-----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, Qc7LfZ5AeQjG4L0whEi/l45FSE0qLNSPXq2fn4/bV7Ea7Brps/hA7XM2rgFKUDr+ cFvxPzoj/U00gFg8wj+T2Q== 0001047469-99-033829.txt : 19990830 0001047469-99-033829.hdr.sgml : 19990830 ACCESSION NUMBER: 0001047469-99-033829 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990827 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: 99700413 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: 99700414 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: 99700415 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: 99700416 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: 99700417 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: 99700418 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: 99700419 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: 99700420 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: 99700421 BUSINESS ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 97207 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE STREET 2: P O BOX 1350 CITY: PORTLAND STATE: OR ZIP: 92707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOND FUND INC CENTRAL INDEX KEY: 0000908730 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07832 FILM NUMBER: 99700422 BUSINESS ADDRESS: STREET 1: 1301 SW FIFTH AVE CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5032223600 MAIL ADDRESS: STREET 1: 1300 SW SIXTH AVE CITY: PORTLAND STATE: OR ZIP: 97201 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA NATIONAL MUNICIPAL BOAND FUND INC DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA HIGH YIELD FUND INC CENTRAL INDEX KEY: 0000908836 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 931117636 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07834 FILM NUMBER: 99700423 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: 99700424 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: 99700425 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 1999 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 U.S. GOVERNMENT SECURITIES FUND COLUMBIA FIXED INCOME SECURITIES FUND COLUMBIA NATIONAL MUNICIPAL BOND FUND COLUMBIA MUNICIPAL BOND FUND COLUMBIA HIGH YIELD FUND COLUMBIA DAILY INCOME COMPANY DEAR COLUMBIA INVESTOR: We are pleased to present the 1999 Columbia Funds Semi-Annual Shareholder Report. Financial information and activity reports for each Fund -- including our newest addition, Columbia National Municipal Bond Fund -- are compiled here for the first six months of the year. Also, our "Overview of the Markets" provides an update of economic activity for the first two quarters and discusses Columbia's current thematic and strategic direction for the financial markets. At Columbia, we continue to pursue rewarding returns for our shareholders while managing risk and controlling expenses. We encourage you to review this report closely and to use it as an opportunity to learn more about how your assets are being managed. If you have any questions, please contact one of our Investor Services Representatives at 1-800-547-1707 or at (503) 222-3600 in Portland, or send an e-mail inquiry to ASKCOLUMBIA@COLUMBIAFUNDS.COM. As always, we appreciate the confidence and trust you have placed in Columbia Funds, and we look forward to helping you achieve your investment goals in the months and years to come. Sincerely, [SIGNATURE] [SIGNATURE] Thomas L. Thomsen John A. Kemp PRESIDENT AND CHIEF INVESTMENT OFFICER CHAIRMAN AND CHIEF EXECUTIVE OFFICER COLUMBIA FUNDS MANAGEMENT COMPANY COLUMBIA FUNDS MANAGEMENT COMPANY FRONT COVER FEATURES A PHOTOGRAPH OF THE 81-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, 1999 AN OVERVIEW OF THE MARKETS.....................................................1 COLUMBIA COMMON STOCK FUND Investment Review............................................................3 Financial Highlights........................................................16 Schedule of Investments.....................................................23 Statement of Assets and Liabilities.........................................72 Statement of Operations.....................................................74 Statements of Changes in Net Assets.........................................76 COLUMBIA GROWTH FUND Investment Review............................................................4 Financial Highlights........................................................16 Schedule of Investments.....................................................25 Statement of Assets and Liabilities.........................................72 Statement of Operations.....................................................74 Statements of Changes in Net Assets.........................................76 COLUMBIA INTERNATIONAL STOCK FUND Investment Review............................................................5 Financial Highlights........................................................17 Schedule of Investments.....................................................27 Statement of Assets and Liabilities.........................................72 Statement of Operations.....................................................74 Statements of Changes in Net Assets.........................................76 COLUMBIA SPECIAL FUND Investment Review............................................................6 Financial Highlights........................................................17 Schedule of Investments.....................................................31 Statement of Assets and Liabilities.........................................72 Statement of Operations.....................................................74 Statements of Changes in Net Assets.........................................76 COLUMBIA SMALL CAP FUND Investment Review............................................................7 Financial Highlights........................................................18 Schedule of Investments.....................................................34 Statement of Assets and Liabilities.........................................72 Statement of Operations.....................................................74 Statements of Changes in Net Assets.........................................76 COLUMBIA REAL ESTATE EQUITY FUND Investment Review............................................................8 Financial Highlights........................................................18 Schedule of Investments.....................................................37 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA BALANCED FUND Investment Review............................................................9 Financial Highlights........................................................19 Schedule of Investments.....................................................38 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA U.S. GOVERNMENT SECURITIES FUND Investment Review...........................................................10 Financial Highlights........................................................19 Schedule of Investments.....................................................45 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA FIXED INCOME SECURITIES FUND Investment Review...........................................................11 Financial Highlights........................................................20 Schedule of Investments.....................................................46 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA NATIONAL MUNICIPAL BOND FUND Investment Review...........................................................12 Financial Highlights........................................................20 Schedule of Investments.....................................................51 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA MUNICIPAL BOND FUND Investment Review...........................................................13 Financial Highlights........................................................21 Schedule of Investments.....................................................55 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA HIGH YIELD FUND Investment Review...........................................................14 Financial Highlights........................................................21 Schedule of Investments.....................................................65 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 COLUMBIA DAILY INCOME COMPANY Investment Review...........................................................15 Financial Highlights........................................................22 Schedule of Investments.....................................................69 Statement of Assets and Liabilities.........................................73 Statement of Operations.....................................................75 Statements of Changes in Net Assets.........................................77 NOTES TO FINANCIAL STATEMENTS.................................................78 COLUMBIA FUNDS P.O. BOX 1350 PORTLAND, OR 97207-1350 1-800-547-1707 WWW.COLUMBIAFUNDS.COM THE COLUMBIA FAMILY OF NO-LOAD FUNDS 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 U.S. GOVERNMENT SECURITIES FUND ----------------------------------------------------------------- COLUMBIA FIXED INCOME SECURITIES FUND ----------------------------------------------------------------- COLUMBIA NATIONAL MUNICIPAL BOND FUND ----------------------------------------------------------------- COLUMBIA MUNICIPAL BOND FUND ----------------------------------------------------------------- COLUMBIA HIGH YIELD FUND ----------------------------------------------------------------- COLUMBIA DAILY INCOME COMPANY ----------------------------------------------------------------- AN OVERVIEW OF THE MARKETS ----------------------------------------------------------------- STOCKS POST STRONG GAINS The first half of 1999 witnessed a continuance of the longest-running bull market in history as the Dow Jones Industrial Average reached one milestone after another. After flirting with the 10,000 point level for several weeks, the Dow closed just over the historic mark for the first time on March 29. Driven by investor confidence in large cap names and stronger than expected economic growth, stocks continued to climb throughout the first half of the year. Stocks experienced sharp price gains in the second quarter, thanks to improving global growth prospects, strong domestic demand, limited evidence of rising inflation and higher corporate earnings estimates. While market volatility increased in the second quarter, the Dow finished June only slightly off the record high level of 11,107 reached on May 13. The strong performance from the Dow -- whose 30 names tend to be more sensitive to economic movements -- pushed the return to over 20% for the first half of the year. In comparison, the broader S&P 500 Index is up just 12.38% for the six months ended June 30, 1999. Expectations that world growth is on the mend have led to broad performance gains, and many sectors that suffered over the last few years now have an improved outlook. For example, smaller cap stocks, represented by the Russell 2000 Index, soared in the second quarter with a return of 15.55%, and industries that export heavily also performed well during the period. Increased spending to prepare for the Year 2000 boosted the technology sector, and utility, energy, broadcasting and basic industry names also performed well. BOND MARKET ANTICIPATED FED TIGHTENING In the midst of stock market euphoria, persistent U.S. economic strength and solid employment growth raised bond market fears that the Federal Reserve would increase short-term rates. Long-term bond yields reacted by moving up about 1% in the first half of the year, and on June 30 the Federal Reserve voted to raise its federal funds target rate by 0.25%. At the same time, the Fed changed its bias concerning future action to neutral, signaling that it did not anticipate further near-term increases. The supply of corporate and governmental agency bonds was heavy in the second quarter, as issuers attempted to meet funding needs ahead of the Year 2000 and to raise money before interest rates rose further. A LOOK AT RATES: 30-YEAR TREASURY BOND VERSUS FEDERAL FUNDS RATE 6/30/98-6/30/99 EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
FED FUNDS TARGET 30-YEAR TREASURY 6/30/98 5.50% 5.63% 7/3/98 5.50% 5.60% 7/10/98 5.50% 5.62% 7/17/98 5.50% 5.75% 7/24/98 5.50% 5.69% 7/31/98 5.50% 5.71% 8/7/98 5.50% 5.63% 8/14/98 5.50% 5.54% 8/21/98 5.50% 5.43% 8/28/98 5.50% 5.34% 9/4/98 5.50% 5.29% 9/11/98 5.50% 5.23% 9/18/98 5.50% 5.15% 9/25/98 5.50% 5.11% 10/2/98 5.25% 4.84% 10/9/98 5.25% 5.12% 10/16/98 5.00% 4.98% 10/23/98 5.00% 5.18% 10/30/98 5.00% 5.16% 11/6/98 5.00% 5.39% 11/13/98 5.00% 5.25% 11/20/98 4.75% 5.22% 11/27/98 4.75% 5.16% 12/4/98 4.75% 5.04% 12/11/98 4.75% 5.02% 12/18/98 4.75% 5.00% 12/25/98 4.75% 5.10% 1/1/99 4.75% 5.27% 1/8/99 4.75% 5.11% 1/15/99 4.75% 5.08% 1/22/99 4.75% 5.09% 1/29/99 4.75% 5.35% 2/5/99 4.75% 5.42% 2/12/99 4.75% 5.39% 2/19/99 4.75% 5.58% 2/26/99 4.75% 5.60% 3/5/99 4.75% 5.53% 3/12/99 4.75% 5.56% 3/14/99 4.75% 5.59% 3/26/99 4.75% 5.60% 4/2/99 4.75% 5.46% 4/9/99 4.75% 5.57% 4/16/99 4.75% 5.60% 4/23/99 4.75% 5.66% 4/30/99 4.75% 5.81% 5/7/99 4.75% 5.92% 5/14/99 4.75% 5.75% 5/21/99 4.75% 5.83% 5/28/99 4.75% 5.96% 6/4/99 4.75% 6.16% 6/11/99 4.75% 5.97% 6/18/99 4.75% 6.15% 6/25/99 4.75% 6.10% 6/30/99 5.00% 5.97%
FAVORABLE ECONOMIC CONDITIONS INTACT Recent economic data shows that domestic demand is buoyant and may remain that way for some time. Retail sales continue to grow sharply, consumer confidence is high, and the housing sector has yet to slow despite higher mortgage rates. Strong growth in consumer income and personal wealth appears to be offsetting the rise in interest rates. Nevertheless, generally tight labor markets and the fact that commodity prices have stopped declining suggest that inflation could rise if economic growth continues at its recent heady pace. Although the bond market has priced in further Fed tightening, equity markets do not seem to have been affected by higher long-term rates or any expectation of future Fed increases. 1 AN OVERVIEW OF THE MARKETS - -------------------------------------------------------------------------------- STRONG CONSUMER CONFIDENCE 6/30/98-6/30/99 EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CONSUMER CONFIDENCE HIGH 6/30/98 137.6 7/30/98 135.4 8/30/98 133.1 9/30/98 126.0 10/30/98 117.3 11/30/98 126.0 12/30/98 126.1 1/30/99 127.6 2/29/99 132.1 3/30/99 133.9 4/30/99 134.9 5/30/99 135.8 6/30/99 138.4
Unless upcoming releases of economic data reveal significantly increased inflationary pressure, we believe that modest, if any, Fed tightening may be all that is needed to keep growth at a sustainable pace. We expect that the current level of interest rates will eventually curb the pace of consumer spending, and that strong productivity should continue to check inflation pressures. As overseas economies continue to recover, the U.S. gross domestic product should lift as net exports increase. Conditions in much of the world improved during the first half of the year. Most ailing emerging markets have regained their footing, thanks to widespread interest rate cuts last year, a massive infusion of International Monetary Fund loans, and a receptive market in the U.S. for goods produced overseas. The stimulative posture of the European Central Bank and the increase in global activity point to continued growth in much of Europe. Uncertainties remain, particularly in Japan and Latin America, but we expect that economic and financial circumstances in much of the world will continue to improve. INVESTMENT STRATEGY During the second quarter, our equity focus shifted somewhat from a large cap growth stock bias to a more balanced mix of growth and cyclical companies. This change recognized the significantly better earnings outlook for the broad market, which currently tends to favor more economically sensitive companies and smaller cap names. In addition, as certain regions of the world improved, we selectively moved into companies that are well positioned to benefit from global growth. We remain committed to industries that can profit from the secular trends underlying our investment themes, especially increased spending on network infrastructures, Internet communications and the aging of America. Substantially higher yields in 1999 and heavy new issuance -- particularly in the corporate and government agency sectors -- have made bonds much more attractive than in recent quarters. While uncertainties regarding the Year 2000 and Fed action may limit price gains for the remainder of the year, we believe interest rates will eventually decrease, if our forecast for more moderate growth comes to pass. To help you evaluate how the Columbia Funds have performed given this economic and financial market background, the following pages contain discussions of the Funds' investment activity for the six months ended June 30, 1999, as well as graphs depicting the growth of $10,000 over various time periods. Each Fund compares its performance to one or more relevant benchmarks. 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 is to structure portfolios that will generate consistent, above-average performance over time while managing investment risk. We remain committed to meeting your financial objectives, and we appreciate your continued trust. THE INVESTMENT TEAM COLUMBIA FUNDS AUGUST 1999 2 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - --------------------------------------------- --------------------------------------------- -- COLUMBIA COMMON STOCK FUND -- -------------------------------- Columbia Common Stock Fund reported a total return of 13.73% for the six months ended June 30, 1999, outperforming the S&P 500's return of 12.38% for the same period. The Fund's exposure to stocks in the communications, utilities, technology, basic industries and energy sectors boosted its return throughout the period. A broadening of the stock market highlighted the first half of 1999. As global economies appeared to recover from two years of turmoil stemming from the Asian currency crisis, corporate earnings in general started to benefit. Until recently, the stock market's appreciation, driven by a search for earnings growth, had its gains fueled primarily by relatively few large cap names. As a result, we believe these large cap stocks are TOP TEN HOLDINGS
% of Net Assets Microsoft Corp. 4.2 Boston Scientific Corp. 3.4 General Electric Co. 3.2 Tyco International Ltd. 3.1 MCI Worldcom, Inc. 2.8 Tellabs, Inc. 2.4 Warner-Lambert Co. 2.4 Citigroup, Inc. 2.2 Computer Sciences Corp. 2.2 Intel Corp. 2.0
As of June 30, 1999 nearly fully valued. To capitalize on this shift in fundamentals and valuation dynamic, we expanded the portfolio's focus early in the year to include stocks in the industrial, basic material, transportation and energy sectors, and we adopted a "World Recovery" theme. This shift in the portfolio, combined with solid stock selection and a continued focus on the Aging of America and Technology Age themes, contributed to the Fund's ability to outperform the S&P 500. Some holdings that increased over 30% in the first half of the year included IBM (1.9% of net assets), Texas Instruments (1.8% of net assets), Tellabs, Inc. (2.4% of net assets) and Tyco International (3.1% of net assets). SECTORS OF EMPHASIS
% of Net Assets Technology 22.4 Finance 12.8 Health 12.6 Utilities/Communications 10.6 Consumer Non-Durables 10.1
As of June 30, 1999 As always, we are committed to providing long-term, above-average performance for shareholders. With 76 holdings as of June 30, the Fund is well diversified and maintains an average market capitalization of $67 billion. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CCSF S&P 500 1 Year 24.16% 22.75% 5 Years 24.39% 27.87% Since Inception 19.82% 20.35% COLUMBIA COMMON STOCK FUND S&P 500 10/1/91 $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 12/31/97 $28,534 $29,349 12/31/98 $36,033 $37,737 6/30/99 $40,976 $42,409 Past Performance is not predictive of future results. The S&P 500 is an unmanaged index generally representitive of the U.S. stock market.
3 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------------- ------------------------------------------------- -- COLUMBIA GROWTH FUND -- -------------------------- For the six months ended June 30, 1999, Columbia Growth Fund returned 14.56%, outperforming the S&P 500 at 12.38% for the same period. The Fund's emphasis on the highest quality growth names during the period contributed significantly to Fund performance. At the beginning of the second quarter, however, the Fund experienced a dip in returns as the market shifted its preference from high quality growth to lower quality growth and value stocks (value stocks are those whose prices are depressed because they have been out of favor with investors). TOP TEN HOLDINGS
% of Net Assets Microsoft Corp. 4.2 Tyco International Ltd. 3.9 Boston Scientific Corp. 3.5 MCI Worldcom, Inc. 2.5 Citigroup, Inc. 2.5 General Electric Co. 2.4 Tellabs, Inc. 2.3 Fannie Mae 2.2 Computer Sciences Corp. 2.2 Warner-Lambert Co. 2.1
As of June 30, 1999 This shift in emphasis by investors was attributed primarily to a perception that world economies and U.S. earnings prospects were improving. Accordingly, stocks in more economically sensitive companies were seen as more attractive than in past months. As such, we altered the portfolio early in the second quarter to take advantage of an anticipated global market recovery, increasing exposure to companies we believed would benefit from the expected global improvements and decreasing ownership in stocks where earnings prospects were not improving as rapidly. Companies in position to profit from an upswing in the international environment included Xilinx (1.8% of net assets), Allied Signal (0.4%), Mead Corp. (0.9%) and Praxair (0.7%). SECTORS OF EMPHASIS
% of Net Assets Technology 22.5 Consumer Non-Durables 15.2 Finance 14.8 Health 13.7 Utilities/Communications 9.7
As of June 30, 1999 Macroeconomic trends continued to serve as a method of identifying promising investment opportunities for the Fund. Aging of America and Technology Age themes in particular persisted in shaping our stock selection. The Fund also developed a greater focus on consumer spending categories as low inflation throughout the first two quarters encouraged healthy consumption. With 78 holdings and an average market capitalization of $54.5 billion on June 30, Columbia Growth Fund seeks capital appreciation through stocks of companies with long-term, above-average earnings growth. GROWTH OF $10,000 OVER 20 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CGF S&P 500 1 Year 22.85% 22.75% 5 Years 26.16% 27.87% 10 Years 18.55% 18.78% 20 Years 18.81% 17.84% COLUMBIA GROWTH FUND S&P 500 6/30/79 $10,000 $10,000 6/30/80 $12,565 $11,715 6/30/81 $17,355 $14,118 6/30/82 $15,671 $12,493 6/30/83 $30,522 $20,100 6/30/84 $24,927 $19,155 6/30/85 $33,584 $25,049 6/30/86 $43,310 $33,996 6/30/87 $49,897 $42,540 6/30/88 $49,438 $39,609 6/30/89 $57,304 $47,725 6/30/90 $66,948 $55,585 6/30/91 $70,831 $59,726 6/30/92 $78,290 $67,729 6/30/93 $96,414 $76,961 6/30/94 $98,284 $78,046 6/30/95 $121,499 $98,392 6/30/96 $154,268 $123,984 6/30/97 $191,246 $166,994 6/30/98 $255,695 $217,377 6/30/99 $314,187 $266,817 Past Performance is not predictive of future results. The S&P 500 is an unmanaged index generally representative of the U.S. stock market.
4 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------ ------------------------------------------ -- COLUMBIA INTERNATIONAL STOCK FUND -- --------------------------------------- For the six months ended June 30, 1999, Columbia International Stock Fund recorded a total return of 7.77%, surpassing the MSCI EAFE Index's return of 4.11% for the same period. The beginning of the year brought signs of recovery among lagging international markets. The Japanese government, for instance, took measures to rejuvenate the stagnant economy through fiscal stimulus, banking reform and corporate restructuring programs. The Fund's continued exposure to Japan in the first quarter (23% of net assets on March 31) was rewarded as the Japanese market gained 18%. Due to a weaker Japanese Yen, this translated to a gain of 12% in U.S. dollar terms. TOP TEN HOLDINGS
% of Net Assets Equant NV 4.0 Mannesmann AG 3.3 British Telecommunications plc 2.2 Ryohin Keikaku Co., Ltd. 2.0 Infosys Technologies Ltd. 1.6 Compass Group plc 1.6 Telecom Italia S.p.A. 1.6 WPP Group plc 1.5 Vodafone Airtouch plc 1.5 Unicredito Italiano S.p.A. 1.4
As of June 30, 1999 With Japan witnessing a stabilization of stock market returns in the second quarter, economic recovery began spreading to other parts of Asia. As a result, we maintained exposure to Japan while increasing our interest in smaller Asian markets -- such as Thailand (1.6% of net assets) and Singapore (0.8% of net assets) -- which have posted gains as well. We also maintained our commitment to European markets. We placed a heavy emphasis on telecommunications, finance and pharmaceutical sectors -- profitable industries in previous quarters. While European markets posted positive returns, the poor performance of the Euro took international investors by surprise. While many economists predicted a strong Euro, the currency fell approximately 12% against the U.S. dollar over the first six months of the year. COUNTRIES OF EMPHASIS
% of Net Assets Japan 23.9 United Kingdom 18.6 Netherlands 6.0 France 5.6 Germany 5.4 Switzerland 3.4 Italy 3.3 Canada 3.0
As of June 30, 1999 Recently, we have concentrated on adding to stocks in the United Kingdom, where interest rate cuts by the Bank of England are intended to promote growth. Furthermore, the country's telecommunications/cable area continues to offer strong growth opportunities. With 112 holdings and an average market capitalization of $25 billion as of June 30, the Fund is well diversified across 18 countries and continues to seek long-term appreciation for shareholders. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 MSCI FT/S&P CISF EAFE Euro-Pac 1 Year 7.54% 7.92% 9.34% 5 Years 9.75% 8.52% 7.72% Since Inception 12.29% 11.69% 11.14% COLUMBIA INTERNATIONAL STOCK FUND MSCI EAFE FT/S&P EURO-PAC 10/1/92 $10,000 $10,000 $10,000 12/31/92 $10,060 $9,623 $9,628 12/31/93 $13,417 $12,794 $12,665 12/31/94 $13,086 $13,825 $13,822 12/31/95 $13,760 $15,422 $15,290 12/31/96 $16,042 $16,403 $16,180 12/31/97 $17,882 $16,740 $16,144 12/31/98 $20,177 $20,144 $19,262 6/30/99 $21,742 $20,975 $20,291 Past Performance is not predictive of future results. The MSCI EAFE Index is an unmanaged index representing major stock markets in Europe, Australasia and The Far East. The MSCI EAFE Index will replace the FT/S&P Euro-Pac as the International Fund's benchmark index because the MSCI EAFE Index is a more commonly recognized index for International funds. The FT/S&P Euro-Pacific International Stock Fund represents companies listed on international stock markets weighted by market capitalization, expressed in U.S. dollars.
5 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------------- ------------------------------------------------- -- COLUMBIA SPECIAL FUND -- --------------------------- For the six months ended June 30, 1999, Columbia Special Fund posted a total return of 2.37%. After a difficult first quarter for small and mid cap stocks, the Fund rebounded in the second quarter to put the Fund's performance in positive territory for the first half of the year. Early in the year, rising interest rates combined with negative earnings revisions to create a renewed desire for the liquidity and perceived security of large and super cap stocks. The phenomenal performance of Internet stocks also attracted capital away from traditional growth stocks during the first quarter, and this held back Fund performance. TOP TEN HOLDINGS
% of Net Assets Bed, Bath & Beyond, Inc. 2.9 Outback Steakhouse, Inc. 2.6 Kroger Co. 2.6 Resmed, Inc. 2.4 Frontier Corp. 2.1 Clear Channel Communications, Inc. 2.1 Univision Communications, Inc. (Class A) 2.1 Nike, Inc. (Class B) 2.0 Novell, Inc. 1.9 Consolidated Stores Corp. 1.8
As of June 30, 1999 In the second quarter, the market's bias for large cap stocks shifted as prospects improved for world economic recovery. In April, economically sensitive stocks staged a strong comeback, and for the first time in nearly two years, the quarterly returns (for the quarter ended June 30) of small and mid cap stocks exceeded S&P 500 gains. Throughout the first half of 1999, we reduced exposure to defensive stocks and opted for more aggressive growth issues. Prompted by the rapid growth of the Internet and the significant impact of technology on the nation's economy, weightings were increased in communications and technology, while weightings in health care and grocery stores were decreased. Stocks that performed well included: LSI Logic Corp. (1.8% of net assets), National Semiconductor Corp. (1.1%), Tellabs, Inc. (0.5%) and Ciena Corp. (1.4%). In addition, we increased our holdings in energy stocks due to prospects for more spending on drilling and production services over the next 12 to 18 months. SECTORS OF EMPHASIS
% of Net Assets Consumer Non-Durables 24.5 Technology 16.8 Business & Consumer Services 11.4 Health 8.7 Utilities/Communications 8.3
As of June 30, 1999 As global recovery and expansion continues, we anticipate that depressed sectors of the market will begin to benefit. Relative valuations of mid cap stocks are near historic lows and, provided the world market recovery continues, these stocks may be entering a period where they will outperform large cap stocks. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CSF S&P MIDCAP 400 RUSSELL 2000 1 Year 9.91% 17.19% 1.50% 5 Years 15.87% 22.28% 15.40% 10 Years 15.02% 17.87% 12.39% COLUMBIA SPECIAL FUND S&P MIDCAP 400 RUSSELL 2000 6/30/89 $10,000 $10,000 $10,000 6/30/90 $11,883 $11,542 $10,305 6/30/91 $11,936 $13,026 $10,432 6/30/92 $13,898 $15,444 $11,951 6/30/93 $17,920 $18,953 $15,058 6/30/94 $19,393 $18,941 $15,713 6/30/95 $23,337 $23,169 $18,873 6/30/96 $29,818 $28,169 $23,381 6/30/97 $32,367 $34,747 $27,199 6/30/98 $36,860 $44,180 $31,690 6/30/99 $40,512 $51,779 $32,163 Past Performance is not predictive of future results. The S&P MidCap 400 is an unmanaged index generally considered representative of the U.S. market for mid-cap stocks. The S&P MidCap 400 will replace the Russell 2000 as the Special Fund's benchmark index because the MidCap Index is more representative of the types of stocks held by the fund. The Russell 2000 is an unmanaged index generally representative of the market for small, domestic stocks.
6 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------------ ------------------------------------------------ -- COLUMBIA SMALL CAP FUND -- ----------------------------- For the six months ended June 30, 1999, Columbia Small Cap Fund reported a total return of 3.79%. Following a correction in small cap stocks during the first quarter, the Fund benefited from a rebound in the broader market. For the first time in nearly two years, the Russell 2000's performance of 15.55% in the second quarter topped the S&P 500's return of 7.05%. The Fund, with a lower allocation to economically sensitive stocks, lagged the Russell 2000 in April, but outperformed the Index in May and June. TOP TEN HOLDINGS
% of Net Assets Sequent Computer Systems, Inc. 2.2 Ames Department Stores, Inc. 2.0 Nova Corp. 1.9 Hanover Compressor Co. 1.9 Profit Recovery Group International Inc. 1.8 Lattice Semiconductor Corp. 1.8 Acxiom Corp. 1.8 Radisys Corp. 1.7 Bed, Bath & Beyond, Inc. 1.5 Credence Systems Corp. 1.5
As of June 30, 1999 In the first quarter, the Fund benefited from holdings in retail and media, while its technology stock holdings offered a mixed performance. Although several Internet IPOs did extremely well during the period, software stocks suffered from anxiety over a Y2K-related demand slowdown and resulting earnings disappointments. As positions in software were trimmed, the Fund increased holdings in semiconductors and telecommunications. The surge in the small stock sector during the second quarter was fueled by indications of world economic recovery. Economically sensitive stocks led the rebound. Because of technology's widening role in productivity and economic growth, the Fund has, over the past six months, maintained a significant weighting in this sector. We also increased our holdings in energy stocks due to our expectations for increased spending in drilling and production services over the next 12 to 18 months. We remained wary of health care as it continued to lose earnings visibility after first quarter losses, which were attributed to pricing pressures from Medicare reimbursement cuts and managed care. As a result, weightings in this sector were scaled back. SECTORS OF EMPHASIS
% of Net Assets Technology 30.2 Consumer Non-Durables 14.3 Health 11.3 Business & Consumer Services 10.9 Energy & Energy Services 6.6
As of June 30, 1999 Columbia Small Cap Fund finished the first six months of 1999 with 109 holdings and an average market capitalization of $1.3 billion. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS as of June 30, 1999 CSCF RUSSELL 2000 1 Year -0.21% 1.50% Since Inception 18.13% 12.39% COLUMBIA SMALL CAP FUND RUSSELL 2000 10/1/1996 $10,000 $10,000 12/31/1996 $10,762 $10,520 12/31/1997 $14,432 $12,872 12/31/1998 $15,109 $12,544 6/30/1999 $15,682 $13,709 Past Performance is not predictive of future results. The Russell 2000 is an unmanaged index generally representative of the market for small, domestic stocks.
7 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------ ------------------------------------------ -- COLUMBIA REAL ESTATE EQUITY FUND -- -------------------------------------- For the six months ended June 30, 1999, Columbia Real Estate Equity Fund posted a total return of 5.68%. The Fund's benchmark index, the NAREIT, gained 4.78% for the same period. The REIT market had been struggling prior to its resurgence in April and May of this year. After a five-year expansion launched in 1992, the REIT market slowed in 1997 as continuing new construction raised fears of oversupply. Investors began selling off their REIT holdings early last year, and prices dropped below the value of the underlying property held by the REITs. As dividend rates continued to increase, however, some investors came to believe that REITs had been overdiscounted and offered future growth opportunities. TOP TEN HOLDINGS
% of Net Assets Public Storage, Inc. 6.9 Apartment Investment & Mgmt Co. (Class A) 5.5 Equity Office Properties Trust 5.3 Vornado Realty Trust 4.7 Spieker Properties, Inc. 4.4 Archstone Communities Trust 4.0 Simon Property Group, Inc. 3.9 Reckson Associates Realty Corp. 3.9 Equity Residential Properties Trust 3.9 Prologis Trust 3.6
As of June 30, 1999 Kicked off by a rally in April, REITs gained favor as market sentiment rotated away from larger capitalization stocks to more reasonably priced stocks with potential for appreciation. Investor confidence in REITs received an extra boost when public SEC filings indicated that acclaimed investor Warren Buffett had taken a personal stake in two REIT stocks during the period. Furthermore, first quarter reports showed some abatement in construction activity, lessening anxieties that real estate supply might exceed demand. The Fund has favored industrial REITs -- such as warehouses and light manufacturing plants -- which traditionally are more conservative areas due to relatively inexpensive construction and longer running leases. Holdings include Spieker Properties, Inc. (4.4% of net assets) and Liberty Property Trust (3.1% of net assets). EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Apartments 18.9% Community Centers 9.8% Industrial 30.0% Manufactured Homes 2.0% Office 18.3% Shopping Malls 8.9% Other 5.0% Cash 7.1% as of June 30, 1999
The REIT market comeback has been encouraging because it supports our premise that the real estate market can maintain an equilibrium, allowing investors to earn a return commensurate with earnings growth (in the high single digits) plus a dividend yield near 7% for an attractive overall return. With 32 holdings as of June 30, the Fund's average market capitalization is $2.4 billion. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CREF NAREIT 1 Year (3.15)% (8.98)% 5 Years 13.40% 9.69% Since Inception 13.14% 9.68% COLUMBIA REAL NATIONAL ASSOCIATION OF ESTATE EQUITY FUND REAL ESTATE TRUSTS 4/1/94 $10,000 $10,000 12/31/94 $10,176 $9,978 12/31/95 $11,892 $11,502 12/31/96 $16,446 $15,558 12/31/97 $20,515 $18,712 12/31/98 $17,985 $15,435 6/30/99 $19,006 $16,171 Past Performance is not predictive of future results. The National Association of Real Estate Investment Trusts Index tracks performance of all publicly traded equity REITs.
8 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------------------ ------------------------------------------------ -- COLUMBIA BALANCED FUND -- ---------------------------- Columbia Balanced Fund returned 6.32% for the six months ended June 30, 1999. Gains in communications, utilities, technology, basic industries and energy stocks in the second quarter benefited the equity side of the portfolio, while rising interest rates hurt the bond side of the portfolio. A broadening of the stock market highlighted the first two quarters of 1999. Corporate earnings, in general, improved as global economies appeared to emerge from two years of turmoil stemming from the Asian currency crisis. Until recently, the stock market's appreciation had been propelled by a demand for earnings growth, which was primarily driven by relatively few large cap names. We believe that these large cap stocks are nearly fully valued. To capitalize on this shift in fundamentals and change in valuation dynamic, we expanded the portfolio's focus to include stocks in the industrial, basic material, transportation and energy sectors, and we adopted a new World Recovery theme to accompany our continued focus on the Aging of America and Technology Age themes. TOP TEN STOCK HOLDINGS
% of Net Assets Microsoft Corp. 2.3 General Electric Co. 1.8 Boston Scientific Corp. 1.8 Tyco International Ltd. 1.8 MCI Worldcom, Inc. 1.5 Tellabs, Inc. 1.4 Citigroup, Inc. 1.4 Computer Sciences Corp. 1.2 Lucent Technologies, Inc. 1.2 Bristol-Myers Squibb Co. 1.1
As of June 30, 1999 On the bond side of the portfolio, interest rates advanced slightly in the first quarter and continued their upward trend as the fixed income market anticipated interest rate hikes by the Federal Reserve Board. On June 30, the Fed followed through on expectations, raising interest rates by 0.25%. At the same time, the Fed adopted a neutral position on future increases, reserving the right to change its policy should conditions warrant. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Common Stocks 52.6% Fixed Income 44.6% Cash 2.8% as of June 30, 1999
Corporate bonds performed better than Treasury securities over the past six months. In the latter part of the second quarter, a greater supply of high-grade corporate bonds brought prices down, increasing their yield relative to Treasuries. The attractiveness of high-grade corporate bonds was reflected in the Fund's increased exposure to these securities. As always, Columbia Balanced Fund seeks a high total return for shareholders by investing in a combination of large cap stocks and investment-grade debt securities. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS as of June 30, 1999 CBF S&P 500 LEHMAN AGGREGATE 1 Year 14.28% 22.75% 3.15% 5 Years 16.91% 27.87% 7.82% Since Inception 14.26% 20.35% 7.32% COLUMBIA LEHMAN BALANCED FUND S&P 500 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 12/31/97 $22,164 $29,349 $16,185 12/31/98 $26,612 $37,737 $17,592 6/30/99 $28,289 $42,409 $17,352 Past Performance is not predictive of future results. The S&P 500 is an unmanaged index generally representative of the U.S. stock market.The Lehman Aggregate Bond Index represents average market-weighted performance of U.S Treasury and agency securities, investment-grade corporate bonds and mortgage-backed securities with maturities greater than one year.
