-----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, R8CBe+B7Parrp4AbDzzQcEELBNT4sjHmo+qWuHP1DgnHv0ox9x6S3RAVj7uwI7Rx x9ZmC798KyNKypaO3AkK9w== 0000912057-97-029700.txt : 19970912 0000912057-97-029700.hdr.sgml : 19970912 ACCESSION NUMBER: 0000912057-97-029700 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970902 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: SEC FILE NUMBER: 811-06341 FILM NUMBER: 97674050 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA DAILY INCOME CO CENTRAL INDEX KEY: 0000022082 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930635121 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-02507 FILM NUMBER: 97674051 BUSINESS ADDRESS: STREET 1: 1301 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA GROWTH FUND INC CENTRAL INDEX KEY: 0000022105 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930560559 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-01449 FILM NUMBER: 97674052 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FIXED INCOME SECURITIES FUND INC CENTRAL INDEX KEY: 0000707833 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 930824379 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03581 FILM NUMBER: 97674053 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000741558 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 930866151 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-03983 FILM NUMBER: 97674054 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA SPECIAL FUND INC CENTRAL INDEX KEY: 0000773599 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04362 FILM NUMBER: 97674055 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA U S GOVERNMENT SECURITIES FUND INC CENTRAL INDEX KEY: 0000801962 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04842 FILM NUMBER: 97674056 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: SEC FILE NUMBER: 811-06338 FILM NUMBER: 97674057 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA INTERNATIONAL STOCK FUND INC CENTRAL INDEX KEY: 0000889421 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931089960 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07024 FILM NUMBER: 97674058 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: SEC FILE NUMBER: 811-07834 FILM NUMBER: 97674059 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA REAL ESTATE EQUITY FUND INC CENTRAL INDEX KEY: 0000916900 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931131979 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08256 FILM NUMBER: 97674060 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: PO BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA SMALL CAP FUND INC CENTRAL INDEX KEY: 0001016510 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07671 FILM NUMBER: 97674061 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 - ------------------------------------------------------------------------------- 1997 SEMI-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 Columbia Funds 1997 Semi-Annual Report. Inside you will find a discussion of the economy and financial markets, as well as updated performance, investment and financial information on each Columbia Fund for the six months ended June 30, 1997. At Columbia, we recognize that the more information you have, the better equipped you will be to make important financial decisions. In an effort to make our shareholder report more meaningful, we have incorporated enhancements such as index charts and portfolio highlights to better illustrate activity in the financial markets and the Funds. And for the very latest information from Columbia, we invite you to visit us periodically at WWW.COLUMBIAFUNDS.COM, our site on the World Wide Web. Fund prices are updated daily, and the site itself is in a constant state of evolution. There are interactive worksheets designed to help you plan for retirement, as well as a continually expanded education library, which you may wish to consult for broad investment information. Our most recent improvement includes the addition of a stock market ticker, which monitors the price change of the Dow Jones Industrial Average, the S&P 500 and the NASDAQ. All these information enhancements are made with you, our shareholders, in mind. As always, we remain committed to serving your investment needs while tempering your exposure to risk. Thank you for entrusting us with your investment. We look forward to serving you in the months and years to come. Sincerely, [SIGNATURE] [SIGNATURE] J. JERRY INSKEEP, JR. JOHN A. KEMP CHAIRMAN PRESIDENT
FRONT COVER FEATURES A PHOTOGRAPH OF THE 79-YEAR-OLD VISTA HOUSE, PERCHED ATOP CROWN POINT AT THE MOUTH OF THE COLUMBIA RIVER GORGE. THE PHOTO WAS TAKEN IN OREGON, LOOKING ACROSS TO WASHINGTON STATE. TABLE OF CONTENTS ----------------------------------------------------------------- SEMI-ANNUAL REPORT, JUNE 30, 1997 AN OVERVIEW OF THE MARKETS.....................................................1 COLUMBIA COMMON STOCK FUND Investment Review............................................................4 Financial Highlights........................................................16 Schedule of Investments.....................................................28 Statement of Assets and Liabilities.........................................61 Statement of Operations.....................................................64 Statements of Changes in Net Assets.........................................67 COLUMBIA GROWTH FUND Investment Review............................................................5 Financial Highlights........................................................17 Schedule of Investments.....................................................30 Statement of Assets and Liabilities.........................................61 Statement of Operations.....................................................64 Statements of Changes in Net Assets.........................................67 COLUMBIA INTERNATIONAL STOCK FUND Investment Review............................................................6 Financial Highlights........................................................18 Schedule of Investments.....................................................32 Statement of Assets and Liabilities.........................................61 Statement of Operations.....................................................64 Statements of Changes in Net Assets.........................................67 COLUMBIA SPECIAL FUND Investment Review............................................................7 Financial Highlights........................................................19 Schedule of Investments.....................................................36 Statement of Assets and Liabilities.........................................61 Statement of Operations.....................................................64 Statements of Changes in Net Assets.........................................68 COLUMBIA SMALL CAP FUND Investment Review............................................................8 Financial Highlights........................................................20 Schedule of Investments.....................................................38 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statement of Changes in Net Assets..........................................68 COLUMBIA REAL ESTATE EQUITY FUND Investment Review............................................................9 Financial Highlights........................................................21 Schedule of Investments.....................................................40 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................68 COLUMBIA BALANCED FUND Investment Review...........................................................10 Financial Highlights........................................................22 Schedule of Investments.....................................................41 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................69 COLUMBIA DAILY INCOME COMPANY Investment Review...........................................................11 Financial Highlights........................................................23 Schedule of Investments.....................................................46 Statement of Assets and Liabilities.........................................62 Statement of Operations.....................................................65 Statements of Changes in Net Assets.........................................69 COLUMBIA U.S. GOVERNMENT SECURITIES FUND Investment Review...........................................................12 Financial Highlights........................................................24 Schedule of Investments.....................................................48 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................69 COLUMBIA FIXED INCOME SECURITIES FUND Investment Review...........................................................13 Financial Highlights........................................................25 Schedule of Investments.....................................................49 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................70 COLUMBIA MUNICIPAL BOND FUND Investment Review...........................................................14 Financial Highlights........................................................26 Schedule of Investments.....................................................52 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................70 COLUMBIA HIGH YIELD FUND Investment Review...........................................................15 Financial Highlights........................................................27 Schedule of Investments.....................................................58 Statement of Assets and Liabilities.........................................63 Statement of Operations.....................................................66 Statements of Changes in Net Assets.........................................70 NOTES TO FINANCIAL STATEMENTS.................................................71 COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 222-3606 1-800-547-1707 AN OVERVIEW OF THE MARKETS ----------------------------------------------------------------- A LOOK AT THE FIRST HALF The first six months of 1997 provided a wild ride for investors. The stage was set on March 25, when the Federal Reserve raised the federal funds rate by .25% (the rate banks charge one another to lend money overnight). This was the first time the Fed had increased interest rates in two years. Immediately after this rate hike, many investors wondered whether this would be a one-time move by the Fed to slow economic growth or the first in a series of hikes to reduce potential inflationary pressures. While investors' concerns about further Fed moves were short-lived, they had extreme consequences for the market. By mid-April, the S&P 500 had given back all of its gains for the year, and smaller stocks were down by as much as 10%. The market, however, responded with a vengeance, and by mid-June, the S&P 500 had resurged by as much as 20% from its flat yearly performance. Smaller stocks also joined in the stampede, up almost 12% in the month of May alone. SMALL STOCKS VERSUS THE S&P 500 EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
YEAR-TO-DATE TOTAL RETURNS AS OF JUNE 30, 1997 Russell 2000 S&P 500 Jan 2.00% 6.25% Feb -0.47% 7.08% March -5.17% 2.67% April -4.91% 8.80% May 5.67% 15.42% June 10.20% 20.59% The S&P 500 is an unmanaged index generally considered representative of the U.S. stock market. The Russell 2000 Index is an unmanaged index generally considered representative of the market for small, domestic stocks.
The shift in market sentiment occurred when investors began to realize that rapid economic growth in the first quarter was not accompanied by higher inflation and that growth was slowing in the second quarter. In fact, inflation rates appeared to be declining. Producer prices, as illustrated below, had fallen for five straight months for the first time since 1952. Accordingly, the Fed had little reason to raise rates again during the second quarter. Corporate earnings continued to exceed expectations, and investors responded enthusiastically. PRODUCER PRICES HAVE STEADILY DECLINED EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PRODUCER PRICE INDEX JANUARY - JUNE 1997 1/97 2.5 2/97 2.2 3/97 1.6 4/97 0.8 5/97 0.3 6/97 -0.1 The PPI measures average change in prices received by domestic producers of commodities at all stages of processing and is generally used as a barometer of change in wholesale prices.
At this point, it's important to note that much of the market's strength has been driven by a narrow set of the largest capitalization stocks. Their rate of appreciation continues to approach record levels, pushing many market valuations beyond their historical parameters. This dramatic stratification of performance is illustrated on page 2. In the past, such momentum in the stock market has only occurred when the economy has emerged from recession. Performance during the second quarter, however, has occurred on the heels of two years of stellar stock market performance, in the midst of a recovery dating back to 1990. CURRENT OUTLOOK Even though many stocks are priced at levels that leave little room for earnings disappointment, this investment environment seems better than any other in memory. Corporate downsizing and falling technology prices continue to contribute to increased productivity. - 1 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- Stock repurchases and industry consolidation have become commonplace, which has led to a cumulative withdrawal of $500 billion in stocks since the secular bull market began in 1982. This reduction of supply has occurred while demographic factors have created a record demand for financial assets. LARGE CAPS HAVE LED THE MARKET EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
S&P 500 YEAR-TO-DATE PERFORMANCE BASED ON WEIGHTED MARKET CAPITALIZATION, AS OF JUNE 30, 1997 1st Quintile 23.08% 2nd Quintile 13.71% 3rd Quintile 11.75% 4th Quintile 9.73% 5th Quintile 14.26%
Continued tightening of the labor market, however, is likely to put upward pressure on wages, which could trigger fears of future inflation. While the Fed has said that it would move to raise rates if necessary, they seem to be testing the economy's ability to grow without higher inflation. So far, signs indicate that inflation is not a concern; retail sales have fallen for three consecutive months and long-term interest rates have declined modestly from their highs in April, suggesting that economic growth may slow from unsustainable levels earlier in the year. The fixed income market remains highly susceptible to the latest economic reports. With the most recent news of slowing growth, the bond market has pushed rates close to 1996 year-end levels. But given the recent runup in bond prices, we believe that the fixed income market is vulnerable if economic news becomes more positive. BOND MARKET HAS PUSHED RATES CLOSE TO 1996 YEAR-END LEVELS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
30-YEAR TREASURY YIELD JANUARY - JUNE 1997 1/3/97 6.73 1/10/97 6.84 1/17/97 6.82 1/24/97 6.89 1/31/97 6.79 2/7/97 6.7 2/14/97 6.52 2/21/97 6.64 2/28/97 6.8 3/7/97 6.81 3/14/97 6.94 3/21/97 6.97 3/28/97 7.09 4/4/97 7.12 4/11/97 7.17 4/18/97 7.05 4/25/97 7.14 5/2/97 6.87 5/9/97 6.89 5/16/97 6.9 5/23/97 6.99 5/30/97 6.91 6/6/97 6.77 6/13/97 6.72 6/20/97 6.66 6/27/97 6.74 7/4/97 6.63
On the international front, economic strength is accelerating and inflation is low. Many foreign stock markets continue to show strength, with Latin America leading the pack. We note that foreign purchases of U.S. equities are increasing, as interest rates worldwide continue to favor investment in the United States. With our economy currently viewed as one of the strongest among major trading partners, the dollar has been strong against European currencies and the Japanese yen. INVESTMENT STRATEGY As we look to the second half of 1997, we believe that economic growth may again pick up to levels that could concern the Fed. Rising consumer incomes and confidence could lead to higher spending. Historically, such an increase in consumption has spilled over to the manufacturing sector, resulting in higher production, rising prices and increased interest rates. Under this scenario, the Fed may act to tighten interest rates. Given the extraordinary heights reached by the stock market, we believe some caution is warranted. Price/earnings ratios (P/Es) are high relative to inflation and interest rates, and equity dividend yields are at all time lows, as shown on page three. At current valuation levels, we believe the stock market is vulnerable to even minor changes in fundamentals or perceptions. Our equity portfolios are positioned, therefore, with a weighted average capitalization that is smaller than the market, intended to reduce portfolio risk in the event of a correction in the price of stocks with the highest - 2 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- valuations. Weightings in small cap stocks, international names and real estate investment trusts also provide a measure of defense, and we continue to maintain a conservative, neutral allocation between stocks and bonds. DIVIDEND YIELD LOWEST IN 46 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
S&P 500-DIVIDEND YIELD JANUARY 1950 - JUNE 1997 Jan-50 6.65 Feb-50 6.62 Mar-50 6.53 Apr-50 6.36 May-50 6.16 Jun-50 6.12 Jul-50 6.63 Aug-50 6.54 Sep-50 6.65 Oct-50 6.39 Nov-50 6.97 Dec-50 7.24 Jan-51 6.34 Feb-51 6.2 Mar-51 6.34 Apr-51 6.27 May-51 6.23 Jun-51 6.3 Jul-51 6.25 Aug-51 5.96 Sep-51 5.75 Oct-51 5.77 Nov-51 6.18 Dec-51 5.99 Jan-52 5.82 Feb-52 5.99 Mar-52 5.94 Apr-52 5.96 May-52 5.99 Jun-52 5.83 Jul-52 5.65 Aug-52 5.66 Sep-52 5.74 Oct-52 5.89 Nov-52 5.69 Dec-52 5.47 Jan-53 5.45 Feb-53 5.52 Mar-53 5.48 Apr-53 5.75 May-53 5.77 Jun-53 5.99 Jul-53 5.9 Aug-53 5.87 Sep-53 6.14 Oct-53 5.99 Nov-53 5.92 Dec-53 5.83 Jan-54 5.69 Feb-54 5.62 Mar-54 5.46 Apr-54 5.24 May-54 5.02 Jun-54 4.99 Jul-54 4.77 Aug-54 4.63 Sep-54 4.57 Oct-54 4.43 Nov-54 4.52 Dec-54 4.45 Jan-55 4.38 Feb-55 4.32 Mar-55 4.33 Apr-55 4.19 May-55 4.23 Jun-55 4.01 Jul-55 3.72 Aug-55 3.87 Sep-55 3.72 Oct-55 3.94 Nov-55 4.05 Dec-55 4.15 Jan-56 4.24 Feb-56 4.24 Mar-56 3.97 Apr-56 3.94 May-56 4.09 Jun-56 4.09 Jul-56 3.89 Aug-56 3.92 Sep-56 4.07 Oct-56 4.12 Nov-56 4.27 Dec-56 4.24 Jan-57 4.31 Feb-57 4.54 Mar-57 4.47 Apr-57 4.36 May-57 4.18 Jun-57 4.04 Jul-57 3.95 Aug-57 4.17 Sep-57 4.31 Oct-57 4.54 Nov-57 4.67 Dec-57 4.64 Jan-58 4.48 Feb-58 4.47 Mar-58 4.37 Apr-58 4.33 May-58 4.19 Jun-58 4.08 Jul-58 3.98 Aug-58 3.78 Sep-58 3.69 Oct-58 3.54 Nov-58 3.42 Dec-58 3.33 Jan-59 3.24 Feb-59 3.32 Mar-59 3.25 Apr-59 3.26 May-59 3.21 Jun-59 3.23 Jul-59 3.11 Aug-59 3.14 Sep-59 3.26 Oct-59 3.26 Nov-59 3.24 Dec-59 3.18 Jan-60 3.27 Feb-60 3.44 Mar-60 3.51 Apr-60 3.47 May-60 3.51 Jun-60 3.4 Jul-60 3.49 Aug-60 3.43 Sep-60 3.55 Oct-60 3.6 Nov-60 3.51 Dec-60 3.41 Jan-61 3.28 Feb-61 3.13 Mar-61 3.03 Apr-61 2.95 May-61 2.92 Jun-61 2.99 Jul-61 2.99 Aug-61 2.91 Sep-61 2.93 Oct-61 2.91 Nov-61 2.83 Dec-61 2.85 Jan-62 2.97 Feb-62 2.95 Mar-62 2.95 Apr-62 3.05 May-62 3.32 Jun-62 3.78 Jul-62 3.68 Aug-62 3.57 Sep-62 3.6 Oct-62 3.71 Nov-62 3.5 Dec-62 3.4 Jan-63 3.31 Feb-63 3.27 Mar-63 3.28 Apr-63 3.15 May-63 3.13 Jun-63 3.16 Jul-63 3.2 Aug-63 3.13 Sep-63 3.06 Oct-63 3.05 Nov-63 3.14 Dec-63 3.13 Jan-64 3.06 Feb-64 3.05 Mar-64 3.03 Apr-64 3 May-64 3.01 Jun-64 3.05 Jul-64 2.96 Aug-64 3.03 Sep-64 3 Oct-64 2.95 Nov-64 2.96 Dec-64 3.05 Jan-65 2.99 Feb-65 2.99 Mar-65 2.99 Apr-65 2.95 May-65 2.92 Jun-65 3.07 Jul-65 3.09 Aug-65 3.06 Sep-65 2.98 Oct-65 2.91 Nov-65 2.96 Dec-65 3.06 Jan-66 3.02 Feb-66 3.06 Mar-66 3.23 Apr-66 3.15 May-66 3.3 Jun-66 3.36 Jul-66 3.37 Aug-66 3.6 Sep-66 3.75 Oct-66 3.76 Nov-66 3.66 Dec-66 3.59 Jan-67 3.51 Feb-67 3.36 Mar-67 3.29 Apr-67 3.24 May-67 3.19 Jun-67 3.19 Jul-67 3.15 Aug-67 3.11 Sep-67 3.07 Oct-67 3.07 Nov-67 3.18 Dec-67 3.09 Jan-68 3.13 Feb-68 3.28 Mar-68 3.34 Apr-68 3.12 May-68 3.07 Jun-68 3 Jul-68 3 Aug-68 3.06 Sep-68 3.01 Oct-68 2.94 Nov-68 2.92 Dec-68 2.93 Jan-69 3.06 Feb-69 3.1 Mar-69 3.17 Apr-69 3.11 May-69 3.02 Jun-69 3.18 Jul-69 3.34 Aug-69 3.37 Sep-69 3.33 Oct-69 3.33 Nov-69 3.31 Dec-69 3.52 Jan-70 3.73 Feb-70 3.54 Mar-70 3.55 Apr-70 3.9 May-70 4.15 Jun-70 4.39 Jul-70 4.09 Aug-70 3.91 Sep-70 3.73 Oct-70 3.77 Nov-70 3.6 Dec-70 3.37 Jan-71 3.24 Feb-71 3.21 Mar-71 3.09 Apr-71 2.98 May-71 3.11 Jun-71 3.1 Jul-71 3.23 Aug-71 3.12 Sep-71 3.12 Oct-71 3.26 Nov-71 3.27 Dec-71 3.01 Jan-72 2.95 Feb-72 2.88 Mar-72 2.86 Apr-72 2.85 May-72 2.8 Jun-72 2.87 Jul-72 2.87 Aug-72 2.77 Sep-72 2.85 Oct-72 2.82 Nov-72 2.7 Dec-72 2.69 Jan-73 2.73 Feb-73 2.84 Mar-73 2.89 Apr-73 3.01 May-73 3.07 Jun-73 3.14 Jul-73 3.02 Aug-73 3.14 Sep-73 3.12 Oct-73 3.12 Nov-73 3.52 Dec-73 3.53 Jan-74 3.56 Feb-74 3.58 Mar-74 3.72 Apr-74 3.88 May-74 4.01 Jun-74 4.17 Jul-74 4.53 Aug-74 4.98 Sep-74 5.67 Oct-74 4.87 Nov-74 5.15 Dec-74 5.35 Jan-75 4.77 Feb-75 4.5 Mar-75 4.45 Apr-75 4.25 May-75 4.07 Jun-75 3.9 Jul-75 4.18 Aug-75 4.27 Sep-75 4.39 Oct-75 4.13 Nov-75 4.03 Dec-75 4.09 Jan-76 3.66 Feb-76 3.7 Mar-76 3.66 Apr-76 3.7 May-76 3.75 Jun-76 3.69 Jul-76 3.72 Aug-76 3.74 Sep-76 3.85 Oct-76 3.94 Nov-76 3.97 Dec-76 3.9 Jan-77 4.11 Feb-77 4.2 Mar-77 4.43 Apr-77 4.43 May-77 4.54 Jun-77 4.48 Jul-77 4.58 Aug-77 4.63 Sep-77 4.84 Oct-77 5.06 Nov-77 4.92 Dec-77 5.05 Jan-78 5.38 Feb-78 5.51 Mar-78 5.5 Apr-78 5.07 May-78 5.05 Jun-78 5.25 Jul-78 4.99 Aug-78 4.86 Sep-78 4.94 Oct-78 5.44 Nov-78 5.35 Dec-78 5.41 Jan-79 5.2 Feb-79 5.4 Mar-79 5.26 Apr-79 5.25 May-79 5.39 Jun-79 5.35 Jul-79 5.31 Aug-79 5.04 Sep-79 5.21 Oct-79 5.6 Nov-79 5.37 Dec-79 5.42 Jan-80 5.12 Feb-80 5.15 Mar-80 5.87 Apr-80 5.64 May-80 5.38 Jun-80 5.36 Jul-80 5.03 Aug-80 5 Sep-80 4.91 Oct-80 4.83 Nov-80 4.38 Dec-80 4.57 Jan-81 4.79 Feb-81 4.73 Mar-81 4.82 Apr-81 4.93 May-81 4.94 Jun-81 5.07 Jul-81 5.09 Aug-81 5.42 Sep-81 5.81 Oct-81 5.54 Nov-81 5.34 Dec-81 5.57 Jan-82 5.66 Feb-82 6.03 Mar-82 6.2 Apr-82 5.96 May-82 6.2 Jun-82 6.29 Jul-82 6.43 Aug-82 5.77 Sep-82 5.68 Oct-82 5.12 Nov-82 4.94 Dec-82 4.86 Jan-83 4.71 Feb-83 4.62 Mar-83 4.52 Apr-83 4.2 May-83 4.26 Jun-83 4.11 Jul-83 4.25 Aug-83 4.2 Sep-83 4.22 Oct-83 4.28 Nov-83 4.21 Dec-83 4.14 Jan-84 4.17 Feb-84 4.34 Mar-84 4.52 Apr-84 4.5 May-84 4.78 Jun-84 4.7 Jul-84 4.92 Aug-84 4.45 Sep-84 4.53 Oct-84 4.53 Nov-84 4.6 Dec-84 4.54 Jan-85 4.23 Feb-85 4.19 Mar-85 4.32 Apr-85 4.34 May-85 4.12 Jun-85 4.13 Jul-85 4.15 Aug-85 4.2 Sep-85 4.38 Oct-85 4.2 Nov-85 3.94 Dec-85 3.81 Jan-86 3.81 Feb-86 3.55 Mar-86 3.38 Apr-86 3.43 May-86 3.26 Jun-86 3.26 Jul-86 3.46 Aug-86 3.23 Sep-86 3.57 Oct-86 3.38 Nov-86 3.31 Dec-86 3.44 Jan-87 3.06 Feb-87 2.93 Mar-87 2.92 Apr-87 2.95 May-87 2.94 Jun-87 2.86 Jul-87 2.73 Aug-87 2.64 Sep-87 2.75 Oct-87 3.51 Nov-87 3.84 Dec-87 3.65 Jan-88 3.51 Feb-88 3.37 Mar-88 3.57 Apr-88 3.54 May-88 3.52 Jun-88 3.55 Jul-88 3.57 Aug-88 3.71 Sep-88 3.64 Oct-88 3.55 Nov-88 3.61 Dec-88 3.59 Jan-89 3.36 Feb-89 3.46 Mar-89 3.62 Apr-89 3.45 May-89 3.33 Jun-89 3.5 Jul-89 3.21 Aug-89 3.16 Sep-89 3.26 Oct-89 3.34 Nov-89 3.33 Dec-89 3.28 Jan-90 3.32 Feb-90 3.49 Mar-90 3.26 Apr-90 3.35 May-90 3.07 Jun-90 3.35 Jul-90 3.41 Aug-90 3.79 Sep-90 3.98 Oct-90 4.04 Nov-90 3.8 Dec-90 3.73 Jan-91 3.61 Feb-91 3.38 Mar-91 3.25 Apr-91 3.25 May-91 3.13 Jun-91 3.29 Jul-91 3.14 Aug-91 3.08 Sep-91 3.14 Oct-91 3.1 Nov-91 3.23 Dec-91 2.91 Jan-92 2.97 Feb-92 2.95 Mar-92 3.02 Apr-92 2.96 May-92 2.99 Jun-92 3.04 Jul-92 2.94 Aug-92 3 Sep-92 2.99 Oct-92 2.96 Nov-92 2.87 Dec-92 2.84 Jan-93 2.82 Feb-93 2.79 Mar-93 2.74 Apr-93 2.84 May-93 2.79 Jun-93 2.79 Jul-93 2.82 Aug-93 2.73 Sep-93 2.75 Oct-93 2.7 Nov-93 2.72 Dec-93 2.73 Jan-94 2.68 Feb-94 2.75 Mar-94 2.8 Apr-94 2.88 May-94 2.85 Jun-94 2.92 Jul-94 2.84 Aug-94 2.74 Sep-94 2.83 Oct-94 2.76 Nov-94 2.92 Dec-94 2.9 Jan-95 2.85 Feb-95 2.77 Mar-95 2.7 Apr-95 2.64 May-95 2.63 Jun-95 2.53 Jul-95 2.47 Aug-95 2.49 Sep-95 2.4 Oct-95 2.43 Nov-95 2.35 Dec-95 2.3 Jan-96 2.29 Feb-96 2.18 Mar-96 2.21 Apr-96 2.21 May-96 2.16 Jun-96 2.2 Jul-96 2.32 Aug-96 2.25 Sep-96 2.16 Oct-96 2.11 Nov-96 2 Dec-96 2.01 Jan-97 2 Feb-97 1.99 Mar-97 1.94 Apr-97 1.99 May-97 1.82 Jun-97 1.74
So that you may evaluate how the Columbia Funds have performed given this economic and financial market backdrop, the following pages contain discussions of the Funds' investment activity for the six months ending June 30, 1997, 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. At Columbia, our goal has always been to provide you with the best, long-term returns possible, with an emphasis on managing investment risk. We remain committed to meeting your financial objectives, and we appreciate your continuing trust. THE INVESTMENT TEAM COLUMBIA FUNDS MANAGEMENT COMPANY AUGUST 1997 - 3 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA COMMON STOCK FUND -- -------------------------------- For the six months ended June 30, 1997, Columbia Common Stock Fund returned 16.38%, following one of the biggest quarterly stock market advances in recent years. Leading groups in the portfolio included drug manufacturers, select technology issues, machinery, paper and finance. A number of individual issues like Sunbeam (2.1% of net assets), Mattel (1.2%), and Fred Meyer (2.3%) were also strong performers. After good performance in the first quarter, energy and real estate investment trusts (REITs) were among the lagging groups in the second quarter. TOP TEN HOLDINGS
% of Net Assets Champion International Corp. 2.5 Meyer (Fred), Inc. 2.3 Aluminum Company of America 2.2 Sunbeam Corp. 2.1 ITT Corp. 2.0 Royal Dutch Petroleum Co. 2.0 Willamette Industries, Inc. 1.7 Texaco, Inc. 1.7 American Stores Co. 1.7 Deere & Co. 1.7
As of June 30, 1997 The Fund's primary focus during the period was to manage risk, avoiding high- priced issues we believed were susceptible to disappointment. As part of this effort, we reduced holdings in autos, metals, technology, and health. Although REITs continue to be well represented in the portfolio (6% at the end of the period), we reduced our position late in the period, due to lagging performance in the second quarter. Major additions to the portfolio included consumer staples, such as food retailers and cosmetics, and consumer nondurable names. With the stock market selling at the higher end of historic valuations, we are mindful of the need to balance growth prospects with investment risk in positioning the portfolio. The Fund continues its top-down, sector rotation approach to investing, where broad indicators such as economic growth, inflation, interest rates and monetary policy are analyzed prior to individual stock selection. SECTORS OF EMPHASIS
% of Net Assets Consumer Non-Durables 14.3 Energy & Energy Services 10.9 Consumer Staples 9.4 Finance 8.2 Technology 8.2 Machinery/Capital Spending 7.7 Real Estate Securities 6.0 Health 5.7 Chemical 5.4
As of June 30, 1997 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 22,760 22,007 6/30/97 26,487 26,538 Average Annual Total Returns as of June 30, 1997 CCSF S&P 500 1 Year 27.76% 34.69% 5 Years 19.01% 19.78% Since Inception 18.29% 18.33% Past Performance is not predictive of future results.
