,345,000 968,400 0.000% 01/01/2005................................................................... 1,395,000 892,800 Lane County School District #4J Eugene Refunding Series A 0.000% 07/01/2001................................................................... 2,015,000 1,584,294 0.000% 07/01/2003................................................................... 1,480,000 1,039,700 0.000% 07/01/2005................................................................... 2,325,000 1,450,219 5.250% 07/01/2008................................................................... 590,000 584,100
- 47 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON GENERAL OBLIGATION BONDS (CONTINUED) Lane County School District #19 Springfield Refunding................................. 0.000% 02/01/1997................................................................... $ 470,000 $ 459,087 0.000% 02/01/1999................................................................... 470,000 418,300 Metro Open Spaces Program Series C 5.100% 09/01/2009................................................................... 2,375,000 2,268,125 Multnomah-Clackamas Counties School District #28-302JT 0.000% 12/01/2004................................................................... 750,000 484,687 Multnomah County Public Improvements 5.250% 10/01/2013................................................................... 1,800,000 1,723,500 Multnomah County School District #1 Portland Refunding 6.000% 12/15/1997................................................................... 645,000 657,436 Multnomah County School District #1J Portland 4.250% 06/01/2003................................................................... 5,000,000 4,775,000 Multnomah County School District #4 Gresham 6.100% 01/01/2008................................................................... 3,000,000 3,127,500 6.100% 01/01/2009................................................................... 200,000 207,500 Multnomah County School District #7 Reynolds 5.250% 06/01/2011................................................................... 1,500,000 1,411,875 Multnomah County School District #40 David Douglas 7.100% 06/01/2002................................................................... 880,000 979,000 Port of Portland Series A 4.500% 03/01/2006................................................................... 2,000,000 1,860,000 0.000% 03/01/2007................................................................... 5,000,000 2,800,000 Portland Public Improvements Series A 5.750% 06/01/2014................................................................... 2,560,000 2,550,400 Portland Public Improvements Series B 4.625% 12/01/2010................................................................... 2,880,000 2,833,200 Portland Water Refunding 5.000% 10/01/2008................................................................... 1,500,000 1,436,250 Portland Recreational Facilities Improvements Series A 5.750% 06/01/2012................................................................... 1,370,000 1,388,837 5.750% 06/01/2013................................................................... 1,345,000 1,358,450 5.750% 06/01/2015................................................................... 1,155,000 1,157,888 Portland Recreational Facilities Improvements Series B 5.500% 06/01/2009................................................................... 2,115,000 2,109,713 5.750% 06/01/2014................................................................... 1,750,000 1,760,938 5.750% 06/01/2015................................................................... 2,955,000 2,962,388
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Portland Community College District 0.000% 07/01/2000................................................................... $ 800,000 $ 665,000 0.000% 07/01/2007................................................................... 2,025,000 1,116,281 Portland Community College District Series A 6.000% 07/01/2012................................................................... 1,500,000 1,530,000 Salem-Keizer School District #24J 5.400% 06/01/2006................................................................... 1,000,000 1,012,500 Tri-County Metropolitan Transportation District Light Rail Extension Series A 6.000% 07/01/2012................................................................... 3,495,000 3,582,375 Tualatin Hills Park & Recreation District 5.700% 03/01/2009................................................................... 1,340,000 1,365,125 5.750% 03/01/2010................................................................... 730,000 740,950 Washington County Refunding 6.200% 12/01/2007................................................................... 1,500,000 1,575,000 Washington & Clackamas Counties School District #23J Tigard Refunding 5.400% 01/01/2010................................................................... 1,720,000 1,679,150 Washington County School District #48J Beaverton 7.800% 06/01/2003................................................................... 1,200,000 1,398,000 Washington County School District #48J Beaverton Series B 6.150% 06/01/2008................................................................... 1,010,000 1,046,613 -------------- Total Oregon General Obligation Bonds (Cost $90,805,852)................................................................... 91,499,410 -------------- OREGON REVENUE BONDS (20.8%) Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income Project 7.000% 11/15/2011................................................................... 1,750,000 1,795,937 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.500% 10/20/2031................................................................... 1,030,000 1,112,400 Deschutes County Hospital Facility Authority 5.750% 01/01/2009................................................................... 1,670,000 1,690,875 Deschutes Valley Water District 5.875% 09/01/2005................................................................... 1,220,000 1,253,550 Eugene Electric Utility 5.000% 08/01/2017................................................................... 1,450,000 1,299,562 Eugene Electric Utility Refunding 5.800% 08/01/2008................................................................... 1,435,000 1,461,906 5.800% 08/01/2009................................................................... 1,300,000 1,317,875
- 48 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON REVENUE BONDS (CONTINUED) Eugene Electric Utility Series C 5.750% 08/01/2011................................................................... $ 715,000 $ 709,637 Eugene Trojan Nuclear Project 5.750% 09/01/1997................................................................... 1,500,000 1,504,230 5.750% 09/01/1998................................................................... 1,500,000 1,503,240 Gresham Sewer 5.350% 06/01/2006................................................................... 860,000 869,675 Gresham Stormwater 6.100% 10/01/2009................................................................... 1,115,000 1,165,175 Lebanon Wastewater Refunding 5.750% 06/01/2011................................................................... 1,225,000 1,176,000 Metro General Refunding Metro Regional Center Project Series A 5.000% 08/01/2009................................................................... 500,000 464,375 Metropolitan Service District Metro Central Transfer Station A 5.125% 07/01/2009................................................................... 2,360,000 2,295,100 North Clackamas Parks & Recreation District Recreational Facilities 5.700% 04/01/2013................................................................... 2,840,000 2,804,500 Northern Wasco County People's Utility District Electric 0.000% 02/01/2006................................................................... 610,000 351,513 0.000% 02/01/2007................................................................... 585,000 312,975 0.000% 02/01/2008................................................................... 610,000 301,950 0.000% 02/01/2011................................................................... 500,000 199,375 Oregon City Sewer 6.500% 10/01/2007................................................................... 500,000 540,000 Oregon Health, Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.300% 07/01/2011................................................................... 500,000 476,875 Oregon Housing Agency Mortgage Single-Family Mortgage Project Series A 7.375% 07/01/2010................................................................... 780,000 797,550 Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi-Unit B 6.800% 07/01/2013................................................................... 8,270,000 8,580,125 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series A 6.800% 07/01/2016................................................................... 2,425,000 2,558,375 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series B 5.375% 07/01/2017................................................................... 1,020,000 960,075
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series D 6.700% 07/01/2013................................................................... $ 1,000,000 $ 1,020,000 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series E 6.750% 07/01/2016................................................................... 3,645,000 3,717,900 Portland Hydroelectric Power 6.800% 10/01/2004................................................................... 465,000 468,660 Portland Parking Refunding 6.375% 10/01/2012................................................................... 1,700,000 1,772,250 Portland Sewer System Refunding Series A 5.000% 03/01/2006................................................................... 3,175,000 3,135,313 5.100% 03/01/2007................................................................... 1,635,000 1,606,388 Portland Sewer System Series A 6.100% 06/01/2010................................................................... 510,000 532,950 6.200% 06/01/2012................................................................... 6,540,000 6,785,250 6.250% 06/01/2015................................................................... 5,230,000 5,406,513 Portland Water System 5.250% 08/01/2013................................................................... 2,615,000 2,454,831 Prineville Sewer First Lien 6.500% 07/01/2004................................................................... 500,000 530,625 6.800% 07/01/2012................................................................... 1,000,000 1,075,000 Reedsport Water 7.000% 10/01/2014................................................................... 520,000 561,600 South Fork Water Board First Lien 5.450% 02/01/2014................................................................... 1,300,000 1,220,375 Tri-County Metropolitan Transportation District Refunding Series A 5.700% 08/01/2013................................................................... 5,175,000 5,168,531 Warm Springs Reservation, Confederated Tribes Health & Wellness Center 5.000% 04/01/2002................................................................... 400,000 400,500 5.100% 04/01/2003................................................................... 400,000 400,500 Washington County Unified Sewer Agency Series A 6.200% 10/01/2010................................................................... 3,460,000 3,615,700 -------------- Total Oregon Revenue Bonds (Cost $75,688,660)................................................................... 77,375,736 -------------- OREGON INSURED BONDS (25.9%) Central Oregon Community College District 5.800% 06/01/2007................................................................... 760,000 780,900 Chemeketa Community College District 5.950% 06/01/2016................................................................... 1,600,000 1,608,000