9 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ------------------------------------- ------------------------------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND -- ---------------------------------------------- Columbia U.S. Government Securities Fund posted a total return of 0.50% for the six months ended June 30, 1999. In the first quarter, market sentiment shifted away from concerns that the worldwide economic slowdown would impede U.S. growth. This increased confidence led investors away from the safety of Treasury investments into somewhat riskier instruments, contributing to lower Treasury prices. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Treasury/Agency Obligations 96.6% Cash 3.4% as of June 30, 1999
Moving into the second quarter, continued economic strength prompted fears that the Federal Reserve Board would increase interest rates, and bond markets reacted by demanding higher yields. With rising interest rates, Treasury bond prices fell to their lowest levels since late 1997. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Treasury/Agency Obligations 96.6% Cash 3.4% as of June 30, 1999
On June 30, the Federal Reserve Board acted as expected and voted to raise short-term interest rates by 0.25%. It did, however, shift its bias regarding future action to neutral, indicating that further interest rate increases could occur should conditions warrant. Two-year Treasuries, such as those held by the Fund, are yielding over 5.5%. Currently, with inflation running at a rate of approximately 2%, the Fund -- with a 30-day yield of 4.76% on June 30 -- offers an attractive yield versus inflation. PORTFOLIO HIGHLIGHTS Current Yield 4.76% Based on the 30 days ended Dec. 31, 1998 Weighted Averages Duration 1.74 years Maturity 1.98 years
As of June 30, 1999 As always, the Fund seeks preservation of capital and a high level of income by investing primarily in direct obligations of the U.S. Government with maturities of three years or less. While direct obligations of the U.S. Government are guaranteed as to the payment of principal and interest, the U.S. Government does not guarantee the value of the Fund's shares. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CUSG MERRILL 1-3 1 Year 4.24% 5.08% 5 Years 5.45% 6.32% 10 Years 6.40% 6.84% COLUMBIA MERRILL U.S. LYNCH CONSUMER GOVERNMENT 1-3 PRICE SECURITIES TREASURY INDEX FUND INDEX (INFLATION) 6/30/89 $10,000 $10,000 $10,000 6/30/90 $10,734 $10,820 $10,470 6/30/91 $11,810 $11,929 $10,962 6/30/92 $13,145 $13,172 $11,302 6/30/93 $14,114 $14,039 $11,641 6/30/94 $14,266 $14,265 $11,932 6/30/95 $15,211 $15,367 $12,290 6/30/96 $15,906 $16,207 $12,634 6/30/97 $16,844 $17,270 $12,925 6/30/98 $17,847 $18,446 $13,144 6/30/99 $18,603 $19,381 $13,407 Past Performance is not predictive of future results. The Merrill Lynch 1-3 Treasury Index represents the average return of all Treasury notes with 1- to 3-year maturities.
10 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - -------------------------------------------------------------------------------- -- COLUMBIA FIXED INCOME SECURITIES FUND -- ------------------------------------------- For the six months ended June 30, 1999, Columbia Fixed Income Securities Fund declined 1.87%. Rising interest rates in the first two quarters of the year lowered prices and thus offset interest earned. The increase in bond yields for the second quarter ranged from 0.99% on 2-year Treasuries to 1.14% on 10-year Treasuries. The strength of the U.S. economy, combined with concerns about tight labor markets and escalating energy prices, raised worries that the Federal Reserve Board would increase interest rates to manage inflation. During the past six months, the price of oil increased from $12.05 to $19.29 per barrel and has exerted modest upward pressure on the consumer price index, a barometer for inflation. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Collateralized Mortgage Obligations 31.4% Corporate Bonds 37.4% Treasury/Agency Obligations 10.5% Mortgage Pass-Throughs 13.4% Assest-Backed Securities 4.4% Cash 2.9% As of June 30, 1999
In anticipation of the Fed's intervention, the bond market bid interest rates up in the second quarter. As expected, the Fed voted to raise short-term rates by 0.25% on June 30. Although the Fed indicated a neutral stance on future action, it promised to remain vigilant to ensure the continued health of the U.S. economy. During the past six months, corporate bonds have outperformed Treasury securities. However, recent growth in corporate bond supply created a temporary surplus, lowering their relative prices and increasing their yield in relation to Treasuries. To benefit from the attractiveness of high-grade corporate bonds, we increased our exposure to these securities in the second quarter. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Treasury/Agency Obligations 48.9% Aaa 15.1% Aa 3.3% A 14.8% Baa 14.8% Ba 2.8% B 0.3% as of June 30, 1999 as rated by Moody's Investors Service, Inc.
As always, Columbia Fixed Income Securities Fund seeks a high level of income and conservation of capital for shareholders by investing in a broad range of intermediate- to long-term fixed income securities. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CFIS LEHMAN AGGREGATE 1 Year 1.66% 3.15% 5 Years 7.42% 7.82% 10 Years 8.03% 8.15% COLUMBIA FIXED CONSUMER INCOME PRICE SECURITIES LEHMAN INDEX FUND AGGREGATE (INFLATION) 6/30/89 $10,000 $10,000 $10,000 6/30/90 $10,722 $10,785 $10,470 6/30/91 $11,816 $11,939 $10,962 6/30/92 $13,658 $13,616 $11,302 6/30/93 $15,396 $15,222 $11,641 6/30/94 $15,136 $15,024 $11,932 6/30/95 $17,018 $16,908 $12,290 6/30/96 $17,857 $17,757 $12,634 6/30/97 $19,344 $19,204 $12,925 6/30/98 $21,294 $21,228 $13,144 6/30/99 $21,650 $21,893 $13,407 Past Performance is not predictive of future results. The S&P Midcap 400 is an unmanaged index generally considered representative of the U.S. market for mid-cap stocks. The Lehman Aggregate Bond Index represents average market-weighted performance of U.S. Treasury and agency securities, investment-grade corporate bonds and mortgage-backed securities with maturities greater than one year.
11 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - --------------------------------------- --------------------------------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND -- ------------------------------------------- Columbia's newest fund was introduced in February 1999 in a challenging environment of rising interest rates. From its inception date of February 24 through June 30, Columbia National Municipal Bond Fund posted a total return of - -2.67%. The period was marked by stronger than anticipated economic strength, which fanned fears that the Federal Reserve Board would raise interest rates. Bond markets reacted by demanding higher yields and lower prices. At the same time, the supply of national municipal bonds outpaced demand, as many issuers sought to gather funds for their projects well ahead of the year 2000. This imbalance further contributed to underperformance. As prices dropped, municipal bond yields reached their highest levels in 18 months. Yields on EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION Insured Revenue Bonds 29.4% Revenue Bonds 21.2% Insured General Obligations 18.3% General Obligations 11.6% Oregon Revenue Bonds 8.9% Other Bonds 7.2% Oregon General Obligations 0.7% Cash & Cash Equivalents 2.7% As of June 30, 1999
Treasury bonds and municipal bonds across the yield curve increased by more than 0.50% by the end of the period. As a result, after-tax yields on municipal bonds have become very compelling compared to taxable alternatives -- especially for investors in the highest income tax brackets. We expect the supply of municipal bonds to taper off as year-end approaches, which should increase municipal bond prices going forward. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Aaa 48.4% Aa 16.8% A 11.7% Baa 10.2% Not Rated 12.9% As of June 30, 1999 As rated by Moody's Investors Service, Inc.
The Fund continues to seek a high level of after-tax returns by investing in a diverse pool of municipal securities issued by state and local governments, and their agencies, throughout the country. 12 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - -------------------------------------------- -------------------------------------------- -- COLUMBIA MUNICIPAL BOND FUND -- ---------------------------------- Columbia Municipal Bond Fund suffered through a period of rising interest rates by posting a total return of -1.51% for the six months ended June 30, 1999. Continued strength in the economy caused investors to believe that the Federal Reserve Board would raise interest rates to head off higher inflation. The bond markets reacted by demanding higher yields and lower prices. As a result, yields on Treasury bonds and municipal securities climbed by 0.50%. As prices fell, yields on municipal bonds reached their highest level in 18 months, presenting the Fund with an opportunity to purchase bonds in the future at lower prices and higher yields. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO COMPOSITION State of Oregon General Obligation Bonds 6.6% Oregon General Obligation Bonds 17.4% Oregon Insured General Obligation Bonds 19.0% Oregon Revenue Bonds 21.4% Oregon Insured Revenue Bonds 22.9% Oregon Pre-Refunded Bonds 3.2% Oregon Other Bonds 2.4% Other Bonds 5.0% Cash 2.1% As of June 30, 1999
Supply pressures also contributed to falling municipal bond prices in the second quarter. While a light supply of new issues helped performance in the first quarter of 1999 -- because demand exceeded supply -- a surge in new issues in the second quarter hurt performance. The strong economy and higher tax receipts have encouraged municipalities to issue new bonds to help fund infrastructure, transportation, housing, education and other projects. It also appears that municipalities are attempting to get new issuances to the market prior to the end of the third quarter of 1999, well before the Year 2000. We expect the supply of new issues to taper off as year-end approaches, which should increase municipal bond prices going forward. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Aaa 53.2% Aa 22.8% A 15.9% Baa 1.7% Not Rated 6.4% as of June 30, 1999 as rated by Moody's Investors Service, Inc.
Looking ahead, we observe that economic strength in Oregon remains fairly robust, reflecting the diverse industries doing business in the state. Although commodity prices remain weak, strong demand for consumer products and high technology capital goods, combined with slowing losses from foreign trade to the Pacific Rim, have lifted economic prospects in the region. As always, the Fund seeks to provide Oregon residents with a high level of income exempt from both federal and state tax. The Fund maintains an average maturity of 7 to 10 years with an emphasis on high credit quality. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CMBF LEHMAN G.O. 1 Year 1.85% 2.91% 5 Years 5.86% 6.79% 10 Years 6.26% 7.21% COLUMBIA LEHMAN CONSUMER MUNICIPAL GENERAL PRICE BOND OBLIGATION INDEX FUND BOND (INFLATION) 6/30/89 $10,000 $10,000 $10,000 6/30/90 $10,503 $10,669 $10,470 6/30/91 $11,433 $11,552 $10,962 6/30/92 $12,522 $12,854 $11,302 6/30/93 $13,883 $14,354 $11,641 6/30/94 $13,805 $14,439 $11,932 6/30/95 $14,798 $15,626 $12,290 6/30/96 $15,627 $16,634 $12,634 6/30/97 $16,738 $18,011 $12,925 6/30/98 $18,022 $19,488 $13,144 6/30/99 $18,353 $20,059 $13,407 Past Performance is not predictive of future results. The Lehman General Obligation Bond Index represents average market-weighted performance of general obligation securities that have been issued in the last five years with maturities greater than one year.
13 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - ----------------------------------------------- ----------------------------------------------- -- COLUMBIA HIGH YIELD FUND -- ------------------------------ Columbia High Yield Fund posted a total return of 0.95% for the six months ended June 30, 1999. Early in the year, high yield bonds were among the best performing of all fixed income assets, as stronger than expected economic growth steered investors' attention away from U.S. Treasuries into riskier, more aggressive securities such as junk bonds. As demand for Treasuries decreased, prices fell and yields on long-term Treasuries rose approximately 0.50% during the first quarter, narrowing the yield differential between Treasuries and high yield bonds. SECTORS OF EMPHASIS
% of Net Assets Business & Consumer Services 29.1% Consumer Cyclical 11.2% Consumer Staples 11.1% Energy 9.5% Telecommunications 9.3%
As of December 31, 1998 In the second quarter, high yield bonds continued to outperform the investment-grade market due to sustained economic growth. Rising Treasury yields during this period narrowed the yield difference between high yield bonds and Treasuries, impacting high yield bond performance. However, the yield differential that currently exists between Treasuries and high yield bonds is close to its historical average, and we believe this continues to make high yield bonds attractive for investors seeking higher yields on their bond investments. With the recent increase in oil prices, we believe that the fundamentals of the energy sector are improving and we increased the portfolio's weighting from 6% to 9.5% during the second quarter as a result. Several potentially rewarding issues in energy were found, and the Fund added new names in the second quarter, including Pride International, Inc. (1.1% of net assets), Santa Fe Snyder Corp. (1.8% of net assets) and Western Gas Resources, Inc. (1.8% of net assets). EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO QUALITY Baa 4.8% Ba 49.9% B 44.8% Caa 0.5% as of June 30, 1999 as rated by Moody's Investors Service, Inc.
As always, the Fund concentrates on the upper quality tier of junk bonds, investing no more than 10% of net assets in bonds rated below B by Moody's or by S&P. We believe this offers shareholders access to higher yields without assuming the risk associated with the broader junk bond market. GROWTH OF $10,000 SINCE INCEPTION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CHYF SALOMON BB LIPPER HYBF 1 Year 2.71% 4.13% (0.97%) 5 Years 9.91% 10.86% 8.97% Since Inception 8.34% 9.15% 8.29% COLUMBIA LIPPER HIGH YIELD SALOMON BB HIGH YIELD FUND BOND FUND INDEX 10/1/93 $10,000 $10,000 $10,000 12/31/93 $10,112 $10,498 $10,185 12/31/94 $10,019 $10,113 $10,048 12/31/95 $11,935 $11,870 $12,321 12/31/96 $13,060 $13,410 $13,429 12/31/97 $14,719 $15,177 $15,142 12/31/98 $15,640 $15,165 $16,361 6/30/99 $15,788 $15,747 $16,475 Past Performance is not predictive of future results. The Lipper High Yield Bond Fund Index represents equally weighted performance of the 30 largest mutual funds within its category. The Salomon BB Index measures the total return of bonds with a maturity of at least one year and includes bonds rated BB+, BB or BB- by Standard & Poor's or bonds rated Ba1, Ba2 or Ba3 by Moody's Investors Service.
14 INVESTMENT REVIEW - -------------------------------------------------------------------------------- [LOGO] - -------------------------------------------- -------------------------------------------- -- COLUMBIA DAILY INCOME COMPANY -- ----------------------------------- For the six months ended June 30, 1999, Columbia Daily Income Company returned 2.20%, comparing well with inflation, which increased by 1.1% in the first half of the year. The first quarter's strong economy, coupled with escalating energy prices and anxieties about tight labor markets, aroused concerns that the Federal Reserve Board would raise interest rates to stave off inflation. The bond market anticipated intervention by the Fed and began discounting bond prices while pushing up interest rates. On June 30, the Fed voted to raise short-term interest rates by 0.25%, but it changed its bias from "tightening" to "neutral" regarding future interference. PORTFOLIO HIGHLIGHTS Current Yield 4.38% Compound Yield 4.48% Based on the 7 days ended June 30, 1999 Weighted Average Maturity 37.0 days As of June 30, 1999
After declining in the first quarter, the yield on Columbia Daily Income Company rose slightly in the second quarter, from 4.35% to 4.38%. As securities in the portfolio mature and are replaced by higher yielding instruments, the portfolio's yield should continue to improve in the third and fourth quarters of 1999. INFLATION IS MEASURED BY THE CONSUMER PRICE INDEX, WHICH REPRESENTS THE INCREASE/DECREASE IN THE COST OF GOODS AND SERVICES OVER TIME. [LOGO] Columbia Daily Income Company continues to seek a level of income consistent with the maintenance of liquidity and preservation of capital by investing in high quality money market instruments with maturities of less than one year. GROWTH OF $10,000 OVER 10 YEARS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 1999 CDIC CPI 1 Year 4.76% 2.00% 5 Years 5.02% 2.36% 10 Years 5.00% 2.98% COLUMBIA CONSUMER DAILY PRICE INCOME INDEX COMPANY (INFLATION) 6/30/1989 $10,000 $10,000 6/30/1990 $10,823 $10,470 6/30/1991 $11,580 $10,962 6/30/1992 $12,090 $11,302 6/30/1993 $12,411 $11,641 6/30/1994 $12,748 $11,932 6/30/1995 $13,388 $12,290 6/30/1996 $14,079 $12,634 6/30/1997 $14,781 $12,925 6/30/1998 $15,547 $13,144 6/30/1999 $16,288 $13,407 Past Performance is not predictive of future results. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.
15 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA COMMON STOCK FUND, INC. -- --------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $24.40 $22.02 $19.26 $18.59 $15.16 - -------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.03 0.09 0.29 0.25 0.26 Net realized and unrealized gains on investments........................ 3.32 5.68 4.58 3.61 4.38 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations... 3.35 5.77 4.87 3.86 4.64 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.03) (0.13) (0.27) (0.23) (0.26) Distributions from net realized gains.............................. -- (3.26) (1.84) (2.96) (0.95) - -------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.03) (3.39) (2.11) (3.19) (1.21) - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $27.72 $24.40 $22.02 $19.26 $18.59 - -------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 13.73%(2) 26.28% 25.37% 20.71% 30.84% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $885,157 $797,147 $783,906 $536,760 $358,523 Ratio of expenses to average net assets............................... 0.76% 0.80% 0.77% 0.76% 0.80% Ratio of net investment income to average net assets................... 0.18% 0.56% 1.37% 1.32% 1.68% Portfolio turnover rate................ 110% 141% 90% 111% 75% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $15.29 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.27 Net realized and unrealized gains on investments........................ 0.04 - --------------------------------------- Total from investment operations... 0.31 - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.25) Distributions from net realized gains.............................. (0.19) - --------------------------------------- Total distributions................ (0.44) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $15.16 - --------------------------------------- TOTAL RETURN........................... 2.06% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $124,263 Ratio of expenses to average net assets............................... 0.84% Ratio of net investment income to average net assets................... 1.82% Portfolio turnover rate................ 64%
(1) Ratios and portfolio turnover rate are annualized. (2) Not Annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA GROWTH FUND, INC. -- --------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - ------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, BEGINNING OF PERIOD $42.51 $34.34 $30.74 $29.84 $24.84 - ------------------------------------------------------------------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS: Net investment income................ -- 0.03 0.19 0.19 0.31 Net realized and unrealized gains (losses) on investments............ 6.19 10.39 7.90 6.04 7.86 - ------------------------------------------------------------------------------------------------------------------------------ Total from investment operations... 6.19 10.42 8.09 6.23 8.17 - ------------------------------------------------------------------------------------------------------------------------------ LESS DISTRIBUTIONS: Dividends from net investment income............................. -- (0.08) (0.17) (0.17) (0.29) Distributions from net realized gains.............................. -- (2.17) (4.32) (5.16) (2.88) - ------------------------------------------------------------------------------------------------------------------------------ Total distributions................ -- (2.25) (4.49) (5.33) (3.17) - ------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, END OF PERIOD $48.70 $42.51 $34.34 $30.74 $29.84 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN........................... 14.56%(2) 30.34% 26.32% 20.80% 32.98% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $2,042,733 $1,753,024 $1,324,918 $1,064,100 $848,731 Ratio of expenses to average net assets............................... 0.66% 0.68% 0.71% 0.71% 0.75% Ratio of net investment income to average net assets................... (0.01%) 0.21% 0.55% 0.63% 1.14% Portfolio turnover rate................ 120% 105% 96% 75% 95% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $26.38 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.29 Net realized and unrealized gains (losses) on investments............ (0.46) - --------------------------------------- Total from investment operations... (0.17) - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.26) Distributions from net realized gains.............................. (1.11) - --------------------------------------- Total distributions................ (1.37) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $24.84 - --------------------------------------- TOTAL RETURN........................... -0.63% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $591,694 Ratio of expenses to average net assets............................... 0.81% Ratio of net investment income to average net assets................... 1.12% Portfolio turnover rate................ 79%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 16 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ---------------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $15.45 $13.70 $13.86 $13.07 $12.43 - -------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)......... (0.01) 0.00* 0.03 0.03 0.02 Net realized and unrealized gains (losses) on investments............ 1.21 1.76 1.56 2.13 0.62 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations... 1.20 1.76 1.59 2.16 0.64 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. -- -- -- (0.23) -- Distributions from net realized gains.............................. -- (0.01) (1.75) (1.14) -- - -------------------------------------------------------------------------------------------------------------------------- Total distributions................ -- (0.01) (1.75) (1.37) -- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $16.65 $15.45 $13.70 $13.86 $13.07 - -------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 7.77%(2) 12.83% 11.47% 16.59% 5.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $154,648 $134,193 $146,281 $125,510 $100,873 Ratio of expenses to average net assets............................... 1.53% 1.56% 1.62% 1.54% 1.54% Ratio of net investment income to average net assets................... (0.08%) (0.02%) 0.19% 0.22% 0.15% Portfolio turnover rate................ 72% 74% 122% 129% 156% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $12.96 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)......... (0.02) Net realized and unrealized gains (losses) on investments............ (0.30) - --------------------------------------- Total from investment operations... (0.32) - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. -- Distributions from net realized gains.............................. (0.21) - --------------------------------------- Total distributions................ (0.21) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $12.43 - --------------------------------------- TOTAL RETURN........................... -2.47% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $118,484 Ratio of expenses to average net assets............................... 1.52% Ratio of net investment income to average net assets................... (0.21%) Portfolio turnover rate................ 139%
* Amount represents less than $0.01 per share. (1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA SPECIAL FUND, INC. -- ---------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $23.62 $20.26 $19.85 $21.44 $18.69 - -------------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)......... (0.05) (0.03) 0.01 (0.06) 0.03 Net realized and unrealized gains on investments........................ 0.61 3.40 2.50 2.85 5.45 - -------------------------------------------------------------------------------------------------------------------------------- Total from investment operations..... 0.56 3.37 2.51 2.79 5.48 - -------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. -- (0.01) -- -- (0.02) Distributions from net realized gains.............................. -- 0.00* (2.10) (4.38) (2.71) - -------------------------------------------------------------------------------------------------------------------------------- Total distributions................ -- (0.01) (2.10) (4.38) (2.73) - -------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $24.18 $23.62 $20.26 $19.85 $21.44 - -------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 2.37%(2) 16.64% 12.64% 13.07% 29.53% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $759,738 $969,359 $1,249,718 $1,585,284 $1,384,415 Ratio of expenses to average net assets............................... 1.08% 1.03% 0.98% 0.94% 0.98% Ratio of net investment income to average net assets................... (0.60%) (0.09%) 0.04% (0.29%) 0.16% Portfolio turnover rate................ 123% 135% 166% 150% 183% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $19.51 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)......... 0.08 Net realized and unrealized gains on investments........................ 0.36 - --------------------------------------- Total from investment operations..... 0.44 - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.07) Distributions from net realized gains.............................. (1.19) - --------------------------------------- Total distributions................ (1.26) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $18.69 - --------------------------------------- TOTAL RETURN........................... 2.29% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $889,526 Ratio of expenses to average net assets............................... 1.05% Ratio of net investment income to average net assets................... 0.40% Portfolio turnover rate................ 179%
* Amount represents less than $0.01 per share. (1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 17 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA SMALL CAP FUND, INC. -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996(1)(2) ----- ----- ---------- - ------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $17.43 $16.65 $12.99 $12.00 - ------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (loss)......... (0.07) (0.09) (0.08) 0.00* Net realized and unrealized gains on investments........................ 0.73 0.87 4.51 0.99 - ------------------------------------------------------------------------------------------------------- Total from investment operations... 0.66 0.78 4.43 0.99 - ------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Distributions from net realized gains.............................. -- 0.00* (0.77) -- - ------------------------------------------------------------------------------------------------------- Total distributions................ -- -- (0.77) -- - ------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $18.09 $17.43 $16.65 $12.99 - ------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 3.79%(3) 4.69% 34.10% 7.62%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $167,508 $160,472 $96,431 $21,061 Ratio of expenses to average net assets............................... 1.31% 1.34% 1.46% 1.61% Ratio of net investment income to average net assets................... (0.90%) (0.68%) (0.81%) 0.00% Portfolio turnover rate................ 190% 158% 172% 33%
* Amount represents less than $0.01 per share. (1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on September 11, 1996. (3) Not annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- --------------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - ------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $15.76 $18.80 $16.16 $12.71 $11.72 - ------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.38 0.75 0.79 0.77 0.78 Net realized and unrealized gains (losses) on investments............ 0.50 (3.04) 3.15 3.94 1.12 - ------------------------------------------------------------------------------------------------------------------------- Total from investment operations... 0.88 (2.29) 3.94 4.71 1.90 - ------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.36) (0.66) (0.62) (0.52) (0.49) Distributions from net realized gains.............................. -- -- (0.51) (0.53) (0.14) Return of capital.................... -- (0.09) (0.17) (0.21) (0.28) - ------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.36) (0.75) (1.30) (1.26) (0.91) - ------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $16.28 $15.76 $18.80 $16.16 $12.71 - ------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 5.68%(3) -12.33% 24.74% 38.30% 16.86% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $226,208 $164,172 $151,554 $68,073 $21,587 Ratio of expenses to average net assets............................... 1.00% 1.01% 1.02% 1.06% 1.18% Ratio of net investment income to average net assets................... 5.02% 4.60% 4.87% 6.23% 6.71% Portfolio turnover rate................ 13% 6% 34% 46% 54% 1994(1)(2) ---------- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $12.00 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.49 Net realized and unrealized gains (losses) on investments............ (0.27) - --------------------------------------- Total from investment operations... 0.22 - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.32) Distributions from net realized gains.............................. -- Return of capital.................... (0.18) - --------------------------------------- Total distributions................ (0.50) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $11.72 - --------------------------------------- TOTAL RETURN........................... 1.76%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $17,402 Ratio of expenses to average net assets............................... 1.14% Ratio of net investment income to average net assets................... 6.28% Portfolio turnover rate................ 8%
(1) Ratios and portfolio turnover rates are annualized. (2) From inception of operations on March 16, 1994. (3) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 18 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA BALANCED FUND, INC. -- ----------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - ---------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $23.17 $21.42 $20.32 $20.08 $17.28 - ---------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.35 0.72 0.84 0.76 0.73 Net realized and unrealized gains (losses) on investments............ 1.11 3.52 2.92 1.58 3.54 - ---------------------------------------------------------------------------------------------------------------------- Total from investment operations... 1.46 4.24 3.76 2.34 4.27 - ---------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.34) (0.73) (0.83) (0.76) (0.73) Distributions from net realized gains.............................. -- (1.76) (1.83) (1.34) (0.74) - ---------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.34) (2.49) (2.66) (2.10) (1.47) - ---------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $24.29 $23.17 $21.42 $20.32 $20.08 - ---------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 6.32%(2) 20.07% 18.74% 11.78% 25.08% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $1,018,942 $975,381 $792,378 $672,593 $486,767 Ratio of expenses to average net assets............................... 0.67% 0.67% 0.68% 0.66% 0.69% Ratio of net investment income to average net assets................... 2.88% 3.22% 3.83% 3.82% 4.05% Portfolio turnover rate................ 160% 128% 149% 133% 108% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $17.91 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.65 Net realized and unrealized gains (losses) on investments............ (0.64) - --------------------------------------- Total from investment operations... 0.01 - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.64) Distributions from net realized gains.............................. -- - --------------------------------------- Total distributions................ (0.64) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $17.28 - --------------------------------------- TOTAL RETURN........................... 0.10% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $249,670 Ratio of expenses to average net assets............................... 0.72% Ratio of net investment income to average net assets................... 3.82% Portfolio turnover rate................ 98%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ----------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 1994 ----- ----- ----- ----- ----- - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, BEGINNING OF PERIOD $8.39 $8.29 $8.24 $8.34 $7.99 $8.36 - ------------------------------------------------------------------------------------------------------------------------------------ INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.16 0.38 0.41 0.41 0.45 0.37 Net realized and unrealized gains (losses) on investments............ (0.12) 0.14 0.05 (0.10) 0.35 (0.37) - ------------------------------------------------------------------------------------------------------------------------------------ Total from investment operations... 0.04 0.52 0.46 0.31 0.80 -- - ------------------------------------------------------------------------------------------------------------------------------------ LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.16) (0.38) (0.41) (0.41) (0.45) (0.37) Distributions from net realized gains.............................. -- (0.04) -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total distributions................ (0.16) (0.42) (0.41) (0.41) (0.45) (0.37) - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, END OF PERIOD $8.27 $8.39 $8.29 $8.24 $8.34 $7.99 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN........................... 0.50%(2) 6.43% 5.76% 3.85% 10.21% -0.03% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $39,237 $40,578 $37,837 $40,776 $41,842 $33,512 Ratio of expenses to average net assets............................... 0.89% 0.89% 0.87% 0.80% 0.79% 0.81% Ratio of net investment income to average net assets................... 3.90% 4.55% 4.99% 4.99% 5.45% 4.51% Portfolio turnover rate................ 146% 182% 184% 179% 253% 254%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 19 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- -------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 1994 ----- ----- ----- ----- ----- - ----------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $13.42 $13.41 $13.08 $13.51 $12.16 $13.44 - ----------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.38 0.83 0.85 0.85 0.88 0.83 Net realized and unrealized gains (losses) on investments............ (0.63) 0.14 0.36 (0.43) 1.35 (1.28) - ----------------------------------------------------------------------------------------------------------------------------- Total from investment operations... (0.25) 0.97 1.21 0.42 2.23 (0.45) - ----------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.38) (0.83) (0.85) (0.85) (0.88) (0.83) Distributions from net realized gains.............................. -- (0.13) (0.03) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.38) (0.96) (0.88) (0.85) (0.88) (0.83) - ----------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $12.79 $13.42 $13.41 $13.08 $13.51 $12.16 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... -1.87%(2) 7.44% 9.56% 3.37% 18.91% -3.36% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $428,968 $422,330 $381,333 $356,421 $316,259 $252,090 Ratio of expenses to average net assets............................... 0.66% 0.65% 0.66% 0.64% 0.65% 0.66% Ratio of net investment income to average net assets................... 5.91% 6.15% 6.43% 6.53% 6.80% 6.53% Portfolio turnover rate................ 176% 107% 196% 178% 137% 140%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- -------------------------------------------------