- 4 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA GROWTH FUND -- -------------------------- For the six months ended June 30, 1997, Columbia Growth Fund posted a total return of 14.83%. Sectors that contributed to fund performance during the period included select technology stocks, multinational growth companies, financial stocks and drug stocks. Lagging areas included real estate investment trusts (REITs), entertainment and gaming. In trading activity, we reduced positions in gaming, REITs and the chemical sector. On the buy side, we added to our position in Mead Corp. (1.4% of net assets) to take advantage of stronger paper fundamentals. We also purchased Avon (.6%), American Stores (1.3%) and Payless Shoe Source (1.3%) because of their favorable expected growth rates. TOP TEN HOLDINGS
% of Net Assets Warnaco Group, Inc. (Class A) 3.7 Apria Healthcare Group, Inc. 2.6 Gillette Co. 2.4 HFS, Inc. 2.4 Rite Aid Corp. 2.3 Mattel, Inc. 2.2 Warner-Lambert Co. 2.0 Sears, Roebuck & Co. 2.0 Philip Morris Cos., Inc. 2.0 Federated Department Stores, Inc. 2.0
As of June 30, 1997 The Fund underperformed the S&P 500 during the period, because investors have recently demonstrated an overwhelming preference for large capitalization stocks. As a result, the valuations of large cap stocks have been driven to record high levels. To minimize investment risk in the portfolio, we have avoided these more expensive stocks, because we believe they are vulnerable to disappointment. Based on independent analyst estimates, the average earnings growth rates for stocks held by Columbia Growth Fund exceed that of the S&P 500 stocks. We also believe that the balance sheets and inherent profitablity of the companies we hold are better, on average, than those of the Index. While one might expect the P/E ratios for companies with strong growth potential and excellent fundamentals to be relatively expensive, they are actually very attractively valued. This combination of favorable growth prospects and attractive valuations, we believe, should reward shareholders of the Fund in the future. SECTORS OF EMPHASIS
% of Net Assets Consumer Non-Durables 18.5 Health 14.2 Finance 14.0 Technology 13.4 Consumer Staples 12.0 Machinery/Capital Spending 6.7
As of June 30, 1997 GROWTH OF $10,000 OVER 20 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA GROWTH FUND S&P 500 6/30/77 10,000 10,000 6/30/78 11,157 10,000 6/30/79 12,587 11,340 6/30/80 15,816 13,285 6/30/81 21,845 16,010 6/30/82 19,726 14,167 6/30/83 38,418 22,793 6/30/84 31,376 21,722 6/30/85 42,273 28,406 6/30/86 54,516 38,552 6/30/87 62,808 48,240 6/30/88 62,230 44,916 6/30/89 72,131 54,120 6/30/90 84,270 63,033 6/30/91 89,158 67,729 6/30/92 98,546 76,805 6/30/93 121,359 87,273 6/30/94 123,714 88,504 6/30/95 152,935 111,577 6/30/96 194,182 140,598 6/30/97 240,706 189,372 Average Annual Total Returns as of June 30, 1997 CGF S&P 500 1 Year 23.97% 34.69% 5 Years 19.56% 19.78% 10 Years 14.38% 14.65% 20 Years 17.24% 15.84% Past Performance is not predictive of future results.
- 5 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------------- Columbia International Stock Fund posted a total return of 17.68% for the six months ended June 30, 1997. Foreign markets rewarded investors during the period, as many markets posted double-digit returns. Southeast Asia, however, performed generally poorly but our holdings in this area were limited to small positions in Malaysia. The Fund also holds some "red chips" (Mainland China companies that are traded on the Hong Kong stock exchange) that posted extremely strong gains during the period. The largest foreign market, Japan, also had strong gains during the second quarter, after struggling in the first quarter. TOP TEN HOLDINGS
% of Net Assets Telecommunicacoes Brasileiras SA 2.4 Sony Corp. 2.4 Guangnan Holdings (Class H) 1.8 Novartis AG 1.5 COSCO Pacific Ltd. (Class H) 1.3 Fuji Photo Film Co., Ltd. 1.2 Fiat S.p.A. 1.2 Bombardier, Inc. (Class B) 1.1 Aegon NV 1.1 Glaxo Wellcome plc 1.0
As of June 30, 1997 We are keeping a significant weighting in Japan, continuing our emphasis in the technology sector with some recent additions to the banking and real estate sectors. The Japanese economy is finally beginning to recover, and we anticipate that consumer and business confidence will return, providing potential strength in coming months. To capitalize on the opportunities in Latin America, the Fund has invested in Brazil, which benefited performance throughout the period. Other emerging markets we have emphasized include India, Taiwan, and Korea. Major European markets such as the U.K., France and Germany continue to expand amid signs that economic growth is gaining momentum. Lower interest rates have also contributed to stronger economic growth as well as positive stock market performance. AREAS OF EMPHASIS
% of Net Assets Japan 30.1 United Kingdom 13.7 Netherlands 6.0 Germany 5.9 Brazil 5.5 France 4.7 Hong Kong 4.6 Switzerland 3.4 India 3.0
As of June 30, 1997 GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA INTERNATIONAL STOCK FUND S&P 500 FT/S&P EURO-PAC 10/1/92 10,000 10,000 10,000 12/31/92 10,060 10,503 9,628 12/31/93 13,417 11,562 12,665 12/31/94 13,086 11,714 13,822 12/31/95 13,760 16,117 15,290 12/31/96 16,042 19,817 16,180 6/30/97 18,877 23,897 17,905 Average Annual Total Returns as of June 30, 1997 CISF S&P 500 FT/Euro 1 Year 21.65% 34.69% 11.68% Since Inception 14.47% 20.36% 13.19% Past Performance is not predictive of future results.
- 6 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA SPECIAL FUND -- --------------------------- The Fund was up 7.46% for the six months ended June 30, 1997, as small- to mid-cap stocks recovered from declines posted during the first quarter. Areas that contributed to the Fund's positive results throughout the period included paper stocks, service companies and consumer nondurable stocks, such as those in retail, restaurants, and health care. At the same time, the metals sector lagged, as did a variety of companies whose near-term earnings were disappointing, thus penalizing Fund performance. In the second quarter, we reduced positions in gold stocks, which were underperforming. We also sold energy services companies, transportation and entertainment stocks as they met our price objectives. TOP TEN HOLDINGS
% of Net Assets Champion International Corp. 2.9 ITT Corp. 2.3 Meyer (Fred), Inc. 2.2 American Stores Co. 2.2 Sunbeam Corp. 2.1 Aluminum Company of America 2.1 Kroger Co. 1.9 Planet Hollywood International, Inc. (Class A) 1.8 Eagle Hardware & Garden, Inc. 1.6 Boise Cascade Corp. 1.6
As of June 30, 1997 In preparation for the second half of 1997, we are focusing on opportunities for growth in such areas as business services, retail, restaurants, hotels and health care. To capitalize on solid economic growth and in anticipation of a more balanced approach by investors, we are currently emphasizing paper, cement and aluminum. We remain underweighted in finance, technology, and energy. With our emphasis on small- to mid-size company stocks, we believe the Fund is well-positioned to benefit from any broadening of the stock market, in contrast to the market's most recent narrow focus on large company stocks. The Fund remains well-diversified with a total of 125 different issues having a median market capitalization of $1.4 billion. SECTORS OF EMPHASIS
% of Net Assets Consumer Non-Durables 22.8 Building & Forestry 11.4 Metal, Mining & Steel 10.3 Consumer Staples 9.6 Business & Consumer Services 8.4 Health 8.2 Machinery/Capital Spending 6.0 Hotels & Gaming 5.5
As of June 30, 1997 GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA SPECIAL FUND S&P 500 RUSSELL 2000 6/30/87 10,000 10,000 10,000 6/30/88 9,687 9,311 9,389 6/30/89 12,873 11,219 10,591 6/30/90 15,297 13,067 10,914 6/30/91 15,366 14,040 11,048 6/30/92 17,891 15,921 12,657 6/30/93 23,068 18,091 15,947 6/30/94 24,964 18,347 16,641 6/30/95 30,042 23,130 19,988 6/30/96 38,385 29,145 24,763 6/30/97 41,672 39,257 28,807 Average Annual Total Returns as of June 30, 1997 CSF S&P 500 Russell 2000 1 Year 8.55% 34.69% 16.33% 5 Years 18.42% 19.78% 17.88% 10 Years 15.34% 14.65% 11.16% Past Performance is not predictive of future results.
- 7 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA SMALL CAP FUND -- ----------------------------- The Fund had a total return of 13.78% for the six months ended June 30, 1997. After surviving a challenging and volatile first quarter, the small cap sector rebounded from its April lows, and posted solid performance for the second quarter. Although Columbia Small Cap Fund outperformed the broader stock market during the second quarter, small company stocks in general have not kept pace with the rapid appreciation of large company stocks. However, we believe that the market will ultimately recognize the value and growth prospects of the small cap sector, leading to an eventual broadening of market performance. TOP TEN HOLDINGS
% of Net Assets Williams-Sonoma, Inc. 2.2 General Nutrition Cos., Inc. 2.1 Willbros Group, Inc. 1.8 RF Micro Devices, Inc. 1.8 FPA Medical Management, Inc. 1.8 OccuSystems, Inc. 1.7 North Fork Bancorp, Inc. 1.7 WMS Industries, Inc. 1.6 Day Runner, Inc. 1.5 AccuStaff, Inc. 1.5
As of June 30, 1997 In trading activity, we reduced holdings in stocks whose valuations we felt were at risk early in the year, and increased positions in stocks expected to perform well in a steady growth environment. We took profits in transportation stocks as they reached our price targets. We increased positions in specialty retailers, which benefited fund performance. Taking profits in the energy sector during the first quarter was well timed, since energy trailed other sectors during the second quarter. Late in the second quarter, however, we added back to energy stocks as they began to outperform and gas prices stabilized. After penalizing fund performance in the first quarter, technology and health care both performed well later in the half. We reduced holdings in these two sectors in the first quarter, but we are now maintaining overweighted positions, because their earnings growth appears strong and their long-term prospects remain favorable. Areas of relative weakness during the second quarter included gold mining and biotechnology. The Fund continues to use fundamental research to identify attractively valued, small companies with above-average earnings potential. Our bottom-up approach to stock selection has led us to build a diversified portfolio with over 106 issues at the end of the period, having a median market capitalization of $577 million. SECTORS OF EMPHASIS
% of Net Assets Technology 25.7 Consumer Non-Durables 18.8 Health 15.0 Energy & Energy Services 10.1
As of June 30, 1997 GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA SMALL CAP FUND RUSSELL 2000 10/1/96 $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 1/31/97 $11,508 $10,731 2/28/97 $10,820 $10,471 3/31/97 $10,224 $9,977 4/30/97 $10,191 $10,005 5/31/97 $11,475 $11,117 6/30/97 $12,245 $11,594 Total Returns as of June 30, 1997 CSCF Russell 2000 Since Inception 22.45% 15.94% Past Performance is not predictive of future results.
- 8 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND -- -------------------------------------- For the six months ended June 30, 1997, Columbia Real Estate Equity Fund posted a total return of 8.33%. After a tremendous run during 1996, real estate investment trusts corrected early in the second quarter, along with the rest of the stock market, shortly after the Federal Reserve Board raised the federal funds rate (the rate at which banks loan each other money overnight) on March 25. In the second quarter, investor interest in REITs paused, as attention turned to the powerful rebound displayed by the S&P 500. Investments in the hotel and residential sectors, as well as the Fund's stake in a large California real estate developer, led performance during the period. After a strong first quarter, our office holdings hindered performance in the second quarter, due to a tempering of investor expectations about future growth. Consequently, we reduced the Fund's significant overweighting in office REITs. Our outlook for this sector is still positive, however, based on its sound underlying fundamentals. TOP TEN HOLDINGS
% of Net Assets Cali Realty Corp. 4.4 Liberty Property Trust 3.9 Equity Residential Properties Trust 3.9 Camden Property Trust 3.9 General Growth Properties, Inc. 3.7 Catellus Development Corp. 3.6 Simon DeBartolo Group, Inc. 3.6 Manufactured Home Communities, Inc. 3.6 Security Capital Industrial Trust 3.5 Public Storage, Inc. 3.5
As of June 30, 1997 In an environment where the stock market is trading at historically high levels, we believe that REITs offer attractive yields for investors looking to structure their portfolios more defensively. The Fund continues to seek capital appreciation and above-average current income by investing 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. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Apartments 21.4% Community Centers 6.8% Industrial 26.5% Lodging 4.6% Manufactured Homes 3.6% Office 9.6% Shopping Malls 12.5% Other 3.6% Cash 11.4% as of June 30, 1997
GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
NATIONAL ASSOCIATION OF REAL ESTATE COLUMBIA REAL ESTATE EQUITY FUND TRUSTS 4/1/94 $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 3/31/97 $17,105 $15,665 6/30/97 $17,816 $16,444 Average Annual Total Returns as of June 30, 1997 CREF NAREIT 1 Year 40.24% 33.85% Since Inception 19.78% 16.82% Past Performance is not predictive of future results.
- 9 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA BALANCED FUND -- ---------------------------- The Fund returned 10.75% for the six months ended June 30, 1997. The first quarter was challenging, due to pressure on bonds from increasing interest rates and a stock market correction in March. Both the stock and bond markets, however, rebounded in the second quarter. Equity holdings in health care, consumer products and capital goods produced exceptional gains as the stock market surged in the second quarter. In contrast, reduced earnings prospects resulted in sluggish performance from holdings in gaming and energy. We increased our emphasis in the consumer staples sector as it demonstrated consistent earnings growth with many companies trading at attractive prices. To reduce exposure to potential earnings disappointments, we cut back technology holdings late in the period. TOP TEN STOCK HOLDINGS
% of Net Assets Sunbeam Corp. 1.4 Federal Home Loan Mortgage Corp. 1.4 Mattel, Inc. 1.3 Royal Dutch Petroleum Co. 1.2 General Electric Co. 1.2 American Express Co. 1.1 Service Corp. International 1.1 PepsiCo, Inc. 1.1 American Home Products Corp. 1.0 Philip Morris Cos., Inc. 1.0
As of June 30, 1997 The predominant feature of the market's performance has been the exceptional strength of the largest capitalization stocks. While the market's overall return has been quite good, the clear stratification of performance, where investors perceive that bigger is better, is reminiscent of the "nifty 50" period in the early 1970s. These circumstances can make it difficult to outperform the S&P Index, but we believe that the market will recognize and seek intrinsic value. Therefore, we are maintaining exposure to financial services providers, reasonably priced consumer products companies, retailers, and REITs. In the bond portfolio, diminished concerns about stronger economic growth pushed rates lower in the second quarter, and bond prices appreciated substantially. Early in the year, we overweighted mortgage securities relative to the market. Subsequently, the yield differential between mortgage and Treasury bonds narrowed, and we took profits, decreasing the mortgage weighting. Toward the end of the second half, yield spreads widened and we increased the mortgage weighting once again. This strategic altering of the portfolio's holdings enabled us to improve the Fund's fixed income return. The Fund's overweighting in intermediate-term bonds also benefited performance in the second quarter, as rates declined most dramatically in this portion of the yield curve. In this environment of high stock market valuations, we believe a neutral allocation between stocks and bonds is most appropriate to balance investment risk with return. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Common Stocks 51.1% Fixed Income 47.4% Cash 1.5% as of June 30, 1997
GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA BALANCED FUND S&P 500 LEHMAN AGGREGATE 10/1/91 $10,000 $10,000 $10,000 12/31/91 $10,780 $10,838 $10,507 12/31/92 $11,738 $11,664 $11,285 12/31/93 $13,337 $12,840 $12,385 12/31/94 $13,350 $13,009 $12,023 12/31/95 $16,699 $17,898 $14,244 12/31/96 $18,666 $22,007 $14,761 6/30/97 $20,670 $26,538 $15,217 Average Annual Total Returns as of June 30, 1997 CBF S&P 500 Lehman Aggregate 1 Year 18.64% 34.69% 8.15% 5 Years 13.54% 19.78% 7.12% Since Inception 13.34% 18.33% 7.51% Past Performance is not predictive of future results.
- 10 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- ----------------------------------- Columbia Daily Income Company had a total return of 2.46% for the six months ended June 30, 1997, comparing favorably to the rate of inflation, which was 1.00% during the same period, as measured by the Consumer Price Index. After an exuberant economic growth rate of 5.8% in the first quarter, the Federal Reserve Board hiked the federal funds rate (the rate at which banks lend money to each other overnight) by .25% on March 25 as a pre-emptive strike against inflation. Because monetary policy was limited to one rate hike during the period, however, rates on short-term debt instruments remained relatively stable in the first half, as did the yield of the Fund. PORTFOLIO HIGHLIGHTS Current Yield 5.11% Compound Yield 5.24%
Based on the 7 days ended June 30, 1997 Weighted Average Maturity 41.8 days
As of June 30, 1997 As always, the Fund invests in high quality, short-term debt instruments with an average maturity of 40 to 50 days. The Fund seeks to provide the highest level of income available consistent with the maintenance of liquidity and preservation of capital by investing in various money market instruments. These include commercial paper, U.S. Treasury Bills, U.S. Government agency discount notes and certificates of deposit. INFLATION CONTINUES TO BE LOWER THAN EXPECTED, BUT IT IS CLEAR THAT THE FED WILL MONITOR ECONOMIC INDICATORS CAREFULLY, AND MAY RAISE RATES AGAIN IF INFLATION PRESSURES APPEAR TO BE BUILDING. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CONSUMER PRICE INDEX COLUMBIA DAILY INCOME COMPANY (INFLATION) 6/30/87 $10,000 $10,000 6/30/88 $10,646 $10,409 6/30/89 $11,550 $10,962 6/30/90 $12,500 $11,481 6/30/91 $13,374 $12,032 6/30/92 $13,964 $12,397 6/30/93 $14,334 $12,773 6/30/94 $14,724 $13,056 6/30/95 $15,463 $13,479 6/30/96 $16,261 $13,861 6/30/97 $17,074 $14,196 Average Annual Total Returns as of June 30, 1997 CDIC CPI 1 Year 4.99% 2.42% 5 Years 4.10% 2.75% 10 Years 5.50% 3.57% Past Performance is not predictive of future results.
- 11 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- U.S. GOVERNMENT SECURITIES FUND -- ------------------------------------- After rising sharply during the first quarter, short-term interest rates fell approximately .20% to .30% during the second quarter, and bond prices in the portfolio appreciated. Columbia U.S. Government Securities Fund's total return for the six months ended June 30 was 2.42%. On March 25, the Federal Reserve Board raised the federal funds rate (the rate at which banks loan money to one another overnight) in anticipation of rising inflationary pressures. Economic growth subsequently slowed in the second quarter, and the Fed put off any further rate increases. As a result, short-term Treasuries appreciated, benefiting Fund performance. Continued news of low inflation and a shrinking federal deficit also contributed positively to Fund performance in the second quarter. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Treasury/Agency Obligations 96.6% Cash 3.4% as of June 30, 1997
We believe that the economy will remain healthy during the remainder of the year, though this may increase the chance that the Federal Reserve will raise the federal funds rate again late in 1997. Since higher interest rates would penalize Fund performance, we have modestly shortened the portfolio's average maturity. PORTFOLIO HIGHLIGHTS Current Yield 5.24%
Based on the 30 days ended June 30, 1997 Weighted Averages Duration 1.8 years Maturity 1.9 years
As of June 30, 1997 GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA MERRILL U.S. LYNCH CONSUMER GOVERNMENT 1-3 PRICE SECURITIES TREASURY INDEX FUND INDEX (INFLATION) 6/30/87 $10,000 $10,000 $10,000 6/30/88 $10,682 $10,750 $10,409 6/30/89 $11,467 $11,702 $10,962 6/30/90 $12,309 $12,662 $11,481 6/30/91 $13,542 $13,960 $12,032 6/30/92 $15,074 $15,415 $12,397 6/30/93 $16,185 $16,429 $12,773 6/30/94 $16,360 $16,693 $13,056 6/30/95 $17,443 $17,984 $13,479 6/30/96 $18,240 $18,966 $13,861 6/30/97 $19,311 $20,209 $14,196 Average Annual Total Returns as of June 30, 1997 CUSG Merrill 1-3 1 Year 5.90% 6.56% 5 Years 5.09% 5.57% 10 Years 6.80% 7.29% Past Performance is not predictive of future results.
- 12 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND -- ------------------------------------------- The Fund posted a total return of 3.22% for the six months ended June 30. The first quarter was characterized by a robust economy, which caused interest rates to rise and bond prices to fall. In the second quarter, however, investors' reduced concerns about inflation pushed interest rates down along the entire yield curve, and bond values subsequently rose. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Collateralized Mortgage Obligations 43.4% Corporate Bonds 20.2% Treasury/Agency Obligations 22.5% Mortgage Pass-Throughs 3.7% Asset Backed Securities 4.4% Cash 5.8% as of June 30, 1997
In trading activity, we started the year by overweighting (relative to the market) our holdings in mortgage securities. The yield differential between mortgages and Treasuries narrowed, providing us with an opportunity to take profits, and decreasing the Fund's mortgage position. Toward the end of the second half, yield spreads widened, and we increased the mortgage weighting once again. This strategic altering of the portfolio's holdings enabled us to improve Fund performance during the period. The Fund's overweighting in intermediate-term bonds also benefited performance in the second quarter, as rates declined most dramatically in this portion of the yield curve. The Fund's credit quality remains high. The average maturity and duration of the Fund are 5.9 years and 4.7 years, respectively, which are in line with the Fund's benchmark, the Lehman Aggregate Bond Index. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Treasury/Agency Obligations 69.2% Aaa 6.7% Aa 5.1% A 7.0% Baa 9.6% Other 2.4% as of June 30, 1997
GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA FIXED CONSUMER INCOME PRICE SECURITIES LEHMAN INDEX FUND AGGREGATE (INFLATION) 6/30/87 $10,000 $10,000 $10,000 6/30/88 $10,743 $10,805 $10,409 6/30/89 $12,056 $12,125 $10,962 6/30/90 $12,926 $13,077 $11,481 6/30/91 $14,245 $14,476 $12,032 6/30/92 $16,465 $16,510 $12,397 6/30/93 $18,561 $18,457 $12,773 6/30/94 $18,248 $18,217 $13,056 6/30/95 $20,516 $20,501 $13,479 6/30/96 $21,527 $21,531 $13,861 6/30/97 $23,320 $23,282 $14,196 Average Annual Total Returns as of June 30, 1997 CFIS Lehman Aggregate 1 Year 8.33% 8.15% 5 Years 7.21% 7.12% 10 Years 8.84% 8.82% Past Performance is not predictive of future results.
- 13 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND -- ---------------------------------- Columbia Municipal Bond Fund's total return for the six months ended June 30 was 2.75%. Interest rates paid on municipal securities at the end of the period were virtually unchanged from levels at year-end, despite some volatility in the interim. Economic reports, meanwhile, continue to be mixed. Indications of stronger than expected growth and rising wage pressures may prompt the Federal Reserve to raise short-term rates later this year, which would cause some depreciation in the prices of municipal bonds. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION State of Oregon General Obligations 12.7% Oregon General Obligation Bonds 21.0% Oregon Revenue Bonds 18.9% Oregon Other Bonds 2.7% Other Bonds 6.3% Oregon Insured Bonds 31.8% Oregon Pre-Refunded Bonds 4.0% Cash 2.6% as of June 30, 1997
Although Oregon's economy continues to flourish, the State's supply of new issues has been low. We believe that new issues will increase, however, once many municipalities sort out the effects of recent legislation on their future budgets. The average effective maturity of securities in the Fund is intermediate-term at approximately 8 years. The Fund's duration (a measure of risk) is approximately 6.5 years. As always, the Fund maintains a high average credit quality and is broadly diversified across issuers within the State. We remain committed to providing shareholders with high, after-tax returns and a low level of both volatility and credit risk. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Aaa 46.6% Aa 29.6% A 19.1% Baa 1.0% Not Rated 3.7% as of June 30, 1997
GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA LEHMAN CONSUMER MUNICIPAL GENERAL PRICE BOND OBLIGATION INDEX FUND BOND (INFLATION) 6/30/87 $10,000 $10,000 $10,000 6/30/88 $11,009 $10,603 $10,409 6/30/89 $12,166 $11,598 $10,962 6/30/90 $12,778 $12,373 $11,481 6/30/91 $13,909 $13,398 $12,032 6/30/92 $15,234 $14,908 $12,397 6/30/93 $16,890 $16,648 $12,773 6/30/94 $16,796 $16,746 $13,056 6/30/95 $18,003 $18,122 $13,479 6/30/96 $19,012 $19,291 $13,861 6/30/97 $20,362 $20,893 $14,196 Average Annual Total Returns as of June 30, 1997 CMBF Lehman G.O. 1 Year 7.11% 8.28% 5 Years 5.97% 6.98% 10 Years 7.37% 7.65% Past Performance is not predictive of future results.
- 14 INVESTMENT REVIEW - -------------------------------------------------------------------------------- - ---- ---- -- COLUMBIA HIGH YIELD FUND -- ------------------------------ [LOGO] Columbia High Yield Fund provided a total return of 5.83% during the six months ended June 30. The period was characterized by rising interest rates in the first quarter and falling interest rates in the second quarter. The high yield sector outperformed investment-grade securities throughout the period. The high yield sector of the domestic fixed income market has enjoyed several consecutive years of solid performance. Underlying fundamentals are strong even though, in historical terms, valuations are rich compared to investment-grade instruments. Solid growth in the United States, strong cash flows into mutual funds, very low default rates and broadening demand by institutional investors all have provided strength for this sector. SECTORS OF EMPHASIS
% of Net Assets Media 22.0 Manufacturing 13.3 Hotels/Gaming 10.6 Energy 8.2 Health 7.1
As of June 30, 1997 In trading activity during the period, we added to the chemical, diversified media, forest products and electric utility sectors. We decreased holdings in building materials, cable and energy. The Fund maintains a greater than market weighting in such sectors as automotive, broadcasting, diversified media, and hotels/gaming. The Fund is currently underweighted in high yield bonds of air transportation, cable and forest products companies. Unlike many other "junk bond" funds, Columbia High Yield Fund focuses on the "upper tier" or "least risky" types of junk bonds. In this way, the Fund provides investors with access to higher yielding bonds without assuming all the risk associated with the broader high yield market. The Fund's average maturity remains steady at 5.4 years. The Fund's duration, a measure of risk, averaged 4.5 years during the period. On June 30, 41% of the portfolio was rated Ba, 57% was rated B, and 2% was rated Baa by Moody's Investor Services. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Baa 1.5% Ba 41.1% B 57.4% as of June 30, 1997
GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COLUMBIA HIGH YIELD FUND SALOMON BB LIPPER HIGH YIELD BOND FUND INDEX 10/1/93 $10,000 $10,000 $10,000 12/31/93 $10,112 $10,185 $10,498 3/31/94 $9,909 $9,938 $10,387 6/30/94 $9,845 $9,840 $10,249 9/30/94 $10,018 $10,007 $10,246 12/31/94 $10,019 $10,047 $10,112 3/31/95 $10,521 $10,693 $10,606 6/30/95 $11,106 $11,454 $11,165 9/30/95 $11,462 $11,799 $11,550 12/31/95 $11,935 $12,321 $11,870 3/31/96 $12,005 $12,346 $12,173 6/30/96 $12,032 $12,431 $12,368 9/30/96 $12,564 $12,856 $12,942 12/31/96 $13,062 $13,428 $13,372 3/31/97 $13,175 $13,358 $13,427 6/30/97 $13,820 $13,839 $14,130 Average Annual Total Returns as of June 30, 1997 CHYF Salomon BB Lipper HYBF 1 Year 14.88% 11.33% 14.24% Since Inception 9.14% 9.18% 9.79% Past Performance is not predictive of future results.
