-----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, Mac6SGaBMAdmhcB5ZyhDB/B5VIlTg9rbkij9jmRMzydb+rUe0jz2T9tHNhddwqc9 MPFzulscLV1UlV9R6n2yZg== 0000912057-97-007217.txt : 19970228 0000912057-97-007217.hdr.sgml : 19970228 ACCESSION NUMBER: 0000912057-97-007217 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970227 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000876606 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06341 FILM NUMBER: 97546037 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: 97546038 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: 97546039 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: 97546040 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: 97546041 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: 97546042 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: 97546043 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA U S GOVERNMENT GUARANTEED SECURITIES FUND INC DATE OF NAME CHANGE: 19920219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA BALANCED FUND INC /OR/ CENTRAL INDEX KEY: 0000876613 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06338 FILM NUMBER: 97546044 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: 97546045 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: 97546046 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: 97546047 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA SMALL CAP FUND INC CENTRAL INDEX KEY: 0001016510 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-07671 FILM NUMBER: 97546048 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 N-30D 1 N-30D [LOGO] COLUMBIA FUNDS 1996 ANNUAL REPORT COLUMBIA COMMON STOCK FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA GROWTH FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA INTERNATIONAL STOCK FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA SPECIAL FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA SMALL CAP FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA REAL ESTATE EQUITY FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA BALANCED FUND ---------------------------------------------------- ---------------------------------------------------- COLUMBIA 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 1996 Columbia Funds Shareholder Report. Inside, you will find updated financial information and summaries of each fund's investment activity for the year, along with a chart illustrating the growth of a hypothetical investment as compared to each of the fund's industry benchmarks. At Columbia, our goal has always been to provide consistent, long-term performance for our shareholders while managing investment risk. In these days of recordbreaking stock market performance, we wish to reaffirm our commitment to careful, quality investment management. The "Overview of the Markets" on page one of this report explains this investment approach in greater detail, along with highlights of current themes and strategies we are using to meet the objectives of each fund. We hope that you find this information helpful as you evaluate the performance of your investments. As always, we appreciate the confidence and trust you have placed in Columbia Funds, and we look forward to helping you achieve your investment goals in the months and years to come. Sincerely, J. JERRY INSKEEP, JR. JOHN A. KEMP CHAIRMAN PRESIDENT
TABLE OF CONTENTS ----------------------------------------------------------------- ANNUAL REPORT, DECEMBER 31, 1996 AN OVERVIEW OF THE MARKETS.....................................................1 COLUMBIA COMMON STOCK FUND Investment Review............................................................3 Financial Highlights........................................................15 Schedule of Investments.....................................................27 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................68 COLUMBIA GROWTH FUND Investment Review............................................................4 Financial Highlights........................................................16 Schedule of Investments.....................................................29 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................68 COLUMBIA INTERNATIONAL STOCK FUND Investment Review............................................................5 Financial Highlights........................................................17 Schedule of Investments.....................................................31 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................68 COLUMBIA SPECIAL FUND Investment Review............................................................6 Financial Highlights........................................................18 Schedule of Investments.....................................................35 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................69 COLUMBIA SMALL CAP FUND Investment Review............................................................7 Financial Highlights........................................................19 Schedule of Investments.....................................................38 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statement of Changes in Net Assets..........................................69 COLUMBIA REAL ESTATE EQUITY FUND Investment Review............................................................8 Financial Highlights........................................................20 Schedule of Investments.....................................................41 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................69 COLUMBIA BALANCED FUND Investment Review............................................................9 Financial Highlights........................................................21 Schedule of Investments.....................................................42 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................70 COLUMBIA DAILY INCOME COMPANY Investment Review...........................................................10 Financial Highlights........................................................22 Schedule of Investments.....................................................47 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................70 COLUMBIA U.S. GOVERNMENT SECURITIES FUND Investment Review...........................................................11 Financial Highlights........................................................23 Schedule of Investments.....................................................49 Statement of Assets and Liabilities.........................................64 Statement of Operations.....................................................67 Statements of Changes in Net Assets.........................................70 COLUMBIA FIXED INCOME SECURITIES FUND Investment Review...........................................................12 Financial Highlights........................................................24 Schedule of Investments.....................................................50 Statement of Assets and Liabilities.........................................64 Statement of Operations.....................................................67 Statements of Changes in Net Assets.........................................71 COLUMBIA MUNICIPAL BOND FUND Investment Review...........................................................13 Financial Highlights........................................................25 Schedule of Investments.....................................................53 Statement of Assets and Liabilities.........................................64 Statement of Operations.....................................................67 Statements of Changes in Net Assets.........................................71 COLUMBIA HIGH YIELD FUND Investment Review...........................................................14 Financial Highlights........................................................26 Schedule of Investments.....................................................59 Statement of Assets and Liabilities.........................................64 Statement of Operations.....................................................67 Statements of Changes in Net Assets.........................................71 NOTES TO FINANCIAL STATEMENTS.................................................72 COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 222-3606 1-800-547-1707 AN OVERVIEW OF THE MARKETS ----------------------------------------------------------------- THE YEAR IN REVIEW When we started the year, market consensus called for dull performance. The market rallied early, however, and by the end of May, the S&P 500 Index of large stocks was up almost 10%. The performance of small stocks was even stronger, with the Russell 2000 Index up more than 15%. This strong performance was largely attributable to increased earnings in a rapidly growing economy. The Gross Domestic Product (GDP) increased from 0.3% in the last quarter of 1995 to 4.7% in the second quarter of 1996. Not surprisingly, this economic pick-up had an upward influence on interest rates, and by mid-year investors became concerned that the Federal Reserve Board would tighten the money supply. Although the Fed did not take action, the hint of change led to a sharp market decline through the end of July. By July's end, the Russell 2000 had given up almost all its gain year-to-date. The annual gain for the S&P 500 was cut in half to 5%. During the summer, reports seemed to indicate that economic growth was slowing. Investors reassessed the outlook and decided that low inflation and modest growth would be good for stocks and bonds. Long-term interest rates declined, helped by strong Japanese buying of U.S. bonds, and the stock market rapidly accelerated. Also during this time, flows into equity mutual funds were strong versus the offering of new equities, resulting in a positive supply-demand scenario. From the end of July to the end of November, the S&P 500 increased 19.2%, including a 7.55% gain in the month of November alone. Smaller stocks also increased in value, but at a more subdued rate. In early December, Federal Reserve Chairman Alan Greenspan suggested that the markets might be entering a speculative phase. However, the market's nervous reaction to his statement hardly dented the 1995-96 combined gain. By recording a positive return in 1996, the stock market enjoyed its sixth straight annual advance, with the Dow Jones Industrial Averages up a record-breaking 11 out of the past 12 years.
BENCHMARK PERFORMANCE COMPARISONS Average Annual Total Returns, FOR THE PERIODS ENDED DECEMBER 31, 1996 1 year 3 years 5 years 10 years ---------- ---------- ---------- ------------ Standard & Poor's 500 22.96% 19.68% 15.22% 15.29% Lehman Aggregate 3.63% 6.03% 7.04% 8.47% Russell 2000 16.49% 13.68% 15.64% 12.41% Financial Times/S&P Actuaries Euro-Pacific 5.82% 8.51% 7.94% 8.58%
CURRENT OUTLOOK At this stage, one might expect the current economic cycle to begin showing signs of age and inflationary pressures. However, the factors that have led to excellent market performance appear intact. Inflation remains subdued, signaling that interest rates could continue a long-term downward trend. (In the near term, though, we expect interest rates to continue to react to news on economic growth, inflation, currency fluctuations and foreign money flows into the U.S. bond market.) Earnings remain positive, and money flows into financial assets continue at or near record levels. Despite the temporary ebbs and flows that are bound to occur in the U.S. economy, we seem to remain in an overall growth mode, accompanied by modest inflation. Although this economic backdrop continues to favor financial markets, the stock market as a whole is selling at historically high levels. Using history as a guide, high valuation levels can lead to increased volatility and decreased gain. However, a fully priced market is seldom the sole cause for a long-term bull market to end, and we are experiencing the greatest bull market of this century. In the past, bull markets have waned when economic and financial environments experience fundamental change. The consensus forecast for 1997 - 1 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- calls for subtle changes rather than a major shift to any important factors that might seriously affect financial markets. INVESTMENT STRATEGY The risk to a high priced stock market is that it becomes increasingly vulnerable to negative surprises. Such negative surprises could include a stronger economy than forecasted ushering in higher inflation, a weaker economy with a squeeze on profits, currency problems or some unforeseen event. In short, risks are rising compared to rewards. We continue to find attractive stocks, but have become more cautious about our asset mix between stocks and bonds, and have reduced our holdings in stocks with high valuations and high expectations. As commonly occurs when markets rise rapidly, investors tend to narrow their focus to fewer, larger capitalized stocks with presumed high predictability. This tendency means many stocks have been overlooked and offer value. We are focusing our research on these companies. As we look to 1997, there continues to be reason for optimism, but we are growing more cautious and are reluctant to buy stocks solely based on recent price momentum. So that you may evaluate how the Columbia Funds performed given this economic and financial market backdrop, the following pages contain discussions of the Funds' investment activity during 1996, along with graphs illustrating the growth of $10,000 over 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. We hope that you find this information useful, and we look forward to helping you meet your investment goals and needs in the months and years to come. THE INVESTMENT TEAM COLUMBIA FUNDS MANAGEMENT COMPANY FEBRUARY 1997 - 2 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA COMMON STOCK FUND -- -------------------------------- Columbia Common Stock Fund had a total return of 20.71% for the twelve months ended December 31, 1996. During the first half of the year, our "Graying of America" theme had a positive influence on performance, where we emphasized such sectors as travel and entertainment. As the stock market grew more nervous, we increased our holdings in real estate investment trusts (REITs) and utilities (communications, electric and gas). Toward the end of the year, the Fund benefited from its exposure to banks, machinery, technology, energy, and real estate. Sectors that did not perform as well included media, business services and retailers. Most recently, we have added to our banking and financial holdings, where stocks are benefiting from positive earnings growth and industry consolidation. We have also added to metals and autos, which we believe offer relative value and fit within our framework of a strengthening economy. We decreased our holdings in technology, consumer staples and health care, taking profits in several stocks we believed were fully priced in the near term. We enter 1997 with an emphasis in the basic materials and manufacturing sectors, such as paper, aluminum and industrial equipment. We are also positive about the prospects for REITs, energy and selected technology stocks. With the stock market at relatively high valuations, we are focusing more attention on risk versus reward, avoiding issues we believe are susceptible to disappointment. 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 12/31/96 22,758 22,007 Average Annual Total Returns as of December 31, 1996 CCSF S&P 500 1 Year 20.17% 22.96% 5 Years 15.60% 15.22% Since Inception 16.78% 16.05% Past Performance is not predictive of future results
- 3 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA GROWTH FUND -- -------------------------- Columbia Growth Fund generated a total return of 20.80% for the one year period ending December 31, 1996. Throughout the year, we have focused on such investment themes as the "Graying of America," industry restructuring, and digital technology, all of which benefited fund performance. Toward the end of the year, market leadership was concentrated in the very largest capitalized stocks due to investors' concern about a general slowing in corporate profits. While stocks generally appreciated, most lagged the gains achieved by the largest cap issues. Although this dynamic may persist awhile, we believe that better, long-term opportunities exist in sectors outside the large cap market, and we are focusing our research on these areas. In addition, as many industries complete their restructuring efforts, Corporate America is now increasing its emphasis on sales growth. As a result, we have been searching out those organizations we believe have the opportunities, strategies and resources to accelerate growth. While the economy's growth rate has sped up from the third quarter's slow pace, it is unclear whether a pickup in corporate revenue will be offset by an increase in costs. We will be watching the Federal Reserve Board closely, in case it moves to fight inflation fears by raising interest rates. GROWTH OF $10,000 OVER 20 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia Growth Fund S&P 500 12/31/76 10,000 10,000 12/31/77 9,989 9,270 12/31/78 10,792 9,866 12/31/79 15,170 11,676 12/31/80 21,220 15,454 12/31/81 20,501 14,689 12/31/82 30,046 17,847 12/31/83 36,494 21,848 12/31/84 34,458 23,194 12/31/85 45,509 30,514 12/31/86 48,658 36,202 12/31/87 55,830 38,110 12/31/88 61,865 44,417 12/31/89 79,862 58,457 12/31/90 77,218 56,674 12/31/91 103,673 73,943 12/31/92 115,928 79,577 12/31/93 131,010 87,599 12/31/94 130,184 88,755 12/31/95 173,119 122,109 12/31/96 209,128 150,146 Average Annual Total Returns as of December 31, 1996 CGF S&P 500 1 Year 20.80% 22.96% 5 Years 15.07% 15.22% 10 Years 15.70% 15.29% 20 Years 16.42% 14.51% Past Performance is not predictive of future results
- 4 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------------- The Fund posted a total return of 16.59% for the year ended December 31, 1996. This performance was significantly better than that of the Fund's benchmark index, the FT/S&P Euro-Pac, which returned 5.82% for the same period. Many stock markets around the world performed well during the period, ending the year at record levels. Japan, the largest market outside the U.S., declined for the year, however, and further negative pressure came from the weak Yen. Our weighting in Japan was maintained at approximately half the Index's weighting. During the second half of the year, this underweighting concentrated in Japanese exporting industries, such as autos and electronics, which actually benefited from a weaker Yen. Thus, we were able to offset some of the negative influence of Japan. Meanwhile, Canada, Hong Kong and the UK all enjoyed positive returns during the year, and we have maintained solid weightings in those areas. In addition, the Fund benefited from investments in Europe, such as Spain and Italy, which enjoyed good performance throughout the year. Our European exposure was offset somewhat by the strength of the U.S. dollar, but our conservative hedging strategy helped to mitigate the overall weakness of foreign currencies. We continue to favor a number of emerging markets, particularly Brazil and India, both of which closed the year on a positive note. Looking ahead, we have positioned the portfolio to take advantage of an acceleration in worldwide growth during the coming year. And with the U.S. stock market at record valuation levels, we believe an increasing number of investors will diversify their portfolios overseas, which should benefit the world markets and long-term investors in the Fund. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia International Stock Fund FT/S&P Euro-Pac S&P 500 10/01/92 10,000 10,000 10,000 12/31/92 10,060 9,628 10,503 12/31/93 13,417 12,665 11,562 12/31/94 13,086 13,822 11,714 12/31/95 13,760 15,290 16,117 12/31/96 16,041 16,180 19,817 Average Annual Total Returns as of December 31, 1996 CISF S&P 500 FT/S&P Euro-Pac 1 Year 16.59% 22.96% 5.82% Since Inception 11.62% 17.24% 11.84% Past Performance is not predictive of future results
- 5 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA SPECIAL FUND -- --------------------------- Columbia Special Fund posted a total return of 13.07% for 1996. While the Fund enjoyed excellent returns through May, performance in the second half suffered as several sectors that had performed well early in the year experienced sharp declines. These included radio stocks, wireless telecommunication companies, and selected service companies that were selling at relatively high price/earnings multiples. Most recently, we made a number of changes in the portfolio that we believe will result in more positive performance results. We have reduced our holdings in stocks selling at high price/earnings ratios that we believe are more vulnerable to negative surprises. Technology, for instance, was reduced by year-end to approximately 13% of assets from 25% during the third quarter. We have slightly increased our allocation to foreign stocks to help balance some of the higher valuations of the U.S. domestic stock market. In addition, we have increased our emphasis in value stocks, where we look for a positive acceleration in earnings. This has led us to invest in groups like paper, metals, energy, and certain machinery stocks. These shifts in emphasis are consistent with the Fund's long-term strategy of investing about 50% of the portfolio in growth stocks, 35% to 45% in sectors and themes we find attractive on a trading basis, and 5% to 10% of the portfolio in special situations, such as companies that are restructuring for greater efficiency and companies that may be involved in a takeover. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia Special Fund S&P 500 Russell 2000 12/31/86 10,000 10,000 10,000 12/31/87 10,304 10,527 9,123 12/31/88 14,688 12,269 11,394 12/31/89 19,377 16,148 13,244 12/31/90 16,976 15,655 10,660 12/31/91 25,542 20,425 15,569 12/31/92 29,041 21,981 18,437 12/31/93 35,338 24,197 21,922 12/31/94 36,147 24,517 21,523 12/31/95 46,821 33,730 27,644 12/31/96 52,942 41,472 32,207 Average Annual Total Returns as of December 31, 1996 CSF S&P 500 Russell 2000 1 Year 13.07% 22.96% 16.49% 5 Years 15.69% 15.22% 15.64% 10 Years 18.14% 15.29% 12.41% Past Performance is not predictive of future results
- 6 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA SMALL CAP FUND -- ----------------------------- During the fourth quarter of 1996, the first three months of the Fund's operation, Columbia Small Cap Fund returned 7.62%. The Fund, which focuses on stocks with a market capitalization below $1 billion, benefited from an overweighting in energy stocks during the period. The strength of the energy sector was attributable to rising oil and gas prices and stronger profits by both producers and service providers. Meanwhile, the Fund did not benefit from a lower allocation to financial stocks, which rallied when long-term interest rates fell below 6 1/2%. Although large cap stocks outperformed small cap stocks in the fourth quarter because of investor concern over a general slowing in corporate profits, we remain optimistic about the prospects for small cap stocks during the coming year. We also believe that a stronger dollar and continued moderate economic growth will benefit relative performance of the small cap sector. As we enter 1997, the Fund continues its focus on fundamental research to identify attractively valued companies with above-average earnings growth. In addition, we seek special situations, such as turnaround candidates, corporate restructurings, and other scenarios where we believe the market is not correctly recognizing a change in corporate fundamentals. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia Small Cap Fund Russell 2000 10/01/96 10,000 10,000 10/31/96 10,174 9,846 11/30/96 10,488 10,252 12/31/96 10,762 10,520 Average Annual Total Returns as of December 31, 1996 CSCF Russell 2000 Since Inception 7.62% 5.20% Past Performance is not predictive of future results
- 7 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND -- -------------------------------------- The Fund enjoyed a total return of 38.30% for the one year ended December 31, 1996. This positive performance was led by investments in the self storage, office and hotel sectors throughout most of the year. Lagging sectors included health care and retail, both of which had below-market weightings in the Fund. Performance during the year was supported by increased investor interest in REITs (real estate investment trusts). In an environment where the broader stock market continues to achieve new highs, REITs offer attractive yields and sound underlying fundamentals for investors looking to structure their portfolios more defensively. 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 currently include equity REITs, which own commercial income properties as well as real estate brokers and developers. Looking ahead, we believe that the current flow of funds into REITs and a moderate growth environment will continue to make this fund attractive for long-term investors. 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 12,703 12,285 9/30/96 13,897 13,089 12/31/96 16,446 15,556 Average Annual Total Returns as of December 31, 1996 CREF NAREIT 1 Year 38.30% 35.27% Since Inception 19.44% 17.09% Past Performance is not predictive of future results
- 8 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA BALANCED FUND -- ---------------------------- Columbia Balanced Fund produced a total return of 11.78% for the twelve months ended December 31, 1996. On the stock side of the portfolio, the Fund benefited from holdings in finance, paper, technology, machinery and REITs (real estate investment trusts). Insurance, consumer durables, transportation and telephone sectors were among the laggards. During the second half of the year, market strength has been concentrated in a small number of the largest capitalized stocks, penalizing issues we believe have fundamental strength and valuations that make them attractive on a long-term basis. Therefore, we continue to focus on these issues as well as companies with international exposure, in anticipation of an acceleration in global economic growth for the coming year. On the bond side of the portfolio, we have maintained a 40% to 45% weighting in fixed income due to our concerns about the stock market's narrow focus. Early in the year, however, bonds suffered from price declines as a result of rising interest rates. We responded to this volatile environment by shortening the average maturity of the bonds in the portfolio. We also have shifted our fixed income emphasis to mortgage securities relative to both Treasuries and corporate bonds because of their yield advantage and high credit quality. Despite the lagging performance of bonds during the year, we believe that a highly valued stock market will make fixed income more attractive to investors in 1997. We also believe that the bond market offers a yield advantage not currently available on the S&P 500 Index. 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 12/31/96 18,663 22,007 14,761 Average Annual Total Returns as of December 31, 1996 CBF S&P 500 Lehman Aggregate 1 Year 11.78% 22.96% 3.63% 5 Years 11.60% 15.22% 7.04% Since Inception 12.49% 16.05% 7.62% Past performance is not predictive of future results
- 9 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- ----------------------------------- The Fund posted a total return of 4.96% for the twelve months ended December 31, 1996. Early in the year, a stronger than expected economy reversed investors' beliefs that interest rates would continue their downward trend from the previous year. As a result, interest rates began to climb in February and remained volatile throughout the second quarter. During the second half, a reasonably stable economy, benign inflationary pressures and a neutral Federal Reserve policy kept interest rates in a narrow trading range. Consequently, the yield of the Fund has remained very stable throughout the year. Looking forward, we believe changes in yield will depend upon Federal Reserve policy, which is driven by inflation rates, investors' perceptions about economic growth, the dollar's relationship to other currencies, and the supply/ demand scenario for funds. For example, any signs of economic growth, coupled with increases in longer term rates, may result in an increase in short-term interest rates for the coming year. The Fund continues its policy of maintaining a very high quality portfolio, investing primarily in commercial paper, U.S. Treasury Bills, U.S. Government agency discount notes and certificates of deposit, all with maturities less than one year. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Consumer Price Index Columbia Daily Income Company (inflation) 12/31/1986 10,000 10,000 12/31/1987 10,611 10,491 12/31/1988 11,361 10,918 12/31/1989 12,371 11,458 12/31/1990 13,341 12,201 12/31/1991 14,096 12,547 12/31/1992 14,554 12,929 12/31/1993 14,920 13,269 12/31/1994 15,469 13,618 12/31/1995 16,318 13,977 12/31/1996 17,127 14,437 Average Annual Total Returns as of December 31, 1996 CDIC CPI 1 Year 4.96% 3.35% 5 Years 3.97% 2.85% 10 Years 5.53% 3.74% Past Performance is not predictive of future results
- 10 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- ---------------------------------------------- The U.S. Government Securities Fund posted a total return of 3.85% for the twelve months ended December 31, 1996. After enjoying a fine rally in 1995, bonds across the entire yield curve were battered by a volatile interest rate environment during 1996. The stage was set in 1995 with a series of interest rate cuts by the Federal Reserve Board in order to stimulate a faltering U.S. economy. Market expectations for lower rates became so pronounced that by January 1996, yields on three-month Treasury Bills were higher than on longer term, two-year Treasuries as investors tried to lock in yields before they fell further. However, interest rate expectations sharply reversed in February, following the release of a surprisingly strong employment report. Instead of a rate reduction, investors began to anticipate an interest rate increase, bidding down the price of most bonds. We responded to the rising interest rate environment by modestly shortening the average maturity of the portfolio to between 2.4 years and 2.5 years during the second quarter. As investors attempted to sort out the future direction of Federal Reserve policy, interest rates drifted modestly down during the second half of the year, enabling bonds in the portfolio to recover from earlier depreciation. We closed the year by shortening the average maturity of the portfolio to approximately 2 years, as indications of economic strength became more apparent. In the event that interest rates rise -- due to demand for funds, concerns about inflation or expectations of possible Federal Reserve restraint -- we believe that this more defensive positioning will serve the Fund well. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia U.S. Government Consumer Price Merrill 1-3 Treasury Index Securities Fund Index (inflation) 12/31/86 10,000 10,000 10,000 12/31/87 10,414 10,565 10,491 12/31/88 10,970 11,223 10,918 12/31/89 12,027 12,443 11,458 12/31/90 13,144 13,654 12,201 12/31/91 14,816 15,249 12,547 12/31/92 15,676 16,209 12,929 12/31/93 16,603 17,086 13,269 12/31/94 16,598 17,184 13,618 12/31/95 18,293 19,074 13,977 12/31/96 18,998 20,020 14,437 Average Annual Total Returns as of December 31, 1996 CUSG Merrill 1-3 1 Year 3.85% 4.98% 5 Years 5.10% 5.60% 10 Years 6.63% 7.19% Past performance is not predictive of future results
- 11 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND -- ------------------------------------------- The total return for the Fixed Income Securities Fund was 3.37% for the twelve months ended December 31, 1996. During the first six months of the year, the bond market suffered from a rising interest rate environment, and as interest rates rise, prices on existing bonds generally fall. Thanks to a recovering bond market during the second half of the year, however, the Fund was able to recover from its earlier retraction. Bond prices rallied in response to controlled economic growth, stable commodity prices (such as precious metals and grains), benign inflationary pressures and a neutral Federal Reserve policy. However, fixed income returns depend upon investors' expectations for future inflation and economic growth. Nevertheless, with moderate inflation expected for the coming year, we believe bonds are fairly valued. Interest rates should remain in a narrow trading range unless economic growth rapidly accelerates and inflationary pressures (particularly labor costs) rise. In preparing for the coming year, we have shifted to an above-market weighting in mortgage securities relative to both Treasuries and corporate bonds because of their yield advantage and high credit quality. The Fund continues to maintain a standard of high quality, with 88% of the portfolio rated A or higher. At year-end, average maturity had been shortened to approximately 6 years and the fund's duration (a measure of risk) was around 4.6 years. 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) 12/31/1986 10,000 10,000 10,000 12/31/1987 10,135 10,276 10,491 12/31/1988 10,917 11,087 10,918 12/31/1989 12,484 12,698 11,458 12/31/1990 13,520 13,835 12,201 12/31/1991 15,797 16,049 12,547 12/31/1992 17,059 17,237 12,929 12/31/1993 18,845 18,917 13,269 12/31/1994 18,212 18,365 13,618 12/31/1995 21,656 21,757 13,977 12/31/1996 22,384 22,546 14,437 Average Annual Total Returns as of December 31, 1996 Lehman CFIS Aggregate 1 Year 3.37% 3.63% 5 Years 7.22% 7.04% 10 Years 8.39% 8.47% Past Performance is not predictive of future results
- 12 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND -- ---------------------------------- Columbia Municipal Bond Fund's total return for the 1996 year was 3.77%. As the market adjusted to investors' expectations for a stronger economy and interest rates rose, the performance of bonds was held back during much of the year. The Fund picked up most of its return during the fourth quarter, as interest rates fell slightly on mixed economic reports and the market's perception that the Federal Reserve Board would not raise interest rates. During the year, low unemployment and strong growth in Oregon continued to contribute to a flourishing local economy and improving credit quality for municipal issues. There may be some pressure on local finances in the future as the state grapples with the effects of Measure 47. Although the measure rolls back property taxes, we believe that it will not significantly impact the long-term credit quality of issues in the State. We continue to structure the portfolio using high quality instruments with over 95% of the Fund's securities rated A or higher at year-end. The Fund's effective average maturity remains intermediate-term at about 8 years. Fund duration (a measure of risk) continues to hover around 6.5 years. The Fund remains broadly diversified with a total of 236 bonds, including 227 different issues within the State of Oregon. As always, we are committed to providing shareholders with high, after-tax returns while maintaining 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) 12/31/1986 10,000 10,000 10,000 12/31/1987 10,123 10,154 10,491 12/31/1988 11,155 10,933 10,918 12/31/1989 12,153 12,038 11,458 12/31/1990 12,990 12,853 12,201 12/31/1991 14,514 14,318 12,547 12/31/1992 15,452 15,574 12,929 12/31/1993 17,109 17,401 13,269 12/31/1994 16,309 16,587 13,618 12/31/1995 18,616 19,267 13,977 12/31/1996 19,319 20,185 14,437 Average Annual Total Returns as of December 31, 1996 CMBF Lehman G.O. 1 Year 3.77% 4.74% 5 Years 5.89% 7.10% 10 Years 6.81% 7.28% Past performance is not predictive of future results
- 13 INVESTMENT REVIEW ----------------------------------------------------------------- - ---- ---- -- COLUMBIA HIGH YIELD FUND -- ------------------------------ [LOGO] Columbia High Yield Fund returned 9.43% during 1996, solid performance during a year when bonds along the entire yield curve were held back by rising interest rates. Despite the challenging environment, Columbia High Yield Fund significantly outperformed investment-grade bonds throughout the year, as yields on high yield bonds declined and prices appreciated. By mid-year, the bond market began to rally as the economy displayed signs of slowing and investors no longer worried that the Federal Reserve would increase rates. The rally proceeded through the end of November, and many bonds were able to recover from previous losses. In December, however, new economic indicators revealed that the economy was stronger than the bond market had been expecting. Although bonds once again declined, the Fund did not decline by as much as investment-grade bonds and, in fact, posted a modest gain in December. Because the Fund focuses on "upper tier" non-investment grade securities, it did not perform as well as the broader universe of junk bond funds. However, this strategy helps the Fund to outperform when the broader junk bond market is out of favor. In keeping with the Fund's more conservative nature, just over half the portfolio was rated Ba or higher on December 31, with 49% of the bonds rated B by Moody's Investors Services. The Fund's average maturity and duration were modestly shortened by year end to 4.7 years and 3.9 years, respectively. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Columbia High Yield Fund Lipper High Yield Bond Fund Index Salomon BB 10/1/1993 10,000 10,000 10,000 12/31/1993 10,112 10,498 10,185 3/31/1994 9,909 10,387 9,938 6/30/1994 9,845 10,249 9,840 9/30/1994 10,018 10,246 10,007 12/31/1994 10,019 10,112 10,047 3/31/1995 10,521 10,606 10,693 6/30/1995 11,106 11,165 11,454 9/30/1995 11,462 11,550 11,799 12/31/1995 11,935 11,870 12,321 3/31/1996 12,005 12,173 12,346 6/30/1996 12,032 12,368 12,431 9/30/1996 12,564 12,942 12,856 12/31/1996 13,059 13,372 13,428 Average Annual Total Returns as of December 31, 1996 CHYF Salomon BB Lipper HYBF 1 Year 9.43% 8.99% 12.66% Since Inception 8.42% 9.34% 9.20% Past Performance is not predictive of future results