- 49 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON INSURED BONDS (CONTINUED) Clackamas County Health Facility Authority Revenue Refunding Adventist Health A 6.350% 03/01/2009................................................................... $ 1,500,000 $ 1,571,250 Clackamas County School District #115 Gladstone 6.150% 06/01/2014................................................................... 1,000,000 1,030,000 Clatsop County Administrative School District #10 5.850% 07/01/2010................................................................... 550,000 558,250 5.875% 07/01/2012................................................................... 630,000 637,087 Crook County School District 4.900% 02/01/2009................................................................... 1,165,000 1,084,906 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.600% 06/01/2009................................................................... 1,000,000 1,005,000 Hood River County School District 5.650% 06/01/2008................................................................... 1,020,000 1,042,950 Josephine County School District #7 Grants Pass 5.700% 06/01/2013................................................................... 2,000,000 1,985,000 Lane County School District #19 Springfield 6.150% 10/15/2009................................................................... 1,500,000 1,584,375 Lane County School District #52 Bethel 6.250% 12/01/2007................................................................... 500,000 540,625 6.400% 12/01/2009................................................................... 750,000 804,375 Lincoln County School District 6.000% 06/15/2006................................................................... 900,000 964,125 6.000% 06/15/2007................................................................... 1,855,000 1,963,981 6.000% 06/15/2008................................................................... 1,150,000 1,214,687 6.000% 06/15/2009................................................................... 2,465,000 2,594,412 5.600% 06/15/2010................................................................... 2,480,000 2,504,800 5.250% 06/15/2012................................................................... 2,900,000 2,791,250 Malheur County School District #26 Nyssa 5.750% 06/01/2015................................................................... 1,910,000 1,907,612 Marion & Linn County Elementary School District #77J Stayton 6.250% 07/01/2013................................................................... 1,260,000 1,323,000 Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services 6.800% 12/01/2011................................................................... 1,320,000 1,415,700 Morrow County School District #1 6.000% 06/01/2006................................................................... 880,000 927,300
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Multnomah County School District #3 Parkrose 5.400% 12/01/2005................................................................... $ 1,010,000 $ 1,041,562 5.700% 12/01/2008................................................................... 1,330,000 1,369,900 5.700% 12/01/2009................................................................... 1,085,000 1,110,769 5.500% 12/01/2011................................................................... 1,000,000 995,000 Ontario Oregon Catholic Health Holy Rosary Medical Center 5.500% 11/15/2012................................................................... 1,000,000 975,000 Oregon Health Sciences University Revenue Series A 0.000% 07/01/2009................................................................... 1,530,000 732,487 0.000% 07/01/2012................................................................... 1,315,000 526,000 0.000% 07/01/2014................................................................... 2,495,000 873,250 0.000% 07/01/2015................................................................... 4,575,000 1,498,312 0.000% 07/01/2016................................................................... 5,710,000 1,762,963 Oregon Health Sciences University Revenue Series B 4.875% 07/01/2007................................................................... 1,695,000 1,614,488 5.250% 07/01/2015................................................................... 1,000,000 936,250 Oregon Department of General Services Certificates Participation Series C 5.800% 03/01/2015................................................................... 840,000 838,950 Oregon Department of Administrative Services Certificates Participation Series A 5.375% 11/01/2004................................................................... 1,500,000 1,531,875 5.250% 11/01/2009................................................................... 2,460,000 2,398,500 5.375% 11/01/2016................................................................... 5,260,000 5,016,725 5.700% 05/01/2015................................................................... 1,000,000 992,500 Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.000% 10/01/2013................................................................... 965,000 986,713 Port of Portland Airport Revenue Portland International Airport Series 7-A 6.500% 07/01/2004................................................................... 500,000 534,375 6.750% 07/01/2015................................................................... 2,795,000 3,011,613 Port of Portland Airport Revenue Series 9-A 5.500% 07/01/2006 500,000 504,375 Portland Hospital Facility Authority Legacy Health Systems Series A 6.100% 05/01/1998................................................................... 1,000,000 1,033,750 Portland Hospital Facility Authority Legacy Health Systems Series B 6.700% 05/01/2021................................................................... 1,955,000 2,106,513 Portland Sewer System Revenue Series A 6.000% 10/01/2012................................................................... 2,110,000 2,168,025
- 50 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON INSURED BONDS (CONTINUED) Tillamook County 6.250% 01/01/2014................................................................... $ 960,000 $ 1,002,000 Umatilla County School District #8R Hermiston 6.000% 12/01/2010................................................................... 695,000 715,850 Union Health District 5.750% 02/01/2010................................................................... 1,070,000 1,076,688 Washington County School District #88J Sherwood 6.100% 06/01/2012................................................................... 1,000,000 1,038,750 Washington County Unified Sewer Agency Revenue Series A 0.000% 10/01/2003................................................................... 1,000,000 693,750 0.000% 10/01/2005................................................................... 5,230,000 3,222,988 5.900% 10/01/2006................................................................... 3,750,000 3,928,125 0.000% 10/01/2007................................................................... 4,835,000 2,641,119 6.125% 10/01/2012................................................................... 8,010,000 8,310,375 Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph Peace 5.625% 08/01/2007................................................................... 2,000,000 2,042,500 Yamhill County School District #29J Newberg 5.500% 06/01/2010................................................................... 1,405,000 1,399,731 6.100% 06/01/2011................................................................... 3,355,000 3,493,394 -------------- Total Oregon Insured Bonds (Cost $94,551,027)................................................................... 95,964,750 -------------- OREGON PRE-REFUNDED BONDS (5.4%) Beaverton Water Revenue Series A 7.150% 06/01/2004................................................................... 455,000 495,381 Clackamas County School District #7J Lake Oswego Series A 7.000% 06/15/2008................................................................... 1,250,000 1,357,812 7.100% 06/15/2010................................................................... 750,000 816,562 Clackamas County School District #12 North Clackamas 6.500% 06/01/2005................................................................... 1,000,000 1,067,500 6.500% 06/01/2007................................................................... 1,455,000 1,553,212 6.500% 06/01/2009................................................................... 1,655,000 1,766,713 6.500% 06/01/2011................................................................... 1,885,000 2,012,238 Eugene Electric Utility Revenue 4.000% 08/01/1998................................................................... 340,000 340,000 Jackson County School District #4 Refunding 6.700% 06/01/2004................................................................... 420,000 440,475