- 15 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $19.26 $18.59 $15.16 $15.29 $14.04 $13.15 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .14 .25 .26 .27 .22 .24 Net realized and unrealized gains on investments.... 3.01 3.61 4.38 .04 2.08 1.06 - --------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. 3.15 3.86 4.64 .31 2.30 1.30 - --------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.13) (.23) (.26) (.25) (.21) (.24) Distributions (from capital gains).................. (2.96) (.95) (.19) (.84) (.17) - --------------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.13) (3.19) (1.21) (.44) (1.05) (.41) NET ASSET VALUE, END OF PERIOD $22.28 $19.26 $18.59 $15.16 $15.29 $14.04 TOTAL RETURN.......................................... 16.38%(2) 20.71% 30.84% 2.06% 16.44% 9.99% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $674,072 $536,760 $358,523 $124,263 $100,715 $51,049 Ratio of expenses to average net assets............... .76% .76% .80% .84% .84% .86% Ratio of net investment income to average net assets............................................... 1.44% 1.32% 1.68% 1.82% 1.48% 1.97% Portfolio turnover rate............................... 81.05% 111.39% 75.36% 64.21% 90.90% 67.83% Average commission rate paid on portfolio transactions (3).................................................. $0.0593 $0.0601
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 16 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA GROWTH FUND, INC. -- --------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $30.74 $29.84 $24.84 $26.38 $26.18 $26.26 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .10 .19 .31 .29 .16 .17 Net realized and unrealized gains (losses) on investments........................................ 4.46 6.04 7.86 (.46) 3.24 2.93 - ----------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. 4.56 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 $35.30 $30.74 $29.84 $24.84 $26.38 $26.18 TOTAL RETURN.......................................... 14.83%(2) 20.80% 32.98% -.63% 13.01% 11.82% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $1,217,391 $1,064,100 $848,731 $591,694 $605,401 $518,366 Ratio of expenses to average net assets............... .71% .71% .75% .81% .82% .86% Ratio of net investment income to average net assets............................................... .62% .63% 1.14% 1.12% .66% .77% Portfolio turnover rate............................... 88.61% 75.49% 94.73% 79.28% 105.64% 116.38% Average commission rate paid on portfolio transactions (3).................................................. $0.0591 $0.0590
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 17 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $13.86 $13.07 $12.43 $12.96 $9.95 $10.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss).......... .03 .03 .02 (.02) (.02) (.03) Net realized and unrealized gains (losses) on investments and foreign currency transactions................ 2.42 2.13 .62 (.30) 3.34 .11 - ---------------------------------------------------------------------------------------------------------------------------- Total from investment operations.... 2.45 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)(3) - ---------------------------------------------------------------------------------------------------------------------------- Total distributions................. -- (1.37) -- (.21) (.31) (.13) NET ASSET VALUE, END OF PERIOD $16.31 $13.86 $13.07 $12.43 $12.96 $9.95 TOTAL RETURN............................ 17.68%(4) 16.59% 5.15% -2.47% 33.37% .60%(4) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)............................. $169,230 $125,510 $100,873 $118,484 $73,047 $9,745 Ratio of expenses to average net assets................................. 1.58% 1.54% 1.54% 1.52% 1.71% 2.22% Ratio of net investment income (loss) to average net assets..................... .51% .22% .15% (.21)% (.62)% (1.28)% Portfolio turnover rate................. 120.62% 129.40% 156.09% 138.79% 144.78% 25.75% Average commission rate paid on portfolio transactions (5)............. $0.0031 $0.0011
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 10, 1992. (3) Includes amounts distributed from net realized gains on foreign currency transactions taxable as ordinary income. (4) Not annualized. (5) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 18 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $19.85 $21.44 $18.69 $19.51 $18.79 $17.45 INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)........................ .01 (.06) .03 .08 .01 (.03) Net realized and unrealized gains on investments.... 1.47 2.85 5.45 .36 4.04 2.41 - ------------------------------------------------------------------------------------------------------------------------------------ Total from investment operations.................. 1.48 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 $21.33 $19.85 $21.44 $18.69 $19.51 $18.79 TOTAL RETURN.......................................... 7.46%(2) 13.07% 29.53% 2.29% 21.68% 13.70% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $1,471,155 $1,585,284 $1,384,415 $889,526 $772,741 $470,663 Ratio of expenses to average net assets............... .96% .94% .98% 1.05% 1.12% 1.19% Ratio of net investment income (loss) to average net assets............................................... .08% (.29)% .16% .40% .01% (.25)% Portfolio turnover rate............................... 189.28% 150.07% 182.99% 178.91% 154.68% 116.75% Average commission rate paid on portfolio transactions (3).................................................. $0.0577 $0.0553
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 19 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $12.99 $12.00 INCOME FROM INVESTMENT OPERATIONS: Net investment loss................................................................ (.03) Net realized and unrealized gains on investments................................... 1.82 .99 - ----------------------------------------------------------------------------------------------------------------------- Total from investment operations................................................. 1.79 .99 NET ASSET VALUE, END OF PERIOD $14.78 $12.99 TOTAL RETURN......................................................................... 13.78%(3) 7.62%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)............................................. $43,380 $21,061 Ratio of expenses to average net assets.............................................. 1.49% 1.61% Ratio of net investment income to average net assets................................. (.50)% 0.00% Portfolio turnover rate.............................................................. 214.37% 32.57% Average commission rate paid on portfolio transactions (4)........................... $0.0556 $0.0546
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 11, 1996. (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. - -------------------------------------------------------------------------------- - 20 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $16.16 $12.71 $11.72 $12.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income....................................... .32 .77 .78 .49 Net realized and unrealized gains (losses) on investments... 1.02 3.94 1.12 (.27) - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations.......................... 1.34 4.71 1.90 .22 - ---------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income)...................... (.32) (.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....................................... (.32) (1.26) (.91) (.50) NET ASSET VALUE, END OF PERIOD $17.18 $16.16 $12.71 $11.72 TOTAL RETURN.................................................. 8.33%(3) 38.30% 16.86% 1.76%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)...................... $109,098 $68,073 $21,587 $17,402 Ratio of expenses to average net assets....................... 1.01% 1.06% 1.18% 1.14% Ratio of net investment income to average net assets.......... 4.30% 6.23% 6.71% 6.28% Portfolio turnover rate....................................... 33.76% 45.82% 53.91% 7.61% Average commission rate paid on portfolio transactions (4).... $0.0596 $0.0594
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on March 16, 1994. (3) Not annualized. (4) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 21 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $20.32 $20.08 $17.28 $17.91 $16.80 $16.05 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .41 .76 .73 .65 .56 .58 Net realized and unrealized gains (losses) on investments........................................ 1.76 1.58 3.54 (.64) 1.71 .82 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. 2.17 2.34 4.27 .01 2.27 1.40 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.39) (.76) (.73) (.64) (.56) (.57) Dividends (in excess of net investment income)...... (.01) Distributions (from capital gains).................. (1.34) (.74) (.59) (.08) - ---------------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.39) (2.10) (1.47) (.64) (1.16) (.65) NET ASSET VALUE, END OF PERIOD $22.10 $20.32 $20.08 $17.28 $17.91 $16.80 TOTAL RETURN.......................................... 10.75%(2) 11.78% 25.08% .10% 13.62% 8.89% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $762,588 $672,593 $486,767 $249,670 $186,589 $90,230 Ratio of expenses to average net assets............... .66% .66% .69% .72% .73% .81% Ratio of net investment income to average net assets............................................... 3.89% 3.82% 4.05% 3.82% 3.32% 4.08% Portfolio turnover rate............................... 158.12% 133.21% 108.04% 98.48% 107.60% 138.08% Average commission rate paid on portfolio transactions (3).................................................. $0.0600 $0.0596
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. (3) The average commission rate paid by the fund is computed by dividing the dollar amount of commissions paid during the period by the total number of shares purchased and sold during the period for which commissions were charged. - -------------------------------------------------------------------------------- - 22 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .024 .048 .053 .036 .025 .032 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. .024 .048 .053 .036 .025 .032 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.024) (.048) (.053) (.036) (.025) (.032) - ---------------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.024) (.048) (.053) (.036) (.025) (.032) NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 TOTAL RETURN.......................................... 2.46%(2) 4.96% 5.49% 3.68% 2.51% 3.25% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $861,374 $889,800 $800,656 $730,067 $544,500 $591,186 Ratio of expenses to average net assets............... .63% .62% .64% .70% .75% .71% Ratio of net investment income to average net assets............................................... 4.86% 4.84% 5.34% 3.68% 2.49% 3.22%
(1) Ratios are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- - 23 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 NET ASSET VALUE, BEGINNING OF PERIOD $8.24 $8.34 $7.99 $8.36 $8.35 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .21 .41 .45 .37 .32 Net realized and unrealized gains (losses) on investments........................................ (.01) (.10) .35 (.37) .17 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. .20 .31 .80 -- .49 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.21) (.41) (.45) (.37) (.32) Distributions (from capital gains).................. (.16) - -------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.21) (.41) (.45) (.37) (.48) NET ASSET VALUE, END OF PERIOD $8.23 $8.24 $8.34 $7.99 $8.36 TOTAL RETURN.......................................... 2.42%(2) 3.85% 10.21% -.03% 5.91% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $39,465 $40,776 $41,842 $33,512 $35,877 Ratio of expenses to average net assets............... .86% .80% .79% .81% .75% Ratio of net investment income to average net assets............................................... 5.03% 4.99% 5.45% 4.51% 3.74% Portfolio turnover rate............................... 144.20% 179.38% 253.17% 253.80% 254.59% 1992 NET ASSET VALUE, BEGINNING OF PERIOD $8.47 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .39 Net realized and unrealized gains (losses) on investments........................................ .09 - ------------------------------------------------------ Total from investment operations.................. .48 - ------------------------------------------------------ LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.39) Distributions (from capital gains).................. (.21) - ------------------------------------------------------ Total distributions............................... (.60) NET ASSET VALUE, END OF PERIOD $8.35 TOTAL RETURN.......................................... 5.81% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $35,479 Ratio of expenses to average net assets............... .76% Ratio of net investment income to average net assets............................................... 4.60% Portfolio turnover rate............................... 289.05%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- - 24 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $13.08 $13.51 $12.16 $13.44 $13.28 $13.59 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .42 .85 .88 .83 .85 .95 Net realized and unrealized gains (losses) on investments........................................ (.01) (.43) 1.35 (1.28) .52 .09 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. 0.41 0.42 2.23 (.45) 1.37 1.04 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).............. (.42) (.85) (.88) (.83) (.85) (.95) Distributions (from capital gains).................. (.36) (.40) - ---------------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.42) (.85) (.88) (.83) (1.21) (1.35) NET ASSET VALUE, END OF PERIOD $13.07 $13.08 $13.51 $12.16 $13.44 $13.28 TOTAL RETURN.......................................... 3.22%(2) 3.37% 18.91% -3.36% 10.47% 7.99% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $367,703 $356,421 $316,259 $252,090 $300,532 $262,647 Ratio of expenses to average net assets............... .66% .64% .65% .66% .66% .66% Ratio of net investment income to average net assets............................................... 6.46% 6.53% 6.80% 6.53% 6.14% 7.03% Portfolio turnover rate............................... 240.93% 178.25% 137.41% 139.81% 118.80% 195.67%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- - 25 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993 1992 NET ASSET VALUE, BEGINNING OF PERIOD $12.15 $12.37 $11.48 $12.71 $12.17 $12.22 INCOME FROM INVESTMENT OPERATIONS: Net investment income............................... .30 .61 .63 .64 .66 .69 Net realized and unrealized gains (losses) on investments........................................ .03 (.16) .96 (1.23) .62 .07 - ---------------------------------------------------------------------------------------------------------------------------------- Total from investment operations.................. .33 .45 1.59 (.59) 1.28 .76 - ---------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income) (2).......... (.30) (.61) (.63) (.64) (.66) (.69) Distributions (from capital gains).................. (.06) (.07) (.08) (.12) - ---------------------------------------------------------------------------------------------------------------------------------- Total distributions............................... (.30) (.67) (.70) (.64) (.74) (.81) NET ASSET VALUE, END OF PERIOD $12.18 $12.15 $12.37 $11.48 $12.71 $12.17 TOTAL RETURN.......................................... 2.75%(3) 3.77% 14.15% -4.68% 10.73% 6.46% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).............. $389,673 $375,667 $383,796 $339,817 $430,367 $341,924 Ratio of expenses to average net assets............... .58% .56% .57% .57% .58% .59% Ratio of net investment income to average net assets............................................... 4.93% 5.00% 5.22% 5.36% 5.25% 5.69% Portfolio turnover rate............................... 12.90% 19.03% 21.45% 19.40% 9.92% 17.82%
(1) Ratios and portfolio turnover rate are annualized. (2) 100% exempt from federal taxation. (3) Not annualized. - -------------------------------------------------------------------------------- - 26 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - ---- ---- -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)(1) 1996 1995 1994 1993(1)(2) NET ASSET VALUE, BEGINNING OF PERIOD $9.94 $9.88 $9.04 $9.94 $10.00 INCOME FROM INVESTMENT OPERATIONS: Net investment income........................... .40 .81 .82 .80 .18 Net realized and unrealized gains (losses) on investments.................................... .17 .07 .84 (.90) (.06) - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations.............. .57 .88 1.66 (.10) .12 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends (from net investment income).......... (.40) (.81) (.82) (.80) (.18) Distributions (from capital gains).............. (.01) - -------------------------------------------------------------------------------------------------------------------------- Total distributions........................... (.40) (.82) (.82) (.80) (.18) NET ASSET VALUE, END OF PERIOD $10.11 $9.94 $9.88 $9.04 $9.94 TOTAL RETURN...................................... 5.83%(3) 9.43% 19.12% -.92% 1.12%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands).......... $35,562 $28,818 $23,471 $12,834 $5,940 Ratio of expenses to average net assets........... 0.99% 0.93%(4) 1.00%(4) 1.00%(4) 1.00%(4) Ratio of net investment income to average net assets........................................... 7.94% 8.29% 8.62% 8.69% 7.30% Portfolio turnover rate........................... 167.30% 62.27% 51.60% 36.67% 0.00%
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 15, 1993. (3) Not annualized. (4) The ratio was 1.00% 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. - -------------------------------------------------------------------------------- - 27 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------------------------------------------------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (90.8%) FINANCE (8.2%) American Express Co. ................................................................. 100,900 $ 7,517,050 BankAmerica Corp. .................................................................... 99,600 6,430,425 Berkley (W.R.) Corp. ................................................................. 100,000 5,887,500 Chase Manhattan Corp. ................................................................ 64,400 6,250,825 *Hartford Life, Inc. (Class A)........................................................ 95,100 3,566,250 Morgan Stanley, Dean Witter, Discover & Co. ...................................................................... 145,700 6,274,206 NAC Re Corp. ......................................................................... 60,400 2,921,850 PNC Bank Corp. ....................................................................... 127,900 5,323,838 TIG Holdings, Inc. ................................................................... 181,500 5,671,875 U.S. Bancorp.......................................................................... 88,800 5,694,300 -------------- 55,538,119 -------------- BUILDING & FORESTRY PRODUCTS (4.2%) Champion International Corp. ......................................................... 300,000 16,575,000 Willamette Industries, Inc. .......................................................... 167,200 11,704,000 -------------- 28,279,000 -------------- BUSINESS & CONSUMER SERVICES (2.8%) *Hertz Corp. (Class A)................................................................ 210,000 7,560,000 Service Corp. Int'l. ................................................................. 337,500 11,095,312 -------------- 18,655,312 -------------- CHEMICAL (5.4%) du Pont (E.I.) de Nemours & Co. ...................................................... 136,000 8,551,000 Grace (W.R.) & Co. ................................................................... 119,100 6,565,387 Hercules, Inc. ....................................................................... 171,100 8,191,413 IMC Global, Inc. ..................................................................... 183,000 6,405,000 Monsanto Co. ......................................................................... 158,700 6,834,019 -------------- 36,546,819 -------------- CONSUMER NON-DURABLE (14.3%) *Circus Circus Enterprises, Inc. ..................................................... 297,000 7,313,625 *Costco Cos., Inc. ................................................................... 200,000 6,575,000 *Federated Department Stores, Inc. ................................................... 254,500 8,843,875 *ITT Corp. ........................................................................... 225,400 13,763,487 Liz Claiborne, Inc. .................................................................. 141,100 6,578,788 Marriott International, Inc. ......................................................... 116,400 7,144,050 Mattel, Inc. ......................................................................... 236,250 8,002,969 McDonald's Corp. ..................................................................... 160,000 7,730,000 *Meyer (Fred), Inc. .................................................................. 300,000 15,506,250 Sears, Roebuck & Co. ................................................................. 151,100 8,121,625 Wal-Mart Stores, Inc. ................................................................ 192,500 6,508,906 -------------- 96,088,575 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CONSUMER STAPLES (9.4%) American Stores Co. .................................................................. 231,000 $ 11,405,625 Avon Products, Inc. .................................................................. 128,300 9,053,169 Gillette Co. ......................................................................... 72,500 6,869,375 PepsiCo, Inc. ........................................................................ 200,000 7,512,500 Rite Aid Corp. ....................................................................... 147,200 7,341,600 *Safeway, Inc. ....................................................................... 156,000 7,195,500 Sunbeam Corp. ........................................................................ 379,400 14,322,350 -------------- 63,700,119 -------------- ENERGY (9.4%) Amoco Corp. .......................................................................... 105,100 9,137,131 Exxon Corp. .......................................................................... 120,000 7,380,000 Louisiana Land & Exploration Co. ..................................................... 118,700 6,780,738 Mobil Corp. .......................................................................... 141,600 9,894,300 Royal Dutch Petroleum Co. ............................................................ 249,600 13,572,000 Texaco, Inc. ......................................................................... 106,000 11,527,500 Union Pacific Resources Group, Inc. .................................................. 200,000 4,975,000 -------------- 63,266,669 -------------- ENERGY SERVICES (1.5%) Schlumberger Ltd. .................................................................... 80,000 10,000,000 -------------- ENTERTAINMENT & MEDIA (1.0%) *Viacom, Inc. (Class B)............................................................... 235,500 7,065,000 -------------- HEALTH (5.7%) American Home Products Corp. ......................................................... 86,000 6,579,000 Baxter International, Inc. ........................................................... 148,400 7,753,900 Bristol-Myers Squibb Co. ............................................................. 90,000 7,290,000 Pfizer, Inc. ......................................................................... 64,000 7,648,000 *Tenet Healthcare Corp. .............................................................. 49,300 1,457,431 Warner-Lambert Co. ................................................................... 63,500 7,889,875 -------------- 38,618,206 -------------- MACHINERY & CAPITAL SPENDING (7.7%) *ADT Ltd. ............................................................................ 203,300 6,708,900 Case Corp. ........................................................................... 133,000 9,160,375 Caterpillar, Inc. .................................................................... 88,000 9,449,000 Deere & Co. .......................................................................... 206,700 11,342,663 Emerson Electric Co. ................................................................. 164,000 9,030,250 Tyco International Ltd. .............................................................. 91,300 6,351,056 -------------- 52,042,244 -------------- METAL MINING & STEEL (4.2%) Aluminum Company of America........................................................... 200,000 15,075,000 *Getchell Gold Corp. ................................................................. 167,000 5,865,875
- 28 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------------------------------------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Newmont Mining Corp. ................................................................. 187,500 $ 7,312,500 -------------- 28,253,375 -------------- REAL ESTATE SECURITIES (6.0%) American Health Properties, Inc. ..................................................... 120,000 3,015,000 Associated Estates Realty Corp. ...................................................... 157,400 3,698,900 Beacon Properties Corp. .............................................................. 124,100 4,141,837 Cali Realty Corp. .................................................................... 94,000 3,196,000 Equity Residential Properties Trust................................................... 125,000 5,937,500 First Industrial Realty Trust, Inc. .................................................. 150,000 4,387,500 JP Realty, Inc. ...................................................................... 106,500 2,888,812 Liberty Property Trust................................................................ 120,000 2,985,000 Manufactured Home Communities, Inc. .................................................. 49,000 1,130,063 Simon DeBartolo Group, Inc. .......................................................... 190,400 6,092,800 Spieker Properties, Inc. ............................................................. 79,000 2,779,813 -------------- 40,253,225 -------------- TECHNOLOGY (8.2%) Adobe Systems, Inc. .................................................................. 178,000 6,241,125 *Applied Materials, Inc. ............................................................. 68,700 4,864,819 Autodesk, Inc. ....................................................................... 100,000 3,831,250 Boeing Co. ........................................................................... 138,000 7,322,625 *Computer Sciences Corp. ............................................................. 83,200 6,000,800 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 160,000 6,300,000 Intel Corp. .......................................................................... 34,400 4,878,350 *Microsoft Corp. ..................................................................... 60,600 7,658,325 Motorola, Inc. ....................................................................... 104,000 7,904,000 -------------- 55,001,294 -------------- UTILITIES/COMMUNICATIONS (1.7%) Frontier Corp. ....................................................................... 244,300 4,870,731 SBC Communications, Inc. ............................................................. 102,400 6,336,000 -------------- 11,206,731 -------------- UTILITIES/ELECTRIC/GAS (1.1%) Idaho Power Co. ...................................................................... 236,600 7,423,325 -------------- Total Common Stocks (Cost $491,243,573) ................................................................. 611,938,013 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- REPURCHASE AGREEMENTS (10.6%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $33,894,902. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. .............................................................. $ 33,889,432 $ 33,889,433 J.P. Morgan Securities, Inc. 6.003% dated 06/30/1997, due 07/01/1997 in the amount of $33,705,543. Collateralized by U.S. Treasury Bills due 11/13/1997 to 11/20/1997, U.S. Treasury Note 6.625% due 04/30/2002. ........................................... 33,700,000 33,700,000 Merrill Lynch 5.728% dated 06/30/1997 due 07/01/1997 in the amount of $3,700,581. Collateralized by U.S. Treasury Bonds 9.250% to 11.750% due 11/15/2014 to 02/15/2016. ....................................................... 3,700,000 3,700,000 -------------- Total Repurchase Agreements (Cost $71,289,433) .................................................................. 71,289,433 -------------- TOTAL INVESTMENTS (101.4%) (Cost $562,533,006)...................................................................... 683,227,446 RECEIVABLES LESS LIABILITIES (-1.4%)...................................................... (9,155,483) -------------- NET ASSETS (100.0%)....................................................................... $ 674,071,963 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 29 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (95.8%) AEROSPACE (0.9%) Boeing Co. ........................................................................... 205,960 $ 10,928,752 -------------- FINANCE (14.0%) Allstate Corp. ....................................................................... 271,600 19,826,800 American International Group, Inc. ................................................... 96,150 14,362,406 BankAmerica Corp. .................................................................... 200,000 12,912,500 Barnett Banks, Inc. .................................................................. 239,000 12,547,500 Berkley (W.R.) Corp. ................................................................. 187,500 11,039,062 Chase Manhattan Corp. ................................................................ 100,000 9,706,250 Federal Home Loan Mortgage Corp. ..................................................... 500,700 17,211,563 Federal National Mortgage Assn. ...................................................... 456,800 19,927,900 First Chicago NBD Corp. .............................................................. 181,800 10,998,900 Morgan Stanley, Dean Witter, Discover & Co. ...................................................................... 505,080 21,750,008 NationsBank Corp. .................................................................... 307,000 19,801,500 -------------- 170,084,389 -------------- BUILDING & FORESTRY PRODUCTS (1.6%) *Crown Vantage, Inc. ................................................................. 335,000 2,512,500 Mead Corp. ........................................................................... 281,600 17,529,600 -------------- 20,042,100 -------------- BUSINESS & CONSUMER SERVICES (2.2%) *FIserv, Inc. ........................................................................ 300,500 13,409,812 Service Corp. Int'l. ................................................................. 398,300 13,094,113 -------------- 26,503,925 -------------- CHEMICAL (0.8%) du Pont (E.I.) de Nemours & Co. ...................................................... 154,000 9,682,750 -------------- CONSUMER NON-DURABLE (18.5%) *Consolidated Stores Corp. ........................................................... 312,500 10,859,375 *Federated Department Stores, Inc. ................................................... 682,800 23,727,300 *HFS, Inc. ........................................................................... 500,000 29,000,000 Liz Claiborne, Inc. .................................................................. 243,600 11,357,850 Mattel, Inc. ......................................................................... 800,700 27,123,712 *Neiman-Marcus Group, Inc. ........................................................... 500,000 13,125,000 *Payless ShoeSource, Inc. ............................................................ 300,000 16,406,250 *Polo Ralph Lauren Corp. (Class A).................................................... 190,000 5,201,250 Sears, Roebuck & Co. ................................................................. 456,300 24,526,125 Tandy Corp. .......................................................................... 100,000 5,600,000 TJX Cos., Inc. ....................................................................... 197,000 5,195,875 Unifi, Inc. .......................................................................... 200,000 7,475,000 Warnaco Group, Inc. (Class A)......................................................... 1,424,400 45,402,750 -------------- 225,000,487 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CONSUMER STAPLES (12.0%) American Stores Co. .................................................................. 332,200 $ 16,402,375 Avon Products, Inc. .................................................................. 105,100 7,416,119 Gillette Co. ......................................................................... 312,100 29,571,475 Libbey, Inc. ......................................................................... 365,500 12,792,500 Philip Morris Cos., Inc. ............................................................. 544,900 24,179,938 Rite Aid Corp. ....................................................................... 558,925 27,876,384 *Samsonite Corp. ..................................................................... 225,000 9,928,125 Sunbeam Corp. ........................................................................ 488,300 18,433,325 -------------- 146,600,241 -------------- ENERGY (0.9%) Anadarko Petroleum Corp. ............................................................. 112,000 6,720,000 Apache Corp. ......................................................................... 113,700 3,695,250 -------------- 10,415,250 -------------- ENERGY SERVICES (0.8%) Schlumberger Ltd. .................................................................... 75,000 9,375,000 -------------- ENTERTAINMENT & MEDIA (1.0%) Time Warner, Inc. .................................................................... 250,000 12,062,500 -------------- HEALTH (14.2%) Aetna, Inc. .......................................................................... 155,000 15,868,125 *Apria Healthcare Group, Inc. ........................................................ 1,778,520 31,568,730 *BioChem Pharma, Inc. ................................................................ 500,000 11,125,000 Bristol-Myers Squibb Co. ............................................................. 200,000 16,200,000 Cardinal Health, Inc. ................................................................ 196,000 11,221,000 *Ethical Holdings Ltd. ADR............................................................ 300,000 1,331,250 HBO & Co. ............................................................................ 180,000 12,397,500 *Lincare Holdings, Inc. .............................................................. 25,000 1,075,000 McKesson Corp. ....................................................................... 109,400 8,478,500 Merck & Co., Inc. .................................................................... 155,500 16,094,250 *Tenet Healthcare Corp. .............................................................. 745,900 22,050,669 Warner-Lambert Co. ................................................................... 200,000 24,850,000 -------------- 172,260,024 -------------- HOTELS & GAMING (2.7%) *Circus Circus Enterprises, Inc. ..................................................... 308,600 7,599,275 *Host Marriott Corp. ................................................................. 400,000 7,125,000 Marriott International, Inc. ......................................................... 152,100 9,335,138 *Station Casinos, Inc. ............................................................... 1,076,600 9,016,525 -------------- 33,075,938 -------------- MACHINERY & CAPITAL SPENDING (6.7%) *ADT Ltd. ............................................................................ 392,200 12,942,600 *American Standard Cos., Inc. ........................................................ 49,200 2,201,700 Case Corp. ........................................................................... 175,000 12,053,125 Emerson Electric Co. ................................................................. 350,000 19,271,875
- 30 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- -------------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) General Electric Co. ................................................................. 237,800 $ 15,546,175 Tyco International Ltd. .............................................................. 286,400 19,922,700 -------------- 81,938,175 -------------- METAL MINING & STEEL (0.3%) Aluminum Company of America........................................................... 50,000 3,768,750 -------------- REAL ESTATE SECURITIES (3.8%) Amli Residential Properties Trust..................................................... 180,500 4,264,312 Beacon Properties Corp. .............................................................. 79,500 2,653,313 Camden Property Trust................................................................. 166,250 5,257,656 Duke Realty Investments, Inc. ........................................................ 84,100 3,406,050 Equity Residential Properties Trust................................................... 219,900 10,445,250 JP Realty, Inc. ...................................................................... 350,000 9,493,750 Public Storage, Inc. ................................................................. 50,000 1,462,500 Simon DeBartolo Group, Inc. .......................................................... 144,300 4,617,600 TriNet Corporate Realty Trust, Inc. .................................................. 146,000 4,827,125 -------------- 46,427,556 -------------- TECHNOLOGY (13.4%) Adobe Systems, Inc. .................................................................. 144,000 5,049,000 *Applied Materials, Inc. ............................................................. 171,600 12,151,425 Autodesk, Inc. ....................................................................... 198,000 7,585,875 *Cisco Systems, Inc. ................................................................. 229,100 15,378,337 Computer Associates International, Inc. .............................................. 100,000 5,568,750 *Computer Sciences Corp. ............................................................. 207,000 14,929,875 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................................................ 350,000 13,781,250 Intel Corp. .......................................................................... 103,200 14,635,050 *KLA-Tencor Corp. .................................................................... 157,800 7,692,750 *Microsoft Corp. ..................................................................... 151,500 19,145,813 Motorola, Inc. ....................................................................... 213,100 16,195,600 *Oracle Corp. ........................................................................ 274,350 13,820,381