- 14 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $18.59 $15.16 $15.29 $14.04 $13.15 Income from investment operations: Net investment income..................................... .25 .26 .27 .22 .24 Net realized and unrealized gains on investments.......... 3.61 4.38 .04 2.08 1.06 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 3.86 4.64 .31 2.30 1.30 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.23) (.26) (.25) (.21) (.24) Distributions (from capital gains)........................ (2.96) (.95) (.19) (.84) (.17) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (3.19) (1.21) (.44) (1.05) (.41) Net asset value, end of period $19.26 $18.59 $15.16 $15.29 $14.04 Total return................................................ 20.71% 30.84% 2.06% 16.44% 9.99% Ratios/Supplemental data Net assets, end of period (in thousands).................... $536,760 $358,523 $124,263 $100,715 $51,049 Ratio of expenses to average net assets..................... .76% .80% .84% .84% .86% Ratio of net investment income to average net assets........ 1.32% 1.68% 1.82% 1.48% 1.97% Portfolio turnover rate..................................... 111.39% 75.36% 64.21% 90.90% 67.83% Average commission rate paid on portfolio transactions (1)........................................................ $0.0601
(1) 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 GROWTH FUND, INC. -- --------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $29.84 $24.84 $26.38 $26.18 $26.26 Income from investment operations: Net investment income..................................... .19 .31 .29 .16 .17 Net realized and unrealized gains (losses) on investments.............................................. 6.04 7.86 (.46) 3.24 2.93 - --------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 6.23 8.17 (.17) 3.40 3.10 - --------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.17) (.29) (.26) (.18) (.20) Distributions (from capital gains)........................ (5.14) (2.87) (1.11) (2.98) (2.98) Distributions (in excess of capital gains)................ (.02) (.01) (.04) - --------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (5.33) (3.17) (1.37) (3.20) (3.18) Net asset value, end of period $30.74 $29.84 $24.84 $26.38 $26.18 Total return................................................ 20.80% 32.98% -.63% 13.01% 11.82% Ratios/Supplemental data Net assets, end of period (in thousands).................... $1,064,100 $848,731 $591,694 $605,401 $518,366 Ratio of expenses to average net assets..................... .71% .75% .81% .82% .86% Ratio of net investment income to average net assets........ .63% 1.14% 1.12% .66% .77% Portfolio turnover rate..................................... 75.49% 94.73% 79.28% 105.64% 116.38% Average commission rate paid on portfolio transactions (1)........................................................ $0.0590
(1) 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 INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
1996 1995 1994 1993 1992(1) Net asset value, beginning of period $13.07 $12.43 $12.96 $9.95 $10.00 Income from investment operations: Net investment income (loss).............................. .03 .02 (.02) (.02) (.03) Net realized and unrealized gains (losses) on investments and foreign currency transactions........................ 2.13 .62 (.30) 3.34 .11 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 2.16 .64 (.32) 3.32 .08 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.03) Dividends (in excess of net investment income)............ (.20) Distributions (from capital gains)........................ (1.14) (.21) (.31) (.13)(2) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (1.37) -- (.21) (.31) (.13) Net asset value, end of period $13.86 $13.07 $12.43 $12.96 $9.95 Total return................................................ 16.59% 5.15% -2.47% 33.37% .60%(3) Ratios/Supplemental data Net assets, end of period (in thousands).................... $125,510 $100,873 $118,484 $73,047 $9,745 Ratio of expenses to average net assets..................... 1.54% 1.54% 1.52% 1.71% 2.22% Ratio of net investment income (loss) to average net assets..................................................... .22% .15% (.21)% (.62)% (1.28)% Portfolio turnover rate..................................... 129.40% 156.09% 138.79% 144.78% 25.75% Average commission rate paid on portfolio transactions (4)........................................................ $0.0011
(1) From inception of operations on September 10, 1992. Ratios and portfolio turnover rates are annualized. (2) Includes amounts distributed from net realized gains on foreign currency transactions taxable as ordinary income. (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 SPECIAL FUND, INC. -- ---------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $21.44 $18.69 $19.51 $18.79 $17.45 Income from investment operations: Net investment income (loss).............................. (.06) .03 .08 .01 (.03) Net realized and unrealized gains on investments.......... 2.85 5.45 .36 4.04 2.41 - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 2.79 5.48 .44 4.05 2.38 - ---------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.02) (.07) Dividends (in excess of net investment income)............ (.01) Distributions (from capital gains)........................ (4.38) (2.68) (1.16) (3.32) (1.04) Distributions (in excess of capital gains)................ (.03) (.03) - ---------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (4.38) (2.73) (1.26) (3.33) (1.04) Net asset value, end of period $19.85 $21.44 $18.69 $19.51 $18.79 Total return................................................ 13.07% 29.53% 2.29% 21.68% 13.70% Ratios/Supplemental data Net assets, end of period (in thousands).................... $1,585,284 $1,384,415 $889,526 $772,741 $470,663 Ratio of expenses to average net assets..................... .94% .98% 1.05% 1.12% 1.19% Ratio of net investment income (loss) to average net assets..................................................... (.29)% .16% .40% .01% (.25)% Portfolio turnover rate..................................... 150.07% 182.99% 178.91% 154.68% 116.75% Average commission rate paid on portfolio transactions (1)........................................................ $0.0553
(1) 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 SMALL CAP FUND, INC. -- -----------------------------------
1996(1) Net asset value, beginning of period $12.00 Income from investment operations: Net realized and unrealized gains on investments............................................................ .99 - ------------------------------------------------------------------------------------------------------------------------- Total from investment operations.......................................................................... .99 Net asset value, end of period $12.99 Total return.................................................................................................. 7.62% (2) Ratios/Supplemental data Net assets, end of period (in thousands)...................................................................... $21,061 Ratio of expenses to average net assets....................................................................... 1.61% Ratio of net investment income to average net assets.......................................................... 0.00% Portfolio turnover rate....................................................................................... 32.57% Average commission rate paid on portfolio transactions (3).................................................... $0.0546
(1) From inception of operations on September 11, 1996. Ratios and portfolio turnover rates 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. - -------------------------------------------------------------------------------- - 19 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
1996 1995 1994(1) Net asset value, beginning of period $12.71 $11.72 $12.00 Income from investment operations: Net investment income.............................................................. .77 .78 .49 Net realized and unrealized gains (losses) on investments.......................... 3.94 1.12 (.27 ) - ----------------------------------------------------------------------------------------------------------------------- Total from investment operations................................................. 4.71 1.90 .22 - ----------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income)............................................. (.52) (.49) (.31 ) Dividends (in excess of net investment income)..................................... (.01 ) Distributions (from capital gains)................................................. (.41) Distributions (in excess of capital gains)......................................... (.12) (.14) Tax return of capital.............................................................. (.21) (.28) (.18 ) - ----------------------------------------------------------------------------------------------------------------------- Total distributions.............................................................. (1.26) (.91) (.50 ) Net asset value, end of period $16.16 $12.71 $11.72 Total return......................................................................... 38.30% 16.86% 1.76% (2) Ratios/Supplemental data Net assets, end of period (in thousands)............................................. $68,073 $21,587 $17,402 Ratio of expenses to average net assets.............................................. 1.06% 1.18% 1.14% Ratio of net investment income to average net assets................................. 6.23% 6.71% 6.28% Portfolio turnover rate.............................................................. 45.82% 53.91% 7.61% Average commission rate paid on portfolio transactions (3)........................... $0.0594
(1) From inception of operations on March 16, 1994. Ratios and portfolio turnover rates 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. - -------------------------------------------------------------------------------- - 20 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $20.08 $17.28 $17.91 $16.80 $16.05 Income from investment operations: Net investment income..................................... .76 .73 .65 .56 .58 Net realized and unrealized gains (losses) on investments.............................................. 1.58 3.54 (.64) 1.71 .82 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 2.34 4.27 .01 2.27 1.40 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.76) (.73) (.64) (.56) (.57) Dividends (in excess of net investment income)............ (.01) Distributions (from capital gains)........................ (1.34) (.74) (.59) (.08) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (2.10) (1.47) (.64) (1.16) (.65) Net asset value, end of period $20.32 $20.08 $17.28 $17.91 $16.80 Total return................................................ 11.78% 25.08% .10% 13.62% 8.89% Ratios/Supplemental data Net assets, end of period (in thousands).................... $672,593 $486,767 $249,670 $186,589 $90,230 Ratio of expenses to average net assets..................... .66% .69% .72% .73% .81% Ratio of net investment income to average net assets........ 3.82% 4.05% 3.82% 3.32% 4.08% Portfolio turnover rate..................................... 133.21% 108.04% 98.48% 107.60% 138.08% Average commission rate paid on portfolio transactions (1)........................................................ $0.0596
(1) 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. - -------------------------------------------------------------------------------- - 21 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations: Net investment income..................................... .048 .053 .036 .025 .032 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ .048 .053 .036 .025 .032 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.048) (.053) (.036) (.025) (.032) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (.048) (.053) (.036) (.025) (.032) Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 Total return................................................ 4.96% 5.49% 3.68% 2.51% 3.25% Ratios/Supplemental data Net assets, end of period (in thousands).................... $889,800 $800,656 $730,067 $544,500 $591,186 Ratio of expenses to average net assets..................... .62% .64% .70% .75% .71% Ratio of net investment income to average net assets........ 4.84% 5.34% 3.68% 2.49% 3.22%
- -------------------------------------------------------------------------------- - 22 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $8.34 $7.99 $8.36 $8.35 $8.47 Income from investment operations: Net investment income..................................... .41 .45 .37 .32 .39 Net realized and unrealized gains (losses) on investments.............................................. (.10) .35 (.37) .17 .09 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ .31 .80 -- .49 .48 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.41) (.45) (.37) (.32) (.39) Distributions (from capital gains)........................ (.16) (.21) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (.41) (.45) (.37) (.48) (.60) Net asset value, end of period $8.24 $8.34 $7.99 $8.36 $8.35 Total return................................................ 3.85% 10.21% -.03% 5.91% 5.81% Ratios/Supplemental data Net assets, end of period (in thousands).................... $40,776 $41,842 $33,512 $35,877 $35,479 Ratio of expenses to average net assets..................... .80% .79% .81% .75% .76% Ratio of net investment income to average net assets........ 4.99% 5.45% 4.51% 3.74% 4.60% Portfolio turnover rate..................................... 179.38% 253.17% 253.80% 254.59% 289.05%
- -------------------------------------------------------------------------------- - 23 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $13.51 $12.16 $13.44 $13.28 $13.59 Income from investment operations: Net investment income..................................... .85 .88 .83 .85 .95 Net realized and unrealized gains (losses) on investments.............................................. (.43) 1.35 (1.28) .52 .09 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ 0.42 2.23 (.45) 1.37 1.04 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income).................... (.85) (.88) (.83) (.85) (.95) Distributions (from capital gains)........................ (.36) (.40) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (.85) (.88) (.83) (1.21) (1.35) Net asset value, end of period $13.08 $13.51 $12.16 $13.44 $13.28 Total return................................................ 3.37% 18.91% -3.36% 10.47% 7.99% Ratios/Supplemental data Net assets, end of period (in thousands).................... $356,421 $316,259 $252,090 $300,532 $262,647 Ratio of expenses to average net assets..................... .64% .65% .66% .66% .66% Ratio of net investment income to average net assets........ 6.53% 6.80% 6.53% 6.14% 7.03% Portfolio turnover rate..................................... 178.25% 137.41% 139.81% 118.80% 195.67%
- -------------------------------------------------------------------------------- - 24 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
1996 1995 1994 1993 1992 Net asset value, beginning of period $12.37 $11.48 $12.71 $12.17 $12.22 Income from investment operations: Net investment income..................................... .61 .63 .64 .66 .69 Net realized and unrealized gains (losses) on investments.............................................. (.16) .96 (1.23) .62 .07 - -------------------------------------------------------------------------------------------------------------------- Total from investment operations........................ .45 1.59 (.59) 1.28 .76 - -------------------------------------------------------------------------------------------------------------------- Less distributions: Dividends (from net investment income) (1)................ (.61) (.63) (.64) (.66) (.69) Distributions (from capital gains)........................ (.06) (.07) (.08) (.12) - -------------------------------------------------------------------------------------------------------------------- Total distributions..................................... (.67) (.70) (.64) (.74) (.81) Net asset value, end of period $12.15 $12.37 $11.48 $12.71 $12.17 Total return................................................ 3.77% 14.15% -4.68% 10.73% 6.46% Ratios/Supplemental data Net assets, end of period (in thousands).................... $375,667 $383,796 $339,817 $430,367 $341,924 Ratio of expenses to average net assets..................... .56% .57% .57% .58% .59% Ratio of net investment income to average net assets........ 5.00% 5.22% 5.36% 5.25% 5.69% Portfolio turnover rate..................................... 19.03% 21.45% 19.40% 9.92% 17.82%
(1) 100% exempt from federal taxation. - -------------------------------------------------------------------------------- - 25 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
1996 1995 1994 1993(1) Net asset value, beginning of period $9.88 $9.04 $9.94 $10.00 Income from investment operations: Net investment income.................................................... .81 .82 .80 .18 Net realized and unrealized gains (losses) on investments................ .07 .84 (.90) (.06) - ------------------------------------------------------------------------------------------------------------------------ Total from investment operations....................................... .88 1.66 (.10) .12 - ------------------------------------------------------------------------------------------------------------------------ Less distributions: Dividends (from net investment income)................................... (.81) (.82) (.80) (.18) Distributions (from capital gains)....................................... (.01) - ------------------------------------------------------------------------------------------------------------------------ Total distributions.................................................... (.82) (.82) (.80) (.18) Net asset value, end of period $9.94 $9.88 $9.04 $9.94 Total return............................................................... 9.43% 19.12% -.92% 1.12%(2) Ratios/Supplemental data Net assets, end of period (in thousands)................................... $28,818 $23,471 $12,834 $5,940 Ratio of expenses to average net assets (3)................................ 0.93% 1.00% 1.00% 1.00% Ratio of net investment income to average net assets....................... 8.29% 8.62% 8.69% 7.30% Portfolio turnover rate.................................................... 62.27% 51.60% 36.67% 0.00%
(1) From inception of operations on September 15, 1993. Ratios and portfolio turnover rates are annualized. (2) Not annualized. (3) The ratio was 1.00% in 1996, 1.06% in 1995, 1.19% in 1994 and 2.03% in 1993, before voluntary reimbursement of certain expenses by the investment advisor. - -------------------------------------------------------------------------------- - 26 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------------------------------------------------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (95.0%) Banking & Finance (9.4%) American Express Co. ................................................................. 100,900 $ 5,700,850 BankAmerica Corp. .................................................................... 73,800 7,361,550 First Chicago NBD Corp. .............................................................. 100,000 5,375,000 Great Western Financial Corp. ........................................................ 233,600 6,774,400 Morgan (J.P.) & Co., Inc. ............................................................ 74,300 7,253,537 NationsBank Corp. .................................................................... 52,500 5,131,875 PNC Bank Corp. ....................................................................... 157,900 5,940,988 U.S. Bancorp.......................................................................... 154,800 6,956,325 -------------- 50,494,525 -------------- Building & Forestry Products (4.1%) Champion International Corp. ......................................................... 258,100 11,162,825 Willamette Industries, Inc. .......................................................... 151,200 10,527,300 -------------- 21,690,125 -------------- Business & Consumer Services (5.0%) *ADT Ltd. ............................................................................ 330,000 7,548,750 Electronic Data Systems Corp. ........................................................ 229,500 9,925,875 Service Corp. Int'l. ................................................................. 337,500 9,450,000 -------------- 26,924,625 -------------- Chemical (4.8%) Grace (W.R.) & Co. ................................................................... 119,100 6,163,425 Hercules, Inc. ....................................................................... 171,100 7,400,075 IMC Global, Inc. ..................................................................... 183,000 7,159,875 Monsanto Co. ......................................................................... 126,700 4,925,462 -------------- 25,648,837 -------------- Consumer Durable (3.6%) Ford Motor Co. ....................................................................... 252,000 8,032,500 General Motors Corp. ................................................................. 200,000 11,150,000 -------------- 19,182,500 -------------- Consumer Non-Durable (11.1%) *Circus Circus Enterprises, Inc. ..................................................... 148,700 5,111,562 *Federated Department Stores, Inc. ................................................... 166,000 5,664,750 Marriott International, Inc. ......................................................... 97,000 5,359,250 Mattel, Inc. ......................................................................... 186,250 5,168,437 *Meyer (Fred), Inc. .................................................................. 300,000 10,650,000 Penney (J.C.), Inc. .................................................................. 109,200 5,323,500 *Price/Costco, Inc. .................................................................. 400,000 10,050,000 Rite Aid Corp. ....................................................................... 147,200 5,851,200 Rykoff-Sexton, Inc. .................................................................. 152,000 2,413,000 Sears, Roebuck & Co. ................................................................. 84,100 3,879,113 -------------- 59,470,812 -------------- Shares or Principal Amount Value(1) ------------- -------------- Consumer Staples (4.0%) Gillette Co. ......................................................................... 72,500 $ 5,636,875 Nabisco Holdings Corp. (Class A)...................................................... 127,000 4,937,125 PepsiCo, Inc. ........................................................................ 200,000 5,850,000 Procter & Gamble Co. ................................................................. 47,900 5,149,250 -------------- 21,573,250 -------------- Energy (7.1%) Amoco Corp. .......................................................................... 131,100 10,553,550 Mobil Corp. .......................................................................... 90,800 11,100,300 Royal Dutch Petroleum Co. ADR......................................................... 62,400 10,654,800 Union Pacific Resources Group, Inc. .................................................. 200,000 5,850,000 -------------- 38,158,650 -------------- Entertainment & Media (1.7%) Time Warner, Inc. .................................................................... 121,700 4,563,750 *Viacom, Inc. (Class B)............................................................... 135,500 4,725,562 -------------- 9,289,312 -------------- Health (8.3%) American Home Products Corp. ......................................................... 86,000 5,041,750 Bausch & Lomb, Inc. .................................................................. 156,000 5,460,000 Baxter International, Inc. ........................................................... 148,400 6,084,400 Johnson & Johnson..................................................................... 103,000 5,124,250 Merck & Co., Inc. .................................................................... 73,000 5,785,250 Pfizer, Inc. ......................................................................... 64,000 5,304,000 Pharmacia & Upjohn, Inc. ............................................................. 161,300 6,391,512 Warner-Lambert Co. ................................................................... 73,500 5,512,500 -------------- 44,703,662 -------------- Insurance (3.2%) Berkley (W.R.) Corp. ................................................................. 100,000 5,075,000 NAC Re Corp. ......................................................................... 60,400 2,046,050 TIG Holdings, Inc. ................................................................... 293,100 9,928,763 -------------- 17,049,813 -------------- Machinery & Capital Spending (7.8%) Case Corp. ........................................................................... 133,000 7,248,500 Caterpillar, Inc. .................................................................... 108,000 8,127,000 Deere & Co. .......................................................................... 206,700 8,397,188 Emerson Electric Co. ................................................................. 82,000 7,933,500 General Electric Co. ................................................................. 52,400 5,181,050 Honeywell, Inc. ...................................................................... 76,300 5,016,725 -------------- 41,903,963 -------------- Metal Mining & Steel (6.4%) Aluminum Company of America........................................................... 200,000 12,750,000 Homestake Mining Co. ................................................................. 708,000 10,089,000
- 27 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------------------------------------------------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) Newmont Mining Corp. ................................................................. 187,500 $ 8,390,625 Worthington Industries, Inc. ......................................................... 169,000 3,063,125 -------------- 34,292,750 -------------- Real Estate Securities (8.9%) American Health Properties, Inc. ..................................................... 120,000 2,865,000 Associated Estates Realty Corp. ...................................................... 157,400 3,738,250 Beacon Properties Corp. .............................................................. 124,100 4,545,162 Cali Realty Corp. .................................................................... 94,000 2,902,250 Equity Residential Properties Trust................................................... 125,000 5,156,250 First Industrial Realty Trust, Inc. .................................................. 150,000 4,556,250 Highwoods Properties, Inc. ........................................................... 73,000 2,463,750 JP Realty, Inc. ...................................................................... 106,500 2,755,688 Liberty Property Trust................................................................ 120,000 3,090,000 Manufactured Home Communities, Inc. .................................................. 49,000 1,139,250 National Health Investors, Inc. ...................................................... 100,000 3,787,500 Simon Debartolo Group, Inc. .......................................................... 190,400 5,902,400 Spieker Properties, Inc. ............................................................. 79,000 2,844,000 Sun Communities, Inc. ................................................................ 50,400 1,738,800 -------------- 47,484,550 -------------- Technology (6.5%) Adobe Systems, Inc. .................................................................. 253,000 9,455,875 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 200,000 6,037,500 Intel Corp. .......................................................................... 45,000 5,892,188 International Business Machines Corp. ................................................ 33,500 5,058,500 Motorola, Inc. ....................................................................... 140,000 8,592,500 -------------- 35,036,563 --------------
Shares or Principal Amount Value(1) ------------- -------------- Utilities/Communications (1.0%) Frontier Corp. ....................................................................... 244,300 $ 5,527,288 -------------- Utilities/Electric/Gas (2.1%) Central & South West Corp. ........................................................... 160,000 4,100,000 Idaho Power Co. ...................................................................... 236,600 7,364,175 -------------- 11,464,175 -------------- Total Common Stocks (Cost $449,007,291) ................................................................. 509,895,400 -------------- Repurchase Agreement (4.1%) Goldman Sachs Corp. 6.354% dated 12/31/96, due 01/02/1997 in the amount of $22,295,837. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 (Cost $22,288,098)................................................................... $ 22,288,098 22,288,098 -------------- Total Investments (99.1%) (Cost $471,295,389)...................................................................... 532,183,498 Receivables less liabilities (0.9%)....................................................... 4,576,304 -------------- Net Assets (100.0%)....................................................................... $ 536,759,802 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 28 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (98.5%) Aerospace (1.0%) Boeing Co. ........................................................................... 102,980 $ 10,954,497 -------------- Banking & Finance (8.7%) BankAmerica Corp. .................................................................... 100,000 9,975,000 Barnett Banks, Inc. .................................................................. 200,000 8,225,000 Bear Stearns Cos., Inc. .............................................................. 204,021 5,687,085 Dean Witter, Discover & Co. .......................................................... 125,440 8,310,400 Federal Home Loan Mortgage Corp. ..................................................... 177,300 19,525,163 Federal National Mortgage Assn. ...................................................... 306,800 11,428,300 Morgan Stanley Group, Inc. ........................................................... 200,000 11,425,000 NationsBank Corp. .................................................................... 189,700 18,543,175 -------------- 93,119,123 -------------- Building & Forestry Products (1.2%) *Crown Vantage, Inc. ................................................................. 376,320 3,198,720 Mead Corp. ........................................................................... 156,600 9,102,375 -------------- 12,301,095 -------------- Business & Consumer Services (5.1%) *Computer Sciences Corp. ............................................................. 175,400 14,404,725 Danka Business Systems plc ADR........................................................ 125,000 4,421,875 Electronic Data Systems Corp. ........................................................ 200,900 8,688,925 *FIserv, Inc. ........................................................................ 260,000 9,555,000 *Mail-Well, Inc. ..................................................................... 400,000 6,550,000 Service Corp. Int'l. ................................................................. 398,300 11,152,400 -------------- 54,772,925 -------------- Chemical (2.5%) Grace (W.R.) & Co. ................................................................... 269,900 13,967,325 Hercules, Inc. ....................................................................... 300,000 12,975,000 -------------- 26,942,325 -------------- Consumer Durable (1.0%) Chrysler Corp. ....................................................................... 158,800 5,240,400 General Motors Corp. ................................................................. 94,500 5,268,375 -------------- 10,508,775 -------------- Consumer Non-Durable (21.0%) American Stores Co. .................................................................. 100,000 4,087,500 *Central Tractor Farm & Country, Inc. ................................................ 210,100 2,888,875 *Consolidated Stores Corp. ........................................................... 375,000 12,093,750 *Corporate Express, Inc. ............................................................. 357,300 10,518,018 *Dollar Tree Stores, Inc. ............................................................ 140,000 5,355,000 *Federated Department Stores, Inc. ................................................... 615,000 20,986,875 *HFS, Inc. ........................................................................... 425,000 25,393,750 Mattel, Inc. ......................................................................... 500,000 13,875,000 *Neiman-Marcus Group, Inc. ........................................................... 400,000 10,200,000 Shares or Principal Amount Value(1) ------------- -------------- *Price/Costco, Inc. .................................................................. 300,000 $ 7,537,500 Rite Aid Corp. ....................................................................... 660,325 26,247,919 *Saks Holdings, Inc. ................................................................. 140,600 3,796,200 Sears, Roebuck & Co. ................................................................. 399,800 18,440,775 *Toys "R" Us, Inc. ................................................................... 200,000 6,000,000 Unifi, Inc. .......................................................................... 100,000 3,212,500 *United Auto Group, Inc. ............................................................. 201,900 5,198,925 Warnaco Group, Inc. (Class A)......................................................... 1,600,000 47,400,000 -------------- 223,232,587 -------------- Consumer Staples (6.7%) Gillette Co. ......................................................................... 289,500 22,508,625 Libbey, Inc. ......................................................................... 325,000 9,059,375 Philip Morris Cos., Inc. ............................................................. 229,600 25,858,700 Richfood Holdings, Inc. .............................................................. 162,500 3,940,625 Sunbeam Corp. ........................................................................ 400,000 10,300,000 -------------- 71,667,325 -------------- Energy (1.2%) Anadarko Petroleum Corp. ............................................................. 112,000 7,252,000 Apache Corp. ......................................................................... 113,700 4,022,137 Union Pacific Resources Group, Inc. .................................................. 50,000 1,462,500 -------------- 12,736,637 -------------- Energy Services (0.7%) Schlumberger Ltd. .................................................................... 75,000 7,490,625 -------------- Entertainment & Media (2.0%) Time Warner, Inc. .................................................................... 400,000 15,000,000 *Viacom, Inc. (Class B)............................................................... 175,000 6,103,125 -------------- 21,103,125 -------------- Health (11.4%) Aetna, Inc. .......................................................................... 195,000 15,600,000 *Amgen, Inc. ......................................................................... 200,000 10,875,000 *Apria Healthcare Group, Inc. ........................................................ 1,778,520 33,347,250 Bausch & Lomb, Inc. .................................................................. 100,000 3,500,000 *BioChem Pharma, Inc. ................................................................ 275,000 13,818,750 *Ethical Holdings Ltd. ADR............................................................ 300,000 1,743,750 *Genesis Health Ventures, Inc. ....................................................... 194,400 6,050,700 *Inhale Therapeutic Systems........................................................... 140,000 2,117,500 Johnson & Johnson..................................................................... 178,500 8,880,375 Merck & Co., Inc. .................................................................... 100,000 7,925,000 *Penederm, Inc. ...................................................................... 172,200 2,130,975 Warner-Lambert Co. ................................................................... 200,000 15,000,000 -------------- 120,989,300 -------------- Hotels & Gaming (5.1%) *Circus Circus Enterprises, Inc. ..................................................... 633,600 21,780,000