FEBRUARY 10, TO JUNE 30, 1999 (UNAUDITED)(1) - ------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $10.00 - ------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.13 Net realized and unrealized losses on investments........................ (0.39) - ------------------------------------------------------- Total from investment operations... (0.26) - ------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.13) - ------------------------------------------------------- Total distributions................ (0.13) - ------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $9.61 - ------------------------------------------------------- TOTAL RETURN........................... -2.67%(2) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $7,026 Ratio of expenses to average net assets............................... 0.65% Ratios of expenses to average net assets before voluntary reimbursement........................ 2.57% Ratio of net investment income to average net assets................... 3.45% Portfolio turnover rate................ 9%
(1) From inception of operations. Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 20 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ----------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $12.46 $12.47 $12.15 $12.37 $11.48 - -------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.28 0.58 0.60 0.61 0.63 Net realized and unrealized gains (losses) on investments............ (0.46) 0.10 0.39 (0.16) 0.96 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations... (0.18) 0.68 0.99 0.45 1.59 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.28) (0.58) (0.60) (0.61) (0.63) Distributions from net realized gains.............................. -- (0.11) (0.07) (0.06) (0.07) - -------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.28) (0.69) (0.67) (0.67) (0.70) - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $12.00 $12.46 $12.47 $12.15 $12.37 - -------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... -1.51%(2) 5.58% 8.36% 3.77% 14.15% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $451,586 $462,809 $409,148 $375,667 $383,796 Ratio of expenses to average net assets............................... 0.59% 0.58% 0.57% 0.56% 0.57% Ratio of net investment income to average net assets................... 4.51% 4.60% 4.87% 5.00% 5.22% Portfolio turnover rate................ 21% 17% 17% 19% 21% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $12.71 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.64 Net realized and unrealized gains (losses) on investments............ (1.23) - --------------------------------------- Total from investment operations... (0.59) - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.64) Distributions from net realized gains.............................. -- - --------------------------------------- Total distributions................ (0.64) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $11.48 - --------------------------------------- TOTAL RETURN........................... -4.68% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $339,817 Ratio of expenses to average net assets............................... 0.57% Ratio of net investment income to average net assets................... 5.36% Portfolio turnover rate................ 19%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- [LOGO] - ---- ---- -- COLUMBIA HIGH YIELD FUND, INC. -- ------------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $9.84 $10.04 $9.94 $9.88 $9.04 - -------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.37 0.76 0.81 0.81 0.82 Net realized and unrealized gains (losses) on investments............ (0.27) (0.15) 0.40 0.07 0.84 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations... 0.10 0.61 1.21 0.88 1.66 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.37) (0.76) (0.81) (0.81) (0.82) Distributions from net realized gains.............................. -- (0.05) (0.30) (0.01) -- - -------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.37) (0.81) (1.11) (0.82) (0.82) - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $9.57 $9.84 $10.04 $9.94 $9.88 - -------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 0.95%(2) 6.26% 12.70% 9.43% 19.12% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $69,481 $57,524 $39,278 $28,818 $23,471 Ratio of expenses to average net assets............................... 0.93% 0.95% 1.00% 0.93% 1.00% Ratio of expenses to average net assets before voluntary reimbursement....... 0.93% 0.95% 1.02% 1.00% 1.06% Ratio of net investment income to average net assets................... 7.55% 7.52% 8.05% 8.29% 8.62% Portfolio turnover rate................ 49% 79% 124% 62% 52% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $9.94 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.80 Net realized and unrealized gains (losses) on investments............ (0.90) - --------------------------------------- Total from investment operations... (0.10) - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.80) Distributions from net realized gains.............................. -- - --------------------------------------- Total distributions................ (0.80) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $9.04 - --------------------------------------- TOTAL RETURN........................... -0.92% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $12,834 Ratio of expenses to average net assets............................... 1.00% Ratio of expenses to average net assets before voluntary reimbursement....... 1.19% Ratio of net investment income to average net assets................... 8.69% Portfolio turnover rate................ 37%
(1) Ratios and portfolio turnover rate are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 21 FINANCIAL HIGHLIGHTS ----------------------------------------------------------------- FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD [LOGO] - ---- ---- -- COLUMBIA DAILY INCOME COMPANY -- -----------------------------------
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)(1) 1998 1997 1996 1995 ----- ----- ----- ----- - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 - -------------------------------------------------------------------------------------------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.022 0.050 0.050 0.048 0.053 - -------------------------------------------------------------------------------------------------------------------------- Total from investment operations... 0.022 0.050 0.050 0.048 0.053 - -------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.022) (0.050) (0.050) (0.048) (0.053) - -------------------------------------------------------------------------------------------------------------------------- Total distributions................ (0.022) (0.050) (0.050) (0.048) (0.053) - -------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 - -------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN........................... 2.20%(2) 5.09% 5.11% 4.96% 5.49% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $1,088,971 $1,109,141 $1,169,096 $889,800 $800,656 Ratio of expenses to average net assets............................... 0.63% 0.62% 0.63% 0.62% 0.64% Ratio of net investment income to average net assets................... 4.47% 4.97% 4.99% 4.84% 5.34% 1994 ----- - --------------------------------------- NET ASSET VALUE, BEGINNING OF PERIOD $1.00 - --------------------------------------- INCOME FROM INVESTMENT OPERATIONS: Net investment income................ 0.036 - --------------------------------------- Total from investment operations... 0.036 - --------------------------------------- LESS DISTRIBUTIONS: Dividends from net investment income............................. (0.036) - --------------------------------------- Total distributions................ (0.036) - --------------------------------------- NET ASSET VALUE, END OF PERIOD $1.00 - --------------------------------------- TOTAL RETURN........................... 3.68% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in thousands)........................... $730,067 Ratio of expenses to average net assets............................... 0.70% Ratio of net investment income to average net assets................... 3.68%
(1) Ratios are annualized. (2) Not annualized. - -------------------------------------------------------------------------------- See Accompanying Notes to Financial Statements 22 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ ------------- COMMON STOCKS (98.0%) BASIC INDUSTRIES & MANUFACTURING (11.3%) BUILDING & FORESTRY PRODUCTS (1.2%) CHAMPION INTERNATIONAL CORP...... 91,100 $ 4,361,413 WILLAMETTE INDUSTRIES, INC....... 133,800 6,163,162 ------------- 10,524,575 ------------- CHEMICALS (2.3%) DOW CHEMICAL CO.................. 44,300 5,620,562 DU PONT (E.I.) DE NEMOURS & CO... 94,600 6,462,362 PRAXAIR, INC..................... 170,200 8,329,163 ------------- 20,412,087 ------------- MACHINERY CAPITAL SPENDING (7.8%) ALLIEDSIGNAL, INC................ 135,300 8,523,900 COOPER INDUSTRIES, INC........... 87,600 4,555,200 GENERAL ELECTRIC CO.............. 252,300 28,509,900 TYCO INTERNATIONAL LTD........... 294,108 27,866,733 ------------- 69,455,733 ------------- TOTAL BASIC INDUSTRIES & MANUFACTURING..................... 100,392,395 ------------- BUSINESS & CONSUMER SERVICES (7.7%) MEDIA & ENTERTAINMENT *AT&T CORP.-LIBERTY MEDIA GROUP (CLASS A)....................... 344,232 12,650,526 *CLEAR CHANNEL COMMUNICATIONS, INC............................. 195,500 13,477,281 COMCAST CORP. (CLASS A SPECIAL).. 215,500 8,283,281 *INFINITY BROADCASTING CORP. (CLASS A)....................... 392,100 11,664,975 NEWS CORP LTD. ADR............... 184,800 6,525,750 TIME WARNER, INC................. 171,200 12,326,400 *USA NETWORKS, INC................ 68,900 2,764,613 ------------- TOTAL BUSINESS & CONSUMER SERVICES.......................... 67,692,826 ------------- CONSUMER CYCLICAL (10.1%) CONSUMER NON-DURABLE *BED, BATH & BEYOND, INC.......... 324,700 12,500,950 CARNIVAL CORP.................... 199,300 9,666,050 *CONSOLIDATED STORES CORP......... 427,900 11,553,300 COSTCO COMPANIES, INC............ 18,600 1,489,162 HOME DEPOT, INC.................. 116,500 7,506,969 LOWE'S COS., INC................. 246,400 13,967,800 SHARES VALUE ------------ ------------- MATTEL, INC...................... 171,800 $ 4,541,963 NIKE, INC. (CLASS B)............. 235,700 14,922,756 *OFFICE DEPOT, INC................ 358,850 7,917,128 ROYAL CARIBBEAN CRUISES LTD...... 126,600 5,538,750 ------------- TOTAL CONSUMER CYCLICAL............ 89,604,828 ------------- CONSUMER STAPLES (16.5%) FOOD & HOUSEHOLD PRODUCTS (3.9%) AVON PRODUCTS, INC............... 206,000 11,433,000 COLGATE-PALMOLIVE CO............. 45,600 4,503,000 GILLETTE CO...................... 250,900 10,286,900 *SAFEWAY, INC..................... 162,000 8,019,000 ------------- 34,241,900 ------------- HEALTH (12.6%) AMERICAN HOME PRODUCTS CORP...... 178,200 10,246,500 *BOSTON SCIENTIFIC CORP........... 685,200 30,105,975 BRISTOL-MYERS SQUIBB CO.......... 241,700 17,024,744 *GUIDANT CORP..................... 174,600 8,980,987 PFIZER, INC...................... 88,300 9,690,925 SCHERING-PLOUGH CORP............. 278,000 14,734,000 WARNER-LAMBERT CO................ 306,000 21,228,750 ------------- 112,011,881 ------------- TOTAL CONSUMER STAPLES............. 146,253,781 ------------- ENERGY (5.6%) DOMESTIC & INTERNATIONAL INTEGRATED (4.4%) EXXON CORP....................... 140,700 10,851,488 MOBIL CORP....................... 136,600 13,523,400 ROYAL DUTCH PETROLEUM CO......... 137,800 8,302,450 TEXACO, INC...................... 101,100 6,318,750 ------------- 38,996,088 ------------- ENERGY SERVICES (1.2%) BAKER HUGHES, INC................ 203,000 6,800,500 *BJ SERVICES CO................... 139,100 4,094,756 ------------- 10,895,256 ------------- TOTAL ENERGY....................... 49,891,344 ------------- FINANCIAL (12.8%) AMERICAN EXPRESS CO.............. 100,900 13,129,612 AMERICAN INTERNATIONAL GROUP, INC............................. 111,900 13,099,294 BANK OF AMERICA CORP............. 181,300 13,291,556
See Accompanying Notes to Financial Statements 23 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA COMMON STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ ------------- COMMON STOCKS (CONTINUED) BANK ONE CORP.................... 139,928 $ 8,334,461 CHASE MANHATTAN CORP............. 100,900 8,740,463 CITIGROUP, INC................... 417,900 19,850,250 FANNIE MAE....................... 181,300 12,396,388 *GOLDMAN SACHS GROUP, INC......... 5,600 404,600 KANSAS CITY SOUTHERN INDUSTRIES, INC............................. 53,400 3,407,588 MORGAN STANLEY, DEAN WITTER & CO.............................. 85,000 8,712,500 TRAVELERS PROPERTY CASUALTY CORP. (CLASS A)....................... 121,800 4,765,425 U.S. BANCORP..................... 201,132 6,838,488 ------------- TOTAL FINANCIAL.................... 112,970,625 ------------- TECHNOLOGY (22.4%) *AMERICA ONLINE, INC.............. 84,600 9,348,300 *APPLIED MATERIALS, INC........... 56,900 4,203,487 *CISCO SYSTEMS, INC............... 243,600 15,666,525 *COMPUTER SCIENCES CORP........... 277,400 19,192,613 *GATEWAY, INC..................... 115,900 6,838,100 INTEL CORP....................... 290,800 17,302,600 INTERNATIONAL BUSINESS MACHINES CORP............................ 128,800 16,647,400 LUCENT TECHNOLOGIES, INC......... 251,885 16,986,495 *MICROSOFT CORP................... 417,100 37,617,206 *ORACLE CORP...................... 127,350 4,727,869 *TELLABS, INC..................... 314,800 21,268,675 TEXAS INSTRUMENTS, INC........... 107,900 15,645,500 *XILINX, INC...................... 226,300 12,955,675 ------------- TOTAL TECHNOLOGY................... 198,400,445 ------------- TRANSPORTATION (1.0%) CANADIAN NATIONAL RAILWAY CO..... 128,000 8,576,000 -------------
SHARES OR PRINCIPAL AMOUNT VALUE ------------ ------------- UTILITIES (10.6%) COMMUNICATIONS (10.6%) ALLTEL CORP...................... 175,800 $ 12,569,700 AMERITECH CORP................... 122,200 8,981,700 FRONTIER CORP.................... 237,700 14,024,300 *MCI WORLDCOM, INC................ 287,702 24,814,298 SBC COMMUNICATIONS, INC.......... 158,200 9,175,600 SPRINT CORP. (FON GROUP)......... 150,200 7,932,437 VODAFONE AIRTOUCH PLC............ 81,100 15,976,700 ------------- TOTAL UTILITIES.................... 93,474,735 ------------- TOTAL COMMON STOCKS (COST $606,412,151)............... 867,256,979 ------------- REPURCHASE AGREEMENT (3.0%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $26,337,352. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005. (COST $26,333,731)................ $26,333,731 26,333,731 ------------- TOTAL INVESTMENTS (101.0%) (COST $632,745,882)................... 893,590,710 OTHER ASSETS LESS LIABILITIES (-1.0%)............................... (8,434,172) ------------- NET ASSETS (100.0%).................... $ 885,156,538 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 24 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ --------------- COMMON STOCKS (99.8%) BASIC INDUSTRIES & MANUFACTURING (8.7%) BUILDING & FORESTRY PRODUCTS (0.9%) LOUISIANA-PACIFIC CORP........... 44,100 $ 1,047,375 MEAD CORP........................ 423,600 17,685,300 --------------- 18,732,675 --------------- CHEMICAL (1.0%) DOW CHEMICAL CO.................. 50,100 6,356,437 PRAXAIR, INC..................... 290,100 14,196,769 --------------- 20,553,206 --------------- MACHINERY CAPITAL SPENDING (6.8%) ALLIEDSIGNAL, INC................ 144,700 9,116,100 GENERAL ELECTRIC CO.............. 442,800 50,036,400 TYCO INTERNATIONAL LTD........... 840,900 79,675,275 --------------- 138,827,775 --------------- TOTAL BASIC INDUSTRIES & MANUFACTURING..................... 178,113,656 --------------- BUSINESS & CONSUMER SERVICES (9.5%) SERVICES & PUBLISHING (1.7%) *CERIDIAN CORP.................... 650,000 21,246,875 *FISERV, INC...................... 451,125 14,125,852 --------------- 35,372,727 --------------- MEDIA & ENTERTAINMENT (7.8%) *AT&T CORP. - LIBERTY MEDIA GROUP (CLASS A)....................... 828,500 30,447,375 *CABLEVISION SYSTEMS CORP. (CLASS A).............................. 7,400 518,000 *CLEAR CHANNEL COMMUNICATIONS, INC............................. 465,731 32,106,331 COMCAST CORP. (CLASS A SPECIAL)........................ 641,600 24,661,500 *INFINITY BROADCASTING CORP. (CLASS A)....................... 876,600 26,078,850 NEWS CORP LTD. ADR............... 277,400 9,795,687 TIME WARNER, INC................. 396,900 28,576,800 *USA NETWORKS, INC................ 152,900 6,135,113 --------------- 158,319,656 --------------- TOTAL BUSINESS & CONSUMER SERVICES.......................... 193,692,383 --------------- SHARES VALUE ------------ --------------- CONSUMER CYCLICAL (15.2%) CONSUMER NON-DURABLE *ABERCROMBIE & FITCH CO........... 817,668 $ 39,248,064 *BED, BATH & BEYOND, INC.......... 699,000 26,911,500 CARNIVAL CORP.................... 455,000 22,067,500 CIRCUIT CITY STORES, INC......... 181,000 16,833,000 *CONSOLIDATED STORES CORP......... 1,041,300 28,115,100 *KOHLS CORP....................... 436,500 33,692,344 LOWE'S COS., INC................. 523,100 29,653,231 MATTEL, INC...................... 801,900 21,200,231 NIKE, INC. (CLASS B)............. 584,400 36,999,825 *OFFICE DEPOT, INC................ 630,850 13,918,128 *PARK PLACE ENTERTAINMENT CORP.... 600,000 5,812,500 ROYAL CARIBBEAN CRUISES LTD...... 500,000 21,875,000 *WILLIAMS-SONOMA, INC............. 400,000 13,925,000 --------------- TOTAL CONSUMER CYCLICAL............ 310,251,423 --------------- CONSUMER STAPLES (18.4%) FOOD & HOUSEHOLD PRODUCTS (4.7%) AVON PRODUCTS, INC............... 416,400 23,110,200 COLGATE-PALMOLIVE CO............. 164,600 16,254,250 GILLETTE CO...................... 293,900 12,049,900 PEPSI BOTTLING GROUP, INC........ 515,000 11,877,188 *SAFEWAY, INC..................... 655,400 32,442,300 --------------- 95,733,838 --------------- HEALTH (13.7%) AMERICAN HOME PRODUCTS CORP...... 637,800 36,673,500 *BOSTON SCIENTIFIC CORP........... 1,642,900 72,184,919 BRISTOL-MYERS SQUIBB CO.......... 598,000 42,121,625 CARDINAL HEALTH, INC............. 313,500 20,103,187 *GUIDANT CORP..................... 475,600 24,463,675 MEDTRONIC, INC................... 300,000 23,362,500 SCHERING-PLOUGH CORP............. 373,600 19,800,800 WARNER-LAMBERT CO................ 608,400 42,207,750 --------------- 280,917,956 --------------- TOTAL CONSUMER STAPLES............. 376,651,794 --------------- FINANCIAL (14.8%) AMERICAN EXPRESS CO.............. 174,100 22,654,762 AMERICAN INTERNATIONAL GROUP, INC............................. 310,237 36,317,119 BANK OF AMERICA CORP............. 563,712 41,327,136
See Accompanying Notes to Financial Statements 25 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------- ------------------------- -- COLUMBIA GROWTH FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ --------------- COMMON STOCKS (CONTINUED) CIT GROUP, INC. (CLASS A)........ 550,000 $ 15,881,250 CITIGROUP, INC................... 1,083,250 51,454,375 FANNIE MAE....................... 667,700 45,653,988 FREDDIE MAC...................... 250,700 14,540,600 *GOLDMAN SACHS GROUP, INC......... 220,900 15,960,025 KANSAS CITY SOUTHERN INDUSTRIES, INC............................. 84,100 5,366,631 MELLON BANK CORP................. 600,400 21,839,550 MORGAN STANLEY, DEAN WITTER & CO.............................. 300,000 30,750,000 --------------- TOTAL FINANCIAL.................... 301,745,436 --------------- TECHNOLOGY (22.5%) *AMDOCS LTD....................... 442,200 10,060,050 *AMERICA ONLINE, INC.............. 189,300 20,917,650 *CISCO SYSTEMS, INC............... 638,800 41,082,825 *COMPUTER SCIENCES CORP........... 651,200 45,054,900 *GATEWAY, INC..................... 261,800 15,446,200 INTEL CORP....................... 280,200 16,671,900 INTERNATIONAL BUSINESS MACHINES CORP............................ 307,500 39,744,375 *KLA-TENCOR CORP.................. 160,000 10,380,000 LUCENT TECHNOLOGIES, INC......... 468,010 31,561,424 *MICROSOFT CORP................... 953,800 86,020,838 *ORACLE CORP...................... 373,600 13,869,900 *SOLECTRON CORP................... 200,000 13,337,500 *TELLABS, INC..................... 707,400 47,793,712 TEXAS INSTRUMENTS, INC........... 211,900 30,725,500 *XILINX, INC...................... 641,500 36,725,875 --------------- TOTAL TECHNOLOGY................... 459,392,649 --------------- TRANSPORTATION (1.0%) CANADIAN NATIONAL RAILWAY CO..... 293,000 19,631,000 ---------------
SHARES OR PRINCIPAL AMOUNT VALUE ------------ --------------- UTILITIES (9.7%) COMMUNICATIONS ALLTEL CORP...................... 381,100 $ 27,248,650 AMERITECH CORP................... 283,200 20,815,200 FRONTIER CORP.................... 583,900 34,450,100 *GLOBAL TELESYSTEMS GROUP, INC.... 50,000 4,050,000 *MCI WORLDCOM, INC................ 600,000 51,750,000 QWEST COMMUNICATIONS, INT'L...... 291,100 9,624,494 SPRINT CORP. (FON GROUP)......... 323,800 17,100,687 VODAFONE AIRTOUCH PLC............ 171,050 33,696,850 --------------- TOTAL UTILITIES.................... 198,735,981 --------------- TOTAL COMMON STOCKS (COST $1,385,837,047)............. 2,038,214,322 --------------- REPURCHASE AGREEMENT (0.9%) J.P. MORGAN SECURITIES, INC 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $18,152,879. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017. U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005 (COST $18,150,383)................ $18,150,383 18,150,383 --------------- TOTAL INVESTMENTS (100.7%) (COST $1,403,987,430)................. 2,056,364,705 OTHER ASSETS LESS LIABILITIES (-0.7%)............................... (13,632,022) --------------- NET ASSETS (100.0%).................... $ 2,042,732,683 --------------- ---------------
* Non-income producing. See Accompanying Notes to Financial Statements 26 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ----------- ------------- COMMON STOCKS (81.4%) AUSTRALIA (1.4%) *CABLE & WIRELESS OPTUS LTD. (COMMUNICATION/UTILITIES)......... 350,000 $ 796,954 PASMINCO LTD. (MINING-METAL/ MINERALS)......................... 601,000 663,555 RIO TINTO LTD. (MINING-METAL/ MINERALS)......................... 40,000 655,885 ------------- 2,116,394 ------------- BRAZIL (0.1%) CIA TECIDOS DO NORTE DE MINAS SA (TEXTILES)........................ 1,973,067 100,047 ------------- CANADA (3.0%) *ANDERSON EXPLORATION LTD. (OIL).... 58,500 764,823 NORTEL NETWORK CORP. (OFFICE EQUIP/COMP/COMM).................. 9,000 771,056 *ROGERS COMMUNICATIONS, INC. (CLASS B) (MEDIA)........................ 52,000 830,919 SHAW COMMUNICATIONS, INC. (CLASS B) (MEDIA)........................... 38,000 1,496,843 *ST. LAURENT PAPERBOARD, INC. (FORESTRY/PAPER PRODUCTS)......... 63,000 795,988 ------------- 4,659,629 ------------- FINLAND (1.1%) STORA ENSO OYJ (FORESTRY/PAPER PRODUCTS)......................... 97,000 1,040,348 TIETO CORP. (CLASS B) (BUSINESS SERVICES)......................... 16,200 674,948 ------------- 1,715,296 ------------- FRANCE (5.2%) *ALSTOM SA (ELECTRICAL EQUIPMENT)... 20,000 629,077 AXA SA (INSURANCE)................. 9,000 1,097,997 BANQUE NATIONALE DE PARIS (BANKS)........................... 8,000 666,615 CAP GEMINI SA (BUSINESS SERVICES)......................... 8,500 1,335,912 FRANCE TELECOM SA, ADR (UTILITIES/ COMMUNICATION).................... 13,500 1,039,500 LAFARGE SA (CONSTRUCTION/ BUILDING MATERIALS)........................ 7,200 684,600 PARIBAS SA (BANKS)................. 6,000 672,596 SODEXHO ALLIANCE SA (BUSINESS SERVICES)......................... 4,000 688,891 SHARES VALUE ----------- ------------- VIVENDI (UTILITIES)................ 14,100 $ 1,142,192 ------------- 7,957,380 ------------- GERMANY (4.3%) MANNESMANN AG (MACHINERY/ CAPITAL SPENDING)......................... 34,000 5,073,659 RWE AG (DIVERSIFIED INDS./ MANUFACTURING).................... 12,000 555,526 VOLKSWAGEN AG (AUTOMOBILES)........ 16,150 1,034,280 ------------- 6,663,465 ------------- INDIA (1.6%) BANK OF BARODA LTD. (BANKS)........ 100 150 INFOSYS TECHNOLOGIES LTD. (BUSINESS SERVICES)......................... 30,400 2,542,466 ------------- 2,542,616 ------------- IRELAND (1.5%) BANK OF IRELAND PLC (BANKS)........ 65,000 1,092,634 CRH PLC (CONSTRUCTION/BUILDING MATERIALS)........................ 35,500 629,695 IRISH LIFE & PERMANENT PLC (INSURANCE)....................... 53,243 562,808 ------------- 2,285,137 ------------- ITALY (3.3%) ASSICURAZIONI GENERALI S.P.A (INSURANCE)....................... 17,600 609,854 *TELECOM ITALIA S.P.A, ADR (UTILITIES/COMMUNICATION)......... 22,800 2,398,275 UNICREDITO ITALIANO S.P.A (BANKS)........................... 488,500 2,146,090 ------------- 5,154,219 ------------- JAPAN (23.9%) ASAHI BANK LTD. (BANKS)............ 300,000 1,437,587 DAIMEI TELECOM ENGINEERING CORP. (ELECTRONICS)..................... 40,000 332,132 DON QUIJOTE CO., LTD. (RETAIL)..... 10,000 2,497,188 FANCL CORP. (HEALTH/PERSONAL CARE)............................. 3,100 563,468 FUJITSU LTD. (OFFICE EQUIP.)....... 57,000 1,146,723 HAPPINET CORP. (RETAIL)............ 18,000 892,295 HIROSE ELECTRIC CO., LTD. (ELECTRONICS)..................... 15,000 1,556,560 KEYENCE CORP. (ELECTRONICS)........ 4,600 804,950
See Accompanying Notes to Financial Statements 27 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ----------- ------------- COMMON STOCKS (CONTINUED) MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD. (ELECTRONICS)................ 80,000 $ 1,553,255 NIDEC CORP. (ELECTRICAL EQUIPMENT)........................ 5,500 827,480 NIPPON KANZAI CO., LTD. (CONSTRUCTION/BUILDING MATERIALS)........................ 40,000 865,857 NIPPON TELEGRAPH & TELEPHONE CORP. (UTILITIES/COMMUNICATION)......... 161 1,875,555 NOMURA SECURITIES CO., LTD., THE (FINANCIAL SERVICES).............. 75,000 878,043 NTT MOBILE COMMUNICATION NETWORK, INC. (UTILITIES/ COMMUNICATION)... 200 2,683,496 OBIC CO., LTD. (BUSINESS SERVICES)......................... 2,000 546,944 OJI PAPER CO., LTD. (FORESTRY/PAPER PRODUCTS)......................... 130,000 751,841 OLYMPUS OPTICAL CO., LTD. (ELECTRONICS)..................... 80,000 1,182,457 RYOHIN KEIKAKU CO., LTD. (RETAIL).......................... 12,000 3,018,933 SAIZERIYA CO., LTD. (RESTAURANTS)..................... 15,000 1,078,190 SEKISUI HOUSE LTD. (CONSTRUCTION/BUILDING MATERIALS)........................ 112,000 1,208,498 SHIMAMURA CO., LTD. (RETAIL)....... 23,000 1,947,765 SONY CORP. (ELECTRONICS)........... 16,000 1,725,104 SUMITOMO BANK LTD., THE (BANKS).... 100,000 1,240,125 SUMITOMO REALTY & DEVELOPMENT CO., LTD. (REAL ESTATE)................ 190,000 712,680 TAIYO INK MFG. CO., LTD. (ELECTRONICS)..................... 6,000 560,163 TAKEDA CHEMICAL INDS., LTD. (PHARMACEUTICALS)................. 25,000 1,158,745 TOSHIBA CORP. (ELECTRONICS)........ 190,000 1,354,719 TOYOTA MOTOR CORP. (AUTOMOBILES)... 50,000 1,582,172 WORLD CO., LTD. (TEXTILES)......... 13,000 945,172 ------------- 36,928,097 ------------- MEXICO (0.4%) TELEFONOS DE MEXICO SA, ADR (UTILITIES/COMMUNICATION)......... 8,000 646,500 ------------- SHARES VALUE ----------- ------------- NETHERLANDS (6.0%) AEGON NV (INSURANCE)............... 8,000 $ 580,401 *EQUANT NV (BUSINESS SERVICES)...... 65,000 6,118,125 LAURUS NV (RETAIL)................. 27,224 631,696 *UNITED PAN-EUROPE COMMUNICATIONS NV, ADR (MEDIA)................... 30,000 1,657,500 VENDEX NV (RETAIL)................. 13,178 351,984 ------------- 9,339,706 ------------- SINGAPORE (0.8%) DATACRAFT ASIA LTD. (OFFICE EQUIP/ COMP/COMM)........................ 200,000 872,000 OVERSEA-CHINESE BANKING CORP., LTD. (FOREIGN) (BANKS)................. 36,000 300,270 ------------- 1,172,270 ------------- SPAIN (2.4%) GRUPO DRAGADOS SA (CONSTRUCTION/BUILDING MATERIALS)........................ 75,000 879,418 *GRUPO FERROVIAL SA (CONSTRUCTION/BUILDING MATERIALS)........................ 26,000 630,108 TELEFONICA SA, ADR (UTILITIES/ COMMUNICATION).................... 10,667 1,569,383 *TELEPIZZA SA (RESTAURANTS)......... 130,000 673,009 ------------- 3,751,918 ------------- SWEDEN (2.8%) ASSA ABLOY AB (CLASS B) (DIVERSIFIED INDS./MANUFACTURING).............. 92,000 995,560 ERICSSON (LM) TEL-SP ADR (OFFICE EQUIP/COMP/COMM).................. 12,000 395,250 MUNTERS AB (DIVERSIFIED CONSUMER MANUFACTURING).................... 100,000 1,023,319 SKANDIA INSURANCE CO., LTD. (INSURANCE)....................... 101,000 1,888,907 ------------- 4,303,036 ------------- SWITZERLAND (3.4%) GRETAG IMAGING GROUP (REGISTERED) (MACHINERY/CAPITAL SPENDING)...... 7,000 676,545 NOVARTIS AG (REGISTERED) (PHARMACEUTICALS)................. 700 1,022,135
See Accompanying Notes to Financial Statements 28 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ----------- ------------- COMMON STOCKS (CONTINUED) ROCHE HOLDING AG (GENUSSSHEINE) (PHARMACEUTICALS)................. 205 $ 2,107,245 ZURICH ALLIED AG (REGISTERED) (INSURANCE)....................... 2,500 1,421,598 ------------- 5,227,523 ------------- THAILAND (1.6%) *BANGKOK BANK PUBLIC CO., LTD. (FOREIGN) (BANKS)................. 160,000 598,798 *COGENERATION PUBLIC CO., LTD. (FOREIGN) (UTILITIES/ELECTRIC & GAS).............................. 465,000 308,959 *NATIONAL PETROCHEMICAL PUBLIC CO., LTD. (FOREIGN) (CHEMICALS)........ 800,000 710,530 SIAM MAKRO PUBLIC CO., LTD. (FOREIGN) (WHOLESALE TRADE)....... 200,000 363,401 *THAI FARMERS BANK PUBLIC CO., LTD. (FOREIGN) (BANKS)................. 175,000 541,033 ------------- 2,522,721 ------------- UNITED KINGDOM (18.6%) BARCLAYS PLC (BANKS)............... 50,639 1,473,519 BP AMOCO PLC ADR (OIL)............. 7,000 759,500 BRITISH TELECOMMUNICATIONS PLC (UTILITIES/COMMUNICATION)......... 200,000 3,351,214 *COLT TELECOM GROUP PLC (UTILITIES/COMMUNICATION)......... 38,000 797,261 COMPASS GROUP PLC (ENTERTAINMENT/LEISURE)........... 250,000 2,478,732 GLAXO WELLCOME PLC (PHARMACEUTICALS)................. 46,000 1,278,348 GRANADA GROUP PLC (ENTERTAINMENT/LEISURE)........... 82,627 1,532,983 HAYS PLC (BUSINESS SERVICES)....... 100,000 1,053,757 SHARES VALUE ----------- ------------- HSBC HOLDINGS PLC (BANKS).......... 33,000 $ 1,168,842 NATIONAL WESTMINSTER BANK PLC (BANKS)........................... 55,000 1,166,068 NEXT PLC (RETAIL).................. 80,000 971,631 *ORANGE PLC (UTILITIES/ COMMUNICATION).................... 70,500 1,033,501 PEARSON PLC (MEDIA)................ 70,000 1,422,295 *SELECT APPOINTMENTS HOLDINGS PLC (BUSINESS SERVICES)............... 81,000 966,540 SHELL TRANSPORT & TRADING CO. PLC (OIL)............................. 93,000 697,430 SHELL TRANSPORT & TRADING CO., ADR (OIL)............................. 23,000 1,066,625 SMITHKLINE BEECHAM PLC (PHARMACEUTICALS)................. 164,762 2,141,345 *TELEWEST COMMUNICATIONS PLC (MEDIA)........................... 150,000 672,686 VODAFONE AIRTOUCH PLC (UTILITIES/COMMUNICATION)......... 120,308 2,370,519 WPP GROUP PLC (MEDIA).............. 283,000 2,393,288 ------------- 28,796,084 ------------- TOTAL COMMON STOCKS (COST $89,492,241)................ 125,882,038 ------------- PREFERRED STOCKS (1.1%) BRAZIL (0.0%) DIXIE TOGA SA (DIVERSIFIED CONSUMER GOODS/SERVICES)................... 437,500 83,900 ------------- GERMANY (1.1%) PORSCHE AG (AUTOMOBILES)........... 700 1,645,912 ------------- TOTAL PREFERRED STOCKS (COST $1,091,140)................. 1,729,812 -------------
See Accompanying Notes to Financial Statements 29 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------ ------------------ -- COLUMBIA INTERNATIONAL STOCK FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------- RIGHTS (0.0%) SPAIN *METROVACESA SA (7/26/1999) (REAL ESTATE)........................... 32,000 $ 31,021 ------------- SWEDEN *ASSA ABLOY AB (CLASS B) (6/29/1999) (DIVERSIFIED INDS./ MANUFACTURING).................... 92,000 19,478 ------------- TOTAL RIGHTS (COST $0)......................... 50,499 ------------- WARRANT (0.4%) FRANCE *VIVENDI (05/02/2001) (UTILITIES) (COST $129,829)................... 220,000 589,889 ------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENTS (COST $90,713,210)................ 128,252,238 ------------- U.S. TREASURY BILL (4.8%) 4.200% 07/22/1999 (COST $7,481,625)................. $7,500,000 7,481,625 -------------