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- *Tellabs, Inc. ....................................................................... 200,000 $ 11,175,000 Texas Instruments, Inc. .............................................................. 75,600 6,355,125 -------------- 163,464,231 -------------- UTILITIES/COMMUNICATIONS (2.0%) *Paging Network, Inc. ................................................................ 622,100 5,462,816 SBC Communications, Inc. ............................................................. 300,000 18,562,500 -------------- 24,025,316 -------------- Total Common Stocks (Cost $910,273,825) ................................................................. 1,165,655,384 -------------- REPURCHASE AGREEMENT (3.3%) Goldman Sachs Corp. 5.891% dated 6/30/1997, due 07/01/1997 in the amount of $40,845,651 Collateralized by U.S. Treasury Note 5.750% due 08/15/2003, U.S. Treasury Bond 6.250% due 08/15/2023 (Cost $40,839,060)................................................................... $ 40,839,060 40,839,060 -------------- TOTAL INVESTMENTS (99.1%) (Cost $951,112,885)...................................................................... 1,206,494,444 RECEIVABLES LESS LIABILITIES (0.9%)....................................................... 10,896,624 -------------- NET ASSETS (100.0%)....................................................................... $1,217,391,068 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 31 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (86.4%) ARGENTINA (0.6%) *Disco SA, ADR (Retail)............................................................... 26,000 $ 1,030,250 -------------- BRAZIL (0.5%) *Latas de Aluminino SA, GDR (Containers)......................................................................... 20,000 315,000 Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 497,813 -------------- 812,813 -------------- CANADA (2.6%) Bank of Nova Scotia (Banking)......................................................... 20,000 877,320 Bombardier, Inc. (Class B) (Manufacturing - Diversified Inds.).................................................. 80,000 1,815,545 Northern Telecom Ltd. (Electronics)................................................... 15,000 1,353,502 Thomson Corp. (Publishing)............................................................ 16,000 368,910 -------------- 4,415,277 -------------- DENMARK (0.4%) *Inwear Group AS (Retail)............................................................. 13,500 667,903 -------------- FINLAND (1.2%) Finnlines Oy (Transportation)......................................................... 34,000 1,041,338 Merita Ltd. (Class A) (Banking)....................................................... 280,000 916,901 -------------- 1,958,239 -------------- FRANCE (4.6%) Alcatel Alsthom SA (Electrical Equipment)............................................. 10,000 1,254,260 BIC SA (Consumer Products)............................................................ 3,000 491,309 Carrefour SA (Retail)................................................................. 1,200 872,802 Cie de Saint Gobain SA (Building Materials)........................................... 3,600 525,767 Cie Francaise d'Etudes et de Construction Technip (Construction)...................... 3,700 430,027 Cie Generale des Etablissements Michelin (Class B) (Tire & Rubber Goods).............. 11,000 661,537 Cipe France SA (Business Services).................................................... 1,800 233,129 Elf-Aquitaine SA (Oil Exploration & Production)....................................... 6,000 648,262 Lafarge SA (Building Materials)....................................................... 7,200 448,466 L'Oreal SA (Consumer Products)........................................................ 1,300 548,535 Sodexho Alliance SA (Food & Beverages)................................................ 1,000 512,781 Schneider SA (Electrical Equipment)................................................... 13,000 692,979 Synthelabo SA (Pharmaceuticals)....................................................... 3,600 469,325 -------------- 7,789,179 -------------- GERMANY (4.8%) Bayer AG (Chemicals).................................................................. 35,000 1,346,710 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Daimler-Benz AG (Motor Vehicles & Parts)............................................................. 9,000 $ 731,140 Deutsche Bank AG (Banking)............................................................ 25,000 1,462,567 Gehe AG (Wholesale Distributor)....................................................... 20,000 1,366,403 Heidelberger Zement AG (Building Materials)........................................... 3,500 331,554 Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 1,070,617 Thyssen AG (Metals, Mining & Steel)................................................... 3,000 711,333 Volkswagen AG (Motor Vehicles & Parts)................................................ 1,500 1,151,395 -------------- 8,171,719 -------------- HUNGARY (0.1%) *Gedeon Richter Ltd., GDS (Pharmaceuticals)........................................... 2,700 248,400 -------------- HONG KONG (4.6%) China Resources Beijing Land Ltd. (Real Estate)....................................... 822,000 610,123 COSCO Pacific Ltd. (Class H) (Container Leasing)...................................... 920,000 2,131,719 Guangnan Holdings (Class H) (Wholesale Distributor)................................... 1,942,857 3,034,617 HSBC Holdings plc (Banking)........................................................... 56,000 1,684,308 Qingling Motors Co., Ltd. (Class H) (Motor Vehicles & Parts).......................... 650,000 335,622 -------------- 7,796,389 -------------- INDIA (3.0%) Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 20,000 698,500 Indian Hotels Co., Ltd., The, GDR (Entertainment & Leisure)........................... 37,000 878,750 *Industrial Credit & Investment Corp. of India Ltd., The, GDR (Financial Services)................................................................. 30,000 435,000 Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 685,000 Mahindra & Mahindra Ltd. (Motor Vehicles & Parts)..................................... 70,000 855,066 Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 50,000 768,750 *Videsh Sanchar Nigam Ltd., GDR (Utilities - Communication)........................... 40,000 833,000 -------------- 5,154,066 -------------- ITALY (1.2%) Fiat S.p.A (Motor Vehicles & Parts)................................................... 550,000 1,977,928 --------------
- 32 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) JAPAN (30.1%) Banyu Pharmaceutical Co., Ltd. (Pharmaceuticals)...................................... 22,000 $ 386,572 Bellsystem 24, Inc. (Business Services)............................................... 6,000 891,686 BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 32,000 744,121 CANON, INC. (Electronics)............................................................. 28,000 763,703 DENSO CORP. (Motor Vehicles & Parts).................................................. 23,000 550,922 East Japan Railway Co. (Transportation)............................................... 148 760,766 Fuji Bank Ltd., The (Banking)......................................................... 110,000 1,653,991 Fuji Heavy Industries Ltd. (Machinery & Capital Spending)............................. 91,000 475,723 Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 50,000 2,015,036 FUJITSU LTD. (Electronics)............................................................ 47,000 653,291 Hitachi Maxell Ltd. (Electronics)..................................................... 36,000 893,785 HOYA Corp. (Manufacturing)............................................................ 23,000 1,025,439 Ishikawajima-Harima Heavy Industries Co., Ltd. (Machinery & Capital Spending)......... 310,000 1,219,512 KEYENCE CORP. (Electronics)........................................................... 6,600 980,855 KOMATSU LTD. (Machinery & Capital Spending)........................................... 143,000 1,162,602 MABUCHI MOTOR CO., LTD. (Electrical Equipment)........................................ 16,000 930,151 Matsushita-Kotobuki Electronics Inds., Ltd. (Electronics)............................. 21,000 697,614 Mitsubishi Corp. (Wholesale Distributor).............................................. 65,000 812,571 Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 70,000 1,015,823 Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 149,000 1,144,952 Mitsubishi Trust & Banking Corp., The (Banking)....................................... 55,000 870,268 MITSUI & CO., LTD. (Wholesale Distributor)............................................ 90,000 865,460 Mitsui Fudosan Co., Ltd. (Real Estate)................................................ 61,000 842,556 NIDEC CORP. (Electronics)............................................................. 20,000 979,107 Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 18,000 1,507,475 NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 529,000 1,692,578 NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities - Communication)........................ 100 961,623 Nomura Securities Co., Ltd., The (Financial Services)................................. 38,000 524,871 NTT Data Communications Systems Corp. (Business Services)............................. 35 1,355,451
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- ROHM CO., LTD. (Electronics).......................................................... 17,000 $ 1,753,650 SANKYO CO., LTD. (Pharmaceuticals).................................................... 36,000 1,211,644 Sanwa Bank Ltd., The (Banking)........................................................ 110,000 1,634,758 SEVEN-ELEVEN JAPAN CO., LTD. (Retail)................................................. 3,000 227,118 SHIMAMURA CO., LTD. (Retail).......................................................... 23,200 827,485 Shiseido Co., Ltd. (Consumer Products)................................................ 107,000 1,767,899 SHOWA CORP. (Motor Vehicles & Parts).................................................. 100,000 848,851 SONY CORP. (Electronics).............................................................. 46,000 4,017,309 Sumitomo Bank Ltd., The (Banking)..................................................... 100,000 1,643,500 Sumitomo Trust & Banking Co., Ltd., The (Banking)..................................... 75,000 806,452 TDK CORP. (Electronics)............................................................... 15,000 1,102,806 Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 41,000 1,154,122 Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 130,000 1,704,695 Tokyo Electron Ltd. (Electronics)..................................................... 22,000 1,053,938 TOKYO STEEL MANUFACTURING CO., LTD. (Metals, Mining & Steel).......................... 60,000 671,387 TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 50,000 1,477,402 TRANS COSMOS, INC. (Business Services)................................................ 18,000 659,323 -------------- 50,940,843 -------------- KOREA (1.0%) *CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 963,300 Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 760,500 -------------- 1,723,800 -------------- MALAYSIA (2.1%) Konsortium Perkapalan Berhad (Transportation)......................................... 115,000 679,071 Malayan Banking Berhad (Banking)...................................................... 116,000 1,218,246 Tenaga Nasional Berhad (Utilities - Electric)......................................... 211,000 1,028,534 United Engineers of Malaysia Ltd., Berhad (Construction).............................. 80,000 577,022 -------------- 3,502,873 -------------- MEXICO (0.8%) Fomento Economico Mexicano SA de CV (Series B) (Brewers).............................. 240,000 1,427,565 --------------
- 33 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) NETHERLANDS (6.0%) ABN Amro Holding NV (Banking)......................................................... 32,524 $ 607,832 Aegon NV (Insurance).................................................................. 25,764 1,802,322 Akzo Nobel NV (Chemicals)............................................................. 4,800 659,314 Elsevier NV (Publishing).............................................................. 80,000 1,339,869 Koninklijke Pakhoed NV (Certificates) (Oil Equipment & Services)........................................................... 16,484 582,462 NV Verenidge Bedrijven Nutricia (Certificates) (Food & Beverages)..................... 4,856 768,668 Philips Electronics NV (Electronics).................................................. 10,000 717,933 Royal Dutch Petroleum Co. (Oil Exploration & Production).............................. 32,000 1,668,301 *Vedior Holdings NV, BDR (Certificates) (Business Services)........................... 50,000 1,325,061 Vendex International NV (Certificates) (Retail)....................................... 13,105 719,357 -------------- 10,191,119 -------------- NORWAY (0.5%) Smedvig ASA (Class A) (Oil Equipment & Services)...................................... 32,000 800,602 -------------- SPAIN (2.2%) Banco Bilbao Vizcaya SA (Banking)..................................................... 16,000 1,302,680 Dragados & Construcciones, SA (Construction).......................................... 39,000 811,726 Repsol SA, ADR (Oil Exploration & Production)......................................... 16,000 679,000 Telefonica de Espana SA, ADR (Utilities - Communication).............................. 10,000 862,500 -------------- 3,655,906 -------------- SWEDEN (1.5%) Assa Abloy AB (Series B) (Manufacturing - Diversified Inds.).......................... 33,000 675,188 *Scandic Hotels AB (Entertainment & Leisure).......................................... 38,000 600,339 SSAB Svenskt Stal AB (Series B) (Metals, Mining & Steel).............................. 25,000 508,268 Telefonaktiebolaget LM Ericsson, ADR (Electronics).................................... 20,000 787,500 -------------- 2,571,295 -------------- SWITZERLAND (3.4%) ABB AG (Bearer) (Electrical Equipment)................................................ 750 1,137,612
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- *Ciba Spezialitatenchemie AG (Bearer) (Chemicals)..................................... 6,400 $ 592,999 Credit Suisse Group (Registered) (Financial Services)................................. 6,500 836,479 Forbo Holding AG (Registered) (Manufacturing)......................................... 1,300 562,114 Novartis AG (Bearer) (Pharmaceuticals)................................................ 1,600 2,560,878 -------------- 5,690,082 -------------- TAIWAN (1.5%) Cathay Life Insurance Co., Ltd. (Insurance)........................................... 30,000 171,706 China Development Corp. (Banking)..................................................... 129,000 666,361 Far Eastern Department Stores Ltd. (Retail)........................................... 280,000 445,501 First CommercialBank (Banking)........................................................ 55,500 226,755 Formosa Plastic Corp. (Chemicals)..................................................... 174,400 420,619 President Enterprises Corp. (Food & Beverages)........................................ 295,000 584,053 -------------- 2,514,995 -------------- UNITED KINGDOM (13.7%) Associated British Foods plc (Food & Beverages)....................................... 62,000 534,926 Bank of Scotland (Banking)............................................................ 86,000 549,519 Barclays plc (Banking)................................................................ 50,639 1,004,419 British Aerospace plc (Aircraft & Aerospace).......................................... 76,000 1,690,191 British Petroleum Co., plc (Oil Exploration & Production)............................. 108,930 1,353,102 British Sky Broadcasting Group plc (Media)............................................ 30,000 219,648 British Telecommunications plc (Utilities - Communication)............................ 230,000 1,706,931 Compass Group plc (Restaurants)....................................................... 78,000 874,798 *Dr. Solomon's Group plc (Business Services).......................................... 22,500 570,937 Electrocomponents plc (Electronics)................................................... 86,469 645,322 Glaxo Wellcome plc (Pharmaceuticals).................................................. 86,000 1,774,490 Granada Group plc (Entertainment & Leisure)........................................... 60,616 796,834 Hays plc (Business Services).......................................................... 120,000 1,140,173 Imperial Chemical Industries plc (Chemical)........................................... 98,000 1,362,467 National Westminster Bank plc (Banking)............................................... 93,000 1,249,622 Next plc (Retail)..................................................................... 80,000 903,219 *Norwich Union plc (Insurance)........................................................ 150,000 797,472 PizzaExpress plc (Restaurants)........................................................ 37,400 391,449 *Railtrack Group plc (Transportation)................................................. 100,000 1,040,832 Siebe plc (Machinery & Capital Spending).............................................. 72,295 1,223,440 Smithkline Beecham plc (Pharmaceuticals).............................................. 50,241 924,209
- 34 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Smiths Industries plc (Manufacturing - Diversified Inds.)............................. 28,000 $ 358,525 Wetherspoon, J.D. plc (Restaurants)................................................... 28,000 634,816 WPP Group plc (Business Services)..................................................... 160,000 656,282 Zeneca Group plc (Pharmaceuticals).................................................... 24,000 793,129 -------------- 23,196,752 -------------- Total Common Stocks (Cost $117,363,182) ................................................................. 146,237,995 -------------- PREFERRED STOCKS (5.6%) BRAZIL (5.1%) Bardella Industrias Mecanicas SA (Manufacturing - Diversified Inds.).................. 4,000 587,088 Cia Cervejaria Brahma SA (Food & Beverages)........................................... 1,740,000 1,325,406 Cia Paranaense de EnergiSA (Class B) (Utilities - Electric)........................... 73,000,000 1,356,247 Cia Tecidos do Norte de Minas SA (Textiles)........................................... 1,195,000 466,233 DIXIE TOGA SA (Containers)............................................................ 437,500 235,718 Petroleo Brasileiro SA (Oil Exploration & Production)................................. 1,000,000 277,761 Telecommunicacoes Brasileiras SA (Utilities - Communication).......................................................... 27,000,000 4,095,773 Wentex Textil SA (Textiles)........................................................... 50,000 204,366 -------------- 8,548,592 -------------- GERMANY (0.5%) Porsche AG (Motor Vehicles & Parts)................................................... 700 932,369 -------------- Total Preferred Stocks (Cost $6,463,570) ................................................................... 9,480,961 -------------- WARRANTS (0.1%) FRANCE (0.1%) *Cie Generale des Eaux (05/02/2001) (Utilities)....................................... 220,000 131,970 -------------- JAPAN (0.0%) *Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 3,432 -------------- Total Warrants (Cost $692,496) ..................................................................... 135,402 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CONVERTIBLE BOND (0.5%) GERMANY (0.5%) Daimler-Benz AG (Motor Vehicles & Parts) 5.750% 06/14/2002 (Cost $819,929)...................................................................... $ 1,285,827 $ 837,343 -------------- Total investments, excluding temporary cash investments (Cost $125,339,177) ................................................................. 156,691,701 -------------- REPURCHASE AGREEMENTS (6.9%) Goldman Sachs Corp. 5.891% dated 6/30/1997, due 07/01/1997 in the amount of $8,634,853. Collateralized by U.S. Treasury Note 5.750% due 08/15/2003, U.S. Treasury Bond 6.250% due 08/15/2023. .............................................................. 8,633,460 8,633,460 J.P. Morgan Securities, Inc. 6.003% dated 6/30/1997, due 07/01/1997 in the amount of $3,000,493. Collateralized by U.S. Treasury Note 6.625% due 04/30/2002, U.S. Treasury Bill due 11/13/1997 to 11/20/1997. ....................................................... 3,000,000 3,000,000 -------------- Total Repurchase Agreements (Cost $11,633,460) .................................................................. 11,633,460 -------------- TOTAL INVESTMENTS (99.5%) (Cost $136,972,637)...................................................................... 168,325,161 CASH AND RECEIVABLES LESS LIABILITIES (0.5%).............................................. 905,204 -------------- NET ASSETS (100%)......................................................................... $ 169,230,365 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 35 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- --------------------------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (92.7%) FINANCE (0.5%) *Hartford Life, Inc. (Class A)........................................................ 214,300 $ 8,036,250 -------------- BUILDING & FORESTRY PRODUCTS (11.4%) Boise Cascade Corp. .................................................................. 660,000 23,306,250 Champion International Corp. ......................................................... 770,000 42,542,500 Georgia-Pacific Corp. ................................................................ 245,000 20,916,875 *Giant Cement Holdings, Inc. ......................................................... 200,000 3,750,000 Lafarge Corp. ........................................................................ 420,000 10,290,000 Lone Star Industries, Inc. ........................................................... 150,000 6,796,875 Martin Marietta Materials, Inc. ...................................................... 275,000 8,903,125 Southdown, Inc. ...................................................................... 145,000 6,325,625 Stone Container Corp. ................................................................ 700,000 10,018,750 Temple-Inland, Inc. .................................................................. 285,000 15,390,000 Willamette Industries, Inc. .......................................................... 275,000 19,250,000 -------------- 167,490,000 -------------- BUSINESS & CONSUMER SERVICES (8.4%) *AccuStaff, Inc. ..................................................................... 550,000 13,028,125 Danka Business Systems plc ADR........................................................ 505,000 20,641,875 DENTSPLY International, Inc. ......................................................... 275,000 13,475,000 *FIserv, Inc. ........................................................................ 425,000 18,965,625 *Hertz Corp. (Class A)................................................................ 484,000 17,424,000 *Romac International, Inc. ........................................................... 300,000 9,825,000 Service Corp. Int'l. ................................................................. 600,000 19,725,000 Unitog Co. ........................................................................... 381,450 10,299,150 -------------- 123,383,775 -------------- CHEMICAL (2.1%) IMC Global, Inc. ..................................................................... 475,000 16,625,000 Potash Corp. of Saskatchewan, Inc. ................................................... 183,000 13,736,437 -------------- 30,361,437 -------------- CONSUMER DURABLE (0.8%) *Furniture Brands International, Inc. ................................................ 600,000 11,625,000 -------------- CONSUMER NON-DURABLE (22.8%) +*Abercrombie & Fitch Co. (Class A)................................................... 725,000 13,412,500 *AnnTaylor Stores Corp. .............................................................. 681,000 13,279,500 Apple South, Inc. .................................................................... 583,200 8,893,800 *BMC West Corp. ...................................................................... 500,000 6,125,000 *Borders Group, Inc. ................................................................. 600,000 14,475,000 *Consolidated Stores Corp. ........................................................... 450,000 15,637,500 *Eagle Hardware & Garden, Inc. ....................................................... 1,020,000 23,332,500 +*Gadzooks, Inc. ..................................................................... 589,500 11,495,250 *General Nutrition Cos., Inc. ........................................................ 400,000 11,200,000 *Helen of Troy Ltd. .................................................................. 400,000 10,250,000 SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- *Landry's Seafood Restaurants, Inc. .................................................. 950,000 $ 21,850,000 Liz Claiborne, Inc. .................................................................. 450,000 20,981,250 *Meyer (Fred), Inc. .................................................................. 630,000 32,563,125 Nordstrom, Inc. ...................................................................... 300,000 14,718,750 *Papa John's International, Inc. ..................................................... 450,000 16,537,500 *Planet Hollywood International, Inc. (Class A)....................................... 1,135,000 26,105,000 St. John Knits, Inc. ................................................................. 425,000 22,950,000 *Sports Authority, Inc. (The)......................................................... 725,000 14,092,188 +*Vans, Inc. ......................................................................... 835,000 12,629,375 Warnaco Group, Inc. (Class A)......................................................... 300,000 9,562,500 *Zale Corp. .......................................................................... 800,000 15,850,000 -------------- 335,940,738 -------------- CONSUMER STAPLES (9.6%) American Stores Co. .................................................................. 651,000 32,143,125 *Kroger Co. .......................................................................... 950,000 27,550,000 Libbey, Inc. ......................................................................... 200,000 7,000,000 Newell Co. ........................................................................... 380,000 15,057,500 *Quality Food Centers, Inc. .......................................................... 300,000 11,400,000 *Safeway, Inc. ....................................................................... 400,000 18,450,000 Sunbeam Corp. ........................................................................ 800,000 30,200,000 -------------- 141,800,625 -------------- ENERGY (1.3%) Tosco Corp. .......................................................................... 351,000 10,508,063 *Triton Energy Ltd. .................................................................. 196,000 8,979,250 -------------- 19,487,313 -------------- ENERGY SERVICES (1.1%) Camco International, Inc. ............................................................ 300,000 16,425,000 -------------- ENTERTAINMENT & MEDIA (0.8%) *WMS Industries, Inc. ................................................................ 500,000 12,531,250 -------------- HEALTH (8.2%) *American Oncology Resources, Inc. ................................................... 225,400 3,803,625 *Apria Healthcare Group, Inc. ........................................................ 830,000 14,732,500 Cardinal Health, Inc. ................................................................ 200,000 11,450,000 *Dura Pharmaceuticals, Inc. .......................................................... 355,000 14,155,625 *ESC Medical Systems Ltd. ............................................................ 571,500 14,573,250 *Gilead Sciences, Inc. ............................................................... 450,000 12,431,250 HBO & Co. ............................................................................ 105,317 7,253,708 McKesson Corp. ....................................................................... 166,000 12,865,000 *Quintiles Transnational Corp. ....................................................... 203,000 14,133,875 +*ResMed, Inc. ....................................................................... 605,000 14,671,250 -------------- 120,070,083 --------------
- 36 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- --------------------------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) HOTELS & GAMING (5.5%) *Circus Circus Enterprises, Inc. ..................................................... 600,000 $ 14,775,000 Hilton Hotels Corp. .................................................................. 500,000 13,281,250 *ITT Corp. ........................................................................... 550,000 33,584,375 La Quinta Inns, Inc. ................................................................. 500,000 10,937,500 *Station Casinos, Inc. ............................................................... 950,000 7,956,250 -------------- 80,534,375 -------------- MACHINERY & CAPITAL SPENDING (6.0%) Albany International Corp. (Class A).................................................. 588,500 13,241,250 Applied Power, Inc. (Class A)......................................................... 355,000 18,326,875 *Avondale Industries, Inc. ........................................................... 450,000 9,450,000 *Jacobs Engineering Group, Inc. ...................................................... 500,000 13,437,500 Parker-Hannifin Corp. ................................................................ 378,900 22,994,494 Stewart & Stevenson Services, Inc. ................................................... 394,000 10,244,000 -------------- 87,694,119 -------------- METAL MINING & STEEL (10.3%) *Alumax, Inc. ........................................................................ 320,000 12,140,000 Aluminum Company of America........................................................... 400,000 30,150,000 *Bethlehem Steel Corp. ............................................................... 1,900,000 19,831,250 Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 500,000 14,625,000 *Getchell Gold Corp. ................................................................. 450,000 15,806,250 *Kaiser Aluminum Corp. ............................................................... 550,000 6,737,500 Newmont Mining Corp. ................................................................. 550,000 21,450,000 Reynolds Metals Co. .................................................................. 200,000 14,250,000 +Schnitzer Steel Industries, Inc. (Class A)........................................... 550,000 16,362,500 -------------- 151,352,500 -------------- POLLUTION CONTROL (1.0%) *Air & Water Technologies Corp. (Class A)............................................. 1,150,100 3,450,300 *Osmonics, Inc. ...................................................................... 600,000 11,062,500 -------------- 14,512,800 -------------- TECHNOLOGY (1.7%) *Integrated Measurement Systems, Inc. ................................................ 360,000 5,332,500 *Iomega Corp. ........................................................................ 800,000 15,900,000 *Loral Space & Communications Corp. .................................................. 300,000 4,500,000 -------------- 25,732,500 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- TRANSPORTATION (0.5%) +*Celadon Group, Inc. ................................................................ 580,000 $ 6,670,000 -------------- UTILITIES/ELECTRIC/GAS (0.7%) United Water Resources, Inc. ......................................................... 525,000 10,171,875 -------------- Total Common Stocks (Cost $1,237,360,211) ............................................................... 1,363,819,640 -------------- REPURCHASE AGREEMENTS (7.9%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $76,304,412. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. .............................................................. $ 76,292,100 76,292,100 J.P. Morgan Securities, Inc. 6.003% dated 06/30/1997, due 07/01/1997 in the amount of $40,506,661. Collateralized by U.S. Treasury Bills due 11/13/1997 to 11/20/1997, U.S. Treasury Note 6.625% due 04/30/2002................................................................ 40,500,000 40,500,000 -------------- Total Repurchase Agreements (Cost $116,792,100).................................................................. 116,792,100 -------------- TOTAL INVESTMENTS (100.6%) (Cost $1,354,152,311).................................................................... 1,480,611,740 RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (9,457,057) -------------- NET ASSETS (100.0%)....................................................................... $1,471,154,683 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. + Affiliated issuers (Note 1). The accompanying notes are an integral part of the financial statements. - 37 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (100.5%) AEROSPACE (0.9%) *Orbital Sciences Corp. .............................................................. 25,000 $ 396,875 -------------- FINANCE (5.8%) *Glendale Federal Bank FSB............................................................ 19,000 496,375 *Insignia Financial Group, Inc. (Class A)............................................. 20,000 362,500 North Fork Bancorp, Inc. ............................................................. 33,600 718,200 PennCorp Financial Group, Inc. ....................................................... 14,300 550,550 TCF Financial Corp. .................................................................. 8,200 404,875 -------------- 2,532,500 -------------- BUILDING & FORESTRY PRODUCTS (1.2%) Martin Marietta Materials, Inc. ...................................................... 16,000 518,000 -------------- BUSINESS & CONSUMER SERVICES (8.6%) AccuStaff, Inc. ...................................................................... 28,000 663,250 *Billing Information Concepts Corp. .................................................. 18,000 627,750 *CorVel Corp. ........................................................................ 6,000 172,500 *DST Systems, Inc. ................................................................... 13,000 433,062 G & K Services, Inc. (Class A)........................................................ 13,800 514,050 *JLK Direct Distribution, Inc. (Class A).............................................. 6,000 153,750 *National TechTeam, Inc. ............................................................. 30,000 641,250 *Romac International, Inc. ........................................................... 5,700 186,675 *Walsh International, Inc. ........................................................... 40,300 337,513 -------------- 3,729,800 -------------- CHEMICAL (1.4%) *TETRA Technologies, Inc. ............................................................ 25,000 618,750 -------------- CONSUMER DURABLE (1.0%) *Tower Automotive, Inc. .............................................................. 10,000 430,000 -------------- CONSUMER NON-DURABLE (18.8%) *ACX Technologies, Inc. .............................................................. 19,000 427,500 *Bed, Bath & Beyond, Inc. ............................................................ 13,000 394,875 *Borders Group, Inc. ................................................................. 26,000 627,250 CKE Restaurants, Inc. ................................................................ 18,000 569,250 Claire's Stores, Inc. ................................................................ 20,000 350,000 Cooker Restaurant Corp. .............................................................. 20,000 213,750 *Cost Plus, Inc. ..................................................................... 25,000 656,250 *Day Runner, Inc. .................................................................... 20,000 665,000 *Foodmaker, Inc. ..................................................................... 34,000 556,750 *General Nutrition Cos., Inc. ........................................................ 32,000 896,000 Harman International Industries, Inc. ................................................ 2,900 122,162 K2, Inc. ............................................................................. 18,200 576,713 *Nine West Group, Inc. ............................................................... 5,500 210,031 +*PETsMART, Inc. ..................................................................... 28,500 327,750 Pier 1 Imports, Inc. ................................................................. 24,000 636,000 *Williams-Sonoma, Inc. ............................................................... 22,000 940,500 -------------- 8,169,781 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- ENERGY (5.0%) *Cairn Energy USA, Inc. .............................................................. 35,500 $ 465,937 Enron Global Power & Pipelines L.L.C. ................................................ 11,000 366,438 *Ocean Energy, Inc. .................................................................. 6,000 277,500 *Patterson Energy, Inc. .............................................................. 10,800 490,050 *Swift Energy Co. .................................................................... 24,000 573,000 -------------- 2,172,925 -------------- ENERGY SERVICES (5.1%) *Nabors Industries, Inc. ............................................................. 22,000 550,000 *Pride International, Inc. ........................................................... 20,000 480,000 *Veritas DGC, Inc. ................................................................... 16,400 369,000 *Willbros Group, Inc. ................................................................ 50,000 793,750 -------------- 2,192,750 -------------- ENTERTAINMENT & MEDIA (2.2%) *Golden Books Family Entertainment, Inc. ............................................. 17,600 220,000 *WMS Industries, Inc. ................................................................ 28,400 711,775 -------------- 931,775 -------------- HEALTH (14.8%) *Allergan Ligand Retinoid Therapeutics, Inc. ......................................... 4,000 69,000 *Assisted Living Concepts, Inc. ...................................................... 15,000 414,375 *Axogen Ltd. - Units (each unit consists of 1 common share of Axogen & 1 warrant of Elan)................................................................................ 12,500 400,000 *Cardiac Pathways Corp. .............................................................. 30,000 270,000 *Dura Pharmaceuticals, Inc. .......................................................... 9,700 386,787 *FPA Medical Management, Inc. ........................................................ 32,600 772,212 *HealthCare COMPARE Corp. ............................................................ 9,300 487,088 *Ligand Pharmaceuticals, Inc. (Class B)............................................... 30,000 386,250 *Living Centers of America, Inc. ..................................................... 10,000 395,000 *Medic Computer Systems, Inc. ........................................................ 11,600 258,100 *MedPartners, Inc. ................................................................... 14,000 302,750 *OccuSystems, Inc. ................................................................... 26,000 754,000 *Phamis, Inc. ........................................................................ 17,000 420,750 *Protein Design Labs, Inc. ........................................................... 2,000 57,000 *Thermedics, Inc. .................................................................... 18,500 290,219 *Universal Health Services, Inc. (Class B)............................................ 9,000 346,500 *Watson Pharmaceuticals, Inc. ........................................................ 10,000 422,500 -------------- 6,432,531 -------------- HOTELS & GAMING (1.2%) Hilton Hotels Corp. .................................................................. 15,000 398,437 +*Suburban Lodges of America, Inc. ................................................... 5,000 105,000 -------------- 503,437 -------------- MACHINERY & CAPITAL SPENDING (0.9%) Robbins & Myers, Inc. ................................................................ 12,000 390,000 --------------