- 29 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) *Host Marriott Corp. ................................................................. 400,000 $ 6,400,000 Marriott International, Inc. ......................................................... 127,100 7,022,275 *MGM Grand, Inc. ..................................................................... 50,000 1,743,750 *Rio Hotel & Casino, Inc. ............................................................ 300,400 4,393,350 *Station Casinos, Inc. ............................................................... 1,226,600 12,419,325 -------------- 53,758,700 -------------- Insurance (3.9%) Allstate Corp. ....................................................................... 300,000 17,362,500 American International Group, Inc. ................................................... 96,150 10,408,238 Berkley (W.R.) Corp. ................................................................. 237,500 12,053,125 TIG Holdings, Inc. ................................................................... 50,000 1,693,750 -------------- 41,517,613 -------------- Machinery & Capital Spending (5.8%) Case Corp. ........................................................................... 200,000 10,900,000 Emerson Electric Co. ................................................................. 155,000 14,996,250 General Electric Co. ................................................................. 218,900 21,643,738 *Rockwell International Corp. ........................................................ 240,000 14,610,000 -------------- 62,149,988 -------------- Metal Mining & Steel (0.3%) Aluminum Company of America........................................................... 50,000 3,187,500 -------------- Real Estate Securities (5.6%) Amli Residential Properties Trust..................................................... 180,500 4,219,187 Arden Realty Group, Inc. ............................................................. 89,000 2,469,750 Beacon Properties Corp. .............................................................. 237,100 8,683,788 Camden Property Trust................................................................. 166,250 4,758,906 Duke Realty Investments, Inc. ........................................................ 84,100 3,237,850 Equity Residential Properties Trust................................................... 219,900 9,070,875 Highwoods Properties, Inc. ........................................................... 200,000 6,750,000 JP Realty, Inc. ...................................................................... 350,000 9,056,250 Public Storage, Inc. ................................................................. 50,000 1,550,000 Simon Debartolo Group, Inc. .......................................................... 144,300 4,473,300 TriNet Corporate Realty Trust, Inc. .................................................. 146,000 5,183,000 -------------- 59,452,906 -------------- Technology (14.2%) Adobe Systems, Inc. .................................................................. 350,300 13,092,462 *Adtran, Inc. ........................................................................ 39,500 1,639,250 *Altera Corp. ........................................................................ 150,000 10,903,125 *Ascend Communications, Inc. ......................................................... 100,000 6,212,500 *Cascade Communications Corp. ........................................................ 100,000 5,512,500 *Cisco Systems, Inc. ................................................................. 170,000 10,816,250 *Compaq Computer Corp. ............................................................... 100,000 7,425,000 Computer Associates International, Inc. .............................................. 140,000 6,965,000
Shares or Principal Amount Value(1) ------------- -------------- Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 500,000 $ 15,093,750 *General Instrument Corp. ............................................................ 25,000 540,625 Intel Corp. .......................................................................... 175,000 22,914,063 Motorola, Inc. ....................................................................... 125,800 7,720,975 Nokia Corp. ADR (Class A)............................................................. 200,000 11,525,000 *Oracle Corp. ........................................................................ 328,350 13,708,613 *Tellabs, Inc. ....................................................................... 200,000 7,525,000 *3Com Corp. .......................................................................... 126,600 9,289,275 -------------- 150,883,388 -------------- Utilities/Communications (1.1%) *Paging Network, Inc. ................................................................ 500,000 7,625,000 Vodafone Group plc ADR................................................................ 100,000 4,137,500 -------------- 11,762,500 -------------- Total Common Stocks (Cost $867,008,781) ................................................................. 1,048,530,934 -------------- Convertible Bond (0.3%) Consumer Non-Durable (0.3%) Saks Holdings, Inc. 5.500% 09/15/2006 (Cost $3,000,000).................................................................... $ 3,000,000 2,745,000 -------------- Total investments, excluding temporary cash investment (Cost $870,008,781) ................................................................. 1,051,275,934 -------------- Repurchase Agreement (0.8%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $8,045,753. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 (Cost $8,042,960).................................................................... 8,042,960 8,042,960 -------------- Total Investments (99.6%) (Cost $878,051,741)...................................................................... 1,059,318,894 Receivables less liabilities (0.4%)....................................................... 4,780,625 -------------- Net Assets (100.0%)....................................................................... $1,064,099,519 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 30 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (86.1%) Australia (1.8%) Reinsurance Australia Corp., Ltd. (Insurance)......................................... 570,000 $ 2,218,201 Austria (0.9%) OMV AG (Oil Exploration & Production)................................................. 5,500 619,625 Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (Class A) (Utilities - Electric)............................................................................ 7,000 523,482 -------------- 1,143,107 -------------- Brazil (1.0%) Companhia Energetica de Minas Gerais SA, ADR (Utilities - Electric)................... 22,776 773,701 Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 460,350 -------------- 1,234,051 -------------- Canada (4.8%) Bank of Nova Scotia (Banking)......................................................... 40,000 1,337,807 Bombardier, Inc. (Class B) (Manufacturing - Diversified Inds.)................................................................... 80,000 1,476,403 Canadian Pacific Ltd. (Transportation)................................................ 27,500 723,156 *Future Shop Ltd., The (Retail)....................................................... 16,300 142,680 *Gulf Canada Resources Ltd. (Oil Exploration & Production)............................ 80,000 583,558 Northern Telecom Ltd. (Electronics)................................................... 22,000 1,367,277 Thomson Corp. (Publishing)............................................................ 16,000 353,053 -------------- 5,983,934 -------------- Czech Republic (0.3%) *Central European Media Enterprises Ltd. (Media)...................................... 11,300 358,775 -------------- Denmark (0.5%) *Inwear Group AS (Retail)............................................................. 13,500 588,829 -------------- Finland (1.3%) Finnlines Oy (Transportation)......................................................... 34,000 834,836 Rautaruukki Oy (Metals, Mining & Steel)............................................... 82,000 755,481 -------------- 1,590,317 -------------- France (4.5%) BIC SA (Consumer Products)............................................................ 3,000 449,538 Carrefour SA (Retail)................................................................. 1,200 780,277 Cie Financiere de Paribas SA (Financial Services)..................................... 6,600 446,059 Hermes International SA (Consumer Products)........................................... 1,200 332,820 L'Oreal SA (Consumer Products)........................................................ 1,300 489,253 Shares or Principal Amount Value(1) ------------- -------------- LVMH Moet Hennessy Louis Vuitton SA (Consumer Products)............................... 1,200 $ 334,900 Pinault-Printemps-Redoute SA (Retail)................................................. 1,400 554,931 Salomon SA (Entertainment & Leisure).................................................. 5,500 471,398 SEB SA (Consumer Products)............................................................ 4,000 783,513 Synthelabo SA (Pharmaceuticals)....................................................... 3,600 388,983 Total SA (Class B) (Oil Exploration & Production)..................................... 7,000 568,952 -------------- 5,600,624 -------------- Germany (4.0%) Bayer AG (Chemicals).................................................................. 50,000 2,040,286 Gehe AG (Wholesale Distributor)....................................................... 10,000 640,026 Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 1,040,156 SGL Carbon AG (Metals, Mining & Steel)................................................ 10,000 1,260,559 -------------- 4,981,027 -------------- Hong Kong (7.0%) Cheung Kong Holdings Ltd. (Real Estate)............................................... 80,000 711,099 China Overseas Land & Investment Ltd. (Conglomerate).................................. 1,800,000 913,440 *China Resources Beijing Land Ltd. (Real Estate)...................................... 822,000 520,758 CITIC Pacific Ltd. (Conglomerate)..................................................... 146,000 847,553 COSCO Pacific Ltd. (Container Leasing)................................................ 920,000 1,070,528 Guangnan Holdings (Wholesale Distributor)............................................. 1,700,000 1,461,633 HSBC Holdings plc (Banking)........................................................... 96,000 2,054,173 Hutchison Whampoa Ltd. (Consumer Products)............................................ 160,000 1,256,707 -------------- 8,835,891 -------------- India (2.3%) Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 20,000 666,260 Indian Hotels Co., Ltd., The, GDR (Entertainment & Leisure)........................... 30,000 759,300 *Industrial Credit & Investment Corp. of India Ltd., The, GDR (Financial Services).... 42,500 403,750 Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 583,000 Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 50,000 534,400 -------------- 2,946,710 -------------- Italy (3.0%) Bulgari S.p.A., ADR (Consumer Products)............................................... 40,000 811,596
- 31 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) Ente Nazionale Idrocarburi S.p.A (Oil Exploration & Production)....................... 130,000 $ 668,241 Fiat S.p.A (Motor Vehicles & Parts)................................................... 350,000 1,053,920 Gucci Group NV (Consumer Products).................................................... 9,500 605,910 Telcom Italia S.p.A (Utilities - Communications)...................................... 265,000 687,813 -------------- 3,827,480 -------------- Japan (21.1%) Bellsystem 24, Inc. (Business Services)............................................... 3,000 395,656 BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................................................... 32,000 606,844 CANON, INC. (Electronics)............................................................. 28,000 617,878 DENSO CORP. (Motor Vehicles & Parts).................................................. 23,000 553,142 East Japan Railway Co. (Transportation)............................................... 74 332,333 Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 22,000 724,420 Hitachi Maxell Ltd. (Electronics)..................................................... 36,000 794,414 HOYA Corp. (Manufacturing)............................................................ 12,000 470,649 Isetan Co., Ltd. (Retail)............................................................. 38,000 491,337 JUSCO CO., LTD. (Retail).............................................................. 8,000 271,011 KAJIMA CORP. (Construction)........................................................... 32,000 228,394 Kao Corp. (Consumer Products)......................................................... 20,000 232,739 KEYENCE CORP. (Electronics)........................................................... 6,000 739,591 Kinki Nippon Railway Co., Ltd. (Transportation)....................................... 40,000 249,289 KOMATSU LTD. (Machinery & Capital Spending)........................................... 60,000 491,337 KUBOTA CORP. (Machinery & Capital Spending)........................................... 70,000 337,298 Laox Co., Ltd. (Retail)............................................................... 28,600 433,894 MABUCHI MOTOR CO., LTD. (Electrical Equipment)........................................ 8,000 402,034 Matsushita-Kotobuki Electronics Inds., Ltd. (Electronics)............................. 14,000 364,451 Mitsubishi Corp. (Wholesale Distributor).............................................. 65,000 672,356 Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 140,000 1,436,083 Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 90,000 713,732 NEC Corp. (Electronics)............................................................... 40,000 482,717 Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 9,000 640,031 NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 200,000 589,604 NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities-Communication).......................... 100 756,831
Shares or Principal Amount Value(1) ------------- -------------- Nippon Television Network Corp. (Media)............................................... 1,700 $ 512,887 NTT Data Communications Systems Corp. (Business Services)............................. 35 1,022,757 ROHM CO., LTD. (Electronics).......................................................... 17,000 1,113,697 SANKYO CO., LTD. (Pharmaceuticals).................................................... 18,000 508,922 Sawako Corp. (Construction)........................................................... 15,600 309,284 Sharp Corp. (Electronics)............................................................. 48,000 682,700 Shiseido Co., Ltd. (Consumer Products)................................................ 90,000 1,039,566 SONY CORP. (Electronics).............................................................. 30,000 1,962,762 Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 41,000 858,805 TORAY INDUSTRIES, INC. (Chemicals).................................................... 75,000 462,245 TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 105,000 3,013,964 TRANS COSMOS, INC. (Business Services)................................................ 6,000 189,294 USHIO, INC. (Electronics)............................................................. 30,000 325,834 YOKOGAWA ELECTRIC CORP. (Electronics)................................................. 50,000 430,997 -------------- 26,461,779 -------------- Korea (1.2%) *CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 871,000 Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 675,900 -------------- 1,546,900 -------------- Malaysia (3.5%) *Konsortium Perkapalan Berhad (Transportation)........................................ 115,000 774,257 Malayan Banking Berhad (Banking)...................................................... 116,000 1,286,337 Mancon Berhad (Engineering & Construction)............................................ 186,666 569,239 Tenaga Nasional Berhad (Utilities - Electric)......................................... 211,000 1,011,129 United Engineers of Malaysia Ltd., Berhad (Construction).............................. 80,000 722,376 -------------- 4,363,338 -------------- Netherlands (4.2%) Aegon NV (Insurance).................................................................. 25,490 1,623,914 Elsevier NV (Publishing).............................................................. 80,000 1,351,695 Koninklijke Ahold NV (Retail)......................................................... 8,080 504,942 NV Verenidge Bedrijven Nutricia (Certificates) (Food & Beverages)..................... 4,821 732,272 Royal Dutch Petroleum Co. (Oil Exploration & Production).............................. 2,600 455,700
- 32 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) Vendex International NV (Certificates) (Retail)....................................... 13,105 $ 560,386 -------------- 5,228,909 -------------- Portugal (0.5%) Telecel - Comunicacoes Pessoais, S.A. (Utilities - Communications).................... 10,000 637,887 -------------- Spain (1.1%) Aguas de Barcelona SA (Utilities - Water)............................................. 20,000 830,897 Repsol SA, ADR (Oil Exploration & Production)......................................... 16,000 610,000 -------------- 1,440,897 -------------- Sweden (1.7%) Assa Abloy AB (Class B) (Manufacturing - Diversified Inds.)........................... 30,000 545,454 *Scandic Hotels AB (Entertainment & Leisure).......................................... 38,000 635,191 SSAB Svenskt Stal AB (Class B) (Metals, Mining & Steel)............................... 25,000 417,889 Telefonaktiebolaget LM Ericsson, ADR (Electronics).................................... 20,000 603,750 -------------- 2,202,284 -------------- Switzerland (3.5%) ABB AG (Bearer) (Electrical Equipment)................................................ 750 931,208 CS Holdings AG (Registered) (Financial Services)...................................... 6,500 666,480 *Novartis AG (Bearer) (Pharmaceuticals)............................................... 1,599 1,826,747 SGS Societe Generale De Surveillance Holding SA (Bearer) (Business Services).......... 375 920,022 -------------- 4,344,457 -------------- Taiwan (0.7%) Cathay Life Insurance Co. Ltd. (Insurance)............................................ 70,000 445,779 President Enterprises Corp. (Food & Beverages)........................................ 295,000 459,461 -------------- 905,240 -------------- Thailand (1.7%) Bank of Ayudhya Public Co., Ltd. (Banking)............................................ 116,000 273,820 PTT Exploration & Production Public Co., Ltd. (Oil Exploration & Production).......... 85,000 1,227,078 Siam Cement Public Co., Ltd., The (Building Materials)................................ 14,300 448,584
Shares or Principal Amount Value(1) ------------- -------------- Tipco Asphalt Public Co., Ltd. (Construction)......................................... 23,200 $ 141,209 -------------- 2,090,691 -------------- United Kingdom (15.5%) Associated British Foods plc (Food & Beverages)....................................... 62,000 514,328 Barclays plc (Banking)................................................................ 50,639 867,474 British Aerospace plc (Aircraft & Aerospace).......................................... 108,434 2,376,457 British Airways plc (Transportation).................................................. 35,000 362,858 British Petroleum Co., plc (Oil Exploration & Production)............................. 214,002 2,566,732 British Sky Broadcasting Group plc (Media)............................................ 30,000 268,131 Compass Group plc (Restaurants)....................................................... 78,000 824,681 Electrocomponents plc (Electronics)................................................... 86,469 684,001 Granada Group plc (Entertainment & Leisure)........................................... 60,000 885,036 Hays plc (Business Services).......................................................... 120,000 1,151,626 Next plc (Retail)..................................................................... 80,000 777,339 PizzaExpress plc (Restaurants)........................................................ 37,400 337,791 Provident Financial plc (Financial Services).......................................... 134,538 1,157,539 Prudential Corp. (Insurance).......................................................... 52,639 442,982 Rentokil Initial plc (Business Services).............................................. 90,000 676,490 Reuters Holdings plc (Business Services).............................................. 60,000 772,031 Sage Group plc (Business Services).................................................... 80,000 725,973 Siebe plc (Machinery & Capital Spending).............................................. 72,295 1,339,337 Smiths Industries plc (Manufacturing - Diversified Inds.)............................. 28,000 384,012 Wetherspoon, J.D. plc (Restaurants)................................................... 50,289 1,007,426 WPP Group plc (Business Services)..................................................... 160,000 695,838 Zeneca Group plc (Pharmaceuticals).................................................... 24,000 677,004 -------------- 19,495,086 -------------- Total Common Stocks (Cost $91,488,023) .................................................................. 108,026,414 -------------- Preferred Stocks (4.3%) Brazil (4.3%) Bardella Industrias Mecanicas SA (Manufacturing - Diversified Inds.).................. 4,000 381,134 Companhia Cervejaria Brahma SA (Food & Beverages)..................................... 2,140,000 1,170,007 Companhia Tecidos do Norte de Minas SA (Textiles)..................................... 1,195,000 381,436 DIXIE TOGA SA (Containers)............................................................ 437,500 332,684 Petroleo Brasileiro SA (Oil Exploration & Production)................................. 4,000,000 637,212
- 33 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Preferred Stocks (Continued) Telecommunicacoes Brasileiras SA (Utilities - Communication).......................... 30,000,000 $ 2,310,136 *Wentex Textil SA (Textiles).......................................................... 50,000 154,009 -------------- Total Preferred Stocks (Cost $5,291,838) ................................................................... 5,366,618 -------------- Warrants (1.4%) Germany (1.0%) *Veba AG (04/06/1998) (Utilities - Electric).......................................... 4,000 1,281,351 -------------- Japan (0.4%) *Kyocera Corp. #2 (01/23/1998) (Electronics).......................................... 865 562,250 *Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 3,729 -------------- 565,979 -------------- Total Warrants (Cost $1,782,383) ................................................................... 1,847,330 -------------- Convertible Bond (1.6%) Italy (1.6%) I.N.A. S.p.A Privatisation Exchange Note (Insurance) 5.000% 06/28/2001 (Cost $2,000,000).......................................................................... $ 2,000,000 1,965,000 -------------- Total investments, excluding temporary cash investments (Cost $100,562,244) ................................................................. 117,205,362 -------------- Repurchase Agreements (8.4%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $6,469,988. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026. .............................................................. 6,467,742 6,467,742
Shares or Principal Amount Value(1) ------------- -------------- J.P. Morgan Securities, Inc. 6.789% dated 12/31/1996, due 01/02/1997 in the amount of $4,051,502. Collateralized by U.S. Treasury Bonds 6.000% to 14.000% due 05/15/2005 to 11/15/2026, U.S. Treasury Notes 5.625% to 8.750% due 10/31/1997 to 02/15/2006. ....................................................... $ 4,050,000 $ 4,050,000 -------------- Total Repurchase Agreements (Cost $10,517,742) .................................................................. 10,517,742 -------------- Total Investments (101.8%) (Cost $111,079,986)...................................................................... 127,723,104 Cash and receivables less liabilities (-1.8%)............................................. (2,213,513) -------------- Net Assets (100%)......................................................................... $ 125,509,591 -------------- --------------
(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 ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (93.9%) Banking & Finance (11.3%) Aames Financial Corp. ................................................................ 300,000 $ 10,762,500 Alex. Brown, Inc. .................................................................... 150,000 10,875,000 *ContiFinancial Corp. ................................................................ 270,000 9,753,750 First Security Corp. ................................................................. 500,000 16,875,000 First USA, Inc. ...................................................................... 400,000 13,850,000 Firstar Corp. ........................................................................ 200,000 10,500,000 Great Western Financial Corp. ........................................................ 300,000 8,700,000 Green Tree Financial Corp. ........................................................... 400,000 15,450,000 GreenPoint Financial Corp. ........................................................... 240,000 11,370,000 Household International, Inc. ........................................................ 100,000 9,225,000 Sovereign Bancorp, Inc. .............................................................. 400,000 5,250,000 Standard Federal Bancorp.............................................................. 350,000 19,906,250 Summit Bancorp........................................................................ 250,000 10,937,500 U.S. Bancorp.......................................................................... 400,000 17,975,000 Washington Federal, Inc. ............................................................. 310,000 8,215,000 -------------- 179,645,000 -------------- Building & Forestry Products (5.9%) *BMC West Corp. ...................................................................... 500,000 6,125,000 Champion International Corp. ......................................................... 400,000 17,300,000 Georgia-Pacific Corp. ................................................................ 200,000 14,400,000 Lafarge Corp. ........................................................................ 250,000 5,031,250 Mosinee Paper Corp. .................................................................. 300,000 10,650,000 Stone Container Corp. ................................................................ 700,000 10,412,500 Temple-Inland, Inc. .................................................................. 190,000 10,283,750 Wausau Paper Mills Co. ............................................................... 302,000 5,587,000 Willamette Industries, Inc. .......................................................... 200,000 13,925,000 -------------- 93,714,500 -------------- Business & Consumer Services (9.0%) *AccuStaff, Inc. ..................................................................... 385,000 8,133,125 *American Management Systems, Inc. ................................................... 100,000 2,450,000 *CBT Group Public Ltd. ADR............................................................ 154,200 8,365,350 Danka Business Systems plc ADR........................................................ 455,000 16,095,625 DENTSPLY International, Inc. ......................................................... 350,000 16,625,000 *Diamond Home Services, Inc. ......................................................... 350,000 9,625,000 *Firearms Training Systems, Inc. (Class A)............................................ 245,000 2,878,750 *FIserv, Inc. ........................................................................ 375,000 13,781,250 *Ingram Micro, Inc. (Class A)......................................................... 325,000 7,475,000 *Prime Service, Inc. ................................................................. 333,800 9,179,500 *Renaissance Solutions, Inc. ......................................................... 208,500 9,330,375 *Romac International, Inc. ........................................................... 350,000 7,700,000 *United Dental Care, Inc. ............................................................ 487,500 14,807,812 Unitog Co. ........................................................................... 300,000 8,175,000 Shares or Principal Amount Value(1) ------------- -------------- Watsco, Inc. ......................................................................... 300,000 $ 8,662,500 -------------- 143,284,287 -------------- Chemical (0.8%) Potash Corp. of Saskatchewan, Inc. ................................................... 150,000 12,750,000 -------------- Consumer Non-Durable (10.5%) Apple South, Inc. .................................................................... 618,200 8,345,700 *Borders Group, Inc. ................................................................. 550,000 19,731,250 *Eastbay, Inc. ....................................................................... 250,000 6,000,000 Gap, Inc. ............................................................................ 450,000 13,556,250 *General Nutrition Cos., Inc. ........................................................ 500,000 8,437,500 *Kohl's Corp. ........................................................................ 300,000 11,775,000 *Landry's Seafood Restaurants, Inc. .................................................. 200,000 4,275,000 *Logan's Roadhouse, Inc. ............................................................. 250,000 5,875,000 *Lone Star Steakhouse & Saloon, Inc. ................................................. 700,000 18,725,000 *Meyer (Fred), Inc. .................................................................. 300,000 10,650,000 *Mossimo, Inc. ....................................................................... 450,000 5,568,750 *Price/Costco, Inc. .................................................................. 600,000 15,075,000 *Quality Food Centers, Inc. .......................................................... 300,000 10,125,000 *Sports Authority, Inc. (The)......................................................... 600,000 13,050,000 Warnaco Group, Inc. (Class A)......................................................... 300,000 8,887,500 *Zale Corp. .......................................................................... 300,000 5,737,500 -------------- 165,814,450 -------------- Energy (1.3%) *Abacan Resource Corp. ............................................................... 650,000 5,646,875 YPF Sociedad Anonima ADR.............................................................. 600,000 15,150,000 -------------- 20,796,875 -------------- Energy Services (6.1%) *BJ Services Co. ..................................................................... 250,000 12,750,000 *GeoScience Corp. .................................................................... 400,000 5,200,000 *J. Ray McDermott, S.A. .............................................................. 250,000 5,500,000 *Nabors Industries, Inc. ............................................................. 700,000 13,475,000 *Noble Drilling Corp. ................................................................ 640,000 12,720,000 *Pride Petroleum Services, Inc. ...................................................... 700,000 16,275,000 *Smith International, Inc. ........................................................... 200,000 8,975,000 Transocean Offshore, Inc. ............................................................ 197,500 12,368,438 *Weatherford Enterra, Inc. ........................................................... 300,000 9,000,000 -------------- 96,263,438 -------------- Entertainment & Media (4.3%) *Clear Channel Communications, Inc. .................................................. 500,000 18,062,500 *Evergreen Media Corp. (Class A)...................................................... 500,000 12,500,000 *Regal Cinemas, Inc. ................................................................. 500,000 15,375,000 *SFX Broadcasting, Inc. (Class A)..................................................... 275,000 8,181,250 *Universal Outdoor Holdings, Inc. .................................................... 166,000 3,901,000
- 35 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) *WMS Industries, Inc. ................................................................ 500,000 $ 10,000,000 -------------- 68,019,750 -------------- Health (8.0%) *Apria Healthcare Group, Inc. ........................................................ 830,000 15,562,500 *Dura Pharmaceuticals, Inc. .......................................................... 300,000 14,325,000 *Elan Corp. plc ADR................................................................... 300,000 9,975,000 *Enterprise Systems, Inc. ............................................................ 250,000 5,875,000 *ESC Medical Systems Ltd. ............................................................ 150,000 3,825,000 *Gilead Sciences, Inc. ............................................................... 275,000 6,875,000 HBO & Co. ............................................................................ 220,000 13,062,500 *IDX Systems Corp. ................................................................... 100,000 2,862,500 *IMNET Systems, Inc. ................................................................. 100,000 2,425,000 *Medic Computer Systems, Inc. ........................................................ 250,000 10,078,125 *Renal Treatment Centers, Inc. ....................................................... 600,000 15,300,000 *ResMed, Inc. ........................................................................ 605,000 13,310,000 *Vivra, Inc. ......................................................................... 450,000 12,431,250 -------------- 125,906,875 -------------- Hotels & Gaming (1.6%) *Circus Circus Enterprises, Inc. ..................................................... 450,000 15,468,750 *Station Casinos, Inc. ............................................................... 950,000 9,618,750 -------------- 25,087,500 -------------- Insurance (1.2%) CMAC Investment Corp. ................................................................ 141,600 5,203,800 Mutual Risk Management Ltd. .......................................................... 353,333 13,073,321 -------------- 18,277,121 -------------- Machinery & Capital Spending (5.7%) Albany International Corp. (Class A).................................................. 525,000 12,140,625 Applied Power, Inc. (Class A)......................................................... 330,000 13,076,250 *Avondale Industries, Inc. ........................................................... 450,000 9,675,000 Case Corp. ........................................................................... 165,000 8,992,500 Deere & Co. .......................................................................... 350,000 14,218,750 Fluor Corp. .......................................................................... 200,000 12,550,000 *Jacobs Engineering Group, Inc. ...................................................... 452,000 10,678,500 Measurex Corp. ....................................................................... 400,000 9,600,000 -------------- 90,931,625 -------------- Metal Mining & Steel (7.0%) Aluminum Company of America........................................................... 250,000 15,937,500 Barrick Gold Corp. ................................................................... 400,000 11,500,000 *Bethlehem Steel Corp. ............................................................... 1,200,000 10,800,000 Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 500,000 14,062,500 Homestake Mining Co. ................................................................. 1,000,000 14,250,000
Shares or Principal Amount Value(1) ------------- -------------- Newmont Mining Corp. ................................................................. 500,000 $ 22,375,000 Schnitzer Steel Industries, Inc. (Class A)............................................ 500,000 12,812,500 *TVX Gold, Inc. ...................................................................... 1,250,000 9,687,500 -------------- 111,425,000 -------------- Pollution Control (0.7%) *Air & Water Technologies Corp. (Class A)............................................. 467,500 2,688,125 *Osmonics, Inc. ...................................................................... 400,000 8,800,000 -------------- 11,488,125 -------------- Real Estate Securities (1.0%) Simon Debartolo Group, Inc. .......................................................... 500,000 15,500,000 -------------- Technology (13.4%) Adobe Systems, Inc. .................................................................. 400,000 14,950,000 *Adtran, Inc. ........................................................................ 180,000 7,470,000 *Allen Group, Inc. ................................................................... 550,000 12,237,500 *Analog Devices, Inc. ................................................................ 400,000 13,550,000 *Bay Networks, Inc. .................................................................. 400,000 8,350,000 *Brightpoint, Inc. ................................................................... 660,750 19,657,312 *Checkpoint Systems, Inc. ............................................................ 630,000 15,592,500 *Coherent Communications Systems Corp. ............................................................................... 400,000 7,800,000 *General Instrument Corp. ............................................................ 500,000 10,812,500 *Harmonic Lightwaves, Inc. ........................................................... 540,000 8,302,500 *Hyperion Software Corp. ............................................................. 300,000 6,375,000 *Integrated Measurement Systems, Inc. ................................................ 170,000 2,953,750 *Loral Space & Communications Corp.................................................... 200,000 3,675,000 *Ortel Corp. ......................................................................... 385,000 9,240,000 *PairGain Technologies, Inc. ......................................................... 250,000 7,609,375 *Planning Sciences International plc ADR.............................................. 245,000 2,940,000 *Premisys Communications, Inc. ....................................................... 170,000 5,737,500 *Rational Software Corp. ............................................................. 145,000 5,736,563 *Sun Microsystems, Inc. .............................................................. 510,000 13,100,625 *Sync Research, Inc. ................................................................. 148,800 2,046,000 System Software Associates, Inc. ..................................................... 515,000 5,471,875 *VIASOFT, Inc. ....................................................................... 125,000 5,906,250 *Xilinx, Inc. ........................................................................ 385,000 14,172,813 *Xylan Corp. ......................................................................... 250,000 7,062,500 *3D Labs, Inc. Ltd. .................................................................. 73,500 1,690,500 -------------- 212,440,063 -------------- Transportation (1.7%) Airborne Freight Corp. ............................................................... 500,000 11,687,500 *Celadon Group, Inc. ................................................................. 580,000 6,380,000 Consolidated Freightways, Inc. ....................................................... 400,000 8,900,000 -------------- 26,967,500 --------------