PRINCIPAL AMOUNT VALUE ----------- ------------- REPURCHASE AGREEMENTS (9.8%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $7,629,519. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017. U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005...... $7,628,470 $ 7,628,470 MERRILL LYNCH 5.019% DATED 6/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $7,501,031. COLLATERALIZED BY U.S. TREASURY BILL DUE 07/15/1999.................... 7,500,000 7,500,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $15,128,470)................ 15,128,470 ------------- TOTAL INVESTMENTS (97.5%) (COST $113,323,305)................... 150,862,333 OTHER ASSETS LESS LIABILITIES (2.5%)... 3,785,669 ------------- NET ASSETS (100%)...................... $ 154,648,002 ------------- -------------
* Non-income producing See Accompanying Notes to Financial Statements 30 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ ------------- COMMON STOCKS (98.8%) BASIC INDUSTRIES & MANUFACTURING (5.8%) BUILDING & FORESTRY PRODUCTS (3.2%) LONGVIEW FIBRE CO................ 565,000 $ 8,828,125 MEAD CORP........................ 134,800 5,627,900 *SMURFIT-STONE CONTAINER CORP..... 225,000 4,626,563 SOUTHDOWN, INC................... 80,000 5,140,000 ------------- 24,222,588 ------------- CHEMICALS (0.8%) ENGELHARD CORP................... 90,500 2,047,562 LYONDELL CHEMICAL CO............. 200,000 4,125,000 ------------- 6,172,562 ------------- MACHINERY CAPITAL SPENDING (1.8%) THOMAS & BETTS CORP............ 61,800 2,920,050 TYCO INTERNATIONAL LTD......... 113,000 10,706,750 ------------- 13,626,800 ------------- TOTAL BASIC INDUSTRIES & MANUFACTURING..................... 44,021,950 ------------- BUSINESS & CONSUMER SERVICES (21.9%) SERVICES & PUBLISHING (11.4%) *APOLLO GROUP, INC................ 435,800 11,575,938 *CERIDIAN CORP.................... 372,000 12,159,750 CINTAS CORP...................... 120,631 8,104,895 *CONCORD EFS, INC................. 185,000 7,827,813 *CSG SYSTEMS INTERNATIONAL, INC............................. 267,186 6,996,933 ECOLAB, INC...................... 275,000 11,996,875 *FISERV, INC...................... 300,000 9,393,750 *SUNGARD DATA SYSTEMS, INC........ 210,000 7,245,000 *YOUNG & RUBICAM, INC............. 250,000 11,359,375 ------------- 86,660,329 ------------- MEDIA & ENTERTAINMENT (8.2%) *ADELPHIA COMMUNICATIONS CORP. (CLASS A)....................... 50,000 3,181,250 *AT&T CORP. LIBERTY MEDIA GROUP (CLASS A )...................... 115,000 4,226,250 *CLEAR CHANNEL COMMUNICATIONS, INC............................. 231,463 15,956,480 *INFINITY BROADCASTING CORP. (CLASS A)....................... 300,000 8,925,000 SHARES VALUE ------------ ------------- *MEDIAONE GROUP, INC.............. 100,000 $ 7,437,500 *SFX ENTERTAINMENT, INC. (CLASS A).............................. 100,000 6,656,250 *UNIVISION COMMUNICATIONS, INC. (CLASS A)....................... 240,000 15,840,000 ------------- 62,222,730 ------------- POLLUTION CONTROL (2.3%) *CUNO, INC........................ 300,000 5,737,500 WASTE MANAGEMENT, INC............ 220,000 11,825,000 ------------- 17,562,500 ------------- TOTAL BUSINESS & CONSUMER SERVICES.......................... 166,445,559 ------------- CONSUMER CYCLICAL (24.8%) CONSUMER DURABLE (0.3%) MILLER (HERMAN), INC............. 100,000 2,100,000 ------------- CONSUMER NON-DURABLE (24.5%) *ABERCROMBIE & FITCH CO........... 274,600 13,180,800 *ANNTAYLOR STORES CORP............ 299,000 13,455,000 *BED, BATH & BEYOND, INC.......... 580,000 22,330,000 *CONSOLIDATED STORES CORP......... 520,300 14,048,100 *DOLLAR TREE STORES, INC.......... 120,000 5,280,000 *HARRAH'S ENTERTAINMENT, INC...... 500,000 11,000,000 *HELEN OF TROY LTD................ 184,000 3,300,500 *JONES APPAREL GROUP, INC......... 230,000 7,891,875 LIMITED, INC..................... 225,930 10,251,574 NIKE, INC. (CLASS B)............. 234,500 14,846,781 *OFFICE DEPOT, INC................ 314,350 6,935,347 *OUTBACK STEAKHOUSE, INC.......... 508,200 19,978,613 *PAPA JOHN'S INTERNATIONAL, INC............................. 140,000 6,256,250 *PARK PLACE ENTERTAINMENT CORP.... 400,000 3,875,000 ROSS STORES, INC................. 98,000 4,936,750 TANDY CORP....................... 130,400 6,373,300 *WESTPOINT STEVENS, INC........... 350,000 10,434,375 *WILLIAMS-SONOMA, INC............. 336,500 11,714,406 ------------- 186,088,671 ------------- TOTAL CONSUMER CYCLICAL 188,188,671 ------------- CONSUMER STAPLES (13.7%) FOOD & HOUSEHOLD PRODUCTS (5.0%) HANNAFORD BROTHERS CO............ 120,000 6,420,000
See Accompanying Notes to Financial Statements 31 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ ------------- COMMON STOCKS (CONTINUED) KROGER CO........................ 700,000 $ 19,556,250 *SAFEWAY, INC..................... 150,000 7,425,000 *WHOLE FOODS MARKET, INC.......... 97,400 4,681,287 ------------- 38,082,537 ------------- HEALTH (8.7%) CARDINAL HEALTH, INC............. 140,000 8,977,500 *CYTYC CORP....................... 510,000 9,945,000 *HEALTHSOUTH CORP................. 594,900 8,886,319 *MINIMED, INC..................... 50,000 3,846,875 *RESMED, INC...................... 550,000 18,253,125 *SEROLOGICALS CORP................ 460,000 3,737,500 *SHIRE PHARMACEUTICALS GROUP PLC ADR............................. 235,000 6,110,000 *TRANSKARYOTIC THERAPIES, INC..... 180,700 5,963,100 ------------- 65,719,419 ------------- TOTAL CONSUMER STAPLES............. 103,801,956 ------------- ENERGY (5.4%) DOMESTIC & INTERNATIONAL INTEGRATED (1.2%) APACHE CORP...................... 240,400 9,375,600 ------------- ENERGY SERVICES (4.2%) BAKER HUGHES, INC................ 385,700 12,920,950 *BJ SERVICES CO................... 195,600 5,757,975 HALLIBURTON CO................... 180,700 8,176,675 NABORS INDUSTRIES, INC........... 193,800 4,735,988 ------------- 31,591,588 ------------- TOTAL ENERGY....................... 40,967,188 ------------- FINANCIAL (1.3%) CIT GROUP, INC. (CLASS A)........ 300,000 8,662,500 *DONALDSON, LUFKIN AND JENRETTE, INC. DLJDIRECT....................... 50,000 1,475,000 ------------- TOTAL FINANCIAL.................... 10,137,500 ------------- TECHNOLOGY (16.8%) *ALTERA CORP...................... 350,000 12,884,375 *AMDOCS LTD....................... 263,800 6,001,450 *AMERICAN POWER CONVERSION CORP............................ 106,600 2,145,325 *ASM LITHOGRAPHY HOLDING N.V...... 139,100 8,259,062 SHARES VALUE ------------ ------------- *CIENA CORP....................... 363,800 $ 10,982,213 *FLEXTRONICS INTERNATIONAL LTD.... 163,300 9,063,150 *JUNIPER NETWORKS, INC............ 33,500 4,991,500 *LSI LOGIC CORP................... 304,100 14,026,613 LUCENT TECHNOLOGIES, INC......... 167,805 11,316,350 *NATIONAL SEMICONDUCTOR CORP...... 320,000 8,100,000 *NOVELL, INC...................... 550,000 14,575,000 *STERLING COMMERCE, INC........... 226,900 8,281,850 *SYNOPSYS, INC.................... 110,200 6,081,662 *TELLABS, INC..................... 61,200 4,134,825 *TERADYNE, INC.................... 98,000 7,031,500 ------------- TOTAL TECHNOLOGY................... 127,874,875 ------------- UTILITIES (9.1%) COMMUNICATIONS (8.3%) CENTURYTEL, INC.................. 180,800 7,186,800 COMSAT CORP...................... 275,500 8,953,750 COVAD COMMUNICATIONS GROUP, INC............................. 77,000 4,105,062 *CROWN CASTLE INTERNATIONAL CORP............................ 180,000 3,746,250 FRONTIER CORP.................... 274,900 16,219,100 *GLOBAL TELESYSTEMS GROUP, INC.... 140,000 11,340,000 *MCI WORLDCOM, INC................ 65,000 5,606,250 *MCLEODUSA, INC. (CLASS A)........ 100,000 5,500,000 ------------- 62,657,212 ------------- ELECTRIC & GAS (0.8%) UNITED WATER RESOURCES, INC...... 279,700 6,345,694 ------------- TOTAL UTILITIES.................... 69,002,906 ------------- TOTAL COMMON STOCKS (COST $539,177,313)............... 750,440,605 ------------- WARRANT (0.0%) *AQUA ALLIANCE, INC. (03/11/2001) (COST $272,842)................... 300,140 75,035 ------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENT (COST $539,450,155)............... 750,515,640 -------------
See Accompanying Notes to Financial Statements 32 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------------------- -------------------------- -- COLUMBIA SPECIAL FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- REPURCHASE AGREEMENT (3.0%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $22,736,080. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005. (COST $22,732,954)................ $22,732,954 $ 22,732,954 ------------- TOTAL INVESTMENTS (101.8%) (COST $562,183,109)................... 773,248,594 OTHER ASSETS LESS LIABILITIES (-1.8%)............................... (13,510,388) ------------- NET ASSETS (100.0%).................... $ 759,738,206 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 33 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ----------- ------------- COMMON STOCKS (92.2%) BASIC INDUSTRIES & MANUFACTURING (5.1%) BUILDING & FORESTRY PRODUCTS (1.0%) *IVEX PACKAGING CORP.............. 24,400 $ 536,800 SOUTHDOWN, INC................... 17,100 1,098,675 ------------- 1,635,475 ------------- CHEMICALS (1.8%) *AIRGAS, INC...................... 85,000 1,041,250 MINERALS TECHNOLOGIES, INC....... 14,600 814,862 SOLUTIA, INC..................... 59,500 1,268,094 ------------- 3,124,206 ------------- MACHINERY CAPITAL SPENDING (2.3%) APPLIED POWER, INC............... 51,900 1,417,519 JLG INDUSTRIES, INC.............. 35,700 727,387 *TEREX CORP....................... 55,800 1,698,413 ------------- 3,843,319 ------------- TOTAL BASIC INDUSTRIES & MANUFACTURING..................... 8,603,000 ------------- BUSINESS & CONSUMER SERVICES (16.3%) SERVICES & PUBLISHING (10.9%) *APOLLO GROUP, INC................ 82,400 2,188,750 *CSG SYSTEMS INTERNATIONAL, INC............................. 55,864 1,462,938 G & K SERVICES, INC. (CLASS A)... 30,700 1,607,913 *ITT EDUCATIONAL SERVICES, INC.... 46,000 1,198,875 NATIONAL DATA CORP............... 54,700 2,338,425 *NCO GROUP, INC................... 41,200 1,565,600 *NOVA CORP........................ 126,075 3,151,875 *PROFESSIONAL DETAILING, INC...... 39,870 936,945 PROFIT RECOVERY GROUP INTERNATIONAL, INC.............. 64,500 3,051,656 *RENT-WAY, INC.................... 32,200 792,925 ------------- 18,295,902 ------------- MEDIA & ENTERTAINMENT (4.5%) *CITADEL COMMUNICATIONS CORP...... 59,200 2,142,300 *ENTERCOM COMMUNICATIONS CORP..... 32,630 1,394,933 HOUGHTON MIFFLIN CO.............. 36,000 1,694,250 *RADIO ONE, INC................... 31,780 1,477,770 SHARES VALUE ----------- ------------- *SINCLAIR BROADCAST GROUP, INC. (CLASS A)....................... 48,500 $ 794,187 ------------- 7,503,440 ------------- POLLUTION CONTROL (0.9%) *TETRA TECH, INC.................. 91,750 1,513,875 ------------- TOTAL BUSINESS & CONSUMER SERVICES.......................... 27,313,217 ------------- CONSUMER CYCLICAL (18.2%) CONSUMER DURABLE (3.9%) ETHAN ALLEN INTERIORS, INC....... 34,850 1,258,956 *FURNITURE BRANDS INTERNATIONAL, INC............................. 58,700 1,636,263 HON INDUSTRIES, INC.............. 25,900 755,956 *MODTECH HOLDINGS, INC............ 56,656 644,462 *TOWER AUTOMOTIVE, INC............ 90,900 2,312,269 ------------- 6,607,906 ------------- CONSUMER NON-DURABLE (14.3%) *ACTION PERFORMANCE COS.,INC...... 19,900 656,700 *AMES DEPARTMENT STORES, INC...... 72,200 3,294,125 *BED, BATH & BEYOND, INC.......... 66,100 2,544,850 CBRL GROUP, INC.................. 17,600 304,700 *CHEESECAKE FACTORY, INC. (THE)... 69,900 2,131,950 *COST PLUS, INC................... 20,600 937,300 *FOODMAKER, INC................... 53,200 1,509,550 GENERAL NUTRITION COS., INC...... 71,300 1,662,181 *HELEN OF TROY LTD................ 112,600 2,019,762 *HOLLYWOOD ENTERTAINMENT CORP..... 118,900 2,325,981 *MICHAELS STORES, INC............. 68,600 2,100,875 *STARBUCKS CORP................... 21,400 803,837 *TACO CABANA, INC. (CLASS A)...... 84,800 863,900 *WET SEAL, INC. (CLASS A)......... 25,500 729,938 *WILLIAMS-SONOMA, INC............. 59,000 2,053,938 ------------- 23,939,587 ------------- TOTAL CONSUMER CYCLICAL............ 30,547,493 ------------- CONSUMER STAPLES (13.3%) FOOD & HOUSEHOLD PRODUCTS (2.0%) *U.S. FOODSERVICE, INC............ 43,700 1,862,712
See Accompanying Notes to Financial Statements 34 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ----------- ------------- COMMON STOCKS (CONTINUED) *WHOLE FOODS MARKET, INC.......... 32,300 $ 1,552,419 ------------- 3,415,131 ------------- HEALTH (11.3%) *ANESTA CORP...................... 70,900 1,449,019 *BIOVAIL CORP., INT'L............. 30,000 1,531,875 *IDEXX LABORATORIES, INC.......... 93,600 2,182,050 *INTELLIGENT POLYMERS LTD. (UNITS - EACH UNIT CONSISTS OF 1 SHARE & 1 WARRANT).................... 33,000 1,381,875 JONES PHARMA, INC................ 45,600 1,795,500 *LIGAND PHARMACEUTICALS, INC. (CLASS B)....................... 78,997 878,842 *MEDQUIST, INC.................... 40,800 1,785,000 *OXFORD HEALTH PLANS, INC......... 123,100 1,915,744 *PROTEIN DESIGN LABS, INC......... 35,100 778,781 *RESMED, INC...................... 30,900 1,025,494 *SHIRE PHARMACEUTICALS GROUP PLC ADR............................. 40,400 1,050,400 *SPIROS DEVELOPMENT CORP. II, INC. (UNITS - 1 CALLABLE COMMON SHARE OF SPIROS & 1 WARRANT OF DURABLE PHARMACEUTICALS)................ 30,000 262,500 *TLC THE LASER CENTER, INC........ 5,600 268,800 *TRANSKARYOTIC THERAPIES, INC..... 33,400 1,102,200 *UNIVERSAL HEALTH SERVICES, INC. (CLASS B)....................... 30,900 1,475,475 ------------- 18,883,555 ------------- TOTAL CONSUMER STAPLES............. 22,298,686 ------------- ENERGY (6.6%) DOMESTIC & INTERNATIONAL INTEGRATED (2.3%) *OCEAN ENERGY, INC................ 163,300 1,571,763 *TESORO PETROLEUM CORP............ 61,100 973,781 WESTERN GAS RESOURCES, INC....... 85,500 1,368,000 ------------- 3,913,544 ------------- ENERGY SERVICES (4.3%) GLOBAL INDUSTRIES LTD............ 30,400 389,500 *HANOVER COMPRESSOR CO............ 96,500 3,100,063 *MARINE DRILLING COS., INC........ 33,400 457,162 *NEWPARK RESOURCES, INC........... 95,500 847,562 SHARES VALUE ----------- ------------- *NOBLE DRILLING CORP.............. 36,500 $ 718,594 *PATTERSON ENERGY, INC............ 41,900 413,762 *PRECISION DRILLING CORP.......... 43,000 819,688 *R & B FALCON CORP................ 44,200 414,375 ------------- 7,160,706 ------------- TOTAL ENERGY....................... 11,074,250 ------------- TECHNOLOGY (30.2%) *ACXIOM CORP...................... 118,500 2,955,094 *AMDOCS LTD....................... 81,500 1,854,125 *AMERICAN MANAGEMENT SYSTEMS, INC............................. 54,700 1,753,819 *ARIBA, INC....................... 5,000 486,250 *ARTESYN TECHNOLOGIES, INC........ 56,900 1,262,469 *ASK JEEVES, INC.................. 4,000 56,000 *ATMEL CORP....................... 90,400 2,367,350 *CAREINSITE, INC.................. 13,200 623,700 CERNER CORP...................... 39,800 834,556 *COMMSCOPE, INC................... 64,400 1,980,300 *CREDENCE SYSTEMS CORP............ 67,600 2,509,650 *DRKOOP.COM, INC.................. 7,600 121,125 *E-TEK DYNAMICS, INC.............. 37,100 1,764,569 *ELECTRO SCIENTIFIC INDUSTRIES, INC............................. 39,900 1,667,072 *ETEC SYSTEMS, INC................ 39,000 1,296,750 *FLEXTRONICS INTERNATIONAL LTD.... 24,600 1,365,300 *HARMONIC, INC.................... 30,100 1,728,869 *LATTICE SEMICONDUCTOR CORP....... 48,400 3,012,900 *MARIMBA, INC..................... 3,000 158,062 *MICROS SYSTEMS, INC.............. 51,900 1,764,600 *PAIRGAIN TECHNOLOGIES, INC....... 34,800 400,200 *POWERWAVE TECHNOLOGIES, INC...... 74,200 2,392,950 *PROXICOM, INC.................... 8,148 209,302 *QLOGIC CORP...................... 11,100 1,465,200 *RADISYS CORP..................... 73,200 2,845,650 *SEQUENT COMPUTER SYSTEMS, INC.... 208,200 3,695,550 *STERLING COMMERCE, INC........... 48,000 1,752,000 *SYKES ENTERPRISES, INC........... 25,400 847,725 *SYMANTEC CORP.................... 63,100 1,609,050 *TERAYON COMMUNICATION SYSTEMS, INC............................. 26,700 1,491,862
See Accompanying Notes to Financial Statements 35 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA SMALL CAP FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------- COMMON STOCKS (CONTINUED) *USINTERNETWORKING, INC........... 6,500 $ 273,000 *VEECO INSTRUMENTS, INC........... 26,308 894,472 *VISIO CORP....................... 59,900 2,279,944 *WIND RIVER SYSTEMS, INC.......... 51,500 827,218 ------------- TOTAL TECHNOLOGY................... 50,546,683 ------------- TRANSPORTATION (1.1%) C.H. ROBINSON WORLDWIDE, INC..... 29,600 1,087,800 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC................. 25,200 686,700 ------------- TOTAL TRANSPORTATION............... 1,774,500 ------------- UTILITIES (1.4%) COMMUNICATIONS (1.4%) COMSAT CORP...................... 70,700 2,297,750 ------------- TOTAL COMMON STOCKS (COST $125,840,560)............... 154,455,579 ------------- REPURCHASE AGREEMENTS (7.7%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $8,130,077. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005...... $8,128,959 8,128,959 PRINCIPAL AMOUNT VALUE ----------- ------------- MERRILL LYNCH 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $4,800,660. COLLATERALIZED BY U.S. TREASURY BILL DUE 07/15/1999.................... $4,800,000 $ 4,800,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $12,928,959)................ 12,928,959 ------------- TOTAL INVESTMENTS (99.9%) (COST $138,769,519)................... 167,384,538 OTHER ASSETS LESS LIABILITIES (0.1%)... 123,815 ------------- NET ASSETS (100%)...................... $ 167,508,353 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 36 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------- ------------------- -- COLUMBIA REAL ESTATE EQUITY FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ ------------- COMMON STOCKS (92.9%) REAL ESTATE INVESTMENT TRUSTS APARTMENTS (18.9%) APARTMENT INVESTMENT & MANAGEMENT CO. (CLASS A)................... 289,600 $ 12,380,400 ARCHSTONE COMMUNITIES TRUST...... 408,571 8,963,026 AVALONBAY COMMUNITIES, INC....... 221,164 8,183,068 COLONIAL PROPERTIES TRUST........ 156,100 4,409,825 EQUITY RESIDENTIAL PROPERTIES TRUST........................... 194,303 8,755,779 ------------- 42,692,098 ------------- COMMUNITY CENTERS (9.8%) KIMCO REALTY CORP................ 114,400 4,475,900 NEW PLAN EXCEL REALTY TRUST, INC............................. 141,420 2,545,560 PAN PACIFIC RETAIL PROPERTIES, INC............................. 239,300 4,651,394 VORNADO REALTY TRUST............. 298,900 10,554,906 ------------- 22,227,760 ------------- INDUSTRIAL (30.0%) ALEXANDRIA REAL ESTATE EQUITIES, INC............................. 149,500 4,671,875 CABOT INDUSTRIAL TRUST........... 219,700 4,668,625 DUKE REALTY INVESTMENTS, INC..... 215,000 4,850,938 FIRST INDUSTRIAL REALTY TRUST, INC............................. 184,300 5,056,731 LIBERTY PROPERTY TRUST........... 283,300 7,047,088 PROLOGIS TRUST................... 406,045 8,222,411 PUBLIC STORAGE, INC.............. 555,432 15,552,096 SHURGARD STORAGE CENTERS, INC. (CLASS A)....................... 129,000 3,499,125 SPIEKER PROPERTIES, INC.......... 257,400 10,006,425 TRINET CORPORATE REALTY TRUST, INC............................. 150,400 4,164,200 ------------- 67,739,514 ------------- MANUFACTURED HOMES (2.0%) MANUFACTURED HOME COMMUNITIES, INC............................. 170,400 4,430,400 ------------- OFFICE (18.3%) BOSTON PROPERTIES, INC........... 137,000 4,914,875 EQUITY OFFICE PROPERTIES TRUST... 465,018 11,916,086 MACK-CALI REALTY CORP............ 192,300 5,949,281 PRENTISS PROPERTIES TRUST........ 226,300 5,318,050 RECKSON ASSOCIATES REALTY CORP............................ 377,700 8,875,950
SHARES OR PRINCIPAL AMOUNT VALUE ------------ ------------- TRIZEC HAHN CORP................. 216,700 $ 4,415,263 ------------- 41,389,505 ------------- OTHER (5.0%) CAPITAL AUTOMOTIVE REIT.......... 165,000 2,186,250 *CATELLUS DEVELOPMENT CORP........ 402,800 6,243,400 *SECURITY CAPITAL GROUP, INC. (CLASS B)....................... 202,900 2,954,731 ------------- 11,384,381 ------------- SHOPPING MALLS (8.9%) GENERAL GROWTH PROPERTIES, INC............................. 208,400 7,398,200 MACERICH CO. (THE)............... 146,100 3,835,125 SIMON PROPERTY GROUP, INC........ 351,256 8,913,121 ------------- 20,146,446 ------------- TOTAL COMMON STOCKS (COST $205,588,167)............... 210,010,104 ------------- REPURCHASE AGREEMENTS (6.6%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $12,708,454. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005...... $12,706,707 12,706,707 MERRILL LYNCH 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $2,300,316 COLLATERALIZED BY U.S. TREASURY BILL DUE 07/15/1999.................... 2,300,000 2,300,000 ------------- TOTAL REPURCHASE AGREEMENTS (COST $15,006,707)................ 15,006,707 ------------- TOTAL INVESTMENTS (99.5%) (COST $220,594,874)................... 225,016,811 OTHER ASSETS LESS LIABILITIES (0.5%)... 1,191,434 ------------- NET ASSETS (100.0%).................... $ 226,208,245 ------------- -------------
* Non-income producing. See Accompanying Notes to Financial Statements 37 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ --------------- COMMON STOCKS (52.6%) BASIC INDUSTRIES & MANUFACTURING (6.1%) BUILDING & FORESTRY PRODUCTS (0.6%) CHAMPION INTERNATIONAL CORP...... 60,100 $ 2,877,287 WILLAMETTE INDUSTRIES, INC....... 81,800 3,767,913 --------------- 6,645,200 --------------- CHEMICALS (1.1%) DOW CHEMICAL CO.................. 19,400 2,461,375 DU PONT (E.I.) DE NEMOURS & CO.............................. 62,200 4,249,037 PRAXAIR, INC..................... 86,400 4,228,200 --------------- 10,938,612 --------------- MACHINERY CAPITAL SPENDING (4.4%) ALLIEDSIGNAL, INC................ 82,800 5,216,400 COOPER INDUSTRIES, INC........... 58,200 3,026,400 GENERAL ELECTRIC CO.............. 166,500 18,814,500 TYCO INTERNATIONAL LTD........... 189,226 17,929,164 --------------- 44,986,464 --------------- TOTAL BASIC INDUSTRIES & MANUFACTURING..................... 62,570,276 --------------- BUSINESS & CONSUMER SERVICES (4.0%) MEDIA & ENTERTAINMENT *AT&T CORP. -- LIBERTY MEDIA GROUP (CLASS A)....................... 192,264 7,065,702 *CLEAR CHANNEL COMMUNICATIONS, INC............................. 118,800 8,189,775 COMCAST CORP. (CLASS A SPECIAL)........................ 139,200 5,350,500 *INFINITY BROADCASTING CORP. (CLASS A)....................... 191,200 5,688,200 NEWS CORP LTD. ADR............... 121,200 4,279,875 TIME WARNER, INC................. 113,500 8,172,000 *USA NETWORKS, INC................ 42,200 1,693,275 --------------- TOTAL BUSINESS & CONSUMER SERVICES.......................... 40,439,327 --------------- CONSUMER CYCLICAL (5.6%) CONSUMER NON-DURABLE *BED, BATH & BEYOND, INC.......... 217,800 8,385,300 CARNIVAL CORP.................... 135,200 6,557,200 *CONSOLIDATED STORES CORP......... 282,300 7,622,100 SHARES VALUE ------------ --------------- COSTCO COMPANIES, INC............ 11,400 $ 912,712 HOME DEPOT, INC.................. 78,900 5,084,119 LOWE'S COS., INC................. 145,000 8,219,687 MATTEL, INC...................... 106,500 2,815,594 NIKE, INC. (CLASS B)............. 143,800 9,104,338 *OFFICE DEPOT, INC................ 213,050 4,700,416 ROYAL CARIBBEAN CRUISES LTD...... 83,600 3,657,500 --------------- TOTAL CONSUMER CYCLICAL............ 57,058,966 --------------- CONSUMER STAPLES (8.5%) FOOD & HOUSEHOLD PRODUCTS (2.1%) AVON PRODUCTS, INC............... 126,300 7,009,650 COLGATE-PALMOLIVE CO............. 28,000 2,765,000 GILLETTE CO...................... 160,500 6,580,500 *SAFEWAY, INC..................... 103,200 5,108,400 --------------- 21,463,550 --------------- HEALTH (6.4%) AMERICAN HOME PRODUCTS CORP...... 119,800 6,888,500 *BOSTON SCIENTIFIC CORP........... 416,800 18,313,150 BRISTOL-MYERS SQUIBB CO.......... 157,800 11,115,037 *GUIDANT CORP..................... 106,800 5,493,525 PFIZER, INC...................... 46,900 5,147,275 SCHERING-PLOUGH CORP............. 144,800 7,674,400 WARNER-LAMBERT CO................ 156,700 10,871,063 --------------- 65,502,950 --------------- TOTAL CONSUMER STAPLES............. 86,966,500 --------------- ENERGY (2.8%) DOMESTIC & INTERNATIONAL INTEGRATED (2.1%) EXXON CORP....................... 93,700 7,226,612 MOBIL CORP....................... 76,800 7,603,200 ROYAL DUTCH PETROLEUM CO......... 15,000 903,750 TEXACO, INC...................... 84,100 5,256,250 --------------- 20,989,812 --------------- ENERGY SERVICES (0.7%) BAKER HUGHES, INC................ 135,500 4,539,250 *BJ SERVICES CO................... 86,200 2,537,513 --------------- 7,076,763 --------------- TOTAL ENERGY....................... 28,066,575 --------------- FINANCIAL (7.4%) AMERICAN EXPRESS CO................ 61,700 8,028,712
See Accompanying Notes to Financial Statements 38 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
SHARES VALUE ------------ --------------- COMMON STOCKS (CONT.) AMERICAN INTERNATIONAL GROUP, INC............................. 74,100 $ 8,674,331 BANK OF AMERICA CORP............. 122,400 8,973,450 BANK ONE CORP.................... 86,718 5,165,141 CHASE MANHATTAN CORP............. 67,600 5,855,850 CITIGROUP, INC................... 295,075 14,016,062 FREDDIE MAC...................... 156,100 9,053,800 *GOLDMAN SACHS GROUP, INC......... 3,700 267,325 KANSAS CITY SOUTHERN INDUSTRIES, INC............................. 33,000 2,105,813 MORGAN STANLEY, DEAN WITTER & CO.............................. 56,300 5,770,750 TRAVELERS PROPERTY CASUALTY CORP. (CLASS A)....................... 125,500 4,910,188 U.S. BANCORP..................... 82,100 2,791,400 --------------- TOTAL FINANCIAL.................... 75,612,822 --------------- TECHNOLOGY (12.0%) *AMERICA ONLINE, INC................ 55,800 6,165,900 *APPLIED MATERIALS, INC............. 37,600 2,777,700 *CISCO SYSTEMS, INC................. 164,550 10,582,622 *COMPUTER SCIENCES CORP............. 182,900 12,654,394 *GATEWAY, INC....................... 77,700 4,584,300 INTEL CORP......................... 175,800 10,460,100 INTERNATIONAL BUSINESS MACHINES CORP.............................. 66,800 8,633,900 LUCENT TECHNOLOGIES, INC........... 177,865 11,994,771 *MICROSOFT CORP..................... 256,000 23,088,000 *TELLABS, INC....................... 209,200 14,134,075 TEXAS INSTRUMENTS, INC............. 62,700 9,091,500 *XILINX, INC........................ 149,300 8,547,425 --------------- TOTAL TECHNOLOGY................... 122,714,687 --------------- TRANSPORTATION (0.5%) CANADIAN NATIONAL RAILWAY CO....... 75,000 5,025,000 --------------- UTILITIES (5.7%) COMMUNICATIONS ALLTEL CORP...................... 90,600 6,477,900 AMERITECH CORP................... 37,100 2,726,850 FRONTIER CORP.................... 157,800 9,310,200 *MCI WORLDCOM, INC................ 181,258 15,633,502 SBC COMMUNICATIONS, INC.......... 147,800 8,572,400 SPRINT CORP. (FON GROUP)......... 97,600 5,154,500 SHARES OR PRINCIPAL AMOUNT VALUE ------------ --------------- VODAFONE AIRTOUCH PLC............ 50,000 $ 9,850,000 --------------- TOTAL UTILITIES.................... 57,725,352 --------------- TOTAL COMMON STOCKS (COST $361,870,475)............... 536,179,505 --------------- BONDS (44.6%) U.S. GOVERNMENT SECURITIES (19.9%) U.S. TREASURY NOTES & BONDS (2.7%) U.S. TREASURY BONDS 8.875% 08/15/2017................ $10,780,000 13,757,975 U.S. TREASURY NOTES 6.125% 12/31/2001................ 2,000,000 2,023,750 6.375% 08/15/2002................ 11,300,000 11,526,000 --------------- 27,307,725 --------------- U.S. TREASURY STRIPS (1.4%) 0.000% 05/15/2011................ 29,550,000 14,181,932 --------------- U.S. AGENCY BONDS (1.7%) FEDERAL HOME LOAN BANK 5.125% 02/26/2002.............. 13,400,000 13,190,558 FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.000% 05/15/2008.............. 4,000,000 3,879,360 --------------- 17,069,918 --------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (5.1%) 6.000% 04/15/2028 - 05/15/2029... 12,913,050 12,085,808 6.500% 04/15/2028 - 05/15/2029... 15,183,215 14,637,568 7.000% 01/15/2028 - 05/15/2029... 25,607,044 25,326,967 --------------- 52,050,343 --------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.2%) FHA INSURED PROJECT POOL #55 7.430% 04/01/2022.............. 1,612,315 1,577,556 FHA INSURED PROJECT POOL #53-43077 9.125% 07/25/2033.............. 1,092,301 1,138,724 --------------- 2,716,280 --------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (8.8%) GNMA (0.9%) GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1997-4 CL. B 7.000% 08/20/2026.............. 3,959,939 3,957,444
See Accompanying Notes to Financial Statements 39 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- U.S. GOVERNMENT SECURITIES (CONTINUED) GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1997-4 CL. C 7.000% 03/20/2027.............. $ 3,877,000 $ 3,770,621 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1998-1 CL. A 7.000% 01/20/2028.............. 1,240,000 1,216,671 --------------- 8,944,736 --------------- FNMA (2.2%) FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-44 CL. VC 6.500% 11/18/2015.............. 2,620,000 2,547,742 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1994-10 CL. UU 6.500% 01/25/2024.............. 2,195,000 2,061,719 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1994-43 CL. E 6.500% 02/25/2024.............. 1,782,086 1,777,275 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-63 CL. PH 7.000% 07/18/2026.............. 8,820,000 8,752,347 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-61 CL. PK 6.000% 12/25/2026.............. 4,670,000 4,387,997 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-68 CL. PJ 7.000% 10/18/2027.............. 3,000,000 2,953,860 --------------- 22,480,940 --------------- FHLMC (5.6%) FHLMC GNMA MULTICLASS MTG. PARTN. CTFS. GTD. SERIES G40 CL. N 6.500% 05/17/2021.............. 5,792,516 5,728,059 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1933 CL. VC 7.550% 03/15/2012.............. 2,950,000 3,042,129 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2120 CL. PJ 6.000% 06/15/2014.............. 3,070,000 3,001,423 PRINCIPAL AMOUNT VALUE ------------ --------------- FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2153 CL. CC 6.000% 08/15/2014.............. $ 2,160,000 $ 2,112,909 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2116 CL. VC 6.000% 11/15/2014.............. 4,370,000 4,037,171 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PG 6.000% 04/15/2021.............. 570,000 564,112 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2104 CL. PD 6.000% 05/15/2021.............. 5,950,000 5,812,020 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1543 CL. XN 7.000% 07/15/2023.............. 5,617,000 5,572,289 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1763 CL. H 8.250% 07/15/2023.............. 130,000 133,208 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2103 CL. TC 6.000% 11/15/2023.............. 2,700,000 2,598,750 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2114 CL. PE 6.000% 11/15/2023.............. 7,817,000 7,540,189 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PB 6.250% 01/15/2024.............. 883,000 864,614 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2110 CL. PD 6.000% 11/15/2026.............. 2,940,000 2,764,983 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2114 CL. PF 6.000% 04/15/2027.............. 3,000,000 2,821,203
See Accompanying Notes to Financial Statements 40 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- U.S. GOVERNMENT SECURITIES (CONTINUED) FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2113 CL. MU 6.500% 08/15/2027................ $11,400,000 $ 11,064,549 --------------- 57,657,608 --------------- OTHER AGENCY CMO (0.1%) PUERTO RICO HOUSING FINANCE CORP. SERIES A CL. 4 9.000% 07/20/2017.............. 301,730 301,730 --------------- TOTAL AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS.............. 89,385,014 --------------- TOTAL U.S. GOVERNMENT SECURITIES (COST $206,558,558)............... 202,711,212 --------------- CORPORATE BONDS (16.9%) INDUSTRIAL (10.1%) BASIC INDUSTRY & MANUFACTURING (1.1%) ALUMINUM CO. OF AMERICA, SERIES B 6.500% 06/15/2018.............. 4,150,000 3,848,724 TYCO INTERNATIONAL GROUP S.A. 6.250% 06/15/2003.............. 4,500,000 4,427,955 UNITED TECHNOLOGIES CORP. 6.500% 06/01/2009.............. 2,500,000 2,446,400 --------------- 10,723,079 --------------- BUSINESS & CONSUMER SERVICES (1.5%) ALLIED WASTE NORTH AMERICA, INC. 7.625% 01/01/2006.............. 1,000,000 927,500 COMCAST CORP. 9.500% 01/15/2008.............. 2,140,000 2,241,094 JONES INTERCABLE, INC. 8.875% 04/01/2007.............. 1,435,000 1,564,150 LENFEST COMMUNICATIONS, INC. 8.375% 11/01/2005.............. 650,000 678,879 SERVICE CORP. INTERNATIONAL 6.300% 03/15/2003.............. 5,000,000 4,855,250 USA NETWORKS, INC. 6.750% 11/15/2005.............. 1,000,000 966,250 PRINCIPAL AMOUNT VALUE ------------ --------------- USA WASTE SERVICES, INC. 6.125% 07/15/2001.............. $ 4,450,000 $ 4,417,648 --------------- 15,650,771 --------------- CONSUMER CYCLICAL (2.1%) FEDERATED DEPARTMENT STORES, INC. 6.300% 04/01/2009.............. 2,200,000 2,071,124 6.900% 04/01/2029.............. 1,525,000 1,398,211 FORD MOTOR CREDIT CO. 5.750% 02/23/2004.............. 3,460,000 3,334,575 HILTON HOTELS CORP. 7.375% 06/01/2002.............. 3,500,000 3,503,500 LOWE'S COS., INC. (144A) 6.500% 03/15/2029.............. 2,450,000 2,186,534 NORDSTROM, INC. 5.625% 01/15/2009.............. 3,125,000 2,839,188 TRW, INC. (144A) 6.625% 06/01/2004.............. 5,300,000 5,240,375 WAL-MART STORES, INC. 5.850% 06/01/2000.............. 1,050,000 1,051,764 --------------- 21,625,271 --------------- CONSUMER STAPLES (2.4%) AETNA SERVICES, INC. 7.625% 08/15/2026.............. 3,650,000 3,542,789 AMERICAN HOME PRODUCTS CORP. 7.700% 02/15/2000.............. 2,975,000 3,013,020 AMGEN, INC. 8.125% 04/01/2097.............. 2,550,000 2,626,077 COCA-COLA ENTERPRISES, INC. 6.750% 01/15/2038.............. 4,150,000 3,813,405 MONSANTO CO. (144A) 5.750% 12/01/2005.............. 4,850,000 4,604,541 PHILIP MORRIS COS., INC. 8.750% 06/01/2001.............. 5,300,000 5,517,512 WESTPOINT STEVENS, INC. 7.875% 06/15/2005.............. 1,575,000 1,539,563 --------------- 24,656,907 --------------- ENERGY (1.7%) COASTAL CORP. 6.500% 05/15/2006.............. 5,250,000 5,084,468 CONOCO, INC. 5.900% 04/15/2004.............. 1,000,000 975,780