- 38 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) METAL MINING & STEEL (1.2%) *Getchell Gold Corp. ................................................................. 9,000 $ 316,125 Oregon Steel Mills, Inc. ............................................................. 11,000 219,313 -------------- 535,438 -------------- POLLUTION CONTROL (2.8%) *Cuno, Inc. .......................................................................... 27,500 460,625 Memtec Ltd. ADR....................................................................... 15,000 405,000 *United Waste Systems, Inc. .......................................................... 8,900 364,900 -------------- 1,230,525 -------------- REAL ESTATE SECURITIES (1.5%) Kilroy Realty Corp. .................................................................. 25,000 631,250 -------------- TECHNOLOGY (25.7%) *Actel Corp. ......................................................................... 25,100 428,269 *Acxiom Corp. ........................................................................ 30,000 615,000 *ADC Telecommunications, Inc. ........................................................ 13,000 433,875 *American Management Systems, Inc. ................................................... 10,200 272,850 *American Power Conversion Corp. ..................................................... 19,000 361,000 +*Ascend Communications, Inc. ........................................................ 5,500 216,562 *AXENT Technologies, Inc. ............................................................ 30,000 457,500 *CIBER, Inc. ......................................................................... 12,000 410,250 *Computer Products, Inc. ............................................................. 14,900 372,500 *Eltron International, Inc. .......................................................... 13,400 398,650 *Engineering Animation, Inc. ......................................................... 11,700 394,875 +*FORE Systems, Inc. ................................................................. 10,000 136,250 +*Great Plains Software, Inc. ........................................................ 2,000 54,000 *Integrated Process Equipment Corp. .................................................. 13,000 329,063 *JDA Software Group, Inc. ............................................................ 3,000 102,375 +*LHS Group, Inc. .................................................................... 1,350 59,147 *Melita International Corp. .......................................................... 40,000 500,000 *Metro Information Services, Inc. .................................................... 33,000 651,750 *MICROS Systems, Inc. ................................................................ 15,600 655,200 *New Era of Networks, Inc. ........................................................... 39,000 643,500 *P-COM, Inc. ......................................................................... 17,000 561,000 *Platinum Software Corp. ............................................................. 20,000 207,500 *Proxim, Inc. ........................................................................ 19,000 460,750 *RadiSys Corp. ....................................................................... 5,000 198,750 +*Rambus, Inc. ....................................................................... 1,050 48,825 +*RF Micro Devices, Inc. ............................................................. 41,000 784,125 *SPSS, Inc. .......................................................................... 7,900 229,100 *Tech Data Corp. ..................................................................... 12,000 377,250 *Transition Systems, Inc. ............................................................ 30,000 545,625 *Trident Microsystems, Inc. .......................................................... 6,400 72,000 *Veritas Software Corp. .............................................................. 3,300 165,825 -------------- 11,143,366 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- TRANSPORTATION (0.7%) Werner Enterprises, Inc. ............................................................. 15,200 $ 294,500 -------------- UTILITIES/COMMUNICATIONS (1.7%) *Anicom, Inc. ........................................................................ 33,400 400,800 +*Qwest Communications International, Inc. ........................................... 12,000 327,000 -------------- 727,800 -------------- Total Common Stocks (Cost $37,240,468) .................................................................. 43,582,003 -------------- WARRANT (0.1%) HEALTH (0.1%) *Ligand Pharmaceuticals, Inc. (06/03/2000) (Cost $44,517)....................................................................... 8,000 60,000 -------------- Total investments, excluding temporary cash investment (Cost $37,284,985) .................................................................. 43,642,003 -------------- REPURCHASE AGREEMENT (2.4%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $1,035,842. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 8/15/2003. (Cost $1,035,675) ................................................................... $ 1,035,675 1,035,675 -------------- TOTAL INVESTMENTS (103.0%) (Cost $38,320,660)....................................................................... 44,677,678 RECEIVABLES LESS LIABILITIES (-3.0%)...................................................... (1,298,077) -------------- NET ASSETS (100.0%)....................................................................... $ 43,379,601 -------------- --------------
(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. - 39 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------- ------------------- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (88.6%) REAL ESTATE APARTMENTS (21.4%) Amli Residential Properties Trust..................................................... 83,000 $ 1,960,875 Associated Estates Realty Corp. ...................................................... 146,700 3,447,450 Camden Property Trust................................................................. 133,600 4,225,100 Colonial Properties Trust............................................................. 123,900 3,639,562 Equity Residential Properties Trust................................................... 89,703 4,260,892 Oasis Residential, Inc. .............................................................. 74,900 1,760,150 Security Capital Pacific Trust........................................................ 161,500 3,694,313 *Wellsford Real Properties, Inc. ..................................................... 26,481 291,291 -------------- 23,279,633 -------------- OFFICE (9.6%) Beacon Properties Corp. .............................................................. 63,300 2,112,638 Cali Realty Corp. .................................................................... 141,700 4,817,800 Reckson Associates Realty Corp. ...................................................... 154,600 3,555,800 -------------- 10,486,238 -------------- INDUSTRIAL (26.5%) Alexandria Real Estate Equities, Inc. ................................................ 75,000 1,645,312 First Industrial Realty Trust, Inc. .................................................. 120,600 3,527,550 Liberty Property Trust................................................................ 171,700 4,271,038 Public Storage, Inc. ................................................................. 128,800 3,767,400 Security Capital Industrial Trust..................................................... 175,400 3,771,100 Shurgard Storage Centers, Inc. (Class A).............................................. 122,100 3,418,800 Spieker Properties, Inc. ............................................................. 102,000 3,589,125 Storage Trust Realty.................................................................. 50,500 1,338,250 TriNet Corporate Realty Trust, Inc. .................................................. 108,300 3,580,669 -------------- 28,909,244 -------------- MANUFACTURED HOMES (3.6%) Manufactured Home Communities, Inc. .................................................. 168,000 3,874,500 -------------- COMMUNITY CENTERS (6.8%) Excel Realty Trust, Inc. ............................................................. 140,100 3,695,137 JP Realty, Inc. ...................................................................... 138,100 3,745,963 -------------- 7,441,100 -------------- SHOPPING MALLS (12.5%) General Growth Properties, Inc. ...................................................... 121,000 4,053,500 Macerich Co. ......................................................................... 82,100 2,278,275 Rouse Co. ............................................................................ 116,000 3,422,000 Simon DeBartolo Group, Inc. .......................................................... 121,656 3,892,992 -------------- 13,646,767 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- LODGING (4.6%) *CapStar Hotel Co. ................................................................... 50,000 $ 1,600,000 Patriot American Hospitality, Inc. ................................................... 69,200 1,764,600 Starwood Lodging Trust................................................................ 39,600 1,690,425 -------------- 5,055,025 -------------- OTHER (3.6%) *Catellus Development Corp. .......................................................... 218,200 3,954,875 -------------- Total Common Stocks (Cost $82,512,362) .................................................................. 96,647,382 -------------- REPURCHASE AGREEMENTS (9.4%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $5,290,644. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. .............................................................. $ 5,289,790 5,289,790 J.P. Morgan Securities, Inc. 6.003% dated 06/30/1997, due 07/01/1997 in the amount of $5,000,822. Collateralized by U.S. Treasury Note 6.625% due 04/30/2002, U.S. Treasury Bills due 11/13/1997 to 11/20/1997. ....................................................... 5,000,000 5,000,000 -------------- Total Repurchase Agreements (Cost $10,289,790) .................................................................. 10,289,790 -------------- TOTAL INVESTMENTS (98.0%) (Cost $92,802,152)....................................................................... 106,937,172 RECEIVABLES LESS LIABILITIES (2.0%)....................................................... 2,160,968 -------------- NET ASSETS (100.0%)....................................................................... $ 109,098,140 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 40 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMON STOCKS (51.1%) FINANCE (8.6%) American Express Co. ................................................................. 113,900 $ 8,485,550 BankAmerica Corp. .................................................................... 99,800 6,443,337 Berkley (W.R.) Corp. ................................................................. 71,000 4,180,125 Chase Manhattan Corp. ................................................................ 39,100 3,795,144 Federal Home Loan Mortgage Corp. ..................................................... 301,000 10,346,875 General Re Corp. ..................................................................... 20,400 3,712,800 *Hartford Life, Inc. (Class A)........................................................ 10,900 408,750 Morgan (J.P.) & Co., Inc. ............................................................ 54,500 5,688,437 Morgan Stanley, Dean Witter, Discover & Co. .......................................... 89,100 3,836,869 NAC Re Corp. ......................................................................... 45,800 2,215,575 NationsBank Corp. .................................................................... 34,200 2,205,900 PNC Bank Corp. ....................................................................... 143,700 5,981,512 TIG Holdings, Inc. ................................................................... 130,000 4,062,500 U.S. Bancorp.......................................................................... 61,100 3,918,038 -------------- 65,281,412 -------------- BUILDING & FORESTRY PRODUCTS (1.8%) Champion International Corp. ......................................................... 115,000 6,353,750 Weyerhaeuser Co. ..................................................................... 70,000 3,640,000 Willamette Industries, Inc. .......................................................... 53,000 3,710,000 -------------- 13,703,750 -------------- BUSINESS & CONSUMER SERVICES (1.1%) Service Corp. Int'l. ................................................................. 256,400 8,429,150 -------------- CHEMICAL (2.3%) du Pont (E.I.) de Nemours & Co. ...................................................... 64,000 4,024,000 Grace (W.R.) & Co. ................................................................... 68,200 3,759,525 Hercules, Inc. ....................................................................... 119,100 5,701,912 Monsanto Co. ......................................................................... 98,200 4,228,738 -------------- 17,714,175 -------------- CONSUMER NON-DURABLE (6.6%) *Circus Circus Enterprises, Inc. ..................................................... 67,600 1,664,650 *Costco Cos., Inc. ................................................................... 200,000 6,575,000 *Federated Department Stores, Inc. ................................................... 207,300 7,203,675 Marriott International, Inc. ......................................................... 69,700 4,277,837 Mattel, Inc. ......................................................................... 292,350 9,903,356 McDonald's Corp. ..................................................................... 103,800 5,014,838 *Meyer (Fred), Inc. .................................................................. 80,000 4,135,000 Sears, Roebuck & Co. ................................................................. 137,000 7,363,750 Wal-Mart Stores, Inc. ................................................................ 123,900 4,189,369 -------------- 50,327,475 -------------- SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CONSUMER STAPLES (6.3%) American Stores Co. .................................................................. 111,800 $ 5,520,125 Avon Products, Inc. .................................................................. 50,200 3,542,237 Gillette Co. ......................................................................... 49,000 4,642,750 Nabisco Holdings Corp. (Class A)...................................................... 90,100 3,592,738 PepsiCo, Inc. ........................................................................ 215,700 8,102,231 Philip Morris Cos., Inc. ............................................................. 175,200 7,774,500 Rite Aid Corp. ....................................................................... 90,000 4,488,750 Sunbeam Corp. ........................................................................ 276,400 10,434,100 -------------- 48,097,431 -------------- ENERGY (4.4%) Amoco Corp. .......................................................................... 84,800 7,372,300 Louisiana Land & Exploration Co. ..................................................... 72,400 4,135,850 Mobil Corp. .......................................................................... 109,400 7,644,325 Royal Dutch Petroleum Co. ............................................................ 173,800 9,450,375 Texaco, Inc. ......................................................................... 32,200 3,501,750 Union Pacific Resources Group, Inc. .................................................. 59,800 1,487,525 -------------- 33,592,125 -------------- ENERGY SERVICES (0.3%) Schlumberger Ltd. .................................................................... 17,000 2,125,000 -------------- ENTERTAINMENT & MEDIA (1.4%) Gannett, Inc. ........................................................................ 45,000 4,443,750 Time Warner, Inc. .................................................................... 63,800 3,078,350 *Viacom, Inc. (Class B)............................................................... 106,600 3,198,000 -------------- 10,720,100 -------------- HEALTH (4.9%) American Home Products Corp. ......................................................... 102,300 7,825,950 Baxter International, Inc. ........................................................... 112,200 5,862,450 Johnson & Johnson..................................................................... 116,000 7,467,500 Merck & Co., Inc. .................................................................... 45,700 4,729,950 Pfizer, Inc. ......................................................................... 40,000 4,780,000 *Tenet Healthcare Corp. .............................................................. 29,900 883,919 Warner-Lambert Co. ................................................................... 47,500 5,901,875 -------------- 37,451,644 -------------- MACHINERY & CAPITAL SPENDING (5.1%) *ADT Ltd. ............................................................................ 130,500 4,306,500 Case Corp. ........................................................................... 58,000 3,994,750 Caterpillar, Inc. .................................................................... 17,000 1,825,375 Deere & Co. .......................................................................... 111,300 6,107,587 Emerson Electric Co. ................................................................. 105,600 5,814,600 General Electric Co. ................................................................. 136,000 8,891,000 Honeywell, Inc. ...................................................................... 55,100 4,180,713
- 41 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMON STOCKS (CONTINUED) Tyco International Ltd. .............................................................. 59,300 $ 4,125,056 -------------- 39,245,581 -------------- METAL MINING & STEEL (0.9%) Aluminum Company of America........................................................... 86,400 6,512,400 -------------- REAL ESTATE SECURITIES (2.0%) American Health Properties, Inc. ..................................................... 73,600 1,849,200 Associated Estates Realty Corp. ...................................................... 76,200 1,790,700 Beacon Properties Corp. .............................................................. 45,000 1,501,875 Equity Residential Properties Trust................................................... 48,500 2,303,750 JP Realty, Inc. ...................................................................... 97,500 2,644,687 Manufactured Home Communities, Inc. .................................................. 78,000 1,798,875 Simon DeBartolo Group, Inc. .......................................................... 52,500 1,680,000 Spieker Properties, Inc. ............................................................. 53,000 1,864,938 -------------- 15,434,025 -------------- TECHNOLOGY (4.7%) Adobe Systems, Inc. .................................................................. 155,000 5,434,687 *Applied Materials, Inc. ............................................................. 42,800 3,030,775 Boeing Co. ........................................................................... 104,800 5,560,950 Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 135,900 5,351,063 Hewlett-Packard Co. .................................................................. 76,000 4,256,000 Intel Corp. .......................................................................... 36,700 5,204,519 Motorola, Inc. ....................................................................... 91,300 6,938,800 -------------- 35,776,794 -------------- UTILITIES/COMMUNICATIONS (0.3%) Frontier Corp. ....................................................................... 122,100 2,434,369 -------------- UTILITIES/ELECTRIC/GAS (0.4%) Idaho Power Co. ...................................................................... 99,300 3,115,538 -------------- Total Common Stocks (Cost $284,105,115) ................................................................. 389,960,969 -------------- U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (34.0%) U.S. TREASURY BONDS & NOTES (13.1%) U.S. Treasury Bonds 12.000% 05/15/2005................................................................... $ 17,070,000 22,724,438 8.875% 08/15/2017................................................................... 4,620,000 5,624,850 8.125% 08/15/2019................................................................... 6,680,000 7,614,131 U.S. Treasury Notes 6.125% 05/15/1998................................................................... 13,980,000 14,017,047 8.875% 02/15/1999................................................................... 39,475,000 41,202,031 6.375% 04/30/1999................................................................... 8,865,000 8,914,910 -------------- 100,097,407 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (3.1%) 8.000% 08/15/2026 - 07/15/2027...................................................... $ 23,034,495 $ 23,573,503 -------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.6%) FHA Insured Project Pool #23-11059 7.700% 08/01/2028................................................................... 1,615,682 1,613,662 FHA Insured Project Pool #55 7.430% 04/01/2022................................................................... 1,911,591 1,862,310 FHA Insured Project Pool #53-43077 9.125% 07/25/2033................................................................... 1,100,565 1,169,780 -------------- 4,645,752 -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (17.2%) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1233 Cl. H 7.000% 04/15/2007................................................................... 600,000 600,558 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1543 Cl. XN 7.000% 07/15/2023................................................................... 5,585,000 5,416,221 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1572A Cl. DB 7.000% 04/15/2022................................................................... 1,930,000 1,877,523 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1627 Cl. EA 6.000% 05/15/2023................................................................... 1,817,000 1,522,646 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1632 Cl. B 6.000% 11/15/2023................................................................... 1,780,000 1,620,334 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................................................................... 130,000 136,500 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1897 Cl. E 7.000% 07/15/2024................................................................... 1,812,000 1,770,650 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1904 Cl. C 7.250% 08/15/2024................................................................... 3,490,000 3,431,089 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1910 Cl. D 8.000% 11/15/2024................................................................... 1,883,000 1,936,779 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1933 Cl. C 7.000% 03/15/2025................................................................... 2,440,000 2,386,344 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1933 Cl. VC 7.550% 03/15/2012................................................................... 2,950,000 2,998,764
- 42 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 1944 Cl. HC 7.000% 01/15/2025................................................................... $ 4,235,778 $ 4,081,426 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1971 Cl TBA2 7.500% 07/15/2017................................................................... 13,840,000 13,976,186 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 40 Cl. N 6.500% 05/17/2021................................................................... 7,090,000 6,614,119 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-51 Cl. AL 7.000% 12/18/2024................................................................... 3,400,000 3,293,852 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-G1 Cl. B 7.500% 06/20/2024................................................................... 3,910,000 3,911,329 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-G4 Cl. C 7.500% 06/17/2024................................................................... 6,650,000 6,651,330 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-10 Cl. D 7.000% 03/18/2025................................................................... 160,000 154,901 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-15 Cl. TC 7.000% 05/18/2025................................................................... 1,925,000 1,898,897 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-26 Cl. A 7.000% 01/18/2027................................................................... 4,648,505 4,605,135 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-27 Cl. B 7.000% 02/18/2025................................................................... 2,900,000 2,812,623 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-28 Cl. H 7.500% 10/20/2022................................................................... 11,240,000 11,371,508 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-38 Cl. L 7.500% 02/17/2012................................................................... 1,760,000 1,772,478 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-39 Cl. B 7.500% 05/17/2027................................................................... 1,530,000 1,507,953 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-42 Cl. K 7.000% 07/18/2012................................................................... 5,380,000 5,306,832 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-46 Cl. B 7.500% 03/17/2025................................................................... 3,900,000 3,894,501
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. B 7.000% 08/16/2026................................................................... $ 4,334,884 $ 4,293,529 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. C 7.000% 03/20/2027................................................................... 3,877,000 3,665,975 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. E 7.500% 01/16/2023................................................................... 14,940,000 15,140,644 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. M 7.500% 02/16/2012................................................................... 3,530,000 3,577,973 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. N 7.500% 02/16/2027................................................................... 3,492,957 3,525,162 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-11 Cl. M 8.000% 07/15/2017................................................................... 4,890,000 4,997,727 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 533,239 533,239 -------------- 131,284,727 -------------- Total U.S. Government, Federal Agency Obligations (Cost $259,040,110) ................................................................. 259,601,389 -------------- OTHER SECURITIZED LOANS (3.9%) COLLATERALIZED MORTGAGE OBLIGATIONS (2.9%) Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 6.868% 01/25/2025................................................................... 932,121 889,616 Bear Stearns Mortgage Securities, Inc. Series 1996-8 Cl. A9 7.600% 11/25/2027................................................................... 4,337,000 4,336,653 CWMBS, Inc. Mtg. Pass Thru Ctf. Series 1993-7 Cl. A5 7.000% 11/25/2023................................................................... 2,799,157 2,607,415 CWMBS, Inc. Mtg. Pass Thru Ctf. Series 1997-3 Cl. A10 7.500% 06/25/2027................................................................... 4,833,612 4,822,495 Residential Asset Securitization Trust Series 1996-A7 Cl. A3 9.500% 10/25/2026................................................................... 1,782,694 1,838,671 Mortgage Obligation Structured Trust (144A) Series 1993-1 Cl. B1 10.670 %10/25/2018................................................................... 4,322,722 4,546,638
- 43 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OTHER SECURITIZED LOANS (CONTINUED) PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP1 7.500% 07/25/2027................................................................... $ 2,790,000 $ 2,799,486 -------------- 21,840,974 -------------- ASSET BACKED SECURITIES (1.0%) Green Tree Financial Corp. Series 1995-8 Cl. A2 6.150% 12/15/2026................................................................... 4,115,894 4,118,446 Green Tree Financial Corp. Series 1996-7 Cl. A2 6.300% 10/15/2027................................................................... 3,320,000 3,324,150 -------------- 7,442,596 -------------- Total Other Securitized Loans (Cost $29,153,826) .................................................................. 29,283,570 -------------- CORPORATE BONDS (9.5%) INDUSTRIAL (3.2%) Amgen, Inc. 8.125% 04/01/2097................................................................... 2,425,000 2,535,628 Eckerd Corp. 9.250% 02/15/2004................................................................... 4,000,000 4,240,000 Emerson Electric Co. Euro 7.875% 06/05/1998................................................................... 380,000 385,282 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 1,800,000 1,854,000 Federal Express Corp. Pass Thru Tr. Series 1997-1C 7.650% 01/15/2014................................................................... 2,200,000 2,236,894 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 900,000 915,750 Hilton Hotels Corp. 7.375% 06/01/2002................................................................... 3,500,000 3,525,095 Jones Intercable, Inc. 8.875% 04/01/2007................................................................... 300,000 306,000 Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... 1,400,000 1,379,000 Nabisco, Inc. 6.700% 06/15/2002................................................................... 2,000,000 1,973,160 Owens-Illinois, Inc. 7.850% 05/15/2004................................................................... 500,000 507,795 Time Warner Entertainment Co. L.P. 9.625% 05/01/2002................................................................... 1,900,000 2,099,842 8.375% 03/15/2023................................................................... 1,320,000 1,355,627
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Viacom, Inc. 8.000% 07/07/2006................................................................... $ 1,100,000 $ 1,067,000 -------------- 24,381,073 -------------- FINANCIAL (5.3%) Abn Amro Bank N. V. Chicago 7.125% 06/18/2007................................................................... 3,690,000 3,698,376 Aetna Services, Inc. 7.625% 08/15/2026................................................................... 3,500,000 3,485,300 Caterpillar Financial Services Corp. Medium Term Note 6.350% 12/01/1998................................................................... 1,590,000 1,594,611 Commercial Credit Group, Inc. 6.625% 06/01/2015................................................................... 1,250,000 1,247,350 ERP Operating Limited Parnership (144A) 8.500% 05/15/1999................................................................... 2,700,000 2,785,320 First Security Corp. 7.875% 10/15/1999................................................................... 1,325,000 1,359,000 Fleet Mortgage Group, Inc. 6.500% 09/15/1999................................................................... 550,000 550,484 Goldman Sachs Group L.P (144A) Medium Term Note 7.200% 03/01/2007................................................................... 2,800,000 2,788,492 Hartford Life, Inc. 7.650% 06/15/2027................................................................... 2,555,000 2,546,236 Lehman Brothers Holdings, Inc. 7.375% 05/15/2004................................................................... 2,325,000 2,339,229 Morgan Stanley Group, Inc. Medium Term Note 5.750% 02/15/2001................................................................... 2,100,000 2,036,055 Salomon, Inc. 7.250% 05/01/2001................................................................... 2,875,000 2,908,350 Security Capital Industrial Medium Term Note 7.810% 02/01/2015................................................................... 3,250,000 3,283,800 Simon DeBartolo Group L.P. 6.875% 11/15/2006................................................................... 2,300,000 2,228,194 Spieker Properties L.P. 6.900% 01/15/2004................................................................... 2,450,000 2,407,762 United Dominion Realty Trust Series A Medium Term Note 7.020% 11/15/2005................................................................... 5,050,000 4,957,282 -------------- 40,215,841 -------------- UTILITY (0.4%) GTE North, Inc. 5.500% 02/15/1999................................................................... 2,905,000 2,870,256 --------------
- 44 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) YANKEE (0.6%) Hydro-Quebec 8.400% 01/15/2022................................................................... $ 2,155,000 $ 2,331,667 Ontario Province CDA 6.000% 02/21/2006................................................................... 1,725,000 1,623,794 Teekay Shipping Corp. Gtd. 1st Pfd. Ship. Mtg. Notes 8.320% 02/01/2008................................................................... 1,000,000 1,005,000 -------------- 4,960,461 -------------- Total Corporate Bonds (Cost $72,382,677) .................................................................. 72,427,631 -------------- Total investments, excluding temporary cash investments (Cost $644,681,728) ................................................................. 751,273,559 --------------
SHARES OR PRINCIPAL AMOUNT VALUE(1) ------------- -------------- REPURCHASE AGREEMENT (1.9%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $14,249,733. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. (Cost $14,247,434) .................................................................. $ 14,247,434 $ 14,247,434 -------------- TOTAL INVESTMENTS (100.4%) (Cost $658,929,162)...................................................................... 765,520,993 RECEIVABLES LESS LIABILITIES (-0.4%)...................................................... (2,932,780) -------------- NET ASSETS (100.0%)....................................................................... $ 762,588,213 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. * Non-income producing. The accompanying notes are an integral part of the financial statements. - 45 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- COMMERCIAL PAPER (99.6%) A. I. Credit Corp. 5.590% 07/01/1997................................................................... $ 5,000,000 $ 4,999,224 5.570% 07/01/1997................................................................... 5,000,000 4,999,226 5.600% 07/15/1997................................................................... 10,000,000 9,976,667 5.640% 07/21/1997................................................................... 3,376,000 3,364,893 5.640% 07/22/1997................................................................... 4,600,000 4,584,145 Alabama Power Co. 5.620% 07/15/1997................................................................... 10,000,000 9,976,583 5.550% 09/17/1997................................................................... 5,217,000 5,153,462 American Express Credit Corp. 5.520% 07/25/1997................................................................... 10,000,000 9,961,667 5.540% 09/15/1997................................................................... 15,000,000 14,822,259 American General Finance Corp. 5.620% 07/21/1997................................................................... 5,000,000 4,983,608 5.620% 08/21/1997................................................................... 10,000,000 9,918,822 Ameritech Corp. 5.610% 08/14/1997................................................................... 5,000,000 4,964,938 Ameritech Capital Funding Corp. 5.530% 07/18/1997................................................................... 5,200,000 5,185,622 Associates Corp. of North America 6.100% 07/01/1997................................................................... 23,100,000 23,096,086 Avco Financial Services, Inc. 5.630% 08/11/1997................................................................... 8,000,000 7,947,453 5.610% 08/15/1997................................................................... 10,000,000 9,928,317 5.620% 08/19/1997................................................................... 10,000,000 9,921,944 Bank of America, FSB 5.550% 09/18/1997................................................................... 10,000,000 9,876,667 BankAmerica Corp. 5.630% 08/01/1997................................................................... 5,000,000 4,974,978 5.550% 09/12/1997................................................................... 10,000,000 9,885,917 Barclays U.S. Funding Corp. 5.560% 07/11/1997................................................................... 5,000,000 4,991,506 5.610% 08/05/1997................................................................... 10,000,000 9,943,900 5.670% 08/22/1997................................................................... 10,000,000 9,916,525 BellSouth Capital Funding Corp. 5.600% 08/13/1997................................................................... 10,000,000 9,931,556 5.600% 08/14/1997................................................................... 10,000,000 9,930,000 5.540% 09/18/1997................................................................... 8,000,000 7,901,511 Beneficial Corp. 5.620% 08/04/1997................................................................... 5,000,000 4,972,681 5.590% 09/05/1997................................................................... 10,000,000 9,895,964 5.570% 09/10/1997................................................................... 10,000,000 9,888,600 CIT Group Holdings, Inc. 5.570% 07/03/1997................................................................... 10,000,000 9,995,358 5.610% 07/21/1997................................................................... 5,000,000 4,983,638 5.590% 09/04/1997................................................................... 5,000,000 4,948,759 5.560% 09/16/1997................................................................... 5,000,000 4,939,767 PRINCIPAL AMOUNT VALUE(1) ------------- -------------- CPC International, Inc. 5.550% 09/25/1997................................................................... $ 5,000,000 $ 4,932,938 Cargill, Inc. 5.530% 09/24/1997................................................................... 10,000,000 9,867,895 Cargill Financial Services Corp. 5.570% 08/20/1997................................................................... 10,000,000 9,921,092 Chevron Transport Co. 5.590% 07/11/1997................................................................... 7,000,000 6,988,044 5.610% 08/12/1997................................................................... 5,000,000 4,966,496 5.570% 09/17/1997................................................................... 15,000,000 14,816,654 Clorox Co. 5.590% 07/09/1997................................................................... 10,000,000 9,986,025 5.560% 09/12/1997................................................................... 11,000,000 10,874,283 5.560% 09/23/1997................................................................... 5,000,000 4,934,361 Commercial Credit Co. 5.620% 07/09/1997................................................................... 10,000,000 9,985,950 5.610% 07/14/1997................................................................... 5,000,000 4,989,092 5.610% 07/16/1997................................................................... 5,000,000 4,987,533 5.610% 07/18/1997................................................................... 5,000,000 4,985,975 Deere (John) Capital Corp. 5.600% 07/28/1997................................................................... 5,000,000 4,978,222 5.650% 08/21/1997................................................................... 10,000,000 9,918,389 5.570% 08/28/1997................................................................... 10,000,000 9,908,714 duPont (E.I.) de Nemours & Co. 5.540% 09/03/1997................................................................... 4,775,000 4,727,237 Ford Motor Credit Co. 5.610% 07/16/1997................................................................... 10,000,000 9,975,067 5.610% 07/17/1997................................................................... 15,000,000 14,960,262 General Electric Capital Corp. 5.610% 07/18/1997................................................................... 5,000,000 4,985,975 5.640% 07/22/1997................................................................... 12,000,000 11,958,640 5.630% 08/01/1997................................................................... 5,000,000 4,974,978 5.570% 08/22/1997................................................................... 5,000,000 4,958,999 Glaxo Wellcome plc 5.610% 07/01/1997................................................................... 2,000,000 1,999,688 5.600% 07/02/1997................................................................... 11,000,000 10,996,578 5.610% 07/24/1997................................................................... 9,000,000 8,966,340 Goldman Sachs Group L.P. 5.620% 09/02/1997................................................................... 10,000,000 9,900,089 5.600% 09/03/1997................................................................... 8,000,000 7,919,111 5.620% 09/11/1997................................................................... 10,000,000 9,886,039 Household Finance Corp. 5.600% 07/31/1997................................................................... 5,000,000 4,975,889 5.600% 08/12/1997................................................................... 5,000,000 4,966,556 5.580% 08/25/1997................................................................... 5,000,000 4,956,600 5.590% 08/27/1997................................................................... 10,000,000 9,909,939 Lincoln National Corp. 5.580% 08/15/1997................................................................... 10,000,000 9,928,700