- 36 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) Utilities/Communications (4.4%) *Arch Communications Group, Inc. ..................................................... 500,000 $ 4,687,500 *Cellular Communications International, Inc. ................................................................................ 229,000 6,641,000 Cincinnati Bell, Inc. ................................................................ 175,000 10,784,375 *CommNet Cellular, Inc. .............................................................. 350,000 9,756,250 Frontier Corp. ....................................................................... 500,000 11,312,500 *Geotek Communications, Inc. ......................................................... 500,000 3,562,500 *NEXTEL Communications, Inc. (Class A)................................................ 750,000 9,796,875 *Paging Network, Inc. ................................................................ 850,000 12,962,500 -------------- 69,503,500 -------------- Total Common Stocks (Cost $1,399,532,531) ............................................................... 1,487,815,609 -------------- Repurchase Agreements (7.4%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $75,446,077. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 ............................................................... $ 75,419,890 75,419,890
Shares or Principal Amount Value(1) ------------- -------------- J.P. Morgan Securities, Inc. 6.789% dated 12/31/1996, due 01/02/1997 in the amount of $42,015,581. Collateralized by U.S. Treasury Bonds 6.000% to 14.000% due 05/15/2005 to 11/15/2026, U.S. Treasury Notes 5.625% to 8.750% due 10/31/1997 to 02/15/2006. ....................................................... $ 42,000,000 $ 42,000,000 -------------- Total Repurchase Agreements (Cost $117,419,890).................................................................. 117,419,890 -------------- Total Investments (101.3%) (Cost $1,516,952,421).................................................................... 1,605,235,499 Receivables less liabilities (-1.3%)...................................................... (19,951,285) -------------- Net Assets (100.0%)....................................................................... $1,585,284,214 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 37 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (90.1%) Aerospace (0.5%) *Orbital Sciences Corp. .............................................................. 6,300 $ 108,675 -------------- Banking & Finance (6.5%) ADVANTA Corp. (Class B)............................................................... 4,500 183,937 Bank United Corp. (Class A)........................................................... 4,000 107,000 Bay View Capital Corp. ............................................................... 5,000 211,875 *Credit Acceptance Corp. ............................................................. 4,600 108,100 *Glendale Federal Bank FSB............................................................ 9,000 209,250 *Leasing Solutions, Inc. ............................................................. 4,900 126,175 North Fork Bancorp, Inc. ............................................................. 3,300 117,563 *Oxford Resources Corp. (Class A)..................................................... 7,000 216,125 *Wilshire Financial Services Group, Inc. ............................................. 5,000 81,250 -------------- 1,361,275 -------------- Business & Consumer Services (7.2%) *Billing Information Concepts Corp. .................................................. 5,700 163,875 *CorVel Corp. ........................................................................ 2,000 58,000 Danka Business Systems plc ADR........................................................ 8,100 286,537 *Guest Supply, Inc. .................................................................. 5,300 93,412 Harland (John H.) Co. ................................................................ 3,900 128,700 +*Metzler Group, Inc. ................................................................ 10,000 317,500 *Protection One, Inc. ................................................................ 6,000 59,250 *Superior Consultant Holdings Corp. .................................................. 10,000 247,500 *U.S. Office Products Co. ............................................................ 3,500 119,438 *Walsh International, Inc. ........................................................... 5,300 46,375 -------------- 1,520,587 -------------- Chemical (1.1%) *TETRA Technologies, Inc. ............................................................ 9,000 227,250 -------------- Consumer Non-Durable (10.0%) *American Pad & Paper Co. ............................................................ 4,200 95,025 *Bed, Bath & Beyond, Inc. ............................................................ 6,500 157,625 *Borders Group, Inc. ................................................................. 3,500 125,562 *Boston Chicken, Inc. ................................................................ 3,500 125,562 CKE Restaurants, Inc. ................................................................ 6,600 237,600 *Cost Plus, Inc. ..................................................................... 9,000 172,125 *Designer Holdings Ltd. .............................................................. 10,000 161,250 Harman International Industries, Inc. ................................................ 1,900 105,688 *HSN, Inc. ........................................................................... 1,260 29,925 K2, Inc. ............................................................................. 8,200 225,500 Pier 1 Imports, Inc. ................................................................. 18,000 317,250 +*PJ America, Inc. ................................................................... 10,000 180,000 *Sports & Recreation, Inc. ........................................................... 3,200 24,800 *Williams-Sonoma, Inc. ............................................................... 3,800 138,225 -------------- 2,096,137 -------------- Shares or Principal Amount Value(1) ------------- -------------- Consumer Staples (0.5%) *Mondavi (Robert) Corp. (Class A)..................................................... 3,000 $ 109,500 -------------- Energy (6.2%) *Abacan Resource Corp. ............................................................... 20,000 173,750 *Barrett Resources Corp. ............................................................. 3,500 149,187 *Cairn Energy USA, Inc. .............................................................. 19,500 195,000 Enron Global Power & Pipelines L.L.C.................................................. 6,000 162,000 *Flores & Rucks, Inc. ................................................................ 1,700 90,525 *Gulf Canada Resources Ltd. .......................................................... 31,100 229,363 *Monterey Resources, Inc. ............................................................ 16,000 258,000 *Swift Energy Co. .................................................................... 1,800 53,775 -------------- 1,311,600 -------------- Energy Services (8.7%) *BJ Services Co. ..................................................................... 3,000 153,000 +*Dreco Energy Services Ltd. (Class A)................................................ 6,000 219,750 +*National-Oilwell, Inc. ............................................................. 9,000 276,750 *Petroleum Geo-Services ASA ADR....................................................... 3,000 117,000 Petrolite Corp. ...................................................................... 2,400 115,200 *Pinnacle Resources Ltd. ............................................................. 10,000 156,831 *Precision Drilling Corp. ............................................................ 10,000 347,500 *Pride Petroleum Services, Inc. ...................................................... 15,000 348,750 *Veritas DGC, Inc. ................................................................... 5,000 92,500 -------------- 1,827,281 -------------- Entertainment & Media (0.7%) *Golden Books Family Entertainment, Inc. ............................................. 2,600 28,925 *United International Holdings, Inc. (Class A)........................................ 3,700 45,325 *WMS Industries, Inc. ................................................................ 3,900 78,000 -------------- 152,250 -------------- Health (12.7%) *Agouron Pharmaceuticals, Inc. ....................................................... 2,000 135,500 *Allergan Ligand Retinoid Therapeutics, Inc. ......................................... 4,000 121,000 *Assisted Living Concepts, Inc. ...................................................... 4,900 74,725 *Axogen Ltd. - Units (each unit consists of 1 common share of Axogen and 1 warrant of Elan)................................................................................ 4,500 105,750 *CardioThoracic Systems, Inc. ........................................................ 10,000 185,000 *Conceptus, Inc. ..................................................................... 5,200 53,300 *Dura Pharmaceuticals, Inc. .......................................................... 7,400 353,350 *Elan Corp. plc ADR................................................................... 5,100 169,575 *Health Management Associates, Inc. (Class A)......................................... 4,600 103,500 *HealthCare COMPARE Corp. ............................................................ 2,300 97,462 *ICOS Corp. .......................................................................... 5,500 41,938 *Ligand Pharmaceuticals, Inc. (Class B)............................................... 6,000 89,250 *NABI, Inc. .......................................................................... 12,300 107,625
- 38 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) *OccuSystems, Inc. ................................................................... 6,000 $ 162,000 *Protein Design Labs, Inc. ........................................................... 3,500 127,750 *Scherer (R.P.) Corp. ................................................................ 2,300 115,575 *Target Therapeutics, Inc. ........................................................... 6,000 252,000 *Texas Biotechnology Corp. ........................................................... 30,000 131,250 *Thermedics, Inc. .................................................................... 10,400 188,500 *Thermotrex Corp. .................................................................... 1,300 35,588 *UroMed Corp. ........................................................................ 3,100 30,225 -------------- 2,680,863 -------------- Hotels & Gaming (0.5%) *CapStar Hotel Co. ................................................................... 5,000 98,125 -------------- Insurance (1.2%) PennCorp Financial Group, Inc. ....................................................... 3,300 118,800 Protective Life Corp. ................................................................ 3,300 131,588 -------------- 250,388 -------------- Machinery & Capital Spending (0.8%) *Cuno, Inc. .......................................................................... 6,500 96,688 *J. Ray McDermott, S.A. .............................................................. 3,300 72,600 -------------- 169,288 -------------- Metal Mining & Steel (0.4%) *Getchell Gold Corp. ................................................................. 2,000 76,750 -------------- Pollution Control (3.1%) *U.S. Filter Corp. ................................................................... 6,000 190,500 *United Waste Systems, Inc. .......................................................... 7,000 240,625 *USA Waste Services, Inc. ............................................................ 6,800 216,750 -------------- 647,875 -------------- Technology (26.7%) *Actel Corp. ......................................................................... 5,100 121,125 +*Altera Corp. ....................................................................... 1,900 138,106 *American Management Systems, Inc. ................................................... 4,500 110,250 +*American Power Conversion Corp. .................................................... 7,300 198,925 +*ANADIGICS, Inc. .................................................................... 10,000 392,500 *AXENT Technologies, Inc. ............................................................ 11,000 165,000 *BA Merchant Services, Inc. (Class A)................................................. 20,000 357,500 *Boston Technology, Inc. ............................................................. 3,200 92,000 *Cognos, Inc. ........................................................................ 2,700 75,937 *Coherent Communications Systems Corp. ............................................... 4,200 81,900 *Computer Products, Inc. ............................................................. 5,900 115,050 *Control Data Systems, Inc. .......................................................... 3,000 66,000 *DSP Communications, Inc. ............................................................ 12,000 232,500
Shares or Principal Amount Value(1) ------------- -------------- *DST Systems, Inc. ................................................................... 4,000 $ 125,500 *Eltron International, Inc. .......................................................... 2,400 48,300 *Engineering Animation, Inc. ......................................................... 3,600 87,300 *Geoworks............................................................................. 4,400 107,800 *Integrated Systems, Inc. ............................................................ 4,500 117,000 *JDA Software Group, Inc. ............................................................ 6,000 171,000 *MDL Information Systems, Inc. ....................................................... 10,700 199,287 *MICROS Systems, Inc. ................................................................ 9,300 285,975 *Network Appliance, Inc. ............................................................. 7,400 376,475 *P-COM, Inc. ......................................................................... 7,700 228,113 *Proxim, Inc. ........................................................................ 9,000 207,000 *Rogue Wave Software, Inc. ........................................................... 4,000 63,000 *Saville Systems plc ADR.............................................................. 3,000 121,875 +*Shiva Corp. ........................................................................ 3,000 104,625 *Sierra Semiconductor Corp. .......................................................... 15,000 225,000 *SPSS, Inc. .......................................................................... 2,900 80,838 *Synopsys, Inc. ...................................................................... 1,900 87,875 *S3, Inc. ............................................................................ 15,100 245,375 *Teledata Communication Ltd. ......................................................... 8,000 184,000 *Transition Systems, Inc. ............................................................ 14,000 197,750 *Trident Microsystems, Inc. .......................................................... 13,000 219,375 -------------- 5,630,256 -------------- Transportation (0.8%) Consolidated Freightways, Inc. ....................................................... 3,800 84,550 Werner Enterprises, Inc. ............................................................. 5,200 94,250 -------------- 178,800 -------------- Utilities/Communications (1.1%) *Anicom, Inc. ........................................................................ 7,400 68,450 *Geotek Communications, Inc. ......................................................... 12,800 91,200 *Paging Network, Inc. ................................................................ 5,000 76,250 -------------- 235,900 -------------- Utilities/Electric/Gas (1.4%) *AES China Generating Co. (Class A)................................................... 15,000 191,250 *AES Corp. ........................................................................... 2,300 106,950 -------------- 298,200 -------------- Total Common Stocks (Cost $17,505,792) .................................................................. 18,981,000 -------------- Convertible Preferred Stock (0.2%) Energy (0.2%) Mesa, Inc. Series A 8.000% Cumulative (Cost $25,926) ...................................................................... 4,692 29,912 --------------
- 39 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
Shares or Principal Amount Value(1) ------------- -------------- Convertible Bond (0.9%) Pollution Control (0.9%) U.S. Filter Corp. 4.500% 12/15/2001 (Cost $190,000) ..................................................................... $ 190,000 $ 193,800 -------------- Total investments, excluding temporary cash investments (Cost $17,721,718) .................................................................. 19,204,712 -------------- Repurchase Agreements (12.1%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $1,103,567. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026. .............................................................. 1,103,184 1,103,184 J.P. Morgan Securities, Inc. 6.789% dated 12/31/1996, due 01/02/1997 in the amount of $1,000,371. Collateralized by U.S. Treasury Bonds 6.000% to 14.000% due 05/15/2005 to 11/15/2026, U.S. Treasury Notes 5.625% to 8.750% due 10/31/1997 to 02/15/2006. ....................................................... 1,000,000 1,000,000 Shares or Principal Amount Value(1) ------------- -------------- Merrill Lynch 6.354% dated 12/31/1996 due 01/02/1997 in the amount of $450,156. Collateralized by U.S. Treasury Strips due 05/15/2018 to 02/15/2022. ....................................................... $ 450,000 $ 450,000 -------------- Total Repurchase Agreements (Cost $2,553,184).................................................................... 2,553,184 -------------- Total Investments (103.3%) (Cost $20,274,902)....................................................................... 21,757,896 Receivables less liabilities (-3.3%)...................................................... (696,526) -------------- Net Assets (100.0%)....................................................................... $ 21,061,370 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. + All or a portion of these investments are hedged by short sales against the box (Note 1). The accompanying notes are an integral part of the financial statements. - 40 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------- ------------------- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (82.5%) Real Estate Apartments (19.5%) Associated Estates Realty Corp. ...................................................... 87,600 $ 2,080,500 Camden Property Trust................................................................. 70,700 2,023,788 Colonial Properties Trust............................................................. 72,600 2,205,225 Equity Residential Properties Trust................................................... 41,300 1,703,625 Oasis Residential, Inc. .............................................................. 74,900 1,703,975 Security Capital Pacific Trust........................................................ 82,600 1,889,475 Wellsford Residential Property Trust.................................................. 70,025 1,698,106 -------------- 13,304,694 -------------- Office (16.2%) Arden Realty Group, Inc. ............................................................. 67,000 1,859,250 Beacon Properties Corp. .............................................................. 63,300 2,318,362 Cali Realty Corp. .................................................................... 69,700 2,151,988 Highwoods Properties, Inc. ........................................................... 74,800 2,524,500 Reckson Associates Realty Corp. ...................................................... 50,900 2,150,525 -------------- 11,004,625 -------------- Industrial (20.6%) First Industrial Realty Trust, Inc. .................................................. 68,800 2,089,800 Liberty Property Trust................................................................ 83,400 2,147,550 Public Storage, Inc. ................................................................. 75,800 2,349,800 Security Capital Industrial Trust..................................................... 89,300 1,908,787 Shurgard Storage Centers, Inc. (Class A).............................................. 71,300 2,112,263 Storage Trust Realty.................................................................. 50,500 1,363,500 TriNet Corporate Realty Trust, Inc. .................................................. 58,500 2,076,750 -------------- 14,048,450 -------------- Community Centers (6.8%) Excel Realty Trust, Inc. ............................................................. 83,400 2,116,275 Haagen (Alexander) Properties, Inc. .................................................. 44,600 657,850 JP Realty, Inc. ...................................................................... 71,900 1,860,412 -------------- 4,634,537 -------------- Shopping Malls (9.8%) Macerich Co. ......................................................................... 82,100 2,144,863 Rouse Co. ............................................................................ 72,600 2,305,050 Simon Debartolo Group, Inc. .......................................................... 71,256 2,208,936 -------------- 6,658,849 -------------- Lodging (6.4%) *Interstate Hotels Co. ............................................................... 49,000 1,384,250 Patriot American Hospitality, Inc. ................................................... 34,600 1,492,125 Shares or Principal Amount Value(1) ------------- -------------- Starwood Lodging Trust................................................................ 26,400 $ 1,455,300 -------------- 4,331,675 -------------- Other (3.2%) *Catellus Development Corp. .......................................................... 190,600 2,168,075 -------------- Total Common Stocks (Cost $45,246,073) .................................................................. 56,150,905 -------------- Repurchase Agreements (17.7%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $5,534,112. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026. .............................................................. $ 5,532,191 5,532,191 J.P. Morgan Securities, Inc. 6.789% dated 12/31/1996, due 01/02/1997 in the amount of $3,251,206. Collateralized by U.S. Treasury Bonds 6.000% to 14.000% due 05/15/2005 to 11/15/2026, U.S. Treasury Notes 5.625% to 8.750% due 10/31/1997 to 02/15/2006. ....................................................... 3,250,000 3,250,000 Merrill Lynch 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $3,251,128. Collateralized by U.S. Treasury Strips due 05/15/2018 to 02/15/2022. ....................................................... 3,250,000 3,250,000 -------------- Total Repurchase Agreements (Cost $12,032,191) .................................................................. 12,032,191 -------------- Total Investments (100.2%) (Cost $57,278,264)....................................................................... 68,183,096 Receivables less liabilities (-0.2%)...................................................... (109,875) -------------- Net Assets (100.0%)....................................................................... $ 68,073,221 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 41 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
Shares or Principal December 31, 1996 Amount Value(1) ------------- -------------- Common Stocks (48.3%) Banking & Finance (6.1%) American Express Co. ................................................................. 100,200 $ 5,661,300 BankAmerica Corp. .................................................................... 49,900 4,977,525 Federal Home Loan Mortgage Corp. ..................................................... 62,000 6,827,750 Great Western Financial Corp. ........................................................ 153,300 4,445,700 Morgan (J.P.) & Co., Inc. ............................................................ 68,200 6,658,025 NationsBank Corp. .................................................................... 17,100 1,671,525 PNC Bank Corp. ....................................................................... 143,700 5,406,712 U.S. Bancorp.......................................................................... 119,000 5,347,563 -------------- 40,996,100 -------------- Building & Forestry Products (1.8%) Champion International Corp. ......................................................... 115,000 4,973,750 Weyerhaeuser Co. ..................................................................... 70,000 3,316,250 Willamette Industries, Inc. .......................................................... 53,000 3,690,125 -------------- 11,980,125 -------------- Business & Consumer Services (2.3%) *ADT Ltd. ............................................................................ 211,400 4,835,775 Electronic Data Systems Corp. ........................................................ 100,000 4,325,000 Service Corp. Int'l. ................................................................. 223,300 6,252,400 -------------- 15,413,175 -------------- Chemical (2.3%) Grace (W.R.) & Co. ................................................................... 68,200 3,529,350 Hercules, Inc. ....................................................................... 119,100 5,151,075 IMC Global, Inc. ..................................................................... 82,100 3,212,162 Monsanto Co. ......................................................................... 84,300 3,277,163 -------------- 15,169,750 -------------- Consumer Durable (0.9%) Ford Motor Co. ....................................................................... 83,200 2,652,000 General Motors Corp. ................................................................. 66,000 3,679,500 -------------- 6,331,500 -------------- Consumer Non-Durable (5.2%) *Circus Circus Enterprises, Inc. ..................................................... 67,600 2,323,750 *Federated Department Stores, Inc. ................................................... 96,900 3,306,712 Marriott International, Inc. ......................................................... 69,700 3,850,925 Mattel, Inc. ......................................................................... 225,350 6,253,462 *Meyer (Fred), Inc. .................................................................. 80,000 2,840,000 Penney (J.C.), Inc. .................................................................. 63,400 3,090,750 *Price/Costco, Inc. .................................................................. 200,000 5,025,000 Rite Aid Corp. ....................................................................... 90,000 3,577,500 Rykoff-Sexton, Inc. .................................................................. 81,000 1,285,875 Shares or Principal Amount Value(1) ------------- -------------- Sears, Roebuck & Co. ................................................................. 76,900 $ 3,547,013 -------------- 35,100,987 -------------- Consumer Staples (3.7%) Gillette Co. ......................................................................... 49,000 3,809,750 McDonald's Corp. ..................................................................... 103,800 4,696,950 Nabisco Holdings Corp. (Class A)...................................................... 96,900 3,766,987 PepsiCo, Inc. ........................................................................ 201,000 5,879,250 Procter & Gamble Co. ................................................................. 32,300 3,472,250 Sunbeam Corp. ........................................................................ 119,600 3,079,700 -------------- 24,704,887 -------------- Energy (3.8%) Amoco Corp. .......................................................................... 84,800 6,826,400 Louisiana Land & Exploration Co. ..................................................... 54,000 2,895,750 Mobil Corp. .......................................................................... 54,700 6,687,075 Royal Dutch Petroleum Co. ADR......................................................... 43,450 7,419,087 Union Pacific Resources Group, Inc. .................................................. 59,800 1,749,150 -------------- 25,577,462 -------------- Entertainment & Media (1.8%) Gannett Co., Inc. .................................................................... 45,000 3,369,375 Time Warner, Inc. .................................................................... 128,800 4,830,000 *Viacom, Inc. (Class B)............................................................... 106,600 3,717,675 -------------- 11,917,050 -------------- Health (5.5%) American Home Products Corp. ......................................................... 162,600 9,532,425 Bausch & Lomb, Inc. .................................................................. 99,600 3,486,000 Baxter International, Inc. ........................................................... 84,400 3,460,400 Johnson & Johnson..................................................................... 116,000 5,771,000 Merck & Co., Inc. .................................................................... 45,700 3,621,725 Pfizer, Inc. ......................................................................... 40,000 3,315,000 Pharmacia & Upjohn, Inc. ............................................................. 111,800 4,430,075 Warner-Lambert Co. ................................................................... 47,500 3,562,500 -------------- 37,179,125 -------------- Insurance (2.2%) Berkley (W.R.) Corp. ................................................................. 71,000 3,603,250 General Re Corp. ..................................................................... 20,400 3,218,100 NAC Re Corp. ......................................................................... 39,400 1,334,675 TIG Holdings, Inc. ................................................................... 204,800 6,937,600 -------------- 15,093,625 -------------- Machinery & Capital Spending (3.6%) Case Corp. ........................................................................... 58,000 3,161,000 Caterpillar, Inc. .................................................................... 17,000 1,279,250 Deere & Co. .......................................................................... 111,300 4,521,563
- 42 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Common Stocks (Continued) Emerson Electric Co. ................................................................. 52,800 $ 5,108,400 General Electric Co. ................................................................. 68,000 6,723,500 Honeywell, Inc. ...................................................................... 55,100 3,622,825 -------------- 24,416,538 -------------- Metal Mining & Steel (1.2%) Aluminum Company of America........................................................... 86,400 5,508,000 Worthington Industries, Inc. ......................................................... 123,000 2,229,375 -------------- 7,737,375 -------------- Real Estate Securities (2.9%) American Health Properties, Inc. ..................................................... 73,600 1,757,200 Associated Estates Realty Corp. ...................................................... 76,200 1,809,750 Beacon Properties Corp. .............................................................. 45,000 1,648,125 Equity Residential Properties Trust................................................... 48,500 2,000,625 JP Realty, Inc. ...................................................................... 97,500 2,522,813 Manufactured Home Communities, Inc. .................................................. 78,000 1,813,500 National Health Investors, Inc. ...................................................... 72,000 2,727,000 Simon Debartolo Group, Inc. .......................................................... 52,500 1,627,500 Spieker Properties, Inc. ............................................................. 53,000 1,908,000 Sun Communities, Inc. ................................................................ 54,700 1,887,150 -------------- 19,701,663 -------------- Technology (4.1%) Adobe Systems, Inc. .................................................................. 155,000 5,793,125 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 135,900 4,102,481 Hewlett-Packard Co. .................................................................. 76,000 3,819,000 Intel Corp. .......................................................................... 36,700 4,805,406 International Business Machines Corp. ................................................ 23,900 3,608,900 Motorola, Inc. ....................................................................... 91,300 5,603,538 -------------- 27,732,450 -------------- Utilities/Communications (0.4%) Frontier Corp. ....................................................................... 122,100 2,762,513 -------------- Utilities/Electric/Gas (0.5%) Idaho Power Co. ...................................................................... 99,300 3,090,713 -------------- Total Common Stocks (Cost $270,169,730) ................................................................. 324,905,038 -------------- U.S. Government, Federal Agency Obligations (31.6%) U.S. Treasury Bonds And Notes (13.6%) U.S. Treasury Bonds 12.000% 05/15/2005................................................................... $ 3,430,000 4,662,193 12.000% 08/15/2013................................................................... 9,385,000 13,432,469 8.875% 08/15/2017................................................................... 1,925,000 2,381,591 8.125% 08/15/2019................................................................... 13,580,000 15,728,356
Shares or Principal Amount Value(1) ------------- -------------- U.S. Treasury Notes 8.750% 10/15/1997................................................................... $ 16,255,000 $ 16,657,636 5.750% 10/31/1997................................................................... 13,190,000 13,208,598 8.875% 02/15/1999................................................................... 6,210,000 6,569,000 6.875% 08/31/1999................................................................... 18,565,000 18,950,781 -------------- 91,590,624 -------------- Government National Mortgage Association (GNMA) (4.3%) 8.000% 08/20/2026 - 12/20/2026 (GNMA II)............................................ 26,895,216 27,319,622 8.000% 09/15/2025 - 10/15/2025...................................................... 1,227,515 1,252,262 -------------- 28,571,884 -------------- Federal Housing Administration (FHA) (0.8%) FHA Insured Project Pool #23-11059 7.700% 08/01/2028................................................................... 1,620,497 1,617,807 FHA Insured Project Pool #53 7.430% 02/01/2022................................................................... 924,614 944,262 FHA Insured Project Pool #55 7.430% 04/01/2022................................................................... 1,929,472 1,904,447 FHA Insured Project Pool #53-43077 9.125% 07/25/2033................................................................... 1,102,400 1,172,072 -------------- 5,638,588 -------------- Federal Home Loan Mortgage Corporation (FHLMC) (1.5%) 7.500% 07/01/2011 - 11/01/2011...................................................... 8,593,663 8,717,240 8.500% 10/01/2024 - 03/01/2025...................................................... 1,334,032 1,383,645 -------------- 10,100,885 -------------- Agency Collateralized Mortgage Obligations (11.4%) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1203 Cl. F 6.750% 07/15/2003................................................................... 54,493 54,390 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1233 Cl. H 7.000% 04/15/2007................................................................... 600,000 602,058 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1627 Cl. E 6.000% 02/15/2023................................................................... 2,256,000 1,939,100 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1627 Cl. EA 6.000% 05/15/2023................................................................... 1,817,000 1,527,970 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1632 Cl. B 6.000% 11/15/2023................................................................... 1,780,000 1,620,921 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................................................................... 130,000 136,255
- 43 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
Shares or Principal Amount Value(1) ------------- --------------
U.S. Government, Federal Agency Obligations (Continued) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1795 Cl. A 7.000% 11/15/2022................................................................... $ 8,541,223 $ 8,541,223 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1895 Cl. B 7.500% 12/15/2023................................................................... 2,360,000 2,345,981 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1890 Cl. K 7.000% 03/15/2022................................................................... 4,380,000 4,309,526 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1902 Cl. B 7.000% 11/15/2023................................................................... 2,800,000 2,717,764 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. AB 7.000% 07/15/2022................................................................... 3,193,647 3,194,637 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. B 7.000% 07/15/2022................................................................... 1,520,000 1,495,300 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. C 7.250% 08/15/2024................................................................... 3,490,000 3,416,919 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-235 Cl. C 0.000% 10/25/1997................................................................... 1,013,549 986,943 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G1 Cl. PG 7.500% 06/17/2022................................................................... 3,580,000 3,656,075 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G1 Cl. PJ 7.500% 11/17/2025................................................................... 480,000 486,077 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G1 Cl. PK 7.500% 06/17/2026................................................................... 706,000 712,290 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G3 Cl. C 7.500% 03/20/2024................................................................... 2,070,000 2,058,367 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W2 Cl. A5 7.550% 06/25/2026................................................................... 945,000 963,749 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W3 Cl. A6 7.800% 08/25/2026................................................................... 760,000 776,804 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-28 Cl. AB 7.000% 09/25/2023................................................................... 1,070,000 1,024,525