See Accompanying Notes to Financial Statements 41 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- CORPORATE BONDS (cont.) EDISON MISSION ENERGY (144A) 7.730% 06/15/2009.............. $ 3,200,000 $ 3,241,696 GULF CANADA RESOURCES LTD. 9.625% 07/01/2005.............. 2,500,000 2,550,000 OCCIDENTAL PETROLEUM CORP. 6.400% 04/01/2003.............. 5,000,000 4,890,000 --------------- 16,741,944 --------------- TECHNOLOGY (0.9%) INTERNATIONAL BUSINESS MACHINES CORP. 5.375% 02/01/2009.............. 5,000,000 4,549,650 RAYTHEON CO. 6.300% 08/15/2000.............. 4,300,000 4,312,427 --------------- 8,862,077 --------------- TRANSPORTATION (0.4%) ALLIED HOLDING, INC. SERIES B 8.625% 10/01/2007.............. 500,000 475,000 CANADIAN NATIONAL RAILWAY CO. 6.450% 07/15/2006.............. 675,000 653,096 FEDERAL EXPRESS CORP. PASS THRU TRUST SERIES 1997-1C 7.650% 01/15/2014.............. 2,089,885 2,090,094 TEEKAY SHIPPING CORP. GTD. 1ST PFD. SHIP. MTG. NOTES 8.320% 02/01/2008.............. 1,000,000 940,000 --------------- 4,158,190 --------------- TOTAL INDUSTRIAL................... 102,418,239 --------------- FINANCIAL (3.3%) FINANCE (1.6%) DIAGEO CAPITAL PLC (144A) 6.625% 06/24/2004............ 6,000,000 6,007,500 HARTFORD LIFE, INC. 7.650% 06/15/2027............ 2,555,000 2,633,492 MERRILL LYNCH & CO. MEDIUM TERM NOTES, SERIES B 5.710% 01/15/2002............ 3,725,000 3,669,348 PRINCIPAL AMOUNT VALUE ------------ --------------- MORGAN STANLEY DEAN WITTER DISCOVER & CO. MEDIUM TERM NOTES 5.750% 02/15/2001............ $ 2,100,000 $ 2,086,812 TRAVELERS PROPERTY CASUALTY CORP. 6.750% 11/15/2006............ 2,350,000 2,298,888 --------------- 16,696,040 --------------- BANKS-DOMESTIC (1.1%) FIRST SECURITY CORP. 5.875% 11/01/2003.............. 1,325,000 1,273,603 MELLON FINANCIAL CO. 5.750% 11/15/2003.............. 3,725,000 3,592,390 WACHOVIA CORP. 5.625% 12/15/2008.............. 6,600,000 5,991,744 --------------- 10,857,737 --------------- BANKS-FOREIGN (0.6%) ABBEY NATIONAL PLC 6.690% 10/17/2005.............. 3,000,000 2,950,740 ABN AMRO BANK N. V. CHICAGO 7.250% 05/31/2005.............. 3,575,000 3,612,609 --------------- 6,563,349 --------------- TOTAL FINANCIAL.................... 34,117,126 --------------- UTILITIES (2.7%) ELECTRIC (1.8%) ARIZONA PUBLIC SERVICE CO. 5.875% 02/15/2004.............. 4,100,000 3,956,500 MIDAMERICAN FUNDING CORP. (144A) 5.850% 03/01/2001.............. 7,675,000 7,607,844 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 6.550% 11/01/2018.............. 2,550,000 2,381,167 TXU EASTERN FUNDING CO. (144A) 6.450% 05/15/2005.............. 5,200,000 5,023,304 --------------- 18,968,815 --------------- GAS PIPELINES (0.4%) K N ENERGY, INC. 6.650% 03/01/2005.............. 4,075,000 3,872,391 ---------------
See Accompanying Notes to Financial Statements 42 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- CORPORATE BONDS (CONTINUED) TELECOMMUNICATIONS (0.5%) MCI WORLDCOM, INC. 6.250% 08/15/2003.............. $ 2,100,000 $ 2,072,133 TCI COMMUNICATIONS, INC. 8.000% 08/01/2005.............. 1,900,000 2,022,550 WORLDCOM, INC. 8.875% 01/15/2006.............. 1,000,000 1,064,620 --------------- 5,159,303 --------------- TOTAL UTILITIES.................... 28,000,509 --------------- YANKEE (0.8%) CANADIAN PROVINCE (0.5%) QUEBEC PROVINCE 6.500% 01/17/2006.............. 3,100,000 3,047,455 7.125% 02/09/2024.............. 2,000,000 1,958,298 --------------- 5,005,753 --------------- OTHER (0.3%) KOREA DEVELOPMENT BANK 6.500% 11/15/2002.............. 775,000 742,993 7.125% 04/22/2004.............. 2,375,000 2,318,843 --------------- 3,061,836 --------------- TOTAL YANKEE....................... 8,067,589 --------------- TOTAL CORPORATE BONDS (COST $177,414,935)............... 172,603,463 --------------- OTHER SECURITIZED LOANS (7.6%) ASSET BACKED SECURITIES (3.2%) CITYSCAPE HOME EQUITY LOAN TRUST SERIES 1997-B CL. A-7 7.410% 05/25/2028.............. 4,150,000 4,192,724 CITYSCAPE HOME LOAN OWNER TRUST SERIES 1997-4 CL. A-4 7.440% 10/25/2018.............. 4,000,000 3,972,546 IMC HOME EQUITY LOAN TRUST SERIES 1997-3 CL. A-6 7.520% 08/20/2028.............. 2,310,000 2,364,285 NEW CENTURY HOME EQUITY LOAN TRUST SERIES 1997-NC5 CL. A-4 6.780% 08/25/2025.............. 1,190,000 1,193,838 PRINCIPAL AMOUNT VALUE ------------ --------------- NEW CENTURY HOME EQUITY LOAN TRUST SERIES 1997-NC5 CL. A-5 7.130% 10/25/2028.............. $11,760,000 $ 11,824,621 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1996-LB2 CL. A-8 7.800% 10/25/2026.............. 2,650,000 2,733,939 THE MONEY STORE RESIDENTIAL TRUST SERIES 1997-II CL. A-4 7.385% 03/15/2029.............. 3,862,000 3,914,678 UCFC FUNDING CORP. SERIES 1997-1 CL. A-3 7.055% 09/15/2013.............. 1,790,000 1,802,980 --------------- 31,999,611 --------------- COLLATERALIZED MORTGAGE OBLIGATIONS (3.2%) BEAR STEARNS MORTGAGE SECURITIES, INC. SERIES 1996-2 CL. A-1 5.683% 01/25/2025.............. 3,713,679 3,496,288 CMC SECURITIES CORP. IV SERIES 1997-2 CL. IA-12 7.250% 11/25/2027.............. 6,675,000 6,737,007 DLJ MORTGAGE ACCEPTANCE CORP. SERIES 1998-2 CL. 2-A-8 6.800% 06/25/2028.............. 3,720,000 3,612,729 FIRST ALLIANCE MORTGAGE TRUST SERIES 1996-1 CL. A-1 7.340% 06/20/2027.............. 904,610 914,644 FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC. SERIES 1998-A CL. A-3 7.000% 08/25/2028.............. 1,510,000 1,468,875 HEADLANDS MORTGAGE SECURITIES, INC. SERIES 1997-3 CL. 1-A-6 7.000% 07/25/2027.............. 5,360,000 5,370,637 MORTGAGE OBLIGATION STRUCTURED TRUST (144A) SERIES 1993-1 CL. B1 10.617% 10/25/2018............. 1,436,310 1,458,752
See Accompanying Notes to Financial Statements 43 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA BALANCED FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- CORPORATE BONDS (cont.) PNC MORTGAGE SECURITIES CORP. SERIES 1997-4 CL. 2PP-2 7.500% 07/25/2027.............. $ 2,750,000 $ 2,784,979 SACO I, INC. (144A) SERIES 1995-1 CL. A 5.913% 09/25/2024.............. 2,088,658 2,021,472 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 1998-AQ1 CL. A-5 7.150% 06/25/2028.............. 3,000,000 3,020,078 STRUCTURED ASSET MORTGAGE INVESTMENTS, INC. SERIES 1998-8 CL. 1-8-A 7.000% 07/25/2028.............. 1,634,000 1,608,873 --------------- 32,494,334 --------------- COMMERCIAL MORTGAGE BACKED SECURITIES (1.2%) COMMERCIAL CAPITAL ACCESS ONE, INC. (144A) SERIES 3 CL. A-2 6.615% 11/15/2028.............. 6,460,000 6,235,192 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. SERIES 1998-C1 CL. A1B 6.480% 05/17/2008.............. 2,860,000 2,793,682 NATIONSLINK FUNDING CORP. SERIES 1999-SL CL. A5 6.888% 06/10/2007.............. 2,230,000 2,210,487 NOMURA ASSET SECURITIES CORP. SERIES 1994-MD1 CL. A-1B 7.715% 03/15/2018.............. 1,358,806 1,382,440 --------------- 12,621,801 --------------- TOTAL OTHER SECURITIZED LOANS (COST $77,669,696)................ 77,115,746 --------------- PRINCIPAL AMOUNT VALUE ------------ --------------- CORPORATE BONDS (CONTINUED) TAXABLE MUNICIPAL BONDS (0.2%) CHICAGO IL. TAX INCREMENT ALLOCATION CENTRAL LOOP B 6.375% 06/01/2003 (COST $2,327,535)............... $ 2,250,000 $ 2,252,813 --------------- TOTAL BONDS (COST $463,970,724)............... 454,683,234 --------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENT (COST $825,841,199)............... 990,862,739 --------------- REPURCHASE AGREEMENT (0.9%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $8,707,549. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005. (COST $8,706,352)................. 8,706,352 8,706,352 --------------- TOTAL INVESTMENTS (98.1%) (COST $834,547,551)................... 999,569,091 OTHER ASSETS LESS LIABILITIES (1.9%)... 19,373,044 --------------- NET ASSETS (100.0%).................... $ 1,018,942,135 --------------- ---------------
* Non-income producing. See Accompanying Notes to Financial Statements 44 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - -------------- -------------- -- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------ U.S. TREASURY NOTES (96.6%) 6.750% 04/30/2000................ $ 4,725,000 $ 4,782,588 4.000% 10/31/2000................ 5,650,000 5,547,594 4.625% 12/31/2000................ 5,950,000 5,880,274 6.625% 06/30/2001................ 9,325,000 9,511,500 6.375% 09/30/2001................ 6,525,000 6,632,049 6.125% 12/31/2001................ 5,500,000 5,565,312 ------------ TOTAL U.S. TREASURY NOTES (COST $38,395,671)................ 37,919,317 REPURCHASE AGREEMENT (3.1%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $1,221,090. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005. (COST $1,220,922)................. 1,220,922 1,220,922 ------------ TOTAL INVESTMENTS (99.7%) (COST $39,616,593).................... 39,140,239 OTHER ASSETS LESS LIABILITIES (0.3%)... 96,774 ------------ NET ASSETS (100.0%).................... $ 39,237,013 ------------ ------------
See Accompanying Notes to Financial Statements 45 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- U.S. GOVERNMENT SECURITIES (47.5%) U.S. TREASURY NOTES & BONDS (3.6%) U.S. TREASURY BONDS 8.875% 08/15/2017................ $ 6,050,000 $ 7,721,313 U.S. TREASURY NOTES 5.375% 07/31/2000................ 7,000,000 6,996,719 6.125% 12/31/2001................ 505,000 510,997 ------------- 15,229,029 ------------- U.S. TREASURY STRIPS (3.0%) 0.000% 05/15/2011................ 26,950,000 12,934,114 ------------- U.S. AGENCY BONDS (3.9%) FEDERAL HOME LOAN BANK 5.125% 02/26/2002................ 13,225,000 13,018,293 FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.000% 05/15/2008................ 4,000,000 3,879,360 ------------- 16,897,653 ------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (12.7%) 6.000% 01/15/2029 - 02/15/2029... 5,309,583 4,969,438 6.500% 09/15/2028 - 06/15/2029... 30,143,711 29,060,421 7.000% 11/15/2027 - 02/15/2029... 20,397,767 20,174,667 ------------- 54,204,526 ------------- FEDERAL HOUSING ADMINISTRATION (FHA) (0.7%) FHA INSURED PROJECT POOL #051-11078 8.350% 04/01/2030............... 2,196,607 2,290,868 FHA INSURED PROJECT POOL #092-35499 8.450% 11/15/2031............... 783,134 808,586 ------------- 3,099,454 ------------- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (23.6%) GNMA (3.7%) GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1998-20 CL. B 7.000% 3/20/2026............... 2,066,000 2,040,206 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1998-1 CL. A 7.000% 01/20/2028.............. 2,050,000 2,011,432 PRINCIPAL AMOUNT VALUE ------------ ------------- GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-13 CL. PC 6.000% 03/20/2028.............. $ 5,080,000 $ 4,753,610 GNMA GTD. REMIC PASS THRU SECS. REMIC TR. 1999-23 CL. VC 6.500% 06/01/2029.............. 7,478,000 7,154,950 ------------- 15,960,198 ------------- FNMA (6.5%) FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1994-10 CL. KC 6.500% 10/25/2010................ 1,941,125 1,900,257 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-44 CL. VC 6.500% 11/18/2015................ 4,127,564 4,013,728 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-49 CL. TD 6.250% 12/18/2023................ 6,080,000 5,947,456 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1999-19 CL. PF 6.000% 06/25/2024................ 1,000,000 962,079 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-63 CL. PH 7.000% 07/18/2026................ 7,540,000 7,482,165 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-75 CL. B 6.500% 09/18/2026................ 3,220,660 3,133,078 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1998-61 CL. PK 6.000% 12/25/2026................ 2,530,000 2,377,223 FNMA GTD. REMIC PASS THRU CTF. REMIC TR. 1997-38 CL. H 7.500% 05/17/2027................ 1,916,000 1,940,544 ------------- 27,756,530 ------------- FHLMC (13.3%) FHLMC GNMA MULTICLASS MTG. PARTN. CTFS. GTD. SERIES G40 CL. N 6.500% 05/17/2021................ 3,791,758 3,749,565 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2116 CL. VC 6.000% 11/15/2014................ 6,280,000 5,801,701 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2121 CL. TD 6.000% 05/15/2015................ 2,650,000 2,573,999
See Accompanying Notes to Financial Statements 46 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- U.S. GOVERNMENT SECURITIES (CONTINUED) FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PG 6.000% 04/15/2021................ $ 740,000 $ 732,357 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2104 CL. PD 6.000% 05/15/2021................ 3,800,000 3,711,878 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1558 CL. C 6.500% 07/15/2023................ 2,141,000 2,105,532 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 1763 CL. H 8.250% 07/15/2023................ 692,000 709,079 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2103 CL. TC 6.000% 11/15/2023................ 2,455,000 2,362,937 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2065 CL. PB 6.250% 01/15/2024................ 1,050,000 1,028,137 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2131 CL. BD 6.000% 07/15/2024................ 2,030,000 1,957,001 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2155 CL. PM 6.000% 04/15/2025................ 4,560,000 4,369,711 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2068 CL. CL 6.500% 03/15/2026................ 4,016,000 3,906,429 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2110 CL. PD 6.000% 11/15/2026................ 5,740,000 5,398,300 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2091 CL. PF 6.000% 02/15/2027................ 4,482,000 4,217,645 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2114 CL. PF 6.000% 04/15/2027................ 2,480,000 2,332,195 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2118 CL. QD 6.500% 10/15/2027................ 5,290,000 5,134,772 FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2132 CL. PD 6.000% 11/15/2027................ 4,370,000 4,108,004 PRINCIPAL AMOUNT VALUE ------------ ------------- FHLMC MULTICLASS MTG. PARTN. CTFS. GTD. SERIES 2131 CL. BE 6.000% 11/15/2027................ $ 3,070,000 $ 2,878,547 ------------- 57,077,789 ------------- OTHER AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (0.1%) PUERTO RICO HOUSING FINANCE CORP. SERIES A CL. 4 9.000% 07/20/2017................ 546,377 546,377 ------------- TOTAL U.S. GOVERNMENT SECURITIES (COST $207,300,174)............... 203,705,670 ------------- CORPORATE BONDS (37.4%) INDUSTRIAL (23.9%) BASIC INDUSTRY & MANUFACTURING (5.1%) FOSTER WHEELER CORP. 6.750% 11/15/2005.............. 3,025,000 2,681,027 GENERAL ELECTRIC CAPITAL CORP. MEDIUM TERM NOTES 5.650% 03/31/2003.............. 5,400,000 5,268,780 ICI WILMINGTON, INC. 7.050% 09/15/2007.............. 3,805,000 3,736,700 PRECISION CASTPARTS CORP. 6.750 12/15/2007............... 1,650,000 1,563,095 TYCO INTERNATIONAL GROUP S.A. 6.125% 06/15/2001.............. 500,000 498,510 6.250% 06/15/2003.............. 5,575,000 5,485,744 UNITED TECHNOLOGIES CORP. 6.500% 06/01/2009.............. 2,500,000 2,446,400 ------------- 21,680,256 ------------- BUSINESS & CONSUMER SERVICES (0.7%) HOLLINGER INTERNATIONAL PUBLISHING, INC. 8.625% 03/15/2005.............. 300,000 303,000 LENFEST COMMUNICATIONS, INC. 8.375% 11/01/2005.............. 1,350,000 1,409,980 NEWS CORPORATION LTD. 8.750% 02/15/2006.............. 1,250,000 1,318,750 ------------- 3,031,730 -------------
See Accompanying Notes to Financial Statements 47 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- CORPORATE BONDS (CONTINUED) CONSUMER CYCLICAL (5.8%) FEDERATED DEPARTMENT STORES, INC. 6.300% 04/01/2009................ $ 1,000,000 $ 941,420 6.900% 04/01/2029................ 775,000 710,566 GENERAL MOTORS ACCEPTANCE CORP. 6.850% 06/17/2004................ 3,975,000 4,006,681 HILTON HOTELS CORP. 7.375% 06/01/2002................ 4,000,000 4,004,000 KROGER CO. (144A) 6.340% 06/01/2001................ 4,350,000 4,352,567 LOWE'S COS., INC. (144A) 6.500% 03/15/2029................ 2,200,000 1,963,418 SEARS ROEBUCK ACCEPTANCE CORP. MEDIUM TERM NOTES 6.400% 10/11/2000................ 4,525,000 4,548,621 TRW, INC. (144A) 6.625% 06/01/2004................ 4,500,000 4,449,375 ------------- 24,976,648 ------------- CONSUMER STAPLES (6.9%) AETNA SERVICES, INC. 7.625% 08/15/2026................ 2,000,000 1,941,254 ANHEUSER-BUSCH COS., INC. 5.750% 04/01/2010................ 4,800,000 4,432,656 COCA-COLA ENTERPRISES, INC. 6.750% 01/15/2038................ 3,850,000 3,537,737 DIAGEO CAPITAL PLC 6.625% 06/04/2004................ 4,550,000 4,555,688 NABISCO, INC. 6.000% 02/15/2001................ 1,875,000 1,857,487 6.700% 06/15/2002................ 3,750,000 3,733,575 PEPSI BOTTLING HOLDINGS, INC. (144A) 5.625% 02/17/2009................ 5,000,000 4,559,200 PROCTER & GAMBLE CO. 5.250% 09/15/2003................ 3,965,000 3,809,057 TENET HEALTHCARE CORP. 8.625% 12/01/2003................ 990,000 994,950 ------------- 29,421,604 ------------- PRINCIPAL AMOUNT VALUE ------------ ------------- ENERGY (3.0%) ANADARKO PETROLEUM CORP. 6.625% 01/15/2028................ $ 3,125,000 $ 2,726,966 CONOCO, INC. 6.350% 04/15/2009................ 3,200,000 3,071,392 GULF CANADA RESOURCES LTD. 9.625% 07/01/2005................ 1,900,000 1,938,000 NOBLE AFFILIATES, INC. 7.250% 08/01/2097................ 2,825,000 2,441,601 SANTA FE SNYDER CORP. 8.050% 06/15/2004................ 2,700,000 2,683,125 ------------- 12,861,084 ------------- TECHNOLOGY (1.9%) INTERNATIONAL BUSINESS MACHINES CORP. 5.375% 02/01/2009................ 5,000,000 4,549,650 RAYTHEON CO. 5.700% 11/01/2003................ 3,875,000 3,755,689 ------------- 8,305,339 ------------- TRANSPORTATION (0.5%) FEDERAL EXPRESS CORP. PASS THRU TRUST SERIES 1997-1C 7.650% 01/15/2014................ 2,184,880 2,185,098 ------------- FINANCIAL (4.7%) FINANCE (1.6%) CIT GROUP, INC. MEDIUM TERM NOTE 5.800% 03/26/2002.............. 2,200,000 2,157,056 EQUITABLE COS., INC. 9.000% 12/15/2004.............. 905,000 989,572 GOLDMAN SACHS GROUP L.P. (144A) 7.200% 03/01/2007.............. 3,700,000 3,708,917 ------------- 6,855,545 ------------- BANKS-DOMESTIC (1.5%) AMSOUTH BANK N.A. BIRMINGHAM 6.450% 02/01/2008.............. 3,100,000 2,929,748 BANK OF AMERICA CORP. 5.875% 02/15/2009.............. 3,980,000 3,653,998
See Accompanying Notes to Financial Statements 48 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- CORPORATE BONDS (CONTINUED) WACHOVIA CORP. 6.700% 06/21/2004.............. $ 60,000 $ 60,391 ------------- 6,644,137 ------------- BANKS-FOREIGN (0.4%) SWISS BANK CORP. N.Y. 7.250% 09/01/2006.............. 1,825,000 1,836,260 ------------- REAL ESTATE INVESTMENT TRUSTS (1.2%) EOP OPERATING L.P. 6.376% 02/15/2002.............. 3,125,000 3,076,031 SIMON PROPERTY GROUP L.P. 6.625% 06/15/2003.............. 2,050,000 1,999,673 ------------- 5,075,704 ------------- UTILITIES (5.7%) ELECTRIC (3.0%) CALPINE CORP. 8.750% 07/15/2007.............. 1,000,000 988,830 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 6.550% 11/01/2018.............. 2,215,000 2,068,347 NIAGARA MOHAWK POWER CORP. SERIES D 7.250% 10/01/2002.............. 1,950,000 1,961,232 NORTHERN INDIANA PUBLIC SERVICE CO. MEDIUM TERM NOTES 6.750% 06/01/2000.............. 2,500,000 2,517,725 6.900% 06/01/2000.............. 1,250,000 1,260,487 TXU EASTERN FUNDING CO. (144A) 6.450% 05/15/2005.............. 4,200,000 4,057,284 ------------- 12,853,905 ------------- GAS PIPELINES (0.5%) ENRON CORP. 7.375% 05/15/2019.............. 2,220,000 2,165,029 ------------- TELECOMMUNICATIONS (2.2%) FLAG LTD. 8.250% 01/30/2008.............. 500,000 466,250 MCI COMMUNICATIONS CORP. 6.125% 04/15/2002.............. 4,755,000 4,723,427 PRINCIPAL AMOUNT VALUE ------------ ------------- US WEST CAPITAL FUNDING, INC. 6.375% 07/15/2008.............. $ 3,275,000 $ 3,081,939 WORLDCOM, INC. 8.875% 01/15/2006.............. 900,000 958,158 ------------- 9,229,774 ------------- YANKEE (3.1%) CANADIAN PROVINCE (1.1%) QUEBEC PROVINCE 7.000% 01/30/2007.............. 2,490,000 2,506,683 7.125% 02/09/2024.............. 2,400,000 2,349,958 ------------- 4,856,641 ------------- OTHER (2.0%) AFRICAN DEVELOPMENT BANK MEDIUM TERM NOTES 8.625% 05/01/2001.............. 5,300,000 5,531,716 KOREA DEVELOPMENT BANK 6.500% 11/15/2002.............. 675,000 647,123 7.125% 04/22/2004.............. 2,525,000 2,465,296 ------------- 8,644,135 ------------- TOTAL CORPORATE BONDS (COST $165,134,008)............... 160,622,889 ------------- OTHER SECURITIZED LOANS (12.2%) ASSET BACKED SECURITIES (4.4%) CITYSCAPE HOME LOAN OWNER TRUST SERIES 1997-4 CL. A-4 7.440% 10/25/2018................ 3,400,000 3,376,664 EMPIRE FUNDING HOME LOAN OWNER TRUST SERIES 1997-2 CL. A-5 7.960% 09/25/2023................ 2,946,000 3,020,421 IMC HOME EQUITY LOAN TRUST SERIES 1997-3 CL. A-6 7.520% 08/20/2028................ 2,520,000 2,579,220 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. SERIES 1996-LB2 CL. A-8 7.800% 10/25/2026................ 1,000,000 1,031,675 SAXON ASSET SECURITIES CO. SERIES 1996-1 CL. A-2 8.060% 09/25/2027................ 6,380,000 6,568,118
See Accompanying Notes to Financial Statements 49 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ---------------- ---------------- -- COLUMBIA FIXED INCOME SECURITIES FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ ------------- OTHER SECURITIZED LOANS (CONTINUED) STRUCTURED ASSET SECURITIES CORP. SERIES 1997-4 CL. 2-A2 7.000% 12/25/2027................ $ 2,332,920 $ 2,341,772 ------------- 18,917,870 ------------- COLLATERALIZED MORTGAGE OBLIGATIONS (5.1%) BEAR STEARNS MORTGAGE SECURITIES, INC. SERIES 1996-2 CL. A-1 5.683% 01/25/2025................ 3,530,082 3,323,439 CMC SECURITIES CORP. IV SERIES 1997-2 CL. IA-12 7.250% 11/25/2027................ 3,150,000 3,179,262 DLJ MORTGAGE ACCEPTANCE CORP. (144A) SERIES 1999-B CL. A-1 6.854% 08/28/2029................ 2,300,697 2,191,473 DLJ MORTGAGE ACCEPTANCE CORP. SERIES 1998-2 CL. 2-A-8 6.800% 06/25/2028................ 4,370,000 4,243,986 MORTGAGE OBLIGATION STRUCTURED TRUST (144A) SERIES 1993-1 CL. B1 10.617% 10/25/2018............... 1,095,126 1,112,238 PNC MORTGAGE SECURITIES CORP. SERVICE 1997-4 CL. 2PP-2 7.500% 07/25/2027................ 3,095,000 3,134,367 RESIDENTIAL FUNDING MORTGAGE SECURITIES, INC. SERIES 1993-S45 CL. A-10 8.000% 12/25/2023................ 858,073 870,137 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 1998-AQ1 CL. A-5 7.150% 06/25/2028................ 1,860,000 1,872,448 STRUCTURED ASSET MORTGAGE INVESTMENTS, INC. SERIES 1998-8 CL. 1-8-A 7.000% 07/25/2028................ 2,000,000 1,969,245 ------------- 21,896,595 ------------- PRINCIPAL AMOUNT VALUE ------------ ------------- COMMERCIAL MORTGAGE BACKED SECURITIES (2.7%) COMMERCIAL CAPITAL ACCESS ONE, INC. (144A) SERIES 3 CL. A-2 6.615% 11/15/2028................ $ 5,600,000 $ 5,405,120 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. SERIES 1998-C1 CL. A1B 6.480% 05/17/2008................ 6,140,000 5,997,625 ------------- 11,402,745 ------------- TOTAL OTHER SECURITIZED LOANS (COST $52,611,279)................ 52,217,210 ------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENT (COST $425,045,461)............... 416,545,769 ------------- REPURCHASE AGREEMENT (2.7%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $11,490,975. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005. (COST $11,489,395)................ 11,489,395 11,489,395 ------------- TOTAL INVESTMENTS (99.8%) (COST $436,534,856)................... 428,035,164 OTHER ASSETS LESS LIABILITIES (0.2%)... 932,526 ------------- NET ASSETS (100.0%).................... $ 428,967,690 ------------- -------------
See Accompanying Notes to Financial Statements 50 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------- --------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----------- GENERAL OBLIGATION BONDS (30.6%) GENERAL OBLIGATION (11.6%) CLARK COUNTY NEVADA SCHOOL DISTRICT COMP INTEREST SERIES B 0.000% 06/01/2003................ $100,000 $ 83,875 DAVENPORT IOWA SERIES B 5.125% 06/01/2010................ 100,000 99,875 GRANDVILLE MICHIGAN PUBLIC SCHOOL DISTRICT 4.750% 05/01/2011................ 100,000 96,500 KING COUNTY WASHINGTON SCHOOL DISTRICT #415 KENT SERIES B 6.000% 12/01/2008................ 100,000 107,625 MILWAUKEE COUNTY WISCONSIN CORPORATE PURPOSE-SERIES A 5.000% 10/01/2010................ 100,000 98,625 ROSEBURG OREGON URBAN SANITATION AUTHORITY 5.400% 09/01/2002................ 100,000 102,500 TEXAS STATE REFUNDING SERIES A 6.000% 10/01/2005................ 100,000 107,750 THURSTON COUNTY WASHINGTON SCHOOL DISTRICT #401 ROCHESTER 4.800% 12/01/2007................ 55,000 54,587 TOPPENISH WASHINGTON 4.600% 12/01/2006................ 65,000 63,050 ----------- 814,387 ----------- OREGON GENERAL OBLIGATION (0.7%) REDMOND OREGON REFUNDING CITY OF REDMOND AIRPORT IMPROVEMENT PROJECT 4.500% 05/01/2007................ 50,000 48,375 ----------- INSURED GENERAL OBLIGATION (18.3%) ARLINGTON TEXAS INDEPENDENT SCHOOL DISTRICT CAPITAL APPRECIATION-REFUNDING 0.000% 02/15/2007................ 150,000 102,750 BATTLE CREEK MICHIGAN TAX INCREMENT 5.250% 05/01/2012................ 100,000 100,625 PRINCIPAL AMOUNT VALUE --------- ----------- BURLINGTON AREA WISCONSIN SCHOOL DISTRICT 4.900% 04/01/2016................ $100,000 $ 94,750 CHICAGO ILLINOIS TAX INCREMENT ALLOCATION-NEAR SOUTH REDEVELOPEMENT PJ-A 5.000% 11/15/2012................ 200,000 195,250 DU PAGE & WILL COMMUNITY SCHOOL DISTRICT #204 INDIAN PRAIRIE SERIES B 5.000% 12/30/2009................ 100,000 100,000 MADISON COUNTY ILLINOIS COMMUNITY UNIT SCHOOL DISTRICT #002 TRIAD REFUNDING 4.900% 01/01/2013................ 100,000 96,125 OAK HILLS OHIO LOCAL SCHOOL DISTRICT 7.200% 12/01/2009................ 100,000 117,625 OKLAHOMA COUNTY OKLAHOMA INDEPENDENT SCHOOL DISTRICT #012 EDMOND BUILDING-SERIES B 4.700% 08/01/2005................ 100,000 101,000 ORLEANS PARISH LOUISIANA PARISHWIDE SCHOOL DISTRICT SERIES A 5.125% 09/01/2016................ 100,000 97,750 PORT OF OLYMPIA WASHINGTON AD VALOREM TAX SERIES B 5.000% 12/01/2005................ 100,000 101,250 UNITED INDEPENDENT SCHOOL DISTRICT TEXAS 5.350% 08/15/2015................ 100,000 100,125 WILL COUNTY ILLINOIS FOREST PRESERVATION DISTRICT SERIES B 0.000% 12/01/2011................ 150,000 78,375 ----------- 1,285,625 ----------- TOTAL GENERAL OBLIGATION BONDS (COST $2,186,510)................. 2,148,387 -----------
See Accompanying Notes to Financial Statements 51 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------- --------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----------- REVENUE BONDS (59.5%) REVENUE (21.2%) CALIFORNIA HEALTH FACILITIES FINANCE AUTHORITY KAISER PERMANENTE-SERIES B 5.000% 10/01/2008................ $100,000 $ 99,000 COLORADO HOUSING FINANCIAL AUTHORITY SINGLE FAMILY PG-SUB-B 4.875% 04/01/2007................ 100,000 99,625 IDAHO HEALTH FACILITIES AUTHORITY BINGHAM MEMORIAL HOSPITAL PROJECT 5.850% 03/01/2019................ 100,000 97,875 INDIANA STATE EDUCATIONAL FACILITIES AUTHORITY EDUCATIONAL FACILITIES-UNIVERSITY INDIANAPOLIS PROJECT 5.600% 10/01/2014................ 100,000 100,125 INDIANA TRANSPORTATION FINANCIAL AUTHORITY AIRPORT FACILITIES LEASE SERIES A 5.500% 11/01/2017................ 100,000 100,000 JEFFERSON COUNTY WASHINGTON PUBLIC UTILITY DISTRICT #1 WATER & SEWER 5.250% 05/01/2016................ 50,000 47,438 JEFFERSON COUNTY WASHINGTON PUBLIC UTILITY DISTRICT #1 WATER & SEWER 5.250% 05/01/2017................ 50,000 47,562 JONES COUNTY MISSISSIPPI HOSPITAL REFUNDING-SOUTH CENTRAL REGIONAL MEDICAL CENTER 4.900% 12/01/2004................ 100,000 99,000 MARYLAND STATE ECONOMIC DEVELOPEMENT CORP. STUDENT HOUSING COLLEGIATE HOUSING-TOWSON-SERIES A 5.750% 06/01/2029................ 100,000 99,000 PRINCIPAL AMOUNT VALUE --------- ----------- MONTGOMERY COUNTY TENNESSE HEALTH EDUCATIONAL & HOUSING FACILITY BOARD HOSPITAL REFUNDING & IMPROVEMENT-CLARKSVILLE REGIONAL 5.375% 01/01/2018................ $100,000 $ 93,500 NEW YORK STATE URBAN DEVELOPMENT CORPORATION REFUNDING-CORRECTIONAL CAPITAL FACILITIES-A 5.450% 01/01/2007................ 100,000 103,000 REGIONAL WASTE SYSTEM INDUSTRY MAINE SOLID WASTE RESOURCE RECOVERY AMT-SERIES Q 5.500% 07/01/2004................ 100,000 103,875 SEATTLE WASHINGTON MUNICIPAL LIGHT AND POWER REFUNDING 5.000% 07/01/2018................ 110,000 104,500 SHELTON WASHINGTON WATER & SEWER 5.250% 12/01/2018................ 50,000 47,563 UNIVERSITY OF WASHINGTON EDUCATIONAL RESEARCH PROPERTIES LEASE 4225 ROOSEVELT PROJECT-SERIES A 5.375% 06/01/2029................ 100,000 94,408 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT #1 REFUNDING-SERIES A 6.000% 07/01/2005................ 100,000 106,625 WASHINGTON STATE PUBLIC POWER SUPPLY SYSTEM NUCLEAR PROJECT #2 REFUNDING-SERIES A 5.000% 07/01/2011................ 50,000 48,937 ----------- 1,492,033 ----------- OREGON REVENUE (8.9%) BEND MUNICIPAL AIRPORT PJ SERIES B 5.375% 06/01/1999................ 100,000 99,000
See Accompanying Notes to Financial Statements 52 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------- --------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----------- OREGON REVENUE (CONTINUED) CLACKAMAS COUNTY OREGON HOSPITAL FACILITY AUTHORITY REFUNDING ODD FELLOWS HOME-SERIES A 5.875% 09/15/2021................ $50,000 $ 49,049 EUGENE OREGON TROJAN NUCLEAR PROJECT 5.900% 09/01/2009................ 20,000 20,050 HILLSBORO HOSPITAL FACILITY AUTHORITY TUALITY HEALTHCARE 5.750% 10/01/2012................ 25,000 25,335 KLAMATH COMMUNITY COLLEGE SERVICE DISTRICT OREGON 4.700% 04/01/2010................ 55,000 52,319 KLAMATH COMMUNITY COLLEGE SERVICE DISTRICT OREGON 4.800% 04/01/2011................ 25,000 23,781 LEBANON OREGON URBAN RENEWAL AGENCY 5.625% 06/01/2019................ 100,000 97,875 PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES B 4.800% 06/01/2010................ 105,000 102,637 SALEM OREGON HOSPITAL FACILITY AUTHORITY REVENUE CAPITAL MANOR, INC. 7.500% 12/01/2024................ 50,000 54,313 WASHINGTON COUNTY HOUSING AUTHORITY AFFORDABLE HOUSING POOL SERIES A 6.000% 07/01/2020................ 100,000 99,000 ----------- 623,359 ----------- INSURED REVENUE (29.4%) AMARILLO TEXAS HEALTH FACILITIES CORP. BAPTIST ST. ANTHONYS HOSPITAL CORP. 5.500% 01/01/2013................ 100,000 102,750 AMERICAN PUBLIC ENERGY AGENCY NEBRASKA GAS SUPPLY PUBLIC GAS AGENCY PROJECT SERIES A 5.250% 06/01/2011................ 100,000 101,000 PRINCIPAL AMOUNT VALUE --------- ----------- CLARK COUNTY NEVADA PASSENGER FACILITY CHARGE LAS VEGAS MCCARRAN INTERNATIONAL ARPT-B 6.250% 07/01/2011................ $100,000 $ 105,375 HARRIS COUNTY TEXAS HEALTH FACILITIES DEVELOPEMENT CORPORATION MEDICAL FACILITIES BAYLOR COLLEGE MEDICAL PROJECT-SERIES A 5.375% 11/15/2012................ 100,000 101,500 HAWAII STATE HARBOR CAPITAL IMPROVEMENT 6.200% 07/01/2008................ 100,000 107,500 ILLINOIS HEALTHCARE FACILITIES AUTHORITY REFUNDING-SOUTHERN ILLINOIS HEALTHCARE-A 5.375% 03/01/2013................ 100,000 100,250 INDIANA STATE OFFICE BUILDING COMMISSION CORRECTION FACILITIES PROGRAM SERIES B-WOMENS PRISON 5.500% 07/01/2020................ 100,000 100,125 LAS CRUCES NEW MEXICO 5.450% 12/01/2028................ 110,000 113,300 LAS VEGAS NEVADA DOWNTOWN REDEVOPMENT AGENCY TAX INCREMENT REFUNDING-INSURED-PARITY LIEN SERIES A 5.250% 06/01/2005................ 100,000 103,125 MANSFIELD TEXAS CERTIFICATES OBLIGATION-SERIES B 5.100% 08/15/2011................ 140,000 139,650 MARICOPA COUNTY ARIZONA INDIVIDUAL DEVELOPMENT AUTHORITY MULTI FAMILY HOUSING METRO GARDENS MESA RIDGE PJ-A 4.500% 07/01/2009................ 130,000 125,937 PALMER ALASKA HOSPITAL VALLEY HOSPITAL ASSOCIATION 5.350% 12/01/2012................ 125,000 124,375
See Accompanying Notes to Financial Statements 53 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------- --------------- -- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----------- INSURED REVENUE (CONTINUED) PIEDMONT MUNICIPAL POWER AGENCY SOUTH CAROLINA ELECTRIC UNREFUNDED BALANCE-SERIES A 6.125% 01/01/2007................ $100,000 $ 108,250 REGIONAL TRANSPORTATION AUTHORITY ILLINOIS SERIES A 6.400% 06/01/2012................ 100,000 111,500 SOUTH DAKOTA STATE BUILDING AUTHORITY LEASE CAPITAL APPRECIATION-SERIES A 0.000% 12/01/2013................ 250,000 116,563 TACOMA WASHINGTON SOLID WASTE UTILITIES REFUNDING-SERIES B 6.000% 12/01/2009................ 100,000 108,000 TEXAS STATE UNIVERSITY SYSTEM FINANCING SYSTEM-SERIES A 5.000% 03/15/2015................ 100,000 96,125 UTAH ASSISTED MUNICIPAL POWER SYSTEM REFUNDING-HUNTER PROJECT 5.000% 07/01/2011................ 100,000 99,000 WYOMING MUNICIPAL POWER AGENCY POWER SUPPLY REFUNDING-SERIES 1998 5.250% 01/01/2011................ 100,000 101,125 ----------- 2,065,450 ----------- TOTAL REVENUE BONDS (COST $4,268,370)................. 4,180,842 ----------- OTHER BONDS (7.2%) BROADVIEW ILLINOIS TAX INCREMENT REVENUE 4.900% 07/01/2006.................. 75,000 72,469 DAMASCUS OREGON WATER DISTRICT CERTIFICATES OF PARTICIPATION 5.250% 03/01/2019.................. 100,000 95,875 SEDONA ARIZONA CERTIFICATES OF PARTICIPATION 5.750% 07/01/2007.................. 100,000 104,250 PRINCIPAL AMOUNT VALUE --------- ----------- WASHINGTON STATE CERTIFICATES PARTICIPATION DEPARTMENT GENERAL ADMINISTRATION 5.400% 07/01/2013.................. $100,000 $ 99,625 WASHINGTON STATE CERTIFICATES PARTICIPATION DEPARTMENT OF GENERAL ADMINISTRATION 5.000% 07/01/2017.................. 140,000 134,050 ----------- TOTAL OTHER BONDS (COST $510,081)................... 506,269 ----------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENTS (COST $6,964,961)................. 6,835,498 ----------- TAX-EXEMPT MONEY MARKET INVESTMENTS (10.6%) SEI TAX EXEMPT TRUST............. 442,957 442,957 AIM TAX FREE CASH RESERVE........ 300,000 300,000 ----------- TOTAL TAX-EXEMPT MONEY MARKET INVESTMENTS (COST $742,957)................... 742,957 ----------- TOTAL INVESTMENTS (107.9%) (COST $7,707,918)..................... 7,578,455 OTHER ASSETS LESS LIABILITIES (-7.9%)............................... (552,115) ----------- TOTAL NET ASSETS (100.0%).............. $ 7,026,340 ----------- -----------