- 46 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
COMMERCIAL PAPER (CONTINUED) Merrill Lynch & Co., Inc. 5.650% 07/25/1997................................................................... $ 5,000,000 $ 4,980,382 5.630% 07/30/1997................................................................... 5,000,000 4,976,542 5.620% 08/06/1997................................................................... 5,000,000 4,971,120 5.650% 08/08/1997................................................................... 5,000,000 4,969,396 5.620% 08/13/1997................................................................... 5,000,000 4,965,656 MetLife Funding, Inc. 5.550% 08/07/1997................................................................... 10,000,000 9,941,417 5.530% 08/26/1997................................................................... 3,188,000 3,160,087 Monsanto Co. 5.600% 07/08/1997................................................................... 15,000,000 14,981,333 5.600% 07/18/1997................................................................... 5,000,000 4,986,000 5.620% 08/12/1997................................................................... 3,500,000 3,476,506 5.590% 09/04/1997................................................................... 5,000,000 4,948,759 Morgan (J.P.) & Co., Inc. 5.550% 09/08/1997................................................................... 10,000,000 9,892,084 5.550% 09/15/1997................................................................... 5,000,000 4,940,646 5.550% 09/16/1997................................................................... 10,000,000 9,879,751 Morgan Stanley Group, Inc. 5.620% 07/11/1997................................................................... 5,000,000 4,991,414 5.570% 07/23/1997................................................................... 10,000,000 9,964,414 5.630% 07/24/1997................................................................... 5,000,000 4,981,233 5.620% 07/25/1997................................................................... 5,000,000 4,980,486 National Rural Utilities Cooperative Finance Corp. 5.550% 08/11/1997................................................................... 10,000,000 9,935,250 5.610% 08/18/1997................................................................... 5,000,000 4,961,821 5.610% 08/20/1997................................................................... 10,000,000 9,920,525 Norwest Corp. 5.540% 08/15/1997................................................................... 5,000,000 4,964,606 Norwest Financial, Inc. 5.620% 08/04/1997................................................................... 5,000,000 4,972,681 5.580% 08/26/1997................................................................... 10,000,000 9,911,650 5.560% 09/09/1997................................................................... 8,000,000 7,912,276 Pitney Bowes Credit Corp. 5.570% 07/10/1997................................................................... 10,000,000 9,984,528 5.610% 08/19/1997................................................................... 3,985,000 3,953,951 Prudential Funding Corp. 5.590% 07/07/1997................................................................... 10,000,000 9,989,131 5.600% 07/14/1997................................................................... 5,000,000 4,989,111 5.590% 07/30/1997................................................................... 5,000,000 4,976,709 5.600% 08/06/1997................................................................... 5,000,000 4,971,223 SAFECO Credit Co., Inc. 5.650% 07/23/1997................................................................... 10,000,000 9,963,903 5.610% 07/29/1997................................................................... 10,000,000 9,954,808 5.610% 08/07/1997................................................................... 5,000,000 4,970,392
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Sonoco Products Co. 5.560% 09/22/1997................................................................... $ 15,000,000 $ 14,805,401 Southern California Gas Co. 5.600% 07/08/1997................................................................... 3,200,000 3,196,018 5.580% 08/27/1997................................................................... 17,320,000 17,164,293 USAA Capital Corp. 5.640% 08/25/1997................................................................... 10,000,000 9,912,267 5.540% 09/05/1997................................................................... 10,000,000 9,896,895 Weyerhaeuser Co. 5.540% 08/06/1997................................................................... 5,000,000 4,971,531 Xerox Credit Corp. 5.540% 08/08/1997................................................................... 10,000,000 9,939,984 5.600% 08/18/1997................................................................... 7,000,000 6,946,645 5.530% 08/29/1997................................................................... 10,000,000 9,907,833 -------------- Total Commercial Paper (Cost $857,811,251) ................................................................. 857,811,251 -------------- U.S. GOVERNMENT AGENCY DISCOUNT NOTE (1.1%) Federal National Mortgage Assn. 5.540% 07/10/1997 (Cost $9,984,611)................................................................... 10,000,000 9,984,611 -------------- Total investments, excluding temporary cash investment (Cost $867,795,862).................................................................. 867,795,862 -------------- REPURCHASE AGREEMENT (0.3%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $2,414,614. Collateralized by U.S. Treasury Note 5.750% due 08/15/2003, U.S. Treasury Bond 6.250% due 08/15/2023 (Cost $2,414,224) ................................................................... 2,414,224 2,414,224 -------------- TOTAL INVESTMENTS (101.0%) (Cost $870,210,086, including $5,943,861 accrued interest receivable)................... 870,210,086 CASH AND RECEIVABLES LESS LIABILITIES (-1.0%)............................................. (8,836,359) -------------- NET ASSETS (100.0%)....................................................................... $ 861,373,727 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 47 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------- -------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- U.S. TREASURY NOTES (96.6%) 8.875% 02/15/1999................................................................... $ 17,600,000 $ 18,370,000 6.375% 04/30/1999................................................................... 1,250,000 1,257,037 6.875% 08/31/1999................................................................... 2,325,000 2,360,247 5.875% 11/15/1999................................................................... 16,225,000 16,126,190 -------------- Total U.S. Treasury Notes (Cost $38,152,679) .................................................................. 38,113,474 REPURCHASE AGREEMENT (2.2%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $882,941. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. (Cost $882,798) ..................................................................... 882,798 882,798 -------------- TOTAL INVESTMENTS (98.8%) (Cost $39,035,477)....................................................................... 38,996,272 RECEIVABLES LESS LIABILITIES (1.2%)....................................................... 468,690 -------------- NET ASSETS (100.0%)....................................................................... $ 39,464,962 -------------- --------------
(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 FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (65.1%) U.S. TREASURY BONDS & NOTES (21.1%) U.S. Treasury Bond 12.000% 05/15/2005................................................................... $ 1,460,000 $ 1,943,625 12.000% 08/15/2013................................................................... 5,245,000 7,379,059 8.875% 08/15/2017................................................................... 17,135,000 20,861,863 8.125% 08/15/2019................................................................... 5,075,000 5,784,688 U.S. Treasury Note 6.125% 05/15/1998................................................................... 41,339,000 41,448,548 -------------- 77,417,783 -------------- OTHER GOVERNMENT AGENCY OBLIGATIONS (1.4%) Farm Credit Systems Financial Assistance Corp. Series A 9.375% 07/21/2003................................................................... 4,660,000 5,303,639 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (2.4%) 8.000% 07/15/2027................................................................... 8,750,000 8,954,750 -------------- FEDERAL HOUSING ADMINISTRATION (FHA) (1.3%) FHA Insured Project Pool #2022 7.430% 12/01/2020................................................................... 1,403,791 1,416,958 FHA Insured Project Pool #1984-D 9.680% 02/01/2024................................................................... 272,384 284,641 FHA Insured Project Pool #051-11078 8.350% 04/01/2030................................................................... 2,223,512 2,295,354 FHA Insured Project Pool #092-35499 8.450% 11/15/2031................................................................... 791,507 820,943 -------------- 4,817,896 -------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (38.9%) FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1558 Cl. C 6.500% 07/15/2023................................................................... 2,050,000 1,926,487 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1632 Cl. B 6.000% 11/15/2023................................................................... 2,716,704 2,473,016 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 31 Cl. D 0.000% 01/25/2006................................................................... 3,618,977 2,507,263 FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 40 Cl. N 6.500% 05/17/2021................................................................... 4,370,000 4,076,686 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1763 Cl. H 8.250% 07/15/2023................................................................... 692,000 726,600 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1897 Cl. E 7.000% 07/15/2024................................................................... 1,761,000 1,720,814 PRINCIPAL AMOUNT VALUE(1) ------------- -------------- FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1910 Cl. D 8.000% 11/15/2024................................................................... $ 1,850,000 $ 1,902,836 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1920 Cl. N 7.000% 02/15/2026................................................................... 3,110,000 2,976,830 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1933 Cl. C 7.000% 03/15/2025................................................................... 3,316,818 3,243,881 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1944 Cl. HC 7.000% 01/15/2025................................................................... 1,800,000 1,734,408 FHLMC Multiclass Mtg. Partn. Ctfs. Gtd. Series 1971 Cl TBA2 7.500% 07/15/2017................................................................... 16,646,000 16,809,797 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-94 Cl. C 0.000% 01/25/1999................................................................... 2,684,599 2,564,625 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-G1 Cl. B 7.500% 06/20/2024................................................................... 7,760,000 7,762,638 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-10 Cl. D 7.000% 03/18/2025................................................................... 2,680,000 2,594,588 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-G4 Cl. C 7.500% 06/17/2024................................................................... 7,223,000 7,224,445 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-24 Cl. YL 7.000% 04/18/2027................................................................... 3,486,000 3,285,137 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-26 Cl. A 7.000% 01/18/2027................................................................... 13,208,439 13,085,204 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-28 Cl. H 7.500% 10/20/2022................................................................... 17,888,000 18,097,290 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-38 Cl. G 7.500% 05/17/2026................................................................... 1,993,138 2,009,402 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-38 Cl. H 7.500% 05/17/2027................................................................... 1,636,000 1,615,305 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-38 Cl. L 7.500% 02/17/2012................................................................... 4,100,000 4,129,069 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-39 Cl. B 7.500% 05/17/2027................................................................... 2,643,000 2,604,914
- 49 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. 1997-42 Cl. K 7.000% 07/18/2012................................................................... $ 2,617,428 $ 2,581,831 FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1997-43 Cl. B 7.500% 08/18/2025................................................................... 9,480,000 9,443,976 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1996-23 Cl. C 7.500% 12/20/2022................................................................... 3,577,000 3,576,857 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-2 Cl. K 7.500% 01/20/2024................................................................... 2,410,000 2,411,084 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. E 7.500% 01/16/2023................................................................... 8,880,000 8,999,258 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. M 7.500% 02/16/2012................................................................... 4,357,000 4,416,212 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-4 Cl. N 7.500% 02/16/2027................................................................... 4,314,248 4,354,025 GNMA Gtd. REMIC Pass Thru Secs. REMIC Tr. 1997-11 Cl. M 8.000% 07/15/2017................................................................... 1,190,000 1,216,216 Puerto Rico Housing Finance Corp. Series A Cl. 4 9.000% 07/20/2017................................................................... 965,594 965,594 -------------- 143,036,288 -------------- Total U.S. Government, Federal Agency Obligations (Cost $237,687,738) ................................................................. 239,530,356 -------------- OTHER SECURITIZED LOANS (8.9%) COLLATERALIZED MORTGAGE OBLIGATIONS (4.5%) Bear Stearns Mortgage Securities, Inc. Series 1996-2 Cl. A1 6.910% 01/25/2025................................................................... 2,795,764 2,668,277 CMC Securities Corp. II Series 1993-2E2 Cl. E2E 7.000% 10/25/2023................................................................... 1,107,669 1,108,013 CWMBS, Inc. Mtg. Pass Thru Ctf. Series 1993-7 Cl. A5 7.000% 11/25/2023................................................................... 5,629,062 5,243,471 Mortgage Obligation Structured Trust (144A) Series 1993-1 Cl.B1 10.670% 10/25/2018................................................................... 3,295,896 3,466,623
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- PNC Mortgage Securities Corp. Series 1997-4 Cl. 2PP1 7.500% 07/25/2027................................................................... $ 1,230,000 $ 1,234,182 Residential Funding Mtg. Sec., Inc. Series 1993-S45 Cl. A10 8.000% 12/25/2023................................................................... 1,250,000 1,272,900 Residential Asset Securitization Trust Series 1996-A7 Cl. A3 9.500% 10/25/2026................................................................... 1,628,221 1,679,347 -------------- 16,672,813 -------------- ASSET BACKED SECURITIES (4.4%) Green Tree Financial Corp. Series 1994-5 Cl. A2 7.300% 11/15/2019................................................................... 9,553,314 9,615,984 Saxon Asset Securities Co. Series 1996-1 Cl. A2 8.060% 09/25/2027................................................................... 6,265,000 6,455,456 -------------- 16,071,440 -------------- Total Other Securitized Loans (Cost $32,363,324) .................................................................. 32,744,253 -------------- CORPORATE BONDS (20.2%) INDUSTRIAL (8.8%) American Health Properties, Inc. 7.050% 01/15/2002................................................................... 475,000 473,347 7.500% 01/15/2007................................................................... 650,000 651,001 Ethan Allen, Inc. 8.750% 03/15/2001................................................................... 975,000 1,004,250 Federal Express Corp. Pass Thru Tr. Series 1997-1C 7.650% 01/15/2014................................................................... 2,300,000 2,338,571 Foster Wheeler Corp. 6.750% 11/15/2005................................................................... 2,925,000 2,832,950 Freeport-McMoRan Resource Partners L.P. 8.750% 02/15/2004................................................................... 500,000 508,750 Heritage Media Corp. 8.750% 02/15/2006................................................................... 1,250,000 1,281,250 Hilton Hotels Corp. 7.375% 06/01/2002................................................................... 4,000,000 4,028,680 La Quinta Inns, Inc. 9.250% 05/15/2003................................................................... 375,000 389,062 Lenfest Communications, Inc. 8.375% 11/01/2005................................................................... 2,100,000 2,068,500 Marriott International, Inc. 6.750% 12/01/2009................................................................... 2,750,000 2,626,278 Nabisco, Inc. 6.700% 06/15/2002................................................................... 3,750,000 3,699,675
- 50 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) Occidental Petroleum Corp. 10.125% 11/15/2001................................................................... $ 1,285,000 $ 1,441,320 Owens-Illinois, Inc. 7.850% 05/15/2004................................................................... 1,000,000 1,015,590 Sears, Roebuck Acceptance Corp. 6.400% 10/11/2000................................................................... 4,525,000 4,489,615 Time Warner Entertainment Co. L.P. 8.375% 03/15/2023................................................................... 2,600,000 2,670,174 Time Warner, Inc. 9.125% 01/15/2013................................................................... 800,000 884,576 -------------- 32,403,589 -------------- FINANCIAL (10.1%) Aetna Services, Inc. 7.625% 08/15/2026................................................................... 5,000,000 4,979,000 Deutsche Bank Financial, Inc. 7.500% 04/25/2009................................................................... 2,700,000 2,761,911 Ford Motor Credit Co. 7.000% 09/25/2001................................................................... 4,000,000 4,033,760 Goldman Sachs Group L.P. (144A) 7.200% 03/01/2007................................................................... 3,700,000 3,684,793 Health Care Properties, Inc. 6.500% 02/15/2006................................................................... 6,400,000 6,054,080 Merrill Lynch & Co., Inc. 6.450% 06/20/2000................................................................... 3,650,000 3,642,663 Salomon, Inc. 7.250% 05/01/2001................................................................... 2,925,000 2,958,930 Swiss Bank Corp. 7.250% 09/01/2006................................................................... 1,825,000 1,845,842 USL Capital Corp. 6.500% 12/01/2003................................................................... 3,350,000 3,269,835 United Dominion Realty Trust Series A 7.020% 11/15/2005................................................................... 3,725,000 3,656,609 -------------- 36,887,423 --------------
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- UTILITY (1.3%) California Energy, Inc. 9.875% 06/30/2003................................................................... $ 1,000,000 $ 1,064,170 Northern Indiana Public Service Co. 6.900% 06/01/2000................................................................... 1,250,000 1,257,888 6.750% 06/01/2000................................................................... 2,500,000 2,504,675 -------------- 4,826,733 -------------- Total Corporate Bonds (Cost $74,503,139) .................................................................. 74,117,745 -------------- Total investments, excluding temporary cash investments (Cost $344,554,201) ................................................................. 346,392,354 -------------- REPURCHASE AGREEMENTS (5.5%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $10,170,647. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. .............................................................. 10,169,006 10,169,006 J.P. Morgan Securities, Inc. 6.003% dated 06/30/1997, due 07/01/1997 in the amount of $10,001,645. Collateralized by U.S. Treasury Note 6.625% due 04/30/2002, U.S. Treasury Bills due 11/13/1997 to 11/20/1997. ....................................................... 10,000,000 10,000,000 -------------- Total Repurchase Agreements (Cost $20,169,006) .................................................................. 20,169,006 -------------- TOTAL INVESTMENTS (99.7%) (Cost $364,723,207)...................................................................... 366,561,360 RECEIVABLES LESS LIABILITIES (0.3%)....................................................... 1,141,160 -------------- NET ASSETS (100.0%)....................................................................... $ 367,702,520 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 51 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- STATE OF OREGON GENERAL OBLIGATION BONDS (12.7%) Board of Higher Education Refunding Series B 6.250% 10/15/2012................................................................... $ 740,000 $ 784,400 Board of Higher Education Series A 6.350% 08/01/2014................................................................... 1,535,000 1,663,556 0.000% 08/01/2014................................................................... 450,000 174,937 5.900% 08/01/2018................................................................... 1,000,000 1,028,750 Elderly & Disabled Housing Refunding Series B 6.250% 08/01/2013................................................................... 1,000,000 1,071,250 Pollution Control Series C 5.625% 06/01/2013................................................................... 3,060,000 3,067,650 5.900% 06/01/2014................................................................... 3,880,000 3,904,250 Veterans' Welfare 11.250% 10/01/1998.................................................................. 2,885,000 3,137,437 9.000% 04/01/1999................................................................... 1,800,000 1,944,000 11.000% 06/01/1999.................................................................. 865,000 972,044 7.000% 07/01/2000................................................................... 1,350,000 1,454,625 9.000% 10/01/2000................................................................... 1,010,000 1,151,400 11.000% 12/01/2000.................................................................. 865,000 1,044,487 0.000% 07/01/2001................................................................... 1,200,000 1,000,500 6.000% 08/01/2002................................................................... 2,000,000 2,135,000 6.000% 02/01/2004................................................................... 695,000 745,388 9.000% 04/01/2004................................................................... 260,000 323,050 9.000% 04/01/2005................................................................... 1,010,000 1,281,438 6.750% 05/01/2005................................................................... 2,080,000 2,342,600 9.000% 10/01/2005................................................................... 1,595,000 2,041,600 7.250% 01/01/2007................................................................... 1,485,000 1,754,156 9.200% 04/01/2007................................................................... 1,095,000 1,456,350 8.250% 07/01/2007................................................................... 540,000 681,750 9.200% 10/01/2007................................................................... 1,200,000 1,612,500 8.000% 01/01/2008................................................................... 1,190,000 1,480,063 7.300% 07/01/2008................................................................... 630,000 754,425 8.000% 07/01/2008................................................................... 480,000 601,200 6.875% 12/01/2013................................................................... 3,420,000 3,573,900 5.850% 10/01/2015................................................................... 1,105,000 1,140,912 7.000% 12/01/2015................................................................... 2,790,000 2,953,913 0.000% 12/01/2017................................................................... 2,000,000 2,000,000 -------------- Total State of Oregon General Obligation Bonds (Cost $47,132,083) .................................................................. 49,277,531 -------------- OREGON GENERAL OBLIGATION BONDS (21.0%) Clackamas & Washington Counties School District #3JT West Linn-Wilsonville 5.875% 08/01/2009................................................................... 1,000,000 1,046,250 5.875% 10/01/2009................................................................... 2,550,000 2,677,500 PRINCIPAL AMOUNT VALUE(1) ------------- -------------- 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 2,823,887 Clackamas Community College District 5.250% 12/01/2009................................................................... 1,270,000 1,290,637 Deschutes County Administrative School District #1 Bend-Lapine 0.000% 02/01/2000................................................................... 1,175,000 1,050,156 0.000% 02/01/2001................................................................... 1,135,000 970,425 0.000% 02/01/2002................................................................... 1,445,000 1,175,869 5.800% 02/01/2004................................................................... 780,000 818,025 5.900% 02/01/2005................................................................... 980,000 1,029,000 Eugene Public Safety Facilities 6.000% 06/01/2005................................................................... 850,000 916,937 5.625% 06/01/2013................................................................... 1,295,000 1,317,662 Jackson County School District #549C Medford 5.375% 06/01/2012................................................................... 1,200,000 1,197,000 Lane County Area Education District Lane Community College 5.300% 06/01/2007................................................................... 1,000,000 1,023,750 4.850% 06/01/2008................................................................... 4,080,000 4,013,700 5.000% 06/01/2009................................................................... 1,000,000 991,250 Lane County School District #1 Pleasant Hill 5.350% 12/01/2012................................................................... 650,000 650,000 5.450% 12/01/2013................................................................... 725,000 726,812 Lane County School District #4J Eugene 0.000% 07/01/2001................................................................... 2,015,000 1,682,525 0.000% 01/01/2003................................................................... 1,345,000 1,039,013 0.000% 07/01/2003................................................................... 1,480,000 1,117,400 0.000% 01/01/2005................................................................... 1,395,000 973,012 0.000% 07/01/2005................................................................... 2,325,000 1,572,281 5.250% 07/01/2008................................................................... 590,000 595,900 Lane County School District #19 Springfield Refunding 0.000% 02/01/1999................................................................... 470,000 440,038 Metro Open Spaces Program Series C 5.100% 09/01/2009................................................................... 2,375,000 2,354,219 Metro Washington Park Zoo Series A 5.250% 01/15/2009................................................................... 1,040,000 1,053,000 5.300% 01/15/2011................................................................... 1,000,000 1,003,750 Multnomah-Clackamas Counties School District No. 10JT Gresham 5.250% 06/01/2017................................................................... 1,620,000 1,563,300
- 52 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON GENERAL OBLIGATION BONDS (CONTINUED) Multnomah-Clackamas Counties School District #51JT Riverdale 5.750% 06/01/2016................................................................... $ 2,270,000 $ 2,304,050 Multnomah County Public Improvements 5.250% 10/01/2013................................................................... 1,800,000 1,788,750 Multnomah County School District #1J Portland 4.250% 06/01/2003................................................................... 500,000 493,125 5.000% 06/01/2004................................................................... 1,590,000 1,615,838 Multnomah County School District #4 Gresham 6.100% 01/01/2008................................................................... 3,000,000 3,168,750 6.100% 01/01/2009................................................................... 200,000 210,500 Multnomah County School District #7 Reynolds 5.250% 06/01/2011................................................................... 1,500,000 1,494,375 Multnomah County School District #40 David Douglas 7.100% 06/01/2002................................................................... 880,000 975,700 Port of Portland Series A 0.000% 03/01/2007................................................................... 3,000,000 1,841,250 Portland Public Improvements Series A 5.750% 06/01/2014................................................................... 2,420,000 2,444,200 Portland Public Improvements Series B 4.625% 12/01/2010................................................................... 905,000 910,656 Portland Recreational Facilities Improvements Series A 5.750% 06/01/2012................................................................... 1,370,000 1,419,663 5.750% 06/01/2013................................................................... 1,345,000 1,388,713 5.750% 06/01/2015................................................................... 1,155,000 1,189,650 Portland Recreational Facilities Improvements Series B 5.500% 06/01/2009................................................................... 2,115,000 2,178,450 5.750% 06/01/2014................................................................... 1,750,000 1,806,875 5.750% 06/01/2015................................................................... 2,955,000 3,032,569 Portland Community College District 0.000% 07/01/2007................................................................... 2,025,000 1,225,125 6.000% 07/01/2012................................................................... 1,500,000 1,558,125 Tri-County Metropolitan Transportation District Light Rail Extension Series A 6.000% 07/01/2012................................................................... 3,495,000 3,656,644 Tualatin Hills Park & Recreation District 5.700% 03/01/2009................................................................... 1,340,000 1,383,550 5.750% 03/01/2010................................................................... 730,000 751,900 Washington County Refunding 6.200% 12/01/2007................................................................... 1,500,000 1,590,000
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Washington & Clackamas Counties School District #23J Tigard Refunding 5.400% 01/01/2010................................................................... $ 1,720,000 $ 1,735,050 Washington County School District #48J Beaverton Series B 6.150% 06/01/2008................................................................... 1,010,000 1,055,450 Washington County School District #48J Beaverton Series C 7.800% 06/01/2003................................................................... 1,200,000 1,390,500 -------------- Total Oregon General Obligation Bonds (Cost $79,453,688) .................................................................. 81,801,506 -------------- OREGON REVENUE BONDS (18.9%) Clackamas County Hospital Facility Authority Robison Jewish Home Project 6.250% 10/01/2021................................................................... 2,000,000 2,002,500 Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge 7.500% 10/20/2031................................................................... 1,030,000 1,108,537 Clackamas County Housing Authority Multifamily Housing Easton Ridge Series A 5.800% 12/01/2016................................................................... 2,255,000 2,260,637 Deschutes County Hospital Facility Authority 5.750% 01/01/2009................................................................... 1,670,000 1,713,837 Deschutes Valley Water District 5.875% 09/01/2005................................................................... 3,200,000 3,352,000 Eugene Electric Utility 5.800% 08/01/2008................................................................... 1,435,000 1,488,812 5.800% 08/01/2009................................................................... 1,300,000 1,342,250 5.750% 08/01/2011................................................................... 715,000 740,025 6.000% 08/01/2011................................................................... 1,375,000 1,436,875 5.750% 08/01/2016................................................................... 1,055,000 1,070,825 5.000% 08/01/2017................................................................... 1,480,000 1,376,400 Eugene Trojan Nuclear Project 5.750% 09/01/1997................................................................... 1,500,000 1,505,040 5.750% 09/01/1998................................................................... 1,500,000 1,503,810 Gresham Sewer 5.350% 06/01/2006................................................................... 860,000 886,875 Gresham Stormwater 6.100% 10/01/2009................................................................... 1,115,000 1,190,262 Hillsboro Hospital Facility Authority Tuality Healthcare 5.750% 10/01/2012................................................................... 2,375,000 2,357,187 Lebanon Wastewater Refunding 5.750% 06/01/2011................................................................... 1,225,000 1,234,188
- 53 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON REVENUE BONDS (CONTINUED) Multnomah County Educational Facilities University Portland Project 6.000% 04/01/2014................................................................... $ 1,375,000 $ 1,419,688 North Clackamas Parks & Recreation District Recreational Facilities 5.700% 04/01/2013................................................................... 2,840,000 2,857,750 Northern Wasco County People's Utility District Electric 0.000% 02/01/2006................................................................... 610,000 385,825 0.000% 02/01/2007................................................................... 585,000 344,419 0.000% 02/01/2008................................................................... 610,000 332,450 0.000% 02/01/2011................................................................... 500,000 220,000 Oregon City Sewer 6.500% 10/01/2007................................................................... 500,000 542,500 Oregon Health, Housing, Educational & Cultural Facilities Authority Reed College Project Series A 5.300% 07/01/2011................................................................... 500,000 492,500 Oregon Housing Agency Mortgage Single-Family Mortgage Program Series A 7.375% 07/01/2010................................................................... 35,000 36,138 Oregon Housing & Community Services Department Housing Finance Assisted Insured Multi-Unit B 6.800% 07/01/2013................................................................... 8,270,000 8,673,163 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series A 6.800% 07/01/2016................................................................... 2,185,000 2,305,175 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series D 6.700% 07/01/2013................................................................... 1,000,000 1,042,500 Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program Series E 6.750% 07/01/2016................................................................... 3,550,000 3,700,875 Portland Hydroelectric Power 6.800% 10/01/2004................................................................... 465,000 468,985 Portland Parking Refunding 6.375% 10/01/2012................................................................... 1,700,000 1,774,375 Portland Sewer System Refunding Series A 6.050% 06/01/2009................................................................... 535,000 573,119 6.200% 06/01/2012................................................................... 5,540,000 5,851,625 6.250% 06/01/2015................................................................... 3,730,000 3,930,488 Portland Water System 5.250% 08/01/2013................................................................... 2,000,000 1,980,000