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Metropolitan Service District Convention Center 6.900% 12/01/1999................................................................... $ 750,000 $ 780,938 Metropolitan Service District General Revenue Metro Headquarters Building Project A 6.600% 07/01/2011................................................................... 785,000 847,800 Metropolitan Service District Metro East Transfer Station A 7.000% 01/01/2001................................................................... 500,000 546,250 Oregon Department of General Services Certificates Participation Series A 7.200% 01/15/2015................................................................... 1,100,000 1,211,375 Oregon Department of General Services Certificates Participation Series B 7.200% 01/15/2015................................................................... 670,000 737,838 Oregon Department of General Services Certificates Participation Series F 7.500% 09/01/2015................................................................... 2,330,000 2,621,250 Oregon Housing, Educational & Cultural Facilities Authority Reed College Project Series A 6.350% 07/01/2002................................................................... 320,000 346,800 6.400% 07/01/2003................................................................... 280,000 304,150 Oregon Housing, Educational & Cultural Facilities Authority Revenue Lewis & Clark College Project A 7.000% 07/01/2010................................................................... 1,100,000 1,214,125 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series A 7.300% 06/01/2010................................................................... 1,400,000 1,533,000 -------------- Total Oregon Pre-Refunded Bonds (Cost $18,286,434)................................................................... 19,993,419 -------------- OREGON OTHER BONDS (3.0%) Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012................................................................... 750,000 756,562 Hood River Urban Renewal Agency Revenue 6.250% 12/15/2011................................................................... 1,250,000 1,248,437 Lane County Special Obligation Series A 5.250% 03/01/2008................................................................... 400,000 388,000 Lane County School District #4J Eugene Certificates Participation 6.900% 10/01/2000................................................................... 500,000 543,125 Lebanon Special Obligation Revenue Refunding Lease Water 5.400% 10/01/2013................................................................... 755,000 722,912
- 51 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON OTHER BONDS (CONTINUED) Medford Urban Renewal Agency Tax Revenue 5.875% 09/01/2010................................................................... $ 500,000 $ 490,625 Multnomah County School District #1J Portland Special Obligation Series A 4.500% 03/01/2003................................................................... 350,000 339,500 Newberg Certificates Participation 5.900% 12/01/1998................................................................... 365,000 373,212 6.000% 12/01/1999................................................................... 390,000 401,213 6.100% 12/01/2000................................................................... 410,000 424,863 6.200% 12/01/2001................................................................... 410,000 427,938 Portland Building Refunding Series A 4.750% 04/01/2007................................................................... 2,000,000 1,895,000 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.900% 06/01/2006................................................................... 860,000 890,100 Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L 6.400% 06/01/2008................................................................... 2,085,000 2,207,494 -------------- Total Oregon Other Bonds (Cost $10,849,382)................................................................... 11,108,981 -------------- OTHER BONDS (5.1%) Puerto Rico Commonwealth Public Improvements 6.250% 07/01/2009................................................................... 3,000,000 3,273,750 6.250% 07/01/2013................................................................... 1,000,000 1,076,250 Puerto Rico Commonwealth Aquaduct & Sewer Authority Revenue Series A 9.000% 07/01/2009................................................................... 5,205,000 6,629,869 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B 7.500% 10/15/2012................................................................... 1,040,000 1,085,500 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C 6.750% 10/15/2013................................................................... 710,000 739,287
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1 7.500% 04/01/2022................................................................... $ 1,680,000 $ 1,755,600 Puerto Rico Ind'l, Medical & Environmental Polltn Control Facilities Financing Auth Rev FHA Ins Mtg-Dr.Pila Hosp PJ-A 7.700% 08/01/2008................................................................... 2,000,000 2,180,000 Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA Homeownership 5th Portfolio 7.500% 12/01/2015 610,000 672,525 Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A 7.300% 10/01/2018................................................................... 1,150,000 1,387,188 -------------- Total Other Bonds (Cost $17,913,462)................................................................... 18,799,969 -------------- Total investments, excluding temporary cash investment (Cost $354,352,598).................................................................. 362,853,627 TAX-EXEMPT MONEY MARKET INVESTMENT (0.8%) SEI Tax Exempt Trust (Cost $3,102,625).................................................................... 3,102,625 3,102,625 -------------- TOTAL INVESTMENTS (98.6%) (Cost $357,455,223)...................................................................... 365,956,252 RECEIVABLE LESS LIABILITIES (1.4%)........................................................ 5,314,892 -------------- NET ASSETS (100.0%)....................................................................... $ 371,271,144 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 52 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
June 30, 1996 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- CORPORATE BONDS (95.1%) BASIC INDUSTRY (9.0%) CHEMICALS (4.5%) Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes 8.750% 02/15/2004................................................................. $ 600,000 $ 600,000 IMC Global, Inc. Series B Senior Note 10.125% 06/15/2001................................................................. 450,000 475,312 -------------- 1,075,312 -------------- FOREST PRODUCTS (2.4%) Stone Consolidated Corp. Senior Secured Note 10.250% 12/15/2000................................................................. 550,000 567,187 -------------- METALS/MINING (2.1%) Ryerson Tull Notes 8.500% 07/15/2001................................................................. 500,000 499,165 -------------- Total Basic Industry.................................................................. 2,141,664 -------------- CONSUMER RELATED (26.8%) HOTEL/GAMING (9.3%) HMH Properties, Inc. Senior Secured Note 9.500% 05/15/2005................................................................. 500,000 477,500 Harrahs Operating, Inc. Senior Subordinated Notes 10.875% 04/15/2002................................................................. 500,000 536,250 La Quinta Inns, Inc. Senior Subordinated Notes 9.250% 05/15/2003................................................................. 600,000 610,500 Station Casinos, Inc. Senior Subordinated Notes 9.625% 06/01/2003................................................................. 615,000 584,250 -------------- 2,208,500 -------------- HEALTHCARE (12.2%) Abbey Healthcare Group, Inc. Senior Subordinated Notes 9.500% 11/01/2002................................................................. 500,000 512,500 Community Health Systems, Inc. Senior Subordinated Debenture 10.250% 11/30/2003................................................................. 525,000 551,250 Genesis Health Ventures, Inc. Senior Subordinated Notes 9.750% 06/15/2005................................................................. 500,000 508,750 PRINCIPAL AMOUNT VALUE(1) ------------- -------------- HEALTHSOUTH Rehabilitation Corp. Senior Subordinated Notes 9.500% 04/01/2001................................................................. $ 300,000 $ 309,750 Quorum Health Group, Inc. Senior Subordinated Notes 8.750% 11/01/2005................................................................. 500,000 490,000 Tenet Healthcare Corp. Senior Note 9.625% 09/01/2002................................................................. 500,000 531,250 -------------- 2,903,500 -------------- FOOD/BEVERAGE/TOBACCO (2.2%) Keebler Corp. Senior Subordinated Notes (144A) 10.750% 07/01/2006................................................................. 500,000 515,000 -------------- OTHER (3.1%) Rykoff Sexton, Inc. Senior Subordinated Notes 8.875% 11/01/2003................................................................. 450,000 405,000 Westpoint Stevens, Inc. Senior Note 8.750% 12/15/2001................................................................. 350,000 345,625 -------------- 750,625 -------------- Total Consumer Related................................................................ 6,377,625 -------------- ENERGY (15.2%) Chesapeake Energy Corp. Senior Notes 9.125% 04/15/2006................................................................... 500,000 487,500 Global Marine, Inc. Notes 12.750% 12/15/1999................................................................... 285,000 308,513 Gulf Canada Resources Ltd. Subordinated Debentures 9.625% 07/01/2005................................................................... 400,000 396,000 Louis Dreyfus Natural Gas Corp. Senior Subordinated Notes 9.250% 06/15/2004................................................................... 500,000 516,980 Maxus Energy Corp. Notes 9.875% 10/15/2002................................................................... 500,000 497,500 Noble Drilling Corp. Senior Notes 9.250% 10/01/2003................................................................... 250,000 252,500 Nuevo Energy Co. Senior Subordinated Notes 9.500% 04/15/2006................................................................... 500,000 492,500