See Accompanying Notes to Financial Statements 54 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- GENERAL OBLIGATION BONDS (43.0%) STATE OF OREGON GENERAL OBLIGATION (6.6%) BOARD OF HIGHER EDUCATION BACCALAUREATE-D 4.875% 08/01/2019................ $2,000,000 $ 1,870,000 BOARD OF HIGHER EDUCATION DEFERRED INTEREST SERIES A 0.000% 08/01/2014................ 450,000 203,062 BOARD OF HIGHER EDUCATION REFUNDING SERIES B 6.250% 10/15/2012................ 740,000 778,850 ELDERLY & DISABLED HOUSING REFUNDING SERIES B 6.250% 08/01/2013................ 1,000,000 1,066,250 POLLUTION CONTROL SERIES C 5.625% 06/01/2013................ 1,095,000 1,100,475 5.900% 06/01/2014................ 2,105,000 2,123,419 VETERANS' WELFARE 11.000% 12/01/2000................ 865,000 949,337 0.000% 07/01/2001................ 1,200,000 1,105,500 9.000% 04/01/2002................ 900,000 1,009,125 6.000% 02/01/2004................ 720,000 766,800 9.000% 04/01/2004................ 280,000 333,550 9.000% 04/01/2005................ 1,130,000 1,380,013 8.250% 07/01/2005................ 520,000 620,100 9.000% 10/01/2005................ 1,640,000 2,028,122 7.250% 01/01/2007................ 1,485,000 1,713,319 9.200% 04/01/2007................ 2,390,000 3,056,213 8.250% 07/01/2007................ 540,000 660,825 9.200% 10/01/2007................ 1,250,000 1,617,187 7.300% 01/01/2008................ 255,000 298,669 8.000% 01/01/2008................ 1,235,000 1,506,700 7.300% 07/01/2008................ 1,125,000 1,327,500 8.000% 07/01/2008................ 580,000 713,400 9.200% 10/01/2008................ 275,000 363,000 5.850% 10/01/2015................ 1,015,000 1,092,394 5.200% 10/01/2018................ 2,000,000 1,952,500 ------------- 29,636,310 ------------- OREGON GENERAL OBLIGATION (17.4%) AURORA 5.600% 06/01/2024................ 1,205,000 1,206,506 PRINCIPAL AMOUNT VALUE ----------- ------------- CLACKAMAS & WASHINGTON COUNTIES SCHOOL DISTRICT #3JT WEST LINN-WILSONVILLE 5.875% 10/01/2009................ $2,550,000 $ 2,645,625 CLACKAMAS COMMUNITY COLLEGE DISTRICT 5.250% 12/01/2009................ 1,270,000 1,295,400 CLACKAMAS COUNTY SCHOOL DISTRICT #7J LAKE OSWEGO SERIES A 5.300% 06/15/2005................ 1,000,000 1,033,750 5.500% 06/15/2006................ 1,000,000 1,038,750 5.700% 06/15/2010................ 2,735,000 2,834,144 DESCHUTES COUNTY ADMINISTRATIVE SCHOOL DISTRICT #1 BEND-LAPINE 0.000% 02/01/2000................ 1,175,000 1,150,983 0.000% 02/01/2001................ 1,135,000 1,061,225 0.000% 02/01/2002................ 1,445,000 1,286,050 DESCHUTES COUNTY ADMINISTRATIVE SCHOOL DISTRICT #1 5.000% 12/01/2017................ 1,500,000 1,434,375 EUGENE PUBLIC SAFETY FACILITIES 5.500% 06/01/2010................ 850,000 872,312 5.625% 06/01/2013................ 1,295,000 1,325,756 JACKSON COUNTY SCHOOL DISTRICT #549C MEDFORD 5.375% 06/01/2012................ 1,200,000 1,207,500 LANE COUNTY AREA EDUCATION DISTRICT LANE COMMUNITY COLLEGE 5.300% 06/01/2007................ 1,000,000 1,037,500 4.850% 06/01/2008................ 4,080,000 4,085,100 5.000% 06/01/2009................ 1,000,000 1,007,500 LANE COUNTY SCHOOL DISTRICT #4J EUGENE 0.000% 01/01/2005................ 1,395,000 1,077,637 LANE COUNTY SCHOOL DISTRICT #4J EUGENE REFUNDING SERIES A 0.000% 07/01/2001................ 2,015,000 1,853,800 0.000% 07/01/2003................ 1,480,000 1,237,650 0.000% 07/01/2005................ 2,325,000 1,755,375
See Accompanying Notes to Financial Statements 55 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON GENERAL OBLIGATION (CONTINUED) METRO OPEN SPACES PROGRAM SERIES C 5.100% 09/01/2009................ $2,375,000 $ 2,389,844 METRO WASHINGTON PARK ZOO SERIES A 5.250% 01/15/2009................ 1,040,000 1,058,200 5.300% 01/15/2011................ 1,000,000 1,011,250 MULTNOMAH-CLACKAMAS COUNTIES SCHOOL DISTRICT #10JT GRESHAM 5.250% 06/01/2017................ 1,620,000 1,595,700 MULTNOMAH COUNTY REFUNDING 4.250% 10/01/2010................ 2,300,000 2,144,750 4.300% 10/01/2011................ 1,110,000 1,028,137 4.500% 10/01/2013................ 400,000 371,500 MULTNOMAH COUNTY CERTIFICATES OF PARTICIPATION SERIES A 4.750% 08/01/2013................ 1,000,000 947,500 MULTNOMAH COUNTY SCHOOL DISTRICT #7 REYNOLDS 5.250% 06/01/2011................ 1,500,000 1,509,375 PORTLAND COMMUNITY COLLEGE DISTRICT 0.000% 07/01/2007................ 2,025,000 1,369,406 PORT OF PORTLAND SERIES A 0.000% 03/01/2007................ 3,000,000 2,066,250 PORTLAND PUBLIC IMPROVEMENTS SERIES A 5.750% 06/01/2014................ 1,765,000 1,813,537 PORTLAND RECREATIONAL FACILITIES IMPROVEMENTS SERIES A 5.750% 06/01/2012................ 1,370,000 1,424,800 5.750% 06/01/2013................ 1,345,000 1,395,438 5.750% 06/01/2015................ 1,155,000 1,192,538 PORTLAND RECREATIONAL FACILITIES IMPROVEMENTS SERIES B 5.500% 06/01/2009................ 2,115,000 2,181,094 5.750% 06/01/2014................ 1,750,000 1,811,250 PRINCIPAL AMOUNT VALUE ----------- ------------- 5.750% 06/01/2015................ $2,955,000 $ 3,051,038 SALEM HOSPITAL FACILITY AUTHORITY 5.250% 8/15/2014................. 2,000,000 1,977,500 WASHINGTON & CLACKAMAS COUNTIES SCHOOL DISTRICT #23J TIGARD REFUNDING 5.400% 01/01/2010................ 1,720,000 1,745,800 WASHINGTON & CLACKAMAS COUNTIES SCHOOL DISTRICT #23J TIGARD DEFERRED INTEREST SERIES A 0.000% 06/01/2010................ 1,520,000 864,500 WASHINGTON COUNTY DEFERRED INTEREST-OPERATIONS YARD FACILITIES OBLIGATION 0.000% 06/01/2003................ 1,000,000 838,750 WASHINGTON COUNTY SCHOOL DISTRICT #088J SHERWOOD 4.500% 06/15/2014................ 350,000 322,000 WASHINGTON COUNTY REFUNDING 6.200% 12/01/2007................ 1,500,000 1,561,875 WASHINGTON COUNTY REFUNDING CRIMINAL JUSTICE FACILITIES 5.000% 12/01/2010................ 4,550,000 4,550,000 WASHINGTON COUNTY SCHOOL DISTRICT #48J BEAVERTON SERIES C 7.800% 06/01/2003................ 1,200,000 1,345,500 WASHINGTON COUNTY SCHOOL DISTRICT #48J BEAVERTON SERIES B 6.150% 06/01/2008................ 1,010,000 1,032,452 WASHINGTON MULTNOMAH & YAMHILL COUNTIES SCHOOL DISTRICT #1J 5.250% 06/01/2011................ 500,000 504,375 5.000% 11/01/2011................ 1,100,000 1,086,250 5.250% 06/01/2014................ 1,595,000 1,589,019 4.800% 06/01/2016................ 1,000,000 937,500
See Accompanying Notes to Financial Statements 56 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON GENERAL OBLIGATION (CONTINUED) WILSONVILLE LIMITED TAX IMPROVEMENT 5.000% 12/01/2020................ $1,325,000 $ 1,311,750 ------------- 78,475,816 ------------- OREGON INSURED GENERAL OBLIGATION (19.0%) CENTRAL OREGON COMMUNITY COLLEGE 5.800% 06/01/2007................ 760,000 794,200 CHEMEKETA COMMUNITY COLLEGE DISTRICT REFUNDING 5.500% 06/01/2010................ 1,610,000 1,684,462 CHEMEKETA COMMUNITY COLLEGE DISTRICT SERIES B 5.600% 06/01/2014................ 1,180,000 1,229,867 CLACKAMAS & WASHINGTON COUNTIES SCHOOL DISTRICT #3JT 5.750% 06/01/2010................ 590,000 629,825 CLACKAMAS COUNTY SCHOOL DISTRICT #12 NORTH CLACKAMAS 5.250% 12/01/1999................ 2,750,000 2,736,250 CLATSOP COUNTY ADMINISTRATIVE SCHOOL DISTRICT #10 5.875% 07/01/2012................ 630,000 648,112 COLUMBIA COUNTY SCHOOL DISTRICT #502 DEFERRED INTEREST 0.000% 06/01/2012................ 1,530,000 780,300 0.000% 06/01/2013................ 1,685,000 810,906 0.000% 06/01/2014................ 1,025,000 463,812 CROOK COUNTY SCHOOL DISTRICT 4.900% 02/01/2009................ 1,165,000 1,163,544 DESCHUTES & JEFFERSON COUNTIES SCHOOL DISTRICT #2J REDMOND REFUNDING 5.600% 06/01/2009................ 1,000,000 1,022,500 HOOD RIVER COUNTY SCHOOL DISTRICT 5.650% 06/01/2008................ 1,020,000 1,054,425 PRINCIPAL AMOUNT VALUE ----------- ------------- JOSEPHINE COUNTY SCHOOL DISTRICT #7 GRANTS PASS 5.700% 06/01/2013................ $2,000,000 $ 2,075,000 KLAMATH COUNTY 5.100% 06/01/2008................ 1,015,000 1,032,762 5.150% 06/01/2009................ 700,000 713,125 LANE & DOUGLAS COUNTIES SCHOOL DISTRICT #97-J 5.300% 06/15/2015................ 1,155,000 1,148,809 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD REFUNDING 5.250% 10/15/2006................ 1,340,000 1,388,575 LANE COUNTY SCHOOL DISTRICT #52 BETHEL 6.250% 12/01/2007................ 580,000 633,650 6.400% 12/01/2009................ 750,000 817,500 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD REFUNDING 6.000% 10/15/2012................ 740,000 805,675 LANE COUNTY SCHOOL DISTRICT #1 PLEASANT HILL 5.350% 12/01/2012................ 650,000 656,500 5.450% 12/01/2013................ 725,000 734,969 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD REFUNDING 6.000% 10/15/2014................ 1,310,000 1,422,987 LINCOLN COUNTY SCHOOL DISTRICT 6.000% 06/15/2006................ 900,000 970,875 6.000% 06/15/2007................ 1,855,000 2,005,719 6.000% 06/15/2008................ 1,450,000 1,569,625 6.000% 06/15/2009................ 3,465,000 3,759,525 5.600% 06/15/2010................ 3,480,000 3,640,950 5.250% 06/15/2012................ 3,815,000 3,843,612 MALHEUR COUNTY SCHOOL DISTRICT #26 NYSSA 5.750% 06/01/2015................ 1,910,000 1,991,175 MARION COUNTY CERTIFICATES OF PARTICIPATION COURTHOUSE SQUARE PROJECT-SERIES A 4.450% 6/01/2010................. 430,000 406,350 MARION COUNTY SCHOOL DISTRICT #103C WOODBURN SERIES B 0.000% 11/01/2006................ 2,000,000 1,415,000
See Accompanying Notes to Financial Statements 57 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON INSURED GENERAL OBLIGATION (CONTINUED) 0.000% 11/01/2007................ $2,000,000 $ 1,337,500 0.000% 11/01/2009................ 2,500,000 1,496,875 0.000% 11/01/2011................ 2,210,000 1,174,062 MILWAUKIE, OR 4.650% 06/01/2009................ 405,000 396,900 4.750% 06/01/2010................ 425,000 418,094 4.850% 06/01/2011................ 340,000 334,900 MORROW COUNTY SCHOOL DISTRICT 6.000% 06/01/2006................ 880,000 949,300 MULTNOMAH COUNTY SCHOOL DISTRICT #3 PARKROSE 5.400% 12/01/2005................ 1,010,000 1,050,400 5.700% 12/01/2008................ 1,330,000 1,383,200 5.700% 12/01/2009................ 1,970,000 2,041,413 5.500% 12/01/2010................ 895,000 915,138 5.500% 12/01/2011................ 1,000,000 1,018,750 NORTHERN OREGON CORRECTIONS 5.250% 09/15/2012................ 1,000,000 1,005,000 5.300% 09/15/2013................ 1,000,000 1,007,500 PORTLAND COMMUNITY COLLEGE DISTRICT 5.000% 07/01/2011................ 2,000,000 1,987,500 SALEM PEDESTRIAN SAFETY IMPROVEMENTS 5.400% 05/01/2009................ 1,000,000 1,026,250 STATE DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES OF PARTICIPATION SERIES A 4.500% 05/01/2012................ 1,020,000 960,075 5.000% 05/01/2013................ 1,240,000 1,219,850 5.000% 05/01/2014................ 1,000,000 982,500 5.000% 05/01/2024................ 1,500,000 1,411,875 TILLAMOOK COUNTY 5.700% 01/15/2016................ 700,000 730,625 TILLAMOOK COUNTY REFUNDING 4.400% 01/01/2011................ 550,000 515,625 4.600% 01/01/2013................ 600,000 564,750 PRINCIPAL AMOUNT VALUE ----------- ------------- UMATILLA COUNTY SCHOOL DISTRICT #16R PENDLETON 4.650% 07/01/2010................ $1,660,000 $ 1,618,500 UMATILLA COUNTY SCHOOL DISTRICT #8R HERMISTON 4.400% 12/01/2011................ 1,000,000 938,750 WASHINGTON COUNTY SCHOOL DISTRICT #15 5.250% 06/01/2009................ 2,150,000 2,206,438 WASHINGTON COUNTY SCHOOL DISTRICT #48J BEAVERTON SERIES A 5.200% 12/01/2009................ 1,740,000 1,770,450 WASHINGTON COUNTY SCHOOL DISTRICT #15 FOREST GROVE 5.125% 06/01/2010................ 1,000,000 1,025,000 WASHINGTON COUNTY SCHOOL DISTRICT #13 5.350% 06/01/2011................ 355,000 361,656 5.350% 06/01/2012................ 440,000 446,050 WASHINGTON COUNTY SCHOOL DISTRICT #088J SHERWOOD 6.100% 06/01/2012................ 185,000 197,488 5.125% 06/15/2012................ 2,135,000 2,129,663 5.125% 06/15/2013................ 1,160,000 1,149,850 YAMHILL COUNTY SCHOOL DISTRICT #29J NEWBERG 5.750% 06/01/2009................ 2,000,000 2,130,000 5.750% 06/01/2011................ 2,280,000 2,428,200 YAMHILL COUNTY SCHOOL DISTRICT #40 6.000% 06/01/2009................ 500,000 542,500 5.350% 06/01/2010................ 500,000 510,625 5.600% 06/01/2016................ 500,000 521,250 ------------- 85,955,088 ------------- TOTAL GENERAL OBLIGATION BONDS (COST $192,245,293)............... 194,067,214 ------------- REVENUE BONDS (44.3%) OREGON REVENUE (21.4%) ALBANY HOSPITAL FACILITY AUTHORITY MENNONITE HOME 5.625% 10/01/2017................ 635,000 634,206
See Accompanying Notes to Financial Statements 58 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON REVENUE (CONTINUED) BEND MUNICIPAL AIRPORT PJ SERIES B 5.375% 06/01/2013................ $ 150,000 $ 148,500 BENTON COUNTY HOSPITAL FACILITIES AUTHORITY REFUNDING SAMARITAN HEALTH SERVICES PROJECT 4.300% 10/01/2006................ 230,000 220,800 4.400% 10/01/2007................ 220,000 210,375 4.800% 10/01/2011................ 245,000 230,912 5.200% 10/01/2017................ 1,895,000 1,809,725 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ODD FELLOWS HOME-SERIES A 5.500% 09/15/2008................ 1,750,000 1,743,437 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY WILLAMETTE VIEW, INC. PROJECT 6.000% 11/01/2008................ 670,000 704,337 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY REVENUE LEGACY HEALTH SYSTEM 5.500% 02/15/2014................ 1,000,000 1,015,000 CLACKAMAS COUNTY HOSPITAL FACILITY KAISER PERMANENTE SERIES A 5.375% 04/01/2014................ 1,770,000 1,747,875 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY REVENUE LEGACY HEALTH SYSTEMS 5.000% 02/15/2015................ 1,400,000 1,344,000 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ROBISON JEWISH HOME PROJECT 6.250% 10/01/2021................ 1,630,000 1,641,328 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY GNMA COLLATERAL JENNINGS LODGE 7.500% 10/20/2031................ 1,030,000 1,071,416 PRINCIPAL AMOUNT VALUE ----------- ------------- CLACKAMAS COUNTY HOUSING AUTHORITY MULTIFAMILY HOUSING EASTON RIDGE SERIES A 5.800% 12/01/2016................ $2,255,000 $ 2,300,100 CLACKAMAS COUNTY OREGON HOSPITAL FACILITY AUTHORITY REFUNDING ODD FELLOWS HOME-SERIES A 5.875% 09/15/2021................ 2,890,000 2,835,003 DESCHUTES COUNTY HOSPITAL FACILITY AUTHORITY 5.750% 01/01/2009................ 1,670,000 1,722,187 DESCHUTES VALLEY WATER DISTRICT 5.875% 09/01/2005................ 3,420,000 3,599,550 EUGENE ELECTRIC UTILITY REFUNDING 5.800% 08/01/2008................ 1,435,000 1,474,462 5.800% 08/01/2009................ 1,300,000 1,330,875 6.000% 08/01/2011................ 1,375,000 1,412,812 GRESHAM SEWER 5.350% 06/01/2006................ 860,000 890,100 GRESHAM STORMWATER 6.100% 10/01/2009................ 1,115,000 1,180,506 HILLSBORO HOSPITAL FACILITY AUTHORITY QUALITY HEALTHCARE 5.750% 10/01/2012................ 4,350,000 4,408,334 LEBANON OREGON URBAN RENEWAL AGENCY 5.625% 06/01/2019................ 1,000,000 978,750 LEBANON WASTEWATER REFUNDING 5.750% 06/01/2011................ 1,225,000 1,247,969 NORTH CLACKAMAS PARKS & RECREATION DISTRICT RECREATIONAL FACILITIES 5.700% 04/01/2013................ 2,910,000 2,971,838 NORTHERN WASCO COUNTY PEOPLE'S UTILITY DISTRICT ELECTRIC 0.000% 02/01/2006................ 610,000 435,388 0.000% 02/01/2007................ 585,000 387,563 0.000% 02/01/2008................ 610,000 374,388
See Accompanying Notes to Financial Statements 59 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON REVENUE (CONTINUED) 0.000% 02/01/2011................ $ 500,000 $ 247,500 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY/ AQUARIUM 4.750% 10/01/2008................ 1,550,000 1,503,500 4.900% 10/01/2009................ 670,000 644,875 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY REED COLLEGE PROJECT SERIES A 5.300% 07/01/2011................ 500,000 495,625 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY GOODWILL INDUSTRIES LANE COUNTY, SERIES A 6.650% 11/15/2022................ 4,300,000 4,160,250 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY LINFIELD COLLEGE PROJECT-SERIES A 4.550% 10/01/2008................ 525,000 501,375 4.650% 10/01/2009................ 555,000 526,556 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT HOUSING FINANCE ASSISTED INSURED MULTI-UNIT B 6.800% 07/01/2013................ 8,270,000 8,631,813 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE-FAMILY MORTGAGE PROGRAM SERIES A 4.850% 07/01/2010................ 310,000 304,575 5.100% 07/01/2014................ 430,000 422,475 6.800% 07/01/2016................ 1,815,000 1,910,288 OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE-FAMILY MORTGAGE PROGRAM SERIES D 6.700% 07/01/2013................ 1,000,000 1,033,750 PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE-FAMILY MORTGAGE PROGRAM SERIES E 6.750% 07/01/2016................ $ 55,000 $ 53,969 OREGON HOUSING FINANCIAL REVENUE 5.800% 07/01/2009................ 390,000 390,679 PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES A 4.800% 04/01/2010................ 4,195,000 4,105,856 PORT OF ST. HELENS POLLUTION CONTROL PORTLAND GENERAL ELECTRIC CO. SERIES B 4.800% 06/01/2010................ 3,500,000 3,421,250 PORTLAND HOUSING AUTHORITY MULTIFAMILY HOUSING-SENIOR LIEN-CIVIC APARTMENTS-SERIES A 5.600% 01/01/2018................ 1,240,000 1,261,700 PORTLAND HOUSING AUTHORITY REF-POOLED HOUSING-SERIES A 4.500% 01/01/2009................ 660,000 636,900 5.000% 01/01/2019................ 5,540,000 5,269,925 5.100% 01/01/2027................ 3,000,000 2,835,600 PORTLAND HYDROELECTRIC POWER 6.800% 10/01/2004................ 465,000 467,888 PORTLAND PARKING REFUNDING 6.375% 10/01/2012................ 1,700,000 1,727,625 PORTLAND WATER SYSTEM 5.250% 08/01/2013................ 2,000,000 2,017,500 5.000% 08/01/2017................ 3,685,000 3,556,025 PRINEVILLE SEWER FIRST LIEN 6.500% 07/01/2004................ 500,000 527,500 REEDSPORT WATER 7.000% 10/01/2014................ 520,000 569,400 SALEM HOSPITAL FACILITY AUTHORITY 5.000% 08/15/2018................ 2,000,000 1,867,500
See Accompanying Notes to Financial Statements 60 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON REVENUE (CONTINUED) SALEM OREGON HOSPITAL FACILITY AUTHORITY REVENUE CAPITAL MANOR, INC. 7.500% 12/01/2024................ $ 150,000 $ 162,938 SHERIDAN WATER REVENUE REFUNDING 5.350% 04/01/2018................ 300,000 287,250 SOUTH FORK WATER BOARD FIRST LIEN 5.450% 02/01/2014................ 1,300,000 1,300,000 STATE HOUSING & COMMUNITY SERVICES DEPARTMENT MORTGAGE SINGLE FAMILY MORTGAGE PROJECT SERIES E 5.375% 07/01/2021................ 4,000,000 3,910,000 WASHINGTON COUNTY HOUSING AUTHORITY AFFORDABLE HOUSING POOL SERIES A 6.000% 07/01/2020................ 2,000,000 1,980,000 ------------- 96,803,823 ------------- OREGON INSURED REVENUE (22.9%) CLACKAMAS COUNTY HEALTH FACILITY AUTHORITY REVENUE REFUNDING ADVENTIST HEALTH A 6.350% 03/01/2009................ 1,525,000 1,612,687 EMERALD PEOPLES UTILITIES DISTRICT 7.200% 11/01/2006................ 480,000 553,800 7.350% 11/01/2010................ 2,160,000 2,613,600 7.350% 11/01/2011................ 2,000,000 2,435,000 7.350% 11/01/2012................ 2,490,000 3,022,237 7.350% 11/01/2013................ 2,675,000 3,256,812 EUGENE ELECTRIC UTILITIES SYSTEM-SERIES B 5.000% 08/01/2023................ 500,000 471,875 EUGENE ELECTRIC UTILITY REFUNDING 4.700% 08/01/2008................ 1,225,000 1,212,750 EUGENE ELECTRIC UTILITY SYSTEM-SERIES B 4.550% 08/01/2010................ 600,000 579,750 4.650% 08/01/2011................ 625,000 603,125 PRINCIPAL AMOUNT VALUE ----------- ------------- 5.000% 08/01/2018................ $1,000,000 $ 943,750 MARION COUNTY CERTIFICATES OF PARTICIPATION COURTHOUSE SQUARE PROJECT-SERIES A 4.650% 6/01/2012................. 355,000 339,025 MARION COUNTY CERTIFICATES OF PARTICIPATION COURTHOUSE SQUARE PROJECT-SERIES A 5.000% 06/01/2023................ 1,000,000 942,500 MEDFORD HOSPITAL FACILITIES AUTHORITY REVENUE ASANTE HEALTH SYSTEM SERIES A 5.250% 08/15/2008................ 1,645,000 1,688,181 5.250% 08/15/2011................ 800,000 810,000 MEDFORD HOSPITAL FACILITIES AUTHORITY REVENUE ASANTE HEALTH SYSTEM SERIES B 5.125% 8/15/2028................. 7,000,000 6,632,500 MULTNOMAH COUNTY EDUCATIONAL FACILITIES UNIVERSITY OF PORTLAND PROJECT 5.000% 04/01/2018................ 1,530,000 1,453,500 ONTARIO OREGON CATHOLIC HEALTH HOLY ROSARY MEDICAL CENTER 5.500% 11/15/2012................ 1,500,000 1,550,625 OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES A 5.375% 11/01/2004................ 1,500,000 1,561,875 5.250% 05/01/2008................ 4,950,000 5,067,562 5.300% 05/01/2008................ 750,000 771,563 5.250% 11/01/2009................ 2,460,000 2,499,975 5.700% 05/01/2015................ 1,000,000 1,040,000 5.375% 11/01/2016................ 4,695,000 4,730,212 OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES B 5.500% 11/01/2011................ 1,635,000 1,686,094 5.000% 11/01/2013................ 1,000,000 985,000 5.000% 11/01/2014................ 500,000 488,750
See Accompanying Notes to Financial Statements 61 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- OREGON INSURED REVENUE (CONTINUED) OREGON DEPARTMENT OF ADMINISTRATIVE SERVICES CERTIFICATES PARTICIPATION SERIES C 5.500% 05/01/2011................ $2,000,000 $ 2,060,000 5.750% 05/01/2017................ 2,000,000 2,085,000 OREGON DEPARTMENT OF GENERAL SERVICES CERTIFICATES PARTICIPATION SERIES C 5.800% 03/01/2015................ 840,000 867,300 OREGON HEALTH SCIENCES UNIVERSITY SERIES A 0.000% 07/01/2009................ 1,530,000 931,387 0.000% 08/01/2012................ 1,315,000 672,294 0.000% 07/01/2014................ 2,495,000 1,128,987 OREGON HEALTH SCIENCES UNIVERSITY REVENUE SERIES A 0.000% 07/01/2015................ 4,325,000 1,838,125 OREGON HEALTH SCIENCES UNIVERSITY SERIES B 4.875% 07/01/2007................ 1,695,000 1,699,237 OREGON HEALTH, HOUSING, EDUCATIONAL & CULTURAL FACILITIES AUTHORITY LEWIS & CLARK COLLEGE 6.000% 10/01/2013................ 965,000 1,036,169 PORT OF PORTLAND AIRPORT REFUNDING-PORTLAND INTERNATIONAL AIRPORT-SERIES 12B 5.250% 07/01/2012................ 1,720,000 1,743,650 PORT OF PORTLAND AIRPORT REVENUE PORTLAND INTERNATIONAL AIRPORT SERIES 7-A 6.500% 07/01/2004................ 500,000 524,375 6.750% 07/01/2015................ 3,470,000 3,656,513 PORT OF PORTLAND AIRPORT REVENUE SERIES 9-A 5.500% 07/01/2006................ 500,000 518,125 PORTLAND ARENA GAS TAX REVENUE 0.000% 06/01/2016................ 1,100,000 409,750 PRINCIPAL AMOUNT VALUE ----------- ------------- 0.000% 06/01/2017................ $2,320,000 $ 806,200 PORTLAND GAS TAX REVENUE SERIES A 5.800% 06/01/2016................ 1,625,000 1,696,094 PORTLAND SEWER SYSTEM REVENUE SERIES A 5.000% 06/01/2009................ 1,075,000 1,080,375 5.125% 06/01/2012................ 2,600,000 2,606,500 4.500% 06/01/2015................ 510,000 466,650 SALEM WATER & SEWER 6.000% 06/01/2005................ 1,080,000 1,158,300 TUALATIN HILLS PARK & RECREATION DISTRICT 5.750% 03/01/2014................ 990,000 1,048,163 TUALATIN VALLEY WATER DISTRICT 5.000% 6/01/2018................. 2,045,000 1,945,306 WASHINGTON COUNTY UNIFIED SEWER AGENCY 5.500% 10/01/2016................ 1,500,000 1,530,000 WASHINGTON COUNTY UNIFIED SEWER AGENCY SERIES A 0.000% 10/01/2003................ 1,975,000 1,641,719 0.000% 10/01/2005................ 5,230,000 3,915,963 0.000% 10/01/2007................ 4,835,000 3,251,538 5.750% 10/01/2009................ 3,045,000 3,242,925 5.750% 10/01/2010................ 2,000,000 2,135,000 5.750% 10/01/2011................ 1,825,000 1,952,750 5.400% 10/01/2012................ 520,000 537,550 5.750% 10/01/2012................ 2,000,000 2,142,500 WASHINGTON COUNTY UNIFIED SEWER AGENCY UNREFUNDED SERIES A 5.900% 10/01/2006................ 1,050,000 1,109,063 WESTERN LANE HOSPITAL DISTRICT FACILITY AUTHORITY REVENUE REFUNDING SISTERS ST. JOSEPH PEACE 5.625% 08/01/2007................ 2,080,000 2,197,042 ------------- 103,187,298 ------------- TOTAL REVENUE BONDS (COST $199,255,093)............... 199,991,121 -------------
See Accompanying Notes to Financial Statements 62 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- PRE-REFUNDED BONDS (3.2%) CHEMEKETA COMMUNITY COLLEGE DISTRICT 5.950% 06/01/2016................ $1,600,000 $ 1,716,000 CLACKAMAS COUNTY HOSPITAL FACILITY AUTHORITY ELDERLY HOUSING WILLAMETTE VIEW INCOME PROJECT 7.000% 11/15/2011................ 470,000 507,600 CLACKAMAS COUNTY SCHOOL DISTRICT #1 6.300% 07/01/2003................ 700,000 728,000 CLACKAMAS COUNTY SCHOOL DISTRICT #115 GLADSTONE 6.150% 06/01/2014................ 1,200,000 1,305,000 EUGENE ELECTRIC UTILITY SERIES C 5.750% 08/01/2016................ 1,055,000 1,119,619 LANE COUNTY SCHOOL DISTRICT #19 SPRINGFIELD 6.150% 10/15/2009................ 1,500,000 1,627,500 MULTNOMAH COUNTY EDUCATIONAL FACILITIES UNIVERSITY OF PORTLAND PROJECT 6.000% 04/01/2014................ 1,375,000 1,469,531 OREGON CITY SEWER 6.500% 10/01/2007................ 500,000 545,000 PORTLAND SEWER SYSTEM REVENUE SERIES A 6.050% 06/01/2009................ 535,000 574,456 PRINEVILLE SEWER FIRST LIEN 6.800% 07/01/2012................ 1,050,000 1,126,125 TUALATIN HILLS PARK & RECREATION DISTRICT 5.700% 03/01/2009................ 1,340,000 1,405,325 5.750% 03/01/2010................ 730,000 767,412 UMATILLA COUNTY SCHOOL DISTRICT #8R HERMISTON 6.000% 12/01/2010................ 695,000 744,519 PRINCIPAL AMOUNT VALUE ----------- ------------- PRE-REFUNDED BONDS (CONTINUED) WASHINGTON COUNTY SCHOOL DISTRICT #88J SHERWOOD 6.100% 06/01/2012................ $ 815,000 $ 877,527 ------------- TOTAL PRE-REFUNDED BONDS (COST $13,594,770)................ 14,513,614 ------------- OREGON OTHER BONDS (2.4%) GRANTS PASS URBAN RENEWAL AGENCY TAX INCREMENT 6.125% 08/01/2012................ 755,000 766,325 HOOD RIVER URBAN RENEWAL AGENCY 6.250% 12/15/2011................ 1,250,000 1,323,437 LANE COUNTY SCHOOL DISTRICT #4J EUGENE CERTIFICATES 6.900% 10/01/2000................ 500,000 518,750 LEBANON SPECIAL OBLIGATION REVENUE REFUNDING LEASE WATER 5.400% 10/01/2013................ 755,000 757,831 MEDFORD URBAN RENEWAL AGENCY TAX REVENUE 5.875% 09/01/2010................ 500,000 512,500 MULTNOMAH COUNTY CERTIFICATE PARTICIPATION 4.550% 8/01/2010................. 1,725,000 1,645,219 NEWBERG CERTIFICATES PARTICIPATION 6.000% 12/01/1999................ 390,000 393,557 6.100% 12/01/2000................ 410,000 419,737 6.200% 12/01/2001................ 410,000 425,888 PORTLAND AIRPORT WAY URBAN RENEWAL & REDEVELOPMENT TAX INCREMENT SERIES C 5.900% 06/01/2006................ 860,000 903,000 REDEVELOPMENT REFUNDING, DOWNTOWN WATERFRONT SERIES L 6.000% 06/01/2002................ 1,170,000 1,221,188 6.400% 06/01/2008................ 2,095,000 2,189,275 ------------- TOTAL OREGON OTHER BONDS (COST $10,826,122)................ 11,076,707 -------------
See Accompanying Notes to Financial Statements 63 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - --------------------- --------------------- -- COLUMBIA MUNICIPAL BOND FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------- U.S. TERRITORIES BONDS (5.0%) GUAM GOVERNMENT LIMITED OBLIGATION INFRASTRUCTURE IMPROVEMENT-SERIES A 5.000% 11/01/2017................ $3,000,000 $ 2,898,750 PUERTO RICO COMMONWEALTH AQUEDUCT & SEWER AUTHORITY REVENUE SERIES A 9.000% 07/01/2009................ 6,405,000 7,645,969 PUERTO RICO COMMONWEALTH PUBLIC IMPROVEMENTS 6.250% 07/01/2013................ 1,000,000 1,120,000 PUERTO RICO COMMONWEALTH PUBLIC BUILDINGS AUTHORITY REVENUE SERIES B 5.000% 07/01/2013................ 3,130,000 3,086,962 PUERTO RICO ELECTRIC POWER AUTHORITY 5.000% 07/01/2010................ 2,425,000 2,455,313 PUERTO RICO HOUSING BANK & FINANCE AGENCY SINGLE FAMILY MORTGAGE REVENUE FHA HOMEOWNERSHIP 5TH PORTFOLIO 7.500% 12/01/2015................ 610,000 631,466 PUERTO RICO HOUSING FINANCE CORP. SINGLE FAMILY MORTGAGE REVENUE PORTFOLIO 1 SERIES B 7.500% 10/15/2012................ 1,040,000 1,079,135 PUERTO RICO HOUSING FINANCE CORP. SINGLE FAMILY MORTGAGE REVENUE PORTFOLIO 1 SERIES C 6.750% 10/15/2013................ 710,000 740,175 PRINCIPAL AMOUNT VALUE ----------- ------------- PUERTO RICO HOUSING FINANCE CORP. MULTI FAMILY MORTGAGE REVENUE PORTFOLIO A-1 7.500% 04/01/2022................ $1,425,000 $ 1,468,833 VIRGIN ISLANDS PUBLIC FINANCE AUTHORITY REVENUE UNREFUNDED BALANCE SERIES A 7.300% 10/01/2018................ 1,185,000 1,456,069 ------------- TOTAL U.S. TERRITORIES BONDS (COST $22,159,475)................ 22,582,672 ------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENT (COST $438,080,753)............... 442,231,328 ------------- TAX-EXEMPT MONEY MARKET INVESTMENT (1.3%) SEI TAX EXEMPT TRUST (COST $5,690,695)................ 5,690,695 5,690,695 TOTAL INVESTMENTS (99.2%) (COST $443,771,448)................... 447,922,023 OTHER ASSETS LESS LIABILITIES (0.8%)... 3,664,258 ------------- TOTAL NET ASSETS (100.0%).............. $ 451,586,281 ------------- -------------
See Accompanying Notes to Financial Statements 64 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (88.3%) INDUSTRIAL (72.3%) BASIC INDUSTRY & MANUFACTURING (5.6%) MANUFACTURING (4.5%) BALL CORP. SENIOR NOTES 7.750% 08/01/2006.............. $1,200,000 $ 1,176,000 OWENS-ILLINOIS, INC. SENIOR NOTES 7.150% 05/15/2005.............. 1,500,000 1,442,070 SILGAN HOLDINGS, INC. SENIOR SUBORDINATED DEBENTURES 9.000% 06/01/2009.............. 500,000 495,000 ------------ 3,113,070 ------------ METALS/MINING (1.1%) RYERSON TULL, INC. NOTES 8.500% 07/15/2001.............. 750,000 763,125 ------------ TOTAL BASIC INDUSTRY & MANUFACTURING..................... 3,876,195 ------------ BUSINESS & CONSUMER SERVICES (30.8%) SERVICES & PUBLISHING (14.4%) ALLIED WASTE NORTH AMERICA, INC. SENIOR NOTES, SERIES B 7.625% 01/01/2006.............. 1,200,000 1,113,000 AVIATION SALES CO. SENIOR SUBORDINATED NOTES 8.125% 02/15/2008.............. 1,300,000 1,222,000 HOLLINGER INTERNATIONAL PUBLISHING, INC. SENIOR NOTES 8.625% 03/15/2005.............. 1,500,000 1,515,000 IRON MOUNTAIN, INC. SENIOR SUBORDINATED NOTES 10.125% 10/01/2006............. 1,250,000 1,306,250 PIERCE LEAHY COMMAND CORP. SENIOR NOTES 8.125% 05/15/2008.............. 1,000,000 940,000 PRINCIPAL AMOUNT VALUE ----------- ------------ PROTECTION ONE ALARM MONITORING, INC. SENIOR NOTES 7.375% 08/15/2005.............. $1,000,000 $ 950,000 RENTAL SERVICE CORP. SENIOR SUBORDINATED NOTES 9.000% 05/15/2008.............. 1,250,000 1,325,000 UNITED STATIONERS SUPPLY CO. SENIOR SUBORDINATED NOTES 8.375% 04/15/2008.............. 735,000 698,250 WORLD COLOR PRESS, INC. SENIOR SUBORDINATED NOTES 8.375% 11/15/2008.............. 1,000,000 975,000 ------------ 10,044,500 ------------ ENTERTAINMENT & MEDIA (16.4%) ADELPHIA COMMUNICATIONS CORP. SENIOR NOTES, SERIES B 10.500% 07/15/2004............. 1,000,000 1,067,500 CAPSTAR BROADCASTING CORP. SENIOR SUBORDINATED NOTES, SERIES B 10.750% 05/15/2006............. 531,000 577,462 CINEMARK USA, INC. SENIOR SUBORDINATED NOTES, SERIES B 9.625% 08/01/2008.............. 1,000,000 985,000 COMCAST CORP. SENIOR SUBORDINATED DEBENTURES 9.500% 01/15/2008.............. 1,000,000 1,047,240 JACOR COMMUNICATIONS CO. SENIOR SUBORDINATED NOTES, SERIES B 8.750% 06/15/2007.............. 1,000,000 1,062,500 JONES INTERCABLE, INC. SENIOR NOTES 8.875% 04/01/2007.............. 700,000 763,000 7.625% 04/15/2008.............. 300,000 300,000 LAMAR ADVERTISING CO. SENIOR SUBORDINATED NOTES 9.625% 12/01/2006.............. 1,250,000 1,275,000
See Accompanying Notes to Financial Statements 65 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (CONTINUED) LENFEST COMMUNICATIONS, INC. SENIOR NOTES 8.375% 11/01/2005.............. $1,450,000 $ 1,514,424 NEWS CORPORATION LTD. SENIOR SUBORDINATED NOTES 8.750% 02/15/2006.............. 750,000 791,250 OUTDOOR SYSTEMS, INC. SENIOR SUBORDINATED NOTES 9.375% 10/15/2006.............. 1,185,000 1,262,025 SINCLAIR BROADCAST GROUP, INC. SENIOR SUBORDINATED NOTES 8.750% 12/15/2007.............. 750,000 735,000 ------------ 11,380,401 ------------ TOTAL BUSINESS & CONSUMER SERVICES.......................... 21,424,901 ------------ CONSUMER CYCLICAL (11.2%) AUTO & AUTO PARTS (2.8%) AMERICAN AXLE & MANUFACTURING, INC. SENIOR SUBORDINATED NOTES 9.750% 03/01/2009.............. 1,000,000 1,000,000 FEDERAL MOGUL CORP. NOTES 7.750% 07/01/2006.............. 1,000,000 957,510 ------------ 1,957,510 ------------ HOTEL & GAMING (3.2%) HARRAHS OPERATING, INC. GUARANTEED SENIOR NOTES 7.500% 01/15/2009............ 1,250,000 1,211,425 INTERNATIONAL GAME TECHNOLOGY (144A) SENIOR NOTES 7.875% 05/15/2004............ 1,000,000 980,000 ------------ 2,191,425 ------------ PRINCIPAL AMOUNT VALUE ----------- ------------ HOUSING RELATED (1.4%) WEBB (DEL) CORP. SENIOR SUBORDINATED DEBENTURES 9.375% 05/01/2009.............. $1,000,000 $ 961,250 ------------ RETAIL (3.8%) AMES DEPARTMENT STORES (144A) SENIOR NOTES 10.000% 04/15/2006............. 950,000 928,625 MAXIM GROUP, INC. SENIOR SUBORDINATED NOTES, SERIES B 9.250% 10/15/2007.............. 1,000,000 980,000 ZALE CORP. SENIOR NOTES, SERIES B 8.500% 10/01/2007.............. 750,000 759,375 ------------ 2,668,000 ------------ TOTAL CONSUMER CYCLICAL............ 7,778,185 ------------ CONSUMER STAPLES (11.2%) FOOD/BEVERAGE/TOBACCO (2.6%) PURINA MILLS, INC. SENIOR SUBORDINATED NOTES 9.000% 03/15/2010.............. 450,000 342,000 TRICON GLOBAL RESTAURANTS, INC. SENIOR NOTES 7.450% 05/15/2005.............. 1,500,000 1,488,750 ------------ 1,830,750 ------------ HEALTH CARE (4.6%) CONMED CORP. SENIOR SUBORDINATED NOTES 9.000% 03/15/2008.............. 1,000,000 1,000,000 HEALTHSOUTH CORP. SENIOR SUBORDINATED NOTES 9.500% 04/01/2001.............. 1,000,000 1,024,610 TENET HEALTHCARE CORP., SERIES B SENIOR SUBORDINATED NOTES 8.125% 12/01/2008.............. 1,250,000 1,181,250 ------------ 3,205,860 ------------
See Accompanying Notes to Financial Statements 66 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (CONTINUED) HOUSEHOLD PRODUCTS (1.9%) THE SCOTTS CO. (144A) SENIOR SUBORDINATED NOTES 8.625% 01/15/2009.............. $1,250,000 $ 1,231,250 ------------ OTHER (2.1%) WESTPOINT STEVENS, INC. SENIOR NOTES 7.875% 06/15/2005.............. 1,500,000 1,466,250 ------------ TOTAL CONSUMER STAPLES............. 7,734,110 ------------ ENERGY (9.5%) GULF CANADA RESOURCES LTD. SENIOR SUBORDINATED DEBENTURES 9.625% 07/01/2005................ 1,350,000 1,377,000 NEWPARK RESOURCES, INC. SENIOR SUBORDINATED NOTES, SERIES B 8.625% 12/15/2007................ 1,000,000 950,000 PRIDE INTERNATIONAL, INC. SENIOR NOTES 10.000% 06/01/2009............... 750,000 765,000 SANTA FE SNYDER CORP. SENIOR NOTES 8.050% 06/15/2004................ 1,250,000 1,242,188 VINTAGE PETROLEUM, INC. SENIOR SUBORDINATED NOTES 9.750% 06/30/2009................ 1,000,000 1,022,500 WESTERN GAS RESOURCES, INC. (144A) SENIOR SUBORDINATED NOTES 10.000% 06/15/2009............... 1,250,000 1,275,000 ------------ TOTAL ENERGY....................... 6,631,688 ------------ TECHNOLOGY (2.2%) UNISYS CORP. SENIOR NOTES 11.750% 10/15/2004............... 1,400,000 1,554,000 ------------ TRANSPORTATION (1.8%) OTHER (1.8%) ALLIED HOLDING, INC. SENIOR NOTES, SERIES B 8.625% 10/01/2007.............. 500,000 475,000 PRINCIPAL AMOUNT VALUE ----------- ------------ TEEKAY SHIPPING CORP. GTD. 1ST PFD. SHIP. MTG. NOTES 8.320% 02/01/2008.............. $ 850,000 $ 799,000 ------------ TOTAL TRANSPORTATION............... 1,274,000 ------------ TOTAL INDUSTRIAL................... 50,273,079 ------------ UTILITIES (14.6%) ELECTRIC (5.3%) AES CORP. SENIOR SUBORDINATED NOTES 10.250% 07/15/2006............... 800,000 822,000 AES CORP. SENIOR SUBORDINATED EXCHANGE NOTES 8.375% 08/15/2007............... 500,000 470,000 CALPINE CORP. SENIOR NOTES 7.625% 04/15/2006............... 1,500,000 1,452,735 CMS ENERGY X-TRAS (144A) PASS THRU TRUST I SENIOR UNSECURED NOTES 7.000% 01/15/2005............... 1,000,000 955,600 ------------ 3,700,335 ------------ TELECOMMUNICATIONS (9.3%) CROWN CASTLE INTERNATIONAL CORP. SENIOR NOTES 9.000% 05/15/2011................ 950,000 931,000 FLAG LTD. SENIOR NOTES 8.250% 01/30/2008................ 1,250,000 1,165,625 LEVEL 3 COMMUNICATIONS, INC. SENIOR DISCOUNT NOTES 0.000% 12/01/2008 0.000% TO 12/01/2003 THEN 10.500% TO 12/01/2008............ 2,050,000 1,260,750 MCLEODUSA, INC.(144A) SENIOR NOTES 8.125% 02/15/2009................ 1,000,000 937,500 METROMEDIA FIBER NETWORK, INC. SENIOR NOTES, SERIES B 10.000% 11/15/2008............... 1,000,000 1,027,500