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Prineville Sewer First Lien 6.500% 07/01/2004................................................................... $ 500,000 $ 538,125 6.800% 07/01/2012................................................................... 1,050,000 1,148,438 Reedsport Water 7.000% 10/01/2014................................................................... 520,000 575,900 South Fork Water Board First Lien 5.450% 02/01/2014................................................................... 1,300,000 1,262,625 Tri-County Metropolitan Transportation District Refunding Series A 5.700% 08/01/2013................................................................... 3,000,000 3,033,750 Washington County Unified Sewer Agency Series A 6.200% 10/01/2010................................................................... 3,485,000 3,724,594 -------------- Total Oregon Revenue Bonds (Cost $70,827,798) .................................................................. 73,785,067 -------------- OREGON INSURED BONDS (31.8%) Central Oregon Community College District 5.800% 06/01/2007................................................................... 760,000 797,050 Chemeketa Community College District 5.950% 06/01/2016................................................................... 1,600,000 1,652,000 Clackamas County Health Facility Authority Revenue Refunding Adventist Health A 6.350% 03/01/2009................................................................... 1,500,000 1,605,000 Clackamas County School District #115 Gladstone 6.150% 06/01/2014................................................................... 1,200,000 1,281,000 Clatsop County Administrative School District #10 5.875% 07/01/2012................................................................... 630,000 644,962 Crook County School District 4.900% 02/01/2009................................................................... 1,165,000 1,130,050 Deschutes & Jefferson Counties School District #2J Redmond Refunding 5.600% 06/01/2009................................................................... 1,000,000 1,026,250 Hood River County School District 5.650% 06/01/2008................................................................... 1,020,000 1,065,900 Josephine County School District #7 Grants Pass 5.700% 06/01/2013................................................................... 2,000,000 2,042,500 Klamath County 5.100% 06/01/2008................................................................... 1,015,000 1,031,494 5.150% 06/01/2009................................................................... 700,000 708,750 Lane County School District #19 Springfield 6.150% 10/15/2009................................................................... 1,500,000 1,627,500 Lane County School District #52 Bethel 6.250% 12/01/2007................................................................... 580,000 647,425 6.400% 12/01/2009................................................................... 750,000 829,687
- 54 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON INSURED BONDS (CONTINUED) Lincoln County School District 6.000% 06/15/2006................................................................... $ 900,000 $ 983,250 6.000% 06/15/2007................................................................... 1,855,000 2,017,312 6.000% 06/15/2008................................................................... 1,150,000 1,252,062 6.000% 06/15/2009................................................................... 2,465,000 2,680,687 5.600% 06/15/2010................................................................... 2,480,000 2,585,400 5.250% 06/15/2012................................................................... 3,150,000 3,157,875 Malheur County School District #26 Nyssa 5.750% 06/01/2015................................................................... 1,910,000 1,955,363 Marion & Linn County Elementary School District #77J Stayton 6.250% 07/01/2013................................................................... 1,260,000 1,359,225 Marion County School District #103C Woodburn Series B 0.000% 11/01/2006................................................................... 2,000,000 1,272,500 0.000% 11/01/2007................................................................... 2,000,000 1,205,000 0.000% 11/01/2009................................................................... 2,500,000 1,343,750 0.000% 11/01/2011................................................................... 1,710,000 812,250 Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services 6.800% 12/01/2011................................................................... 1,320,000 1,427,250 Morrow County School District #1 6.000% 06/01/2006................................................................... 880,000 947,100 Multnomah County School District #3 Parkrose 5.400% 12/01/2005................................................................... 1,010,000 1,051,663 5.700% 12/01/2008................................................................... 1,330,000 1,393,175 5.700% 12/01/2009................................................................... 1,970,000 2,051,263 5.500% 12/01/2010................................................................... 895,000 917,375 5.500% 12/01/2011................................................................... 1,000,000 1,018,750 Northern Oregon Corrections 5.250% 09/15/2012................................................................... 1,000,000 995,000 5.300% 09/15/2013................................................................... 1,000,000 993,750 Ontario Oregon Catholic Health Holy Rosary Medical Center 5.500% 11/15/2012................................................................... 1,500,000 1,511,250 Oregon Health Sciences University Revenue Series A 0.000% 07/01/2009................................................................... 1,530,000 822,375 0.000% 07/01/2012................................................................... 1,315,000 585,175 0.000% 07/01/2014................................................................... 2,495,000 982,406 0.000% 07/01/2015................................................................... 4,325,000 1,594,844 Oregon Health Sciences University Revenue Series B 4.875% 07/01/2007................................................................... 1,695,000 1,682,288
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Oregon Department of General Services Certificates Participation Series C 5.800% 03/01/2015................................................................... $ 840,000 $ 849,450 Oregon Department of Administrative Services Certificates Participation Series A 5.375% 11/01/2004................................................................... 1,500,000 1,560,000 5.250% 05/01/2008................................................................... 4,950,000 5,036,625 5.300% 05/01/2008................................................................... 750,000 767,813 5.250% 11/01/2009................................................................... 2,460,000 2,484,600 5.700% 05/01/2015................................................................... 1,000,000 1,013,750 5.375% 11/01/2016................................................................... 4,260,000 4,190,775 Oregon Department of Administrative Services Certificates Participation Series B 5.500% 11/01/2011................................................................... 1,635,000 1,665,656 Oregon Department of Administrative Services Certificates Participation Series C 5.500% 05/01/2011................................................................... 2,000,000 2,035,000 Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark College 6.000% 10/01/2013................................................................... 965,000 1,016,869 Port of Portland Airport Revenue Portland International Airport Series 7-A 6.500% 07/01/2004................................................................... 500,000 537,500 6.750% 07/01/2015................................................................... 2,895,000 3,130,219 Port of Portland Airport Revenue Series 9-A 5.500% 07/01/2006................................................................... 500,000 516,250 Portland Arena Gas Tax Revenue 0.000% 06/01/2016................................................................... 1,100,000 360,250 0.000% 06/01/2017................................................................... 1,420,000 433,100 Portland Gas Tax Revenue Series A 5.800% 06/01/2016................................................................... 1,625,000 1,657,500 Portland Sewer System Revenue Series A 6.000% 10/01/2012................................................................... 2,180,000 2,294,450 Salem-Keizer School District #24J 5.400% 06/01/2006................................................................... 1,000,000 1,032,500 Salem Pedestrian Safety Improvements 5.400% 05/01/2009................................................................... 1,000,000 1,018,750 Salem Water & Sewer 6.000% 06/01/2005................................................................... 1,080,000 1,171,800 Tillamook County 6.250% 01/01/2014................................................................... 960,000 1,032,000 5.700% 01/15/2016................................................................... 700,000 710,500 Umatilla County School District #8R Hermiston 6.000% 12/01/2010................................................................... 695,000 736,700 Union Health District 5.750% 02/01/2010................................................................... 1,070,000 1,091,400
- 55 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON INSURED BONDS (CONTINUED) Washington County School District #13 5.350% 06/01/2011................................................................... $ 355,000 $ 358,550 5.350% 06/01/2012................................................................... 440,000 442,200 5.400% 06/01/2013................................................................... 485,000 487,425 Washington County School District #48J Beaverton Series A 5.200% 12/01/2009................................................................... 1,740,000 1,755,225 Washington County School District #88J Sherwood 6.100% 06/01/2012................................................................... 1,000,000 1,066,250 Washington County Unified Sewer Agency Revenue Series A 0.000% 10/01/2003................................................................... 1,000,000 745,000 0.000% 10/01/2005................................................................... 5,230,000 3,491,025 5.900% 10/01/2006................................................................... 3,730,000 3,953,800 0.000% 10/01/2007................................................................... 4,835,000 2,894,956 6.125% 10/01/2012................................................................... 8,010,000 8,500,613 5.400% 10/01/2012................................................................... 520,000 526,500 Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph Peace 5.625% 08/01/2007................................................................... 2,080,000 2,181,400 Yamhill County School District #29J Newberg 5.500% 06/01/2010................................................................... 1,405,000 1,433,100 6.100% 06/01/2011................................................................... 3,355,000 3,585,656 Yamhill County School District #40 McMinnville 6.000% 06/01/2009................................................................... 500,000 540,625 5.350% 06/01/2010................................................................... 500,000 508,125 5.600% 06/01/2016................................................................... 500,000 505,625 -------------- Total Oregon Insured Bonds (Cost $119,655,744) ................................................................. 124,007,438 -------------- OREGON PRE-REFUNDED BONDS (4.0%) Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income Project 7.000% 11/15/2011................................................................... 470,000 525,812 Clackamas County School District #1 6.250% 07/01/2002................................................................... 925,000 986,281 6.300% 07/01/2003................................................................... 700,000 748,125 6.500% 07/01/2004................................................................... 1,235,000 1,329,169 6.500% 07/01/2005................................................................... 1,355,000 1,458,319 6.500% 07/01/2006................................................................... 1,485,000 1,598,231
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Clackamas County School District #7J Lake Oswego Series A 7.000% 06/15/2008................................................................... $ 1,250,000 $ 1,343,750 7.100% 06/15/2010................................................................... 750,000 808,125 Clackamas County School District #12 North Clackamas 6.500% 06/01/2005................................................................... 1,000,000 1,061,250 6.500% 06/01/2007................................................................... 1,455,000 1,544,119 Oregon Department of General Services Certificates Participation Series A 7.200% 01/15/2015................................................................... 1,100,000 1,196,250 Oregon Department of General Services Certificates Participation Series B 7.200% 01/15/2015................................................................... 670,000 728,625 Oregon Housing, Educational & Cultural Facilities Authority Reed College Project Series A 6.350% 07/01/2002................................................................... 320,000 347,200 6.400% 07/01/2003................................................................... 280,000 304,500 Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series A 7.300% 06/01/2010................................................................... 1,400,000 1,515,500 -------------- Total Oregon Pre-Refunded Bonds (Cost $14,285,035) .................................................................. 15,495,256 -------------- OREGON OTHER BONDS (2.7%) Grants Pass Urban Renewal Agency Tax Increment 6.125% 08/01/2012................................................................... 750,000 764,062 Hood River Urban Renewal Agency Revenue 6.250% 12/15/2011................................................................... 1,250,000 1,314,062 Lane County School District #4J Eugene Certificates Participation 6.900% 10/01/2000................................................................... 500,000 538,125 Lebanon Special Obligation Revenue Refunding Lease Water 5.400% 10/01/2013................................................................... 755,000 741,787 Medford Urban Renewal Agency Tax Revenue 5.875% 09/01/2010................................................................... 500,000 508,125 Newberg Certificates Participation 5.900% 12/01/1998................................................................... 365,000 371,844 6.000% 12/01/1999................................................................... 390,000 402,188 6.100% 12/01/2000................................................................... 410,000 427,425 6.200% 12/01/2001................................................................... 410,000 432,550 Portland Building Refunding Series A 4.750% 04/01/2007................................................................... 2,000,000 1,980,000
- 56 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
OREGON OTHER BONDS (CONTINUED) Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C 5.900% 06/01/2006................................................................... $ 860,000 $ 904,075 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 $10,105,889) .................................................................. 10,609,981 -------------- OTHER BONDS (6.3%) Puerto Rico Commonwealth 6.250% 07/01/2008................................................................... 1,000,000 1,115,000 Puerto Rico Commonwealth Public Improvements 6.250% 07/01/2009................................................................... 3,000,000 3,341,250 6.250% 07/01/2013................................................................... 1,000,000 1,115,000 Puerto Rico Commonwealth Aqueduct & Sewer Authority 5.200% 07/01/2008................................................................... 1,000,000 1,021,250 Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Series A 9.000% 07/01/2009................................................................... 5,705,000 7,223,956 Puerto Rico Commonwealth Public Buildings Authority 5.000% 07/01/2013................................................................... 3,130,000 3,020,450 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B 7.500% 10/15/2012................................................................... 1,040,000 1,092,000 Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C 6.750% 10/15/2013................................................................... 710,000 747,275 Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1 7.500% 04/01/2022................................................................... 1,680,000 1,766,100
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 $ 2,117,500 Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA Homeownership 5th Portfolio 7.500% 12/01/2015................................................................... 610,000 661,850 Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A 7.300% 10/01/2018................................................................... 1,185,000 1,461,994 -------------- Total Other Bonds (Cost $23,619,472) .................................................................. 24,683,625 -------------- Total investments, excluding temporary cash investment (Cost $365,079,709) ................................................................. 379,660,404 -------------- TAX-EXEMPT MONEY MARKET INVESTMENT (1.5%) SEI Tax Exempt Trust (Cost 5,792,640) .................................................................... 5,792,640 5,792,640 -------------- TOTAL INVESTMENTS (98.9%) (Cost $370,872,349)...................................................................... 385,453,044 RECEIVABLE LESS LIABILITIES (1.1%)........................................................ 4,220,201 -------------- NET ASSETS (100.0%)....................................................................... $ 389,673,245 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 57 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
June 30, 1997 PRINCIPAL (Unaudited) AMOUNT VALUE(1) ------------- -------------- CORPORATE BONDS (96.3%) INDUSTRIAL (1.5%) BUSINESS SERVICES (1.5%) Pierce Leahy Corp. Senior Subordinated Notes 11.125% 07/15/2006................................................................. $ 500,000 $ 545,000 -------------- BASIC INDUSTRY (8.4%) CHEMICALS (4.2%) Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes 8.750% 02/15/2004................................................................. 700,000 712,250 ICO, Inc. (144A) Senior Notes 10.375% 06/01/2007................................................................. 750,000 768,750 -------------- 1,481,000 -------------- FOREST PRODUCTS (2.1%) Crown Paper Co. Senior Subordinated Notes 11.000% 09/01/2005................................................................. 750,000 746,250 -------------- METALS/MINING (2.1%) Ryerson Tull, Inc. Notes 8.500% 07/15/2001................................................................. 750,000 753,750 -------------- Total Basic Industry ................................................................. 2,981,000 -------------- CONSUMER RELATED (20.1%) HOTEL/GAMING (10.6%) California Hotel Finance Corp. Guaranteed Senior Subordinated Notes 11.000% 12/01/2002................................................................. 500,000 526,250 HMH Properties, Inc. Senior Secured Note 9.500% 05/15/2005................................................................. 600,000 624,000 Hilton Hotels Corp. Senior Notes 7.375% 06/01/2002................................................................. 500,000 503,585 La Quinta Inns, Inc. Senior Subordinated Notes 9.250% 05/15/2003................................................................. 900,000 933,750 Rio Hotel & Casino, Inc. Senior Subordinated Notes 9.500% 04/15/2007................................................................. 450,000 463,500 Station Casinos, Inc. Senior Subordinated Notes 9.625% 06/01/2003................................................................. 740,000 732,600 -------------- 3,783,685 -------------- PRINCIPAL AMOUNT VALUE(1) ------------- -------------- HEALTHCARE (7.1%) Abbey Healthcare Group, Inc. Senior Subordinated Notes 9.500% 11/01/2002................................................................. $ 850,000 $ 875,500 HEALTHSOUTH Rehabilitation Corp. Senior Subordinated Notes 9.500% 04/01/2001................................................................. 300,000 315,000 Quorum Health Group, Inc. Senior Subordinated Notes 8.750% 11/01/2005................................................................. 650,000 672,750 Tenet Healthcare Corp. Senior Subordinated Notes 10.125% 03/01/2005................................................................. 600,000 655,500 -------------- 2,518,750 -------------- OTHER (2.4%) Westpoint Stevens, Inc. Senior Subordinated Debenture 9.375% 12/15/2005................................................................. 800,000 836,000 -------------- Total Consumer Related ............................................................... 7,138,435 -------------- ENERGY (8.2%) Gulf Canada Resources Ltd. Subordinated Debentures 9.625% 07/01/2005................................................................. 500,000 537,500 Kelley Oil & Gas Corp. Series B Senior Subordinated Notes 10.375% 10/15/2006................................................................. 600,000 618,000 Maxus Energy Corp. Notes 9.875% 10/15/2002................................................................. 750,000 790,275 Nuevo Energy Co. Senior Subordinated Notes 9.500% 04/15/2006................................................................. 500,000 520,000 Santa Fe Energy Resource, Inc. Senior Subordinated Debentures 11.000% 05/15/2004................................................................. 400,000 436,000 -------------- Total Energy ......................................................................... 2,901,775 -------------- HOUSING RELATED (3.6%) USG Corp. Series B Senior Notes 9.250% 09/15/2001................................................................. 500,000 528,750 Webb (Del E.) Corp. Senior Subordinated Notes 9.750% 01/15/2008................................................................. 750,000 757,500 -------------- Total Housing Related ................................................................ 1,286,250 --------------
- 58 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) MANUFACTURING (13.3%) Hayes Wheels International, Inc. (144A) Senior Subordinated Notes 9.125% 07/15/2007................................................................. $ 800,000 $ 800,000 Mark IV Industries, Inc. Senior Subordinated Notes 7.750% 04/01/2006................................................................. 500,000 496,785 Polymer Group, Inc. (144A) Senior Subordinated Notes 9.000% 07/01/2007................................................................. 500,000 491,955 Rohr, Inc. Senior Note 11.625% 05/15/2003................................................................. 600,000 669,000 Silgan Holdings, Inc. (144A) Senior Subordinated Debentures 9.000% 06/01/2009................................................................. 750,000 757,500 Titan Wheel International, Inc. Senior Subordinated Notes 8.750% 04/01/2007................................................................. 700,000 714,000 Tracor, Inc. Senior Subordinated Notes 8.500% 03/01/2007................................................................. 800,000 810,000 -------------- Total Manufacturing .................................................................. 4,739,240 -------------- MEDIA (22.0%) Chancellor Radio Broadcasting Co. Senior Subordinated Notes 9.375% 10/01/2004................................................................. 250,000 256,250 Cinemark USA, Inc. Series B Senior Subordinated Notes 9.625% 08/01/2008................................................................. 600,000 618,000 Heritage Media Corp. Senior Subordinated Notes 8.750% 02/15/2006................................................................. 750,000 768,750 Hollinger International Publishing, Inc. Senior Notes 8.625% 03/15/2005................................................................. 700,000 708,750 Jacor Communications Co. (144A) Senior Subordinated Notes 8.750% 06/15/2007................................................................. 750,000 738,750 Jones Intercable, Inc. Senior Notes 8.875% 04/01/2007................................................................. 700,000 714,000 Lamar Advertising Co. Senior Subordinated Notes 9.625% 12/01/2006................................................................. 750,000 765,000
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- Lenfest Communications, Inc. Senior Secured Notes 8.375% 11/01/2005................................................................. $ 500,000 $ 492,500 Outdoor Systems, Inc. Senior Subordinated Notes 9.375% 10/15/2006................................................................. 750,000 753,750 SFX Broadcasting, Inc. Series B Senior Subordinated Notes 10.750% 05/15/2006................................................................. 750,000 810,000 Viacom, Inc. Subordinated Debenture 8.000% 07/07/2006................................................................. 650,000 630,500 Young Broadcasting, Inc. Guaranteed Senior Subordinated Notes 11.750% 11/15/2004................................................................. 500,000 552,500 -------------- Total Media .......................................................................... 7,808,750 -------------- RETAIL (3.1%) Ethan Allen, Inc. Senior Notes 8.750% 03/15/2001................................................................. 600,000 618,000 Specialty Retailers, Inc. (144A) Senior Notes 8.500% 07/15/2005................................................................. 500,000 500,000 -------------- Total Retail ......................................................................... 1,118,000 -------------- TRANSPORTATION (2.1%) Teekay Shipping Corp. Guaranteed 1st Preferred Ship Mortgage Notes 8.320% 02/01/2008................................................................. 750,000 753,750 -------------- UTILITY (9.3%) ELECTRICS (5.0%) AES Corp. Senior Subordinated Notes 10.250% 07/15/2006................................................................. 800,000 870,000 California Energy, Inc. Senior Secured Note 9.875% 06/30/2003................................................................. 850,000 904,544 -------------- 1,774,544 -------------- TELECOMMUNICATIONS (4.3%) MFS Communications, Inc. Senior Discount Notes Step-up Coupon 0.000% to 01/15/2001, then 8.875% to 01/15/2006................................... 1,000,000 791,790
- 59 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
PRINCIPAL AMOUNT VALUE(1) ------------- --------------
CORPORATE BONDS (CONTINUED) Paging Network, Inc. Senior Subordinated Notes 10.000% 10/15/2008................................................................. $ 750,000 $ 728,438 -------------- 1,520,228 -------------- Total Utilities ...................................................................... 3,294,772 -------------- YANKEE (4.7%) Argentina Republic Unsubordinated Global Bond 11.000% 10/09/2006................................................................. 750,000 834,375 Mexico-United Mexican States Global Bonds 11.375% 09/15/2016................................................................. 750,000 844,125 -------------- Total Yankee ......................................................................... 1,678,500 -------------- Total investments, excluding temporary cash investment (Cost $33,468,049) .................................................................. 34,245,472 --------------
PRINCIPAL AMOUNT VALUE(1) ------------- -------------- REPURCHASE AGREEMENT (2.2%) Goldman Sachs Corp. 5.891% dated 06/30/1997, due 07/01/1997 in the amount of $769,953. Collateralized by U.S. Treasury Bond 6.250% due 08/15/2023, U.S. Treasury Note 5.750% due 08/15/2003. (Cost $769,828)...................................................................... $ 769,828 $ 769,828 -------------- TOTAL INVESTMENTS (98.5%) (Cost $34,237,877)....................................................................... 35,015,300 RECEIVABLES LESS LIABILITIES (1.5%)....................................................... 546,368 -------------- NET ASSETS (100.0%)....................................................................... $ 35,561,668 -------------- --------------
(1) See Note 1 of Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. - 60 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
COLUMBIA COLUMBIA COLUMBIA COLUMBIA June 30, 1997 COMMON STOCK GROWTH INTERNATIONAL STOCK SPECIAL (Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC. ------------ -------------- ------------------- -------------- ASSETS: Investments at identified cost............................ $491,243,573 $ 910,273,825 $125,339,177 $1,237,360,211(2) - ------------------------------------------------------------ ------------ -------------- ------------------- -------------- Investments at value (Notes 1 and 2)...................... $611,938,013 $1,165,655,384 $156,691,701 $1,363,819,640(2) Temporary cash investments, at cost (Note 1).............. 71,289,433 40,839,060 11,633,460 116,792,100 Cash...................................................... 952,754 Cash denominated in foreign currencies (cost $144,242) (Note 1)................................................. 143,790 Receivable for: Interest................................................ 230,132 174,881 56,739 434,956 Dividends............................................... 693,331 1,259,534 312,115 539,867 Investments sold........................................ 6,813,212 11,457,122 4,292,031 12,461,377 Capital stock sold...................................... 208,408 623,579 767,078 914,043 ------------ -------------- ------------------- -------------- Total assets.............................................. 691,172,529 1,220,009,560 174,849,668 1,494,961,983 ------------ -------------- ------------------- -------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 2,948,610 1,854,089 355,472 6,178,126 Dividends and distributions............................. 30,150 Investments purchased................................... 13,668,282 5,072,589 16,370,800 Investment management fee (Note 4)...................... 328,468 568,280 134,082 1,011,447 Accrued expenses........................................ 125,056 196,123 57,160 246,927 ------------ -------------- ------------------- -------------- Total liabilities......................................... 17,100,566 2,618,492 5,619,303 23,807,300 ------------ -------------- ------------------- -------------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $674,071,963 $1,217,391,068 $169,230,365 $1,471,154,683 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- Net assets consist of: Undistributed net investment income....................... $ 1,399,513 $ 5,411,763 $ 362,144 $ 576,070 Unrealized appreciation (depreciation) on: Investments............................................. 120,694,440 255,381,559 31,352,524 126,459,429 Translation of assets and liabilities in foreign currencies............................................. (20,785) Undistributed net realized gain (loss) from: Investments............................................. 28,559,478 78,609,578 8,295,759 63,553,874 Foreign currency transactions........................... (33,851) Capital shares (Note 3)................................... 344,892 689,777 Capital paid in (Note 3).................................. 523,418,532 877,643,276 129,274,574 1,279,875,533 ------------ -------------- ------------------- -------------- $674,071,963 $1,217,391,068 $169,230,365 $1,471,154,683 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 30,249,024 34,489,204 10,374,021 68,977,673 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- -------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................................ $ 22.28 $ 35.30 $ 16.31 $ 21.33 ------------ -------------- ------------------- -------------- ------------ -------------- ------------------- --------------
(1) The net asset value per share is computed by dividing net assets applicable to outstanding shares by shares of capital stock outstanding. (2) Including $65,719,076 of investments at identified cost and $75,240,875 of investments at value of affiliated issuers (Note 1). The accompanying notes are an integral part of the financial statements. - 61 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
COLUMBIA COLUMBIA REAL COLUMBIA COLUMBIA June 30, 1997 SMALL CAP ESTATE EQUITY BALANCED DAILY INCOME (Unaudited) FUND, INC. FUND, INC. FUND, INC. COMPANY ----------- ------------- ------------ ------------ ASSETS: Investments at identified cost............................ $37,284,985 $ 82,512,362 $644,681,728 $870,210,086 - ------------------------------------------------------------ ----------- ------------- ------------ ------------ Investments at value (Notes 1 and 2)...................... $43,642,003 $ 96,647,382 $751,273,559 $870,210,086 Temporary cash investments, at cost (Note 1).............. 1,035,675 10,289,790 14,247,434 Cash...................................................... 300,000 Receivable for: Interest................................................ 8,365 44,489 4,812,052 7,983 Dividends............................................... 11,689 516,455 466,457 Investments sold........................................ 997,897(2) 1,441,261 33,569,343 Capital stock sold...................................... 134,223 664,040 524,282 962,151 ----------- ------------- ------------ ------------ Total assets.............................................. 45,829,852 109,603,417 804,893,127 871,480,220 ----------- ------------- ------------ ------------ LIABILITIES: Payable for: Capital stock redeemed.................................. 48,646 293,791 463,265 9,593,716 Dividends and distributions............................. 124,954 95,291 Investments purchased................................... 479,940 41,272,736 Securities sold short, at market (Proceeds $1,785,039) (Note 1)............................................... 1,872,222 Investment management fee (Note 4)...................... 34,016 65,381 311,584 343,759 Accrued expenses........................................ 15,427 21,151 162,038 169,018 ----------- ------------- ------------ ------------ Total liabilities......................................... 2,450,251 505,277 42,304,914 10,106,493 ----------- ------------- ------------ ------------ NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $43,379,601 $109,098,140 $762,588,213 $861,373,727 ----------- ------------- ------------ ------------ ----------- ------------- ------------ ------------ Net assets consist of: Undistributed net investment income (loss)................ $ (83,916) $ 17,098 $ 1,133,453 Unrealized appreciation on investments.................... 6,269,835 14,135,020 106,591,831 Undistributed net realized gain (loss) from investments... (353,196) 2,259,880 9,016,577 Capital shares (Note 3)................................... $ 861,374 Capital paid in (Note 3).................................. 37,546,878 92,686,142 645,846,352 860,512,353 ----------- ------------- ------------ ------------ $43,379,601 $109,098,140 $762,588,213 $861,373,727 ----------- ------------- ------------ ------------ ----------- ------------- ------------ ------------ SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 2,935,845 6,350,557 34,504,657 861,373,727 ----------- ------------- ------------ ------------ ----------- ------------- ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................................ $ 14.78 $ 17.18 $ 22.10 $ 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) Including receivable from broker for securites sold short of $349,518. The accompanying notes are an integral part of the financial statements. - 62 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA June 30, 1997 GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND (Unaudited) FUND, INC. FUND, INC. FUND, INC. --------------------- ----------------- -------------- ASSETS: Investments at identified cost............................ $38,152,679 $344,554,201 $365,079,709 - ------------------------------------------------------------ --------------------- ----------------- -------------- Investments at value (Notes 1 and 2)...................... $38,113,474 $346,392,354 $379,660,404 Temporary cash investments, at cost (Note 1).............. 882,798 20,169,006 5,792,640 Receivable for: Interest................................................ 778,777 3,972,989 5,103,230 Investments sold........................................ 35,792,841 Capital stock sold...................................... 575 658,458 4,463 --------------------- ----------------- -------------- Total assets.............................................. 39,775,624 406,985,648 390,560,737 --------------------- ----------------- -------------- LIABILITIES: Payable for: Capital stock redeemed.................................. 260,742 362,399 365,247 Dividends and distributions............................. 13,958 391,257 318,146 Investments purchased................................... 38,289,807 Investment management fee (Note 4)...................... 16,260 150,412 159,830 Accrued expenses........................................ 19,702 89,253 44,269 --------------------- ----------------- -------------- Total liabilities......................................... 310,662 39,283,128 887,492 --------------------- ----------------- -------------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $39,464,962 $367,702,520 $389,673,245 --------------------- ----------------- -------------- --------------------- ----------------- -------------- Net assets consist of: Unrealized appreciation (depreciation) on investments..... $ (39,205) $ 1,838,153 $ 14,580,695 Undistributed net realized gain (loss) from investments... (410,518) (1,850,141) 716,972 Capital shares (Note 3)................................... 47,954 281,292 319,809 Capital paid in (Note 3).................................. 39,866,731 367,433,216 374,055,769 --------------------- ----------------- -------------- $39,464,962 $367,702,520 $389,673,245 --------------------- ----------------- -------------- --------------------- ----------------- -------------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 4,795,408 28,129,175 31,980,870 --------------------- ----------------- -------------- --------------------- ----------------- -------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................................ $ 8.23 $ 13.07 $ 12.18 --------------------- ----------------- -------------- --------------------- ----------------- -------------- COLUMBIA June 30, 1997 HIGH YIELD (Unaudited) FUND, INC. ----------- ASSETS: Investments at identified cost............................ $33,468,049 - ------------------------------------------------------------ ----------- Investments at value (Notes 1 and 2)...................... $34,245,472 Temporary cash investments, at cost (Note 1).............. 769,828 Receivable for: Interest................................................ 702,095 Investments sold........................................ 420,500 Capital stock sold...................................... 22,656 ----------- Total assets.............................................. 36,160,551 ----------- LIABILITIES: Payable for: Capital stock redeemed.................................. 41,954 Dividends and distributions............................. 31,029 Investments purchased................................... 491,955 Investment management fee (Note 4)...................... 17,591 Accrued expenses........................................ 16,354 ----------- Total liabilities......................................... 598,883 ----------- NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $35,561,668 ----------- ----------- Net assets consist of: Unrealized appreciation (depreciation) on investments..... $ 777,423 Undistributed net realized gain (loss) from investments... 688,964 Capital shares (Note 3)................................... Capital paid in (Note 3).................................. 34,095,281 ----------- $35,561,668 ----------- ----------- SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 3,518,965 ----------- ----------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1)........................................................ $ 10.11 ----------- -----------
(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. - 63 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