- 53 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) Santa Fe Energy Resource, Inc. Senior Subordinated Debentures 11.000% 05/15/2004................................................................... $ 400,000 $ 428,000 Seagull Energy Corp. Senior Subordinated Notes 8.625% 08/01/2005................................................................... 250,000 235,000 -------------- Total Energy.......................................................................... 3,614,493 -------------- HOUSING RELATED (1.1%) USG Corp. Series B Senior Notes 9.250% 09/15/2001................................................................... 250,000 256,250 -------------- MANUFACTURING (17.9%) American Standard, Inc. Senior Subordinated Discount Debenture Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................... 750,000 654,375 Easco Corp. Series B Senior Notes 10.000% 03/15/2001................................................................... 350,000 351,750 Exide Corp. Senior Notes 10.000% 04/15/2005................................................................... 350,000 341,688 Greenwich Air Services Senior Notes 10.500% 06/01/2006................................................................... 500,000 495,000 Hayes Wheels International, Inc. Notes 9.250% 11/15/2002................................................................... 275,000 291,500 Mark IV Industries, Inc. Senior Subordinated Notes (144A) 7.750% 04/01/2006................................................................... 500,000 465,365 Rohr, Inc. Senior Note 11.625% 05/15/2003................................................................... 600,000 651,000 SPX Corp. Senior Subordinated Notes 11.750% 06/01/2002................................................................... 350,000 370,125 Wolverine Tube, Inc. Senior Subordinated Notes 10.125% 09/01/2002................................................................... 625,000 650,000 -------------- Total Manufacturing................................................................... 4,270,803 --------------
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- MEDIA (15.5%) American Radio Systems, Corp. Senior Subordinated Notes 9.000% 02/01/2006................................................................... $ 500,000 $ 471,250 Continental Cablevision, Inc. Debentures 9.000% 09/01/2008................................................................... 500,000 543,435 Heritage Media Corp. Senior Subordinated Notes 8.750% 02/15/2006................................................................... 500,000 465,000 Jones Intercable, Inc. Senior Notes 9.625% 03/15/2002................................................................... 350,000 351,750 Lenfest Communications, Inc. Senior Secured Notes 8.375% 11/01/2005................................................................... 500,000 456,250 Rogers Communications, Inc. Debenture 10.875% 04/15/2004................................................................... 300,000 305,250 SFX Broadcasting, Inc. Senior Subordinated Notes (144A) 10.750% 05/15/2006................................................................... 500,000 496,250 United International Holdings, Inc Senior Secured Discount Notes 0.000% 11/15/1999 250,000 165,000 United International Holdings, Inc. Senior Note with Warrants 0.000% 11/15/1999................................................................... 650,000 442,000 -------------- Total Media........................................................................... 3,696,185 -------------- RETAIL (5.0%) SUPERMARKETS (1.1%) Stop & Shop Cos., Inc. Senior Subordinated Notes 9.750% 02/01/2002................................................................. 250,000 273,750 -------------- OTHER (3.9%) Ethan Allen, Inc. Senior Notes 8.750% 03/15/2001.................................................................. 400,000 400,000 Federated Department Stores, Inc. Senior Notes 10.000% 02/15/2001................................................................. 500,000 526,250 -------------- 926,250 -------------- Total Retail.......................................................................... 1,200,000 --------------
- 54 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) UTILITY (4.6%) ELECTRICS (2.1%) California Energy, Inc. Senior Secured Note 9.875% 06/30/2003.................................................................. $ 500,000 $ 510,000 TELECOMMUNICATIONS (2.5%) MFS Communications, Inc. Senior Discount Notes 0.000% to 01/15/2001, then 8.875 to 01/15/2006..................................... 1,000,000 605,000 -------------- Total Utilities....................................................................... 1,115,000 -------------- Total Corporate Bonds (Cost $22,714,153)................................................................... 22,672,020 -------------- REPURCHASE AGREEMENTS (5.5%) Goldman Sachs Corp. 5.686% dated 06/28/1996, due 07/01/1996 in the amount of $1,106,092. Collateralized by U.S. Treasury Bond 7.625% due 02/15/2025, U.S. Treasury Strip due 08/15/2020. ..................................................................... 1,105,577 1,105,577
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- J.P. Morgan Securities, Inc. 5.741% dated 06/28/1996, due 07/01/1996 in the amount of $200,094. Collateralized by U.S. Treasury Notes 5.125% to 6.125% due 04/30/1998 to 07/31/2000. ....................................................... $ 200,000 $ 200,000 -------------- Total Repurchase Agreements (Cost $1,305,577).................................................................... 1,305,577 -------------- TOTAL INVESTMENTS (100.6%) (Cost $24,019,730)................................................................... 23,977,597 RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (134,934) -------------- NET ASSETS (100.0%)....................................................................... $ 23,842,663 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 55 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
COLUMBIA COLUMBIA COLUMBIA COLUMBIA June 30, 1996 COMMON STOCK GROWTH INTERNATIONAL STOCK SPECIAL (Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC. ------------ -------------- ------------------- -------------- ASSETS: Investments at identified cost............................ $393,182,133 $ 785,096,231 $ 98,031,499 $1,319,334,547 - ------------------------------------------------------------ ------------ -------------- ------------------- -------------- Investments at value (Notes 1 and 2)...................... $437,308,281 $ 973,144,138 $114,668,700 $1,536,923,545 Temporary cash investments, at cost (Note 1).............. 9,669,190 21,675,202 10,615,922 67,471,064 Cash...................................................... 925,144 Cash denominated in foreign currencies (cost $2,808,129) (Note 1)................................................. 2,810,710 Receivable for: Interest................................................ 23,170 67,203 39,901 209,590 Dividends............................................... 916,916 1,193,055 291,589 241,149 Investments sold........................................ 3,863,871 13,000,908 4,599,564 22,346,302 Capital stock sold...................................... 99,152 1,085,509 1,984,773 2,130,835 Forward foreign currency exchange contract held, at market (Note 1)........................................ 26,422,257 ------------ -------------- ------------------- -------------- Total assets.............................................. 451,880,580 1,010,166,015 162,358,560 1,629,322,485 ------------ -------------- ------------------- -------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 3,307,372 402,959 48,680 948,871 Dividends and distributions............................. 25,559 Investments purchased................................... 7,943,547 20,700,769 10,595,566 17,980,185 Investment management fee (Note 4)...................... 217,069 478,858 98,382 1,128,967 Accrued expenses........................................ 4,968 98,589 58,906 76,879 Forward foreign currency exchange contracts held (Note 1)..................................................... 26,214,667 ------------ -------------- ------------------- -------------- Total liabilities......................................... 11,498,515 21,681,175 37,016,201 20,134,902 ------------ -------------- ------------------- -------------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $440,382,065 $ 988,484,840 $125,342,359 $1,609,187,583 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- Net assets consist of: Undistributed net investment income (loss)................ $ 717,584 $ 4,685,619 $ 498,349 $ (2,932,060) Unrealized appreciation on: Investments............................................. 44,126,148 188,047,907 16,637,201 217,588,998 Translation of assets and liabilities in foreign currencies............................................. 204,053 Undistributed net realized gain from: Investments............................................... 43,958,016 70,496,753 4,729,279 151,364,007 Foreign currency transactions............................. 1,033,925 Capital shares (Note 3)..................................... 296,062 670,416 Capital paid in (Note 3).................................... 351,580,317 724,958,499 102,239,552 1,242,496,222 ------------ -------------- ------------------- -------------- $440,382,065 $ 988,484,840 $125,342,359 $1,609,187,583 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 21,655,479 29,606,245 8,502,614 67,041,588 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................................ $ 20.34 $ 33.39 $ 14.74 $ 24.00 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- --------------
(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. - 56 STATEMENTS OF ASSETS AND LIABILITIES - --------------------------------------------------------------------------------