See Accompanying Notes to Financial Statements 67 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ------------------------ ------------------------ -- COLUMBIA HIGH YIELD FUND, INC. -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (CONTINUED) NEXTLINK COMMUNICATIONS, INC. SENIOR DISCOUNT NOTES 0.000% 04/15/2008 0.000% TO 04/15/2003 THEN 9.450% TO 04/15/2008....................... $1,000,000 $ 600,000 NEXTLINK COMMUNICATIONS, INC. (144A) SENIOR NOTES 10.750% 11/15/2008............... 500,000 510,000 ------------ 6,432,375 ------------ TOTAL UTILITIES.................... 10,132,710 ------------ YANKEE (1.4%) OTHER KOREA DEVELOPMENT BANK BONDS 6.500% 11/15/2002.............. 1,000,000 958,700 ------------ TOTAL CORPORATE BONDS (COST $62,719,772)................ 61,364,489 ------------ REPURCHASE AGREEMENTS (10.0%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $4,710,524. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017 U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005........ 4,709,876 4,709,876 PRINCIPAL AMOUNT VALUE ----------- ------------ MERRILL LYNCH 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $2,200,303. COLLATERALIZED BY U.S. TREASURY BILL DUE 07/15/1999...................... $2,200,000 $ 2,200,000 ------------ TOTAL REPURCHASE AGREEMENTS (COST $6,909,876)................. 6,909,876 ------------ TOTAL INVESTMENTS (98.3%) (COST $69,629,648).................... 68,274,365 OTHER ASSETS LESS LIABILITIES (1.7%)... 1,206,862 ------------ NET ASSETS (100%)...................... $ 69,481,227 ------------ ------------
See Accompanying Notes to Financial Statements 68 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- U.S. GOVERNMENT SECURITIES (5.3%) FEDERAL HOME LOAN BANK 4.910% 10/13/1999................ $ 10,000,000 $ 10,000,279 FANNIE MAE FLOATER 4.974% 03/23/2000................ 15,000,000 14,992,455 SALLIE MAE FLOATER 5.539% 12/03/1999................ 19,150,000 19,149,690 5.539% 01/20/2000................ 13,300,000 13,299,730 --------------- TOTAL U.S. GOVERNMENT SECURITIES (COST $57,442,154)................ 57,442,154 --------------- COMMERCIAL PAPER (95.0%) ALUMINUM CO. OF AMERICA 5.000% 07/14/1999................ 15,000,000 14,970,833 4.800% 07/29/1999................ 20,000,000 19,922,667 AMERICAN EXPRESS CREDIT CORP. 4.800% 07/08/1999................ 15,000,000 14,984,000 4.800% 07/12/1999................ 11,000,000 10,982,400 4.800% 07/14/1999................ 15,000,000 14,972,000 AMERICAN GENERAL FINANCE CORP. 4.810% 07/15/1999................ 8,000,000 7,983,967 5.020% 08/11/1999................ 15,000,000 14,912,150 5.020% 08/19/1999................ 8,000,000 7,944,222 ASSOCIATES CORP. 4.870% 08/04/1999................ 13,000,000 12,938,449 5.000% 08/16/1999................ 7,000,000 6,954,305 BANK OF AMERICA, FSB 4.920% 08/18/1999................ 15,000,000 14,899,550 BANK ONE CORP. 4.800% 09/02/1999................ 8,000,000 7,931,733 BANKAMERICA CORP. 4.790% 08/05/1999................ 15,000,000 14,928,150 4.810% 09/10/1999................ 10,000,000 9,903,800 BARCLAYS U.S. FUNDING CORP. 4.950% 09/09/1999................ 10,000,000 9,902,375 4.940% 09/10/1999................ 16,000,000 15,841,920 CATERPILLAR FINANCIAL SERVICES CORP. 4.800% 07/06/1999................ 6,855,000 6,849,516 4.900% 09/09/1999................ 11,000,000 10,893,697 CHEVRON TRANSPORT CORP. 4.850% 07/07/1999................ 15,000,000 14,985,854 4.800% 07/20/1999................ 15,000,000 14,960,000 4.800% 08/24/1999................ 11,000,000 10,919,333 PRINCIPAL AMOUNT VALUE ------------ --------------- CIT GROUP HOLDINGS, INC. 4.810% 07/19/1999................ $ 15,500,000 $ 15,460,651 CLOROX CO. 5.030% 07/19/1999................ 7,800,000 7,779,293 COMMERCIAL CREDIT CO. 4.860% 07/13/1999................ 10,000,000 9,982,450 CONSOLIDATED NATURAL GAS CO. 5.040% 08/03/1999................ 10,000,000 9,952,400 DEERE, JOHN & CO. 5.000% 07/28/1999................ 8,200,000 8,168,111 4.810% 08/06/1999................ 13,000,000 12,935,867 4.910% 09/07/1999................ 20,000,000 19,811,783 DUPONT (E.I.) DE NEMOURS CO. 4.890% 08/17/1999................ 8,000,000 7,947,840 EASTMAN KODAK CO. 4.800% 07/22/1999................ 10,000,000 9,970,667 4.790% 08/17/1999................ 11,000,000 10,929,747 4.800% 09/21/1999................ 12,000,000 11,867,200 4.820% 09/23/1999................ 8,000,000 7,908,955 EXXON ASSET MANAGEMENT 5.750% 07/01/1999................ 14,200,000 14,197,732 FORD MOTOR CREDIT CO. 4.800% 07/08/1999................ 3,900,000 3,895,840 4.790% 07/09/1999................ 10,000,000 9,988,025 4.800% 07/16/1999................ 10,800,000 10,776,960 4.960% 07/27/1999................ 15,000,000 14,944,200 GENERAL ELECTRIC CAPITAL CORP. 4.810% 07/13/1999................ 6,400,000 6,388,884 4.820% 09/13/1999................ 12,500,000 12,374,479 GENERAL ELECTRIC CAPITAL SERVICES 4.860% 08/03/1999................ 8,200,000 8,162,362 5.010% 10/25/1999................ 11,500,000 11,312,751 GENERAL MOTORS ACCEPTANCE CORP. 4.810% 07/27/1999................ 10,000,000 9,963,925 4.940% 08/13/1999................ 13,000,000 12,921,509 4.910% 08/16/1999................ 15,000,000 14,903,846 GRAINGER (WW), INC. 4.880% 07/06/1999................ 13,000,000 12,989,427 5.220% 07/20/1999................ 14,500,000 14,457,950 GTE FUNDING, INC. 4.950% 07/06/1999................ 10,400,000 10,391,420 HEINZ (H.J.) CO. 4.900% 08/09/1999................ 10,300,000 10,243,922
See Accompanying Notes to Financial Statements 69 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- COMMERCIAL PAPER (CONTINUED) HOUSEHOLD FINANCE CORP. 4.790% 07/26/1999................ $ 14,000,000 $ 13,951,568 4.830% 07/28/1999................ 15,000,000 14,943,650 4.830% 08/20/1999................ 8,000,000 7,945,260 JOHN HANCOCK CAPITAL CORP. 5.400% 07/07/1999................ 6,000,000 5,993,700 MCGRAW HILL, INC. 4.830% 08/24/1999................ 8,500,000 8,437,277 4.920% 08/31/1999................ 4,875,000 4,833,692 4.970% 09/13/1999................ 13,000,000 12,865,396 MERRILL LYNCH & CO., INC. 4.800% 07/02/1999................ 14,000,000 13,996,267 4.810% 07/13/1999................ 10,000,000 9,982,630 4.800% 08/02/1999................ 13,000,000 12,942,800 METLIFE FUNDING, INC. 4.980% 07/12/1999................ 5,000,000 4,991,700 MONSANTO CO. 4.840% 07/20/1999................ 5,500,000 5,485,211 4.850% 07/22/1999................ 16,000,000 15,952,578 4.860% 08/19/1999................ 9,500,000 9,435,875 4.810% 09/23/1999................ 10,000,000 9,886,431 MORGAN JP & CO., INC. 4.800% 07/15/1999................ 11,500,000 11,477,000 4.800% 07/19/1999................ 4,000,000 3,989,867 4.810% 09/08/1999................ 13,000,000 12,878,414 5.100% 09/21/1999................ 7,000,000 6,917,692 MORGAN STANLEY GROUP, INC. 4.800% 08/10/1999................ 15,000,000 14,918,000 4.980% 08/13/1999................ 5,000,000 4,969,567 MOTOROLA CREDIT CORP. 4.790% 07/23/1999................ 12,000,000 11,963,277 MOTOROLA, INC. 4.780% 07/29/1999................ 2,200,000 2,191,529 4.980% 07/30/1999................ 3,100,000 3,087,135 4.790% 07/30/1999................ 15,000,000 14,940,125 NALCO CHEMICAL CO. 4.840% 07/21/1999................ 5,000,000 4,985,883 PRINCIPAL AMOUNT VALUE ------------ --------------- 4.860% 08/05/1999................ $ 10,000,000 $ 9,951,400 4.880% 08/12/1999................ 10,000,000 9,941,711 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP. 4.780% 07/21/1999................ 12,800,000 12,764,309 4.822% 08/20/1999................ 14,000,000 13,904,364 5.070% 10/04/1999................ 7,500,000 7,398,600 NORWEST FINANCIAL, INC. 5.010% 07/26/1999................ 13,400,000 13,351,514 5.010% 07/29/1999................ 7,400,000 7,370,135 5.100% 08/06/1999................ 11,700,000 11,638,673 4.930% 09/02/1999................ 6,000,000 5,947,413 PRIVATE EXPORT FUNDING CORP. 4.800% 07/09/1999................ 11,811,000 11,796,827 4.800% 07/12/1999................ 7,000,000 6,988,800 PRUDENTIAL FUNDING CORP. 4.800% 07/16/1999................ 17,000,000 16,963,733 4.850% 07/23/1999................ 12,000,000 11,962,817 4.810% 09/03/1999................ 12,000,000 11,895,783 U.S. BANCORP 4.990% 08/13/1999................ 5,000,000 4,969,506 UBS FINANCE 5.430% 07/01/1999................ 7,000,000 6,998,944 4.860% 08/09/1999................ 12,000,000 11,935,200 4.860% 09/20/1999................ 16,000,000 15,822,880 USAA CAPITAL CORP. 4.890% 08/04/1999................ 5,000,000 4,976,229 5.020% 08/17/1999................ 5,100,000 5,065,864 4.840% 08/23/1999................ 10,000,000 9,927,400 4.990% 08/26/1999................ 10,500,000 10,417,041 --------------- TOTAL COMMERCIAL PAPER (COST $1,035,160,784)............. 1,035,160,784 --------------- TOTAL INVESTMENTS, EXCLUDING TEMPORARY CASH INVESTMENT (COST $1,092,602,938)................. 1,092,602,938
See Accompanying Notes to Financial Statements 70 SCHEDULE OF INVESTMENTS ----------------------------------------------------------------- [LOGO] - ----------------------- ----------------------- -- COLUMBIA DAILY INCOME COMPANY -- ------ June 30, 1999 (Unaudited)
PRINCIPAL AMOUNT VALUE ------------ --------------- REPURCHASE AGREEMENT (0.2%) J.P. MORGAN SECURITIES, INC. 5.019% DATED 06/30/1999, DUE 07/01/1999 IN THE AMOUNT OF $2,044,447. COLLATERALIZED BY U.S. TREASURY BONDS 7.250% TO 8.750% DUE 05/15/2016 TO 05/15/2017. U.S. TREASURY NOTES 5.625% TO 7.750% DUE 12/31/1999 TO 02/15/2005 (COST $2,044,166)................. $ 2,044,166 $ 2,044,166 --------------- TOTAL INVESTMENTS (100.5%) (COST $1,094,647,104, INCLUDING $6,680,346 ACCRUED INTEREST RECEIVABLE)........................... 1,094,647,104 OTHER ASSETS LESS LIABILITIES (-0.5%).. (5,676,469) --------------- NET ASSETS (100.0%).................... $ 1,088,970,635 --------------- ---------------
See Accompanying Notes to Financial Statements 71 STATEMENTS OF ASSETS AND LIABILITIES ----------------------------------------------------------------- COLUMBIA FUNDS June 30, 1999 (Unaudited)
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ------------- --------------- ------------- ------------- ------------- ASSETS: Investments at identified cost........ $ 606,412,151 $ 1,385,837,047 $ 90,713,210 $ 539,450,155 $ 125,840,560 Investments at identified cost -- federal income tax purposes......... $ 608,445,261 $ 1,388,686,181 $ 90,718,972 $ 539,642,485 $ 127,102,216 - ---------------------------------------- ------------- --------------- ------------- ------------- ------------- Investments at value.................. $ 867,256,979 $ 2,038,214,322 $ 128,252,238 $ 750,515,640 $ 154,455,579 Temporary cash investments, at value............................... 26,333,731 18,150,383 22,610,095 22,732,954 12,928,959 Cash.................................. -- -- 3,939,361 -- -- Cash denominated in foreign currencies (cost $2,178,278)................... -- -- 2,166,064 -- -- Receivable for: Investments sold.................... -- 11,385,220 1,278,651 6,711,172 4,032,453 Capital stock sold.................. 1,277,808 883,459 615,942 149,125 107,382 Interest............................ 163,237 150,624 82,043 69,970 32,587 Dividends........................... 316,955 527,046 270,510 183,207 8,954 Expense reimbursement............... -- -- -- -- -- ------------- --------------- ------------- ------------- ------------- Total assets.......................... 895,348,710 2,069,311,054 159,214,904 780,362,068 171,565,914 ------------- --------------- ------------- ------------- ------------- LIABILITIES: Payable for: Investments purchased............... 8,782,657 21,901,623 4,167,401 4,029,675 3,660,747 Capital stock redeemed.............. 871,981 3,462,919 174,237 15,803,046 202,264 Dividends........................... 4,517 -- -- -- -- Investment management fee........... 421,134 874,153 120,931 566,107 128,238 Accrued expenses.................... 111,883 339,676 104,333 225,034 66,312 ------------- --------------- ------------- ------------- ------------- Total liabilities..................... 10,192,172 26,578,371 4,566,902 20,623,862 4,057,561 ------------- --------------- ------------- ------------- ------------- NET ASSETS.............................. $ 885,156,538 $ 2,042,732,683 $ 154,648,002 $ 759,738,206 $ 167,508,353 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- NET ASSETS consist of: Undistributed net investment income (loss).............................. $ (71,170) $ (17,552) $ (53,441) $ (2,403,535) $ (672,288) Unrealized appreciation (depreciation) on: Investments......................... 260,844,828 652,377,275 37,539,028 211,065,485 28,615,019 Translation of assets and liabilities in foreign currencies........................ -- -- (29,584) -- -- Undistributed net realized gain (loss) from: Investment transactions............. 73,481,454 225,408,140 6,088,322 85,089,080 (7,371,538) Foreign currency transactions....... -- -- (363,846) -- -- Capital shares........................ -- 419,444 -- 314,265 -- Capital paid in....................... 550,901,426 1,164,545,376 111,467,523 465,672,911 146,937,160 ------------- --------------- ------------- ------------- ------------- NET ASSETS.............................. $ 885,156,538 $ 2,042,732,683 $ 154,648,002 $ 759,738,206 $ 167,508,353 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- SHARES OF CAPITAL STOCK OUTSTANDING..... 31,931,859 41,944,366 9,289,907 31,426,479 9,261,462 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....................... $ 27.72 $ 48.70 $ 16.65 $ 24.18 $ 18.09 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- -------------
See Accompanying Notes to Financial Statements 72 STATEMENTS OF ASSETS AND LIABILITIES -----------------------------------------------------------------
U.S. FIXED NATIONAL REAL ESTATE GOVERNMENT INCOME MUNICIPAL EQUITY BALANCED SECURITIES SECURITIES BOND FUND FUND FUND FUND FUND ------------- --------------- ------------ ------------- --------------- ASSETS: Investments at identified cost........ $205,588,167 $ 825,841,199 $38,395,671 $ 425,045,461 $ 6,964,961 Investments at identified cost -- federal income tax purposes......... $202,262,341 $ 827,009,331 $38,395,679 $ 425,047,637 $ 6,964,961 - ---------------------------------------- ------------- --------------- ------------ ------------- --------------- Investments at value.................. $210,010,104 $ 990,862,739 $37,919,317 $ 416,545,769 $ 6,835,498 Temporary cash investments, at value............................... 15,006,707 8,706,352 1,220,922 11,489,395 742,957 Cash.................................. -- -- -- -- -- Cash denominated in foreign currencies (cost $2,178,278)................... -- -- -- -- -- Receivable for: Investments sold.................... -- 21,985,030 -- 3,013,095 -- Capital stock sold.................. 483,911 10,573,692 1,192 501,157 2,195 Interest............................ 74,583 5,797,400 202,556 4,615,391 83,198 Dividends........................... 1,458,868 182,033 -- -- -- Expense reimbursement............... -- -- -- -- 24,929 ------------- --------------- ------------ ------------- --------------- Total assets.......................... 227,034,173 1,038,107,246 39,343,987 436,164,807 7,688,777 ------------- --------------- ------------ ------------- --------------- LIABILITIES: Payable for: Investments purchased............... -- 14,558,443 -- 3,394,713 641,518 Capital stock redeemed.............. 490,958 3,506,361 64,429 3,106,547 -- Dividends........................... 128,334 111,921 6,661 370,472 1,258 Investment management fee........... 138,650 405,255 15,908 176,141 2,501 Accrued expenses.................... 67,986 583,131 19,976 149,244 17,160 ------------- --------------- ------------ ------------- --------------- Total liabilities..................... 825,928 19,165,111 106,974 7,197,117 662,437 ------------- --------------- ------------ ------------- --------------- NET ASSETS.............................. $226,208,245 $ 1,018,942,135 $39,237,013 $ 428,967,690 $ 7,026,340 ------------- --------------- ------------ ------------- --------------- ------------- --------------- ------------ ------------- --------------- NET ASSETS consist of: Undistributed net investment income (loss).............................. $ 213,868 $ 444,717 $ -- $ -- $ -- Unrealized appreciation (depreciation) on: Investments......................... 4,421,937 165,021,540 (476,354) (8,499,692) (129,463) Translation of assets and liabilities in foreign currencies........................ -- -- -- -- -- Undistributed net realized gain (loss) from: Investment transactions............. (839,347) 43,935,811 183,397 (2,764,561) (1,807) Foreign currency transactions....... -- -- -- -- -- Capital shares........................ -- -- 47,470 335,264 -- Capital paid in....................... 222,411,787 809,540,067 39,482,500 439,896,679 7,157,610 ------------- --------------- ------------ ------------- --------------- NET ASSETS.............................. $226,208,245 $ 1,018,942,135 $39,237,013 $ 428,967,690 $ 7,026,340 ------------- --------------- ------------ ------------- --------------- ------------- --------------- ------------ ------------- --------------- SHARES OF CAPITAL STOCK OUTSTANDING..... 13,893,149 41,941,645 4,746,992 33,526,415 731,299 ------------- --------------- ------------ ------------- --------------- ------------- --------------- ------------ ------------- --------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....................... $ 16.28 $ 24.29 $ 8.27 $ 12.79 $ 9.61 ------------- --------------- ------------ ------------- --------------- ------------- --------------- ------------ ------------- --------------- MUNICIPAL COLUMBIA BOND HIGH YIELD DAILY INCOME FUND FUND COMPANY ------------- ------------ --------------- ASSETS: Investments at identified cost........ $ 438,080,753 $ 62,719,772 $ 1,092,602,938 Investments at identified cost -- federal income tax purposes......... $ 438,101,108 $ 62,755,184 $ 1,092,602,938 - ---------------------------------------- ------------- ------------ --------------- Investments at value.................. $ 442,231,328 $ 61,364,489 $ 1,092,602,938 Temporary cash investments, at value............................... 5,690,695 6,909,876 2,044,166 Cash.................................. -- -- 300,000 Cash denominated in foreign currencies (cost $2,178,278)................... -- -- -- Receivable for: Investments sold.................... -- -- -- Capital stock sold.................. 50,012 89,866 1,022,953 Interest............................ 5,614,415 1,331,811 342,840 Dividends........................... -- -- -- Expense reimbursement............... -- -- -- ------------- ------------ --------------- Total assets.......................... 453,586,450 69,696,042 1,096,312,897 ------------- ------------ --------------- LIABILITIES: Payable for: Investments purchased............... 1,148,809 -- -- Capital stock redeemed.............. 232,752 92,553 6,763,968 Dividends........................... 346,793 51,335 -- Investment management fee........... 185,837 33,630 423,446 Accrued expenses.................... 85,978 37,297 154,848 ------------- ------------ --------------- Total liabilities..................... 2,000,169 214,815 7,342,262 ------------- ------------ --------------- NET ASSETS.............................. $ 451,586,281 $ 69,481,227 $ 1,088,970,635 ------------- ------------ --------------- ------------- ------------ --------------- NET ASSETS consist of: Undistributed net investment income (loss).............................. $ -- $ -- $ -- Unrealized appreciation (depreciation) on: Investments......................... 4,150,575 (1,355,283) -- Translation of assets and liabilities in foreign currencies........................ -- -- -- Undistributed net realized gain (loss) from: Investment transactions............. 2,436,371 (432,066) -- Foreign currency transactions....... -- -- -- Capital shares........................ 376,423 -- 1,088,971 Capital paid in....................... 444,622,912 71,268,576 1,087,881,664 ------------- ------------ --------------- NET ASSETS.............................. $ 451,586,281 $ 69,481,227 $ 1,088,970,635 ------------- ------------ --------------- ------------- ------------ --------------- SHARES OF CAPITAL STOCK OUTSTANDING..... 37,642,335 7,260,784 1,088,970,635 ------------- ------------ --------------- ------------- ------------ --------------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....................... $ 12.00 $ 9.57 $ 1.00 ------------- ------------ --------------- ------------- ------------ ---------------
See Accompanying Notes to Financial Statements 73 STATEMENTS OF OPERATIONS ----------------------------------------------------------------- COLUMBIA FUNDS For the six months ended June 30, 1999 (Unaudited)
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ------------ ------------ ------------- ------------ ------------ INVESTMENT INCOME: Interest............................ $ 733,946 $ 841,822 $ 241,142 $ 871,058 $ 235,136 Dividends........................... 3,183,589 5,270,919 869,600 1,095,672 76,830 Foreign taxes withheld, net of reclaim........................... -- -- (102,421) -- -- ------------ ------------ ------------- ------------ ------------ Total income...................... 3,917,535 6,112,741 1,008,321 1,966,730 311,966 ------------ ------------ ------------- ------------ ------------ Expenses: Investment management fees.......... 2,522,203 5,112,938 692,568 3,616,918 735,834 Transfer agent fees................. 282,781 566,684 156,076 371,474 104,343 Shareholder servicing fees.......... 279,797 152,524 84,760 178,057 69,349 Postage, printing, and other........ 39,316 214,694 48,551 134,778 24,150 Custodian fees...................... 26,851 45,253 51,263 25,935 22,696 Legal, insurance, and audit fees.... 22,091 28,321 19,425 24,231 17,945 Registration and filing fees........ 8,073 32,032 8,419 15,433 9,178 Director fees....................... 4,006 9,246 700 3,439 759 Expense reimbursements.............. -- -- -- -- -- ------------ ------------ ------------- ------------ ------------ Total expenses.................... 3,185,118 6,161,692 1,061,762 4,370,265 984,254 ------------ ------------ ------------- ------------ ------------ Net investment income (loss).......... 732,417 (48,951) (53,441) (2,403,535) (672,288) ------------ ------------ ------------- ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions............. 76,370,539 229,847,100 7,683,949 86,417,491 2,873,496 Foreign currency transactions....... -- -- (363,846) -- -- ------------ ------------ ------------- ------------ ------------ Net realized gain (loss).......... 76,370,539 229,847,100 7,320,103 86,417,491 2,873,496 ------------ ------------ ------------- ------------ ------------ Net unrealized appreciation (depreciation) on: Investments......................... 33,011,262 26,487,114 3,025,102 (77,527,074) 2,866,409 Translation of assets and liabilities in foreign currencies........................ -- -- (33,830) -- -- ------------ ------------ ------------- ------------ ------------ Net unrealized appreciation (depreciation).................. 33,011,262 26,487,114 2,991,272 (77,527,074) 2,866,409 ------------ ------------ ------------- ------------ ------------ Net realized and unrealized gain (loss) on investments................... 109,381,801 256,334,214 10,311,375 8,890,417 5,739,905 ------------ ------------ ------------- ------------ ------------ NET INCREASE (DECREASE) RESULTING FROM OPERATIONS............................ $110,114,218 $256,285,263 $ 10,257,934 $ 6,486,882 $ 5,067,617 ------------ ------------ ------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------
* For the period February 10 through June 30, 1999. See Accompanying Notes to Financial Statements 74 STATEMENTS OF OPERATIONS -----------------------------------------------------------------
U.S. FIXED REAL ESTATE GOVERNMENT INCOME EQUITY BALANCED SECURITIES SECURITIES FUND FUND FUND FUND ------------ ----------- ----------- ----------- INVESTMENT INCOME: Interest............................ $ 451,107 $16,123,617 $ 944,265 $14,195,639 Dividends........................... 5,292,897 2,018,827 -- -- Foreign taxes withheld, net of reclaim........................... -- -- -- -- ------------ ----------- ----------- ----------- Total income...................... 5,744,004 18,142,444 944,265 14,195,639 ------------ ----------- ----------- ----------- Expenses: Investment management fees.......... 716,333 2,560,443 98,290 1,084,022 Transfer agent fees................. 81,595 306,154 25,088 134,472 Shareholder servicing fees.......... 76,151 328,603 27,481 77,356 Postage, printing, and other........ 18,531 134,668 7,421 61,979 Custodian fees...................... 8,330 34,516 1,357 16,468 Legal, insurance, and audit fees.... 14,789 24,891 11,790 19,477 Registration and filing fees........ 36,322 9,328 4,645 26,134 Director fees....................... 1,024 4,612 178 1,942 Expense reimbursements.............. -- -- -- -- ------------ ----------- ----------- ----------- Total expenses.................... 953,075 3,403,215 176,250 1,421,850 ------------ ----------- ----------- ----------- Net investment income (loss).......... 4,790,929 14,739,229 768,015 12,773,789 ------------ ----------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions............. (838,648) 44,830,569 161,998 (2,887,942) Foreign currency transactions....... -- -- -- -- ------------ ----------- ----------- ----------- Net realized gain (loss).......... (838,648) 44,830,569 161,998 (2,887,942) ------------ ----------- ----------- ----------- Net unrealized appreciation (depreciation) on: Investments......................... 6,741,099 2,253,882 (749,099) (17,816,552) Translation of assets and liabilities in foreign currencies........................ -- -- -- -- ------------ ----------- ----------- ----------- Net unrealized appreciation (depreciation).................. 6,741,099 2,253,882 (749,099) (17,816,552) ------------ ----------- ----------- ----------- Net realized and unrealized gain (loss) on investments................... 5,902,451 47,084,451 (587,101) (20,704,494) ------------ ----------- ----------- ----------- NET INCREASE (DECREASE) RESULTING FROM OPERATIONS............................ $10,693,380 $61,823,680 $ 180,914 $(7,930,705) ------------ ----------- ----------- ----------- ------------ ----------- ----------- ----------- NATIONAL MUNICIPAL MUNICIPAL COLUMBIA BOND BOND HIGH YIELD DAILY INCOME FUND* FUND FUND COMPANY ------------ ------------ ------------ ------------ INVESTMENT INCOME: Interest............................ $ 58,179 $ 11,704,354 $ 2,732,224 $ 27,257,367 Dividends........................... -- -- -- -- Foreign taxes withheld, net of reclaim........................... -- -- -- -- ------------ ------------ ------------ ------------ Total income...................... 58,179 11,704,354 2,732,224 27,257,367 ------------ ------------ ------------ ------------ Expenses: Investment management fees.......... 6,555 1,148,118 193,496 2,546,318 Transfer agent fees................. 411 60,751 29,523 363,432 Shareholder servicing fees.......... 8,596 37,239 30,081 124,622 Postage, printing, and other........ 1,532 68,185 15,284 92,253 Custodian fees...................... 1,396 11,183 4,663 189,981 Legal, insurance, and audit fees.... 10,358 21,375 12,998 24,095 Registration and filing fees........ 4,820 5,973 14,019 19,849 Director fees....................... 28 2,044 315 4,928 Expense reimbursements.............. (25,175) -- -- -- ------------ ------------ ------------ ------------ Total expenses.................... 8,521 1,354,868 300,379 3,365,478 ------------ ------------ ------------ ------------ Net investment income (loss).......... 49,658 10,349,486 2,431,845 23,891,889 ------------ ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) from: Investment transactions............. (1,807) 2,428,342 (450,528) -- Foreign currency transactions....... -- -- -- -- ------------ ------------ ------------ ------------ Net realized gain (loss).......... (1,807) 2,428,342 (450,528) -- ------------ ------------ ------------ ------------ Net unrealized appreciation (depreciation) on: Investments......................... (129,463) (19,649,109) (1,517,923) -- Translation of assets and liabilities in foreign currencies........................ -- -- -- -- ------------ ------------ ------------ ------------ Net unrealized appreciation (depreciation).................. (129,463) (19,649,109) (1,517,923) -- ------------ ------------ ------------ ------------ Net realized and unrealized gain (loss) on investments................... (131,270) (17,220,767) (1,968,451) -- ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) RESULTING FROM OPERATIONS............................ $ (81,612) $ (6,871,281) $ 463,394 $ 23,891,889 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
* For the period February 10 through June 30, 1999. See Accompanying Notes to Financial Statements 75 STATEMENTS OF CHANGES IN NET ASSETS ----------------------------------------------------------------- COLUMBIA FUNDS For the six months ended June 30, 1999 (Unaudited)
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ------------ -------------- ------------- -------------- ------------ Net investment income (loss)........ $ 732,417 $ (48,951) $ (53,441) $ (2,403,535) $ (672,288) Net realized gain (loss) from: Investment transactions........... 76,370,539 229,847,100 7,683,949 86,417,491 2,873,496 Foreign currency transactions..... -- -- (363,846) -- -- Net unrealized appreciation (depreciation) on: Investments....................... 33,011,262 26,487,114 3,025,102 (77,527,074) 2,866,409 Translation of assets and liabilities in foreign currencies...................... -- -- (33,830) -- -- ------------ -------------- ------------- -------------- ------------ Net increase (decrease) resulting from operations................... 110,114,218 256,285,263 10,257,934 6,486,882 5,067,617 Distributions to shareholders: From net investment income.......... (958,992) -- -- -- -- From net realized gain from investment transactions and foreign currency transactions..... -- -- -- -- -- Net capital share transactions........ (21,145,253) 33,423,879 10,197,068 (216,107,567) 1,968,529 ------------ -------------- ------------- -------------- ------------ Net increase (decrease) in net assets... 88,009,973 289,709,142 20,455,002 (209,620,685) 7,036,146 NET ASSETS: Beginning of period................... 797,146,565 1,753,023,541 134,193,000 969,358,891 160,472,207 ------------ -------------- ------------- -------------- ------------ End of period......................... $885,156,538 $2,042,732,683 $ 154,648,002 $ 759,738,206 $167,508,353 ------------ -------------- ------------- -------------- ------------ ------------ -------------- ------------- -------------- ------------ Undistributed net investment income (loss) at end of period............... $ (71,170) $ (17,552) $ (53,441) $ (2,403,535) $ (672,288) ------------ -------------- ------------- -------------- ------------ ------------ -------------- ------------- -------------- ------------ * For the period February 10, through June 30, 1999. - -------------------------------------------------------------------------------------------------------------------- For the year ended December 31, 1998 Net investment income (loss)........ $ 4,672,736 $ 3,156,064 $ (22,112) $ (927,264) $ (840,887) Net realized gain (loss) from: Investment transactions........... 89,973,443 77,263,496 (1,586,408) (544,655) (10,185,536) Foreign currency transactions..... -- -- (1,099,734) -- -- Net unrealized appreciation (depreciation) on: Investments....................... 89,964,455 322,622,139 19,606,801 150,392,854 16,364,251 Translation of assets and liabilities in foreign currencies...................... -- -- (120,200) -- -- ------------ -------------- ------------- -------------- ------------ Net increase (decrease) resulting from operations................... 184,610,634 403,041,699 16,778,347 148,920,935 5,337,828 Distributions to shareholders: From net investment income.......... (4,552,680) (3,081,414) -- (254,898) -- In excess of net investment income............................ (69,472) (50,967) -- (230,229) (12,878) From net realized gain from investment transactions and foreign currency transactions..... (91,091,522) (79,945,012) (65,195) -- -- In excess of net realized gain from investment transactions........... (4,001,636) (5,463,435) -- -- -- From return of capital.............. -- -- -- -- -- Net capital share transactions........ (71,654,578) 113,604,981 (28,800,687) (428,794,714) 58,715,948 ------------ -------------- ------------- -------------- ------------ Net increase (decrease) in net assets... 13,240,746 428,105,852 (12,087,535) (280,358,906) 64,040,898 NET ASSETS: Beginning of year..................... 783,905,819 1,324,917,689 146,280,535 1,249,717,797 96,431,309 ------------ -------------- ------------- -------------- ------------ End of year........................... $797,146,565 $1,753,023,541 $ 134,193,000 $ 969,358,891 $160,472,207 ------------ -------------- ------------- -------------- ------------ ------------ -------------- ------------- -------------- ------------ Undistributed net investment income at end of year........................... $ 155,405 $ 31,399 -- -- -- ------------ -------------- ------------- -------------- ------------ ------------ -------------- ------------- -------------- ------------
See Accompanying Notes to Financial Statements 76 STATEMENTS OF CHANGES IN NET ASSETS -----------------------------------------------------------------