COLUMBIA COLUMBIA COLUMBIA INTERNATIONAL COLUMBIA Six Months Ended June 30, 1997 COMMON STOCK GROWTH STOCK SPECIAL (Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC. ------------ ------------ --------------- ------------ INVESTMENT INCOME: Income: Interest........................................... $ 914,892 $ 1,247,007 $ 235,716 $ 2,044,659 Dividends.......................................... 5,658,723 6,230,575 1,399,555 5,696,465(1) Foreign taxes withheld (net of reclaims)........... (167,658) ------------ ------------ --------------- ------------ Total income..................................... 6,573,615 7,477,582 1,467,613 7,741,124 ------------ ------------ --------------- ------------ Expenses: Investment management fees (Note 4)................ 1,786,129 3,243,832 692,286 6,153,546 Shareholder servicing costs (Note 4)............... 342,401 498,308 184,092 686,690 Reports to shareholders............................ 49,947 139,248 40,842 162,850 Accounting expense................................. 15,319 13,324 53,455 25,541 Financial information and subscriptions............ 4,235 9,018 5,555 12,980 Custodian fees..................................... 11,907 22,619 78,627 29,919 Bank transaction and checking fees................. 9,369 15,586 24,210 34,154 Registration fees.................................. 24,066 26,209 13,004 24,088 Legal, insurance and auditing fees................. 17,883 23,424 16,557 27,874 Other.............................................. 3,355 5,960 726 7,412 ------------ ------------ --------------- ------------ Total expenses................................... 2,264,611 3,997,528 1,109,354 7,165,054 ------------ ------------ --------------- ------------ Net investment income (Note 1)....................... 4,309,004 3,480,054 358,259 576,070 ------------ ------------ --------------- ------------ REALIZED GAIN AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain from: Investments (Note 2)............................... 28,501,091 79,555,263 8,901,175 64,383,451(2) Foreign currency transactions (Note 1)............. 171,197 ------------ ------------ --------------- ------------ Net realized gain................................ 28,501,091 79,555,263 9,072,372 64,383,451 ------------ ------------ --------------- ------------ Net unrealized appreciation (depreciation) on: Investments (Note 1)............................... 59,806,331 74,114,406 14,709,406 38,176,351 Translation of assets and liabilities in foreign currencies (Note 1)............................... (212,452) ------------ ------------ --------------- ------------ Net unrealized appreciation during the period.... 59,806,331 74,114,406 14,496,954 38,176,351 ------------ ------------ --------------- ------------ Net gain on investment and foreign currency transactions (Note 1)............................... 88,307,422 153,669,669 23,569,326 102,559,802 ------------ ------------ --------------- ------------ Net increase in net assets resulting from operations.......................................... $92,616,426 $157,149,723 $23,927,585 $103,135,872 ------------ ------------ --------------- ------------ ------------ ------------ --------------- ------------
(1) Including $52,500 received from affiliated issuers (Note 1). (2) Including $8,995,835 net realized loss from transactions in affiliated issuers (Note 1). The accompanying notes are an integral part of the financial statements. - 64 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
COLUMBIA COLUMBIA REAL ESTATE COLUMBIA COLUMBIA Six Months Ended June 30, 1997 SMALL CAP EQUITY FUND, BALANCED DAILY INCOME (Unaudited) FUND, INC. INC. FUND, INC. COMPANY ------------- ---------------- ------------ ------------ INVESTMENT INCOME: Income: Interest................................................ $ 122,017 $ 307,659 $ 12,843,274 $24,074,040 Dividends............................................... 44,403 2,226,627 3,327,791 ------------- ---------------- ------------ ------------ Total income.......................................... 166,420 2,534,286 16,171,065 24,074,040 ------------- ---------------- ------------ ------------ Expenses: Investment management fees (Note 4)..................... 169,318 360,494 1,766,429 2,082,803 Shareholder servicing costs (Note 4).................... 30,911 61,110 406,745 416,769 Reports to shareholders................................. 6,203 9,743 69,024 99,087 Accounting expense...................................... 13,229 9,269 19,862 21,678 Financial information and subscriptions................. 1,344 1,201 9,033 7,554 Custodian fees.......................................... 699 2,205 14,175 17,929 Bank transaction and checking fees...................... 5,404 3,643 16,895 42,999 Registration fees....................................... 13,569 26,195 21,002 26,519 Legal, insurance and auditing fees...................... 9,331 9,359 19,991 21,284 Other................................................... 202 525 3,806 4,361 ------------- ---------------- ------------ ------------ Total expenses........................................ 250,210 483,744 2,346,962 2,740,983 ------------- ---------------- ------------ ------------ Net investment income (loss) (Note 1)..................... (83,790) 2,050,542 13,824,103 21,333,057 ------------- ---------------- ------------ ------------ REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION FROM INVESTMENT TRANSACTIONS: Net realized gain (loss) from investments (Note 2)........ (77,400) 2,300,797 9,093,055 Net unrealized appreciation on investments during the period (Note 1).......................................... 4,781,082 3,230,188 50,542,463 ------------- ---------------- ------------ Net gain on investments (Note 1).......................... 4,703,682 5,530,985 59,635,518 ------------- ---------------- ------------ ------------ Net increase in net assets resulting from operations...... $ 4,619,892 $7,581,527 $ 73,459,621 $21,333,057 ------------- ---------------- ------------ ------------ ------------- ---------------- ------------ ------------
The accompanying notes are an integral part of the financial statements. - 65 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA Six Months Ended June 30, 1997 GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD (Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC. --------------------- ----------------- -------------- ---------- INVESTMENT INCOME: Income: Interest...................................... $1,179,367 $12,648,811 $10,501,635 $1,465,939 ----------- ----------------- -------------- ---------- Total income................................ 1,179,367 12,648,811 10,501,635 1,465,939 ----------- ----------------- -------------- ---------- Expenses: Investment management fees (Note 4)........... 99,056 875,709 944,657 97,613 Shareholder servicing costs (Note 4).......... 34,185 162,749 63,124 20,532 Reports to shareholders....................... 6,799 43,346 13,603 5,299 Accounting expense............................ 11,759 22,129 13,057 18,038 Financial information and subscriptions....... 766 6,653 20,803 1,674 Custodian fees................................ 785 6,950 7,609 654 Bank transaction and checking fees............ 1,274 13,314 2,176 1,561 Registration fees............................. 6,891 17,429 9,858 6,723 Legal, insurance and auditing fees............ 11,060 18,728 17,071 9,822 Other......................................... 201 1,827 6,676 174 ----------- ----------------- -------------- ---------- Total expenses.............................. 172,776 1,168,834 1,098,634 162,090 ----------- ----------------- -------------- ---------- Net investment income (Note 1).................. 1,006,591 11,479,977 9,403,001 1,303,849 ----------- ----------------- -------------- ---------- REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENT TRANSACTIONS: Net realized gain (loss) from investments (Note 2)............................................. (14,216) 52,426 567,823 670,284 Net unrealized appreciation (depreciation) on investments during the period (Note 1)......... (66,392) (167,291) 673,279 (73,357 ) ----------- ----------------- -------------- ---------- Net gain (loss) on investments (Note 1)......... (80,608) (114,865) 1,241,102 596,927 ----------- ----------------- -------------- ---------- Net increase in net assets resulting from operations..................................... $ 925,983 $11,365,112 $10,644,103 $1,900,776 ----------- ----------------- -------------- ---------- ----------- ----------------- -------------- ----------
The accompanying notes are an integral part of the financial statements. - 66 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA and COMMON STOCK GROWTH INTERNATIONAL STOCK Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC. -------------------------- ---------------------------- -------------------------- 1997 1996 1997 1996 1997 1996 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE IN NET ASSETS: Operations: Net investment income................... $ 4,309,004 $ 5,885,201 $ 3,480,054 $ 6,027,740 $ 358,259 $ 254,666 Net realized gain from: Investments (Note 2).................. 28,501,091 70,666,274 79,555,263 154,006,111 8,901,175 9,808,805 Foreign currency transactions (Note 1)................................... 171,197 1,454,573 Change in net unrealized appreciation (depreciation) on: Investments........................... 59,806,331 8,532,253 74,114,406 21,295,845 14,709,406 5,676,201 Translation of assets and liabilities in foreign currencies (Note 1)....... (212,452) 185,947 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 92,616,426 85,083,728 157,149,723 181,329,696 23,927,585 17,380,192 Distributions to shareholders: From net investment income.............. (3,810,649) (5,169,680) (5,089,302) (254,666) In excess of net investment income...... (24,695)* (1,646,464)* From net realized gain from investment transactions........................... (70,666,274) (154,006,111) (9,422,995) In excess of net realized gain from investment transactions................ (97,665)* (469,156)* Capital share transactions, net (Note 3)....................................... 48,506,384 169,111,664 (3,858,174) 193,603,540 19,793,189 18,580,064 ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets.............. 137,312,161 178,237,078 153,291,549 215,368,667 43,720,774 24,636,131 NET ASSETS: Beginning of period....................... 536,759,802 358,522,724 1,064,099,519 848,730,852 125,509,591 100,873,460 ------------ ------------ ------------- ------------ ------------ ------------ End of period (1)......................... $674,071,963 $536,759,802 $1,217,391,068 $1,064,099,519 $169,230,365 $125,509,591 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income of: $ 1,399,513 $ 901,158 $ 5,411,763 $ 1,931,709 $ 362,144 $ 3,885 * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 67 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Six Months Ended June 30, 1997 COLUMBIA COLUMBIA COLUMBIA (Unaudited) and SPECIAL SMALL CAP REAL ESTATE EQUITY Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC. ------------------------------ ------------------------ ------------------------- 1997 1996 1997 1996 (2) 1997 1996 -------------- -------------- ----------- ----------- ------------ ----------- INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income (loss)................... $ 576,070 $ (4,487,503) $ (83,790) $ (126) $ 2,050,542 $ 1,994,016 Net realized gain (loss) from investments (Note 2)....................... 64,383,451 295,204,950 (77,400) (275,796) 2,300,797 1,627,328 Change in net unrealized appreciation (depreciation) on investments.............. 38,176,351 (112,950,905) 4,781,082 1,488,753 3,230,188 9,368,906 -------------- -------------- ----------- ----------- ------------ ----------- Net increase in net assets resulting from operations............... 103,135,872 177,766,542 4,619,892 1,212,831 7,581,527 12,990,250 Distributions to shareholders: From net investment income................... (2,033,444) (1,370,203) From net realized gain from investment transactions............. (289,460,071) (1,627,328) In excess of net realized gain from investment transactions............. (349,207)* From tax return of capital.................. (657,602) Capital share transactions, net (Note 3)............... (217,265,403) 312,562,708 17,698,339 19,848,539 35,476,836 37,500,111 -------------- -------------- ----------- ----------- ------------ ----------- Net increase (decrease) in net assets............... (114,129,531) 200,869,179 22,318,231 21,061,370 41,024,919 46,486,021 NET ASSETS: Beginning of period......... 1,585,284,214 1,384,415,035 21,061,370 -- 68,073,221 21,587,200 -------------- -------------- ----------- ----------- ------------ ----------- End of period (1)........... $1,471,154,683 $1,585,284,214 $43,379,601 $21,061,370 $109,098,140 $68,073,221 -------------- -------------- ----------- ----------- ------------ ----------- -------------- -------------- ----------- ----------- ------------ ----------- - ------------------------------ -------------- -------------- ----------- ----------- ------------ -----------
(1) Includes undistributed net investment income (loss) of:.......................... $ 576,070 $ -- $ (83,916) $ (126) $ 17,098 $ -- (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. - 68 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA and BALANCED DAILY INCOME U.S. GOVERNMENT Year Ended December 31, 1996 FUND, INC. COMPANY SECURITIES FUND, INC. -------------------------- ---------------------------- -------------------------- 1997 1996 1997 1996 1997 1996 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 13,824,103 $ 22,231,964 $ 21,333,057 $ 40,303,114 $ 1,006,591 $ 2,058,101 Net realized gain (loss) from investments (Note 2)................... 9,093,055 41,189,499 (14,216) 83,457 Change in net unrealized appreciation (depreciation) on investments.......... 50,542,463 4,167,518 (66,392) (584,568) ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 73,459,621 67,588,981 21,333,057 40,303,114 925,983 1,556,990 Distributions to shareholders: From net investment income.............. (13,230,813) (21,892,044) (21,333,057) (40,303,114) (1,006,591) (2,058,101) In excess of net investment income...... (124,615)* From net realized gain from investment transactions........................... (41,189,499) In excess of net realized gain from investment transaction................. (97,205)* Capital share transactions, net (Note 3)....................................... 29,766,485 181,539,809 (28,426,242) 89,144,447 (1,230,771) (564,932) ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 89,995,293 185,825,427 (28,426,242) 89,144,447 (1,311,379) (1,066,043) NET ASSETS: Beginning of period....................... 672,592,920 486,767,493 889,799,969 800,655,522 40,776,341 41,842,384 ------------ ------------ ------------- ------------ ------------ ------------ End of period (1)......................... $762,588,213 $672,592,920 $ 861,373,727 $889,799,969 $ 39,464,962 $ 40,776,341 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ - -------------------------------------------- ------------ ------------ ------------- ------------ ------------ ------------
(1) Includes undistributed net investment income of: $ 1,133,453 $ 540,163 * 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 -----------------------------------------------------------------
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA and FIXED INCOME SECURITIES MUNICIPAL BOND HIGH YIELD Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC. -------------------------- ---------------------------- -------------------------- 1997 1996 1997 1996 1997 1996 ------------ ------------ ------------- ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: Operations: Net investment income................... $ 11,479,977 $ 21,823,484 $ 9,403,001 $ 18,837,582 $ 1,303,849 $ 2,084,562 Net realized gain from investments (Note 2)..................................... 52,426 1,600,093 567,823 1,991,804 670,284 237,862 Change in net unrealized appreciation (depreciation) on investments.......... (167,291) (11,107,884) 673,279 (7,232,960) (73,357) (1,892) ------------ ------------ ------------- ------------ ------------ ------------ Net increase in net assets resulting from operations........................ 11,365,112 12,315,693 10,644,103 13,596,426 1,900,776 2,320,532 Distributions to shareholders: From net investment income.............. (11,479,977) (21,823,484) (9,403,001) (18,837,582) (1,303,849) (2,084,562) In excess of net investment income...... (4,724)* From net realized gain from investment transactions........................... (1,842,655) (28,544) Capital share transactions, net (Note 3)....................................... 11,396,489 49,669,884 12,769,437 (1,044,677) 6,146,508 5,139,840 ------------ ------------ ------------- ------------ ------------ ------------ Net increase (decrease) in net assets... 11,281,624 40,162,093 14,005,815 (8,128,488) 6,743,435 5,347,266 NET ASSETS: Beginning of period....................... 356,420,896 316,258,803 375,667,430 383,795,918 28,818,233 23,470,967 ------------ ------------ ------------- ------------ ------------ ------------ End of period............................. $367,702,520 $356,420,896 $ 389,673,245 $375,667,430 $ 35,561,668 $ 28,818,233 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ * On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements. - 70 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 obiligation 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 during the period because it was undesirable under certain provisions of the Internal Revenue Code that apply to investment companies to sell those securities directly and realize a taxable gain during the period. The market value of segregated securities to cover short positions was $1,872,222 at June 30, 1997. As of June 30, 1997, CSCF had entered into the following short sales against the box resulting in net unrealized depreciation of $87,183. - 71 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
COMMON STOCK SHARES VALUE - ----------------------------------------------------------------------------- --------- --------- Ascend Communications, Inc................................................... 5,000 $ 196,875 FORE Systems, Inc............................................................ 10,000 136,250 Great Plains Software, Inc................................................... 2,000 54,000 LHS Group, Inc............................................................... 1,350 59,147 PETsMART, Inc................................................................ 14,000 161,000 Qwest Communications International, Inc...................................... 12,000 327,000 RF Micro Devices, Inc........................................................ 41,000 784,125 Rambus, Inc.................................................................. 1,050 48,825 Suburban Lodges of America, Inc.............................................. 5,000 105,000 --------- Total value of securities sold short against the box................................ $1,872,222 --------- ---------
AFFILIATED ISSUERS. Under the Investment Company Act of 1940, as amended, an issuer is an "affiliated issuer" of a Fund if the Fund holds 5% or more of that issuer's outstanding voting securities. CSF had investments in such affiliated issuers at June 30, 1997 as follows:
DIVIDEND INCOME BALANCE OF GROSS BALANCE OF JANUARY 1, SHARES HELD PURCHASES GROSS SHARES HELD VALUE 1997- DECEMBER 31, & SALES & JUNE 30, JUNE 30, JUNE 30, NAME OF ISSUER 1996 ADDITIONS REDUCTIONS 1997 1997 1997 - ----------------------------------- ------------ --------- ---------- ----------- ----------- ---------- Abercrombie & Fitch Co............. -- 725,000 725,000 $13,412,500 Celadon Group, Inc................. 580,000 580,000 6,670,000 Gadzooks, Inc...................... -- 589,500 589,500 11,495,250 Harmonic Lightwaves, Inc........... 540,000 540,000 -- Resmed, Inc........................ 605,000 605,000 14,671,250 Schnitzer Steel Industries......... 500,000 50,000 550,000 16,362,500 $ 52,500 United Dental Care................. 487,500 487,500 -- Vans, Inc.......................... -- 835,000 835,000 12,629,375 ----------- ---------- Total affiliated issuers............................................................ $75,240,875 $ 52,500 ----------- ---------- ----------- ----------
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. CISF enters into forward foreign currency exchange contracts to hedge certain portfolio securities denominated in foreign currencies. Forward contracts are recorded at market value. CISF could be exposed to risks if counterparties to the forward contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The effect of any change in the value of a hedged foreign currency would be offset by the increase (resulting from a change in exchange rates) in value of the securities denominated in that currency. Net realized gains arising from forward contracts amounted to $241,528 and are included in net realized gain from foreign currency transactions. CISF had no outstanding forward contracts on June 30, 1997. - 72 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED -- FOREIGN CURRENCY TRANSLATIONS. The books and records of CISF are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets, and liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. CISF does not 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 changes are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on CISF's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates. INTEREST AND DIVIDEND INCOME. Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date. The majority of dividend income recorded by CREF is from Real Estate Investment Trusts (REITs). For tax purposes, a portion of these dividends consist of capital gains and return of capital. For financial reporting purposes, these dividends are recorded as dividend income. SHAREHOLDER DISTRIBUTIONS. CCSF, CREF and CBF distribute net investment income quarterly and any net realized gains from investment transactions annually. CGF, CISF, CSF and CCSF 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 REITS. 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. 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. - 73 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 June 30, 1997, 100% of the Fund's portfolio was invested in securities rated Baa (2%), Ba (41%) or B (57%) by Moody's Investor Services, Inc. -- 2. INVESTMENT TRANSACTIONS -- Aggregate purchases, sales and maturities, net realized gain and unrealized appreciation (depreciation) of investments, including temporary cash investments for CDIC and excluding temporary cash investments for all other Funds, as of and for the period ended June 30, 1997, were as follows:
COLUMBIA COLUMBIA COLUMBIA COLUMBIA SPECIAL COMMON STOCK GROWTH INTERNATIONAL STOCK FUND, INC. FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) (CSF) ----------------- ---------------- ------------------- -------------- PURCHASES: Investment securities other than U.S. Government obligations............... $241,874,289 $477,928,237 $95,027,290 $1,338,275,453 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations............... $228,139,098 $517,218,456 $79,151,532 $1,564,831,224 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- NET REALIZED GAIN: Investment securities other than U.S. Government obligations............... $ 28,501,091 $ 79,555,263 $ 8,901,175 $ 64,383,451 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1997: Appreciation.......................... $130,584,617 $286,722,979 $33,363,356 $ 177,969,695 Depreciation.......................... (9,890,177) (31,341,420) (2,010,832) (51,510,266 ) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation......... $120,694,440 $255,381,559 $31,352,524 $ 126,459,429 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1997: Appreciation.......................... $131,642,755 $288,179,940 $33,070,879 $ 177,841,326 Depreciation.......................... (10,143,423) (32,416,636) (2,397,852) (51,694,085 ) ----------------- ---------------- ------------------- -------------- Net unrealized appreciation......... $121,499,332 $255,763,304 $30,673,027 $ 126,147,241 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- -------------- For federal income tax purposes, the cost of investments owned at June 30, 1997................................... $490,438,681 $909,892,080 $126,018,674 $1,237,672,399 ----------------- ---------------- ------------------- -------------- ----------------- ---------------- ------------------- --------------
The net realized gain for CCSF, CGF, & CSF includes proceeds of $2,242, $111,514, & $110,007, respectively, from shareholder class action suits related to securities held by those Funds. - 74 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
COLUMBIA COLUMBIA REAL ESTATE COLUMBIA COLUMBIA SMALL CAP EQUITY FUND, INC. BALANCED DAILY INCOME FUND, INC. (CSCF) (CREF) FUND, INC. (CBF) COMPANY (CDIC) ----------------- ----------------- ---------------- -------------- PURCHASES: Investment securities other than U.S. Government obligations............... $51,595,998 $49,171,959 $188,231,101 $4,313,388,201 U.S. Government obligations........... 433,552,765 33,659,217 ----------------- ----------------- ---------------- -------------- Total purchases..................... $51,595,998 $49,171,959 $621,783,866 $4,347,047,418 ----------------- ----------------- ---------------- -------------- ----------------- ----------------- ---------------- -------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations............... $31,955,331 $14,206,467 $177,389,003 $4,355,411,250 U.S. Government obligations........... 385,911,110 23,797,717 ----------------- ----------------- ---------------- -------------- Total sales and maturities.......... $31,955,331 $14,206,467 $563,300,113 $4,379,208,967 ----------------- ----------------- ---------------- -------------- ----------------- ----------------- ---------------- -------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations............... $ (77,400) $ 2,300,797 $ 9,087,867 U.S. Government obligations........... 5,188 ----------------- ----------------- ---------------- Total net realized gain (loss)...... $ (77,400) $ 2,300,797 $ 9,093,055 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1997: Appreciation.......................... $ 6,563,716 $14,135,020 $112,527,436 Depreciation.......................... (293,881) (5,935,605) ----------------- ----------------- ---------------- Net unrealized appreciation......... $ 6,269,835 $14,135,020 $106,591,831 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1997: Appreciation.......................... $ 6,518,222 $15,378,543 $113,092,510 Depreciation.......................... (365,081) (6,338,981) ----------------- ----------------- ---------------- Net unrealized appreciation......... $ 6,153,141 $15,378,543 $106,753,529 ----------------- ----------------- ---------------- ----------------- ----------------- ---------------- For federal income tax purposes, the cost of investments owned at June 30, 1997................................... $37,401,679 $81,268,839 $644,520,030 $ 870,210,086 ----------------- ----------------- ---------------- -------------- ----------------- ----------------- ---------------- --------------
The net realized gain for CBF includes proceeds of $2,236, from shareholder class action suits related to securities held by the Fund. - 75 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. INVESTMENT TRANSACTIONS, CONTINUED --
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD FUND, INC. (CUSG) FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF) --------------------- ----------------- ----------------- ----------------- PURCHASES: Investment securities other than U.S. Government obligations............... $ 77,143,805 $ 34,635,866 $31,283,515 U.S. Government obligations........... $38,552,492 356,733,289 747,188 --------------------- ----------------- ----------------- ----------------- Total purchases..................... $38,552,492 $433,877,094 $ 34,635,866 $32,030,703 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- ----------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations............... $ 90,405,868 $ 23,946,989 $24,281,199 U.S. Government obligations........... $40,709,012 336,922,192 1,240,234 --------------------- ----------------- ----------------- ----------------- Total sales and maturities.......... $40,709,012 $427,328,060 $ 23,946,989 $25,521,433 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- ----------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations............... $ (566,351) $ 567,823 $ 687,589 U.S. Government obligations........... $ (14,216) 618,777 (17,305) --------------------- ----------------- ----------------- ----------------- Total net realized gain (loss)...... $ (14,216) $ 52,426 $ 567,823 $ 670,284 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- ----------------- UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30, 1997: Appreciation.......................... $ 52,794 $ 3,058,092 $ 14,803,427 $ 842,874 Depreciation.......................... (91,999) (1,219,939) (222,732) (65,451) --------------------- ----------------- ----------------- ----------------- Net unrealized appreciation (depreciation)..................... $ (39,205) $ 1,838,153 $ 14,580,695 $ 777,423 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- ----------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE 30, 1997: Appreciation.......................... $ 52,058 $ 2,948,656 $ 14,803,427 $ 842,874 Depreciation.......................... (98,858) (1,263,968) (222,732) (65,451) --------------------- ----------------- ----------------- ----------------- Net unrealized appreciation (depreciation)..................... $ (46,800) $ 1,684,688 $ 14,580,695 $ 777,423 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- ----------------- For federal income tax purposes, the cost of investments owned at June 30, 1997................................... $38,160,274 $344,707,666 $365,079,709 $33,468,049 --------------------- ----------------- ----------------- ----------------- --------------------- ----------------- ----------------- -----------------
- 76 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 3. CAPITAL STOCK --
COLUMBIA COLUMBIA COLUMBIA COMMON STOCK GROWTH INTERNATIONAL STOCK FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) ------------------------- ---------------------------- -------------------------- 1997 1996 1997 1996 1997 1996 ----------- ------------ ------------- ------------- ------------ ------------ SHARES: Shares sold...................... 5,252,800 9,187,403 4,882,106 9,588,118 3,240,138 4,458,919 Shares issued for reinvestment of dividends....................... 177,025 3,836,536 4,993,329 808,789 ----------- ------------ ------------- ------------- ------------ ------------ 5,429,825 13,023,939 4,882,106 14,581,447 3,240,138 5,267,708 Less shares redeemed............. (3,044,180) (4,449,235) (5,005,354) (8,408,189) (1,919,034) (3,930,959) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease) in shares.......................... 2,385,645 8,574,704 (123,248) 6,173,258 1,321,104 1,336,749 ----------- ------------ ------------- ------------- ------------ ------------ ----------- ------------ ------------- ------------- ------------ ------------ AMOUNTS: Sales............................ $107,221,494 $183,843,205 $ 156,765,028 $ 309,798,468 $ 47,951,898 $ 62,941,735 Reinvestment of dividends........ 3,736,335 74,699,264 154,190,774 11,145,109 ----------- ------------ ------------- ------------- ------------ ------------ 110,957,829 258,542,469 156,765,028 463,989,242 47,951,898 74,086,844 Less redemptions................. (62,451,445) (89,430,805) (160,623,202) (270,385,702) (28,158,709) (55,506,780) ----------- ------------ ------------- ------------- ------------ ------------ Net increase (decrease).......... $48,506,384 $169,111,664 $ (3,858,174) $ 193,603,540 $ 19,793,189 $ 18,580,064 ----------- ------------ ------------- ------------- ------------ ------------ ----------- ------------ ------------- ------------- ------------ ------------ Capital stock authorized (shares)........................ 100,000,000 100,000,000 100,000,000 Par Value........................ no par $.01 no par
COLUMBIA COLUMBIA COLUMBIA SPECIAL SMALL CAP REAL ESTATE EQUITY FUND, INC. (CSF) FUND, INC. (CSCF) FUND, INC. (CREF) ---------------------------- -------------------------- -------------------------- 1997 1996 1997 1996 (1) 1997 1996 ------------- ------------- ------------- ----------- ------------ ------------ SHARES: Shares sold....................... 9,102,051 25,624,116 1,953,460 1,756,650 5,768,200 4,543,366 Shares issued for reinvestment of dividends........................ 13,826,136 102,924 226,545 ------------- ------------- ------------- ----------- ------------ ------------ 9,102,051 39,450,252 1,953,460 1,756,650 5,871,124 4,769,911 Less shares redeemed.............. (19,985,674) (24,162,690) (638,396) (135,869) (3,733,623) (2,255,778) ------------- ------------- ------------- ----------- ------------ ------------ Net increase (decrease) in shares........................... (10,883,623) 15,287,562 1,315,064 1,620,781 2,137,501 2,514,133 ------------- ------------- ------------- ----------- ------------ ------------ ------------- ------------- ------------- ----------- ------------ ------------ AMOUNTS: Sales............................. $ 181,592,640 $ 593,195,434 $ 26,122,699 $21,545,009 $ 95,431,833 $ 65,389,802 Reinvestment of dividends......... 273,619,242 1,746,845 3,428,343 ------------- ------------- ------------- ----------- ------------ ------------ 181,592,640 866,814,676 26,122,699 21,545,009 97,178,678 68,818,145 Less redemptions.................. (398,858,043) (554,251,968) (8,424,360) (1,696,470) (61,701,842) (31,318,034) ------------- ------------- ------------- ----------- ------------ ------------ Net increase (decrease)........... $(217,265,403) $ 312,562,708 $ 17,698,339 $19,848,539 $ 35,476,836 $ 37,500,111 ------------- ------------- ------------- ----------- ------------ ------------ ------------- ------------- ------------- ----------- ------------ ------------ 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.
- 77 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) ---------------------------- ------------------------- -------------------------- 1997 1996 1997 1996 1997 1996 ------------- ------------- ------------ ----------- ------------ ------------ SHARES: Shares sold.................... 5,247,284 12,203,107 691,744,941 1,425,767,034 820,450 1,751,071 Shares issued for reinvestment of dividends.................. 609,648 3,066,051 21,321,436 40,287,100 110,957 230,872 ------------- ------------- ------------ ----------- ------------ ------------ 5,856,932 15,269,158 713,066,377 1,466,054,134 931,407 1,981,943 Less shares redeemed........... (4,457,417) (6,405,495) (741,492,619) (1,376,909,687) (1,082,607) (2,051,336) ------------- ------------- ------------ ----------- ------------ ------------ Net increase (decrease) in shares........................ 1,399,515 8,863,663 (28,426,242) 89,144,447 (151,200) (69,393) ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ AMOUNTS: Sales.......................... $ 110,443,682 $ 251,516,248 $691,744,941 $1,425,767,034 $ 6,737,949 $ 14,407,264 Reinvestment of dividends...... 13,044,933 62,884,919 21,321,436 40,287,100 910,903 1,898,935 ------------- ------------- ------------ ----------- ------------ ------------ 123,488,615 314,401,167 713,066,377 1,466,054,134 7,648,852 16,306,199 Less redemptions............... (93,722,130) (132,861,358) (741,492,619) (1,376,909,687) (8,879,623) (16,871,131) ------------- ------------- ------------ ----------- ------------ ------------ Net increase (decrease)........ $ 29,766,485 $ 181,539,809 $(28,426,242) $89,144,447 $ (1,230,771) $ (564,932) ------------- ------------- ------------ ----------- ------------ ------------ ------------- ------------- ------------ ----------- ------------ ------------ 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) ------------------------- ------------------------ -------------------------------- 1997 1996 1997 1996 1997 1996 ----------- ------------ ----------- ----------- --------------- --------------- SHARES: Shares sold........................ 4,326,480 9,571,457 3,555,418 4,732,337 1,070,379 1,058,203 Shares issued for reinvestment of dividends......................... 711,457 1,427,852 618,979 1,395,611 116,090 197,255 ----------- ------------ ----------- ----------- --------------- --------------- 5,037,937 10,999,309 4,174,397 6,127,948 1,186,469 1,255,458 Less shares redeemed............... (4,158,174) (7,165,704) (3,125,256) (6,210,439) (567,538) (730,964) ----------- ------------ ----------- ----------- --------------- --------------- Net increase (decrease) in shares............................ 879,763 3,833,605 1,049,141 (82,491) 618,931 524,494 ----------- ------------ ----------- ----------- --------------- --------------- ----------- ------------ ----------- ----------- --------------- --------------- AMOUNTS: Sales.............................. $56,183,311 $124,564,521 $43,075,000 $57,398,891 $ 10,659,174 $ 10,345,832 Reinvestment of dividends.......... 9,237,806 18,580,087 7,492,772 16,930,817 1,158,424 1,925,766 ----------- ------------ ----------- ----------- --------------- --------------- 65,421,117 143,144,608 50,567,772 74,329,708 11,817,598 12,271,598 Less redemptions................... (54,024,628) (93,474,724) (37,798,335) (75,374,385) (5,671,090) (7,131,758) ----------- ------------ ----------- ----------- --------------- --------------- Net increase (decrease)............ $11,396,489 $ 49,669,884 $12,769,437 $(1,044,677) $ 6,146,508 $ 5,139,840 ----------- ------------ ----------- ----------- --------------- --------------- ----------- ------------ ----------- ----------- --------------- --------------- Capital stock authorized (shares).......................... 200,000,000 100,000,000 100,000,000 Par Value.......................... $.01 $.01 no par
- 78 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............... $1,786,129 $3,243,832 $692,286 $6,153,546 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% assets; between $200,000,000 .75 of and $500,000,000; and 1% in .50 of 1% in excess excess of of $500,000,000 $500,000,000 Transfer agent fee (included in shareholder servicing costs)................................. $200,192 $421,730 $151,188 $502,358 Fees earned by directors not affiliated with each Fund's invest- ment advisor, transfer agent, or Columbia Management Co.................................... $3,355 $5,960 $726 $7,412 Value of investments held at June 30, 1997 by: Columbia Management Co.......................... $457,970 $106,363 $73,540 $2,129,719 Columbia Funds Management Company............... $88,745 $43,720 $18,650 $808,439
COLUMBIA COLUMBIA COLUMBIA COLUMBIA SMALL CAP REAL ESTATE EQUITY BALANCED DAILY INCOME FUND, INC. (CSCF) FUND, INC. (CREF) FUND, INC. (CBF) COMPANY (CDIC) ----------------- ------------------ ---------------- ------------------ Investment management fees incurred............... $169,318 $360,494 $1,766,429 $2,082,803 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)................................. $26,114 $55,458 $249,623 $325,848 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co........................... $202 $525 $3,806 $4,361 Value of investments held at June 30, 1997 by: Columbia Management Co.......................... $99,232 $14,390,255 Columbia Funds Management Company............... $9,125 $18,428 $5,559,479
- 79 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES, CONTINUED --
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD FUND, INC. (CUSG) FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF) --------------------- ----------------- ----------------- ----------------- Investment management fees incurred..... $99,056 $875,709 $944,657 $97,613 Investment management fee computation basis (percentage of daily net assets per annum)............................. .50 of 1% .50 of 1% .50 of 1% .60 of 1% Transfer agent fee (included in shareholder servicing costs)........... $23,286 $126,306 $56,975 $17,988 Fees earned by directors not affiliated with each Fund's investment advisor, transfer agent, or Columbia Management Co..................................... $201 $1,827 $1,952 $174 Value of investments held at June 30, 1997 by: Columbia Management Co................ $462,108 $956,846 $1,920,700 $345,498 Columbia Funds Management Company..... $71,563 $281,692 $272,940 $294,398
The investment advisor of the Funds is Columbia Funds Management Company. The transfer agent for the Funds is Columbia Trust Company, a subsidiary of Columbia Funds Management Company. The transfer agent is compensated based on a per account fee. The contracts for investment advisory and transfer agent services for the Funds must be renewed annually by a majority vote of the Funds' shareholders or by the directors of the Funds. Certain officers and directors of the Funds are also officers and directors of Columbia Funds Management Company, Columbia Trust Company and Columbia Management Co. They did not receive any direct payments from the Funds. At June 30, 1997, CCSF and CBF had investments in securities of U.S. Bancorp which provides primarily custodial services for these funds. - 80 [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-----