COLUMBIA REAL COLUMBIA COLUMBIA COLUMBIA U.S. June 30, 1996 ESTATE EQUITY BALANCED DAILY INCOME GOVERNMENT SECURITIES (Unaudited) FUND, INC. FUND, INC. COMPANY FUND, INC. ------------------ ------------ ------------ --------------------- ASSETS: Investments at identified cost.................. $21,788,363 $519,104,578 $806,358,242 $39,535,374 - -------------------------------------------------- ------------------ ------------ ------------ --------------------- Investments at value (Notes 1 and 2)............ $23,561,825 $554,895,339 $806,358,242 $39,195,799 Temporary cash investments, at cost (Note 1).... 1,142,380 20,664,470 528,567 Cash............................................ 1,050,000 Receivable for: Interest...................................... 7,135 3,643,207 6,445 1,019,873 Dividends..................................... 215,991 503,411 Investments sold.............................. 7,014,202 Capital stock sold............................ 308,153 855,392 495,529 2,732 ------------------ ------------ ------------ --------------------- Total assets.................................... 25,235,484 587,576,021 807,910,216 40,746,971 ------------------ ------------ ------------ --------------------- LIABILITIES: Payable for: Capital stock redeemed........................ 474,127 794,975 5,014,521 291,789 Dividends and distributions................... 16,852 80,496 11,312 Investments purchased......................... 12,831,818 Investment management fee (Note 4)............ 14,857 234,015 318,983 16,763 Accrued expenses.............................. 9,394 61,949 125,149 10,806 ------------------ ------------ ------------ --------------------- Total liabilities............................... 515,230 14,003,253 5,458,653 330,670 ------------------ ------------ ------------ --------------------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES....... $24,720,254 $573,572,768 $802,451,563 $40,416,301 ------------------ ------------ ------------ --------------------- ------------------ ------------ ------------ --------------------- Net assets consist of: Undistributed net investment income........... $ 12,418 $ 428,990 Unrealized appreciation (depreciation) on investments.................................. 1,773,462 35,790,761 $ (339,575) Undistributed net realized gain (loss) from investments.................................. 491,560 29,571,021 (363,789) Capital shares (Note 3)....................... $ 802,452 49,411 Capital paid in (Note 3)...................... 22,442,814 507,781,996 801,649,111 41,070,254 ------------------ ------------ ------------ --------------------- $24,720,254 $573,572,768 $802,451,563 $40,416,301 ------------------ ------------ ------------ --------------------- ------------------ ------------ ------------ --------------------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)...... 1,872,226 27,843,969 802,451,563 4,941,091 ------------------ ------------ ------------ --------------------- ------------------ ------------ ------------ --------------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................ $ 13.20 $ 20.60 $ 1.00 $ 8.18 ------------------ ------------ ------------ --------------------- ------------------ ------------ ------------ ---------------------
(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. - 57 STATEMENTS OF ASSETS AND LIABILITIES - --------------------------------------------------------------------------------
COLUMBIA COLUMBIA FIXED MUNICIPAL COLUMBIA June 30, 1996 INCOME SECURITIES BOND FUND, HIGH YIELD (Unaudited) FUND, INC. INC. FUND, INC. ----------------- ------------- ----------- ASSETS: Investments at identified cost................................................ $315,955,416 $354,352,598 $22,714,153 - -------------------------------------------------------------------------------- ----------------- ------------- ----------- Investments at value (Notes 1 and 2).......................................... $312,320,112 $362,853,627 $22,672,020 Temporary cash investments, at cost (Note 1).................................. 13,553,090 3,102,625 1,305,577 Receivable for: Interest.................................................................... 4,285,365 5,283,834 404,737 Investments sold............................................................ 1,756,547 1,485,726 Capital stock sold.......................................................... 601,594 20,230 28,821 ----------------- ------------- ----------- Total assets.................................................................. 332,516,708 372,746,042 24,411,155 ----------------- ------------- ----------- LIABILITIES: Payable for: Capital stock redeemed...................................................... 1,945,892 124,100 31,940 Dividends and distributions................................................. 225,591 288,993 12,402 Investments purchased....................................................... 1,721,422 879,901 498,565 Investment management fee (Note 4).......................................... 133,265 150,969 11,618 Accrued expenses............................................................ 48,382 30,935 13,967 ----------------- ------------- ----------- Total liabilities............................................................. 4,074,552 1,474,898 568,492 ----------------- ------------- ----------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES..................................... $328,442,156 $371,271,144 $23,842,663 ----------------- ------------- ----------- ----------------- ------------- ----------- Net assets consist of: Unrealized appreciation (depreciation) on investments....................... $ (3,635,304) $ 8,501,029 $ (42,133) Undistributed net realized gain (loss) from investments..................... (2,070,960) 1,301,602 (95,963) Capital shares (Note 3)..................................................... 255,096 309,124 Capital paid in (Note 3).................................................... 333,893,324 361,159,389 23,980,759 ----------------- ------------- ----------- $328,442,156 $371,271,144 $23,842,663 ----------------- ------------- ----------- ----------------- ------------- ----------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3).................................... 25,509,602 30,912,436 2,494,485 ----------------- ------------- ----------- ----------------- ------------- ----------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1).................... $ 12.88 $ 12.01 $ 9.56(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. - 58 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
COLUMBIA COLUMBIA COLUMBIA INTERNATIONAL COLUMBIA Six Months Ended June 30, 1996 COMMON STOCK GROWTH FUND, STOCK FUND, SPECIAL (Unaudited) FUND, INC. INC. INC. FUND, INC. ------------ ------------ --------------- ------------ INVESTMENT INCOME: Income: Interest........................................... $ 140,095 $ 600,143 $ 130,114 $ 1,463,773 Dividends.......................................... 3,764,544 5,793,693 1,361,055 2,684,271 Foreign taxes withheld (net of reclaims)........... (163,113) ------------ ------------ --------------- ------------ Total income..................................... 3,904,639 6,393,836 1,328,056 4,148,044 ------------ ------------ --------------- ------------ Expenses: Investment management fees (Note 4)................ 1,216,433 2,743,051 548,127 6,371,669 Shareholder servicing costs (Note 4)............... 115,608 260,001 89,717 324,980 Reports to shareholders............................ 29,997 103,087 35,723 135,759 Accounting expense................................. 24,882 22,105 49,982 32,875 Financial information and subscriptions............ 3,026 8,230 2,711 12,403 Custodian fees..................................... 8,261 18,759 51,653 25,210 Bank transaction and checking fees................. 10,255 12,078 22,846 37,309 Registration fees.................................. 34,571 34,865 9,941 52,596 Legal, insurance and auditing fees................. 16,409 21,775 15,133 26,943 Other.............................................. 2,772 8,143 3,874 8,543 ------------ ------------ --------------- ------------ Total expenses................................... 1,462,214 3,232,094 829,707 7,028,287 ------------ ------------ --------------- ------------ Net investment income (loss) (Note 1)................ 2,442,425 3,161,742 498,349 (2,880,243) ------------ ------------ --------------- ------------ REALIZED GAIN AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain from: Investments (Note 2)............................... 44,000,912 71,512,684 5,784,340 153,804,567 Foreign currency transactions (Note 1)............. 1,033,925 ------------ ------------ --------------- ------------ Net realized gain................................ 44,000,912 71,512,684 6,818,265 153,804,567 ------------ ------------ --------------- ------------ Net unrealized appreciation (depreciation) on: Investments (Note 1)............................... (8,229,708) 28,076,599 5,670,284 16,355,015 Translation of assets and liabilities in foreign currencies (Note 1)............................... 198,333 ------------ ------------ --------------- ------------ Net unrealized appreciation (depreciation) during the period...................................... (8,229,708) 28,076,599 5,868,617 16,355,015 ------------ ------------ --------------- ------------ Net gain on investment and foreign currency related transactions (Note 1)............................... 35,771,204 99,589,283 12,686,882 170,159,582 ------------ ------------ --------------- ------------ Net increase in net assets resulting from operations.......................................... $38,213,629 $102,751,025 $13,185,231 $167,279,339 ------------ ------------ --------------- ------------ ------------ ------------ --------------- ------------
The accompanying notes are an integral part of the financial statements. - 59 STATEMENTS OF OPERATIONS - --------------------------------------------------------------------------------
COLUMBIA COLUMBIA U.S. REAL ESTATE COLUMBIA COLUMBIA GOVERNMENT Six Months Ended June 30, 1996 EQUITY FUND, BALANCED DAILY INCOME SECURITIES FUND, (Unaudited) INC. FUND, INC. COMPANY INC. ---------------- ------------ ------------ -------------------- INVESTMENT INCOME: Income: Interest................................................ $ 50,521 $ 8,710,592 $21,587,682 $1,139,475 Dividends............................................... 780,048 2,704,882 ---------------- ------------ ------------ ----------- Total income.......................................... 830,569 11,415,474 21,587,682 1,139,475 ---------------- ------------ ------------ ----------- Expenses: Investment management fees (Note 4)..................... 87,859 1,348,481 1,914,155 102,899 Shareholder servicing costs (Note 4).................... 10,827 168,769 305,936 19,398 Reports to shareholders................................. 4,386 52,154 76,941 6,612 Accounting expense...................................... 8,534 32,042 38,358 9,080 Financial information and subscriptions................. 671 8,613 8,073 745 Custodian fees.......................................... 786 10,874 15,753 813 Bank transaction and checking fees...................... 1,056 15,437 44,960 919 Registration fees....................................... 5,283 43,432 39,359 6,657 Legal, insurance and auditing fees...................... 6,762 18,583 21,122 10,491 Other................................................... 1,318 4,468 6,467 307 ---------------- ------------ ------------ ----------- Total expenses........................................ 127,482 1,702,853 2,471,124 157,921 ---------------- ------------ ------------ ----------- Net investment income (Note 1)............................ 703,087 9,712,621 19,116,558 981,554 ---------------- ------------ ------------ ----------- REALIZED GAIN AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENT TRANSACTIONS: Net realized gain from investments (Note 2)............... 541,776 29,549,682 132,805 Net unrealized appreciation (depreciation) on investments during the period (Note 1)............................... 237,536 (16,091,089) (951,330) ---------------- ------------ ----------- Net gain (loss) on investments (Note 1)................... 779,312 13,458,593 (818,525) ---------------- ------------ ------------ ----------- Net increase in net assets resulting from operations...... $1,482,399 $ 23,171,214 $19,116,558 $ 163,029 ---------------- ------------ ------------ ----------- ---------------- ------------ ------------ -----------