U.S. FIXED REAL ESTATE GOVERNMENT INCOME EQUITY BALANCED SECURITIES SECURITIES FUND FUND FUND FUND ------------- --------------- ------------- ------------- Net investment income (loss)........ $ 4,790,929 $ 14,739,229 $ 768,015 $ 12,773,789 Net realized gain (loss) from: Investment transactions........... (838,648) 44,830,569 161,998 (2,887,942) Foreign currency transactions..... -- -- -- -- Net unrealized appreciation (depreciation) on: Investments....................... 6,741,099 2,253,882 (749,099) (17,816,552) Translation of assets and liabilities in foreign currencies...................... -- -- -- -- ------------- --------------- ------------- ------------- Net increase (decrease) resulting from operations................... 10,693,380 61,823,680 180,914 (7,930,705) Distributions to shareholders: From net investment income.......... (4,577,061) (14,500,361) (768,015) (12,773,789) From net realized gain from investment transactions and foreign currency transactions..... -- (23,677) -- -- Net capital share transactions........ 55,919,572 (3,738,265) (753,752) 27,342,053 ------------- --------------- ------------- ------------- Net increase (decrease) in net assets... 62,035,891 43,561,377 (1,340,853) 6,637,559 NET ASSETS: Beginning of period................... 164,172,354 975,380,758 40,577,866 422,330,131 ------------- --------------- ------------- ------------- End of period......................... $226,208,245 $ 1,018,942,135 $ 39,237,013 $ 428,967,690 ------------- --------------- ------------- ------------- ------------- --------------- ------------- ------------- Undistributed net investment income (loss) at end of period............... $ 213,868 $ 444,717 -- -- ------------- --------------- ------------- ------------- ------------- --------------- ------------- ------------- * For the period February 10, through June 30, 1999. - ---------------------------------------------------------------------------------------------------------.. --------------------------------------------------------------- For the year ended December 31, 1998 Net investment income (loss)........ $ 7,511,435 $ 28,903,882 $ 1,773,959 $ 25,231,753 Net realized gain (loss) from: Investment transactions........... (225,330) 65,831,341 463,379 4,181,058 Foreign currency transactions..... -- -- -- -- Net unrealized appreciation (depreciation) on: Investments....................... (29,435,976) 68,447,300 181,795 (283,034) Translation of assets and liabilities in foreign currencies...................... -- -- -- -- - ---------------------------------------- ------------- --------------- ------------- ------------- Net increase (decrease) resulting from operations................... (22,149,871) 163,182,523 2,419,133 29,129,777 Distributions to shareholders: From net investment income.......... (6,572,683) (28,733,052) (1,773,959) (25,231,753) In excess of net investment income............................ (2,387) (66,826,702) (192,702) (4,065,757) From net realized gain from investment transactions and foreign currency transactions..... -- -- -- -- In excess of net realized gain from investment transactions........... -- (1,501,528) -- -- From return of capital.............. (940,385) -- -- -- Net capital share transactions........ 42,283,240 116,881,261 2,288,719 41,165,110 - ---------------------------------------- ------------- --------------- ------------- ------------- Net increase (decrease) in net assets... 12,617,914 183,002,502 2,741,191 40,997,377 NET ASSETS: Beginning of year..................... 151,554,440 792,378,256 37,836,675 381,332,754 - ---------------------------------------- ------------- --------------- ------------- ------------- End of year........................... $164,172,354 $ 975,380,758 $ 40,577,866 $ 422,330,131 - ---------------------------------------- ------------- --------------- ------------- ------------- - ---------------------------------------- ------------- --------------- ------------- ------------- Undistributed net investment income at end of year........................... -- $ 205,849 -- -- - ---------------------------------------- ------------- --------------- ------------- ------------- - ---------------------------------------- ------------- --------------- ------------- ------------- NATIONAL MUNICIPAL MUNICIPAL COLUMBIA DAILY BOND BOND HIGH YIELD INCOME FUND (*) FUND FUND COMPANY ------------- ------------- ------------- --------------- Net investment income (loss)........ $ 49,658 $ 10,349,486 $ 2,431,845 $ 23,891,889 Net realized gain (loss) from: Investment transactions........... (1,807) 2,428,342 (450,528) -- Foreign currency transactions..... -- -- -- -- Net unrealized appreciation (depreciation) on: Investments....................... (129,463) (19,649,109) (1,517,923) -- Translation of assets and liabilities in foreign currencies...................... -- -- -- -- ------------- ------------- ------------- --------------- Net increase (decrease) resulting from operations................... (81,612) (6,871,281) 463,394 23,891,889 Distributions to shareholders: From net investment income.......... (49,658) (10,349,486) (2,431,845) (23,891,889) From net realized gain from investment transactions and foreign currency transactions..... -- -- -- -- Net capital share transactions........ 7,157,610 5,998,325 13,925,845 (20,170,576) ------------- ------------- ------------- --------------- Net increase (decrease) in net assets... 7,026,340 (11,222,442) 11,957,394 (20,170,576) NET ASSETS: Beginning of period................... -- 462,808,723 57,523,833 1,109,141,211 ------------- ------------- ------------- --------------- End of period......................... $ 7,026,340 $ 451,586,281 $ 69,481,227 $ 1,088,970,635 ------------- ------------- ------------- --------------- ------------- ------------- ------------- --------------- Undistributed net investment income (loss) at end of period............... -- -- -- -- ------------- ------------- ------------- --------------- ------------- ------------- ------------- --------------- * For the period February 10, through June 30, 1999. - ---------------------------------------------------------------------------------------------------------.. --------------------------------------------------------------- For the year ended December 31, 1998 Net investment income (loss)........ $ 19,830,150 $ 3,697,029 $ 52,842,216 Net realized gain (loss) from: Investment transactions........... 3,856,207 277,970 -- Foreign currency transactions..... -- -- -- Net unrealized appreciation (depreciation) on: Investments....................... (263,686) (968,024) -- Translation of assets and liabilities in foreign currencies...................... -- -- -- - ---------------------------------------- ------------- ------------- --------------- Net increase (decrease) resulting from operations................... 23,422,671 3,006,975 52,842,216 Distributions to shareholders: From net investment income.......... (19,830,150) (3,697,029) (52,842,216) In excess of net investment income............................ (10,701) -- -- From net realized gain from investment transactions and foreign currency transactions..... (4,149,947) (290,221) -- In excess of net realized gain from investment transactions........... -- -- -- From return of capital.............. -- -- -- Net capital share transactions........ 54,228,675 19,225,699 (59,954,357) - ---------------------------------------- ------------- ------------- --------------- Net increase (decrease) in net assets... 53,660,548 18,245,424 (59,954,357) NET ASSETS: Beginning of year..................... 409,148,175 39,278,409 1,169,095,568 - ---------------------------------------- ------------- ------------- --------------- End of year........................... $ 462,808,723 $ 57,523,833 $ 1,109,141,211 - ---------------------------------------- ------------- ------------- --------------- - ---------------------------------------- ------------- ------------- --------------- Undistributed net investment income at end of year........................... -- -- -- - ---------------------------------------- ------------- ------------- --------------- - ---------------------------------------- ------------- ------------- ---------------
See Accompanying Notes to Financial Statements 77 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- (Unaudited) -- 1. SIGNIFICANT ACCOUNTING POLICIES: -- The Columbia Funds (the "Funds") consist of the following: Columbia Common Stock Fund, Inc. Columbia Growth Fund, Inc. Columbia International Stock Fund, Inc. Columbia Special Fund, Inc. Columbia Small Cap Fund, Inc. Columbia Real Estate Equity Fund, Inc. Columbia Balanced Fund, Inc. Columbia U.S. Government Securities Fund, Inc. Columbia Fixed Income Securities Fund, Inc. Columbia National Municipal Bond Fund, Inc. Columbia Municipal Bond Fund, Inc. Columbia High Yield Fund, Inc. Columbia Daily Income Company All Funds are open-end investment companies registered under the Investment Company Act of 1940, as amended, and are diversified except the Municipal Bond Fund, which is non-diversified. Following is a summary of significant accounting policies, in conformity with generally accepted accounting principles, which are consistently followed by each Fund in the preparation of its financial statements. INVESTMENT VALUATION. The value of equity investments are based on the last sales prices reported by the principal securities exchanges on which the investments are traded or, in the absence of recorded sales, at the closing bid prices on such exchanges or over-the-counter markets. Fixed income investment values are based on market value as quoted by dealers who are market makers in these securities or by independent pricing services. Market values for fixed income securities, except for municipal securities, are based on the average of bid and ask prices, or by reference to the price of other securities with comparable ratings, interest rates and maturities. Market value for municipal securities are based on bid prices. Investment securities with less than 60 days to maturity when purchased and all securities held by Columbia Daily Income Company are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available will be valued at fair market value as determined in good faith under procedures established by and under the general supervision of the Board of Directors of each Fund. REPURCHASE AGREEMENTS. The Funds may engage in repurchase agreement transactions. The Funds, through their custodians, receive delivery of underlying securities collateralizing repurchase agreements (included in temporary cash investments). 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. 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 or is held under common control. As of June 30, 1999, the Funds did not hold any investments in such affiliated issuers. The Special Fund, as of December 31, 1998, held the following affiliated issuers which were subsequently sold to less than 5% during the six months ended June 30, 1999: 800,000 shares of Abercrombie & Fitch Co., 1,240,000 shares of AnnTaylor Stores Corp., 500,000 shares of Resmed, Inc., and 860,000 shares of Vans, Inc. 78 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, -- CONTINUED FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. The International Stock Fund, and to a limited extent certain other funds, may enter into forward currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of the portfolio securities denominated in a foreign currency. Contracts are valued at the prevailing forward exchange rate of the underlying currencies. The gain or loss arising from the difference between the original contract price and the closing price of such contract is included in the net realized gains or losses from foreign currency transactions. Fluctuations in the value of forward currency contracts are recorded for financial reporting purposes as unrealized gains or losses. The Fund could be exposed to risks if counterparties to the forward contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The effect of any changes in the value of a hedged foreign currency would be offset by the corresponding change (resulting from a change in exchange rates) in value of the securities denominated in that currency. During the six months ending June 30, 1999, the Funds did not enter into any such forward contracts. FOREIGN CURRENCY TRANSLATIONS. The books and records of the International Stock Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the market value of investment securities, other assets, and liabilities at the daily rates of exchange on the valuation date, and 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. The International Stock Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices on investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign currency gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rate. INTEREST AND DIVIDEND INCOME. Interest income is recorded on the accrual basis and dividend income is recorded on the ex-dividend date. Amortization of discounts or accretion of premiums is recorded over the life of the instrument. The majority of dividend income recorded by the Real Estate Equity Fund 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. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends from net investment income of the Common Stock, Real Estate Equity and Balanced Funds are declared and paid quarterly. Dividends from net investment income of the Growth, International Stock, Special, and Small Cap Funds are declared and paid annually. Dividends from net investment income of the U.S. Government Securities, Fixed Income Securities, National Municipal Bond, Municipal Bond, and High Yield Funds are declared daily and paid monthly. Dividends from net investment income of the Columbia Daily Income Company are declared and paid daily. Distributions from any net realized gains are declared and paid annually. Distributions to shareholders are recorded on the ex-dividend date. 79 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 1. SIGNIFICANT ACCOUNTING POLICIES, -- CONTINUED Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for foreign currency transactions, net operating losses, deferral of losses from wash sales, passive foreign investment company income and return of capital received from Real Estate Investment Trusts (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 income and expenses during the reporting period. Actual results could differ from those estimates. FEDERAL INCOME AND EXCISE TAXES. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing substantially all taxable net investment income and realized gains to their shareholders in a manner which results in no tax to the Funds. Therefore, no federal income or excise tax provision is required. 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. The High Yield Fund invests in lower rated debt securities, which may be more susceptible to adverse economic conditions than investment grade holdings. These securities are often subordinated to the prior claims of other senior lenders, and uncertainties exist as to an issuer's ability to meet principal and interest payments. At June 30, 1999, 5% of the Fund's debt securities were rated Baa, 50% were rated Ba, and 45% were rated B, by Moody's Investor Services, Inc. 80 NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- -- 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES: -- The amounts of fees and expenses described below are shown on each Fund's statement of operations. Columbia Funds Management Company (CFMC) manages each Fund and Columbia Trust Company (CTC), a majority owned subsidiary of CFMC, is the transfer and shareholder servicing agent. CFMC is an indirect subsidiary of Fleet Financial Group, Inc. (Fleet), a publicly owned multi-bank holding company registered under the Bank Holding Company Act of 1956. Investment management fees were paid by each Fund monthly to CFMC. The fees are based on the following annual rates of average daily net assets:
FEES ON FEES ON FEES ON FEES ON NET ASSETS NET ASSETS NET ASSETS NET ASSETS FIRST NEXT NEXT EXCEEDING $200 MILLION $300 MILLION $500 MILLION $1 BILLION ----------------- ----------------- ----------------- ----------------- Common Stock Fund....................... 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1% Growth Fund............................. 0.75 of 1% 0.625 of 1% 0.50 of 1% 0.50 of 1% International Stock Fund................ 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1% Special Fund............................ 1.00 of 1% 1.00 of 1% 0.75 of 1% 0.75 of 1% Small Cap Fund.......................... 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1% Real Estate Equity Fund................. 0.75 of 1% 0.75 of 1% 0.75 of 1% 0.75 of 1% Balanced Fund........................... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% U.S. Government Securities Fund......... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% Fixed Income Securities Fund............ 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% National Municipal Bond Fund............ 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% Municipal Bond Fund..................... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1% High Yield Fund......................... 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1% Columbia Daily Income Company........... 0.50 of 1% 0.50 of 1% 0.45 of 1% 0.40 of 1%
Directors' fees and expenses were paid directly by each Fund to directors having no affiliation with the Funds other than in their capacity as directors. Other officers and directors received no compensation from the Funds. Transfer agent fees were paid by each Fund to CTC for services incidental to issuance and transfer of shares, maintaining shareholder lists, and issuing and mailing distributions and reports. The authorized monthly transfer agent fee is $1.67 per account. CFMC has voluntarily agreed to reimburse expenses in excess of 0.65% of 1% for the National Municipal Bond Fund. 81 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 3. INVESTMENT TRANSACTIONS: -- Aggregate purchases, sales and maturities, net realized gain (loss) and unrealized appreciation (depreciation) of investments, excluding short-term investments, as of and for the six months ended June 30, 1999, were as follows:
COMMON INTERNATIONAL STOCK GROWTH STOCK SPECIAL SMALL CAP FUND FUND FUND FUND FUND ------------- --------------- ------------- ------------- ------------- PURCHASES: Investment securities other than U.S. Government obligations.............. $ 448,434,190 $ 1,175,086,434 $ 45,718,535 $ 481,256,820 $ 134,738,066 U.S. Government obligations..................... -- -- -- -- -- ------------- --------------- ------------- ------------- ------------- Total purchases............................... $ 448,434,190 $ 1,175,086,434 $ 45,718,535 $ 481,256,820 $ 134,738,066 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations.............. $ 477,208,414 $ 1,122,827,225 $ 56,050,640 $ 687,159,977 $ 168,395,817 U.S. Government obligations..................... -- -- -- -- -- ------------- --------------- ------------- ------------- ------------- Total sales and maturities.................... $ 477,208,414 $ 1,122,827,225 $ 56,050,640 $ 687,159,977 $ 168,395,817 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations.............. $ 76,370,539 $ 229,847,100 $ 7,683,949 $ 86,417,491 $ 2,873,496 U.S. Government obligations..................... -- -- -- -- -- ------------- --------------- ------------- ------------- ------------- Total net realized gain (loss)................ $ 76,370,539 $ 229,847,100 $ 7,683,949 $ 86,417,491 $ 2,873,496 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: Appreciation.................................... $ 265,770,856 $ 659,260,707 $ 40,768,356 $ 218,708,240 $ 31,847,076 Depreciation.................................... (6,959,138) (9,732,566) (3,235,090) (7,835,085) (4,493,713) ------------- --------------- ------------- ------------- ------------- Net unrealized appreciation (depreciation).... $ 258,811,718 $ 649,528,141 $ 37,533,266 $ 210,873,155 $ 27,353,363 ------------- --------------- ------------- ------------- ------------- ------------- --------------- ------------- ------------- ------------- *For the period February 10 to June 30, 1999.
82 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 3. INVESTMENT TRANSACTIONS, CONTINUED --
U.S. FIXED REAL ESTATE GOVERNMENT INCOME EQUITY BALANCED SECURITIES SECURITIES FUND FUND FUND FUND ------------ ------------- ------------ ------------- PURCHASES: Investment securities other than U.S. Government obligations...................... $60,451,187 $ 406,477,718 $ -- $ 101,323,626 U.S. Government obligations........ -- 395,811,468 28,080,182 285,730,023 ------------ ------------- ------------ ------------- Total purchases.................. $60,451,187 $ 802,289,186 $28,080,182 $ 387,053,649 ------------ ------------- ------------ ------------- ------------ ------------- ------------ ------------- SALES AND MATURITIES: Investment securities other than U.S. Government obligations...................... $11,279,457 $ 420,474,314 $ -- $ 74,275,412 U.S. Government obligations........ -- 398,616,742 28,850,647 290,877,028 ------------ ------------- ------------ ------------- Total sales and maturities....... $11,279,457 $ 819,091,056 $28,850,647 $ 365,152,440 ------------ ------------- ------------ ------------- ------------ ------------- ------------ ------------- NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations...................... $ (838,648) $ 49,527,300 $ -- $ (522,470) U.S. Government obligations........ -- (4,696,731) 161,998 (2,365,472) ------------ ------------- ------------ ------------- Total net realized gain (loss)... $ (838,648) $ 44,830,569 $ 161,998 $ (2,887,942) ------------ ------------- ------------ ------------- ------------ ------------- ------------ ------------- UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL INCOME TAX PURPOSES: APPRECIATION....................... $17,064,260 $ 179,459,956 $ 1,422 $ 1,682,761 Depreciation....................... (9,316,497) (15,606,548) (477,784) (10,184,629) ------------ ------------- ------------ ------------- Net unrealized appreciation (depreciation)................. $ 7,747,763 $ 163,853,408 $ (476,362) $ (8,501,868) ------------ ------------- ------------ ------------- ------------ ------------- ------------ ------------- NATIONAL MUNICIPAL MUNICIPAL BOND BOND HIGH YIELD FUND* FUND* FUND ----------- ------------ ------------ PURCHASES: Investment securities other than U.S. Government obligations...................... $ 7,128,308 $ 55,403,142 $25,502,985 U.S. Government obligations........ -- -- -- ----------- ------------ ------------ Total purchases.................. $ 7,128,308 $ 55,403,142 $25,502,985 ----------- ------------ ------------ ----------- ------------ ------------ SALES AND MATURITIES: Investment securities other than U.S. Government obligations...................... $ 159,021 $ 47,700,258 $13,793,301 U.S. Government obligations........ -- -- -- ----------- ------------ ------------ Total sales and maturities....... $ 159,021 $ 47,700,258 $13,793,301 ----------- ------------ ------------ ----------- ------------ ------------ NET REALIZED GAIN (LOSS): Investment securities other than U.S. Government obligations...................... $ (1,807) $ 2,428,342 $ (450,528) U.S. Government obligations........ -- -- -- ----------- ------------ ------------ Total net realized gain (loss)... $ (1,807) $ 2,428,342 $ (450,528) ----------- ------------ ------------ ----------- ------------ ------------ UNREALIZED APPRECIATION (DEPRECIATION FOR FEDERAL INCOME TAX PURPOSES: APPRECIATION....................... $ 10,601 $ 9,966,442 $ 467,197 Depreciation....................... (140,064) (5,836,223) (1,857,893) ----------- ------------ ------------ Net unrealized appreciation (depreciation)................. $ (129,463) $ 4,130,219 $(1,390,696) ----------- ------------ ------------ ----------- ------------ ------------ *For the period February 10 to June 30, 1999.
83 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 4. CAPITAL STOCK ACTIVITY: --
COMMON STOCK FUND GROWTH FUND ------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------ ------------------ 1999 1998 1999 1998 ------------------ ---------------- ------------------ ---------------- SHARES: Shares sold....................... 7,000,951 13,269,125 5,908,736 12,502,270 Shares issued for reinvestment of dividends....................... 35,450 3,761,670 -- 1,958,431 ------------------ ---------------- ------------------ ---------------- 7,036,401 17,030,795 5,908,736 14,460,701 Shares redeemed................... (7,775,267) (19,963,393) (5,203,190) (11,802,719) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... (738,866) (2,932,598) 705,546 2,657,982 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................. $ 179,103,360 $ 313,993,826 $ 268,650,689 $ 483,570,772 Reinvestment of dividends......... 945,310 91,734,934 -- 83,252,983 ------------------ ---------------- ------------------ ---------------- 180,048,670 405,728,760 268,650,689 566,823,755 Less redemptions.................. (201,193,923) (477,383,338) (235,226,810) (453,218,774) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... $ (21,145,253) $ (71,654,578) $ 33,423,879 $ 113,604,981 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)........................ 100,000,000 100,000,000 Par value......................... no par $ 0.01 INTERNATIONAL STOCK FUND ------------------------------------- SIX MONTHS ENDED JUNE 30, ------------------ 1999 1998 ------------------ ---------------- SHARES: Shares sold....................... 3,406,913 6,757,057 Shares issued for reinvestment of dividends....................... -- 4,073 ------------------ ---------------- 3,406,913 6,761,130 Shares redeemed................... (2,800,075) (8,752,521) ------------------ ---------------- Net increase (decrease)........... 606,838 (1,991,391) ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................. $ 54,904,714 $ 96,626,658 Reinvestment of dividends......... -- 62,933 ------------------ ---------------- 54,904,714 96,689,591 Less redemptions.................. (44,707,646) (125,490,278) ------------------ ---------------- Net increase (decrease)........... $ 10,197,068 $ (28,800,687) ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)........................ 100,000,000 Par value......................... no par
U.S. GOVERNMENT FIXED INCOME SECURITIES FUND SECURITIES FUND ------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------ ------------------ 1999 1998 1999 1998 ------------------ ---------------- ------------------ ---------------- SHARES: Shares sold......................... 932,397 2,328,032 7,066,731 12,025,253 Shares issued for reinvestment of dividends......................... 86,454 220,206 801,847 1,746,053 ------------------ ---------------- ------------------ ---------------- 1,018,851 2,548,238 7,868,578 13,771,306 Shares redeemed..................... (1,108,306) (2,273,646) (5,820,416) (10,720,493) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)............. (89,455) 274,592 2,048,162 3,050,813 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................... $ 7,757,611 $ 19,453,757 $ 93,169,799 $ 162,360,726 Reinvestment of dividends........... 718,821 1,841,909 10,495,403 23,546,526 ------------------ ---------------- ------------------ ---------------- 8,476,432 21,295,666 103,665,202 185,907,252 Less redemptions.................... (9,230,184) (19,006,947) (76,323,149) (144,742,142) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)............. $ (753,752) $ 2,288,719 $ 27,342,053 $ 41,165,110 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)... 100,000,000 200,000,000 Par value........................... $ 0.01 $ 0.01 NATIONAL MUNICIPAL BOND FUND ----------------------------------- FEBRUARY 10 TO JUNE 30, ---------------- 1999 ---------------- SHARES: Shares sold......................... 729,507 Shares issued for reinvestment of dividends......................... 4,703 ---------------- 734,210 Shares redeemed..................... (2,911) ---------------- Net increase (decrease)............. 731,299 ---------------- ---------------- AMOUNTS: Sales............................... $ 7,140,513 Reinvestment of dividends........... 45,898 ---------------- 7,186,411 Less redemptions.................... (28,801) ---------------- Net increase (decrease)............. $ 7,157,610 ---------------- ---------------- Capital stock authorized (shares)... 100,000,000 Par value........................... no par
84 NOTES TO FINANCIAL STATEMENTS ----------------------------------------------------------------- -- 4. CAPITAL STOCK ACTIVITY, CONTINUED --
SPECIAL FUND SMALL CAP FUND ------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------ ------------------ 1999 1998 1999 1998 ------------------ ---------------- ------------------ ---------------- SHARES: Shares sold....................... 5,595,658 15,749,843 4,036,803 8,487,025 Shares issued for reinvestment of dividends....................... -- 19,697 -- 684 ------------------ ---------------- ------------------ ---------------- 5,595,658 15,769,540 4,036,803 8,487,709 Shares redeemed................... (15,207,637) (36,402,850) (3,981,440) (5,074,580) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... (9,611,979) (20,633,310) 55,363 3,413,129 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................. $ 125,186,276 $ 326,466,750 $ 67,115,559 $ 142,918,397 Reinvestment of dividends......... -- 465,243 -- 11,916 ------------------ ---------------- ------------------ ---------------- 125,186,276 326,931,993 67,115,559 142,930,313 Less redemptions.................. (341,293,843) (755,726,707) (65,147,030) (84,214,365) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... $ (216,107,567) $ (428,794,714) $ 1,968,529 $ 58,715,948 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)........................ 100,000,000 100,000,000 Par value......................... $ 0.01 no par REAL ESTATE EQUITY FUND BALANCED FUND ------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------ ------------------ 1999 1998 1999 1998 ------------------ ---------------- ------------------ ---------------- SHARES: Shares sold....................... 7,408,131 9,988,402 12,301,980 13,507,447 Shares issued for reinvestment of dividends....................... 276,499 416,553 592,800 4,168,672 ------------------ ---------------- ------------------ ---------------- 7,684,630 10,404,955 12,894,780 17,676,119 Shares redeemed................... (4,210,675) (8,048,667) (13,048,062) (12,580,813) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... 3,473,955 2,356,288 (153,282) 5,095,306 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................. $ 118,531,524 $ 171,289,503 $ 290,778,345 $ 307,811,840 Reinvestment of dividends......... 4,356,006 6,951,254 14,285,558 96,330,655 ------------------ ---------------- ------------------ ---------------- 122,887,530 178,240,757 305,063,903 404,142,495 Less redemptions.................. (66,967,958) (135,957,517) (308,802,168) (287,261,234) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)........... $ 55,919,572 $ 42,283,240 $ (3,738,265) $ 116,881,261 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)........................ 100,000,000 100,000,000 Par value......................... no par no par
MUNICIPAL BOND FUND HIGH YIELD FUND ------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, ------------------ ------------------ 1999 1998 1999 1998 ------------------ ---------------- ------------------ ---------------- SHARES: Shares sold......................... 4,833,525 10,282,298 2,882,144 5,050,748 Shares issued for reinvestment of dividends......................... 672,264 1,535,194 216,384 350,237 ------------------ ---------------- ------------------ ---------------- 5,505,789 11,817,492 3,098,528 5,400,985 Shares redeemed..................... (5,016,293) (7,484,819) (1,681,965) (3,469,996) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)............. 489,496 4,332,673 1,416,563 1,930,989 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- AMOUNTS: Sales............................... $ 59,769,174 $ 128,573,968 $ 28,297,094 $ 50,292,553 Reinvestment of dividends........... 8,288,342 19,177,222 2,112,097 3,493,216 ------------------ ---------------- ------------------ ---------------- 68,057,516 147,751,190 30,409,191 53,785,769 Less redemptions.................... (62,059,191) (93,522,515) (16,483,346) (34,560,070) ------------------ ---------------- ------------------ ---------------- Net increase (decrease)............. $ 5,998,325 $ 54,228,675 $ 13,925,845 $ 19,225,699 ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- ------------------ ---------------- Capital stock authorized (shares)... 100,000,000 100,000,000 Par value........................... $ 0.01 no par COLUMBIA DAILY INCOME COMPANY --------------------------------------- SIX MONTHS ENDED JUNE 30, ------------------ 1999 1998 ------------------ ------------------ SHARES: Shares sold......................... 846,806,871 1,712,535,787 Shares issued for reinvestment of dividends......................... 23,877,175 52,814,144 ------------------ ------------------ 870,684,046 1,765,349,931 Shares redeemed..................... (890,854,622) (1,825,304,288) ------------------ ------------------ Net increase (decrease)............. (20,170,576) (59,954,357) ------------------ ------------------ ------------------ ------------------ AMOUNTS: Sales............................... $ 846,806,871 $ 1,712,535,787 Reinvestment of dividends........... 23,877,175 52,814,144 ------------------ ------------------ 870,684,046 1,765,349,931 Less redemptions.................... (890,854,622) (1,825,304,288) ------------------ ------------------ Net increase (decrease)............. $ (20,170,576) $ (59,954,357) ------------------ ------------------ ------------------ ------------------ Capital stock authorized (shares)... 2,000,000,000 Par value........................... $ 0.001
85 NOTES MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENTAL ENTITY; ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, OR GUARANTEED BY, ANY BANK; AND INVOLVE RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL. [LOGO] COLUMBIA FUNDS - 1301 S.W. FIFTH AVENUE, PORTLAND, OREGON 97201 - - DIRECTORS - __________________________________________________ JAMES C. GEORGE J. JERRY INSKEEP, JR. THOMAS R. MACKENZIE RICHARD L. WOOLWORTH - INVESTMENT ADVISOR - __________________________________________________ COLUMBIA FUNDS MANAGEMENT COMPANY 1300 S.W. SIXTH AVENUE PORTLAND, OREGON 97201 - LEGAL COUNSEL - __________________________________________________ STOEL RIVES LLP 900 S.W. FIFTH AVENUE, SUITE 2300 PORTLAND, OREGON 97204-1268 - 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 PROVIDENT DISTRIBUTORS, INC. -----END PRIVACY-ENHANCED MESSAGE-----