Shares or Principal Amount Value(1) ------------- -------------- FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-31 Cl. E 7.500% 10/25/2025................................................................... $ 5,900,000 $ 6,014,460 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-46 Cl. G 7.500% 06/25/2024................................................................... 6,580,000 6,549,140 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-48 Cl. B 7.500% 12/25/2024................................................................... 7,060,000 7,114,080 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-51 Cl. J 7.000% 05/18/2024................................................................... 9,158,397 9,165,541 GNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-5 Cl. DB 7.000% 11/16/2020................................................................... 4,700,000 4,591,289 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 577,476 577,476 -------------- 76,578,860 -------------- Total U.S. Government, Federal Agency Obligations (Cost $211,382,824) ................................................................. 212,480,841 -------------- Other Securitized Loans (3.4%) Collateralized Mortgage Obligations (2.6%) Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 6.910% 01/25/2025................................................................... 955,908 921,256 Bear Stearns Mortgage Securities, Inc. Series 1996-8 Cl. A9 7.600% 11/25/2027................................................................... 4,337,000 4,311,238 Residential Asset Securitization Trust Series 1996-A7 Cl. A3 9.500% 10/25/2026................................................................... 2,251,697 2,332,623 Residential Accredit Loans, Inc. Series 1996-QS4 Cl. AI6 8.000% 08/25/2026................................................................... 1,780,000 1,807,252 Residential Accredit Loans, Inc. Series 1996-QS4 Cl. AI7 8.000% 08/25/2026................................................................... 4,033,000 4,094,140 Residential Accredit Loans, Inc. Series 1996-QS7 Cl. AI9 8.000% 11/25/2026................................................................... 1,708,000 1,734,696
- 44 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Other Securitized Loans (Continued) Structured Asset Securities Corp. Series 1996-6 Cl. 1A2 7.500% 08/25/2026................................................................... $ 2,567,000 $ 2,528,495 -------------- 17,729,700 -------------- Asset Backed Securities (0.8%) Prudential Securities Financial Asset Funding Corp. Mtg. Pass Thru Ctf. 1994-2 Cl. A 6.350% 11/15/2014................................................................... 4,152,874 4,058,147 Prudential Securities Secured Financing Corp. Mtg. Pass Thru Ctf. Series 1996-1 Cl. A3 7.175% 08/15/2026................................................................... 929,385 933,158 -------------- 4,991,305 -------------- Total Other Securitized Loans (Cost $22,550,694) .................................................................. 22,721,005 -------------- Corporate Bonds (10.8%) Industrial (4.7%) Emerson Electric Co. Euro 7.875% 06/05/1998................................................................... 380,000 389,375 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 1,800,000 1,865,250 Federated Department Stores, Inc. 10.000% 02/15/2001................................................................... 1,000,000 1,086,230 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 900,000 933,750 Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... 1,400,000 1,352,750 Lockheed Martin Corp. 6.625% 06/15/1998................................................................... 5,000,000 5,038,550 Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................................................................... 600,000 639,390 Nabisco, Inc. 6.700% 06/15/2002................................................................... 2,000,000 1,980,120 News America Holdings, Inc. 7.600% 10/11/2015................................................................... 3,900,000 3,722,472 7.430% 10/01/2026................................................................... 1,630,000 1,646,333 Norfolk Southern Corp. Medium Term Note 7.400% 09/15/2006................................................................... 4,200,000 4,265,394 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002................................................................... 1,300,000 1,384,500
Shares or Principal Amount Value(1) ------------- -------------- Sears, Roebuck Acceptance Corp. Medium Term Notes 6.510% 02/03/1999................................................................... $ 2,450,000 $ 2,463,058 Stop & Shop Cos., Inc. 9.750% 02/01/2002................................................................... 215,000 240,800 Temple Inland, Inc. Medium Term Note 9.000% 04/20/1998................................................................... 200,000 207,564 Time Warner Entertainment Co. L.P. 9.625% 05/01/2002................................................................... 1,900,000 2,119,697 8.375% 03/15/2023................................................................... 1,320,000 1,338,308 Viacom, Inc. 8.000% 07/07/2006................................................................... 1,100,000 1,064,250 -------------- 31,737,791 -------------- Financial (5.0%) Aetna Services, Inc. 7.625% 08/15/2026................................................................... 3,500,000 3,529,190 Associates Corp. N.A. 6.750% 10/15/1999................................................................... 450,000 455,125 Bankers Trust NY Corp. 6.750% 10/03/2001................................................................... 2,325,000 2,336,299 Beneficial Corp. Medium Term Note 8.170% 11/09/1999................................................................... 4,120,000 4,307,831 CP Limited Partnership 8.750% 03/02/2000................................................................... 1,450,000 1,517,671 California Hotel Finance Corp. 11.000% 12/01/2002................................................................... 650,000 679,250 Commercial Credit Group, Inc. 6.625% 06/01/2015................................................................... 1,250,000 1,256,862 ERP Operating Limited Partnership (144A) 8.500% 05/15/1999................................................................... 2,700,000 2,796,093 First Security Corp. (Del.) 7.875% 10/15/1999................................................................... 1,325,000 1,370,236 Fleet Mortgage Group, Inc. 6.500% 09/15/1999................................................................... 550,000 551,485 General Electric Capital Corp. Medium Term Note 7.875% 11/15/1997................................................................... 1,500,000 1,527,645 Goldman Sachs Group L.P. (144A) 6.750% 02/15/2006................................................................... 2,525,000 2,464,451 Morgan Stanley Group, Inc. Medium Term Note 5.750% 02/15/2001................................................................... 2,100,000 2,035,278 Spieker Properties L.P. 6.900% 01/15/2004................................................................... 2,450,000 2,416,460
- 45 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
Shares or Principal Amount Value(1) ------------- --------------
Corporate Bonds (Continued) United Dominion Realty Trust Series A Medium Term Note 7.020% 11/15/2005................................................................... $ 5,050,000 $ 4,977,937 Wachovia Bank Medium Term Note 6.000% 03/15/1999................................................................... 1,425,000 1,421,010 -------------- 33,642,823 -------------- Utility (0.5%) GTE Corp. 8.850% 03/01/1998................................................................... 750,000 773,265 GTE North, Inc. 5.500% 02/15/1999................................................................... 2,905,000 2,866,625 -------------- 3,639,890 -------------- Yankee (0.6%) Hydro-Quebec 8.000% 02/01/2013................................................................... 1,520,000 1,614,651 Manitoba Province 7.750% 02/01/2002................................................................... 700,000 735,049 Ontario Province CDA 6.000% 02/21/2006................................................................... 1,725,000 1,640,906 -------------- 3,990,606 -------------- Total Corporate Bonds (Cost $72,965,378) .................................................................. 73,011,110 -------------- Total investments, excluding temporary cash investments (Cost $577,068,626) ................................................................. 633,117,994 --------------
Shares or Principal Amount Value(1) ------------- -------------- Repurchase Agreements (5.5%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $32,739,073. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026. .............................................................. $ 32,727,709 $ 32,727,709 J.P. Morgan Securities, Inc. 6.789% dated 12/31/1996, due 01/02/1997 in the amount of $4,001,484. Collateralized by U.S. Treasury Bonds 6.000% to 14.000% due 05/15/2005 to 11/15/2026, U.S. Treasury Notes 5.625% to 8.750% due 10/31/1997 to 02/15/2006. ....................................................... 4,000,000 4,000,000 -------------- Total Repurchase Agreements (Cost $36,727,709) .................................................................. 36,727,709 -------------- Total Investments (99.6%) (Cost $613,796,335)...................................................................... 669,845,703 Receivables less liabilities (0.4%)....................................................... 2,747,217 -------------- Net Assets (100.0%)....................................................................... $ 672,592,920 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing The accompanying notes are an integral part of the financial statements. - 46 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
Principal December 31, 1996 Amount Value(1) ------------- -------------- Commercial Paper (99.8%) A. I. Credit Corp. 5.270% 02/20/1997................................................................... $ 10,000,000 $ 9,925,342 Air Products & Chemicals, Inc. 5.310% 01/21/1997................................................................... 5,000,000 4,984,512 5.280% 02/24/1997................................................................... 9,000,000 8,927,400 5.400% 03/28/1997................................................................... 7,000,000 6,908,650 American Express Credit Corp. 5.320% 01/31/1997................................................................... 5,000,000 4,977,095 5.300% 02/27/1997................................................................... 10,000,000 9,914,611 5.300% 03/13/1997................................................................... 10,000,000 9,894,000 American General Finance Corp. 5.310% 01/23/1997................................................................... 5,000,000 4,983,038 5.280% 02/11/1997................................................................... 10,000,000 9,938,400 Ameritech Capital Funding Corp. 5.300% 02/06/1997................................................................... 11,900,000 11,835,178 Associates Corp. of North America 6.750% 01/02/1997................................................................... 23,000,000 22,991,375 Atlantic Richfield Co. 5.290% 01/17/1997................................................................... 10,000,000 9,975,020 5.320% 01/27/1997................................................................... 15,000,000 14,940,150 Avco Financial Services, Inc. 5.305% 01/31/1997................................................................... 5,000,000 4,977,159 5.300% 02/04/1997................................................................... 10,000,000 9,948,472 5.310% 02/05/1997................................................................... 10,000,000 9,946,900 BP America, Inc. 6.750% 01/02/1997................................................................... 18,000,000 17,993,250 Bank of America, FSB 5.290% 03/07/1997................................................................... 10,000,000 9,903,017 5.370% 03/18/1997................................................................... 10,000,000 9,885,142 Barclays U.S. Funding Corp. 5.600% 01/08/1997................................................................... 10,000,000 9,987,556 5.430% 01/29/1997................................................................... 5,000,000 4,978,129 5.280% 02/11/1997................................................................... 10,000,000 9,938,400 BellSouth Capital Funding Corp. 5.300% 01/22/1997................................................................... 5,000,000 4,983,806 5.300% 02/03/1997................................................................... 10,000,000 9,949,945 Beneficial Corp. 5.310% 01/21/1997................................................................... 5,000,000 4,984,513 5.290% 02/10/1997................................................................... 10,000,000 9,939,753 5.280% 03/06/1997................................................................... 10,000,000 9,904,667 Brown-Forman Corp. 5.440% 01/13/1997................................................................... 10,263,000 10,242,839 5.310% 02/25/1997................................................................... 10,043,000 9,960,045 5.310% 03/03/1997................................................................... 5,000,000 4,954,275 CIT Group Holdings, Inc. 5.600% 01/07/1997................................................................... 15,000,000 14,983,667 5.410% 03/17/1997................................................................... 5,000,000 4,942,895 Principal Amount Value(1) ------------- -------------- Cargill Global Funding 5.300% 03/10/1997................................................................... $ 5,000,000 $ 4,949,208 5.300% 03/10/1997................................................................... 5,000,000 4,949,208 5.310% 03/10/1997................................................................... 7,000,000 6,928,758 Chevron Transport Co. 5.300% 02/10/1997................................................................... 5,000,000 4,969,819 5.340% 03/17/1997................................................................... 13,000,000 12,853,447 Clorox Co. 5.320% 02/28/1997................................................................... 5,000,000 4,956,406 5.320% 03/11/1997................................................................... 10,000,000 9,896,556 5.320% 03/14/1997................................................................... 10,000,000 9,892,123 Colgate-Palmolive Co. 5.300% 02/03/1997................................................................... 5,000,000 4,974,972 Deere (John) Capital Corp. 5.300% 02/05/1997................................................................... 5,000,000 4,973,500 5.370% 02/07/1997................................................................... 10,000,000 9,943,317 5.300% 02/26/1997................................................................... 10,000,000 9,916,083 Disney (Walt) Co. 5.290% 01/23/1997................................................................... 5,000,000 4,983,101 5.400% 01/24/1997................................................................... 10,000,000 9,964,000 5.290% 02/03/1997................................................................... 10,000,000 9,950,039 DuPont (E.I.) de Nemours & Co. 5.260% 02/20/1997................................................................... 22,000,000 21,836,064 Ford Motor Credit Co. 5.880% 01/03/1997................................................................... 10,000,000 9,995,100 5.900% 01/03/1997................................................................... 1,052,000 1,051,483 5.550% 01/09/1997................................................................... 5,000,000 4,993,063 5.300% 01/14/1997................................................................... 10,000,000 9,979,389 General Electric Capital Corp. 5.310% 01/21/1997................................................................... 10,000,000 9,969,025 5.310% 02/05/1997................................................................... 5,000,000 4,973,450 5.290% 02/14/1997................................................................... 5,000,000 4,966,938 General Electric Capital Services, Inc. 5.310% 02/10/1997................................................................... 5,000,000 4,969,763 Gillette Co., The 5.280% 03/05/1997................................................................... 5,000,000 4,953,067 Glaxo Wellcome plc 6.050% 01/03/1997................................................................... 5,646,000 5,643,153 5.320% 01/17/1997................................................................... 10,000,000 9,974,878 5.320% 03/07/1997................................................................... 5,000,000 4,951,234 Goldman Sachs Group L.P. 5.420% 02/04/1997................................................................... 5,000,000 4,973,653 5.300% 03/04/1997................................................................... 20,000,000 19,814,500 Heinz, (H.J.) Co. 5.530% 01/10/1997................................................................... 8,400,000 8,387,097
- 47 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
Principal Amount Value(1) ------------- --------------
Commercial Paper (Continued) Household Finance Corp. 5.310% 01/28/1997................................................................... $ 5,000,000 $ 4,979,350 5.330% 01/30/1997................................................................... 10,000,000 9,955,584 5.300% 02/13/1997................................................................... 10,000,000 9,935,222 Idaho Power Co. 5.500% 01/10/1997................................................................... 2,150,000 2,146,715 Knight-Ridder, Inc. 5.280% 01/15/1997................................................................... 15,000,000 14,967,000 Lincoln National Corp. 5.280% 02/19/1997................................................................... 10,000,000 9,926,667 Lubrizol Corp. 5.650% 01/06/1997................................................................... 1,531,000 1,529,558 Merrill Lynch & Co., Inc. 5.330% 01/23/1997................................................................... 5,000,000 4,982,974 5.330% 01/30/1997................................................................... 5,000,000 4,977,792 5.340% 02/11/1997................................................................... 5,000,000 4,968,850 5.300% 02/12/1997................................................................... 10,000,000 9,936,695 MetLife Funding, Inc. 5.280% 02/18/1997................................................................... 15,000,000 14,892,200 5.270% 02/21/1997................................................................... 10,000,000 9,923,878 Monsanto Co. 5.280% 02/12/1997................................................................... 5,000,000 4,968,467 5.600% 02/19/1997................................................................... 1,500,000 1,488,334 5.380% 03/19/1997................................................................... 8,310,000 8,213,133 Morgan (J.P.) & Co., Inc. 5.300% 03/03/1997................................................................... 20,000,000 19,817,445 5.370% 03/20/1997................................................................... 5,000,000 4,941,079 Morgan Stanley Group, Inc. 5.370% 02/14/1997................................................................... 10,000,000 9,932,875 5.310% 02/19/1997................................................................... 10,000,000 9,926,250 5.340% 03/14/1997................................................................... 5,000,000 4,945,859 National Rural Utilities Cooperative Finance Corp. 5.310% 01/30/1997................................................................... 5,000,000 4,977,875 5.280% 02/04/1997................................................................... 11,900,000 11,838,913 5.290% 02/13/1997................................................................... 2,000,000 1,987,069 Norwest Corp. 5.310% 01/29/1997................................................................... 5,000,000 4,978,613 Norwest Financial, Inc. 5.320% 02/12/1997................................................................... 5,000,000 4,968,228 5.280% 02/25/1997................................................................... 13,000,000 12,893,227 PacifiCorp 5.310% 01/22/1997................................................................... 10,000,000 9,967,550 Pfizer, Inc. 5.300% 03/12/1997................................................................... 10,000,000 9,895,472
Principal Amount Value(1) ------------- -------------- Procter & Gamble Co. 5.280% 01/16/1997................................................................... $ 10,000,000 $ 9,976,533 Prudential Funding Corp. 5.620% 01/06/1997................................................................... 10,000,000 9,990,633 5.620% 01/09/1997................................................................... 5,000,000 4,992,975 5.420% 01/22/1997................................................................... 10,000,000 9,966,878 Sara Lee Corp. 6.250% 01/07/1997................................................................... 10,000,000 9,987,847 Siemens Corp. 5.310% 01/23/1997................................................................... 7,000,000 6,976,253 Sonoco Products Co. 5.300% 02/18/1997................................................................... 5,000,000 4,963,931 5.290% 02/21/1997................................................................... 7,000,000 6,946,512 Southern California Gas Co. 5.300% 01/28/1997................................................................... 10,000,000 9,958,778 Southern New England Telecom 5.430% 01/13/1997................................................................... 15,000,000 14,970,588 USAA Capital Corp. 5.300% 01/29/1997................................................................... 5,000,000 4,978,653 Weyerhaeuser Co. 5.280% 01/16/1997................................................................... 3,700,000 3,691,317 5.280% 01/16/1997................................................................... 3,000,000 2,992,960 5.290% 01/16/1997................................................................... 11,000,000 10,974,138 -------------- Total Commercial Paper (Cost $888,362,465) ................................................................. 888,362,465 -------------- Repurchase Agreement (1.6%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $13,701,038. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 (Cost $13,696,282) .................................................................. 13,696,282 13,696,282 -------------- Total Investments (101.4%) (Cost $902,058,747, including $5,630,973 accrued interest receivable).................... 902,058,747 Cash and receivables less liabilities (-1.4%)............................................. (12,258,778) -------------- Net Assets (100.0%)....................................................................... $ 889,799,969 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 48 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------- -------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
Principal December 31, 1996 Amount Value(1) ------------- -------------- U.S. Treasury Notes (99.4%) 5.750% 10/31/1997................................................................... $ 16,500,000 $ 16,523,265 8.875% 02/15/1999................................................................... 2,800,000 2,961,868 6.875% 08/31/1999................................................................... 10,875,000 11,100,983 5.875% 11/15/1999................................................................... 10,000,000 9,960,900 -------------- Total U.S. Treasury Notes (Cost $40,519,829) .................................................................. 40,547,016 Repurchase Agreement (0.9%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $351,192. Collateralized by U.S. Treasury Bond 6.5000% due 11/15/2026 (Cost $351,070) ..................................................................... 351,070 351,070 -------------- Total Investments (100.3%) (Cost $40,870,899)....................................................................... 40,898,086 Receivables less liabilities (-0.3%)...................................................... (121,745) -------------- Net Assets (100.0%)....................................................................... $ 40,776,341 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 49 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
Principal December 31, 1996 Amount Value(1) ------------- -------------- U.S. Government, Federal Agency Obligations (61.6%) U.S. Treasury Bonds & Notes (22.9%) U.S. Treasury Bonds 12.000% 05/15/2005................................................................... $ 2,900,000 $ 3,941,796 12.000% 08/15/2013................................................................... 14,220,000 20,352,659 8.125% 08/15/2019................................................................... 12,830,000 14,859,706 U.S. Treasury Notes 8.750% 10/15/1997................................................................... 21,140,000 21,663,638 5.750% 10/31/1997................................................................... 20,905,000 20,934,476 -------------- 81,752,275 -------------- Other Government Agency Obligation (1.5%) Farm Credit Systems Financial Assistance Corp. Series A 9.375% 07/21/2003................................................................... 4,660,000 5,363,380 -------------- Government National Mortgage Association (GNMA) (8.8%) 8.000% 07/20/2026 - 11/20/2026 (GNMA II).......................................................................... 29,384,675 29,848,365 8.000% 10/15/2025 - 11/15/2026...................................................... 1,314,444 1,340,943 -------------- 31,189,308 -------------- Government National Mortgage Association Graduated Payment Mortgage (GNMA GPM) (0.2%) 9.000% 05/15/2009................................................................... 540,084 566,414 -------------- Federal Housing Administration (FHA) (2.3%) FHA Norwest Insured Project Pool #40 7.430% 08/01/2021................................................................... 2,704,079 2,759,865 FHA Insured Project Pool #2022 7.430% 12/01/2020................................................................... 1,414,976 1,435,316 FHA Insured Project Pool #1984-D 9.680% 02/01/2024................................................................... 825,790 864,239 FHA Insured Project Pool #051-11078 8.350% 04/01/2030................................................................... 2,228,569 2,293,509 FHA Insured Project Pool #092-35499 8.450% 11/15/2031................................................................... 793,388 820,411 -------------- 8,173,340 -------------- Federal Home Loan Mortgage Corporation (FHLMC) (2.5%) 7.500% 06/01/2010 - 11/01/2011...................................................... 8,669,531 8,794,199 -------------- Agency Collateralized Mortgage Obligations (23.4%) American Southwest Financial Corp. Series 64 Cl. E 8.500% 06/17/2019................................................................... 905,463 903,200 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1547 Cl. C 5.750% 04/15/2023................................................................... 350,905 318,667 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1632 Cl. B 6.000% 11/15/2023................................................................... 2,687,704 2,447,504 Principal Amount Value(1) ------------- -------------- FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................................................................... $ 692,000 $ 725,299 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1779 Cl. G 9.500% 12/15/2023................................................................... 1,000,000 1,083,750 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1795 Cl. A 7.000% 11/15/2022................................................................... 1,331,330 1,331,330 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1895 Cl. B 7.500% 12/15/2023................................................................... 3,200,000 3,180,992 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1897 Cl. E 7.000% 07/15/2024................................................................... 6,000,000 5,769,360 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1890 Cl. K 7.000% 03/15/2022................................................................... 1,280,000 1,259,405 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. AB 7.000% 07/15/2022................................................................... 5,803,934 5,805,733 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. B 7.000% 07/15/2022................................................................... 2,567,000 2,525,286 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1920 Cl. D 7.000% 01/15/2009................................................................... 2,080,000 2,068,310 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 31 Cl. D 0.000% 01/25/2006................................................................... 3,618,977 2,456,381 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 35 Cl. PH 7.750% 03/17/2023................................................................... 1,580,000 1,633,815 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-94 Cl. C 0.000% 01/25/1999................................................................... 2,969,467 2,768,107 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1992-214 Cl. PL 7.500% 05/25/2021................................................................... 1,700,000 1,746,206 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-20 Cl. PJ 5.800% 05/25/2004................................................................... 410,000 408,331 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G1 Cl. PG 7.500% 06/17/2022................................................................... 3,500,000 3,574,375 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-G3 Cl. C 7.500% 03/20/2024................................................................... 2,400,000 2,386,512
- 50 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- 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. 1996-W2 Cl. A5 7.550% 06/25/2026................................................................... $ 2,770,000 $ 2,824,957 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W3 Cl. A5 7.550% 08/25/2026................................................................... 1,914,000 1,952,586 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-28 Cl. AB 7.000% 09/25/2023................................................................... 3,010,000 2,882,075 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-46 Cl. G 7.500% 06/25/2024................................................................... 8,212,400 8,173,884 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-48 Cl. B 7.500% 12/25/2024................................................................... 8,717,000 8,783,772 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-51 Cl. AL 7.000% 12/18/2024................................................................... 3,620,000 3,496,703 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-51 Cl. AT 7.000% 12/18/2023................................................................... 5,190,000 5,025,373 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-51 Cl. J 7.000% 05/18/2024................................................................... 6,037,795 6,042,504 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 1,045,699 1,045,699 U.S. VA Vendee Mtg. Gtd. REMIC Pass Thru Ctf. 1995-1C Cl. 3E 8.000% 07/15/2018................................................................... 870,000 903,852 -------------- 83,523,968 -------------- Total U.S. Government, Federal Agency Obligations (Cost $217,124,849) ................................................................. 219,362,884 -------------- Other Securitized Loans (8.8%) Collateralized Mortgage Obligations (8.8%) Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 6.910% 01/25/2025................................................................... 2,867,109 2,763,177 Bear Stearns Mortgage Securities, Inc. Series 1996-4 Cl. AI7 8.125% 09/25/2027................................................................... 5,486,000 5,601,700 Bear Stearns Mortgage Securities, Inc. Series 1996-5 Cl. A7 8.125% 09/25/2027................................................................... 3,712,000 3,792,031
Principal Amount Value(1) ------------- -------------- Residential Asset Securitization Trust Series 1996-A7 Cl. A3 9.500% 10/25/2026................................................................... $ 2,056,584 $ 2,130,497 Residential Funding Mtg. Sec., Inc. Series 1993-S45 Cl. A10 8.000% 12/25/2023................................................................... 1,250,000 1,285,162 Residential Accredit Loans, Inc. Series 1996-QS4 Cl. AI6 8.000% 08/25/2026................................................................... 3,500,000 3,553,585 Residential Accredit Loans, Inc. Series 1996-QS5 Class AI8 8.000% 09/25/2026................................................................... 1,440,000 1,461,931 Salomon Brothers Mortgage Securities VII, Inc. Series 1993-3 Cl. A4 7.200% 08/25/2023................................................................... 4,509,000 4,478,700 Saxon Asset Securities Co. Series 1996-1 Cl. A2 8.060% 09/25/2027................................................................... 6,265,000 6,352,146 -------------- Total Other Securitized Loans (Cost $30,980,581) .................................................................. 31,418,929 -------------- Corporate Bonds (24.9%) Industrial (12.1%) American Standard, Inc. Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................... 500,000 465,000 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 975,000 1,010,344 Federated Department Stores, Inc. 10.000% 02/15/2001................................................................... 600,000 651,738 Foster Wheeler Corp. 6.750% 11/15/2005................................................................... 2,925,000 2,826,193 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 500,000 518,750 Harrahs Operating, Inc. 10.875% 04/15/2002................................................................... 1,250,000 1,318,750 Hospital Corp. America 0.000% 06/01/1997................................................................... 1,750,000 1,711,132 La Quinta Inns, Inc. 9.250% 05/15/2003................................................................... 375,000 391,875 Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... 2,100,000 2,029,125 Lockheed Martin Corp. 6.625% 06/15/1998................................................................... 6,400,000 6,449,344 Louis Dreyfus Natural Gas Corp. 9.250% 06/15/2004................................................................... 650,000 692,673 Marriott International, Inc. 6.750% 12/01/2009................................................................... 3,000,000 2,810,550
- 51 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
Principal Amount Value(1) ------------- --------------
Corporate Bonds (Continued) Nabisco, Inc. 6.700% 06/15/2002................................................................... $ 3,750,000 $ 3,712,725 News America Holdings, Inc. 7.600% 10/11/2015................................................................... 6,250,000 5,965,500 Occidental Petroleum Corp. 10.125% 11/15/2001................................................................... 1,285,000 1,463,654 Royal Caribbean Cruises Ltd. 11.375% 05/15/2002................................................................... 2,900,000 3,088,500 Sears, Roebuck Acceptance Corp. Medium Term Notes 6.400% 10/11/2000................................................................... 4,525,000 4,504,683 Time Warner Entertainment Co. L.P. 8.375% 03/15/2023................................................................... 2,600,000 2,636,062 Time Warner, Inc. 9.125% 01/15/2013................................................................... 800,000 873,360 -------------- 43,119,958 -------------- Financial (8.8%) Aetna Services, Inc. 7.625% 08/15/2026................................................................... 5,000,000 5,041,700 California Hotel Finance Corp. 11.000% 12/01/2002................................................................... 350,000 365,750 Ford Motor Credit Co. 6.850% 08/15/2000................................................................... 4,000,000 4,036,760 Goldman Sachs Group L.P. (144A) 6.750% 02/15/2006................................................................... 3,700,000 3,611,274 Health Care Properties, Inc. 6.500% 02/15/2006................................................................... 6,400,000 6,074,368 Mellon Financial Co. 7.625% 11/15/1999................................................................... 5,200,000 5,366,920 USL Capital Corp. 6.500% 12/01/2003................................................................... 3,350,000 3,281,627 United Dominion Realty Trust Series A Medium Term Note 7.020% 11/15/2005................................................................... 3,725,000 3,671,844 -------------- 31,450,243 -------------- Utility (1.6%) California Energy, Inc. 9.875% 06/30/2003................................................................... 350,000 367,500