The accompanying notes are an integral part of the financial statements. - 60 STATEMENTS OF OPERATIONS - --------------------------------------------------------------------------------
COLUMBIA FIXED COLUMBIA COLUMBIA Six Months Ended June 30, 1996 INCOME SECURITIES MUNICIPAL BOND HIGH YIELD (Unaudited) FUND, INC. FUND, INC. FUND, INC. ----------------- -------------- ---------- INVESTMENT INCOME: Income: Interest..................................................... $ 11,380,192 $ 10,459,334 $1,093,912 ----------------- -------------- ---------- Total income............................................... 11,380,192 10,459,334 1,093,912 ----------------- -------------- ---------- Expenses: Investment management fees (Note 4).......................... 794,089 935,980 71,275 Shareholder servicing costs (Note 4)......................... 87,366 41,013 10,902 Reports to shareholders...................................... 39,430 13,365 3,532 Accounting expense........................................... 24,327 10,491 12,312 Financial information and subscriptions...................... 7,374 20,923 2,238 Custodian fees............................................... 6,343 6,401 459 Bank transaction and checking fees........................... 10,813 2,255 621 Registration fees............................................ 20,812 4,411 6,716 Legal, insurance and auditing fees........................... 18,288 16,867 9,281 Other........................................................ 2,225 2,405 174 ----------------- -------------- ---------- Total expenses............................................. 1,011,067 1,054,111 117,510 ----------------- -------------- ---------- Net investment income (Note 1)................................. 10,369,125 9,405,223 976,402 ----------------- -------------- ---------- REALIZED GAIN AND UNREALIZED DEPRECIATION FROM INVESTMENT TRANSACTIONS: Net realized gain from investments (Note 2).................... 1,543,789 1,341,477 94,675 Net unrealized depreciation on investments during the period (Note 1)...................................................... (16,748,632) (12,639,347) (894,805 ) ----------------- -------------- ---------- Net loss on investments (Note 1)............................... (15,204,843) (11,297,870) (800,130 ) ----------------- -------------- ---------- Net increase (decrease) in net assets resulting from operations.................................................... $ (4,835,718) $ (1,892,647) $ 176,272 ----------------- -------------- ---------- ----------------- -------------- ----------
The accompanying notes are an integral part of the financial statements. - 61 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Six Months Ended June 30, 1996 (Unaudited) COLUMBIA COLUMBIA COLUMBIA and COMMON STOCK FUND, INC. GROWTH INTERNATIONAL STOCK FUND, Year Ended December 31, 1995 FUND, INC. INC. -------------------------- ---------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 2,442,425 $ 3,997,419 $ 3,161,742 $ 8,173,000 $ 498,349 $ 155,031 Net realized gain (loss) from: Investments (Note 2).................. 44,000,912 17,260,066 71,512,684 73,961,335 5,784,340 (286,889) Foreign currency transactions (Note 1)................................... 1,033,925 (1,246,443) Change in net unrealized appreciation (depreciation) on: Investments........................... (8,229,708) 44,119,110 28,076,599 120,496,613 5,670,284 5,614,702 Translation of assets and liabilities in foreign currencies (Note 1)....... 198,333 92 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 38,213,629 65,376,595 102,751,025 202,630,948 13,185,231 4,236,493 Distributions to shareholders: From net investment income.............. (2,120,808) (3,764,094) (7,437,014) In excess of net investment income...... (31,322)* From net realized gain from investment transactions........................... (17,260,066) (73,961,335) In excess of net realized gain from investment transactions................ (17,932)* (206,957)* Capital share transactions, net (Note 3)....................................... 45,766,520 189,924,932 37,002,963 136,042,951 11,283,668 (21,847,478) ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 81,859,341 234,259,435 139,753,988 257,037,271 24,468,899 (17,610,985) NET ASSETS: Beginning of period....................... 358,522,724 124,263,289 848,730,852 591,693,581 100,873,460 118,484,445 ------------ ------------ ------------- ------------ ------------ ------------ End of period (1)......................... $440,382,065 $358,522,724 $ 988,484,840 $848,730,852 $125,342,359 $100,873,460 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income of: $ 717,584 $ 395,967 $ 4,685,619 $ 1,523,877 $ 498,349 $ 0 * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 62 STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Six Months Ended June 30, 1996 COLUMBIA COLUMBIA COLUMBIA (Unaudited) and SPECIAL REAL ESTATE EQUITY BALANCED Year Ended December 31, 1995 FUND, INC. FUND, INC. FUND, INC. ------------------------------ ------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 -------------- -------------- ----------- ----------- ------------ ------------ INCREASE IN NET ASSETS: Operations: Net investment income (loss)......... $ (2,880,243) $ 1,828,234 $ 703,087 $ 1,240,072 $ 9,712,621 $ 15,015,481 Net realized gain (loss) from investments (Note 2)................ 153,804,567 154,437,430 541,776 (132) 29,549,682 20,555,403 Change in net unrealized appreciation (depreciation) on investments....... 16,355,015 148,707,165 237,536 1,834,154 (16,091,089) 47,270,141 -------------- -------------- ----------- ----------- ------------ ------------ Net increase in net assets resulting from operations..................... 167,279,339 304,972,829 1,482,399 3,074,094 23,171,214 82,841,025 Distributions to shareholders: From net investment income........... (1,151,123) (693,145)** (774,447) (9,494,713) (14,812,967) In excess of net investment income... (46,117)* From net realized gain from investment transactions............. (154,437,430) (17,052,999) In excess of net realized gain from investment transactions............. (1,539,578)* (235,252)* From tax return of capital........... (451,668) Capital share transactions, net (Note 3).................................... 57,493,209 347,044,146 2,343,800 2,572,289 73,128,774 186,168,310 -------------- -------------- ----------- ----------- ------------ ------------ Net increase in net assets........... 224,772,548 494,888,844 3,133,054 4,185,016 86,805,275 237,097,252 NET ASSETS: Beginning of period.................... 1,384,415,035 889,526,191 21,587,200 17,402,184 486,767,493 249,670,241 -------------- -------------- ----------- ----------- ------------ ------------ End of period (1)...................... $1,609,187,583 $1,384,415,035 $24,720,254 $21,587,200 $573,572,768 $486,767,493 -------------- -------------- ----------- ----------- ------------ ------------ -------------- -------------- ----------- ----------- ------------ ------------ - ----------------------------------------- -------------- -------------- ----------- ----------- ------------ ------------ (1) Includes undistributed net investment income (loss) of: $ (2,932,060) $ (51,817) $ 12,418 $ 2,476 $ 428,990 $ 211,082 * On a tax basis, there was no return of capital. ** On a tax basis, a portion of the distributions to shareholders from net investment income may consist of return of capital. The Fund will mail to its shareholders annually a summary of the federal income tax status of the Fund's distributions for the preceeding year.
The accompanying notes are an integral part of the financial statements. - 63 STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
COLUMBIA COLUMBIA COLUMBIA Six Months Ended June 30, 1996 (Unaudited) and DAILY INCOME U.S. GOVERNMENT FIXED INCOME Year Ended December 31, 1995 COMPANY SECURITIES FUND, INC. SECURITIES FUND, INC. -------------------------- ------------------------ -------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ----------- ----------- ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income........................ $ 19,116,558 $ 39,894,755 $ 981,554 $ 2,036,453 $ 10,369,125 $ 19,285,757 Net realized gain from investments (Note 2).......................................... 132,805 571,638 1,543,789 7,333,401 Change in net unrealized appreciation (depreciation) on investments............... (951,330) 1,000,875 (16,748,632) 22,005,760 ------------ ------------ ----------- ----------- ------------ ------------ Net increase (decrease) in net assets resulting from operations................... 19,116,558 39,894,755 163,029 3,608,966 (4,835,718) 48,624,918 Distributions to shareholders: From net investment income................... (19,116,558) (39,894,755) (981,554) (2,036,453) (10,369,125) (19,285,757) Capital share transactions, net (Note 3)....... 1,796,041 70,588,520 (607,558) 6,758,002 27,388,196 34,830,059 ------------ ------------ ----------- ----------- ------------ ------------ Net increase (decrease) in net assets........ 1,796,041 70,588,520 (1,426,083) 8,330,515 12,183,353 64,169,220 NET ASSETS: Beginning of period............................ 800,655,522 730,067,002 41,842,384 33,511,869 316,258,803 252,089,583 ------------ ------------ ----------- ----------- ------------ ------------ End of period.................................. $802,451,563 $800,655,522 $40,416,301 $41,842,384 $328,442,156 $316,258,803 ------------ ------------ ----------- ----------- ------------ ------------ ------------ ------------ ----------- ----------- ------------ ------------