Principal Amount Value(1) ------------- -------------- Northern Indiana Public Service Co. Medium Term Note 6.900% 06/01/2000................................................................... $ 1,250,000 $ 1,265,000 6.750% 06/01/2000................................................................... 2,500,000 2,518,675 Pacificorp Medium Term Note 6.120% 01/15/2006................................................................... 1,825,000 1,728,019 -------------- 5,879,194 -------------- Yankee (2.4%) Manitoba Province 7.750% 02/01/2002................................................................... 2,685,000 2,819,438 Ontario Province CDA 6.000% 02/21/2006................................................................... 6,000,000 5,707,500 -------------- 8,526,938 -------------- Total Corporate Bonds (Cost $89,647,272) .................................................................. 88,976,333 -------------- Total investments, excluding temporary cash investment (Cost $337,752,702) ................................................................. 339,758,146 -------------- Repurchase Agreement (3.7%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $13,101,923. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 (Cost $13,097,375) .................................................................. 13,097,375 13,097,375 -------------- Total Investments (99.0%) (Cost $350,850,077)...................................................................... 352,855,521 Receivables less liabilities (1.0%)....................................................... 3,565,375 -------------- Net Assets (100.0%)....................................................................... $ 356,420,896 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 52 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
Principal December 31, 1996 Amount Value(1) ------------- -------------- State of Oregon General Obligation Bonds (13.3%) Board of Higher Education Series A 6.350% 08/01/2014................................................................... $ 1,535,000 $ 1,642,450 0.000% 08/01/2014................................................................... 450,000 168,750 5.900% 08/01/2018................................................................... 1,000,000 1,025,000 Board of Higher Education Refunding Series B 6.250% 10/15/2012................................................................... 1,015,000 1,064,481 Elderly & Disabled Housing Refunding Series B 6.250% 08/01/2013................................................................... 1,000,000 1,057,500 Pollution Control Series C 5.625% 06/01/2013................................................................... 3,495,000 3,495,000 5.900% 06/01/2014................................................................... 4,705,000 4,716,762 Veterans' Welfare 11.250% 10/01/1998................................................................... 2,885,000 3,231,200 9.000% 04/01/1999................................................................... 1,800,000 1,982,250 11.000% 06/01/1999................................................................... 865,000 997,994 7.000% 07/01/2000................................................................... 1,350,000 1,471,500 9.000% 10/01/2000................................................................... 1,010,000 1,172,862 11.000% 12/01/2000................................................................... 780,000 966,225 0.000% 07/01/2001................................................................... 1,200,000 979,500 6.000% 08/01/2002................................................................... 2,000,000 2,147,500 6.000% 02/01/2004................................................................... 695,000 749,731 9.000% 04/01/2004................................................................... 260,000 326,625 9.000% 04/01/2005................................................................... 960,000 1,231,200 6.750% 05/01/2005................................................................... 2,080,000 2,360,800 9.000% 10/01/2005................................................................... 1,585,000 2,054,556 7.250% 01/01/2007................................................................... 1,365,000 1,614,112 9.200% 04/01/2007................................................................... 1,095,000 1,464,563 8.250% 07/01/2007................................................................... 510,000 645,788 9.200% 10/01/2007................................................................... 1,200,000 1,620,000 8.000% 01/01/2008................................................................... 1,160,000 1,445,650 7.300% 07/01/2008................................................................... 630,000 755,213 8.000% 07/01/2008................................................................... 480,000 601,800 6.875% 12/01/2013................................................................... 3,370,000 3,589,050 5.850% 10/01/2015................................................................... 1,105,000 1,132,625 7.000% 12/01/2015................................................................... 2,125,000 2,271,094 0.000% 12/01/2017................................................................... 2,000,000 2,000,000 -------------- Total State of Oregon General Obligation Bonds (Cost $47,693,355) .................................................................. 49,981,781 -------------- Principal Amount Value(1) ------------- -------------- Oregon General Obligation Bonds (24.9%) Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 08/01/2009................................................................... $ 1,000,000 $ 1,037,500 5.875% 10/01/2009................................................................... 2,550,000 2,667,937 Clackamas County School District #1 6.250% 07/01/2002................................................................... 925,000 972,406 6.300% 07/01/2003................................................................... 700,000 735,875 6.500% 07/01/2004................................................................... 1,235,000 1,306,012 6.500% 07/01/2005................................................................... 1,355,000 1,429,525 6.500% 07/01/2006................................................................... 1,485,000 1,562,962 Clackamas County School District #7J Lake Oswego Series A 5.300% 06/15/2005................................................................... 1,000,000 1,036,250 5.500% 06/15/2006................................................................... 1,000,000 1,042,500 5.700% 06/15/2010................................................................... 2,735,000 2,806,794 Clackamas County School District #12 North Clackamas 4.650% 06/01/2004................................................................... 750,000 742,500 Clackamas Community College District 5.250% 12/01/2009................................................................... 1,270,000 1,274,762 Deschutes County Administrative School District #1 Bend-Lapine 0.000% 02/01/2000................................................................... 1,175,000 1,026,656 0.000% 02/01/2001................................................................... 1,135,000 950,562 0.000% 02/01/2002................................................................... 1,445,000 1,150,581 5.800% 02/01/2004................................................................... 780,000 821,925 5.900% 02/01/2005................................................................... 980,000 1,031,450 Eugene Public Safety Facilities 6.000% 06/01/2005................................................................... 850,000 925,437 5.625% 06/01/2013................................................................... 1,295,000 1,307,950 Jackson County School District #549C Medford 5.375% 06/01/2012................................................................... 1,200,000 1,177,500 Lane County Area Education District Lane Community College 5.300% 06/01/2007................................................................... 1,000,000 1,036,250 4.850% 06/01/2008................................................................... 4,080,000 4,029,000 5.000% 06/01/2009................................................................... 1,000,000 991,250 Lane County School District #1 Pleasant Hill 5.350% 12/01/2012................................................................... 650,000 638,625 5.450% 12/01/2013................................................................... 725,000 719,563
- 53 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
Principal Amount Value(1) ------------- --------------
Oregon General Obligation Bonds (Continued) Lane County School District #4J Eugene 0.000% 07/01/2001................................................................... $ 2,015,000 $ 1,647,263 0.000% 01/01/2003................................................................... 1,345,000 1,017,156 0.000% 07/01/2003................................................................... 1,480,000 1,093,350 0.000% 01/01/2005................................................................... 1,395,000 948,600 0.000% 07/01/2005................................................................... 2,325,000 1,543,219 5.250% 07/01/2008................................................................... 590,000 595,900 Lane County School District #19 Springfield Refunding 0.000% 02/01/1999................................................................... 470,000 430,050 Metro Open Spaces Program Series C 5.100% 09/01/2009................................................................... 2,375,000 2,327,500 Metro Washington Park Zoo Series A 5.250% 01/15/2009................................................................... 1,040,000 1,043,900 Multnomah-Clackamas Counties School District #10JT Gresham 5.250% 06/01/2017................................................................... 1,620,000 1,534,950 Multnomah-Clackamas Counties School District #51JT Riverdale 5.750% 06/01/2016................................................................... 2,270,000 2,309,725 Multnomah County Public Improvements 5.250% 10/01/2013................................................................... 1,800,000 1,759,500 Multnomah County School District #1J Portland 4.250% 06/01/2003................................................................... 5,000,000 4,900,000 5.000% 06/01/2004................................................................... 1,000,000 1,017,500 Multnomah County School District #4 Gresham 6.100% 01/01/2008................................................................... 3,000,000 3,157,500 6.100% 01/01/2009................................................................... 200,000 209,750 Multnomah County School District #7 Reynolds 5.250% 06/01/2011................................................................... 1,500,000 1,481,250 Multnomah County School District #40 David Douglas 7.100% 06/01/2002................................................................... 880,000 984,500 Port of Portland Series A 4.500% 03/01/2006................................................................... 2,000,000 1,932,500 0.000% 03/01/2007................................................................... 3,000,000 1,785,000 Portland Public Improvements Series A 5.750% 06/01/2014................................................................... 2,560,000 2,585,600 Portland Public Improvements Series B 4.625% 12/01/2010................................................................... 1,680,000 1,677,900
Principal Amount Value(1) ------------- -------------- Portland Recreational Facilities Improvements Series A 5.750% 06/01/2012................................................................... $ 1,370,000 $ 1,414,525 5.750% 06/01/2013................................................................... 1,345,000 1,383,669 5.750% 06/01/2015................................................................... 1,155,000 1,183,875 Portland Recreational Facilities Improvements Series B 5.500% 06/01/2009................................................................... 2,115,000 2,146,725 5.750% 06/01/2014................................................................... 1,750,000 1,800,313 5.750% 06/01/2015................................................................... 2,955,000 3,021,488 Portland Community College District 0.000% 07/01/2007................................................................... 2,025,000 1,184,625 6.000% 07/01/2012................................................................... 1,500,000 1,554,375 Tri-County Metropolitan Transportation District Light Rail Extension Series A 6.000% 07/01/2012................................................................... 3,495,000 3,630,431 Tualatin Hills Park & Recreation District 5.700% 03/01/2009................................................................... 1,340,000 1,363,450 5.750% 03/01/2010................................................................... 730,000 740,038 Washington County Refunding 6.200% 12/01/2007................................................................... 1,500,000 1,590,000 Washington & Clackamas Counties School District #23J Tigard Refunding 5.400% 01/01/2010................................................................... 1,720,000 1,722,150 Washington County School District #48J Beaverton Series B 6.150% 06/01/2008................................................................... 1,010,000 1,056,713 Washington County School District #48J Beaverton Series C 7.800% 06/01/2003................................................................... 1,200,000 1,405,500 -------------- Total Oregon General Obligation Bonds (Cost $91,259,282) .................................................................. 93,602,262 -------------- Oregon Revenue Bonds (19.5%) Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income Project 7.000% 11/15/2011................................................................... 1,445,000 1,551,569 Clackamas County Hospital Facility Authority Robison Jewish Home Project 6.250% 10/01/2021................................................................... 2,000,000 2,000,000 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.500% 10/20/2031................................................................... 1,030,000 1,114,975
- 54 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
Principal Amount Value(1) ------------- --------------
Oregon Revenue Bonds (Continued) Clackamas County Housing Authority Multifamily Housing Easton Ridge Series A 5.800% 12/01/2016................................................................... $ 1,755,000 $ 1,737,450 Deschutes County Hospital Facility Authority 5.750% 01/01/2009................................................................... 1,670,000 1,703,400 Deschutes Valley Water District 5.875% 09/01/2005................................................................... 3,200,000 3,340,000 Eugene Electric Utility 5.800% 08/01/2008................................................................... 1,435,000 1,485,225 5.800% 08/01/2009................................................................... 1,300,000 1,339,000 5.750% 08/01/2011................................................................... 715,000 730,194 5.000% 08/01/2017................................................................... 1,480,000 1,370,850 Eugene Trojan Nuclear Project 5.750% 09/01/1997................................................................... 1,500,000 1,504,545 5.750% 09/01/1998................................................................... 1,500,000 1,503,615 Gresham Sewer 5.350% 06/01/2006................................................................... 860,000 883,650 Gresham Stormwater 6.100% 10/01/2009................................................................... 1,115,000 1,186,081 Lebanon Wastewater Refunding 5.750% 06/01/2011................................................................... 1,225,000 1,228,062 Metropolitan Service District Metro Central Transfer Station A 5.125% 07/01/2009................................................................... 2,360,000 2,357,050 Multnomah County Educational Facilities University Portland Project 6.000% 04/01/2014................................................................... 1,225,000 1,257,156 North Clackamas Parks & Recreation District Recreational Facilities 5.700% 04/01/2013................................................................... 2,840,000 2,847,100 Northern Wasco County People's Utility District Electric 0.000% 02/01/2006................................................................... 610,000 373,625 0.000% 02/01/2007................................................................... 585,000 332,719 0.000% 02/01/2008................................................................... 610,000 321,775 0.000% 02/01/2011................................................................... 500,000 213,125 Oregon City Sewer 6.500% 10/01/2007................................................................... 500,000 541,250 Oregon Health, Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.300% 07/01/2011................................................................... 500,000 490,000 Oregon Housing Agency Mortgage Single-Family Mortgage Program Series A 7.375% 07/01/2010................................................................... 60,000 61,725
Principal Amount Value(1) ------------- -------------- Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi-Unit B 6.800% 07/01/2013................................................................... $ 8,270,000 $ 8,642,150 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series A 6.800% 07/01/2016................................................................... 2,305,000 2,423,131 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series D 6.700% 07/01/2013................................................................... 1,000,000 1,038,750 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series E 6.750% 07/01/2016................................................................... 3,585,000 3,692,550 Portland Hydroelectric Power 6.800% 10/01/2004................................................................... 465,000 468,790 Portland Parking Refunding 6.375% 10/01/2012................................................................... 1,700,000 1,776,500 Portland Sewer System Refunding Series A 5.000% 03/01/2006................................................................... 1,175,000 1,180,875 6.200% 06/01/2012................................................................... 5,540,000 5,830,850 6.250% 06/01/2015................................................................... 3,730,000 3,916,500 Portland Water System 5.250% 08/01/2013................................................................... 2,615,000 2,575,775 Prineville Sewer First Lien 6.500% 07/01/2004................................................................... 500,000 537,500 6.800% 07/01/2012................................................................... 1,050,000 1,151,063 Reedsport Water 7.000% 10/01/2014................................................................... 520,000 577,850 South Fork Water Board First Lien 5.450% 02/01/2014................................................................... 1,300,000 1,256,125 Tri-County Metropolitan Transportation District Refunding Series A 5.700% 08/01/2013................................................................... 3,000,000 3,033,750 Washington County Unified Sewer Agency Revenue Series A 6.200% 10/01/2010................................................................... 3,460,000 3,680,575 -------------- Total Oregon Revenue Bonds (Cost $70,506,772) .................................................................. 73,256,875 -------------- Oregon Insured Bonds (27.8%) Central Oregon Community College District 5.800% 06/01/2007................................................................... 760,000 794,200 Chemeketa Community College District 5.950% 06/01/2016................................................................... 1,600,000 1,646,000
- 55 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- 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 $ 1,603,125 Clackamas County School District #115 Gladstone 6.150% 06/01/2014................................................................... 1,000,000 1,061,250 Clatsop County Administrative School District #10 5.875% 07/01/2012................................................................... 630,000 643,387 Crook County School District 4.900% 02/01/2009................................................................... 1,165,000 1,116,944 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.600% 06/01/2009................................................................... 1,000,000 1,021,250 Hood River County School District 5.650% 06/01/2008................................................................... 1,020,000 1,060,800 Jefferson County School District #509J 5.500% 06/15/2013................................................................... 1,400,000 1,410,500 Josephine County School District #7 Grants Pass 5.700% 06/01/2013................................................................... 2,000,000 2,032,500 Lane County School District #19 Springfield 6.150% 10/15/2009................................................................... 1,500,000 1,616,250 Lane County School District #52 Bethel 6.250% 12/01/2007................................................................... 580,000 642,350 6.400% 12/01/2009................................................................... 750,000 823,125 Lincoln County School District 6.000% 06/15/2006................................................................... 900,000 982,125 6.000% 06/15/2007................................................................... 1,855,000 2,005,719 6.000% 06/15/2008................................................................... 1,150,000 1,243,437 6.000% 06/15/2009................................................................... 2,465,000 2,659,119 5.600% 06/15/2010................................................................... 2,480,000 2,560,600 5.250% 06/15/2012................................................................... 2,900,000 2,863,750 Malheur County School District #26 Nyssa 5.750% 06/01/2015................................................................... 1,910,000 1,948,200 Marion & Linn County Elementary School District #77J Stayton 6.250% 07/01/2013................................................................... 1,260,000 1,354,500 Marion County School District #103C Woodburn Series B 0.000% 11/01/2006................................................................... 2,000,000 1,235,000 0.000% 11/01/2007................................................................... 2,000,000 1,165,000 0.000% 11/01/2009................................................................... 2,500,000 1,293,750 0.000% 11/01/2011................................................................... 1,710,000 780,187 Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services 6.800% 12/01/2011................................................................... 1,320,000 1,430,550
Principal Amount Value(1) ------------- -------------- Morrow County School District #1 6.000% 06/01/2006................................................................... $ 880,000 $ 946,000 Multnomah County School District #3 Parkrose 5.400% 12/01/2005................................................................... 1,010,000 1,060,500 5.700% 12/01/2008................................................................... 1,330,000 1,394,837 5.700% 12/01/2009................................................................... 1,085,000 1,131,112 5.500% 12/01/2011................................................................... 1,000,000 1,012,500 Ontario Oregon Catholic Health Holy Rosary Medical Center 5.500% 11/15/2012................................................................... 1,500,000 1,503,750 Oregon Health Sciences University Revenue Series A 0.000% 07/01/2009................................................................... 1,530,000 784,125 0.000% 07/01/2012................................................................... 1,315,000 557,231 0.000% 07/01/2014................................................................... 2,495,000 935,625 0.000% 07/01/2015................................................................... 4,325,000 1,524,562 Oregon Health Sciences University Revenue Series B 4.875% 07/01/2007................................................................... 1,695,000 1,654,744 Oregon Department of General Services Certificates Participation Series C 5.800% 03/01/2015................................................................... 840,000 845,250 Oregon Department of Administrative Services Certificates Participation Series A 5.375% 11/01/2004................................................................... 1,500,000 1,546,875 5.250% 05/01/2008................................................................... 950,000 958,312 5.250% 11/01/2009................................................................... 2,460,000 2,460,000 5.700% 05/01/2015................................................................... 1,000,000 1,006,250 5.375% 11/01/2016................................................................... 4,260,000 4,137,525 Oregon Department of Administrative Services Certificates Participation Series C 5.500% 05/01/2011................................................................... 2,000,000 2,002,500 Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.000% 10/01/2013................................................................... 965,000 1,008,425 Port of Portland Airport Revenue Portland International Airport Series 7-A 6.500% 07/01/2004................................................................... 500,000 538,125 6.750% 07/01/2015................................................................... 2,795,000 3,039,562 Port of Portland Airport Revenue Series 9-A 5.500% 07/01/2006................................................................... 500,000 515,625 Portland Arena Gas Tax Revenue 0.000% 06/01/2016................................................................... 1,100,000 343,750 0.000% 06/01/2017................................................................... 1,420,000 415,350 Portland Gas Tax Revenue Series A 5.800% 06/01/2016................................................................... 1,625,000 1,657,500
- 56 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
Principal Amount Value(1) ------------- --------------
Oregon Insured Bonds (Continued) Portland Sewer System Revenue Series A 6.000% 10/01/2012................................................................... $ 2,110,000 $ 2,207,588 Salem-Keizer School District #24J 5.400% 06/01/2006................................................................... 1,000,000 1,031,250 Tillamook County 6.250% 01/01/2014................................................................... 960,000 1,028,400 Umatilla County School District #8R Hermiston 6.000% 12/01/2010................................................................... 695,000 730,619 Union Health District 5.750% 02/01/2010................................................................... 1,070,000 1,087,388 Washington County School District #88J Sherwood 6.100% 06/01/2012................................................................... 1,000,000 1,061,250 Washington County Unified Sewer Agency Revenue Series A 0.000% 10/01/2003................................................................... 1,000,000 727,500 0.000% 10/01/2005................................................................... 5,230,000 3,406,038 5.900% 10/01/2006................................................................... 3,730,000 3,963,125 0.000% 10/01/2007................................................................... 4,835,000 2,786,169 5.400% 10/01/2012................................................................... 770,000 774,813 6.125% 10/01/2012................................................................... 8,010,000 8,460,563 Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph Peace 5.625% 08/01/2007................................................................... 2,080,000 2,163,200 Yamhill County School District #29J Newberg 5.500% 06/01/2010................................................................... 1,405,000 1,426,075 6.100% 06/01/2011................................................................... 3,355,000 3,560,494 -------------- Total Oregon Insured Bonds (Cost $100,738,594) ................................................................. 104,388,125 -------------- Oregon Pre-Refunded Bonds (4.4%) 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 1,359,375 7.100% 06/15/2010................................................................... 750,000 817,500 Clackamas County School District #12 North Clackamas 6.500% 06/01/2005................................................................... 1,000,000 1,070,000 6.500% 06/01/2007................................................................... 1,455,000 1,556,850 6.500% 06/01/2009................................................................... 1,655,000 1,770,850
Principal Amount Value(1) ------------- -------------- Metropolitan Service District General Revenue Metro Headquarters Building Project A 6.600% 07/01/2011................................................................... $ 785,000 $ 844,856 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 1,210,000 Oregon Department of General Services Certificates Participation Series B 7.200% 01/15/2015................................................................... 670,000 737,000 Oregon Department of General Services Certificates Participation Series F 7.500% 09/01/2015................................................................... 2,330,000 2,624,163 Oregon Housing, Educational & Cultural Facilities Authority Reed College Project Series A 6.350% 07/01/2002................................................................... 320,000 349,200 6.400% 07/01/2003................................................................... 280,000 305,900 Oregon Housing, Educational & Cultural Facilities Authority Revenue Lewis & Clark College Project A 7.000% 07/01/2010................................................................... 1,100,000 1,215,500 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 $15,040,288) .................................................................. 16,435,825 -------------- Oregon Other Bonds (2.8%) Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012................................................................... 750,000 762,187 Hood River Urban Renewal Agency Revenue 6.250% 12/15/2011................................................................... 1,250,000 1,310,937 Lane County School District #4J Eugene Certificates Participation 6.900% 10/01/2000................................................................... 500,000 544,375 Lebanon Special Obligation Revenue Refunding Lease Water 5.400% 10/01/2013................................................................... 755,000 737,069 Medford Urban Renewal Agency Tax Revenue 5.875% 09/01/2010................................................................... 500,000 503,125
- 57 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
Principal Amount Value(1) ------------- --------------
Oregon Other Bonds (Continued) Newberg Certificates Participation 5.900% 12/01/1998................................................................... $ 365,000 $ 373,669 6.000% 12/01/1999................................................................... 390,000 403,162 6.100% 12/01/2000................................................................... 410,000 427,938 6.200% 12/01/2001................................................................... 410,000 432,038 Portland Building Refunding Series A 4.750% 04/01/2007................................................................... 2,000,000 1,965,000 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.900% 06/01/2006................................................................... 860,000 903,000 Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L 6.400% 06/01/2008................................................................... 2,085,000 2,225,738 -------------- Total Oregon Other Bonds (Cost $10,107,456) .................................................................. 10,588,238 -------------- Other Bonds (5.1%) Puerto Rico Commonwealth Public Improvements 6.250% 07/01/2009................................................................... 3,000,000 3,330,000 6.250% 07/01/2013................................................................... 1,000,000 1,105,000 Puerto Rico Commonwealth Aquaduct & Sewer Authority Revenue Series A 9.000% 07/01/2009................................................................... 5,325,000 6,756,094 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B 7.500% 10/15/2012................................................................... 1,040,000 1,090,700 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C 6.750% 10/15/2013................................................................... 710,000 744,612 Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1 7.500% 04/01/2022................................................................... 1,680,000 1,768,200
Principal Amount Value(1) ------------- -------------- Puerto Rico Industrial, Medical & Environmental Pollution Control Facilities Financing Authority Revenue FHA Insured Mortgage Dr. Pila Hospital Project-A 7.700% 08/01/2008................................................................... $ 2,000,000 $ 2,155,000 Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA Homeownership 5th Portfolio 7.500% 12/01/2015................................................................... 610,000 670,237 Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A 7.300% 10/01/2018................................................................... 1,170,000 1,417,163 -------------- Total Other Bonds (Cost $18,036,949) .................................................................. 19,037,006 -------------- Total investments, excluding temporary cash investment (Cost $353,382,696) ................................................................. 367,290,112 -------------- Tax-Exempt Money Market Investment (1.2%) SEI Tax Exempt Trust (Cost $4,438,727) ................................................................... 4,438,727 4,438,727 -------------- Total Investments (99.0%) (Cost $357,821,423)...................................................................... 371,728,839 Receivables less liabilities (1.0%)....................................................... 3,938,591 -------------- Net Assets (100.0%)....................................................................... $ 375,667,430 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 58 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
Principal December 31,1996 Amount Value(1) ------------- -------------- U.S. Treasury Note (1.7%) 6.500% 10/15/2006 (Cost $510,351).................................................................. $ 500,000 $ 503,170 -------------- Corporate Bonds (92.2%) Basic Industry (7.2%) Chemicals (2.5%) Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes 8.750% 02/15/2004................................................................. 700,000 726,250 -------------- Forest Products (2.0%) Stone Consolidated Corp. Senior Secured Note 10.250% 12/15/2000................................................................. 550,000 585,750 -------------- Metals/Mining (2.7%) Ryerson Tull, Inc. Notes 8.500% 07/15/2001................................................................. 750,000 768,750 -------------- Total Basic Industry ................................................................. 2,080,750 -------------- Consumer Related (21.4%) Hotel/Gaming (12.1%) California Hotel Finance Corp. Guaranteed Senior Subordinated Notes 11.000% 12/01/2002................................................................. 750,000 783,750 HMH Properties, Inc. Senior Secured Note 9.500% 05/15/2005................................................................. 600,000 624,000 Harrahs Operating, Inc. Senior Subordinated Notes 10.875% 04/15/2002................................................................. 500,000 527,500 La Quinta Inns, Inc. Senior Subordinated Notes 9.250% 05/15/2003................................................................. 900,000 940,500 Station Casinos, Inc. Senior Subordinated Notes 9.625% 06/01/2003................................................................. 615,000 605,775 -------------- 3,481,525 -------------- Healthcare (7.0%) Abbey Healthcare Group, Inc. Senior Subordinated Notes 9.500% 11/01/2002................................................................. 500,000 522,500 HEALTHSOUTH Rehabilitation Corp. Senior Subordinated Notes 9.500% 04/01/2001................................................................. 300,000 318,000 Quorum Health Group, Inc. Senior Subordinated Notes 8.750% 11/01/2005................................................................. 500,000 512,500 Principal Amount Value(1) ------------- -------------- Tenet Healthcare Corp. Senior Subordinated Notes 10.125% 03/01/2005................................................................. $ 600,000 $ 664,500 -------------- 2,017,500 -------------- Other (2.3%) Westpoint Stevens, Inc. Senior Subordinated Debenture 9.375% 12/15/2005................................................................. 650,000 669,500 -------------- Total Consumer Related ............................................................... 6,168,525 -------------- Energy (15.1%) Global Marine, Inc. Notes 12.750% 12/15/1999................................................................. 285,000 306,019 Gulf Canada Resources Ltd. Subordinated Debentures 9.625% 07/01/2005................................................................. 500,000 541,250 Kelley Oil & Gas Corp. (144A) Senior Subordinated Notes 10.375% 10/15/2006................................................................. 600,000 625,500 Louis Dreyfus Natural Gas Corp. Senior Subordinated Notes 9.250% 06/15/2004................................................................. 500,000 532,825 Maxus Energy Corp. Notes 9.875% 10/15/2002................................................................. 750,000 772,500 Noble Drilling Corp. Senior Notes 9.250% 10/01/2003................................................................. 250,000 266,562 9.125% 07/01/2006................................................................. 300,000 322,500 Nuevo Energy Co. Senior Subordinated Notes 9.500% 04/15/2006................................................................. 500,000 531,250 Santa Fe Energy Resource, Inc. Senior Subordinated Debentures 11.000% 05/15/2004................................................................. 400,000 440,000 -------------- Total Energy ......................................................................... 4,338,406 -------------- Housing Related (1.9%) USG Corp. Series B Senior Notes 9.250% 09/15/2001................................................................. 500,000 532,500 -------------- Manufacturing (15.9%) American Standard, Inc. Senior Subordinated Discount Debenture Step-Up Coupon 0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................. 750,000 697,500
- 59 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
Principal Amount Value(1) ------------- --------------
Corporate Bonds (Continued) Exide Corp. Senior Notes 10.000% 04/15/2005................................................................. $ 350,000 $ 363,125 Mark IV Industries, Inc. Senior Subordinated Notes 7.750% 04/01/2006................................................................. 500,000 486,765 Owens-Illinois, Inc. Senior Subordinated Notes 10.000% 08/01/2002................................................................. 400,000 418,000 Rohr, Inc. Senior Note 11.625% 05/15/2003................................................................. 600,000 661,500 SPX Corp. Senior Subordinated Notes 11.750% 06/01/2002................................................................. 500,000 558,750 U.S. Can Corp. (144A) Senior Subordinated Notes 10.125% 10/15/2006................................................................. 700,000 735,875 Wolverine Tube, Inc. Senior Subordinated Notes 10.125% 09/01/2002................................................................. 625,000 662,500 -------------- Total Manufacturing .................................................................. 4,584,015 -------------- Media (19.6%) American Radio Systems Corp. Senior Subordinated Notes 9.000% 02/01/2006................................................................. 500,000 490,000 Heritage Media Corp. Senior Subordinated Notes 8.750% 02/15/2006................................................................. 500,000 480,000 Jones Intercable, Inc. Senior Notes 9.625% 03/15/2002................................................................. 350,000 367,500 Lenfest Communications, Inc. Senior Secured Notes 8.375% 11/01/2005................................................................. 500,000 483,125 Rogers Communications, Inc. Debenture 10.875% 04/15/2004................................................................. 450,000 472,500 SFX Broadcasting, Inc. Series B Senior Subordinated Notes 10.750% 05/15/2006................................................................. 500,000 527,500 Time Warner, Inc. Debentures 9.125% 01/15/2013................................................................. 900,000 982,530
Principal Amount Value(1) ------------- -------------- United International Holdings, Inc. Senior Note with Warrants 0.000% 11/15/1999................................................................. $ 650,000 $ 481,000 United International Holdings, Inc. Senior Secured Discount Notes 0.000% 11/15/1999................................................................. 250,000 178,750 Viacom, Inc. Subordinated Debenture 8.000% 07/07/2006................................................................. 650,000 628,875 Young Broadcasting, Inc. Guaranteed Senior Subordinated Notes 11.750% 11/15/2004................................................................. 500,000 545,000 -------------- Total Media .......................................................................... 5,636,780 -------------- Retail (5.0%) Supermarkets (1.0%) Stop & Shop Cos., Inc. Senior Subordinated Notes 9.750% 02/01/2002................................................................. 250,000 280,000 -------------- Other (4.0%) Ethan Allen, Inc. Senior Notes 8.750% 03/15/2001................................................................. 600,000 621,750 Federated Department Stores, Inc. Senior Notes 10.000% 02/15/2001................................................................. 500,000 543,115 -------------- 1,164,865 -------------- Total Retail ......................................................................... 1,444,865 -------------- Transportation ( 1.8%) Air (1.8%) Greenwich Air Services Senior Notes 10.500% 06/01/2006................................................................. 500,000 532,500 -------------- Utility (4.3%) Electrics (1.8%) California Energy, Inc. Senior Secured Note 9.875% 06/30/2003................................................................. 500,000 525,000 -------------- Telecommunications (2.5%) MFS Communications, Inc. Senior Discount Notes Step-up Coupon 0.000% to 01/15/2001, then 8.875% to 01/15/2006................................... 1,000,000 727,500 --------------
- 60 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
Principal Amount Value(1) ------------- --------------
Corporate Bonds (Continued) Total Utilities ...................................................................... $ 1,252,500 -------------- Total Corporate Bonds (Cost $25,712,880) .................................................................. 26,570,841 -------------- Total investments, excluding temporary cash investment (Cost $26,223,231) .................................................................. 27,074,011 Repurchase Agreement (3.6%) Goldman Sachs Corp. 6.354% dated 12/31/1996, due 01/02/1997 in the amount of $1,021,979. Collateralized by U.S. Treasury Bond 6.500% due 11/15/2026 (Cost $1,021,624) ................................................................... $ 1,021,624 1,021,624 -------------- Total Investments (97.5%) (Cost $27,244,855)....................................................................... 28,095,635 Receivables less liabilities (2.5%)....................................................... 722,598 -------------- Net Assets (100.0%)....................................................................... $ 28,818,233 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 61 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia Columbia Columbia Columbia Common Stock Growth International Stock Special December 31, 1996 Fund, Inc. Fund, Inc. Fund, Inc. Fund, Inc. ------------ -------------- ------------------- -------------- ASSETS: Investments at identified cost............................ $449,007,291 $ 870,008,781 $100,562,244 $1,399,532,531 - ------------------------------------------------------------ ------------ -------------- ------------------- -------------- Investments at value (Notes 1 and 2)...................... $509,895,400 $1,051,275,934 $117,205,362 $1,487,815,609 Temporary cash investments, at cost (Note 1).............. 22,288,098 8,042,960 10,517,742 117,419,890 Cash...................................................... 750,237 Cash denominated in foreign currencies (cost $343,300) (Note 1)................................................. 343,352 Receivable for: Interest................................................ 106,580 102,531 52,532 505,183 Dividends............................................... 897,108 1,429,875 72,160 534,852 Investments sold........................................ 20,147,541 740,686 7,884,279 Capital stock sold...................................... 6,085,300 1,491,367 148,913 2,043,165 Forward foreign currency exchange contract held, at market (Note 1)........................................ 12,388,363 ------------ -------------- ------------------- -------------- Total assets.............................................. 539,272,486 1,082,490,208 142,219,347 1,616,202,978 ------------ -------------- ------------------- -------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 907,454 12,227,741 612,343 4,080,533 Dividends and distributions............................. 1,178,012 5,283,449 175,591 15,781,001 Investments purchased................................... 3,540,999 9,522,737 Investment management fee (Note 4)...................... 269,939 535,125 104,360 1,132,655 Accrued expenses........................................ 157,279 344,374 93,148 401,838 Forward foreign currency exchange contract held (Note 1)..................................................... 12,183,315 ------------ -------------- ------------------- -------------- Total liabilities......................................... 2,512,684 18,390,689 16,709,756 30,918,764 ------------ -------------- ------------------- -------------- Net assets applicable to outstanding shares................. $536,759,802 $1,064,099,519 $125,509,591 $1,585,284,214 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- Net assets consist of: Undistributed net investment income....................... $ 901,158 $ 1,931,709 $ 3,885 Unrealized appreciation on: Investments............................................. 60,888,109 181,267,153 16,643,118 $ 88,283,078 Translation of assets and liabilities in foreign currencies............................................. 191,667 Undistributed net realized gain (loss) from: Investments............................................. 58,387 (945,685) (605,416) (829,577) Foreign currency transactions........................... (205,048) Capital shares (Note 3)................................... 346,125 798,613 Capital paid in (Note 3).................................. 474,912,148 881,500,217 109,481,385 1,497,032,100 ------------ -------------- ------------------- -------------- $536,759,802 $1,064,099,519 $125,509,591 $1,585,284,214 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- Shares of capital stock outstanding (Note 3)................ 27,863,379 34,612,452 9,052,917 79,861,296 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- Net asset value, offering and redemption price per share (1)........................................................ $ 19.26 $ 30.74 $ 13.86 $ 19.85 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- --------------
(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. - 62 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia Columbia Real Columbia Columbia Small Cap Estate Equity Balanced Daily Income December 31, 1996 Fund, Inc. Fund, Inc. Fund, Inc. Company ------------ -------------- -------------- ------------------- ASSETS: Investments at identified cost............................ $ 17,721,718 $ 45,246,073 $ 577,068,626 $902,058,747 - ------------------------------------------------------------ ------------ -------------- -------------- ------------------- Investments at value (Notes 1 and 2)...................... $ 19,204,712 $ 56,150,905 $ 633,117,994 $902,058,747 Temporary cash investments, at cost (Note 1).............. 2,553,184 12,032,191 36,727,709 Cash...................................................... 1,050,000 Receivable for: Interest................................................ 9,869 28,888 4,321,207 10,546 Dividends............................................... 2,326 403,359 543,981 Investments sold........................................ 233,580(2) 250,664 925 Capital stock sold...................................... 638,824 1,070,020 1,058,658 2,784,548 ------------ -------------- -------------- ------------------- Total assets.............................................. 22,642,495 69,936,027 675,770,474 905,903,841 ------------ -------------- -------------- ------------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 6,852 1,283,594 2,487,194 15,334,999 Dividends and distributions............................. 510,674 187,575 Investments purchased................................... 7,425 Securities sold short against the box, at market (Proceeds $1,542,415) (Note 1)......................... 1,536,656 Investment management fee (Note 4)...................... 16,013 38,155 285,975 357,309 Accrued expenses........................................ 14,179 30,383 216,810 411,564 ------------ -------------- -------------- ------------------- Total liabilities......................................... 1,581,125 1,862,806 3,177,554 16,103,872 ------------ -------------- -------------- ------------------- Net assets applicable to outstanding shares................. $ 21,061,370 $ 68,073,221 $ 672,592,920 $889,799,969 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Net assets consist of: Undistributed net investment income (loss)................ $ (126) $ 540,163 Unrealized appreciation on investments.................... 1,488,753 $ 10,904,832 56,049,368 Undistributed net realized loss from investments.......... (275,796) (40,917 ) (76,478) Capital shares (Note 3)................................... $ 889,800 Capital paid in (Note 3).................................. 19,848,539 57,209,306 616,079,867 888,910,169 ------------ -------------- -------------- ------------------- $ 21,061,370 $ 68,073,221 $ 672,592,920 $889,799,969 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Shares of capital stock outstanding (Note 3)................ 1,620,781 4,213,056 33,105,142 889,799,969 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Net asset value, offering and redemption price per share (1)........................................................ $ 12.99 $ 16.16 $ 20.32 $ 1.00 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- -------------------
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital stock outstanding. (2) Receivable from broker for securites sold short against the box. The accompanying notes are an integral part of the financial statements. - 63 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
Columbia U.S. Columbia Fixed Government Income Columbia Columbia Securities Securities Municipal Bond High Yield December 31, 1996 Fund, Inc. Fund, Inc. Fund, Inc. Fund, Inc. ------------ -------------- -------------- ------------------- ASSETS: Investments at identified cost............................ $40,519,829 $337,752,702 $ 353,382,696 $ 26,223,231 - ------------------------------------------------------------ ------------ -------------- -------------- ------------------- Investments at value (Notes 1 and 2)...................... $40,547,016 $339,758,146 $ 367,290,112 $ 27,074,011 Temporary cash investments, at cost (Note 1).............. 351,070 13,097,375 4,438,727 1,021,624 Receivable for: Interest................................................ 589,129 4,364,313 5,036,835 536,459 Investments sold........................................ 2,034,745 Capital stock sold...................................... 95,205 457,658 18,962 255,748 ------------ -------------- -------------- ------------------- Total assets.............................................. 41,582,420 359,712,237 376,784,636 28,887,842 ------------ -------------- -------------- ------------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 743,115 526,128 466,486 27,676 Dividends and distributions............................. 13,145 358,353 438,413 18,099 Investments purchased................................... 2,081,329 Investment management fee (Note 4)...................... 17,575 151,721 159,580 14,468 Accrued expenses........................................ 32,244 173,810 52,727 9,366 ------------ -------------- -------------- ------------------- Total liabilities......................................... 806,079 3,291,341 1,117,206 69,609 ------------ -------------- -------------- ------------------- Net assets applicable to outstanding shares................. $40,776,341 $356,420,896 $ 375,667,430 $ 28,818,233 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Net assets consist of: Unrealized appreciation on investments.................... $ 27,187 $ 2,005,444 $ 13,907,416 $ 850,780 Undistributed net realized gain (loss) from investments... (396,302 ) (1,902,567 ) 149,182 18,680 Capital shares (Note 3)................................... 49,466 272,494 309,317 Capital paid in (Note 3).................................. 41,095,990 356,045,525 361,301,515 27,948,773 ------------ -------------- -------------- ------------------- $40,776,341 $356,420,896 $ 375,667,430 $ 28,818,233 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Shares of capital stock outstanding (Note 3)................ 4,946,608 27,249,412 30,931,729 2,900,034 ------------ -------------- -------------- ------------------- ------------ -------------- -------------- ------------------- Net asset value, offering and redemption price per share (1)........................................................ $ 8.24 $ 13.08 $ 12.15 $ 9.94(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) Shares of Columbia High Yield Fund held less than one year, other than shares acquired through the reinvestment of dividends and capital gains, were redeemed at 99% of the net asset value. The accompanying notes are an integral part of the financial statements. - 64 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia Columbia Columbia International Columbia Common Stock Growth Fund, Stock Fund, Special Year Ended December 31, 1996 Fund, Inc. Inc. Inc. Fund, Inc. ------------ ------------ --------------- ------------ INVESTMENT INCOME: Income: Interest........................................... $ 468,218 $ 1,098,763 $ 376,245 $ 4,581,166 Dividends.......................................... 8,813,867 11,761,529 1,888,543 5,440,648 Foreign taxes withheld (net of reclaims)........... (237,521) ------------ ------------ --------------- ------------ Total income..................................... 9,282,085 12,860,292 2,027,267 10,021,814 ------------ ------------ --------------- ------------ Expenses: Investment management fees (Note 4)................ 2,686,585 5,711,080 1,157,227 12,880,541 Shareholder servicing costs (Note 4)............... 416,842 596,257 213,139 879,795 Reports to shareholders............................ 88,004 252,822 74,386 310,019 Accounting expense................................. 40,694 36,657 90,928 53,873 Financial information and subscriptions............ 6,112 16,742 11,137 25,173 Custodian fees..................................... 18,098 38,896 115,353 62,191 Bank transaction and checking fees................. 20,361 29,732 45,242 83,129 Registration fees.................................. 80,780 90,437 27,836 139,998 Legal, insurance and auditing fees................. 33,401 44,704 32,225 55,194 Other.............................................. 6,007 15,225 5,128 19,404 ------------ ------------ --------------- ------------ Total expenses................................... 3,396,884 6,832,552 1,772,601 14,509,317 ------------ ------------ --------------- ------------ Net investment income (loss) (Note 1)................ 5,885,201 6,027,740 254,666 (4,487,503) ------------ ------------ --------------- ------------ Realized gain and unrealized appreciation (depreciation) from investment and foreign currency transactions: Net realized gain from: Investments (Note 2)............................... 70,666,274 154,006,111 9,808,805 295,204,950 Foreign currency transactions (Note 1)............. 1,454,573 ------------ ------------ --------------- ------------ Net realized gain................................ 70,666,274 154,006,111 11,263,378 295,204,950 ------------ ------------ --------------- ------------ Net unrealized appreciation (depreciation) on: Investments (Note 1)............................... 8,532,253 21,295,845 5,676,201 (112,950,905) Translation of assets and liabilities in foreign currencies (Note 1)............................... 185,947 ------------ ------------ --------------- ------------ Net unrealized appreciation (depreciation) during the period...................................... 8,532,253 21,295,845 5,862,148 (112,950,905) ------------ ------------ --------------- ------------ Net gain on investment and foreign currency transactions (Note 1)............................... 79,198,527 175,301,956 17,125,526 182,254,045 ------------ ------------ --------------- ------------ Net increase in net assets resulting from operations.......................................... $85,083,728 $181,329,696 $17,380,192 $177,766,542 ------------ ------------ --------------- ------------ ------------ ------------ --------------- ------------
The accompanying notes are an integral part of the financial statements. - 65 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia Columbia Small Cap Real Estate Columbia Columbia Fund, Inc. Equity Fund, Balanced Daily Income Year Ended December 31, 1996 (1) Inc. Fund, Inc. Company ------------- ---------------- ------------ ------------ INVESTMENT INCOME: Income: Interest................................................ $ 59,758 $ 169,463 $ 20,230,059 $45,503,712 Dividends............................................... 6,758 2,162,179 5,822,671 ------------- ---------------- ------------ ------------ Total income.......................................... 66,516 2,331,642 26,052,730 45,503,712 ------------- ---------------- ------------ ------------ Expenses: Investment management fees (Note 4)..................... 40,273 232,413 2,935,512 4,009,904 Shareholder servicing costs (Note 4).................... 3,760 24,340 504,889 698,755 Reports to shareholders................................. 3,185 11,782 120,872 175,053 Accounting expense...................................... 3,847 20,447 51,793 59,611 Financial information and subscriptions................. 1,447 17,266 16,110 Custodian fees.......................................... 181 1,619 23,447 33,210 Bank transaction and checking fees...................... 4,669 4,225 34,050 90,461 Registration fees....................................... 6,914 22,872 85,660 64,379 Legal, insurance and auditing fees...................... 426 17,002 38,374 41,972 Other................................................... 3,387 1,479 8,903 11,143 ------------- ---------------- ------------ ------------ Total expenses........................................ 66,642 337,626 3,820,766 5,200,598 ------------- ---------------- ------------ ------------ Net investment income (loss) (Note 1)..................... (126) 1,994,016 22,231,964 40,303,114 ------------- ---------------- ------------ ------------ Realized gain (loss) and unrealized appreciation from investment transactions: Net realized gain (loss) from investments (Note 2)........ (275,796) 1,627,328 41,189,499 Net unrealized appreciation on investments during the period (Note 1).......................................... 1,488,753 9,368,906 4,167,518 ------------- ---------------- ------------ Net gain on investments (Note 1).......................... 1,212,957 10,996,234 45,357,017 ------------- ---------------- ------------ ------------ Net increase in net assets resulting from operations...... $ 1,212,831 $ 12,990,250 $ 67,588,981 $40,303,114 ------------- ---------------- ------------ ------------ ------------- ---------------- ------------ ------------
(1) From inception of operations on September 11, 1996. The accompanying notes are an integral part of the financial statements. - 66 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
Columbia U.S. Government Columbia Fixed Columbia Securities Income Securities Municipal Bond Year Ended December 31, 1996 Fund, Inc. Fund, Inc. Fund, Inc. ----------------- ----------------- -------------- INVESTMENT INCOME: Income: Interest..................................................... $ 2,388,412 $ 23,974,914 $ 20,956,147 ----------------- ----------------- -------------- Total income............................................... 2,388,412 23,974,914 20,956,147 ----------------- ----------------- -------------- Expenses: Investment management fees (Note 4).......................... 206,591 1,668,004 1,881,542 Shareholder servicing costs (Note 4)......................... 49,592 217,935 83,089 Reports to shareholders...................................... 13,406 84,134 26,442 Accounting expense........................................... 20,814 44,826 22,214 Financial information and subscriptions...................... 1,230 14,585 41,426 Custodian fees............................................... 1,961 13,248 14,803 Bank transaction and checking fees........................... 2,177 24,984 4,694 Registration fees............................................ 12,741 42,303 6,336 Legal, insurance and auditing fees........................... 21,173 36,708 33,351 Other........................................................ 626 4,703 4,668 ----------------- ----------------- -------------- 330,311 2,151,430 2,118,565 Expenses reimbursed by investment advisor.................... ----------------- ----------------- -------------- Total expenses............................................. 330,311 2,151,430 2,118,565 ----------------- ----------------- -------------- Net investment income (Note 1)................................. 2,058,101 21,823,484 18,837,582 ----------------- ----------------- -------------- Realized gain and unrealized depreciation from investment transactions: Net realized gain from investments (Note 2).................... 83,457 1,600,093 1,991,804 Net unrealized depreciation on investments during the period (Note 1)...................................................... (584,568) (11,107,884) (7,232,960) ----------------- ----------------- -------------- Net gain (loss) on investments (Note 1)........................ (501,111) (9,507,791) (5,241,156) ----------------- ----------------- -------------- Net increase in net assets resulting from operations........... $ 1,556,990 $ 12,315,693 $ 13,596,426 ----------------- ----------------- -------------- ----------------- ----------------- -------------- Columbia High Yield Year Ended December 31, 1996 Fund, Inc. ---------- INVESTMENT INCOME: Income: Interest..................................................... $2,319,495 ---------- Total income............................................... 2,319,495 ---------- Expenses: Investment management fees (Note 4).......................... 150,432 Shareholder servicing costs (Note 4)......................... 21,639 Reports to shareholders...................................... 9,355 Accounting expense........................................... 30,477 Financial information and subscriptions...................... 3,651 Custodian fees............................................... 969 Bank transaction and checking fees........................... 1,971 Registration fees............................................ 12,976 Legal, insurance and auditing fees........................... 18,564 Other........................................................ 375 ---------- 250,409 Expenses reimbursed by investment advisor.................... (15,476 ) ---------- Total expenses............................................. 234,933 ---------- Net investment income (Note 1)................................. 2,084,562 ---------- Realized gain and unrealized depreciation from investment transactions: Net realized gain from investments (Note 2).................... 237,862 Net unrealized depreciation on investments during the period (Note 1)...................................................... (1,892 ) ---------- Net gain (loss) on investments (Note 1)........................ 235,970 ---------- Net increase in net assets resulting from operations........... $2,320,532 ---------- ----------
The accompanying notes are an integral part of the financial statements. - 67 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Common Stock Fund, Inc. Growth International Stock Fund, Years Ended December 31, Fund, Inc. Inc. -------------------------- ---------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 5,885,201 $ 3,997,419 $ 6,027,740 $ 8,173,000 $ 254,666 $ 155,031 Net realized gain (loss) from: Investments (Note 2).................. 70,666,274 17,260,066 154,006,111 73,961,335 9,808,805 (286,889) Foreign currency transactions (Note 1)................................... 1,454,573 (1,246,443) Change in net unrealized appreciation on: Investments........................... 8,532,253 44,119,110 21,295,845 120,496,613 5,676,201 5,614,702 Translation of assets and liabilities in foreign currencies (Note 1)....... 185,947 92 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 85,083,728 65,376,595 181,329,696 202,630,948 17,380,192 4,236,493 Distributions to shareholders: From net investment income.............. (5,169,680) (3,764,094) (5,089,302) (7,437,014) (254,666) In excess of net investment income...... (24,695)* (31,322)* (1,646,464)* From net realized gain from investment transactions........................... (70,666,274) (17,260,066) (154,006,111) (73,961,335) (9,422,995) In excess of net realized gain from investment transactions................ (97,665)* (17,932)* (469,156)* (206,957)* Capital share transactions, net (Note 3)....................................... 169,111,664 189,924,932 193,603,540 136,042,951 18,580,064 (21,847,478) ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 178,237,078 234,259,435 215,368,667 257,037,271 24,636,131 (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)......................... $536,759,802 $358,522,724 $1,064,099,519 $848,730,852 $125,509,591 $100,873,460 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income of: $ 901,158 $ 395,967 $ 1,931,709 $ 1,523,877 $ 3,885 $ -- * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 68 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Special Small Cap Real Estate Equity Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc. -------------------------- ------------- -------------------------- 1996 1995 1996 (2) 1996 1995 ------------ ------------ ------------- ------------ ------------ INCREASE IN NET ASSETS: Operations: Net investment income (loss)............ $ (4,487,503) $ 1,828,234 $ (126) $ 1,994,016 $ 1,240,072 Net realized gain (loss) from investments (Note 2)................... 295,204,950 154,437,430 (275,796) 1,627,328 (132) Change in net unrealized appreciation (depreciation) on investments.......... (112,950,905) 148,707,165 1,488,753 9,368,906 1,834,154 ------------ ------------ ------------- ------------ ------------ Net increase in net assets resulting from operations........................ 177,766,542 304,972,829 1,212,831 12,990,250 3,074,094 Distributions to shareholders: From net investment income.............. (1,151,123) (1,370,203) (774,447) From net realized gain from investment transactions........................... (289,460,071) (154,437,430) (1,627,328) In excess of net realized gain from investment transactions................ (1,539,578)* (349,207)* (235,252)* From tax return of capital.............. (657,602) (451,668) Capital share transactions, net (Note 3)....................................... 312,562,708 347,044,146 19,848,539 37,500,111 2,572,289 ------------ ------------ ------------- ------------ ------------ Net increase in net assets.............. 200,869,179 494,888,844 21,061,370 46,486,021 4,185,016 NET ASSETS: Beginning of period....................... 1,384,415,035 889,526,191 21,587,200 17,402,184 ------------ ------------ ------------- ------------ ------------ End of period (1)......................... $1,585,284,214 $1,384,415,035 $ 21,061,370 $ 68,073,221 $ 21,587,200 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------
(1) Includes undistributed net investment income (loss) of: $ -- $ (51,817) $ (126) $ -- $ 2,476 (2) From inception of operations on September 11, 1996. * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 69 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Balanced Daily Income U.S. Government Years Ended December 31, Fund, Inc. Company Securities Fund, Inc. -------------------------- ---------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 22,231,964 $ 15,015,481 $ 40,303,114 $ 39,894,755 $ 2,058,101 $ 2,036,453 Net realized gain from investments (Note 2)..................................... 41,189,499 20,555,403 83,457 571,638 Change in net unrealized appreciation (depreciation) on investments.......... 4,167,518 47,270,141 (584,568) 1,000,875 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 67,588,981 82,841,025 40,303,114 39,894,755 1,556,990 3,608,966 Distributions to shareholders: From net investment income.............. (21,892,044) (14,812,967) (40,303,114) (39,894,755) (2,058,101) (2,036,453) In excess of net investment income...... (124,615)* (46,117)* From net realized gain from investment transactions........................... (41,189,499) (17,052,999) In excess of net realized gain from investment transaction................. (97,205)* Capital share transactions, net (Note 3)....................................... 181,539,809 186,168,310 89,144,447 70,588,520 (564,932) 6,758,002 ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 185,825,427 237,097,252 89,144,447 70,588,520 (1,066,043) 8,330,515 NET ASSETS: Beginning of period....................... 486,767,493 249,670,241 800,655,522 730,067,002 41,842,384 33,511,869 ------------ ------------ ------------- ------------ ------------ ------------ End of period (1)......................... $672,592,920 $486,767,493 $ 889,799,969 $800,655,522 $ 40,776,341 $ 41,842,384 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income of: $ 540,163 $ 211,082 * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 70 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Columbia Columbia Columbia Fixed Income Securities Municipal Bond High Yield Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc. -------------------------- ---------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 21,823,484 $ 19,285,757 $ 18,837,582 $ 19,222,924 $ 2,084,562 $ 1,561,271 Net realized gain (loss) from investments (Note 2)................... 1,600,093 7,333,401 1,991,804 2,099,378 237,862 (31,194) Change in net unrealized appreciation (depreciation) on investments.......... (11,107,884) 22,005,760 (7,232,960) 27,002,836 (1,892) 1,544,937 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 12,315,693 48,624,918 13,596,426 48,325,138 2,320,532 3,075,014 Distributions to shareholders: From net investment income.............. (21,823,484) (19,285,757) (18,837,582) (19,222,924) (2,084,562) (1,561,271) From net realized gain from investment transactions........................... (1,842,655) (2,099,378) (28,544) In excess of net realized gain from investment transactions................ (52,790)* Capital share transactions, net (Note 3)....................................... 49,669,884 34,830,059 (1,044,677) 17,029,241 5,139,840 9,123,656 ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 40,162,093 64,169,220 (8,128,488) 43,979,287 5,347,266 10,637,399 NET ASSETS: Beginning of period....................... 316,258,803 252,089,583 383,795,918 339,816,631 23,470,967 12,833,568 ------------ ------------ ------------- ------------ ------------ ------------ End of period............................. $356,420,896 $316,258,803 $ 375,667,430 $383,795,918 $ 28,818,233 $ 23,470,967 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 71 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 Small Cap Fund, Inc. (CSCF), 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 are open-end investment companies registered under the Investment Company Act of 1940, as amended, and are diversified except CMBF, which is non-diversified. 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, CSCF, 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. Short sales against the box. Certain funds may hedge their investments against changes in value by engaging in short sales against the box. In a short sale against the box, the Fund sells a borrowed security that it also owns or has a right to own without additional cash consideration. The Fund covers its obligation to pay back the borrowed shares by depositing the identical securities sold short in a segregated account at the Fund's custodian bank until the short sale transaction is closed and the borrowed shares repaid. A short sale against the box is not a speculative transaction and does not involve the use of leverage. This type of short sale may be used by a Fund when it desires to protect a profit or prevent a loss in a security position without selling the security directly. CSCF sold certain securities short against the box in the fourth quarter of 1996 because it was undesirable under provisions of the Internal Revenue Code that apply to investment companies to sell those securities directly and realize a taxable gain during the quarter. The market value of segregated securities to cover short positions was $1,536,656 at December 31, 1996. As of December 31, 1996, CSCF had entered into the following short sales which resulted in net unrealized appreciation of $5,759. - 72 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
Issuer Shares Value - ------------------------------ --------- --------- Altera Corp. 1,900 $ 138,106 American Power Conversion Corp. 7,300 198,925 ANADIGICS, Inc. 5,000 196,250 Dreco Energy Services Ltd. (Class A) 6,000 219,750 Metzler Group, Inc. 7,000 222,250 National-Oilwell, Inc. 9,000 276,750 P J America, Inc. 10,000 180,000 Shiva Corp. 3,000 104,625 --------- Total securities sold short $1,536,656 --------- ---------
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. The effect of any change in the value of a hedged foreign currency would be offset by the increase (resulting from a change in exchange rates) in value of the securities denominated in that currency. Net realized gains arising from such transactions amounted to $1,393,253 and are included in net realized gain from foreign currency transactions. As of December 31, 1996, CISF had entered into the following forward contract resulting in net unrealized appreciation of $205,048.