The accompanying notes are an integral part of the financial statements. - 64 STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Six Months Ended June 30, 1996 (Unaudited) and COLUMBIA COLUMBIA Year Ended December 31, 1995 MUNICIPAL BOND FUND, INC. HIGH YIELD FUND, INC. -------------------------- ------------------------ 1996 1995 1996 1995 ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................................... $ 9,405,223 $ 19,222,924 $ 976,402 $ 1,561,271 Net realized gain (loss) from investments (Note 2)...... 1,341,477 2,099,378 94,675 (31,194) Change in net unrealized appreciation (depreciation) on investments............................................ (12,639,347) 27,002,836 (894,805) 1,544,937 ------------ ------------ ----------- ----------- Net increase (decrease) in net assets resulting from operations............................................. (1,892,647) 48,325,138 176,272 3,075,014 Distributions to shareholders: From net investment income.............................. (9,405,223) (19,222,924) (976,402) (1,561,271) From net realized gain from investment transactions..... (2,099,378) In excess of net realized gain from investment transactions........................................... (52,790)* Capital share transactions, net (Note 3).................. (1,226,904) 17,029,241 1,171,826 9,123,656 ------------ ------------ ----------- ----------- Net increase (decrease) in net assets................... (12,524,774) 43,979,287 371,696 10,637,399 NET ASSETS: Beginning of period....................................... 383,795,918 339,816,631 23,470,967 12,833,568 ------------ ------------ ----------- ----------- End of period............................................. $371,271,144 $383,795,918 $23,842,663 $23,470,967 ------------ ------------ ----------- ----------- ------------ ------------ ----------- -----------
* On a tax basis, there was no return of capital. The accompanying notes are an integral part of the financial statements. - 65 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. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. In connection with portfolio purchases and sales of securities denominated in a foreign currency, CISF enters into foreign currency exchange contracts (contracts). Additionally, CISF enters into forward 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 gains arising from such transactions amounted to $1,099,223 and are included in net realized gain from foreign currency transactions. As of June 30, 1996, CISF had entered into forward contracts resulting in net unrealized appreciation of $207,590, as shown in the table on the following page. - 66 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
NET UNREALIZED CURRENCY TO CURRENCY TO SETTLEMENT APPRECIATION BE DELIVERED BE RECEIVED DATE (U.S. $) - ------------------------------ --------------------- --------- ----------- Switzerland U.S. 3,600,000 Franc 2,868,411 Dollars 07/26/96 $ (15,911) U.S. 12,225,000 German Mark 7,984,977 Dollars 07/26/96 (62,374) U.S. 1,226,000,000 Japanese Yen 11,529,600 Dollars 07/26/96 297,899 Netherland U.S. 6,900,000 Guilder 4,039,269 Dollars 07/26/96 (12,024) ----------- $ 207,590 ----------- -----------
FOREIGN CURRENCY TRANSLATIONS. The books and records of CISF are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets, and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. CISF does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from 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 the 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. 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. - 67 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 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 June 30, 1996, 100% of the Fund's portfolio was invested in securities rated Ba (49%) or B (51%) by Moody's Investor Services, Inc. -- 2. INVESTMENT TRANSACTIONS -- Aggregate purchases, sales and maturities, net realized gain (loss) and unrealized appreciation (depreciation) of investments, including temporary cash investments for CDIC and excluding temporary cash investments for all other Funds, as of and for the period ended June 30, 1996, were as follows:
COLUMBIA COMMON COLUMBIA COLUMBIA COLUMBIA STOCK FUND, INC. GROWTH INTERNATIONAL STOCK SPECIAL FUND, (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) INC. (CSF) ----------------- ---------------- ------------------- -------------- PURCHASES: Investment securities other than U.S. Government obligations.................... $291,293,625 $382,763,733 $76,705,102 $1,051,456,823 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations.................... $243,362,586 $350,033,271 $71,226,989 $1,040,190,985 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- NET REALIZED GAIN: Investment securities other than U.S. Government obligations.................... $ 44,000,912 $ 71,512,684 $ 5,784,340 $ 153,804,567 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1996: Appreciation............................... $ 54,529,238 $212,283,861 $18,710,526 $ 304,088,829 Depreciation............................... (10,403,090) (24,235,954) (2,073,325) (86,499,831) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation.............. $ 44,126,148 $188,047,907 $16,637,201 $ 217,588,998 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1996: Appreciation............................... $ 54,972,950 $213,572,907 $18,153,473 $ 303,723,819 Depreciation............................... (10,298,035) (24,705,033) (2,258,722) (89,736,566) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation.............. $ 44,674,915 $188,867,874 $15,894,751 $ 213,987,253 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- For federal income tax purposes, the cost of investments owned at June 30, 1996.......... $392,633,366 $784,276,264 $98,773,949 $1,322,936,292 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- --------------
The net realized gain for CGF & CSF includes proceeds of approximately $82,285 and $51,150, respectively from shareholder class action suits related to securities held by those funds. - 68 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
COLUMBIA REAL ESTATE COLUMBIA COLUMBIA COLUMBIA U.S. EQUITY BALANCED DAILY INCOME GOVERNMENT SECURITIES FUND, INC. (CREF) FUND, INC. (CBF) COMPANY (CDIC) FUND, INC. (CUSG) ----------------- ---------------- -------------- --------------------- PURCHASES: Investment securities other than U.S. Government obligations................ $ 8,398,185 $215,560,322 $4,029,633,024 U.S. Government obligations............ 203,093,821 77,972,758 $35,526,352 ----------------- ---------------- -------------- --------------------- Total purchases...................... $ 8,398,185 $418,654,143 $4,107,605,782 $35,526,352 ----------------- ---------------- -------------- --------------------- ----------------- ---------------- -------------- --------------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations................ $ 5,922,835 $190,304,137 $4,010,214,693 U.S. Government obligations............ 146,672,358 97,699,269 $36,144,203 ----------------- ---------------- -------------- --------------------- Total sales and maturities........... $ 5,922,835 $336,976,495 $4,107,913,962 $36,144,203 ----------------- ---------------- -------------- --------------------- ----------------- ---------------- -------------- --------------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations................ $ 541,776 $ 29,910,560 U.S. Government obligations............ (360,878) $ 132,805 ----------------- ---------------- --------------------- Total net realized gain.............. $ 541,776 $ 29,549,682 $ 132,805 ----------------- ---------------- --------------------- ----------------- ---------------- --------------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1996: Appreciation........................... $ 1,900,087 $ 46,339,578 $ 59,596 Depreciation........................... (126,625) (10,548,817) (399,171) ----------------- ---------------- --------------------- Net unrealized appreciation (depreciation)...................... $ 1,773,462 $ 35,790,761 $ (339,575) ----------------- ---------------- --------------------- ----------------- ---------------- --------------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1996: Appreciation........................... $ 2,388,773 $ 46,722,792 $ 59,596 Depreciation........................... (53,849) (10,732,209) (399,171) ----------------- ---------------- --------------------- Net unrealized appreciation (depreciation)...................... $ 2,334,924 $ 35,990,583 $ (339,575) ----------------- ---------------- --------------------- ----------------- ---------------- --------------------- For federal income tax purposes, the cost of investments owned at June 30, 1996... $21,226,901 $518,904,756 $ 806,358,242 $39,535,374 ----------------- ---------------- -------------- --------------------- ----------------- ---------------- -------------- ---------------------
- 69 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
COLUMBIA FIXED COLUMBIA COLUMBIA INCOME SECURITIES MUNICIPAL BOND HIGH YIELD FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF) ----------------- ----------------- ----------------- PURCHASES: Investment securities other than U.S. Government obligations......................................... $ 92,698,369 $ 38,344,609 $ 7,385,785 U.S. Government obligations.......................... 132,880,686 ----------------- ----------------- ----------------- Total purchases.................................... $225,579,055 $ 38,344,609 $ 7,385,785 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations......................................... $ 79,549,831 $ 38,641,909 $ 5,327,305 U.S. Government obligations.......................... 126,077,298 993,711 ----------------- ----------------- ----------------- Total sales and maturities......................... $205,627,129 $ 38,641,909 $ 6,321,016 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations......................................... $ 531,492 $ 1,341,477 $ 106,605 U.S. Government obligations.......................... 1,012,297 (11,930) ----------------- ----------------- ----------------- Total net realized gain............................ $ 1,543,789 $ 1,341,477 $ 94,675 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1996: Appreciation......................................... $ 3,054,446 $ 10,875,085 $ 369,942 Depreciation......................................... (6,689,750) (2,374,056) (412,075) ----------------- ----------------- ----------------- Net unrealized appreciation (depreciation)......... $ (3,635,304) $ 8,501,029 $ (42,133) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1996: Appreciation......................................... $ 2,836,579 $ 10,875,085 $ 369,942 Depreciation......................................... (6,859,746) (2,374,056) (412,075) ----------------- ----------------- ----------------- Net unrealized appreciation (depreciation)......... $ (4,023,167) $ 8,501,029 $ (42,133) ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- For federal income tax purposes, the cost of investments owned at June 30, 1996.................... $316,343,279 $354,352,598 $22,714,153 ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
- 70 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 3. CAPITAL STOCK --