Net Unrealized Currency to Currency to Settlement Appreciation be Delivered be Received Date (U.S. $) - ------------------------- --------------------- ---------- ----------- Japanese U.S. 1,401,000,000 Yen 12,388,363 Dollars 02/28/1997 $ 205,048
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. - 73 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, -- CONTINUED 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, CSF and CSCF 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. Use of estimates. The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Federal income taxes. The Funds have made no provision for federal income taxes on net investment income or net realized gains from sales of securities, since it is the intention of the Funds to comply with the provisions of the Internal Revenue Code available to certain investment companies, and to make distributions of income and security profits sufficient to relieve them from substantially all federal income taxes. As of December 31, 1996, certain Funds have capital loss carryovers available to offset future capital gains as follows:
Year Carryover Expires CSCF CUSG CFIS - -------------------------- ----------- ----------- ------------- 2002...................... $396,302 $ 466,587 2003...................... 1,218,113 2004...................... $253,562 ----------- ----------- ------------- $253,562 $396,302 $ 1,684,700 ----------- ----------- ------------- ----------- ----------- -------------
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. - 74 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED -- CHYF invests in lower rated debt securities, which may be more susceptible to adverse economic conditions than investment grade holdings. These securities are often subordinated to the prior claims of other senior lenders, and uncertainties exist as to an issuer's ability to meet principal and interest payments. At December 31, 1996, 98% of the Fund's portfolio was invested in securities rated Ba (49%) or B (49%) by Moody's Investor Services, Inc; the remaining 2% of the portfolio was invested in a U.S. Treasury Note. -- 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 December 31, 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.................... $563,762,616 $747,342,380 $143,417,703 $2,199,694,465 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- Sales and Maturities: Investment securities other than U.S. Government obligations.................... $486,671,781 $712,192,795 $139,433,310 $2,249,631,026 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- Net Realized Gain: Investment securities other than U.S. Government obligations.................... $ 70,666,274 $154,006,111 $ 9,808,805 $ 295,204,950 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- Unrealized Appreciation (Depreciation) as of December 31, 1996: Appreciation............................... $ 72,793,189 $219,974,948 $20,703,260 $ 192,223,656 Depreciation............................... (11,905,080) (38,707,795) (4,060,142) (103,940,578) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation.............. $ 60,888,109 $181,267,153 $16,643,118 $ 88,283,078 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1996: Appreciation............................... $ 73,719,042 $220,991,033 $20,497,064 $ 191,811,939 Depreciation............................... (11,971,825) (39,023,528) (4,533,770) (104,657,499) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation.............. $ 61,747,217 $181,967,505 $15,963,294 $ 87,154,440 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- For federal income tax purposes, the cost of investments owned at December 31, 1996...... $448,148,183 $869,308,429 $101,242,068 $1,400,661,169 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- --------------
The net realized gain for CCSF, CGF, and CSF includes proceeds of approximately $28,000, $174,000, and $239,000, respectively, from shareholder class action suits related to securities held by those Funds. - 75 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
Columbia Columbia Real Estate Columbia Small Cap Equity Balanced Fund, Inc. (CSCF) Fund, Inc. (CREF) Fund, Inc. (CBF) ----------------- ----------------- ---------------- Purchases: Investment securities other than U.S. Government obligations............................................... $19,101,824 $37,952,071 $388,776,058 U.S. Government obligations................................ 490,505,021 ----------------- ----------------- ---------------- Total purchases.......................................... $19,101,824 $37,952,071 $879,281,079 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- Sales and Maturities: Investment securities other than U.S. Government obligations............................................... $ 1,104,310 $13,104,563 $355,321,321 U.S. Government obligations................................ 396,201,789 ----------------- ----------------- ---------------- Total sales and maturities............................... $ 1,104,310 $13,104,563 $751,523,110 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations............................................... $ (275,796) $ 1,627,328 $ 41,598,285 U.S. Government obligations................................ (408,786) ----------------- ----------------- ---------------- Total net realized gain (loss)........................... $ (275,796) $ 1,627,328 $ 41,189,499 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- Unrealized Appreciation (Depreciation) as of December 31, 1996: Appreciation............................................... $ 2,120,026 $10,904,832 $ 62,499,171 Depreciation............................................... (631,273) (6,449,803) ----------------- ----------------- ---------------- Net unrealized appreciation.............................. $ 1,488,753 $10,904,832 $ 56,049,368 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1996: Appreciation............................................... $ 2,120,026 $11,637,608 $ 62,947,102 Depreciation............................................... (653,507) (6,462,594) ----------------- ----------------- ---------------- Net unrealized appreciation.............................. $ 1,466,519 $11,637,608 $ 56,484,508 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- For federal income tax purposes, the cost of investments owned at December 31, 1996.................................. $17,743,952 $44,513,297 $576,633,486 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- Columbia Daily Income Company (CDIC) -------------- Purchases: Investment securities other than U.S. Government obligations............................................... $8,687,738,846 U.S. Government obligations................................ 120,383,333 -------------- Total purchases.......................................... $8,808,122,179 -------------- -------------- Sales and Maturities: Investment securities other than U.S. Government obligations............................................... $8,558,183,209 U.S. Government obligations................................ 154,900,694 -------------- Total sales and maturities............................... $8,713,083,903 -------------- -------------- Net Realized Gain (Loss): Investment securities other than U.S. Government obligations............................................... U.S. Government obligations................................ Total net realized gain (loss)........................... Unrealized Appreciation (Depreciation) as of December 31, 1996: Appreciation............................................... Depreciation............................................... Net unrealized appreciation.............................. Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1996: Appreciation............................................... Depreciation............................................... Net unrealized appreciation.............................. For federal income tax purposes, the cost of investments owned at December 31, 1996.................................. $ 902,058,747 -------------- --------------
The net realized gain for CBF includes proceeds of approximately $28,000, from shareholder class action suits related to securities held by the Fund. - 76 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
Columbia U.S. Columbia Fixed Columbia Government Securities Income Securities Municipal Bond Fund, Inc. (CUSG) Fund, Inc. (CFIS) Fund, Inc. (CMBF) --------------------- ----------------- ----------------- Purchases: Investment securities other than U.S. Government obligations.......................................... $179,548,635 $ 70,008,274 U.S. Government obligations........................... $83,867,145 423,507,872 --------------------- ----------------- ----------------- Total purchases..................................... $83,867,145 $603,056,507 $ 70,008,274 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- Sales and Maturities: Investment securities other than U.S. Government obligations.......................................... $174,785,396 $ 72,420,445 U.S. Government obligations........................... $83,294,611 386,930,828 --------------------- ----------------- ----------------- Total sales and maturities.......................... $83,294,611 $561,716,224 $ 72,420,445 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- Net Realized Gain (loss): Investment securities other than U.S. Government obligations.......................................... $ 768,118 $ 1,991,804 U.S. Government obligations........................... $ 83,457 831,975 --------------------- ----------------- ----------------- Total net realized gain............................. $ 83,457 $ 1,600,093 $ 1,991,804 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- Unrealized Appreciation (Depreciation) as of December 31, 1996: Appreciation.......................................... $ 110,221 $ 4,056,785 $ 14,276,596 Depreciation.......................................... (83,034) (2,051,341) (369,180) --------------------- ----------------- ----------------- Net unrealized appreciation......................... $ 27,187 $ 2,005,444 $ 13,907,416 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1996: Appreciation.......................................... $ 110,221 $ 3,838,918 $ 14,273,646 Depreciation.......................................... (83,034) (2,051,341) (375,173) --------------------- ----------------- ----------------- Net unrealized appreciation......................... $ 27,187 $ 1,787,577 $ 13,898,473 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- For federal income tax purposes, the cost of investments owned at December 31, 1996............................. $40,519,829 $337,970,569 $353,391,639 --------------------- ----------------- ----------------- --------------------- ----------------- ----------------- Columbia High Yield Fund, Inc. (CHYF) ----------------- Purchases: Investment securities other than U.S. Government obligations.......................................... $17,722,125 U.S. Government obligations........................... 1,357,219 ----------------- Total purchases..................................... $19,079,344 ----------------- ----------------- Sales and Maturities: Investment securities other than U.S. Government obligations.......................................... $12,915,245 U.S. Government obligations........................... 1,844,602 ----------------- Total sales and maturities.......................... $14,759,847 ----------------- ----------------- Net Realized Gain (loss): Investment securities other than U.S. Government obligations.......................................... $ 245,768 U.S. Government obligations........................... (7,906) ----------------- Total net realized gain............................. $ 237,862 ----------------- ----------------- Unrealized Appreciation (Depreciation) as of December 31, 1996: Appreciation.......................................... $ 955,549 Depreciation.......................................... (104,769) ----------------- Net unrealized appreciation......................... $ 850,780 ----------------- ----------------- Unrealized Appreciation (Depreciation) for federal income tax purposes as of December 31, 1996: Appreciation.......................................... $ 955,549 Depreciation.......................................... (104,769) ----------------- Net unrealized appreciation......................... $ 850,780 ----------------- ----------------- For federal income tax purposes, the cost of investments owned at December 31, 1996............................. $26,223,231 ----------------- -----------------
- 77 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...................... 9,187,403 12,907,792 9,588,118 6,481,595 4,458,919 3,176,713 Shares issued for reinvestment of dividends....................... 3,836,536 1,137,709 4,993,329 2,636,586 808,789 ----------- ------------ ------------- ------------- ------------ ------------ 13,023,939 14,045,501 14,581,447 9,118,181 5,267,708 3,176,713 Less shares redeemed............. (4,449,235) (2,953,090) (8,408,189) (4,495,529) (3,930,959) (4,992,567) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease) in shares.......................... 8,574,704 11,092,411 6,173,258 4,622,652 1,336,749 (1,815,854) ----------- ------------ ------------- ------------- ------------ ------------ ----------- ------------ ------------- ------------- ------------ ------------ Amounts: Sales............................ $183,843,205 $221,012,822 $ 309,798,468 $ 187,801,317 $ 62,941,735 $ 38,698,162 Reinvestment of dividends........ 74,699,264 20,863,972 154,190,774 78,122,044 11,145,109 ----------- ------------ ------------- ------------- ------------ ------------ 258,542,469 241,876,794 463,989,242 265,923,361 74,086,844 38,698,162 Less redemptions................. (89,430,805) (51,951,862) (270,385,702) (129,880,410) (55,506,780) (60,545,640) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease).......... $169,111,664 $189,924,932 $ 193,603,540 $ 136,042,951 $ 18,580,064 $(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 Small Cap Columbia Special Fund, Inc. Real Estate Equity Fund, Inc. (CSF) (CSCF) Fund, Inc. (CREF) ---------------------------- ----------- -------------------------- 1996 1995 1996 (1) 1996 1995 ------------- ------------- ----------- ------------ ------------ Shares: Shares sold............................. 25,624,116 24,380,701 1,756,650 4,543,366 745,236 Shares issued for reinvestment of dividends.............................. 13,826,136 7,030,821 226,545 116,209 ------------- ------------- ----------- ------------ ------------ 39,450,252 31,411,522 1,756,650 4,769,911 861,445 Less shares redeemed.................... (24,162,690) (14,439,180) (135,869 ) (2,255,778) (647,683) ------------- ------------- ----------- ------------ ------------ Net increase in shares.................. 15,287,562 16,972,342 1,620,781 2,514,133 213,762 ------------- ------------- ----------- ------------ ------------ ------------- ------------- ----------- ------------ ------------ Amounts: Sales................................... $ 593,195,434 $ 507,005,537 $21,545,009 $ 65,389,802 $ 8,920,599 Reinvestment of dividends............... 273,619,242 148,631,551 3,428,343 1,402,375 ------------- ------------- ----------- ------------ ------------ 866,814,676 655,637,088 21,545,009 68,818,145 10,322,974 Less redemptions........................ (554,251,968) (308,592,942) (1,696,470 ) (31,318,034) (7,750,685) ------------- ------------- ----------- ------------ ------------ Net increase............................ $ 312,562,708 $ 347,044,146 $19,848,539 $ 37,500,111 $ 2,572,289 ------------- ------------- ----------- ------------ ------------ ------------- ------------- ----------- ------------ ------------ Capital stock authorized (shares)....... 100,000,000 100,000,000 100,000,000 Par Value............................... $.01 no par no par (1) From inception of operations on September 11, 1996.
- 78 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 3. CAPITAL STOCK, CONTINUED --
Columbia Columbia Columbia U.S. Balanced Daily Income Government Securities Fund, Inc. (CBF) Company (CDIC) Fund, Inc. (CUSG) ---------------------------- ------------------------- -------------------------- 1996 1995 1996 1995 1996 1995 ------------- ------------- ------------ ----------- ------------ ------------ Shares: Shares sold.................... 12,203,107 12,164,908 1,425,767,034 1,191,109,050 1,751,071 2,438,332 Shares issued for reinvestment of dividends.................. 3,066,051 1,603,299 40,287,100 39,866,838 230,872 229,910 ------------- ------------- ------------ ----------- ------------ ------------ 15,269,158 13,768,207 1,466,054,134 1,230,975,888 1,981,943 2,668,242 Less shares redeemed........... (6,405,495) (3,974,088) (1,376,909,687) (1,160,387,368) (2,051,336) (1,843,924) ------------- ------------- ------------ ----------- ------------ ------------ Net increase (decrease) in shares........................ 8,863,663 9,794,119 89,144,447 70,588,520 (69,393) 824,318 ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ Amounts: Sales.......................... $ 251,516,248 $ 230,627,211 $1,425,767,034 $1,191,109,050 $ 14,407,264 $ 19,955,069 Reinvestment of dividends...... 62,884,919 31,608,126 40,287,100 39,866,838 1,898,935 1,885,143 ------------- ------------- ------------ ----------- ------------ ------------ 314,401,167 262,235,337 1,466,054,134 1,230,975,888 16,306,199 21,840,212 Less redemptions............... (132,861,358) (76,067,027) (1,376,909,687) (1,160,387,368) (16,871,131) (15,082,210) ------------- ------------- ------------ ----------- ------------ ------------ Net increase (decrease)........ $ 181,539,809 $ 186,168,310 $ 89,144,447 $70,588,520 $ (564,932) $ 6,758,002 ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ Capital stock authorized (shares)...................... 100,000,000 2,000,000,000 100,000,000 Par Value...................... no par $.001 $.01
Columbia Fixed Columbia Columbia Income Securities Municipal Bond High Yield Fund, Inc. (CFIS) Fund, Inc. (CMBF) Fund, Inc. (CHYF) ------------------------- ------------------------ -------------------------------- 1996 1995 1996 1995 1996 1995 ----------- ------------ ----------- ----------- --------------- --------------- Shares: Shares sold........................ 9,571,457 6,735,955 4,732,337 5,057,133 1,058,203 1,176,046 Shares issued for reinvestment of dividends......................... 1,427,852 1,319,739 1,395,611 1,460,826 197,255 146,858 ----------- ------------ ----------- ----------- --------------- --------------- 10,999,309 8,055,694 6,127,948 6,517,959 1,255,458 1,322,904 Less shares redeemed............... (7,165,704) (5,373,406) (6,210,439) (5,096,815) (730,964) (367,495) ----------- ------------ ----------- ----------- --------------- --------------- Net increase (decrease) in shares............................ 3,833,605 2,682,288 (82,491) 1,421,144 524,494 955,409 ----------- ------------ ----------- ----------- --------------- --------------- ----------- ------------ ----------- ----------- --------------- --------------- Amounts: Sales.............................. $124,564,521 $ 86,697,840 $57,398,891 $60,766,673 $ 10,345,832 $ 11,217,136 Reinvestment of dividends.......... 18,580,087 17,119,289 16,930,817 17,726,251 1,925,766 1,406,479 ----------- ------------ ----------- ----------- --------------- --------------- 143,144,608 103,817,129 74,329,708 78,492,924 12,271,598 12,623,615 Less redemptions................... (93,474,724) (68,987,070) (75,374,385) (61,463,683) (7,131,758) (3,499,959) ----------- ------------ ----------- ----------- --------------- --------------- Net increase (decrease)............ $49,669,884 $ 34,830,059 $(1,044,677) $17,029,241 $ 5,139,840 $ 9,123,656 ----------- ------------ ----------- ----------- --------------- --------------- ----------- ------------ ----------- ----------- --------------- --------------- Capital stock authorized (shares).......................... 200,000,000 100,000,000 100,000,000 Par Value.......................... $.01 $.01 no par
- 79 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES --
Columbia Columbia Columbia Columbia Special Common Stock Growth International Stock Fund, Inc. Fund, Inc. (CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF) (CSF) ----------------- --------------------- ------------------- ---------- Investment management fees incurred............... $2,686,585 $5,711,080 $1,157,227 $12,880,541 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 daily $500,000,000 net assets; .625 of daily net 1% between assets; $200,000,000 and .75 of 1% $500,000,000; and .50 in excess of 1% in excess of of $500,000,000 $500,000,000 Transfer agent fee (included in shareholder servicing costs)................................. $218,624 $510,664 $181,749 $663,083 Fees earned by directors not affiliated with each Fund's invest- ment advisor, transfer agent, or Columbia Management Co.................................... $5,081 $11,090 $1,330 $17,855 Value of investments held at December 31, 1996 by: Columbia Management Co.......................... $421,467 $96,325 $64,146 $1,981,946 Columbia Funds Management Company............... $81,036 $38,970 $16,126 $751,876
Columbia Columbia Columbia Columbia Small Cap Real Estate Equity Balanced Fund, Daily Income Fund, Inc. (CSCF) Fund, Inc. (CREF) Inc. (CBF) Company (CDIC) ----------------- ------------------ ---------------- ------------------ Investment management fees incurred............... $40,273 $232,413 $2,935,512 $4,009,904 Investment management fee computation basis (percentage of daily net assets per annum)....... 1% .75 of 1% .50 of 1% .50 of 1% to $500,000,000 daily net assets; .45 of 1% between $500,000,000 and $1,000,000,000; and .40 of 1% in excess of $1,000,000,000 Transfer agent fee (included in shareholder servicing costs)................................. $3,700 $24,214 $301,673 $578,095 Fees earned by directors not affiliated with each Fund's invest- ment advisor, transfer agent, or Columbia Management Co.................................... $336 $6,680 $9,624 Value of investments held at December 31, 1996 by: Columbia Management Co.......................... $108,520 $8,466,518 Columbia Funds Management Company............... $8,023 $20,066 $6,687,297
- 80 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES, CONTINUED --
Columbia Fixed Columbia U.S. Income Government Securities Columbia Securities Fund, Inc. Municipal Bond Fund, Inc. (CUSG) (CFIS) Fund, Inc. (CMBF) -------------------- ---------------- ----------------- Investment management fees incurred..................... $206,591 $1,668,004 $1,881,542 Investment management fee computation basis (percentage of daily net assets per annum)......................... .50 of 1% .50 of 1% .50 of 1% Transfer agent fee (included in shareholder servicing costs)................................................. $33,282 $172,277 $79,716 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co.......................................... $482 $3,861 $4,374 Value of investments held at December 31, 1996 by: Columbia Management Co................................ $440,260 $927,013 $1,801,085 Columbia Funds Management Company..................... $68,454 $278,421 $255,320 Columbia High Yield Fund, Inc. (CHYF) ----------------- Investment management fees incurred..................... $150,432 Investment management fee computation basis (percentage of daily net assets per annum)......................... .60 of 1% Transfer agent fee (included in shareholder servicing costs)................................................. $19,989 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co.......................................... $287 Value of investments held at December 31, 1996 by: Columbia Management Co................................ $326,480 Columbia Funds Management Company..................... $289,209
The investment advisor of the Funds is Columbia Funds Management Company. The transfer agent for the Funds is Columbia Trust Company, a subsidiary of Columbia Funds Management Company. The transfer agent is compensated based on a per account fee. The contracts for investment advisory and transfer agent services for the Funds must be renewed annually by a majority vote of the Funds' shareholders or by the directors of the Funds. Certain officers and directors of the Funds are also officers and directors of Columbia Funds Management Company, Columbia Trust Company and Columbia Management Co. They did not receive any direct payments from the Funds. At December 31, 1996, CCSF, CSF, and CBF had investments in securities of U.S. Bancorp, which provides custodial services for these funds. - 81 REPORT OF INDEPENDENT ACCOUNTANTS ----------------------------------------------------------------- To the Directors and Shareholders, Columbia Common Stock Fund, Inc. (CCSF) Columbia Growth Fund, Inc. (CGF) Columbia International Stock Fund, Inc. (CISF) Columbia Special Fund, Inc. (CSF) Columbia Small Cap Fund, Inc. (CSCF) Columbia Real Estate Equity Fund, Inc. (CREF) Columbia Balanced Fund, Inc. (CBF) Columbia Daily Income Company (CDIC) Columbia U.S. Government Securities Fund, Inc. (CUSG) Columbia Fixed Income Securities Fund, Inc. (CFIS) Columbia Municipal Bond Fund, Inc. (CMBF) Columbia High Yield Fund, Inc. (CHYF) We have audited the accompanying statements of assets and liabilities, including the schedules of investments for each of the twelve funds comprising Columbia Funds, as of December 31, 1996, the related statements of operations for the year then ended, except for CSCF which is for the period from inception, September 11, 1996, to December 31, 1996, the statements of changes in net assets for each of the two years in the period then ended, except for CSCF which is for the period from inception, September 11, 1996, to December 31, 1996 and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1996, by correspondence with the custodian, and confirmation by correspondence with brokers as to securities purchased but not received at that date or other auditing procedures where confirmations from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the twelve funds comprising Columbia Funds as of December 31, 1996, the results of their operations for the year then ended, except for CSCF which is for the period from inception, September 11, 1996, to December 31, 1996, the changes in their net assets for each of the two years in the period then ended, except for CSCF which is for the period from inception, September 11, 1996, to December 31, 1996, and the financial highlights for the periods indicated therein, in conformity with generally accepted accounting principles. COOPERS & LYBRAND L.L.P. Portland, Oregon January 31, 1997 - 82 NOTES [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 PORTLAND, OREGON 97201 -- LEGAL COUNSEL -- ------------------------------------------ STOEL RIVES L.L.P. 900 S.W. FIFTH AVENUE, SUITE 2300 PORTLAND, OREGON 97204-1268 -- AUDITORS -- ------------------------------------------ COOPERS & LYBRAND L.L.P. 1300 S.W. FIFTH AVENUE, SUITE 2700 PORTLAND, OREGON 97201 -- TRANSFER AGENT -- ------------------------------------------ COLUMBIA TRUST COMPANY 1301 S.W. FIFTH AVENUE PORTLAND, OREGON 97201 THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME, BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS. FUNDS DISTRIBUTED BY COLUMBIA FINANCIAL CENTER INCORPORATED. MEMBER NASD. -----END PRIVACY-ENHANCED MESSAGE-----