COLUMBIA COLUMBIA COLUMBIA COMMON STOCK GROWTH INTERNATIONAL STOCK FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) ------------------------- ---------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ----------- ------------ ------------- ------------- ------------ ------------ SHARES: Shares sold....................... 4,562,539 12,907,792 5,414,231 6,481,595 2,742,258 3,176,713 Shares issued for reinvestment of dividends........................ 103,815 1,137,709 2,636,586 ----------- ------------ ------------- ------------- ------------ ------------ 4,666,354 14,045,501 5,414,231 9,118,181 2,742,258 3,176,713 Less shares redeemed.............. (2,299,550) (2,953,090) (4,247,180) (4,495,529) (1,955,812) (4,992,567) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease) in shares........................... 2,366,804 11,092,411 1,167,051 4,622,652 786,446 (1,815,854) ----------- ------------ ------------- ------------- ------------ ------------ ----------- ------------ ------------- ------------- ------------ ------------ AMOUNTS: Sales............................. $88,510,087 $221,012,822 $ 169,976,621 $ 187,801,317 $ 38,068,537 $ 38,698,162 Reinvestment of dividends......... 2,079,722 20,863,972 78,122,044 ----------- ------------ ------------- ------------- ------------ ------------ 90,589,809 241,876,794 169,976,621 265,923,361 38,068,537 38,698,162 Less redemptions.................. (44,823,289) (51,951,862) (132,973,658) (129,880,410) (26,784,869) (60,545,640) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease)........... $45,766,520 $189,924,932 $ 37,002,963 $ 136,042,951 $ 11,283,668 $(21,847,478) ----------- ------------ ------------- ------------- ------------ ------------ ----------- ------------ ------------- ------------- ------------ ------------ Capital stock authorized (shares)......................... 100,000,000 100,000,000 100,000,000 Par Value......................... no par $.01 no par
COLUMBIA COLUMBIA COLUMBIA SPECIAL REAL ESTATE EQUITY BALANCED FUND, INC. (CSF) FUND, INC. (CREF) FUND, INC. (CBF) ---------------------------- ------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------- ------------- ------------ ----------- ------------ ------------ SHARES: Shares sold....................... 14,066,418 24,380,701 1,222,761 745,236 6,275,229 12,164,908 Shares issued for reinvestment of dividends........................ 7,030,821 51,443 116,209 457,573 1,603,299 ------------- ------------- ------------ ----------- ------------ ------------ 14,066,418 31,411,522 1,274,204 861,445 6,732,802 13,768,207 Less shares redeemed.............. (11,598,564) (14,439,180) (1,100,901) (647,683) (3,130,312) (3,974,088) ------------- ------------- ------------ ----------- ------------ ------------ Net increase in shares............ 2,467,854 16,972,342 173,303 213,762 3,602,490 9,794,119 ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ AMOUNTS: Sales............................. $ 324,455,145 $ 507,005,537 $ 15,818,181 $ 8,920,599 $127,668,573 $230,627,211 Reinvestment of dividends......... 148,631,551 669,710 1,402,375 9,346,862 31,608,126 ------------- ------------- ------------ ----------- ------------ ------------ 324,455,145 655,637,088 16,487,891 10,322,974 137,015,435 262,235,337 Less redemptions.................. (266,961,936) (308,592,942) (14,144,091) (7,750,685) (63,886,661) (76,067,027) ------------- ------------- ------------ ----------- ------------ ------------ Net increase...................... $ 57,493,209 $ 347,044,146 $ 2,343,800 $ 2,572,289 $ 73,128,774 $186,168,310 ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ Capital stock authorized (shares)......................... 100,000,000 100,000,000 100,000,000 Par Value......................... $.01 no par no par
- 71 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 3. CAPITAL STOCK, CONTINUED --
COLUMBIA COLUMBIA U.S. COLUMBIA FIXED DAILY INCOME GOVERNMENT SECURITIES INCOME SECURITIES COMPANY (CDIC) FUND, INC. (CUSG) FUND, INC. (CFIS) ------------------------------ ------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------- --------------- ----------- ------------ ------------ ------------ SHARES: Shares sold...................... 691,521,301 1,191,109,050 740,100 2,438,332 5,113,807 6,735,955 Shares issued for reinvestment of dividends....................... 19,109,258 39,866,838 110,806 229,910 694,741 1,319,739 ------------- --------------- ----------- ------------ ------------ ------------ 710,630,559 1,230,975,888 850,906 2,668,242 5,808,548 8,055,694 Less shares redeemed............. (708,834,518) (1,160,387,368) (925,816) (1,843,924) (3,714,753) (5,373,406) ------------- --------------- ----------- ------------ ------------ ------------ Net increase (decrease) in shares.......................... 1,796,041 70,588,520 (74,910) 824,318 2,093,795 2,682,288 ------------- --------------- ----------- ------------ ------------ ------------ ------------- --------------- ----------- ------------ ------------ ------------ AMOUNTS: Sales............................ $ 691,521,301 $ 1,191,109,050 $ 6,109,146 $ 19,955,069 $ 67,026,630 $ 86,697,840 Reinvestment of dividends........ 19,109,258 39,866,838 912,261 1,885,143 9,054,494 17,119,289 ------------- --------------- ----------- ------------ ------------ ------------ 710,630,559 1,230,975,888 7,021,407 21,840,212 76,081,124 103,817,129 Less redemptions................. (708,834,518) (1,160,387,368) (7,628,965) (15,082,210) (48,692,928) (68,987,070) ------------- --------------- ----------- ------------ ------------ ------------ Net increase (decrease).......... $ 1,796,041 $ 70,588,520 $ (607,558) $ 6,758,002 $ 27,388,196 $ 34,830,059 ------------- --------------- ----------- ------------ ------------ ------------ ------------- --------------- ----------- ------------ ------------ ------------ Capital stock authorized (shares)........................ 2,000,000,000 100,000,000 200,000,000 Par Value........................ $.001 $.01 $.01
COLUMBIA COLUMBIA MUNICIPAL BOND HIGH YIELD FUND, INC. (CMBF) FUND, INC. (CHYF) ------------------------- ------------------------ 1996 1995 1996 1995 ----------- ------------ ----------- ----------- SHARES: Shares sold...................... 2,610,839 5,057,133 459,260 1,176,046 Shares issued for reinvestment of dividends....................... 629,161 1,460,826 90,391 146,858 ----------- ------------ ----------- ----------- 3,240,000 6,517,959 549,651 1,322,904 Less shares redeemed............. (3,341,784) (5,096,815) (430,706) (367,495) ----------- ------------ ----------- ----------- Net increase (decrease) in shares.......................... (101,784) 1,421,144 118,945 955,409 ----------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- AMOUNTS: Sales............................ $31,714,886 $ 60,766,673 $ 4,498,479 $11,217,136 Reinvestment of dividends........ 7,624,354 17,726,251 879,640 1,406,479 ----------- ------------ ----------- ----------- 39,339,240 78,492,924 5,378,119 12,623,615 Less redemptions................. (40,566,144) (61,463,683) (4,206,293) (3,499,959) ----------- ------------ ----------- ----------- Net increase (decrease).......... $(1,226,904) $ 17,029,241 $ 1,171,826 $ 9,123,656 ----------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Capital stock authorized (shares)........................ 100,000,000 100,000,000 Par Value........................ $.01 no par
- 72 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES --
COLUMBIA COLUMBIA COLUMBIA COLUMBIA COMMON STOCK GROWTH INT'L STOCK SPECIAL FUND, INC. FUND, INC. FUND, INC. FUND, INC. (CCSF) (CGF) (CISF) (CSF) ------------ --------------- ----------- --------------- Investment management fees incurred........................... $1,216,433 $2,743,051 $548,127 $6,371,669 Investment management fee computation basis (percentage of daily net assets per annum)........ .60 of 1% .75 of 1% to 1% 1% to $200,000,000 $500,000,000 daily net daily net assets; .625 of assets; .75 of 1% between 1% in excess of $200,000,000 $500,000,000 and $500,000,000; and .50 of 1% in excess of $500,000,000 Transfer agent fee (included in shareholder servicing costs)....... $102,441 $248,342 $88,476 $324,004 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co.......... $2,378 $5,258 $650 $8,697 Value of investments held at June 30, 1996 by: Columbia Management Co............ $468,259 $101,533 $66,057 $1,962,058 Columbia Funds Management Company.......................... $86,640 $42,987 $16,129 $908,970
COLUMBIA COLUMBIA U.S. REAL ESTATE COLUMBIA GOV'T EQUITY BALANCED COLUMBIA SECURITIES FUND, INC. FUND, INC. DAILY INCOME FUND, INC. (CREF) (CBF) COMPANY (CDIC) (CUSG) ------------ ----------- --------------- ------------- Investment management fees incurred... $87,859 $1,348,481 $1,914,155 $102,899 Investment management fee computation basis (percentage of daily net assets per annum).......... .75 of 1% .50 of 1% .50 of 1% to .50 of 1% $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)......... $10,345 $145,968 $285,266 $16,813 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co............ $133 $3,103 $4,504 $229 Value of investments held at June 30, 1996 by: Columbia Management Co.............. $131,592 $18,050,249 $409,272 Columbia Funds Management Company... $22,268 $5,354,449 $64,042
- 73 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES, CONTINUED --
COLUMBIA FIXED COLUMBIA INCOME MUNICIPAL COLUMBIA SECURITIES BOND HIGH YIELD FUND, INC. FUND, INC. FUND, INC. (CFIS) (CMBF) (CHYF) ----------- ------------ ------------ Investment management fees incurred.................... $794,089 $935,980 $71,275 Investment management fee computation basis (percentage .50 of 1% .50 of 1% .60 of 1% of daily net assets per annum)........................ Transfer agent fee (included in shareholder servicing costs)................................................ $86,569 $40,592 $9,615 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co......................................... $1,818 $2,097 $133 Value of investments held at June 30, 1996 by: Columbia Management Co............................... $883,275 $1,657,939 $300,742 Columbia Funds Management Company.................... $271,213 $234,738 $277,893
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 June 30, 1996, certain officers and directors of the Funds held investments of $2,723,805 in CREF. At June 30, 1996, CSF had investments in securities of U.S. Bancorp which provides primarily custodial services to CSF. - 74 [LOGO] COLUMBIA FUNDS -- 1301 S.W. FIFTH AVENUE, PORTLAND, OREGON 97201 -- -- 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 -- 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 PORTLAND, OREGON 97207 THIS INFORMATION MUST BE PRECEEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME, BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS. FUNDS DISTRIBUTED BY COLUMBIA FINANCIAL CENTER INCORPORATED, MEMBER NASD. -----END PRIVACY-ENHANCED MESSAGE-----